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BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Snap One Holdings Corp. (Nasdaq – SNPO), Encore Wire Corporation (Nasdaq – WIRE), Progressive Care Inc. (OTCQB - RXMD), HireRight Holdings Corporation (NYSE – HRT)
BALA CYNWYD, Pa., April 15, 2024 (GLOBE NEWSWIRE) -- Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky (jbrodsky @bulldop01Toror-4847. There is no cost or financial obligation to you.??
Snap One Holdings Corp. (Nasdaq – SNPO)
Under the terms of the agreement, Snap One will be acquired by Resideo Technologies, Inc. (“Resideo”) (NYSE - REZI). Resideo will acquire Snap One for $10.75 per share in cash, for a transaction value of approximately $1.4 billion, inclusive of net debt. Upon closing, Snap One will integrate into Resideo’s ADI Global Distribution business. The investigation concerns whether the Snap One Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Resideo is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/snap-one-holdings-corp-nasdaq-snpo/.
Encore Wire Corporation (Nasdaq – WIRE)
Under the terms of the agreement, Encore Wire will be acquired by Prysmian (BIT - PRY) for $290.00 per share in cash for each share of Encore Wire held. The investigation concerns whether the Encore Wire Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Prysmian is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/encore-wire-corporation-nasdaq-wire/.
Progressive Care Inc. (OTCQB - RXMD)
Under the terms of the agreement, Progressive Care will be acquired by NextPlat Corp (“NextPlat”) (Nasdaq – NXPL). Progressive Care shareholders will receive newly issued, registered shares of NextPlat's Common Stock. The exchange ratio of NextPlat shares to be issued in the business combination, not subject to adjustment, was calculated based upon a value per share of Common Stock of Progressive Care at $2.20. The investigation concerns whether the Progressive Care Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether NextPlat is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/progressive-care-inc-otcqb-rxmd/.
HireRight Holdings Corporation (NYSE – HRT)
Under the terms of the Merger Agreement, HireRight will be acquired by investment funds affiliated with General Atlantic, L.P. (“General Atlantic”) and Stone Point Capital LLC (“Stone Point” and together with General Atlantic, the “Sponsors”). The Sponsors are currently the beneficial owners of approximately 75% of the Company’s outstanding shares of common stock. Under the terms of the agreement, the Sponsors will acquire all of the outstanding shares they do not already own for $14.35 per share in cash, which implies a total enterprise value of approximately $1.65 billion. The investigation concerns whether the HireRight Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the Sponsors are paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/hireright-holdings-corporation-nyse-hrt/.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
?
Progressive Care Inc. (OTCQB - RXMD)
Under the terms of the agreement, Progressive Care will be acquired by NextPlat Corp (“NextPlat”) (Nasdaq – NXPL). Progressive Care shareholders will receive newly issued, registered shares of NextPlat's Common Stock. The exchange ratio of NextPlat shares to be issued in the business combination, not subject to adjustment, was calculated based upon a value per share of Common Stock of Progressive Care at $2.20. The investigation concerns whether the Progressive Care Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether NextPlat is paying fair value to shareholders of the Company.
Additional information can be found at https://www.brodskysmith.com/cases/progressive-care-inc-otcqb-rxmd/.
There’s a lot of shares being traded (41,000,000) and there’s only 18,000,000 shares outstanding. Lots of shorting going on.
It appears that share exchange was already determined before this announcement. So it should be NexPlat $1.50 to Progressive $2.25.
Progressive Care Inc. Announces Record Full Year 2023 Results with Revenues of $49.7 Million, an Increase of 22% with Annual Gross Margins of 30%
APRIL 11, 2024 4:00PM EDT
Download as PDF
Results Driven by 17% Increase in Pharmacy Prescription Revenue and Over 136% Growth in 340B Contract Services Revenue
MIAMI, April 11, 2024 /PRNewswire/ -- Progressive Care Inc. (OTCQB: RXMD) ("Progressive Care" or the "Company"), a personalized healthcare services and technology provider, today announced financial results for the year ended December 31, 2023. The Company reported record annual revenues of approximately $49.7 million, a 22% increase from results reported for the year ended December 31, 2022, driven by strong growth at its PharmcoRx pharmacies and the addition of multiple new 340B contracts in the second half of 2023.
Progressive Care, Inc. logo (PRNewsfoto/Progressive Care, Inc.)
"Progressive Care's significant growth in 2023 reflects its continuing commitment to ensuring strong patient medical adherence through highly specialized care and its proven ability to support the unique needs of 340B covered entities. I am pleased with our team's success in greatly strengthening the Company's financial foundation and driving improved operational performance. We continue to seek opportunities to expand our pharmacy operations with new programs, such as the OTC benefit programs announced last year, and add additional clients within the 340B space," said Charles M. Fernandez, Chairman and CEO of Progressive Care Inc.
2023 Annual Financial Highlights
Total revenues increased by approximately $9.1 million, or 22%, to approximately $49.7 million for the year ended December 31, 2023, compared to $40.6 million in 2022. Sequentially, total revenues in the fourth quarter of 2023 increased by approximately 18% over revenue reported for the third quarter of 2023.
Prescription revenue, net of PBM fees, increased by approximately $5.8 million, or 17%, to approximately $40.7 million in 2023, compared to approximately $34.9 million in 2022.
340B contract revenue increased to approximately $9.0 million in 2023, an increase of approximately $5.2 million, or 136%, compared to approximately $3.8 million in 2022. The increase was attributable to an increase in the number of 340B contracts being serviced by the Company.
Annual gross profit margin increased to approximately 30% in 2023, from approximately 24% in 2022.
Fiscal 2023 results include a non-cash goodwill impairment charge of approximately $13.9 million, mostly related to the pharmacy services reporting unit. The impairment charge represents approximately 48% of the total amount of goodwill and other intangible assets, net that were recognized in the change in control transaction with NextPlat Corp in July 2023.
Cash balance as of December 31, 2023, was approximately $7.9 million, as compared to approximately $6.7 million as of December 31, 2022. The Company experienced a net cash provided by operations of approximately $0.9 million during the year ended December 31, 2023.
Organizational Highlights and Recent Business Developments
PharmcoRx added several additional 340B contracts during fiscal 2023 as it continues to support the unique needs of 340B covered entities. For the year ended December 31, 2023, approximately $0.8 million of the $5.2 million increase in 340B contract revenue was attributable to new 340B contracts, with the remaining $4.4 million increase related to increased prescription volume from existing 340B contracts.
Furthering its commitment to improving community access to valuable healthcare services, through partnerships with ProHealth Connect and NationsBenefits announced late in 2023, the Company began offering additional products and services for new and existing Medicare Advantage patients whose wish is to utilize their OTC benefits to purchase over-the-counter products at its PharmcoRx pharmacies. The Company also expanded its in-pharmacy offerings through an agreement with the Mark Cuban Cost Plus Drug Company ("Cost Plus Drugs"). The Cost Plus Drugs program allows participating patients the ability to purchase generic and branded medicines at cost plus a low fixed markup.
On June 30, 2023, NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat"), Charles M. Fernandez, Chairman and Chief Executive Officer of the Company, and Rodney Barreto, Vice-Chairman of the Company, exercised their common stock purchase warrants in Progressive Care and collectively owned 53% of Progressive Care's voting common stock. As such, this constituted a change in control in Progressive Care and effective as of July 1, 2023, it is now a consolidated subsidiary of NextPlat for accounting purposes.
Mr. Fernandez concluded, "Looking ahead, our plans for Progressive Care remain focused on further supporting its growth in the large 340B and long-term care markets, as well as its ability to continue providing high quality, specialized offerings and services for our pharmacy customers. Our team is confident in the long-term value of Progressive Care and are committed to actively exploring every opportunity to best unlock its potential to the benefit of our patients, providers, and our shareholders."
Summary Financials for the Years Ended December 31, 2023 and 2022
Our results of operations as reported in our consolidated financial statements for the periods six months ended December 31, 2023 ("Successor"), six months ended June 30, 2023 ("Predecessor"), and the year ended December 31, 2022 ("Predecessor") are in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Although GAAP requires that we report on our results for the Successor and Predecessor periods separately, management views our operating results for the combined year ended December 31, 2023 by combining the results of the Predecessor and Successor periods because management believes such presentation provides the most meaningful comparison of our results to prior periods. We believe the key performance indicators such as operating revenues and expenses for the Successor period combined with the Predecessor period provide more meaningful comparisons to other periods and are useful in understanding operational trends.
Successor
Predecessor
Predecessor
Six Months
Ended
December 31,
2023
Six Months
Ended June 30,
2023
Year Ended
December 31,
2023
Year Ended
December 31,
2022
$ Change
% Change
Total revenues, net
$
26,779
$
22,948
$
49,727
$
40,602
$
9,125
22
%
Total cost of revenue
18,323
16,242
34,565
30,899
3,666
12
%
Total gross profit
8,456
6,706
15,162
9,703
5,459
56
%
Operating expenses
23,114
6,067
29,181
12,282
16,899
138
%
(Loss) income from operations
(14,658)
639
(14,019)
(2,579)
(11,440)
444
%
Other income (expense)
10
(5,406)
(5,396)
(3,324)
(2,072)
62
%
Loss before income taxes
(14,648)
(4,767)
(19,415)
(5,903)
(13,512)
229
%
Provision for income taxes
—
—
—
(1)
1
(100)
%
Net loss
(14,648)
(4,767)
(19,415)
(5,904)
(13,511)
229
%
Series A Preferred Stock dividend associated
with induced conversion
—
—
—
(541)
541
(100)
%
Net loss attributable to common shareholders
$
(14,648)
$
(4,767)
$
(19,415)
$
(6,445)
$
(12,970)
201
%
Financial Results for the Year Ended December 31, 2023
For the years ended December 31, 2023 and 2022, we recognized overall revenue from operations of approximately $49.7 million and $40.6 million during the years ended December 31, 2023 and 2022, respectively, an overall increase of approximately $9.1 million, or 22.5%. The increase in revenue was primarily attributable to an increase in prescription revenue, net of PBM fees of approximately $5.8 million, and an increase in 340B contract revenue of approximately $5.2 million, which was offset by a decrease in COVID-19 testing revenue of approximately $1.9 million, when compared to the prior year.
We have filled approximately 489,000 and 463,000 prescriptions during the years ended December 31, 2023 and 2022, respectively, a 6% year-over-year increase in the number of prescriptions filled.
Gross profit margins increased from 24% for the year ended December 31, 2022, to 30% for the year ended December 31, 2023. The increase in gross profit margins during 2023, compared to the prior year, was primarily attributable to the increase in 340B contract revenue, which has higher margins than revenue generated from pharmacy operations.
Loss from operations increased by approximately $11.4 million for the year ended December 31, 2023, when compared to the year ended December 31, 2022, because of the increase in gross profit of approximately $5.5 million, partially offset by the increase in operating expenses of approximately $16.9 million. The increase in operating expenses was primarily due to the recognition of approximately $13.9 million of goodwill impairment which was mostly related to the pharmacy operations reporting unit.
Net Loss
We had a net loss of approximately $19.4 million and $5.9 million for the years ended December 31, 2023 and 2022, respectively. The increase in net loss was primarily attributable to the goodwill impairment recognized in 2023, partially offset by the NextPlat transaction-related expenses and losses recognized in the prior year.
Annual Report on Form 10-K Available
The Company's Annual Report on Form 10-K, available at www.sec.gov and on the Company's website, contains a thorough review of its financial results for the year ended December 31, 2023.
About Progressive Care
Progressive Care Inc. (OTCQB: RXMD) through its subsidiaries, is a Florida health services organization and provider of Third-Party Administration (TPA), data management, COVID-19 related diagnostics and vaccinations, 340B contracted pharmacy services, prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management. Progressive Care, Inc. became a subsidiary of NextPlat Corp. (NASDAQ: NXPL & NXPLW) on July 1, 2023.
Forward-Looking Statements
Forward-Looking Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target," "intend" and "expect" and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors discussed in our Annual Report on Form 10-K and other SEC filings that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management's beliefs and assumptions and on information currently available to Progressive Care, and Progressive Care does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Contact for Progressive Care
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
Cision View original content to downl
Lionsgate CEO Jon Feltheimer says spinning off his Hollywood film and TV studio business from Starz via a Special Purpose Acquisition Company (SPAC) deal offers the best flexibility available before completing a planned and long-awaited full separation.
“We believe this transaction sets a valuation for the studio and increases our strategic optionality as we move toward separation,” Feltheimer told financial analysts during an after-market call on Thursday. His comments to investors follow Lionsgate unveiling plans last month to back into a SPAC to create a separately traded public company with a $4.6 billion enterprise value.
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Feltheimer told analysts the SPAC deal was the best way to uncover hidden shareholder value for the studio and Starz assets after the Hollywood studio considered strategic alternatives. “We had a number of options available for executing this step in our overall strategic plan. We believe that we selected the best option for aligning with our goal of a full separation, raising capital efficiently with substantial proceeds available to delever, and establishing an appropriate valuation for our studio supported by blue chip investors,” he argued.
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The proposed SPAC-style transaction, expected to close this spring, follows nearly two years of strategic talks by Lionsgate to spin off its studio division or Starz streaming platform. Feltheimer said his company struck a “fair price” with the SPAC transaction for the studios business, without having to take longer in the market to do a bigger capital raise or secure a higher valuation by structuring the deal differently.
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“I’d say we found a price that we thought was reasonable for raising equity, but doesn’t ultimately of course represent the full value of how we consider the studio. But we’re always happy when investors old and new come in and can make money with this,” Feltheimer told analysts.
The studio business, comprising Lionsgate’s TV production and Motion Picture Group divisions and a 20,000-title film and TV library, will be combined with Screaming Eagle Acquisition Corp., a special-purpose acquisition rights company — often referred to as a blank check company — led by SPAC sponsor Eagle Equity Partners and CEO Eli Baker.
Click on TRADES under SAPX
Would you sticky the news release that I had posted. Milestone news release in my opinion.
Please STICKY the previous post Thanks
Sports, Leisure & Entertainment
Seven Arts Entertainment Inc. Announces Multi-Million Dollar Revenue, Merger and Up-List Developments
ATLANTA, GA / ACCESSWIRE / April 10, 2024 / Seven Arts Entertainment Inc. (OTC PINK:SAPX), the "Company", a film and music production company, is pleased to announce the following updates:
As Seven Arts approaches the end of its fiscal year, management is pleased that the Company has strategically positioned itself for significant, immediate and long-term success. Recently the Company entered into an amended Agreement with Lionsgate Entertainment, for approximately $8mm USD of the Company's filmed assets. https://www.otcmarkets.com/filing/html?id=17415631&guid=yzQ-kHlLxd1joVh
In addition to this preliminary Agreement, Seven Arts and representatives of Lionsgate have initiated discussions to further develop assets, with a particular focus on the burgeoning Atlanta, GA market, which has been home to Seven Arts since 2021. Currently, Lionsgate is undergoing a restructuring, with an emphasis on its Atlanta studios endeavors, which is expected to generate an additional trading symbol. The Company has agreed to withhold efforts to pursue joint news releases until such time that Lionsgate completes this transition. ??LIONSGATE STUDIOS TO LAUNCH AS A SEPARATELY TRADED PUBLIC COMPANY (yahoo.com)
Pursuant to ongoing merger negotiations, which requires the Company to provide audited financial statements, management has determined it is in the best interest of Seven Arts and its shareholders to expedite these expectations and rapidly execute on its previously announced intent to up-list to full SEC reporting. To that end, the Company is actively working with its audit firm.
In management's efforts to restore the Company to its previous industry standing, Seven Arts continues to pursue new assets, revenue streams and negotiations with several major studios. Further third-party Agreements, worth in excess of $15mm USD are expected to be announced in the coming days. After a period of turbulence, nearly three years of focused commitment are yielding positive outcomes at a continually increasing rate for the Company and its shareholders. As an abundance of new opportunities continue to avail themselves, Seven Arts has been able to negotiate for nearly a year, that there would be no new increases to its outstanding shares. The Company will continue to pursue maintaining its capital structure and shareholder value as it embarks on this era of rapid growth.
Going forward and in keeping pace with the abundance of Company developments, Seven Arts will be providing regular updates through filings, press releases, shareholder conference calls, and podcasts. Management has resolved that routine communications and proactive investor relations will be paramount to the Company's future success.
About: Seven Arts Entertainment Inc. is a media and entertainment company developing a diverse portfolio of intellectual properties in the film and music industries publicly traded under symbol: SAPX
Forward-Looking Statements:
This press release contains forward-looking statements. The words 'believe,' 'may,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'should,' 'plan,' 'could,' 'target,' 'potential,' 'is likely,' 'will,' 'expect' and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact:
info@sevenartsentertainment.com
Twitter:
@SAPX_7arts
SOURCE: Seven Arts Entertainment, Inc.
View the original
press release
on accesswire.com
Let’s shoot for Tuesday because chaos will definitely be affecting the market Monday with the solar eclipse.
You know , they can’t exist if we don’t respond to them.
I have other investments that have filed for delays, might be some accounting changes with SEC or IRS.
Name of the Issuer: Sustainable Green Team, LTD,
Check One: X Annual Report Quarterly Report Interim Report For Period Ended: December 31, 2023
Address of Principal Executive Office:
24200 County RD 561 Astatula, FL 34705
Reason for Delay in Posting Financial Report: State below in reasonable detail why the Annual/Quarterly Report could not be filed within the prescribed time period.
Anticipated Filing Date:
[Please note that the filing of this notification grants issuers 5 additional calendar days to post a Quarterly or Interim Report and 15 calendar days to post an Annual Report.]
April 16, 2024
The extension period is needed as a result of the auditor not having time to complete the December 31, 2023,
audit on the financial statements in time to be included in the Annual Report.
Person to contact regarding this notification: Date: April 01, 2024,
Signature: /s/ Anthony J. Raynor
Name: Anthony J. Raynor
Title: CEO & Chairman of the Board
Officer/Director Signature:
Date: April 01, 2024
Signature: /s/ Anthony J. Raynor Name: Anthony J. Raynor
Title: CEO & Chairman of the Board
Thanks for the update Stockforce.
Sustainable Green Team, Ltd. (SGTM) Signs Two Letter-of-Intents for Long-Term Partnership and Expansion in the United States and the Middle East
ORLANDO, Fla., April 01, 2024 (GLOBE NEWSWIRE) -- Sustainable Green Team, Ltd. (OTCQX: SGTM) ($SGTM), a leading Company in climate reversing technologies and provider of sustainable solutions, announces two signed Letter-of-Intents (LOI) for long-term partnership and expansion in the United States and the Middle East.
In the United States, Sustainable Green Team, Ltd. has signed an LOI agreement for negotiations to increase its capacity of 10 acres of strategic land in the southern region of a prominent port. This prime location will be a hub for SGTM's operations, enabling efficient transportation and consolidation of wood chip/mulch from various Florida sites. Consolidating these materials will streamline the exportation process of wood fibers, catalysts, and other core products to the Middle East.
To support its operations in the United States, SGTM has entered an LOI for negotiations on approximately 20 acres of paved land inside the port terminal for a long-term lease and partnership. This paved land will provide ample space for storage, processing, and distribution activities, further strengthening the Company's subsidiary, SGTM-VRM, LLC, in logistics capabilities and ensuring efficient operations.
In the Middle East, SGTM-VRM, LLC is expanding its presence by securing significant land for a long-term lease. This land, located within a prominent port, spans approximately 20 acres and offers immense potential for growth and development. SGTM-VRM plans to establish a comprehensive logistics and distribution hub on this land, serving domestic markets within the United Arab Emirates and international destinations. This expansion will enhance SGTM's logistics capabilities and contribute to regional economic development.
"This long-term partnership and expansion signify a major milestone for Sustainable Green Team, Ltd.," said Tony Raynor, CEO of SGTM. "We are committed to delivering sustainable solutions globally, and these strategic initiatives will enable us to serve our customers more efficiently and effectively."
Upon completing the Definitive Agreements, these strategic business actions should further strengthen SGTM's global presence and enhance its ability to provide sustainable solutions on a larger scale.
For media inquiries or further information, please contact Tony Raynor at 1-407-886-8733 and traynor@sgtmltd.com.
About Sustainable Green Team, Ltd. (OTCQX: SGTM) ($SGTM):
Sustainable Green Team (OTCQX: SGTM) ($SGTM) is a leading Company in climate reversing technologies, a provider of sustainable solutions to improve environmental health, promote sustainable practices, and deliver eco-friendly products and services. SGTM aims to make significant contributions to global sustainability; learn more by visiting the Company website, https://thesustainablegreenteam.com/, SGTM's YouTube Channel, corporate videos -
Looking at the talent Tony brought in and the accumulation of government contracts , this stock will be trading around $50 /share in the next few years.
Sustainable Green Team, Ltd. (SGTM) Announces Its Landmark Accomplishment Obtaining Florida County Contract Awards
Unlocking Growth & Maximizing Revenue through Government Contracting
ORLANDO, Fla., March 27, 2024 (GLOBE NEWSWIRE) -- Sustainable Green Team, Ltd. (OTCQX: SGTM) ($SGTM), a leading Company in climate reversing technologies and provider of sustainable solutions, announces being awarded another esteemed County Contract in Florida. This latest triumph is a remarkable achievement that reinforces the organization's unwavering dedication to sustainable practices and environmental stewardship.
The contract's key highlights focus on the enhancement and upkeep of parks and recreational facilities, enriching the lives of county residents. Spanning over five years and valued at approximately $3 million, the Sustainable Green Team, Ltd. will play a pivotal role in shaping the future of outdoor spaces within the community.
The comprehensive contract encompasses a wide range of services, including emergency assistance, to ensure the safety and well-being of park and trail users. Moreover, it extends to 5 state-of-the-art recreation centers, numerous charming small parks scattered across 15,000 acres of lush greenery, and an array of amenities such as senior centers, pools, splash pads, and dog parks.
SGTM has secured ongoing government contracts with a combined total value of $37 million over the next 4 to 5 years and foresees expanding this further by strategically adding additional agreements to increase the Company's market share in those existing areas.
What sets these contracts apart is SGTM's innovative approach to tree maintenance, which ensures the safety and well-being of the county's trees and utilizes the byproducts as feedstock for the Company's revolutionary product line. This groundbreaking utilization of resources promotes sustainability and demonstrates the organization's commitment to creating a circular economy.
"We are honored to have been chosen for this significant County Contract," states Tony Raynor, CEO/President of SGTM. "Through our sustainable practices and unwavering dedication to environmental preservation, we strive to create a greener and more vibrant community for current and future generations."
The Sustainable Green Team, Ltd. stands at the forefront of the green revolution, revolutionizing how to approach parks and recreation. With SGTM's exceptional services and unwavering commitment to sustainability, the Company continues to make remarkable strides in building a better and more environmentally conscious world.
For media inquiries or further information, please contact Tony Raynor at 1-407-886-8733 and traynor@sgtmltd.com.
About Sustainable Green Team, Ltd. (OTCQX: SGTM) ($SGTM):
Sustainable Green Team (OTCQX: SGTM) ($SGTM) is a leading company in climate reversing technologies, a provider of sustainable solutions to improve environmental health, promote sustainable practices, and deliver eco-friendly products and services. SGTM aims to make significant contributions to global sustainability; learn more by visiting the Company website, https://thesustainablegreenteam.com/, SGTM's YouTube Channel, corporate videos -
I would venture to say the yearly financials are going to be released.
News out!!
Sustainable Green Team (SGTM) Signs Memorandum of Understanding Agreement for Southeastern U.S. Waste Management Project
ORLANDO, Fla., March 22, 2024 (GLOBE NEWSWIRE) -- Sustainable Green Team, Inc. (OTCQX: SGTM) ($SGTM) ("SGTM" or "the Company"), a leading provider of sustainable waste management solutions, announced signing a Memorandum of Understanding (MOU) agreement for a waste management project in the southeastern United States. The MOU, signed on March 15, 2024, will remain in effect for 36 months, with joint commitments expected to generate sales of approximately $100 million.??
The MOU agreement calls for core technologies to address several unique waste treatment processes in specific client segments as follows:
Hog/Swine farms and pork production facilities.
Chicken and poultry processing facilities.
Military bases pollutants, waste, chemical by-products, and other base treatment facilities.
As per the above specific segments, SGTM has granted an exclusive distribution right to an agent in a defined territory including complete access to SGTM's products and services.
The Agreement expands SGTM's presence in the southeastern United States and will create a distribution hub to improve the overall living conditions in the region. The MOU also solidifies the partnership between SGTM and the project stakeholders, detailing both parties' collaborative commitments to design and implement SGTM's processes in the region and effectively leverage the core technologies to address the unique waste management challenges the specified client segments face.
"We are thrilled to enter into this Memorandum of Understanding for the 'Southeast USA Waste Management Project,'" Tony Raynor, CEO of the Sustainable Green Team, commented. "This Agreement demonstrates our commitment to sustainable waste management and highlights the core technologies' effectiveness in addressing unique waste treatment processes throughout various industries. We look forward to working closely with our agent in the territory and delivering innovative solutions to these client segments."
The signing of this MOU marks another important milestone for SGTM and furthers its position as a leader in sustainable waste management solutions. With an unwavering focus on environmental stewardship and cutting-edge technologies, SGTM is well-positioned to continue to make a significant impact in the waste management industry.
For media inquiries or further information, please contact Tony Raynor at 1-407-886-8733 and traynor@sgtmltd.com.
About Sustainable Green Team, Ltd. (OTCQX: SGTM) ($SGTM):
Sustainable Green Team (OTCQX: SGTM) ($SGTM) is a leading Company in climate reversing technologies, a provider of sustainable solutions to improve environmental health and promote sustainable practices, delivering eco-friendly products and services. SGTM aims to make significant contributions to global sustainability; learn more by visiting the Company website, https://thesustainablegreenteam.com/, SGTM's YouTube Channel, corporate videos -
With only 6.42 million shares outstanding, it would not be good to have a share buyback. It would hinder an uplisting.
Thanks for the info.
Getting in the mood for March Madness.
Will do. UCONN - PROVIDENCE just starting.
Don’t forget, Daylight Savings starts tomorrow.
I’m right after you at .09. May have to raise that soon.
There you go , more negative waves Moriarty.
Have faith baby. ( Dirty Dozen ).
SUPPLEMENTAL INFORMATION AND DISCLOSURE STATEMENT THE SUSTAINABLE GREEN TEAM, LTD.
A Delaware Corporation
24-200 County Road
Astatula, FL 34705
Telephone: (407) 886-8733
Corporate Website: www.thesustainablegreenteam.com Corporation Email: traynor@sgtmltd.com ___________________________________
SIC – 0783 Trading Symbol: SGTM
OTC Pink Supplemental Disclosure– Current Reporting of Material Corporate Events
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On March 4, 2024, The Sustainable Green Team, Ltd. (the “Company” or “SGTM”), Board of Directors (the “Board”) appointed Barry Papenfuss age 63 (Mr. Papenfuss) as its Chief Financial Officer, effective immediately. He succeeds Joshua Wethington as Chief Financial Officer.
Mr. Papenfuss appointment with the Company provides roughly 40 years of Certified Public Accounting and CFO experience. He holds a BS degree in Accounting from BYU and began his career as a Manager in a Deloitte consulting group. Throughout his career, Barry has successfully guided several companies through rapid business scaling, resulting in significant increases in shareholder value. One of Barry's notable strengths lies in his ability to deliver results- driven financial strategies that optimize operational efficiency and maximize shareholder value. His meticulous attention to detail, combined with a visionary approach to financial planning, allows him to navigate complex financial landscapes with agility and foresight.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This disclosure statement contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward looking terminology such as “may,” “will,” “should,” “potential,” “plan,” “intend,” “expect,” “outlook,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, or state other forward-looking information. Our ability to predict future events, actions, plans or strategies
is inherently uncertain. Although we believe that the expectations reflected in our forward-looking statements are based on reasonable assumptions, actual outcomes could differ materially from those set forth or anticipated in our forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our views as of the date of this disclosure statement. Furthermore, except as required by law, we are under no duty to, and do not intend to, update any of our forward-looking statements after the date of this disclosure statement, whether as a result of new information, future events or otherwise.
The Sustainable Green Team, Ltd.
Date: March 6, 2023
Signature: /s/ Anthony J. Raynor Name: Anthony J. Raynor
Title: Chief Executive Officer
JD.com Announces Fourth Quarter and Full Year 2023 Results, Annual Dividend and Share Repurchase Program
Source: GlobeNewswire Inc.
JD.com, Inc. (NASDAQ: JD and HKEX: 9618 (HKD counter) and 89618 (RMB counter)), a leading supply chain-based technology and service provider, today announced its unaudited financial results for the three months and the full year ended December 31, 2023 and an annual cash dividend for the year ended December 31, 2023. The company also announced the adoption of a new share repurchase program under which the company may repurchase up to US$3.0 billion worth of its shares (including ADSs) over the next 36 months through March 2027.
Fourth Quarter and Full Year 2023 Highlights
Net revenues for the fourth quarter of 2023 were RMB306.1 billion (US$143.1 billion), an increase of 3.6% from the fourth quarter of 2022. Net revenues for the full year of 2023 were RMB1,084.7 billion (US$152.8 billion), an increase of 3.7% from the full year of 2022.
Income from operations for the fourth quarter of 2023 was RMB2.0 billion (US$0.3 billion), compared to RMB4.8 billion for the same period last year. Non-GAAP2 income from operations was RMB7.8 billion (US$1.1 billion) for the fourth quarter of 2023, as compared to RMB7.3 billion for the fourth quarter of 2022. Operating margin of JD Retail before unallocated items for the fourth quarter of 2023 was 2.6%, compared to 3.0% the fourth quarter of 2022. Income from operations for the full year of 2023 was RMB26.0 billion (US$3.7 billion), compared to RMB19.7 billion for the full year of 2022. Non-GAAP income from operations for the full year of 2023 was RMB35.4 billion (US$5.0 billion), compared to RMB27.6 billion for the full year of 2022. Operating margin of JD Retail before unallocated items for the full year of 2023 was 3.8%, compared to 3.7% for the full year of 2022.
Net income attributable to the company’s ordinary shareholders for the fourth quarter of 2023 was RMB3.4 billion (US$0.5 billion), compared to RMB3.0 billion for the same period last year. Non-GAAP net income attributable to the company’s ordinary shareholders for the fourth quarter of 2023 was RMB8.4 billion (US$1.2 billion), compared to RMB7.7 billion for the same period last year. Net income attributable to the company’s ordinary shareholders for the full year of 2023 was RMB24.2 billion (US$3.4 billion), compared to RMB10.4 billion for the full year of 2022. Non-GAAP net income attributable to the company’s ordinary shareholders for the full year of 2023 was RMB35.2 billion (US$5.0 billion), compared to RMB28.2 billion for the full year of 2022.
Diluted net income per ADS for the fourth quarter of 2023 was RMB2.13 (US$0.30), compared to RMB1.91 for the fourth quarter of 2022. Non-GAAP diluted net income per ADS for the fourth quarter of 2023 was RMB5.30 (US$0.75), compared to RMB4.81 for the same period last year. Diluted net income per ADS for the full year of 2023 was RMB15.23 (US$2.14), compared to RMB6.42 for the full year of 2022. Non-GAAP diluted net income per ADS for the full year of 2023 was RMB22.17 (US$3.12), compared to RMB17.73 for the full year of 2022.
Operating cash flow for the full year of 2023 was RMB59.5 billion (US$8.4 billion), compared to RMB57.8 billion for the full year of 2022. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the full year of 2023 was RMB40.7 billion (US$5.7 billion), compared to RMB35.6 billion for the full year of 2022.
“We were pleased to finish 2023 on a strong note, with upticks in both revenues and profitability for the fourth quarter,” said Sandy Xu, Chief Executive Officer of JD.com. “JD’s proactive actions have begun to produce results as our decisive focus on user experience, price competitiveness and platform ecosystem drives deeper and more frequent user engagement and healthier user growth momentum. With the two priorities of user experience improvement and market share expansion, we look forward to creating more value for our users, business partners and shareholders in 2024.”
“JD delivered solid financial results for the fourth quarter and the full year of 2023, as our efforts to provide the utmost in selection, speed, quality and value resonated well with users,” said Ian Su Shan, Chief Financial Officer of JD.com. “Our core home appliance and electronics categories continued to outperform the industry, and general merchandise category returned to a growth trajectory in the quarter. Reflecting our strong profitability and balance sheet, we remain committed to returning value to shareholders in the form of an annual cash dividend, as well as through our share repurchase program.”
Dividend Payment
The company announced that its board of directors (the “Board”) approved an annual cash dividend for the year ended December 31, 2023 of US$0.38 per ordinary share, or US$0.76 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on April 5, 2024 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The aggregate amount of the dividend will be approximately US$1.2 billion. The payment date is expected to be on or around April 23, 2024 and on or around April 29, 2024 for holders of ordinary shares and holders of ADSs, respectively.
Share Repurchase Program
The company approved the existing share repurchase program (the "Existing Share Repurchase Program") in March 2020 with repurchase authorization of US$2.0 billion and extended and upsized it to US$3.0 billion in December 2021. Pursuant to the Existing Share Repurchase Program, the company has repurchased a total of 55.5 million Class A ordinary shares (equivalent to 27.8 million ADSs) for a total of approximately US$1.5 billion as of December 31, 2023, including the repurchase of 15.0 million Class A ordinary shares (equivalent of 7.5 million ADSs) for a total of approximately US$203.1 million during the three months ended December 31, 2023, and 22.7 million Class A ordinary shares (equivalent of 11.3 million ADSs) for a total of approximately US$356.2 million in the full year of 2023.
The company’s Board has approved a new share repurchase program (the “New Share Repurchase Program”), effective upon the expiry of the company’s Existing Share Repurchase Program on March 17, 2024. Pursuant to the New Share Repurchase Program, the company may repurchase up to US$3.0 billion worth of its shares (including ADSs) over the next 36 months through March 2027.
The company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The company’s Board will review the share repurchase program periodically, and may authorize adjustment of its terms and size.
Business Highlights
JD Retail: During the 2023 JD Singles Day Grand Promotion, the company achieved new records in transaction value, order volume and number of users. Its “JD Procurement and Sales Manager Livestreaming” initiative, which waives booth and commission fees for brands and merchants with a focus on offering unparalleled value to consumers, attracted over 380 million viewers across China. In addition, JD.com launched a series of low-price initiatives such as “9.9-yuan items with free shipping”, “10-billion-yuan discount” and “flash-sales” programs, driving incremental sales for brands and merchants.
JD Health: In the fourth quarter, JD Health took comprehensive steps to further improve its on-demand retail services. It strengthened omni-channel offerings by launching a number of self-operated community pharmacies in Beijing equipped with “24-hour medicine pick-up windows” and in-store delivery staff. JD Health is dedicated to providing efficient and convenient on-demand shopping and delivery services to users, while completing the community’s “15-minute life circle” with professional healthcare services.
JD Logistics: In the fourth quarter, JD Logistics provided integrated supply chain solutions for more Chinese brands going overseas and global customers. For example, JD Logistics supported a leading Chinese technology company to carry out effective inventory allocation in Europe and achieve rapid delivery in core European countries and regions. In addition, thanks to its warehouse automation equipment and extensive operational experience, JD Logistics helped a popular drinkware brand in the US to boost fulfillment efficiency during Black Friday.
Environment, Social and Governance
In the fourth quarter, JD.com announced that it has joined the United Nations Global Compact’s new sustainability initiative “Forward Faster”. JD.com will take the lead in making a commitment to “Gender Equality”, one of the five action areas the initiative calls on, and will consistently promote sustainable development and corporate social responsibility, contributing to the achievement of the Sustainable Development Goals.
In December, JD.com provided prompt support to the earthquake relief in Jishishan County, Gansu Province. The company promptly allocated essential supplies including drinking water, food and warm clothing from its multiple nearby warehouses and delivered to the affected areas expeditiously by dedicated personnel and vehicles.
Driven by JD.com’s unwavering commitment and unremitting efforts to creating more jobs and making contribution to the society, the company’s total expenditure for human resources, including both its own employees and external personnel who work for the company, amounted to RMB28.3 billion and RMB104.7 billion for the three months and the full year ended December 31, 2023, respectively.
Fourth quarter 2023 Financial Results
Net Revenues. For the fourth quarter of 2023, JD.com reported net revenues of RMB306.1 billion (US$43.1 billion), representing a 3.6% increase from the same period of 2022. Net product revenues increased by 3.7%, while net service revenues increased by 3.0% for the fourth quarter of 2023, as compared to the same period of 2022.
Cost of Revenues. Cost of revenues increased by 3.4% to RMB262.6 billion (US$37.0 billion) for the fourth quarter of 2023 from RMB253.9 billion for the fourth quarter of 2022.
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 2.5% to RMB17.3 billion (US$2.4 billion) for the fourth quarter of 2023 from RMB16.9 billion for the fourth quarter of 2022. Fulfillment expenses as a percentage of net revenues was 5.6% for the fourth quarter of 2023, compared to 5.7% for the same period last year.
Marketing Expenses. Marketing expenses increased by 9.4% to RMB13.1 billion (US$1.8 billion) for the fourth quarter of 2023 from RMB12.0 billion for the fourth quarter of 2022, marketing expenses as a percentage of net revenues was 4.3% for the fourth quarter of 2023, compared to 4.1% for the same period last year. The increase was mainly due to the increased spending in promotion activities.
Research and Development Expenses. Research and development expenses decreased by 0.6% to RMB4.3 billion (US$0.6 billion) for the fourth quarter of 2023 from RMB4.4 billion for the fourth quarter of 2022. Research and development expenses as a percentage of net revenues was 1.4% for the fourth quarter of 2023, compared to 1.5% for the same period last year.
General and Administrative Expenses. General and administrative expenses decreased by 34.8% to RMB2.4 billion (US$0.3 billion) for the fourth quarter of 2023 from RMB3.6 billion for the fourth quarter of 2022, primarily due to the decrease in share-based compensation expenses. General and administrative expenses as a percentage of net revenues was 0.8% for the fourth quarter of 2023, compared to 1.2% for the same period last year.
Income from Operations and Non-GAAP Income from Operations. Income from operations for the fourth quarter of 2023 decreased by 58.1% to RMB2.0 billion (US$0.3 billion) from RMB4.8 billion for the same period last year, primarily due to the non-cash impairment of goodwill and long-lived assets in relation to Dada of RMB4.0 billion and non-cash impairment of long-lived assets in relation to JD Property of RMB1.1 billion. Operating margin for the fourth quarter of 2023 was 0.7%, compared to 1.6% for the fourth quarter of 2022. Non-GAAP income from operations increased by 7.5% to RMB7.8 billion (US$1.1 billion) for the fourth quarter of 2023 from RMB7.3 billion for the fourth quarter of 2022. Non-GAAP operating margin for the fourth quarter of 2023 was 2.5%, maintained the same level as the fourth quarter of 2022. Operating margin of JD Retail before unallocated items for the fourth quarter of 2023 was 2.6%, compared to 3.0% for the fourth quarter of 2022.
Non-GAAP EBITDA. Non-GAAP EBITDA increased by 8.6% to RMB9.7 billion (US$1.4 billion) for the fourth quarter of 2023 from RMB8.9 billion for the fourth quarter of 2022. Non-GAAP EBITDA margin for the fourth quarter of 2023 was 3.2%, compared to 3.0% for the fourth quarter of 2022.
Others, net. Other non-operating income was RMB1.7 billion (US$0.2 billion) for the fourth quarter of 2023, as compared to a loss of RMB0.4 billion for the fourth quarter of 2022, primarily due to increase in interest income and decrease in loss in relation to equity investments.
Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the company’s ordinary shareholders for the fourth quarter of 2023 increased by 11.8% to RMB3.4 billion (US$0.5 billion) from RMB3.0 billion for the same period last year. Net margin attributable to the company’s ordinary shareholders for the fourth quarter of 2023 was 1.1%, compared to 1.0% for the fourth quarter of 2022. Non-GAAP net income attributable to the company’s ordinary shareholders for the fourth quarter of 2023 increased by 9.9% to RMB8.4 billion (US$1.2 billion) from RMB7.7 billion for the same period last year. Non-GAAP net margin attributable to the company’s ordinary shareholders for the fourth quarter of 2023 was 2.7%, compared to 2.6% for the fourth quarter of 2022.
Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS for the fourth quarter of 2023 increased by 11.8% to RMB2.13 (US$0.30) from RMB1.91 for the fourth quarter of 2022. Non-GAAP diluted net income per ADS for the fourth quarter of 2023 increased by 10.2% to RMB5.30 (US$0.75) from RMB4.81 for the fourth quarter of 2022.
Cash Flow and Working Capital
As of December 31, 2023, the company’s cash and cash equivalents, restricted cash and short-term investments totaled RMB197.7 billion (US$27.8 billion), compared to RMB226.2 billion as of December 31, 2022. For the fourth quarter of 2023, free cash flow of the company was as follows:
For the three months ended
December 31,
2022 December 31,
2023 December 31,
2023
RMB RMB US$
(In millions)
Net cash provided by operating activities 18,486 19,613 2,762
Add: Impact from JD Baitiao receivables included in the operating cash flow 1,194 251 35
Less: Capital expenditures, net of related sales proceeds
Capital expenditures for development properties (6,097 ) (4,596 ) (647 )
Other capital expenditures* (1,539 ) (1,969 ) (277 )
Free cash flow 12,044 13,299 1,873
* Including capital expenditures related to the company’s headquarters in Beijing and all other CAPEX.
Net cash used in investing activities was RMB63.1 billion (US$8.9 billion) for the fourth quarter of 2023, consisting primarily of increase in long-term time deposits and wealth management products, and cash paid for capital expenditures.
Net cash used in financing activities was RMB0.7 billion (US$0.1 billion) for the fourth quarter of 2023, consisting primarily of cash paid for repurchase of ordinary shares, partially offset by the net proceeds from bank loans.
Full Year 2023 Financial Results
Net Revenues. For the full year of 2023, JD.com reported net revenues of RMB1,084.7 billion (US$152.8 billion), representing a 3.7% increase from the full year of 2022. Net product revenues increased by 0.7%, while net service revenues increased by 17.8% for the full year of 2023, as compared to the full year of 2022.
Cost of Revenues. Cost of revenues increased by 2.9% to RMB925.0 billion (US$130.3 billion) for the full year of 2023 from RMB899.2 billion for the full year of 2022.
Fulfillment Expenses. Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 2.5% to RMB64.6 billion (US$9.1 billion) for the full year of 2023 from RMB63.0 billion for the full year of 2022. Fulfillment expenses as a percentage of net revenues was 6.0% for the full year of 2023, maintained the same level as the full year of 2022.
Marketing Expenses. Marketing expenses increased by 6.3% to RMB40.1 billion (US$5.7 billion) for the full year of 2023 from RMB37.8 billion for the full year of 2022. Marketing expenses as a percentage of net revenues was 3.7% for the full year of 2023, compared to 3.6% for the full year of 2022.
Research and Development Expenses. Research and development expenses decreased by 3.0% to RMB16.4 billion (US$2.3 billion) for the full year of 2023 from RMB16.9 billion for the full year of 2022. Research and development expenses as a percentage of net revenues was 1.5% for the full year of 2023, compared to 1.6% for the full year of 2022.
General and Administrative Expenses. General and administrative expenses decreased by 12.2% to RMB9.7 billion (US$1.4 billion) for the full year of 2023 from RMB11.1 billion for the full year of 2022, primarily due to the decrease in share-based compensation expenses. General and administrative expenses as a percentage of net revenues was 0.9% for the full year of 2023, compared to 1.1% for the full year of 2022.
Income from Operations and Non-GAAP Income from Operations. Income from operations for the full year of 2023 increased by 32.0% to RMB26.0 billion (US$3.7 billion) from RMB19.7 billion for the full year of 2022. Operating margin for the full year of 2023 was 2.4%, compared to 1.9% for the full year of 2022. Non-GAAP income from operations for the full year of 2023 increased by 28.5% to RMB35.4 billion (US$5.0 billion) from RMB27.6 billion for the full year of 2022. Non-GAAP operating margin for the full year of 2023 was 3.3%, compared to 2.6% for the full year of 2022. Operating margin of JD Retail before unallocated items for the full year of 2023 was 3.8%, compared to 3.7% for the full year of 2022.
Non-GAAP EBITDA. Non-GAAP EBITDA for the full year of 2023 increased by 26.3% to RMB42.5 billion (US$6.0 billion) from RMB33.6 billion for the full year of 2022. Non-GAAP EBITDA margin for the full year of 2023 was 3.9%, compared to 3.2% for the full year of 2022.
Share of Results of Equity Investees. Share of results of equity investees was an income of RMB1.0 billion (US$0.1 billion) for the full year of 2023, as compared to a loss of RMB2.2 billion for the full year of 2022, primarily due to the increase in share of profit and the decrease in impairment of equity method investees.
Others, net. Other non-operating income was RMB7.5 billion (US$1.1 billion) for the full year of 2023, as compared to a loss of RMB1.6 billion for the full year of 2022, primarily due to increase in interest income and decrease in loss in relation to equity investments.
Net Income Attributable to the Company’s Ordinary Shareholders and Non-GAAP Net Income Attributable to the Company’s Ordinary Shareholders. Net income attributable to the company’s ordinary shareholders for the full year of 2023 increased by 132.8% to RMB24.2 billion (US$3.4 billion) from RMB10.4 billion for the full year of 2022. Net margin attributable to the company’s ordinary shareholders for the full year of 2023 was 2.2%, compared to 1.0% for the full year of 2022. Non-GAAP net income attributable to the company’s ordinary shareholders for the full year of 2023 increased by 24.7% to RMB35.2 billion (US$5.0 billion) from RMB28.2 billion for the full year of 2022. Non-GAAP net margin attributable to the company’s ordinary shareholders for the full year of 2023 was 3.2%, compared to 2.7% for full year of 2022.
Diluted EPS and Non-GAAP Diluted EPS. Diluted net income per ADS for the full year of 2023 increased by 137.2% to RMB15.23 (US$2.14) from RMB6.42 for the full year of 2022. Non-GAAP diluted net income per ADS for the full year of 2023 increased by 25.1% to RMB22.17 (US$3.12) from RMB17.73 for the full year of 2022.
Cash Flow and Working Capital
Looks like shorts are covering.
NextPlat Opens OPKO Health-Branded Storefront on Alibaba's Tmall Global Platform in China on March 1st
FEBRUARY 28, 2024 9:31AM EST
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New Health and Wellness E-Commerce Storefront Launches After Receiving All Required Approvals with Initial Selection of OPKO Health Products
COCONUT GROVE, Fla., Feb. 28, 2024 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce provider, today announced that its exclusive OPKO Health-branded storefront on Alibaba Group Holding Limited's ("Alibaba")(NYSE: BABA) Tmall Global in China has received all required approvals and is scheduled to officially launch on March 1st.
NextPlat Opens OPKO Health-Branded Storefront on Alibaba's Tmall Global Platform in China on March 1st
FEBRUARY 28, 2024 9:31AM EST
Download as PDF
New Health and Wellness E-Commerce Storefront Launches After Receiving All Required Approvals with Initial Selection of OPKO Health Products
COCONUT GROVE, Fla., Feb. 28, 2024 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce provider, today announced that its exclusive OPKO Health-branded storefront on Alibaba Group Holding Limited's ("Alibaba")(NYSE: BABA) Tmall Global in China has received all required approvals and is scheduled to officially launch on March 1st.
That’s 6 months old. Things changed in November.
Jason Black is no longer running the show or the company.
NEWS OUT
NextPlat Receives Initial Approvals to Launch OPKO Health-Branded Storefront on Alibaba's Tmall Global Platform in China
FEBRUARY 05, 2024 8:09AM EST
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E-Commerce Storefront to Initially Support Sales of up to 40 Personal Health and Wellness Products; Final International Certifications and Approvals Required for Formal Launch Expected This Quarter
COCONUT GROVE, Fla., Feb. 5, 2024 /PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-Commerce provider, is preparing for the launch of its exclusive OPKO Health-branded storefront on Alibaba Group Holding Limited's ("Alibaba")(NYSE: BABA) Tmall Global in China following receipt of the initial set of approvals required to operate the store in the country.
NextPlat Corp. logo (PRNewsfoto/NextPlat Corp.)
Under terms of the exclusive joint e-commerce development agreement with OPKO Health Europe ("OPKO"), a subsidiary of OPKO Health, Inc. (NASDAQ: OPK) secured late last year, NextPlat is launching an OPKO Health-branded online storefront on Alibaba's Tmall Global e-commerce platform in China. The new online storefront will initially list up to 40 health and wellness products featuring an assortment of nutraceuticals for bone, joint and eye health as well as supplements for nutrition and immunity and defense, the sales of which will create a new international e-commerce revenue stream for the Company. NextPlat intends to significantly expand the OPKO online storefront with a wide array of veterinary and animal health products, subject to final Chinese regulatory approval currently expected during the second quarter of 2024. All in-country sales and marketing support for the OPKO Health Tmall Global e-commerce site is being provided by a local online specialist, a Tmall Global-preferred merchant partner.
"We are pleased to reach this strategic milestone with our partners OPKO and Alibaba because we believe in the global potential of health and wellness as millions of consumers in China and around the globe continue to prioritize their wellbeing, contributing to the continued growth of this large and valuable product category. Through the launch and expansion of the OPKO Health storefront and the planned introduction of new e-commerce healthcare offerings later this year, we are executing on our plans to capitalize on the many revenue growth opportunities we see in the large global healthcare market," said Charles M. Fernandez, Executive Chairman and CEO of NextPlat.
The sales of OPKO products in China will be managed through NextPlat and will be made available to purchase for Chinese consumers through Tmall Global. Tmall Global is China's leading import e-commerce platform where consumers can access over 46,000 international brands.
David Phipps, President of NextPlat and CEO of Global Operations, added, "Our e-commerce team continues to work closely with the multiple international regulatory authorities required to import, list, and sell OPKO's market-proven health and wellness products in China. In anticipation of shortly receiving the final governmental approvals, we continue to expand the number of products available on the OPKO Health online storefront to ensure we can present potentially millions of Chinese consumers with an expansive catalogue of offerings for immediate sale on launch day."
NextPlat's e-commerce development program, held in coordination with local Florida chambers of commerce, initially aims to help Florida-based businesses and manufacturers market and sell their products to potentially millions of new customers. The development program features NextPlat's turnkey global e-commerce solution and leverages the capabilities and reach of key partners including Alibaba and its Tmall Global platform, a premier B2C cross-border solution for global brands to reach Chinese consumers. NextPlat intends to expand this unique e-commerce development opportunity to businesses throughout the United States, North America as well as in Central and South America.
For more information about NextPlat, please visit www.NextPlat.com and connect with us on Facebook and X (formerly Twitter).
About NextPlat Corp
NextPlat is a global e-commerce platform company created to capitalize on multiple high-growth sectors and markets including technology and healthcare. Through acquisitions, joint ventures and collaborations, the Company intends to assist businesses in selling their goods online, domestically, and internationally, allowing customers and partners to optimize their e-commerce presence and revenue. NextPlat currently operates an e-commerce communications division offering voice, data, tracking, and IoT products and services worldwide and pharmacy and healthcare data management services in the United States through its subsidiary, Progressive Care Inc. (OTCQB: RXMD).
About Tmall Global
Launched in 2014, Tmall Global is Taobao and Tmall Group's
Time for some football.
We will surpass those numbers eventually in the next few years. Imo
Thanks for the valuation update RIO.
You’re putting them out of work if they go away. 😂
Thanks for the update.