Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

ADDING and REPLACING RBC Bearings Incorporated Announces Fiscal 2022 Fourth Quarter Results


Add after last paragraph of release: "Consolidated Statements of Operations" table.

The updated release reads:

RBC BEARINGS INCORPORATED ANNOUNCES FISCAL 2022 FOURTH QUARTER RESULTS

RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the fourth quarter of fiscal year 2022.

Key Highlights

Fourth Quarter Financial Highlights

($ in millions)

Fiscal 2022

 

Fiscal 2021

 

Change

GAAP

Adjusted (1)

GAAP

Adjusted (1)

GAAP

Adjusted (1)

Net sales

$358.9

 

$160.3

 

123.9%

 

Gross margin

$137.5

$144.3

$62.5

$62.7

120.1%

130.1%

Gross margin %

38.3%

40.2%

39.0%

39.1%

 

 

Operating income

$57.8

$70.4

$29.7

$32.5

94.5%

116.4%

Operating income %

16.1%

19.6%

18.6%

20.3%

 

 

Net income

$32.2

$42.0

$25.0

$27.4

29.0%

53.5%

Net income available to common stockholders

$26.5

$36.3

$25.0

$27.4

6.0%

32.5%

Diluted EPS

$0.92

$1.26

$0.99

$1.08

-7.1%

16.7%

(1) Results exclude items in reconciliation below.

 

 

 

 

 

 

Twelve Month Financial Highlights

($ in millions)

Fiscal 2022

 

Fiscal 2021

 

Change

GAAP

Adjusted (1)

GAAP

Adjusted (1)

GAAP

Adjusted (1)

Net sales

$942.9

 

$609.0

 

54.8%

 

Gross margin

$357.1

$371.8

$234.1

$237.2

52.5%

56.8%

Gross margin %

37.9%

39.4%

38.4%

38.9%

 

 

Operating income

$130.1

$177.0

$111.5

$120.2

16.7%

47.2%

Operating income %

13.8%

18.8%

18.3%

19.7%

 

 

Net income

$65.1

$118.0

$89.6

$96.9

-27.4%

21.7%

Net income available to common stockholders

$53.1

$105.9

$89.6

$96.9

-40.8%

9.3%

Diluted EPS

$1.95

$3.89

$3.58

$3.87

-45.5%

0.5%

(1) Results exclude items in reconciliation below.

 

 

 

 

 

 

"The record performance of our Company in the fourth quarter demonstrated the value created by the merger of Dodge Industrial with RBC Bearings. We are very encouraged with the speed of integration and management cohesion achieved by these two extraordinary and complementary businesses," said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer.

Fourth Quarter Results

Net sales for the fourth quarter of fiscal 2022 were $358.9 million, an increase of 123.9% from $160.3 million in the fourth quarter of fiscal 2021. Net sales for our Industrial segment increased 297.3%, including sales of approximately $181.9 million from Dodge, while our Aerospace/Defense segment increased 8.9%. Gross margin for the fourth quarter of fiscal 2022 was $137.5 million compared to $62.5 million for the same period last year. On an adjusted basis, gross margin was $144.3 million for the fourth quarter of fiscal 2022 compared to an adjusted $62.7 million for the same quarter last year.

SG&A for the fourth quarter of fiscal 2022 was $56.0 million, an increase of $28.6 million from $27.4 million for the same period last year. As a percentage of net sales, SG&A was 15.6% for the fourth quarter of fiscal 2022 compared to 17.1% for the same period last year.

Other operating expenses for the fourth quarter of fiscal 2022 totaled $23.7 million compared to $5.3 million for the same period last year. For the fourth quarter of fiscal 2022, other operating expenses included $17.2 million of amortization of intangible assets, $5.7 million of costs associated with the Dodge acquisition, and $0.8 million of other items. For the fourth quarter of fiscal 2021, other operating expenses included $2.5 million of amortization of intangible assets, $1.5 million of costs associated with a cyber event, $1.0 million of restructuring costs and related items, and $0.3 million of other costs.

Operating income for the fourth quarter of fiscal 2022 was $57.8 million compared to $29.7 million for the same period last year. Excluding approximately $12.5 million of acquisition costs, adjusted operating income for the fourth quarter of fiscal 2022 was $70.4 million. Excluding $1.5 million of costs associated with a cyber event, and other restructuring charges and related items of $1.3 million, adjusted operating income for the fourth quarter of fiscal 2021 was $32.5 million. Adjusted operating income as a percentage of net sales was 19.6% for the fourth quarter of fiscal 2022 compared to 20.3% for the same period last year.

Interest expense, net, was $13.6 million for the fourth quarter of fiscal 2022 compared to $0.3 million for the same period last year. The increase in interest cost during the period is a result of the quarterly impact of the permanent financing in place associated with the Dodge acquisition.

Income tax expense for the fourth quarter of fiscal 2022 was $11.9 million compared to $4.7 million for the same period last year. The effective income tax rate for the fourth quarter of fiscal 2022 was 26.9% compared to 15.8% for the same period last year. The fiscal 2022 fourth quarter income tax expense included $0.1 million of tax benefits from share-based stock compensation and $0.6 million of discrete tax benefit primarily due to a decrease in the reserves for unrecognized tax positions pertaining primarily to the statute of limitations expiration. The tax rate for the fourth quarter was negatively impacted by the inclusion of certain pre-tax acquisition related charges that are not deductible for tax purposes. Income tax expense for the fourth quarter of fiscal 2021 included $1.4 million of tax benefits from share-based stock compensation.

Net income for the fourth quarter of fiscal 2022 was $32.2 million compared to net income of $25.0 million for the same period last year. On an adjusted basis, net income was $42.0 million for the fourth quarter of fiscal 2022 compared to $27.4 million for the same period last year. Net income available to common stockholders for the fourth quarter of fiscal 2022 was $26.5 million compared to $25.0 million for the same period last year. On an adjusted basis, net income available to common stockholders for the fourth quarter of fiscal 2022 was $36.3 million compared to $27.4 million for the same period last year.

Diluted EPS for the fourth quarter of fiscal 2022 was $0.92 per share compared to $0.99 per share for the same period last year. On an adjusted basis, diluted EPS was $1.26 per share for the fourth quarter of fiscal 2022 compared to $1.08 per share for the same period last year.

Backlog as of April 2, 2022 was $603.1 million compared to $394.8 million as of April 3, 2021 and $552.7 million as of January 1, 2022.

Outlook for the First Quarter Fiscal 2023

The Company expects net sales to be approximately $355.0 million to $365.0 million in the first quarter of fiscal 2023, compared to $156.2 million last year, a growth rate of 127.3% to 133.7%.

Live Webcast

RBC Bearings Incorporated will host a webcast on Thursday, May 26th at 11:00 a.m. ET to discuss the quarterly results. To access the webcast, go to the investor relations portion of the Company's website, www.rbcbearings.com, and click on the webcast icon. If you do not have access to the Internet and wish to listen to the call, dial 844-419-1755 (international callers dial 216-562-0468) and provide conference ID #8884584. An audio replay of the call will be available from 2:00 p.m. ET May 26th, 2022, until 2:00 p.m. ET June 2nd, 2022. The replay can be accessed by dialing 855-859-2056 (international callers dial 404-537-3406) and providing conference call ID #8884584. Investors are advised to dial into the call at least ten minutes prior to the call to register.

Non-GAAP Financial Measures

In addition to disclosing results of operations that are determined in accordance with U.S. generally accepted accounting principles (GAAP), this press release also discloses non-GAAP results of operations that exclude certain items. These non-GAAP measures adjust for items that management believes are unusual. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company's results of operations, as these non-GAAP measures allow investors to better evaluate ongoing business performance. Investors should consider non-GAAP measures in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP measures disclosed in this press release with the most comparable GAAP measures are included in the financial table attached to this press release.

Adjusted Gross Margin and Adjusted Operating Income

Adjusted gross margin excludes the impact of acquisition related fair value adjustments to inventory. Adjusted operating income excludes acquisition expenses including the impact of acquisition-related fair value adjustments in connection with purchase, restructuring and other similar charges, gains or losses on extinguishment of debt, and other non-operational, non-cash or non-recurring losses. We believe that adjusted gross margin and adjusted operating income are useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations.

Adjusted Net Income and Adjusted Earnings Per Share

Adjusted net income and adjusted earnings per share (calculated on a diluted basis) exclude acquisition expenses including the impact of acquisition-related fair value adjustments in connection with purchase, restructuring and other similar charges, gains or losses on divestitures, discontinued operations, gains or losses on extinguishment of debt, and other non-operational, non-cash or non-recurring losses, net of their income tax impact. We believe that adjusted net income and adjusted earnings per share are useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations.

Adjusted Cash Net Income and Adjusted Cash Earnings Per Share

Adjusted cash net income and adjusted cash earnings per share excludes non-cash expenses for depreciation and amortization of fixed and intangible assets, stock compensation and amortization of deferred finance fees, net of their income tax impact. We believe that adjusted cash net income and adjusted cash earnings per share are useful in assessing our financial performance by excluding items that do not affect the cash available to common stockholders before capital expenditures.

EBITDA

EBITDA represents earnings from continuing operations before interest and other debt related activities, taxes, depreciation and amortization and stock compensation expense. EBITDA is presented because it is an important supplemental measure of performance and it is frequently used by analysts, investors and other interested parties in the evaluation of companies in our industry. EBITDA is also presented and compared by analysts and investors in evaluating our ability to meet debt service obligations. Other companies in our industry may calculate EBITDA differently. EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. Because EBITDA is calculated before recurring cash charges, including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a measure of discretionary cash available to invest in the growth of the business.

Adjusted EBITDA

Adjusted EBITDA is the term we use to describe EBITDA adjusted for the items summarized in the Reconciliation of GAAP to Non-GAAP Financial Measures table below. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors, excluding non-operational, non-cash or non-recurring losses or gains. In view of our debt level, it is also provided to aid investors in understanding our compliance with our debt covenants. Adjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA varies from others in our industry. Adjusted EBITDA should not be considered as an alternative to net income, income from operations or any other performance measures derived in accordance with GAAP. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for, analysis of our results as reported under GAAP. For example, Adjusted EBITDA does not reflect: (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expenses, or the cash requirements necessary to service interest or principal payments, on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; or (f) the impact of earnings or charges resulting from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations. In particular, our definition of Adjusted EBITDA allows us to add back certain non-cash, non-operating or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur, vary greatly and are difficult to predict and can represent the effect of long-term strategies as opposed to short-term results. In addition, certain of these expenses can represent the reduction of cash that could be used for other corporate purposes. Further, although not included in the calculation of Adjusted EBITDA below, the measure may at times allow us to add estimated cost savings and operating synergies related to operational changes ranging from acquisitions to dispositions to restructurings and/or exclude one-time transition expenditures that we anticipate we will need to incur to realize cost savings before such savings have occurred. Further, management and various investors use the ratio of total debt less cash to Adjusted EBITDA (which includes a full pro-forma last-twelve-month impact of acquisitions), or "net debt leverage", as a measure of our financial strength and ability to incur incremental indebtedness when making key investment decisions and evaluating us against peers. Lastly, management and various investors use the ratio of the change in Adjusted EBITDA divided by the change in net sales (referred to as "incremental margin" in the case of an increase in net sales or "decremental margin" in the case of a decrease in net sales) as an additional measure of our financial performance and is utilized when making key investment decisions and evaluating us against peers.

About RBC Bearings

RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings, components and essential systems. Founded in 1919, the Company is primarily focused on producing highly technical or regulated products and components requiring sophisticated design, testing and manufacturing capabilities for the diversified industrial, aerospace and defense markets. The Company is headquartered in Oxford, Connecticut.

Safe Harbor for Forward Looking Statements

Certain statements in this press release contain "forward-looking statements." All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including the following: the section of this press release entitled "Outlook"; any projections of earnings, revenue or other financial items relating to the Company, any statement of the plans, strategies and objectives of management for future operations; any statements concerning proposed future growth rates in the markets we serve; any statements of belief; any characterization of and the Company's ability to control contingent liabilities; anticipated trends in the Company's businesses; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "would," "estimate," "intend," "continue," "believe," "expect," "anticipate," and other similar words. Although the Company believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties beyond the control of the Company. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to general economic conditions, the COVID-19 pandemic, geopolitical factors, future levels of aerospace/defense and industrial market activity, future financial performance, our debt leverage, the integration of our recent Dodge acquisition, market acceptance of new or enhanced versions of the Company's products, the pricing of raw materials, changes in the competitive environments in which the Company's businesses operate, the outcome of pending or future litigation and governmental proceedings and approvals, estimated legal costs, increases in interest rates, tax legislation and changes, the Company's ability to meet its debt obligations, the Company's ability to acquire and integrate complementary businesses, and risks and uncertainties listed or disclosed in the Company's reports filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading "Risk Factors" set forth in the Company's most recent Annual Report filed on Form 10-K. The Company does not intend, and undertakes no obligation, to update or alter any forward-looking statements.

 
RBC Bearings Incorporated
Consolidated Statements of Operations
(dollars in thousands, except share and per share data)
(Unaudited)
     
     
    Three Months Ended Twelve Months Ended
    April 2, April 3, April 2, April 3,
   

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Net sales    

$

358,879

 

$

160,295

 

$

942,937

 

$

608,984

 

Cost of sales    

 

221,393

 

 

97,826

 

 

585,869

 

 

374,878

 

Gross margin    

 

137,486

 

 

62,469

 

 

357,068

 

 

234,106

 

     
Operating expenses:    
Selling, general and administrative    

 

55,962

 

 

27,409

 

 

158,634

 

 

106,000

 

Other, net    

 

23,678

 

 

5,320

 

 

68,371

 

 

16,648

 

Total operating expenses    

 

79,640

 

 

32,729

 

 

227,005

 

 

122,648

 

     
Operating income    

 

57,846

 

 

29,740

 

 

130,063

 

 

111,458

 

     
Interest expense, net    

 

13,573

 

 

335

 

 

41,510

 

 

1,430

 

Other non-operating (income)/expense    

 

195

 

 

(234

)

 

834

 

 

(31

)

Income before income taxes    

 

44,078

 

 

29,639

 

 

87,719

 

 

110,059

 

Provision for income taxes    

 

11,878

 

 

4,685

 

 

22,654

 

 

20,426

 

Net income    

 

32,200

 

 

24,954

 

 

65,065

 

 

89,633

 

Preferred stock dividends    

 

5,750

 

 

-

 

 

12,011

 

 

-

 

Net income/(loss) available to common stockholders    

$

26,450

 

$

24,954

 

$

53,054

 

$

89,633

 

     
Net income/(loss) per share available to common stockholders:    
Basic    

$

0.92

 

$

1.00

 

$

1.97

 

$

3.61

 

Diluted    

$

0.92

 

$

0.99

 

$

1.95

 

$

3.58

 

     
Weighted average common shares:    
Basic    

 

28,645,468

 

 

24,948,546

 

 

26,946,355

 

 

24,851,344

 

Diluted    

 

28,865,257

 

 

25,231,485

 

 

27,214,232

 

 

25,048,451

 

     
    Three Months Ended Twelve Months Ended
Reconciliation of Reported Gross Margin to     April 2, April 3, April 2, April 3,
Adjusted Gross Margin:    

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Reported gross margin    

$

137,486

 

$

62,469

 

$

357,068

 

$

234,106

 

Transaction and related costs    

 

6,826

 

 

-

 

 

13,803

 

 

-

 

Restructuring and consolidation    

 

-

 

 

242

 

 

929

 

 

3,071

 

Adjusted gross margin    

$

144,312

 

$

62,711

 

$

371,800

 

$

237,177

 

     
    Three Months Ended Twelve Months Ended
Reconciliation of Reported Operating Income to     April 2, April 3, April 2, April 3,
Adjusted Operating Income:    

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Reported operating income    

$

57,846

 

$

29,740

 

$

130,063

 

$

111,458

 

Transaction and related costs    

 

7,850

 

 

-

 

 

36,401

 

 

-

 

Transition services    

 

4,678

 

 

-

 

 

8,003

 

 

-

 

Cyber event    

 

-

 

 

1,507

 

 

-

 

 

1,507

 

Restructuring and consolidation    

 

-

 

 

1,273

 

 

2,544

 

 

7,247

 

Adjusted operating income    

$

70,374

 

$

32,520

 

$

177,011

 

$

120,212

 

     
Reconciliation of Reported Net Income Available to     Three Months Ended Twelve Months Ended
Common Stockholders to Adjusted Net Income Available     April 2, April 3, April 2, April 3,
to Common Stockholders:    

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Reported net income/(loss)    

$

32,200

 

$

24,954

 

$

65,065

 

$

89,633

 

Transaction and related costs    

 

7,850

 

 

-

 

 

53,947

 

 

-

 

Transition services    

 

4,678

 

 

-

 

 

8,003

 

 

-

 

Cyber event    

 

-

 

 

1,507

 

 

-

 

 

1,507

 

Restructuring and consolidation    

 

-

 

 

1,273

 

 

2,544

 

 

7,247

 

Foreign exchange translation loss    

 

33

 

 

(206

)

 

126

 

 

240

 

Tax impact of adjustments and other tax matters    

 

(2,741

)

 

(153

)

 

(11,735

)

 

(1,739

)

Adjusted net income    

$

42,020

 

$

27,375

 

$

117,950

 

$

96,888

 

     
Preferred stock dividends    

 

5,750

 

 

-

 

 

12,011

 

 

-

 

     
Adjusted net income available to common stockholders    

$

36,270

 

$

27,375

 

$

105,939

 

$

96,888

 

     
     
Adjusted net income per common share:    
Basic    

$

1.27

 

$

1.10

 

$

3.93

 

$

3.90

 

Diluted    

$

1.26

 

$

1.08

 

$

3.89

 

$

3.87

 

     
Weighted average common shares:    
Basic    

 

28,645,468

 

 

24,948,546

 

 

26,946,355

 

 

24,851,344

 

Diluted    

 

28,865,257

 

 

25,231,485

 

 

27,214,232

 

 

25,048,451

 

     
    Three Months Ended Twelve Months Ended
Reconciliation of operating income to EBITDA to     April 2, April 3, April 2, April 3,
Adjusted EBITDA:    

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Operating income    

$

57,846

 

$

29,740

 

$

130,063

 

$

111,458

 

Depreciation and amortization    

 

28,177

 

 

7,932

 

 

65,532

 

 

32,744

 

Stock compensation expense    

 

5,891

 

 

5,457

 

 

23,925

 

 

21,299

 

EBITDA    

$

91,914

 

$

43,129

 

$

219,520

 

$

165,501

 

Transaction and related costs    

 

7,850

 

 

-

 

 

36,401

 

 

-

 

Transition services    

 

4,678

 

 

-

 

 

8,003

 

 

-

 

Cyber event    

 

-

 

 

1,507

 

 

-

 

 

1,507

 

Restructuring and consolidation    

 

-

 

 

1,273

 

 

2,544

 

 

7,247

 

Adjusted EBITDA    

$

104,442

 

$

45,909

 

$

266,468

 

$

174,255

 

     
    Three Months Ended Twelve Months Ended
Reconciliation of Adjusted Net Income Available to     April 2, April 3, April 2, April 3,
Common Stockholders to Adjusted Cash Net    

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Available to Common Stockholders:    
Adjusted net income available to common stockholders    

$

36,270

 

$

27,375

 

$

105,939

 

$

96,888

 

Depreciation and amortization    

 

28,177

 

 

7,932

 

 

65,532

 

 

32,744

 

Stock compensation expense    

 

5,891

 

 

5,457

 

 

23,925

 

 

21,299

 

Amortization of deferred finance fees    

 

1,330

 

 

107

 

 

2,315

 

 

472

 

Tax impact of adjustments    

 

(9,540

)

 

(6,666

)

 

(20,626

)

 

(14,192

)

Adjusted cash net income available to common stockholders    

$

62,128

 

$

34,205

 

$

177,085

 

$

137,211

 

     
Adjusted cash net income per common share:    
Basic    

$

2.17

 

$

1.37

 

$

6.57

 

$

5.52

 

Diluted    

$

2.15

 

$

1.36

 

$

6.51

 

$

5.48

 

     
Weighted average common shares:    
Basic    

 

28,645,468

 

 

24,948,546

 

 

26,946,355

 

 

24,851,344

 

Diluted    

 

28,865,257

 

 

25,231,485

 

 

27,214,232

 

 

25,048,451

 

     
    Three Months Ended Twelve Months Ended
    April 2, April 3, April 2, April 3,
Selected Financial Data:    

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Cash provided by operating activities    

$

46,867

 

$

41,867

 

$

180,293

 

$

152,453

 

     
Capital expenditures    

$

7,998

 

$

2,963

 

$

29,759

 

$

11,772

 

     
Total debt    

$

1,688,341

 

$

16,107

 

     
Cash on hand    

$

182,862

 

$

241,335

 

     
Total debt minus cash on hand    

$

1,505,479

 

$

(225,228

)

     
Repurchase of common stock    

$

8,526

 

$

6,845

 

     
Backlog    

$

603,090

 

$

394,773

 

     
     
    Three Months Ended Twelve Months Ended
    April 2, April 3, April 2, April 3,
Segment Data, Net External Sales:    

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Industrial segment    

$

253,894

 

$

63,906

 

$

561,469

 

$

212,762

 

Aerospace and defense segment    

 

104,985

 

 

96,389

 

 

381,468

 

 

396,222

 

   

$

358,879

 

$

160,295

 

$

942,937

 

$

608,984

 

     

 


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