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Your support helps us to tell the story Read more Support Now From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference. Close Read more At first Olivia thought nothing of the small mark on her neck. She was used to getting keloids, growths that come from the production of too much collagen in your body. But as time went on, the mark morphed into a massive lump. After four years of continuous growth, it began to interfere with her life. The 28-year-old was almost banned from a flight after the... Maira ButtZURICH — Saudi Arabia was officially confirmed Wednesday by FIFA as host of the 2034 World Cup in men's soccer, giving the oil-rich kingdom its biggest prize yet for massive spending on global sports driven by Crown Prince Mohammed bin Salman. The Saudi bid was the only candidate and was acclaimed by the applause of more than 200 FIFA member federations. They took part remotely in an online meeting hosted in Zurich by the soccer body's president Gianni Infantino. "The vote of the congress is loud and clear," said Infantino, who had asked officials on a bank of screens to clap their hands at head level to show their support. The decision was combined with approving the only candidate to host the 2030 World Cup. Spain, Portugal and Morocco will co-host in a six-nation project, with Argentina, Paraguay and Uruguay each getting one of the 104 games. The South American connection will mark the centenary of Uruguay hosting the first World Cup in 1930. The decisions complete a mostly opaque 15-month bid process which Infantino helped steer toward Saudi Arabia without a rival candidate, without taking questions, and which human rights groups warn will put the lives of migrant workers at risk. "We look forward to hosting an exceptional and unprecedented edition of the FIFA World Cup by harnessing our strengths and capabilities to bring joy to football fans around the world," Prince Mohammed said in a statement. FIFA and Saudi officials have said hosting the 2034 tournament can accelerate change, including more freedoms and rights for women, with Infantino on Wednesday calling the World Cup a "unique catalyst for positive social change and unity." "I fully trust our hosts to address all open points in this process, and deliver a World Cup that meets the world's expectations," the FIFA president said. An international collective of rights groups said FIFA made a "reckless decision" to approve Saudi Arabia without getting public assurances, and the Football Supporters Europe group said it was "the day football truly lost its mind." A fast-track path to victory was cleared last year by FIFA accepting the three-continent hosting plan for the 2030 World Cup. It meant only soccer federations in Asia and Oceania were eligible for the 2034 contest, and FIFA gave countries less than four weeks to declare a bid. Only Saudi Arabia did. The win will kick off a decade of scrutiny on Saudi labor laws and treatment of workers mostly from South Asia needed to help build and upgrade 15 stadiums, plus hotels and transport networks ahead of the 104-game tournament. Amnesty International said awarding the tournament to Saudi Arabia represents "a moment of great danger" for human rights. "FIFA's reckless decision to award the 2034 World Cup to Saudi Arabia without ensuring adequate human rights protections are in place will put many lives at risk," said Steve Cockburn, Amnesty International's Head of Labor Rights and Sport." One of the stadiums is planned to be 350 meters (yards) above the ground in Neom — a futuristic city that does not yet exist — and another named for the crown prince is designed to be atop a 200-meter cliff near Riyadh. During the bid campaign, FIFA has accepted limited scrutiny of Saudi Arabia's human rights record that was widely criticized this year at the United Nations. Saudi and international rights groups and activists warned FIFA it has not learned the lessons of Qatar's much-criticized preparations to host the 2022 World Cup. "At every stage of this bidding process, FIFA has shown its commitment to human rights to be a sham," Cockburn said. The kingdom plans to spend tens of billion of dollars on projects related to the World Cup as part of the crown prince's sweeping Vision 2030 project that aims to modernize Saudi society and economy. At its core is spending on sports by the $900 billion sovereign wealth operation, the Public Investment Fund, which he oversees. "It's amazing. The infrastructure, the stadiums, the conditions for the fans and everything. After what I see, I'm more convinced that 2034 will be the best World Cup ever," Cristiano Ronaldo said in a recorded package posted on X. The five-time Ballon d'Or winner has been part of Saudi Arabia's lavish spending on soccer — stunning the sport when agreeing to sign for Al Nassr in 2022 for a record-breaking salary reportedly worth up to $200 million a year. Critics have accused Saudi Arabia of "sportswashing" the kingdom's reputation. The prince, known as MBS, has built close working ties to Infantino since 2017 — aligning with the organizer of sport's most-watched event rather than directly confronting the established system as it did with the disruptive LIV Golf project. The result for Saudi Arabia and FIFA has been smooth progress toward the win Wednesday with limited pushback from soccer officials, though some from women international players. The steady flow of Saudi cash into international soccer is set to increase. FIFA created a new and higher World Cup sponsor category for state oil firm Aramco, and Saudi funding is set to underwrite the 2025 Club World Cup in the United States that is a pet project for Infantino. North American soccer body CONCACAF signed a multi-year deal with PIF, Saudi stadiums host Super Cup games for Italy and Spain, and nearly 50 FIFA member federations have signed working agreements with Saudi counterparts. Lavish spending by PIF-owned Saudi clubs in the past two years buying and paying players – including Cristiano Ronaldo, Neymar, Karim Benzema and Sadio Mané – put hundreds of millions of dollars into European soccer. That influence could be key in talks to agree which months to play the 2034 World Cup. The November-December slot taken by Qatar in 2022 to avoid extreme midsummer heat is complicated in 2034 by the holy month of Ramadan through mid-December and Riyadh hosting the multi-sport Asian Games. Still, January 2034 could be an option — and likely better for European clubs and leagues —after the International Olympic Committee said it saw few issues in clashing with the Salt Lake Winter Games opening Feb. 10, 2034. The IOC also has a major commercial deal with Saudi Arabia, to host the new Esports Olympics.Canada's Trudeau says he had an 'excellent conversation' with Trump in Florida after tariffs threatATLANTA, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. OXM today announced financial results for its third quarter of fiscal 2024 ended November 2, 2024. Consolidated net sales in the third quarter of fiscal 2024 were $308 million compared to $327 million in the third quarter of fiscal 2023. Loss per share on a GAAP basis was $0.25 compared to net earnings per share of $0.68 in the third quarter of fiscal 2023. On an adjusted basis, loss per share was $0.11 compared to net earnings per share of $1.01 in the third quarter of fiscal 2023. Tom Chubb, Chairman and CEO, commented, "Following a difficult third quarter, we are pleased with the beginning of the holiday season now that some recent headwinds have started to abate. The cumulative effects of several years of high inflation combined with distractions from the U.S. elections and other world events, led to less frequent and more tentative consumer spending behavior during the third quarter which is traditionally our smallest volume quarter of the year. Additionally, our most significant and important market, the Southeastern United States, was impacted by two major hurricanes in quick succession that resulted in estimated lost sales of $4 million and an estimated impact of $0.14 per share. When combined with a highly competitive and promotional environment, these headwinds led to financial performance that was weaker than expected." Mr. Chubb concluded, "Encouragingly, consumers have responded favorably to our recent product introductions and marketing campaigns, driving a nice improvement in comp store trends once the holiday season got underway. However, due to the weaker than expected consumer environment before the election and the fourth quarter impact of the hurricanes, which we project will include an additional $3 million of lost revenue and $0.11 per share, we have lowered our fiscal 2024 sales and EPS guidance. We are confident that our business model will drive profitable growth and long-term shareholder value well into the future. We could not do this without our exceptional team of people, to whom we extend our sincere gratitude." Third Quarter of Fiscal 2024 versus Fiscal 2023 Net Sales by Operating Group Third Quarter ($ in millions) 2024 2023 % Change Tommy Bahama $161.3 $170.1 (5.2%) Lilly Pulitzer 69.8 76.3 (8.5%) Johnny Was 46.1 49.1 (6.1%) Emerging Brands 30.9 31.2 (1.0%) Other (0.1) (0.1) NM Total Company $ 308.0 $ 326.6 (5.7%) Consolidated net sales of $308 million decreased compared to sales of $327 million in the third quarter of fiscal 2023. Full-price direct-to-consumer (DTC) sales decreased 8% to $200 million versus the third quarter of fiscal 2023. Full-price retail sales of $99 million were 6% lower than prior-year period. E-commerce sales of $101 million were 11% lower than prior-year period. Outlet sales of $17 million were 3% higher than prior-year period. Food and beverage sales were $24 million, a 4% increase versus prior-year period. Wholesale sales of $67 million were 2% lower than the third quarter of fiscal 2023. Gross margin was 63.1% on a GAAP basis, compared to 62.9% in the third quarter of fiscal 2023. The increase in gross margin was primarily due to a $4 million lower LIFO accounting charge and lower discounts at Lilly Pulitzer. This was partially offset due to full-price retail and e-commerce sales representing a lower proportion of net sales at Tommy Bahama, Lilly Pulitzer and Johnny Was with more sales occurring during promotional and clearance events. Adjusted gross margin, which excludes the effect of LIFO accounting, decreased to 63.0% compared to 64.0% on an adjusted basis in the prior-year period. SG&A was $205 million compared to $195 million last year. On an adjusted basis, SG&A was $201 million compared to $191 million in the prior-year period. The increase in SG&A was primarily driven by: Expenses related to 33 new store openings since the third quarter of fiscal 2023, including four Tommy Bahama Marlin Bars. Pre-opening expenses related to approximately five additional stores planned to open in the fourth quarter of fiscal 2024, including two additional Tommy Bahama Marlin Bars that are expected to open in the next few months. The addition of Jack Rogers. Royalties and other operating income of $4 million were comparable to the third quarter of fiscal 2023. Operating loss was $6 million, or (2.0%) of net sales, compared to operating income of $14 million, or 4.4% of net sales, in the third quarter of fiscal 2023. On an adjusted basis, operating income decreased to an operating loss of $3 million, or (1.1%) of net sales, compared to operating income of $21 million, or 6.6% of net sales, in the third quarter of fiscal 2023. The decreased operating income includes the impact of decreased net sales and increased SG&A as the Company continues to invest in the business. Interest expense decreased from $1 million in the prior year period. The decreased interest expense was primarily due to a lower average outstanding debt balance during the third quarter of fiscal 2024 than the third quarter of fiscal 2023. Due to lower earnings during the third quarter as compared to our other fiscal quarters, certain discrete or other items have a more pronounced impact on the effective tax rate. Our effective income tax rate of 42.5% for the third quarter of fiscal 2024 included the impact of discrete, favorable US federal return-to-provision adjustments primarily related to an increase in the research and development tax credit and certain adjustments to the US taxation on foreign earnings. For the third quarter of fiscal 2023, our effective income tax rate of 18.6% included the favorable utilization of the research and development tax credit and adjustments to the US taxation on foreign earnings which reduced the effective tax rate. Balance Sheet and Liquidity Inventory decreased $3 million, or 2%, on a LIFO basis and increased $2 million, or 1%, on a FIFO basis compared to the end of the third quarter of fiscal 2023. Inventory balances were comparable in all operating groups. During the first nine months of fiscal 2024, cash flow from operations was $104 million compared to $169 million in the first nine months of fiscal 2023. The cash flow from operations in the first nine months of fiscal 2024, along with borrowings of $29 million, provided sufficient cash to fund $92 million of capital expenditures and $33 million of dividends. During the third quarter of fiscal 2024, long-term debt decreased to $58 million compared to $66 million of borrowings outstanding at the end of the third quarter of fiscal 2023 as cash flow from operations exceeded increased capital expenditures primarily associated with the project to build a new distribution center in Lyons, Georgia, payments of dividends and working capital requirements. The Company had $7 million of cash and cash equivalents versus $8 million of cash and cash equivalents at the end of the third quarter of fiscal 2023. Dividend The Board of Directors declared a quarterly cash dividend of $0.67 per share. The dividend is payable on January 31, 2025 to shareholders of record as of the close of business on January 17, 2025. The Company has paid dividends every quarter since it became publicly owned in 1960. Outlook For fiscal 2024 ending on February 1, 2025, the Company revised its sales and EPS guidance. The Company now expects net sales in a range of $1.50 billion to $1.52 billion as compared to net sales of $1.57 billion in fiscal 2023. In fiscal 2024, GAAP EPS is expected to be between $5.78 and $5.98 compared to fiscal 2023 GAAP EPS of $3.82. Adjusted EPS is expected to be between $6.50 and $6.70, compared to fiscal 2023 adjusted EPS of $10.15. For the fourth quarter of fiscal 2024, the Company expects net sales to be between $375 million and $395 million compared to net sales of $404 million in the fourth quarter of fiscal 2023. GAAP EPS is expected to be between $1.02 and $1.22 in the fourth quarter compared to a GAAP loss per share of $3.85 in the fourth quarter of fiscal 2023 that included noncash impairment charges totaling $114 million, or $5.31 per share. Adjusted EPS is expected to be between $1.18 and $1.38 compared to adjusted EPS of $1.90 in the fourth quarter of fiscal 2023. The Company anticipates interest expense of $3 million in fiscal 2024, with interest expense expected to be $1 million in the fourth quarter of fiscal 2024. The Company's effective tax rate is expected to be approximately 23% for the full year of fiscal 2024. Capital expenditures in fiscal 2024, including the $92 million in the first nine months of fiscal 2024, are expected to be approximately $150 million compared to $74 million in fiscal 2023. The planned year-over-year increase in capital expenditures includes approximately $75 million now budgeted in fiscal 2024 for the distribution center project in Lyons, Georgia. Additionally, we have been investing in new brick and mortar locations, relocations and remodels of existing locations resulting in a year-over-year net increase of full price stores of approximately 30 by the end of fiscal 2024, which includes approximately five planned to open in the fourth quarter of the year. We will also continue with our investments in our various technology systems initiatives, including e-commerce and omnichannel capabilities, data management and analytics, customer data and insights, cybersecurity, automation, including artificial intelligence, and infrastructure. Conference Call The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live web cast of the conference call will be available on the Company's website at www.oxfordinc.com . A replay of the call will be available through December 25, 2024 by dialing (412) 317-6671 access code 13750235. About Oxford Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama ® , Lilly Pulitzer ® , Johnny Was®, Southern Tide ® , The Beaufort Bonnet Company ® , Duck Head ® and Jack Rogers ® lifestyle brands. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford's website at www.oxfordinc.com . Basis of Presentation All per share information is presented on a diluted basis. Non-GAAP Financial Information The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company's ongoing results of operations between periods. These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, among others. Management uses these non-GAAP financial measures in making financial, operational, and planning decisions to evaluate the Company's ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release. Safe Harbor This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, demand for our products, which may be impacted by macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by inflationary pressures, elevated interest rates, concerns about the stability of the banking industry or general economic uncertainty, and the effectiveness of measures to mitigate the impact of these factors; possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures and the impact of the recent elections in the United States; competitive conditions and/or evolving consumer shopping patterns, particularly in a highly promotional retail environment; acquisition activities (such as the acquisition of Johnny Was), including our ability to integrate key functions, recognize anticipated synergies and minimize related disruptions or distractions to our business as a result of these activities; supply chain disruptions; changes in trade policies and regulations, including the potential for increases or changes in duties, current and potentially new tariffs or quotas; costs and availability of labor and freight deliveries, including our ability to appropriately staff our retail stores and food & beverage locations; costs of products as well as the raw materials used in those products, as well as our ability to pass along price increases to consumers; energy costs; our ability to respond to rapidly changing consumer expectations; unseasonal or extreme weather conditions or natural disasters, such as the September and October 2024 hurricanes impacting the Southeastern United States; lack of or insufficient insurance coverage; the ability of business partners, including suppliers, vendors, wholesale customers, licensees, logistics providers and landlords, to meet their obligations to us and/or continue our business relationship to the same degree as they have historically; retention of and disciplined execution by key management and other critical personnel; cybersecurity breaches and ransomware attacks, as well as our and our third party vendors' ability to properly collect, use, manage and secure business, consumer and employee data and maintain continuity of our information technology systems; the effectiveness of our advertising initiatives in defining, launching and communicating brand-relevant customer experiences; the level of our indebtedness, including the risks associated with heightened interest rates on the debt and the potential impact on our ability to operate and expand our business; the timing of shipments requested by our wholesale customers; fluctuations and volatility in global financial and/or real estate markets; our ability to identify and secure suitable locations for new retail store and food & beverage openings; the timing and cost of retail store and food & beverage location openings and remodels, technology implementations and other capital expenditures; the timing, cost and successful implementation of changes to our distribution network; the effectiveness of recent, focused efforts to reassess and realign our operating costs in light of revenue trends, including potential disruptions to our operations as a result of these efforts; pandemics or other public health crises; expected outcomes of pending or potential litigation and regulatory actions; the increased consumer, employee and regulatory focus on sustainability issues and practices, including failures by our suppliers to adhere to our vendor code of conduct; the regulation or prohibition of goods sourced, or containing raw materials or components, from certain regions and our ability to evidence compliance; access to capital and/or credit markets; factors that could affect our consolidated effective tax rate; the risk of impairment to goodwill and other intangible assets such as the recent impairment charges incurred in our Johnny Was segment; and geopolitical risks, including ongoing challenges between the United States and China and those related to the ongoing war in Ukraine, the Israel-Hamas war and the conflict in the Red Sea region. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. Risk Factors contained in our Fiscal 2023 Form 10-K, and those described from time to time in our future reports filed with the SEC. We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Contact: Brian Smith E-mail: InvestorRelations@oxfordinc.com Oxford Industries, Inc. Consolidated Balance Sheets (in thousands, except par amounts) (unaudited) November 2, October 28, 2024 2023 ASSETS Current Assets Cash and cash equivalents $ 7,027 $ 7,879 Receivables, net 75,991 60,101 Inventories, net 154,263 157,524 Income tax receivable 19,377 19,454 Prepaid expenses and other current assets 50,445 46,421 Total Current Assets $ 307,103 $ 291,379 Property and equipment, net 244,987 188,686 Intangible assets, net 253,237 273,444 Goodwill 27,416 124,230 Operating lease assets 327,896 246,399 Other assets, net 46,725 34,864 Deferred income taxes 15,769 3,154 Total Assets $ 1,223,133 $ 1,162,156 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable $ 77,597 $ 68,565 Accrued compensation 17,502 20,219 Current portion of operating lease liabilities 66,270 65,224 Accrued expenses and other liabilities 55,218 58,504 Total Current Liabilities $ 216,587 $ 212,512 Long-term debt 57,816 66,219 Non-current portion of operating lease liabilities 310,391 226,238 Other non-current liabilities 26,171 20,675 Deferred income taxes — 9,399 Shareholders' Equity Common stock, $1.00 par value per share 15,701 15,625 Additional paid-in capital 186,590 174,730 Retained earnings 412,741 439,755 Accumulated other comprehensive loss (2,864 ) (2,997 ) Total Shareholders' Equity $ 612,168 $ 627,113 Total Liabilities and Shareholders' Equity $ 1,223,133 $ 1,162,156 Oxford Industries, Inc. Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Third Quarter First Nine Months Fiscal 2024 Fiscal 2023 Fiscal 2024 Fiscal 2023 Net sales $ 308,025 $ 326,630 $ 1,126,095 $ 1,167,046 Cost of goods sold 113,511 121,211 408,209 417,769 Gross profit $ 194,514 $ 205,419 $ 717,886 $ 749,277 SG&A 204,721 194,822 634,675 603,202 Royalties and other operating income 3,967 3,863 15,510 16,360 Operating income (loss) $ (6,240 ) $ 14,460 $ 98,721 $ 162,435 Interest expense, net 610 1,217 1,573 4,856 Earnings (loss) before income taxes $ (6,850 ) $ 13,243 $ 97,148 $ 157,579 Income tax expense (benefit) (2,913 ) 2,461 22,070 36,806 Net earnings (loss) $ (3,937 ) $ 10,782 $ 75,078 $ 120,773 Net earnings (loss) per share: Basic $ (0.25 ) $ 0.69 $ 4.80 $ 7.75 Diluted $ (0.25 ) $ 0.68 $ 4.74 $ 7.57 Weighted average shares outstanding: Basic 15,697 15,587 15,652 15,589 Diluted 15,697 15,787 15,825 15,947 Dividends declared per share $ 0.67 $ 0.65 $ 2.01 $ 1.95 Oxford Industries, Inc. Consolidated Statements of Cash Flows (in thousands) (unaudited) First Nine Months Fiscal 2024 Fiscal 2023 Cash Flows From Operating Activities: Net earnings $ 75,078 $ 120,773 Adjustments to reconcile net earnings to cash flows from operating activities: Depreciation 41,431 35,476 Amortization of intangible assets 8,865 11,003 Equity compensation expense 12,849 11,034 Gain on sale of property and equipment — (1,756 ) Amortization and write-off of deferred financing costs 289 465 Deferred income taxes 8,377 6,448 Changes in operating assets and liabilities, net of acquisitions and dispositions: Receivables, net (10,557 ) (11,651 ) Inventories, net 5,146 61,598 Income tax receivable 172 (14 ) Prepaid expenses and other current assets (7,420 ) (8,337 ) Current liabilities (22,655 ) (54,468 ) Other balance sheet changes (8,050 ) (1,173 ) Cash provided by operating activities $ 103,525 $ 169,398 Cash Flows From Investing Activities: Acquisitions, net of cash acquired (315 ) (3,320 ) Purchases of property and equipment (92,249 ) (54,496 ) Proceeds from the sale of property, plant and equipment — 2,125 Other investing activities (1,304 ) (33 ) Cash used in investing activities $ (93,868 ) $ (55,724 ) Cash Flows From Financing Activities: Repayment of revolving credit arrangements (264,567 ) (369,159 ) Proceeds from revolving credit arrangements 293,079 316,368 Deferred financing costs paid — (1,661 ) Repurchase of common stock — (20,045 ) Proceeds from issuance of common stock 1,445 1,509 Repurchase of equity awards for employee tax withholding liabilities (6,199 ) (9,941 ) Cash dividends paid (32,532 ) (31,487 ) Other financing activities (1,513 ) — Cash used in financing activities $ (10,287 ) $ (114,416 ) Net change in cash and cash equivalents (630 ) (742 ) Effect of foreign currency translation on cash and cash equivalents 53 (205 ) Cash and cash equivalents at the beginning of year 7,604 8,826 Cash and cash equivalents at the end of period $ 7,027 $ 7,879 Oxford Industries, Inc. Reconciliations of Certain Non-GAAP Financial Information (in millions, except per share amounts) (unaudited) Third Quarter First Nine Months AS REPORTED Fiscal 2024 Fiscal 2023 % Change Fiscal 2024 Fiscal 2023 % Change Tommy Bahama Net sales $ 161.3 $ 170.1 (5.2)% $ 632.0 $ 655.0 (3.5)% Gross profit $ 102.8 $ 111.2 (7.5)% $ 401.8 $ 424.7 (5.4)% Gross margin 63.8% 65.4% 63.6% 64.8% Operating income $ 0.4 $ 12.1 (96.3)% $ 84.0 $ 118.7 (29.2)% Operating margin 0.3% 7.1% 13.3% 18.1% Lilly Pulitzer Net sales $ 69.8 $ 76.3 (8.5)% $ 249.9 $ 265.1 (5.7)% Gross profit $ 43.7 $ 47.1 (7.2)% $ 165.1 $ 178.5 (7.5)% Gross margin 62.6% 61.7% 66.1% 67.3% Operating income $ 4.0 $ 6.8 (40.9)% $ 36.5 $ 49.9 (26.8)% Operating margin 5.7% 8.9% 14.6% 18.8% Johnny Was Net sales $ 46.1 $ 49.1 (6.1)% $ 147.6 $ 150.6 (2.0)% Gross profit $ 30.1 $ 33.8 (10.8)% $ 96.8 $ 103.3 (6.3)% Gross margin 65.3% 68.8% 65.6% 68.6% Operating income (loss) $ (4.1 ) $ 0.9 (536.3)% $ (5.4 ) $ 7.3 (174.3)% Operating margin (8.8) % 1.9% (3.7) % 4.8% Emerging Brands Net sales $ 30.9 $ 31.2 (1.0)% $ 96.8 $ 96.7 0.1% Gross profit $ 17.6 $ 16.8 4.9% $ 56.9 $ 48.2 17.9% Gross margin 57.1% 53.9% 58.8% 49.9% Operating income $ 1.2 $ 3.7 (68.0)% $ 7.8 $ 10.7 (26.8)% Operating margin 3.8% 11.9% 8.1% 11.0% Corporate and Other Net sales $ (0.1 ) $ (0.1 ) NM $ (0.2 ) $ (0.4 ) NM Gross profit $ 0.3 $ (3.4 ) NM $ (2.7 ) $ (5.5 ) NM Operating loss $ (7.8 ) $ (9.1 ) NM $ (24.2 ) $ (24.0 ) NM Consolidated Net sales $ 308.0 $ 326.6 (5.7)% $ 1,126.1 $ 1,167.0 (3.5)% Gross profit $ 194.5 $ 205.4 (5.3)% $ 717.9 $ 749.3 (4.2)% Gross margin 63.1% 62.9% 63.8% 64.2% SG&A $ 204.7 $ 194.8 5.1% $ 634.7 $ 603.2 5.2% SG&A as % of net sales 66.5% 59.6% 56.4% 51.7% Operating income (loss) $ (6.2 ) $ 14.5 (143.2)% $ 98.7 $ 162.4 (39.2)% Operating margin (2.0) % 4.4% 8.8% 13.9% Earnings (loss) before income taxes $ (6.9 ) $ 13.2 (151.7)% $ 97.1 $ 157.6 (38.3)% Net earnings (loss) $ (3.9 ) $ 10.8 (136.5)% $ 75.1 $ 120.8 (37.8)% Net earnings (loss) per diluted share $ (0.25 ) $ 0.68 (136.7)% $ 4.74 $ 7.57 (37.4)% Weighted average shares outstanding - diluted 15.7 15.8 (0.6)% 15.8 15.9 (0.8)% Third Quarter First Nine Months ADJUSTMENTS Fiscal 2024 Fiscal 2023 % Change Fiscal 2024 Fiscal 2023 % Change LIFO adjustments ( 1) $ (0.4 ) $ 3.5 $ 2.4 $ 6.3 Amortization of Johnny Was intangible assets ( 2) $ 2.7 $ 3.5 $ 8.2 $ 10.4 Gain on sale of Merida manufacturing facility ( 3) $ 0.0 $ 0.0 $ 0.0 $ (1.8 ) Johnny Was distribution center relocation costs ( 4) $ 0.7 $ 0.0 $ 1.6 $ 0.0 Impact of income taxes ( 5) $ (0.8 ) $ (1.8 ) $ (3.1 ) $ (3.9 ) Adjustment to net earnings ( 6) $ 2.2 $ 5.2 $ 9.1 $ 11.0 AS ADJUSTED Tommy Bahama Net sales $ 161.3 $ 170.1 (5.2)% $ 632.0 $ 655.0 (3.5)% Gross profit $ 102.8 $ 111.2 (7.5)% $ 401.8 $ 424.7 (5.4)% Gross margin 63.8% 65.4% 63.6% 64.8% Operating income $ 0.4 $ 12.1 (96.3)% $ 84.0 $ 118.7 (29.2)% Operating margin 0.3% 7.1% 13.3% 18.1% Lilly Pulitzer Net sales $ 69.8 $ 76.3 (8.5)% $ 249.9 $ 265.1 (5.7)% Gross profit $ 43.7 $ 47.1 (7.2)% $ 165.1 $ 178.5 (7.5)% Gross margin 62.6% 61.7% 66.1% 67.3% Operating income $ 4.0 $ 6.8 (40.9)% $ 36.5 $ 49.9 (26.8)% Operating margin 5.7% 8.9% 14.6% 18.8% Johnny Was Net sales $ 46.1 $ 49.1 (6.1)% $ 147.6 $ 150.6 (2.0)% Gross profit $ 30.1 $ 33.8 (10.8)% $ 96.8 $ 103.3 (6.3)% Gross margin 65.3% 68.8% 65.6% 68.6% Operating income (loss) $ (0.7 ) $ 4.4 (115.1)% $ 4.4 $ 17.7 (75.3)% Operating margin (1.4) % 9.0% 3.0% 11.7% Emerging Brands Net sales $ 30.9 $ 31.2 (1.0)% $ 96.8 $ 96.7 0.1% Gross profit $ 17.6 $ 16.8 4.9% $ 56.9 $ 48.2 17.9% Gross margin 57.1% 53.9% 58.8% 49.9% Operating income $ 1.2 $ 3.7 (68.0)% $ 7.8 $ 10.7 (26.8)% Operating margin 3.8% 11.9% 8.1% 11.0% Corporate and Other Net sales $ (0.1 ) $ (0.1 ) NM $ (0.2 ) $ (0.4 ) NM Gross profit $ (0.2 ) $ 0.1 NM $ (0.3 ) $ 0.8 NM Operating loss $ (8.2 ) $ (5.5 ) NM $ (21.7 ) $ (19.5 ) NM Consolidated Net sales $ 308.0 $ 326.6 (5.7)% $ 1,126.1 $ 1,167.0 (3.5)% Gross profit $ 194.1 $ 208.9 (7.1)% $ 720.3 $ 755.6 (4.7)% Gross margin 63.0% 64.0% 64.0% 64.7% SG&A $ 201.3 $ 191.4 5.2% $ 624.9 $ 592.8 5.4% SG&A as % of net sales 65.4% 58.6% 55.5% 50.8% Operating income (loss) $ (3.2 ) $ 21.5 (115.1)% $ 110.9 $ 177.4 (37.5)% Operating margin (1.1)% 6.6% 9.9% 15.2% Earnings (loss) before income taxes $ (3.9 ) $ 20.2 (119.1)% $ 109.4 $ 172.5 (36.6)% Net earnings (loss) $ (1.7 ) $ 16.0 (110.7)% $ 84.2 $ 131.8 (36.1)% Net earnings (loss) per diluted share $ (0.11 ) $ 1.01 (110.8)% $ 5.32 $ 8.27 (35.7)% Third Quarter Third Quarter Third Quarter First Nine Months First Nine Months Fiscal 2024 Fiscal 2024 Fiscal 2023 Fiscal 2024 Fiscal 2023 Actual Guidance (7) Actual Actual Actual Net earnings (loss) per diluted share: GAAP basis $ (0.25) $ (0.16) - 0.04 $ 0.68 $ 4.74 $ 7.57 LIFO adjustments (1)(8) (0.02) 0.00 0.17 0.12 0.29 Amortization of Johnny Was intangible assets (2)(8) 0.13 0.13 0.16 0.38 0.48 Gain on sale of Merida manufacturing facility (3)(8) 0.00 0.00 0.00 0.00 (0.08) Johnny Was distribution center relocation costs (4)(8) 0.03 0.03 0.00 0.08 0.00 As adjusted (5) $ (0.11) $ 0.00 - 0.20 $ 1.01 $ 5.32 $ 8.27 Fourth Quarter Fourth Quarter Fiscal 2024 Fiscal 2023 Guidance (10) Actual Net earnings per diluted share: GAAP basis $ 1.02 - 1.22 $ (3.85) Johnny Was impairment charges (11) 0.00 5.31 Impairment of investment in unconsolidated entity (12) 0.00 0.12 LIFO adjustments (9) 0.00 0.16 Amortization of Johnny Was intangible assets (2) 0.13 0.17 Johnny Was distribution center relocation costs (4) 0.03 0.00 As adjusted (5) $ 1.18 - 1.38 $ 1.90 Fiscal 2024 Fiscal 2023 Guidance (10) Actual Net earnings per diluted share: GAAP basis $ 5.78 - 5.98 $ 3.82 Johnny Was impairment charges (11) 0.00 5.21 LIFO adjustments (1)(8) 0.11 0.45 Amortization of Johnny Was intangible assets (2)(8) 0.50 0.65 Gain on sale of Merida manufacturing facility (3)(8) 0.00 (0.08) Johnny Was distribution center relocation costs (4)(8) 0.11 0.00 Impairment of investment in unconsolidated entity (12) 0.00 0.12 As adjusted (5) $ 6.50 - 6.70 $ 10.15 (1) LIFO adjustments represents the impact of LIFO accounting adjustments. These adjustments are included in cost of goods sold in Corporate and Other. (2) Amortization of Johnny Was intangible assets represents the amortization related to intangible assets acquired as part of the Johnny Was acquisition. These charges are included in SG&A in Johnny Was. (3) Gain on sale of Merida manufacturing facility represents the gain on sale of Oxford's last owned manufacturing facility, which was located in Merida, Mexico and previously operated by the Lanier Apparel operating group. The gain is included in royalties and other operating income in Corporate and Other in Fiscal 2023. (4) Johnny Was distribution center relocation costs relate to the transition of Johnny Was distribution center operations from Los Angeles, California to Lyons, Georgia including systems integrations, employee bonuses and severance agreements, moving costs and occupancy expenses related to the vacated distribution centers. These charges are included in SG&A in Johnny Was. (5) Impact of income taxes represents the estimated tax impact of the above adjustments based on the estimated applicable tax rate on current year earnings. (6) Amounts in columns may not add due to rounding. (7) Guidance as issued on September 11, 2024. (8) Adjustments shown net of income taxes. (9) No estimate for LIFO accounting adjustments is reflected in the guidance for any future periods. (10) Guidance as issued on December 11, 2024. (11) Johnny Was impairment charges represent the impact of the impairment of the Johnny Was goodwill and intangible asset balances, net of income taxes, on net earnings per share in Fiscal 2023. (12) Impairment of investment in unconsolidated entity represents the impact, net of income taxes, on net earnings per share relating to the impairment of the ownership interest in an unconsolidated entity in Fiscal 2023. Direct to Consumer Location Count End of Q1 End of Q2 End of Q3 End of Q4 Fiscal 2023 Tommy Bahama Full-price retail store 103 101 102 102 Retail-food & beverage 21 22 21 22 Outlet 33 33 34 34 Total Tommy Bahama 157 156 157 158 Lilly Pulitzer full-price retail store 59 59 61 60 Johnny Was Full-price retail store 65 67 71 72 Outlet 2 2 2 3 Total Johnny Was 67 69 73 75 Emerging Brands Southern Tide full-price retail store 9 13 15 19 TBBC full-price retail store 3 3 3 3 Total Oxford 295 300 309 315 Fiscal 2024 Tommy Bahama Full-price retail store 102 103 106 Retail-food & beverage 23 23 25 Outlet 35 36 37 Total Tommy Bahama 160 162 168 Lilly Pulitzer full-price retail store 60 60 61 Johnny Was Full-price retail store 75 76 77 Outlet 3 3 3 Total Johnny Was 78 79 80 Emerging Brands Southern Tide full-price retail store 20 24 28 TBBC full-price retail store 4 5 5 Total Oxford 322 330 342 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

'Emerging' B.C. family cooks up something special in the frozen meals business

Injured cornerback Riley Moss could return to Denver's lineup at CincinnatiIceland votes for a new parliament after political disagreements force an early election

Hong Kong police a HK$1 million reward for information leading to the arrest of six pro-democracy activists now residing in the UK and Canada on Monday. The bounties were issued for alleged violations of the . One of the wanted individuals, including Tony Chung, a former pro-independence group leader, has been accused of violating Hong Kong’s national security law. Chung, who fled to the UK last year, is joined on the list by former district councillor , activist , political commentator Chung Kim-wah, former actor Joseph Tay, and YouTuber Victor Ho. Charges vary from subversion to inciting secession and collusion with foreign forces. In a statement, the Hong Kong Police the wanted individuals have allegedly violated the National Security Law, including “i “This will not affect my work—in fact, it strengthens my resolve and reassures me that I’m on the right path. Having a bounty placed on my head only confirms that I’m standing up against what authoritarian regimes fear most. It fills me with even greater courage to speak out boldly for what I believe in, and I will continue to fight tirelessly for Hong Kong.” Consul General in Macau and Hong Kong, , and UK Foreign Secretary, , similarly denounced the actions as silencing dissents and attempts to intimidate critics overseas. This marks the of arrest warrants under the Beijing-imposed National Security Law. While Beijing justifies the law as a means to ensure stability, critics argue it stifles autonomy and suppresses freedom. China’s foreign ministry has endorsed ‘s actions, highlighting adherence to the rule of law. This comes as China 20 Canadians for calling out Beijing’s human rights violations and transnational repression against Tibetans & Uyghurs on Sunday. Ku Klux Klan founded The US hate group known as the Ku Klux Klan was founded on December 24, 1865 in Pulaski, Tennessee as a reaction to reconstruction efforts following the Union victory in the American Civil War. The group would later become notorious for its attacks on Black Americans, being targeted by the Enforcement Act of 1871, which imposed civil and criminal liability for deprivation of constitutional rights. the Enforcement Act of 1871. Treaty of Ghent signed, ending War of 1812 On December 24, 1814, the "Treaty of Ghent" was signed by the United States and Great Britain, ending hostilities in the War of 1812.Review the articles of the . Hamid Karzai born On December 24, 1957, was born in Karz, Afghanistan. He would go on to become in 2004 his country's first elected president after the end of Taliban rule in 2001.Restoration of caretaker system to be proposedAKRON, Ohio (AP) — Tony Osburn's 23 points helped Omaha defeat Lamar 65-59 at the Akron Basketball Classic in Akron, Ohio on Sunday. Osburn shot 7 of 13 from the field, including 5 for 9 from 3-point range, and went 4 for 4 from the line for the Mavericks (3-5). Ja'Sean Glover added 14 points while going 4 of 9 from the floor, including 3 for 5 from 3-point range, and 3 for 5 from the line while they also had five rebounds. Marquel Sutton had 13 points and shot 4 of 14 from the field and 4 for 4 from the line. The Mavericks ended a five-game losing streak with the victory. The Cardinals (1-5) were led in scoring by Alexis Marmolejos, who finished with 15 points and four assists. Cody Pennebaker added 11 points and six rebounds for Lamar. Andrew Holifield finished with nine points, three steals and four blocks. NEXT UP Both teams play on Saturday. Omaha hosts Abilene Christian and Lamar hosts Our Lady of the Lake. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar . For copyright information, check with the distributor of this item, Data Skrive. Get local news delivered to your inbox!

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Spain's monarch pays tribute to the victims of Valencia floods in his Christmas Eve speechThings are really starting to cook for Barakah Eats , a Surrey family business that makes South Asian-influenced, ready-to-eat meals sold in stores and served at a growing number of hospitals, schools and other institutions. Cooked and packaged at a Newton plant since 2019, the Khan family's butter chicken, channa masala, beef haleem and other products come frozen in bags and boxes, ready for the microwave. The company recently scored the Emerging Business trophy during the 2024 Rise Awards hosted by BC Food & Beverage, a not-for-profit association representing the province's food and beverage processing industry. Rushd Khan operates Barakah Eats with the help of father Zafar, mother Lubna, wife Arshiya and a dozen employees. "We're very proud of the award, which reinforces our mission since we've launched this business as an extension of our family business including the restaurant ( Gulberg Tandoor , located near the KPU Surrey campus in Newton)," Rushd said. "It (the award) will help with the growth of our businesses, for sure." In a competitive frozen-food market, key for Barakah Eats products is halal certification — food that adheres to Islamic dietary laws and regulations. "Some hospitals, like Surrey Memorial, Langley and BC Children's Hospital just this month, they started using some of our products for patient care because they're halal-certified," Rushd explained. "That has been a gap among hospital patients, who can now ask for halal-certified meals. The hospitals noticed that there was a lot of food waste, because some people couldn't eat the food." Barakah Eats products have been tasted at BC Halal Food Festivals at Holland Park in recent summers and will be featured at the new Halal Expo Vancouver, planned Feb. 7-8 at Cloverdale Agriplex (details on halalexpovancouver.com ). In Arabic, the company name means "blessings," a word embraced by the Khan family. "I never thought it would get to this, with people all over the place eating our food. It's unbelievable," patriarch Zafar Khan said. "Food is my passion, you know, so we have a tandoor in my backyard when we built our house, where we make naan," he added. "I went to back to Pakistan to learn how to make it, and at that time we didn't have a restaurant or anything yet." Looking ahead, the Khans aim to grow the Barakah Eats name in the food manufacturing market. "We see ourselves becoming more of a national company, hopefully by next year," Rushd said. "Right now our business is predominantly in B.C. We do some business outside of B.C. with our vegetarian products, but the meat license with CFIA certification (Canadian Food Inspection Agency), that's our target right now. Once we get over that hump, that opens up a lot of doors for us to start exporting across Canada and then outside of Canada as well. We already have a HACCP-certified facility." BC Food & Beverage's 2024 Rise Awards attracted 400 people to Anvil Centre in New Westminster on Nov. 29, a night when "exceptional leaders, innovators and brands" were recognized in 16 categories. “These awards showcase the talent, dedication and innovation that define B.C.’s food and beverage industry,” James Donaldson, CEO of BC Food & Beverage, raved in a news release, posted online . Other Rise Awards winners are Terra Breads (Hall of Fame inductee), Chocxo Chocolatier (Best in Brand), Vancouver Island Sea Salt (Circularity), Fine Choice Foods (Export), Authentic Indigenous Seafood (Indigenous Led Business of the Year), Blume (Innovation), Jeff Lee of Honey Bee Zen Apiaries (Leadership), Fine Choice Foods (Outstanding Workplace, Health & Safety), Salt Spring Kitchen Co. (People's Choice), Salt Spring Coffee (Social Impact), Chiwis (Sustainability) and Binny Boparai-Gill of Farming Karma Fruit Company (Woman Entrepreneur of the Year). Products of the year are Plant-based Crumbles-Chorizo, made by The Better Butchers (Gold award), Honey Salt Popcorn, Popstastic (Silver) and Dark Chocolate Lemon Crème Cups, Chocxo Chocolatier (Bronze).

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Maryland is suing the company that produces the waterproof material Gore-Tex often used for raincoats and other outdoor gear, alleging its leaders kept using “forever chemicals” long after learning about serious health risks associated with them. The complaint, which was filed last week in federal court, focuses on a cluster of 13 facilities in northeastern Maryland operated by Delaware-based W.L. Gore & Associates. It alleges the company polluted the air and water around its facilities with per- and polyfluoroalkyl substances , jeopardizing the health of surrounding communities while raking in profits. The lawsuit adds to other claims filed in recent years, including a class action on behalf of Cecil County residents in 2023 demanding Gore foot the bill for water filtration systems, medical bills and other damages associated with decades of harmful pollution in the largely rural community. “PFAS are linked to cancer, weakened immune systems, and can even harm the ability to bear children,” Maryland Attorney General Anthony Brown said in a statement. “It is unacceptable for any company to knowingly contaminate our drinking water with these toxins, putting Marylanders at risk of severe health conditions.” Gore spokesperson Donna Leinwand Leger said the company is “surprised by the Maryland Attorney General’s decision to initiate legal action, particularly in light of our proactive and intensive engagement with state regulators over the past two years.” “We have been working with Maryland, employing the most current, reliable science and technology to assess the potential impact of our operations and guide our ongoing, collaborative efforts to protect the environment,” the company said in a statement, noting a Dec. 18 report that contains nearly two years of groundwater testing results. But attorney Philip Federico, who represents plaintiffs in the class action and other lawsuits against Gore, called the company’s efforts “too little, much too late.” In the meantime, he said, residents are continuing to suffer — one of his clients was recently diagnosed with kidney cancer. “It’s typical corporate environmental contamination,” he said. “They’re in no hurry to fix the problem.” The synthetic chemicals are especially harmful because they’re nearly indestructible and can build up in various environments, including the human body. In addition to cancers and immune system problems, exposure to certain levels of PFAS has been linked to increased cholesterol levels, reproductive health issues and developmental delays in children, according to the Environmental Protection Agency. Gore leaders failed to warn people living near its Maryland facilities about the potential impacts, hoping to protect their corporate image and avoid liability, according to the state’s lawsuit. The result has been “a toxic legacy for generations to come,” the lawsuit alleges. Since the chemicals are already in the local environment, protecting residents now often means installing complex and expensive water filtration systems. People with private wells have found highly elevated levels of dangerous chemicals in their water, according to the class action lawsuit. The Maryland facilities are located in a rural area just across the border from Delaware, where Gore has become a longtime fixture in the community. The company, which today employs more than 13,000 people, was founded in 1958 after Wilbert Gore left the chemical giant DuPont to start his own business. Its profile rose with the development of Gore-Tex , a lightweight waterproof material created by stretching polytetrafluoroethylene, which is better known by the brand name Teflon that’s used to coat nonstick pans. The membrane within Gore-Tex fabric has billions of pores that are smaller than water droplets, making it especially effective for outdoor gear. The state’s complaint traces Gore’s longstanding relationship with DuPont , arguing that information about the chemicals' dangers was long known within both companies as they sought to keep things quiet and boost profits. It alleges that as early as 1961, DuPont scientists knew the chemical caused adverse liver reactions in rats and dogs. DuPont has faced widespread litigation in recent years. Along with two spinoff companies, it announced a $1.18 billion deal last year to resolve complaints of polluting many U.S. drinking water systems with forever chemicals. The Maryland lawsuit seeks to hold Gore responsible for costs associated with the state’s ongoing investigations and cleanup efforts, among other damages. State oversight has ramped up following litigation from residents alleging their drinking water was contaminated. Until then, the company operated in Cecil County with little scrutiny. Gore announced in 2014 that it had eliminated perfluorooctanoic acid from the raw materials used to create Gore-Tex. But it’s still causing long-term impacts because it persists for so long in the environment, attorneys say. Over the past two years, Gore has hired an environmental consulting firm to conduct testing in the area and provided bottled water and water filtration systems to residents near certain Maryland facilities, according to a webpage describing its efforts. Recent testing of drinking water at residences near certain Gore sites revealed perfluorooctanoic acid levels well above what the EPA considers safe, according to state officials. Attorneys for the state acknowledged Gore’s ongoing efforts to investigate and address the problem but said the company needs to step up and be a better neighbor. “While we appreciate Gore’s limited investigation to ascertain the extent of PFAS contamination around its facilities, much more needs to be done to protect the community and the health of residents,” Maryland Department of the Environment Secretary Serena McIlwain said in a statement. “We must remove these forever chemicals from our natural resources urgently, and we expect responsible parties to pay for this remediation.”KALAMAZOO, Mich. (AP) — Zahir Abdus-Salaam ran for a touchdown and caught another as Western Michigan defeated Eastern Michigan 26-18 on Saturday to become bowl eligible, snapping a three-game losing streak. Abdus-Salaam scored on a 22-yard run for a 23-8 lead in the third quarter and he celebrated by jumping into a snowbank bordering the end zone. The Broncos (6-6, 5-3 Mid-American Conference) blocked a punt for safety that started a run of 16 points in under four minutes. Abdus-Salaam scored on a 31-yard screen pass then Joey Pope recovered a fumble on the ensuing kickoff to set up Jalen Buckley's 15-yard TD run with 19 seconds before the half ended. Eastern Michigan's Delmert Mimms II scored two third-quarter touchdowns. The teams exchanged field goals for the only fourth-quarter scoring. The Eagles got the ball back with 2:18 remaining but on their first play Bilhal Kone intercepted a tipped pass. Eastern Michigan (5-7, 2-6) lost its last five games. Abdus-Salaam rushed for 135 yards and Buckley 103 on 19 carries apiece. Hayden Wolff threw for 126 yards and a score. Abdus-Salaam had 40 yards receiving. Mimms rushed for 127 yards on 18 carries. Cole Snyder was only 7 of 22 for 91 yards passing. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football . 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Redefining motion capture with innovative flying action cameras and the award-winning HOVERAir Beacon LAS VEGAS , Dec. 27, 2024 /PRNewswire/ -- Recently , Zero Zero Robotics , a pioneering tech company in intelligent devices, announced their participation at CES 2025, where the company will showcase its HOVERAir X1 series of self-flying cameras at booth # 56045 , Venetian, Level 2, Halls A-D. Designed to simplify aerial cinematography, the HOVERAir lineup includes the pocket-sized HOVERAir X1, the action-focused HOVERAir X1 PRO, and the Professional grade HOVERAir X1 PROMAX. Zero Zero will also celebrate its 2025 CES Innovation Awards Honoree title in Audio/Video Components & Accessories for the HOVERAir Beacon, an intelligent modular controller that redefines precision tracking and control. The introductory model in the HOVERAir lineup, HOVERAir X1 , weighs just 125g and delivers an effortless aerial photography experience with no controller or app required. With over five pre-programmed flight paths, including Hover, Follow, Zoom Out, Orbit, and Bird's Eye, it's perfect for capturing cinematic moments in everyday life. Its 2.7K video resolution, palm launch capabilities, and robust computer vision algorithms make it the ultimate everyday and travel companion. Building on the success of the X1, Zero Zero introduced the HOVERAir X1 PRO and HOVERAir X1 PROMAX in August 2024 to meet the demands of action enthusiasts and professional creators. The X1 PRO offers 4K/60fps video with a 104° field of view for versatile shooting conditions. The X1 PROMAX delivers stunning 8K /30fps video with 4K /120fps slow-motion capabilities, a 1/1.3" CMOS sensor, and 14 stops of dynamic range for cinematic footage. Both models feature advanced AI tracking, Level 5 wind resistance, and a lightweight, durable HEMTM frame. "Our vision has always been to create flying cameras that are effortless, intelligent, and fun to use," said MQ Wang, Founder & CEO of Zero Zero Robotics. "The HOVERAir series puts professional-grade aerial cinematography in the palm of your hand, whether you're capturing casual moments or pushing creative boundaries." Adding to these innovations, the HOVERAir Beacon enhances control and precision for the series. The Beacon features a patented Tri-state modular design with two detachable joysticks, enabling one-handed and full-featured two-handed controls. It activates HoverLinkTM for precise tracking with up to a 1 km transmission range, while the 1.78" OLED display allows real-time footage monitoring. Equipped with AI-powered noise cancellation, the Beacon sets a new standard for audio and video recording during aerial shoots. "We're excited to bring the HOVERAir X1 series and Beacon to CES 2025, where we're redefining how motion is captured, tracked, and controlled," continued Wang. "These tools empower creators and adventurers to document their journeys with breathtaking precision and ease." Zero Zero Robotics invites attendees to stop by Booth #56045 to experience the HOVERAir X1 series in action and witness its unparalleled performance. Media wishing to interview Zero Zero Robotics personnel should contact Borjana Slipicevic. About Zero Zero Robotics Zero Zero Robotics was co-founded in 2014 by Stanford PhDs MQ Wang and Tony Zhang , specializing in embedded AI technology for intelligent devices. Known for its innovative machine vision and high-precision control systems, ZeroZero has team members who are dreamers, engineers, inventors, and builders hailing from top universities and research institutions around the world. Zero Zero Robotics holds more than 140 core patents and has pioneered technologies like fully enclosed portable propeller designs and bi-copter designs, cementing its place as a leader in intelligent device development. View original content to download multimedia: https://www.prnewswire.com/news-releases/zero-zero-robotics-showcases-bestselling-hoverair-x1-series-at-ces-2025-302339204.html SOURCE ZeroZero RoboticsSpending squeeze ‘could cost more than 10,000 Civil Service jobs’

Cryptocurrencies such as bitcoin will help drive modernisation of Australia’s financial system, Treasurer Jim Chalmers has declared while revealing the re-election of Donald Trump has already forced a rethink of the emerging sector’s importance. Chalmers said while there were legitimate concerns such as the use of crypto by criminal elements, the possible advantages from the creation of new investment opportunities should not be curtailed by overzealous regulation. Cryptocurrencies such as bitcoin have attracted even more interest since the re-election of Donald Trump. Credit: Bloomberg Cryptocurrencies, which encompass digital currencies that are effectively policed by investors rather than authorities such as governments or central banks, were already one of the world’s fastest-growing investment opportunities before Trump’s election victory in November. Trump has promised to be a “crypto president” by loosening regulation around products, creating a stockpile of bitcoin – the value of which has surged by a third since November – and making it easier for crypto investors to gain access to traditional banking systems. In Australia, broad investment in cryptocurrencies is still well short of traditional sectors such as equities and property, but there is growing interest, particularly among younger people. Loading Chalmers said he believed crypto, and the infrastructure surrounding it, could be a key feature of an improved financial system. “I think crypto has a role to play, and it’s part of modernising and innovating in our financial system,” he said. “We need to make sure there are appropriate protections and guard-rails, but we need to make sure we don’t overdo that and stomp on part of the industry which, I think, will be important in the industry.” Last month, RBA governor Michele Bullock, who previously headed up the bank’s payments arm, was less bullish than Chalmers about cryptocurrency and said she didn’t see a role for it in the economy. “I don’t really see a role for it in, certainly in the Australian economy or payments system,” she said. Governments, central banks and policymakers around the world are watching Trump’s policy agenda with particular interest, given he has promised to impose wide-scale tariffs , deport millions of undocumented workers and possibly intervene in official interest rate settings . Chalmers said Trump’s approach to crypto was also uppermost in the government’s mind. “Of the list of changes in policy emphasis we expect from the incoming Trump administration, this is one of the ones we’ve spent a lot of time thinking about,” he said. “We think about trade and tariffs, we think about financial regulation, we think about deregulation more broadly. We think about the energy transformation, and we think about crypto.” The government is planning to introduce legislation next year that would create licensing arrangements for businesses that offer digital assets such as crypto and stablecoin – a type of cryptocurrency pegged to the value of another currency or commodity. The licensing is in part due to growing crypto-related scams that were estimated last year to have cost Australians about $180 million in losses. AUSTRAC this month warned that it believed specialist crypto ATMs were being used by criminal organisations in South-East Asia to launder the money of Australian-based criminals. Treasurer Jim Chalmers believes cryptocurrencies will drive modernisation and innovation across the nation’s financial system. Credit: Alex Ellinghausen Chalmers said regulations around crypto had to balance security issues for potential investors in the asset class against being overly onerous. “Our interest here is to recognise it’s legitimate, it’s important, it’s growing,” he said. “We need to make sure that people are protected, but we don’t want to overdo it in a way that stifles an industry we believe in. “Obviously, the multinational crime element of it is something people are focused on with good reason, but I think we would be doing ourselves a disservice if we overfocused on the downside and didn’t sufficiently focus on the upside.” One of the downsides is the use of crypto by criminals attracted to the way its underlying technology makes it difficult to track major financial transactions. In some cases, criminals have demanded ransom payments in crypto. Loading This masthead can also reveal that cryptocurrency assets are increasingly being seized by the Australian Federal Police as part of their inquiries. Between July and November this year, the AFP had collected more than $20 million worth of crypto. Over the same period, more than $28 million in cash was seized by the AFP’s criminal asset confiscation taskforce. All seized cash goes into an account used for community safety programs. The AFP has collected $62 million in crypto since the middle of 2019. The value of that crypto may be growing. Once the AFP collects it, the agency does not track the ongoing value of the crypto (which is managed by the Australian Financial Security Authority). Since July 1 this year, the value of bitcoin has soared from $US63,352 to $US97,742. As recently as December 17, bitcoin had reached $US106,470. Cut through the noise of federal politics with news, views and expert analysis. Subscribers can sign up to our weekly Inside Politics newsletter . Save Log in , register or subscribe to save articles for later. License this article Cryptocurrencies Jim Chalmers AFP Crime Shane Wright – Shane is a senior economics correspondent for The Age and The Sydney Morning Herald. Connect via Twitter or email . Most Viewed in Politics Loading

McGregor must pay $250K to woman who says he raped her, civil jury rulesHong Kong police have issued bounties for six more pro-democracy activists, including two Canadians, who fled the city amid Beijing’s tightening control. The Hong Kong national security law was passed in June 2020 following months of pro-democracy protests in the former British colony against Beijing’s growing control. After Hong Kong’s return to China in 1997, its high degree of autonomy was protected under the Sino-British Joint Declaration. However, the national security law gave Beijing sweeping powers to crack down on dissent and erode the city’s freedoms. Ho said that both the 2023 and the latest arrest warrants issued by the Hong Kong police are efforts to coerce the Hong Kong diaspora community in Canada, which has the largest Hong Kong immigrant population. “This [arrest warrant] to the founder of the HongKonger Station serves a deeper purpose: to warn those who are politically aligned with the Conservative Party, whether they are prospective candidates or other party supporters, especially Hong Kong residents and immigrants in Canada. It’s a signal telling them not to support these individuals,” Ho said. However, Ho added that the Chinese Communist Party “will not achieve its goal” of coercion through this tactic. Instead, it will serve as a “free promotion” for Tay. The Epoch Times contacted Tay and the Conservative Party for comment, but did not receive a response by publication time.

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