Financial Management – Amiya Sahu http://amiyasahu.com/ Wed, 22 Jun 2022 17:13:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://amiyasahu.com/wp-content/uploads/2021/06/icon-150x150.png Financial Management – Amiya Sahu http://amiyasahu.com/ 32 32 Better manage identity management in the cloud https://amiyasahu.com/better-manage-identity-management-in-the-cloud/ Wed, 22 Jun 2022 17:13:22 +0000 https://amiyasahu.com/better-manage-identity-management-in-the-cloud/ Realizing the vast potential of the cloud enables organizations to innovate and undergo digital transformations. The past two years have demonstrated the importance of ensuring strong cybersecurity, especially as many companies have migrated to the cloud. However, a key element of the cloud is to ensure that companies use proper identity management. Increased cloud adoption […]]]>

Realizing the vast potential of the cloud enables organizations to innovate and undergo digital transformations. The past two years have demonstrated the importance of ensuring strong cybersecurity, especially as many companies have migrated to the cloud. However, a key element of the cloud is to ensure that companies use proper identity management. Increased cloud adoption has resulted in a deluge of new human, and even non-human, identities that threat actors can compromise. Companies that don’t take this seriously can find themselves the latest victims of a breach.

Look no further than Okta, a popular identity management platform used by many businesses. Earlier this year, the criminal organization Lapsus$ claimed to have a superuser account at Okta. While the full extent of the breach is not yet known, having these high-level credentials potentially means the criminal organization has the figurative “keys to the realm” regarding access, as well as the possibility of obtaining the data of users who rely on the Okta Platform. When an Identity and Access Management (IAM) provider falls victim to an identity-based attack, you know the threat actors are playing hardball.

That said, IAM is not a new issue and will certainly become more prominent in the foreseeable future. A report from Cider Security ranked IAM as the second most important issue in continuous integration/continuous delivery environments. These concerns relate to both the permissions granted to identities in an enterprise and ensuring that permissions are deprovisioned in a timely manner.

Identity Management Challenges in the Cloud

Identity management in the cloud is difficult due to a confluence of factors. Often, the structure of a cloud provider’s notions of projects and organizations does not mesh well with how a business structures itself. This can lead to things like a single corporate user trying to manage multiple cloud “identities” in order to do their job. Downstream, this translates to few, if any, people having real visibility into who has access to what in the cloud.

As problems like this grow, they are further exacerbated as the company hires employees and then experiences turnover. Additionally, moving from on-premises to cloud can create similar challenges. Companies spend years operating in a way that works for them with their own hardware, and then when they migrate to the cloud, they have to adapt that old way of working to the cloud provider’s structures.

Consequences of mismanaged identities

From a security perspective, failure to properly manage credentials in the cloud exposes enterprises to a lack of command and control of who can do what within their infrastructure. It also makes it very difficult to recognize when something is wrong with credentials or permissions for those identities.

From a non-security perspective, poorly managed identities can cause friction in a company’s processes and then lead to undesirable outcomes. These results could include employees having to log into cloud assets using multiple identities, or employees continually finding they need to request new permissions they should have had from the start. Ultimately, this slows down a company’s processes.

Two common IAM missteps

Customers regularly fail to build cloud-based identity management solutions. Ultimately, the cloud resources that identity holders access don’t care whether you’re a person, a machine, or a dog. If you have the correct credentials, you are authenticated and authorized. Before they know it, a critical service is running 24 hours a day, 7 days a week, 365 days a year, and a key part of that service is communicating with other critical services through the identity of a human employee. What happens when this employee leaves? Ensuring service continuity is imperative for companies and their identity and access management in the cloud.

Another potential pitfall is that users share credentials. It doesn’t take long for this key to be used without anyone having the ability to know exactly who is actually accessing the cloud resources. This lack of accountability can lead to big problems, including security issues, for businesses.

How Organizations Can Mitigate Security Issues

First, treat identity management as a priority issue, not something to be solved later as you launch your business in the cloud. Create your own well-defined policies on identity management, making sure to ensure the principle of least privilege, where identities can only access what they need.

Don’t let cloud provider tools determine how you run your business. A great way to ensure your business is in the driver’s seat is to find people who know the cloud and know it well. Bringing in outside assistance from those who know it best not only puts it in the hands of those most qualified to do so, but it can also help alleviate common IAM issues that you don’t have. maybe not even on your radar. Additionally, it’s important to gain organization-wide visibility into your cloud infrastructure. This valuable insight into your cloud infrastructure provides many benefits, not only for IAM, but also for compliance and financial management.

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State of denial and the power of AI https://amiyasahu.com/state-of-denial-and-the-power-of-ai/ Tue, 21 Jun 2022 05:02:22 +0000 https://amiyasahu.com/state-of-denial-and-the-power-of-ai/ Claim denials remain one of the most persistent and costly challenges facing healthcare systems. According to a study published last year by the Healthcare Financial Management Association, “out of $3 trillion in total claims submitted by healthcare organizations, $262 billion were denied, which translates to nearly $5 million in declined dollars, on average, per provider”. […]]]>

Claim denials remain one of the most persistent and costly challenges facing healthcare systems. According to a study published last year by the Healthcare Financial Management Association, “out of $3 trillion in total claims submitted by healthcare organizations, $262 billion were denied, which translates to nearly $5 million in declined dollars, on average, per provider”.

The outbreak of the Covid-19 pandemic exacerbated the problem, with national refusal rates increasing by 11% between July 2019 and June 2020.

The fact that the majority of denied claims are preventable is only one aspect of a much deeper problem. Redrafting claims takes time, money and resources.

A healthcare system’s quagmire of claims typically stems from several underlying internal and external issues, including:

  • Complex and ever-changing undocumented adjudication rules between payers make effective claims management extremely difficult.
  • Errors and inefficiencies in one area, such as benefit eligibility, can lead to problems downstream in the revenue cycle.
  • Inefficiencies in handling the growing number of pre-authorizations can easily drive up a supplier’s denial rate.
  • Relying on manual processes is both expensive and time-consuming.

Solutions like robotic process automation can work well for simple, repetitive tasks, but to truly maximize reimbursement, healthcare systems should explore the potential of artificial intelligence (AI).

AI provides the power of automation, but takes it to a whole new level by adding the predictive capabilities, continuous learning, and insights needed to proactively prevent claims from being denied before they are. submitted, accelerate and prioritize human edits, and take advantage of advanced analytics. to uncover actionable insights from a healthcare system’s own data to optimize claims management across the revenue cycle.

Level the playing field

Most claims management technologies are designed to prevent claims that may be denied by payers, based on well-documented payer rules, from ever being delivered.

A billing service will apply standard or custom changes to a claim, based on what a payer has publicly stated they will use to settle it. Once the changes are made, the clean claim is sent to a clearing house or payer for adjudication.

Unfortunately, the rules payers use to adjudicate claims are constantly evolving and often change without notice. This leaves suppliers playing a perpetual game of catching up.

AI has the potential to level the playing field by making highly accurate calculated predictions about the likelihood of a request being denied, including undocumented payer change denials. Therefore, giving providers real-time capabilities to monitor and, if necessary, take immediate action to correct claims before submitting them to maximize reimbursement. The key to doing this successfully requires that the AI ​​modeling be based on the provider’s own claims and payor payouts, not a generic pool of mixed provider claims and payor payouts.

Focus on recoverable receivables

The energy and resources expended in appealing denied claims are often based on the dollar amount rather than the likelihood of recovery.

It seems intuitive to focus on recovering a $100,000 claim rather than a $5,000 claim. However, if the odds of an appeal for the former are extremely low, claims departments are simply wasting time and money trying to collect revenue that is unlikely to be recovered.

Here, AI can make a real difference through sophisticated claim denial and successful modeling of new submissions/appeals. By going through the provider’s own record systems, an AI platform can analyze the history of the claim in question, as well as similar claims to uncover information such as the success of calls made and percentage of reimbursement. recovered.

This level of granularity gives providers the ability to score denials based on their likelihood of reimbursement, a methodology that will bear more fruit than focusing on complaints just because they are expensive.

End-to-end claims management

AI platforms can do more than just manage complaints. At the right scale, AI can solve many problems and inefficiencies that have significant downstream impacts on the revenue cycle. The two most obvious applications relate to patient eligibility and prior authorizations.

Patient access can be a major source of error, especially around eligibility. AI can bring intelligence to real-time eligibility checks, delivering higher levels of automation, accuracy, and efficiency.

Prior authorizations and medical necessity are also a common source of claims issues. As the number of pre-approvals increases, the need to improve claims management processes becomes more critical. The potential of AI in this area includes automating key aspects of prior authorization processes, including determining the need for prior authorization, highlighting and fixing medical documents and images relevant, and monitoring the status of permissions.

Another benefit of AI is its ability to apply learning to prediction. Smart platforms can then flag present and future claims at risk of denial based on insights they surface from oceans of historical remittance data. More than flagging potential roadblocks, AI programs can use its analysis to identify root causes in the claims workflow.

Staff impact

One of the downsides of AI technology is the pervasive idea that the technology is a threat to human job security.

These concerns are valid, but the intentions of AI deployment can be misinterpreted. In today’s hospital billing environment, staff are increasingly being pressured to do more with less. An overstretched staff leads to the fraying of essential efficiencies.

In the case of claims management, AI is best viewed as a staff enhancement, handling large-scale, repetitive tasks and performing complex analytics, while employees focus on reworking the claims most likely to fail. get a refund.

Provider organizations may never fully eliminate their denied claims. However, the power of AI can help suppliers recover more of what is owed to them, better anticipate at-risk claims, and identify claims worth appealing.

Photo: Michail-Petrov-96, Getty Images

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Stocks stem losses but still close worst week since March 2020 https://amiyasahu.com/stocks-stem-losses-but-still-close-worst-week-since-march-2020/ Fri, 17 Jun 2022 21:49:01 +0000 https://amiyasahu.com/stocks-stem-losses-but-still-close-worst-week-since-march-2020/ Placeholder while loading article actions Investors got some relief on Friday after a sharp turn in losses, but Wall Street still closed its worst week since the chaotic early days of the coronavirus pandemic, as the Federal Reserve’s aggressive push to tame inflation – and the danger of triggering a recession – has begun to […]]]>
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Investors got some relief on Friday after a sharp turn in losses, but Wall Street still closed its worst week since the chaotic early days of the coronavirus pandemic, as the Federal Reserve’s aggressive push to tame inflation – and the danger of triggering a recession – has begun to set in.

The Dow Jones Industrial fell 38 points, or 0.1%, a day after the blue chip index fell below 30,000 for the first time since January 2021. The S&P 500 rose 8 points or 0.2%, while the tech-heavy Nasdaq climbed 152 points. or 1.4 percent.

Investors are still grappling with the Fed’s momentous decision to raise interest rates by three-quarters of a percentage point. This decision has far-reaching consequences for consumers, as it makes borrowing money and credit card balances more expensive. New data released on Wednesday also pointed to a bumpier road, with higher unemployment, slower economic growth and record prices that will take longer to come back down.

Recession fears grow as Dow closes below 30,000 and mortgage rates soar

Mortgages, for example, have become much more expensive this week: a 30-year fixed-rate mortgage hit 5.78% this week, according to Freddie Mac. Just a week ago it was 5.23, marking the biggest one-week jump since 1987.

“The housing market is not crashing, but it is experiencing a hangover as it descends from an unsustainable high,” Redfin deputy chief economist Taylor Marr said in a blog post on Thursday. . “The demand for housing has already cooled considerably to the point that the industry has started to face layoffs. This week’s rate hikes will further stretch homebuyers’ budgets to the point that many more could be unaffordable,” he said.

Rates have almost doubled in recent months: a 30-year fixed rate loan, the most popular option, was close to 3% in November. The difference would add about $700 to the monthly mortgage on a $500,000 home, according to a Washington Post analysis. Over the life of the loan, the rate increase adds up to $256,000 in additional payments, more than half the price of the home.

The median home price in the United States was $391,200, according to the latest data from the National Association of Realtors, released last month.

“While many home sellers are already lowering prices, more homeowners are likely to decide to stay put now that the mortgage rate for a new home is significantly higher than what they are currently experiencing,” said Marr of Redfin. .

Americans brave enough to take a look at their 401(k) or other investment accounts have likely been faced with some ugly calculations. Portfolios spanning nearly every sector suffered declines, and color-coded grids showing stock gains and losses flashed a solid wall of red. The S&P 500, a key benchmark for measuring financial performance over time, has lost nearly a quarter of its value this year.

The broad index fell 5.8% for the week, its biggest loss since the public health crisis began in March 2020. The Nasdaq and Dow Jones both fell 5% for the week, highlighting the pessimism seeping into Wall Street.

But it’s not just investor sentiment that has deteriorated. Higher interest rates are designed to induce US consumers to spend less money, which dampens demand for products and services. While Fed Chairman Jerome H. Powell has defended the decision to aggressively raise interest rates to contain inflation, some experts worry the strategy could result in overreaction and plunge the economy into a recession later this year or in 2023. Further rate hikes are expected in the coming months, but they may come in smaller increments.

Investors will also look to corporate earnings for the next few quarters to gauge how executives are interpreting a potential economic downtown. Many U.S. management teams foresee hurdles ahead as rising costs and uncertainty around inflation slow demand for their products.

“These latest signals build on reduced projections from economists around the world as growth expectations have been tempered by a cocktail of persistent supply chain shortages, high inflation and heightened geopolitical uncertainty,” said Nicole Tanenbaum, Partner and Chief Investment Strategist. Financial management of ladies.

Richard Saperstein, chief investment officer of Treasury Partners, said the market was reacting to uncertainty surrounding the Fed’s efforts to control inflation. But he said an additional concern remains the unpredictable events related to the ongoing war in Ukraine that the market has not fully priced in.

As Wall Street goes wild, gasoline prices continue to climb as inflation has yet to peak, according to the latest data that may have surprised policymakers hoping for lower prices. But the economy has added several million jobs this year and consumer spending remains robust. The mixed signals present a conundrum to analysts and political leaders and highlight uncertainty about the future of the economy.

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AIM Develops Cybersecurity Program for Enterprises – Manila Bulletin https://amiyasahu.com/aim-develops-cybersecurity-program-for-enterprises-manila-bulletin/ Thu, 16 Jun 2022 04:03:10 +0000 https://amiyasahu.com/aim-develops-cybersecurity-program-for-enterprises-manila-bulletin/ The rapid digitization of global markets may have helped economies through the past two years, but it has also opened the doors to an upsurge in cyber threats and cybercrime. Since online banking, online shopping and other digital transactions have become the norm, cybercriminals have found it easier to take advantage of the vast data […]]]>

The rapid digitization of global markets may have helped economies through the past two years, but it has also opened the doors to an upsurge in cyber threats and cybercrime. Since online banking, online shopping and other digital transactions have become the norm, cybercriminals have found it easier to take advantage of the vast data traffic on the web. Cybercriminals have also expanded their targets to include commercial establishments, small businesses, essential services like hospitals and healthcare facilities, and even individuals.

A report by security software company Norton indicated a 40% increase in global ransomware attacks in 2020. About 2,200 attacks occur every day; approximately one cyberattack every 39 seconds. Meanwhile, global technology and software analyst Techjury reported that 30,000 websites worldwide are hacked every day.

Although not all attempts succeed, the sheer volume of cyber threats every day is proof that organizations must remain vigilant. Along with having an impenetrable firewall and online security system, companies should have a battalion of highly skilled cybersecurity experts and cyber intelligence officers to help them mount counterattacks. online 24/7.

Those who bear the brunt of a successful data breach can rack up losses of up to $3.86 million based on Interpol’s ASEAN Cyberthreat Assessment 2021. Most data breaches are orchestrated in such a complex way that it takes companies 280 days to identify and contain them. In addition to financial losses, affected organizations could also suffer massive losses in consumer and stakeholder trust.

The effects of cyberattacks are so damaging that businesses, governments and even individuals need to step up their efforts to reduce their risk. To help businesses and professionals guard against the onslaught of potential attacks, the Asian Institute of Management has developed a master’s degree program in cybersecurity under the Washington SyCip Graduate School of Business.

“The risks and rewards of cybersecurity will be part of the normal course of business. Going forward, organizations will be assessed not only on financial performance, but also on cyber attack readiness. AIM’s Masters in Cybersecurity program provides business leaders and aspiring cybersecurity specialists with a solid grasp of information technology security to properly defend their organizations,” said Professor Felipe Calderon, Ph. .D., director of AIM’s Washington SyCip Graduate School of Business.

Unlike other programs that focus on technical aspects and programming, AIM’s Master in Cybersecurity will also impart much-needed skills in financial accounting and financial management, with an emphasis on sustainability and ethics. . These subjects will enhance students’ skills in finance and help them develop a keen eye for potential areas of risk related to finance.

Banking and finance are among the industries most vulnerable to attack due to the nature of their business and unhindered access to vast amounts of personal and corporate data. These high-risk industries have highlighted the need for cybersecurity experts who have a solid understanding of financial management and accounting.

With the help of the premier institution’s new curriculum, more professionals can become effective cyber intelligence specialists who can foresee possible risks and skillfully mitigate threats using sustainable and ethical methodologies.

“The overarching goal is to develop cybersecurity leaders who are imbued not only with financial acumen, but also with sustainability and ethical values,” Professor Calderon added.

Students who enroll in the program will learn first-hand from seasoned experts in IT security strategy and governance, management information systems, financial management, security management, digital forensics, data visualization and storytelling, and emerging technologies and sustainability.

AIM’s Master in Cybersecurity is an 18-month leadership and cyber risk management program designed for non-technical and technical managers. It is a non-IT program that trains highly skilled professionals who can prevent, manage, communicate and reduce aftershocks of cyber incidents. The program is offered on a part-time basis using a hybrid curriculum. Interested candidates should have a non-technical or technical bachelor’s degree and at least five years of work experience, preferably two years of experience leading a team. Applicants can visit https://wsgsb.aim.edu/master-in-cybersecurity/mcs-admissions/

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Colbeck Capital supports Cents Ability https://amiyasahu.com/colbeck-capital-supports-cents-ability/ Mon, 13 Jun 2022 21:31:00 +0000 https://amiyasahu.com/colbeck-capital-supports-cents-ability/ NEW YORK–(BUSINESS WIRE)–Colbeck Capital Management, a leading middle-market private credit manager focused on strategic lending, is proud to support Cents Ability, a non-profit organization whose mission is to promote financial literacy. Focused on teens and high school students by teaching them how to achieve their goals through responsible financial management, Cents Ability programs rely heavily […]]]>

NEW YORK–(BUSINESS WIRE)–Colbeck Capital Management, a leading middle-market private credit manager focused on strategic lending, is proud to support Cents Ability, a non-profit organization whose mission is to promote financial literacy. Focused on teens and high school students by teaching them how to achieve their goals through responsible financial management, Cents Ability programs rely heavily on donations and supporters. All proceeds are dedicated to helping the next generation of teens learn about finance through literacy programs.

The Cents Ability program is unique in that it is developed in accordance with the National Endowment for Financial Education and is delivered by volunteers who seek to give back to their communities. Teachers go through rigorous training sessions and are encouraged to participate even if they have little time and resources to give. Underserved communities can greatly benefit from programs that help educate teens on best practices in financial management.

The need for financial literacy is more pressing than some imagine, but Cents Ability has collected a wealth of data in support of its mission and underlying challenges. Aimed primarily at teenagers, the data collected in the pre-workshop questionnaires paints a bleak picture of the state of education on financial topics. The majority of teens (54%) say financial or money topics are never or rarely brought up in conversations with family. And 60% of sites that host Cents Ability events note that the program materials cover topics that are otherwise excluded from standard curricula, showing that Cents Ability fills a vital gap in education.

All workshops are led by volunteers representing a variety of industries, including accounting, finance, and education. The workshops are designed to take place in different schools and community centers to make them as accessible as possible to the student population. All programs are offered completely free of charge thanks to the generous support and contributions of partners and in-kind donations.

About Colbeck Capital Management

Colbeck Capital Management is a leading middle-market private credit manager focused on strategic lending. Colbeck partners with companies during times of transition, providing creative capital solutions. Colbeck sponsors its portfolio companies through ongoing engagement with management teams in areas such as finance, capital markets and growth strategies, distinguishing itself from traditional lenders. Founded in 2009 by Jason Colodne and Jason Beckman, the executives have extensive experience investing through market cycles at top tier institutions such as Goldman Sachs and Morgan Stanley.

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Ares returns control of company he seized from Novalpina buyout fund https://amiyasahu.com/ares-returns-control-of-company-he-seized-from-novalpina-buyout-fund/ Sat, 11 Jun 2022 13:21:47 +0000 https://amiyasahu.com/ares-returns-control-of-company-he-seized-from-novalpina-buyout-fund/ Ares Management is to return control of a French drugmaker it seized from the struggling billion-euro private equity fund that owns spyware maker NSO Group, paving the way for a sale that could make money for investors. The US private markets giant has reached a “mutually acceptable resolution” on XO Lab with Berkeley Research Group, […]]]>

Ares Management is to return control of a French drugmaker it seized from the struggling billion-euro private equity fund that owns spyware maker NSO Group, paving the way for a sale that could make money for investors.

The US private markets giant has reached a “mutually acceptable resolution” on XO Lab with Berkeley Research Group, the US consultancy in charge of the billion-euro fund, the pair told the Financial Times.

This ends some of the turmoil surrounding the fund, which was raised by now-defunct buyout group Novalpina Capital and bought LXO in 2020.

Ares took over LXO in May after refusing to extend a change-in-control waiver over a €100 million loan he made to the company through his credit business. This debt will be repaid with interest under the agreement.

The fund has been embroiled in multiple legal cases since a bitter dispute between Novalpina co-founders Stephen Peel, Stefan Kowski and Bastian Lueken led investors to eject the trio last year. They gave BRG the mandate to liquidate the fund and return their money.

LXO was the crown jewel of the Novalpina fund and its seizure was a blow to BRG. The fund owns two other companies: NSO Group, which faces lawsuits from Meta and Apple and has been blacklisted by the United States for its Pegasus hacking tool, and Olympic Entertainment Group, a casino company from Eastern Europe.

The deal paves the way for BRG to sell the pharmaceutical company, which makes the hypertension drug Loxen. Stanley Capital Partners, a private equity firm that counts British Olympic rower Simon Cottle among its founding partners, has expressed interest in buying it, three people with knowledge of the matter said.

Cottle is a friend of Stephen Peel, one of Novalpina’s ousted co-founders, three people close to the men said, although it was unclear whether they had spoken about the deal.

BRG won injunctions against Ares in the UK and Luxembourg courts after Ares took control of LXO last month. The UK injunction temporarily prevented Ares from selling his shares in LXO.

Key taking can be a last resort for direct lenders because, unless negotiated with the agreement of an owner who no longer wants to be involved, it sometimes opens the risk of litigation and threatens to hinder relationships with large institutions that private capital groups seek to tap funds.

In a joint statement, BRG and Ares – which was LXO’s sole lender – said the settlement was “a positive outcome for the company and all other parties involved”.

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> US Department of Defense > Contract https://amiyasahu.com/us-department-of-defense-contract/ Thu, 09 Jun 2022 21:26:08 +0000 https://amiyasahu.com/us-department-of-defense-contract/ AVIATION Vangarde LLC, Clearfield, Utah, secured a cap of $45,500,000, indefinite delivery/quantity contract for special assignments. The contract provides for system administration, desktop engineering, network and server support, contractor program management, content and configuration management, software development, administration and development of BMC solutions, Oracle architecture database support, Structured Query Language database administration and development, and […]]]>

AVIATION

Vangarde LLC, Clearfield, Utah, secured a cap of $45,500,000, indefinite delivery/quantity contract for special assignments. The contract provides for system administration, desktop engineering, network and server support, contractor program management, content and configuration management, software development, administration and development of BMC solutions, Oracle architecture database support, Structured Query Language database administration and development, and information technology software. support for testing. Work will be performed at Hill Air Force Base, Utah, and is expected to be completed by March 26, 2030. This price is the result of a competitive acquisition and 11 bids were received. FY2022 O&M funds in the amount of $2,500 will be committed at time of award. Air Force Sustainment Center, Hill Air Force Base, Utah, is contract activity (FA8201-22-D-0017).

ARMY

Lockheed Martin Corp., Grand Prairie, Texas has received an amendment for $32,979,835 (P00034) for contract W31P4Q-19-C-0077 to recapitalize the multiple launch rocket system in the M270A2 configuration. Work will be performed in Grand Prairie, Texas; New Boston, Texas; and Camden, Arkansas, with an estimated completion date of May 31, 2026. FY2022 Foreign Military Sales funds (UK) in the amount of $32,979,835 were committed at the time of the allocation. The US Army Contracts Command, Redstone Arsenal, Alabama, is the contracting activity.

Torch Technologies Inc., Huntsville, Alabama, has been awarded an amendment for $14,215,323 (P00045) for contract W31P4Q-21-F-0038 for engineering services for the Aviation and Missile Center. Bids were solicited via the Internet and three were received. Work locations and funding will be determined with each order, with an estimated completion date of June 9, 2023. U.S. Army Contracts Command, Redstone Arsenal, Alabama is the contract activity.

LS Black Constructors LLC, Saint Paul, Minnesota, has been awarded a fixed price contract in the amount of $11,964,433 for the new construction of the Transitional Training Brigade Headquarters at Fort McCoy. Tenders were solicited via the Internet and two were received. The work will be performed at Fort McCoy, Wis., with an estimated completion date of Dec. 1, 2023. Military Construction For fiscal year 2022, Army Reserve funds in the amount of $11,964,433 were incurred at the time of grant. US Army Corps of Engineers, Louisville, Kentucky, is the subcontracted activity (W912QR-22-C-0025).

MARINE

Lockheed Martin Corp., Missile and Fire Control, Orlando, Florida, is awarded an order for $31,993,851 at cost plus fixed costs (N0001922F0010) against a previously issued base order agreement (N0001919G0011). This order provides for the development, integration and testing of the AGM-158C-2 Long Range Anti-Ship Missile (LRASM) in support of the delivery of a Combined Anti-Surface Warfare (ASuW) Missile, LRASM and joint air-to-ground ranged (JASSM) strike capability for the Navy. Work will be performed in Orlando, Florida (90%); and Troy, Alabama (10%), and is expected to be completed in July 2024. award, none of which will expire at the end of the current fiscal year. Naval Air Systems Command, Patuxent River, Maryland, is the contracting activity.

Insitu Inc., Bingen, Washington, receives a firm price change of $15,762,976 (P00004) for an order (N0001921F0854) against a previously issued base order agreement (N0001921G0007). This modification adds the ability to increase situational awareness with respect to the electronic warfare payload capability spectrum and operating environment. In addition, this amendment exercises an option to provide continued unmanned aircraft system intelligence, surveillance, and reconnaissance data collection support services for the Department of Defense, other government agencies, and operations. domestic and overseas emergencies. The work will be performed in Bingen, Washington (20%); and various undisclosed locations outside of the continental United States (80%), and is expected to be completed in October 2023. FY2022 Operations and Maintenance Funds (Navy) in the amount of $15 $762,976 will be incurred upon grant, all of which will expire at the end of the fiscal year. The Naval Air System Command, Patuxent River, Maryland, is the contracting activity.

Lyon Shipyard Inc.,* Norfolk, Va., is awarded a firm price contract of $13,489,440 to provide the management, engineering, procurement, production, testing and quality assurance necessary to plan, prepare and perform all maintenance, repair, and modification work necessary to complete the provision of berthing phased maintenance aboard USNS Narragansett (TSV-4). Work will be performed in Norfolk, Va., and is expected to be completed by April 2023. FY2022 Operations and Maintenance (Navy) funds in the amount of $13,489,440 will be committed upon of the award, of which $13,489,440 will expire at the end of the current fiscal year. This contract was competitively secured as a reserved small business through the beta.sam.gov website with two bids received. The Mid-Atlantic Regional Maintenance Center, Norfolk, Va., is the subcontracted activity.

Venturedyne Ltd., Pewaukee, Wisconsin, has been awarded a five-year firm-price, $9,995,971, Indefinite Delivery/Indefinite Quantity contract for environmental conditioning test chambers in support of the Energetic/Explosive Materials Division of Marine. Work will be performed in Holland, Michigan, and is expected to be completed by June 2027. Fiscal 2022 capital improvement program funding of $447,700 will be committed on the first work order at the time of award and will not expire at the end of the current fiscal year. This contract is awarded on a sole source basis in accordance with 10 US Code 3204(a)(1) — only one responsible source will satisfy agency requirements. The Indian Head Division of the Naval Surface Warfare Center, Indian Head, Maryland, is the contract business (N00174-22–D-0008).

Booz Allen Hamilton Inc., McLean, Virginia, is awarded a $9,182,160 fixed-term, cost-plus-fixed-fee contract (N0003922C0009) for program support services. This contract will provide program management, administrative support, acquisition management, contract management, business and financial management, logistics, cyber and engineering management support services for the program office. maritime surveillance systems. Research, Development, Test and Evaluation for FY2022 (Navy); Fiscal Year 2022 Operation and Maintenance (Navy); and funds from Foreign Military Sales are used to fund this award. The contract includes a one-year base period and four one-year option periods. The option periods, if exercised, would bring the cumulative value of this contract to approximately $49,477,627. Work will be performed in San Diego, California. Work is expected to be completed in June 2023. If the options are exercised, work could continue until June 2027. This action is the result of a justification and approval that authorizes a sole-source award under of 10 US Code 2304(c)( 1) — a single responsible source (Defense Federal Acquisition Regulation subpart 6.302-1). Naval Information Warfare System Command, San Diego, Calif., awarded the contract on behalf of the Navy’s Program Executive Office for Underwater Warfare Systems, Maritime Surveillance Systems.

Solpac Construction Inc., doing business as Soltek Pacific Construction Co., San Diego, CA, receives an order for $7,990,000 (N6247322F4109) for a firm fixed price modification of previously awarded contract N62473-18-D- 5855. This modification is a planned option that involves the modification and remodeling of Building 3 North Clinic by upgrading the installation with seismic absorbers throughout the building structure at Naval Medical Center in San Diego, California. The work will be performed in San Diego, California and is expected to be completed by April 2024. The total cumulative face value of the contract is $20,970,000. Defense Health Program funds for fiscal year 2022 in the amount of $7,990,000 are committed to this scholarship and will expire at the end of the current fiscal year. The Naval Facilities Engineering Systems Command Southwest, San Diego, Calif., is the subcontracted activity.

DEFENSE LOGISTICS AGENCY

American Water Operations & Maintenance LLC, Camden, New Jersey, has been awarded a $25,220,160 Amendment (P00028) to Contract (SP0600-19-C-8325) for Water and Wastewater Utilities at Joint Base San Antonio, Texas. This is a fixed price contract with economic price adjustment. The performance location is Texas, with a performance completion date of May 31, 2070. Using military service is the Air Force. Assignment type is Air Force Operations and Maintenance funds for fiscal year 2019 through 2070. Subcontracted activity is Defense Logistics Agency Energy, Fort Belvoir, Virginia.

L3Harris Aviation Products, Grand Rapids, Michigan, has been awarded a maximum firm fixed price contract of $13,000,000, cost plus fixed charges, indefinite delivery/indefinite quantity for the production and repair of Chinook helicopter spare parts Army CH-47. This was a sole-source acquisition using 10 US Code 2304(c)(1) justification, as set forth in Federal Acquisition Regulation 6.302-1. This is a five-year base contract with a five-year option period. The performance completion date is June 8, 2027. Military service usage is the military. The assignment type is Army Working Capital Funds in fiscal year 2022 through 2026. The contracted activity is Defense Logistics Agency Land and Maritime, Aberdeen Proving Ground, Maryland (SPRBL1-22-D- 0009).

*Small business

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Brokerages expect Rent-A-Center, Inc. (NASDAQ:RCII) to post quarterly sales of $1.06 billion https://amiyasahu.com/brokerages-expect-rent-a-center-inc-nasdaqrcii-to-post-quarterly-sales-of-1-06-billion/ Wed, 08 Jun 2022 05:11:37 +0000 https://amiyasahu.com/brokerages-expect-rent-a-center-inc-nasdaqrcii-to-post-quarterly-sales-of-1-06-billion/ Stock analysts expect Rent-A-Center, Inc. (NASDAQ:RCII – Get Rating) to report sales of $1.06 billion for the current fiscal quarter, Zacks reports. Four analysts provided estimates of Rent-A-Center’s earnings. The highest sales estimate is $1.07 billion and the lowest is $1.06 billion. Rent-A-Center reported sales of $1.19 billion in the same quarter last year, indicating […]]]>

Stock analysts expect Rent-A-Center, Inc. (NASDAQ:RCII – Get Rating) to report sales of $1.06 billion for the current fiscal quarter, Zacks reports. Four analysts provided estimates of Rent-A-Center’s earnings. The highest sales estimate is $1.07 billion and the lowest is $1.06 billion. Rent-A-Center reported sales of $1.19 billion in the same quarter last year, indicating a negative growth rate of 10.9% year over year. The company is due to announce its next quarterly results on Monday, January 1.

According to Zacks, analysts expect Rent-A-Center to post annual sales of $4.51 billion for the current fiscal year, with estimates ranging from $4.47 billion to $4.59 billion. For the next fiscal year, analysts expect the company to post sales of $4.75 billion, with estimates ranging from $4.58 billion to $4.97 billion. Zacks Investment Research sales averages are an average average based on a survey of research analysts who follow Rent-A-Center.

Rent-A-Center (NASDAQ:RCII – Get Rating) last announced its quarterly results on Wednesday, May 4. The company reported earnings per share (EPS) of $0.74 for the quarter, beating the consensus estimate of $0.71 by $0.03. The company posted revenue of $1.13 billion for the quarter, versus $1.11 billion for analysts. Rent-A-Center achieved a net margin of 1.87% and a return on equity of 48.47%. Rent-A-Center’s quarterly revenue increased 9.4% year-over-year. In the same quarter of the previous year, the company had earned earnings per share of $1.32.

Several research analysts have weighed in on the stock. StockNews.com launched coverage on Rent-A-Center stocks in a research report on Thursday, March 31. They issued a “holding” rating on the stock. KeyCorp cut its target price on Rent-A-Center shares from $68.00 to $44.00 and set an “overweight” rating for the company in a Friday, Feb. 25 research note. Zacks Investment Research downgraded Rent-A-Center shares from a ‘strong sell’ rating to a ‘hold’ rating and set a price target of $28.00 for the company in a research note. Monday, May 9. Finally, Raymond James cut Rent-A-Center shares from a “strong buy” rating to an “outperform” rating and lowered his price target for the stock from $65.00 to $40.00 in a research note from Friday, February 25. Two research analysts gave the stock a hold rating and four gave the stock a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $49.25.

Shares of Rent-A-Center opened at $26.05 on Wednesday. The company has a market capitalization of $1.54 billion, a price-earnings ratio of 20.35 and a beta of 1.54. The company’s 50-day moving average is $25.76 and its 200-day moving average is $35.14. Rent-A-Center has a twelve month minimum of $22.70 and a twelve month maximum of $67.76. The company has a quick ratio of 0.73, a current ratio of 3.25 and a debt ratio of 2.68.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 22. Shareholders of record on Tuesday, April 5 received a dividend of $0.34 per share. This represents an annualized dividend of $1.36 and a yield of 5.22%. The ex-dividend date was Monday, April 4. Rent-A-Center’s payout ratio is 106.25%.

Several institutional investors and hedge funds have recently bought and sold shares of RCII. Ieq Capital LLC acquired a new position in Rent-A-Center during the first quarter worth $50,808,000. Norges Bank bought a new position in Rent-A-Center during the fourth quarter worth approximately $30,545,000. Moors & Cabot Inc. acquired a new equity stake in Rent-A-Center during the third quarter valued at approximately $334,000. Victory Capital Management Inc. increased its position in Rent-A-Center shares by 1,220.7% during the first quarter. Victory Capital Management Inc. now owns 270,330 shares of the company worth $6,520,000 after purchasing an additional 249,861 shares in the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC increased its stake in Rent-A-Center by 255.0% in the first quarter. Philadelphia Financial Management of San Francisco LLC now owns 342,345 shares of the company valued at $8,624,000 after acquiring an additional 245,902 shares last quarter. Hedge funds and other institutional investors hold 81.66% of the company’s shares.

About Rent-A-Center (Get a rating)

Rent-A-Center, Inc., together with its subsidiaries, rents household durable goods to customers on a lease-purchase basis. The Company operates in four segments: Rent-A-Center Business, Acima, Mexico and Franchising. It offers furniture and accessories, household appliances, consumer electronics, computers, tablets and smartphones, tools, tires, handbags and other accessories under lease- purchase.

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Earnings history and estimates for Rent-A-Center (NASDAQ:RCII)



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HIBBETT INC Management’s Discussion and Analysis of Financial Condition and Results of Operations. (Form 10-Q) https://amiyasahu.com/hibbett-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Mon, 06 Jun 2022 13:50:05 +0000 https://amiyasahu.com/hibbett-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Caution Regarding Forward-Looking Statements This document contains "forward-looking statements" as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address future events, developments and results and do not relate strictly to historical facts. Any statements contained herein that are not statements of historical fact may be deemed to be […]]]>

Caution Regarding Forward-Looking Statements


This document contains "forward-looking statements" as that term is used in the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
address future events, developments and results and do not relate strictly to
historical facts. Any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements. They include
statements preceded by, followed by or including words such as "believe,"
"anticipate," "expect," "intend," "plan," "forecast," "guidance," "outlook,"
"estimate" "will," "may," "could," "possible," "potential," or other similar
words, phrases or expressions. For example, our forward-looking statements
include statements regarding:
•the potential impact of COVID-19 on our business, operations and financial
results;
•the uncertainty of future stimulus payments and extended unemployment benefits,
if any, and the related effects on consumer demand for our products and our
overall business;
•the potential impact of new trade, tariff, and tax regulations on our
profitability;
•our ability to accurately forecast consumer demand for our products and manage
our inventory in response to changing demands;
•our cash needs, including our ability to fund our future capital expenditures,
working capital requirements, recurring quarterly dividends and repurchases of
Company common stock under our stock repurchase program (the "Repurchase
Program");
•our relationships with vendors and the loss of key vendor support;
•the possible effects of inflation, market decline and other economic changes on
our costs and profitability;
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•our ability to retain key personnel and other employees at Hibbett and City
Gear due to current labor challenges or otherwise;
•our anticipated net sales, comparable store net sales changes, net sales
growth, gross margins, expenses and earnings;
•our business strategy, omni-channel platform, logistics structure, target
market presence and the expected impact of such factors on our net sales growth;
•our store growth, including our plans to add, expand, relocate or close stores,
our markets' ability to support such growth, expected changes in total square
footage, our ability to secure suitable locations for new stores and the
suitability of our wholesale and logistics facility;
•our expectations regarding the growth of our online business and the role of
technology in supporting such growth;
•the future reliability of, and cost associated with, disruptions in the global
supply chain and the potential impacts on our domestic and international sources
of product, including the actual and potential effect of tariffs on
international goods imposed by the United States and other potential impediments
to imports;
•our policy of leasing rather than owning stores and our ability to renew or
replace store leases satisfactorily;
•the cost of regulatory compliance, including the costs and possible outcomes of
pending legal actions and other contingencies, and new or additional legal,
legislative and regulatory requirements to reduce or mitigate the effects of
climate change;
•our analysis of our risk factors and their possible effect on financial
results;
•our seasonal sales patterns and assumptions concerning customer buying
behavior;
•our ability to retain new customers;
•our expectations regarding competition;
•our estimates and assumptions as they relate to preferable tax and financial
accounting methods, accruals, inventory valuations, long-lived assets, carrying
amount and liquidity of financial instruments, fair value of options and other
stock-based compensation, economic and useful lives of depreciable assets and
leases, income tax liabilities, deferred taxes and uncertain tax positions;
•our expectations concerning future stock-based award types and the exercise of
outstanding stock options;
•our assessment of the materiality and impact on our business of adopting recent
accounting pronouncements issued by the Financial Accounting Standards Board;
•the possible effects of uncertainty within the capital markets, on the
commercial credit environment and on levels of consumer confidence;
•our analyses of trends as related to marketing, sales and earnings performance;
•our ability to receive favorable brand name merchandise and pricing from key
vendors;
•the impact of technology on our operations and business, including
cyberattacks, cyber liability or potential liability for breaches of our privacy
or information security systems; and
•our ability to mitigate the risk of possible business interruptions, including,
without limitation, from political or social unrest and armed conflicts.

A forward-looking statement is neither a prediction nor a guarantee of future results, events or circumstances. You should not place undue reliance on forward-looking statements. Our forward-looking statements are based on currently available operational, financial and business information and speak only as of the date of this report. Our business, financial condition, results of operations and prospects may have changed since that date. For a discussion of the risks, uncertainties and assumptions that could affect our future events, developments or results, you should carefully review the risk factors described from time to time in our other documents and reports, including the factors described under “Factors of Risk” in our Form 10-K for the fiscal year ended January 29, 2022filed with the Security and Exchange Commission
(“SEC”) on March 25, 2022 (the “2022 Annual Report”). You should also read this information in conjunction with our unaudited condensed consolidated financial statements and accompanying notes and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q.

We cannot assure you that the results, events or circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, new risks and uncertainties emerge from time to time and it is impossible for us to predict all of the risks and uncertainties that could impact our forward-looking statements.

We do not undertake to publicly update or revise any forward-looking statements after the date of this Quarterly Report on Form 10-Q, whether as a result of new information, future events or otherwise, and you should not don’t expect us to. Investors should also be aware that although we communicate from time to time with securities analysts and others, we do not, as a matter of policy, selectively disclose to them material nonpublic information with an issued statement or report. by an analyst, regardless of the content of the statement or report. We do not, by policy, endorse forecasts or projections issued by

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others. Thus, to the extent that reports issued by securities analysts contain projections, forecasts or opinions, such reports are not our responsibility.

Investor access to documents filed by the company

We make available free of charge on our website, www.hibbett.com under “Investor Relations”, copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to such reports filed or furnished under Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Securities Exchange Act”) together with all Forms 3 , 4 and 5 filed by our executive officers and directors, as soon as the filed documents are made public by the SECOND on its EDGAR database at www.sec.gov. In addition to accessing copies of our reports online, you can request a free copy of our 2022 Annual Report by writing to: Investor Relations, Hibett, Inc., 2700 Court of Milan, Birmingham, Alabama 35211.

Overview

Hibbett, headquartered in Birmingham, Alabama, is a leading athletic-inspired fashion retailer, primarily located in underserved communities. Founded in 1945, Hibbett has a rich history of convenient locations, personalized customer service, and access to coveted footwear and apparel from top brands like Nike,
Jordanand adidas.

From April 30, 2022we operated a total of 1,105 retail stores under the Hibbett, City Gear and Sports Additions banners in 35 states:

                                                      Location
                             Average
Brand                    Square Footage    Strip Center(1)   Mall   Total
Hibbett                       5,800              727         180     907
City Gear                     5,100              145          37     182
Sports Additions(2)           2,900               3           13      16

(1) Strip malls include stand-alone stores and, for our Hibbett locations, are typically located near a major chain store. (2) Approximately 90% of the goods carried in our Sports Additions stores are athletic shoes.

Our merchandising emphasizes a TOE-TO-HEADTM approach. We provide a wide assortment of premium brand name team sports footwear, apparel, accessories and equipment at competitive prices in a full-service omnichannel environment. We believe that the assortment of branded merchandise we offer consistently exceeds the merchandise selection offered by most of our competitors, particularly in our underserved markets and neighborhood centers. Many of these branded products have limited availability and/or are technical in nature requiring considerable sales support. We coordinate with our vendors to educate our store-level sales staff on new products and trends.

Comparable store sales – Stores considered comparable stores include our Hibbett, City Gear and Sports Additions stores open throughout the reporting period and the same period last year, as well as online sales. We consider comparable store sales to be a key indicator of our current performance; measure sales growth and sales productivity of existing stores. Management believes that positive comparable store sales contribute to better leverage of operating costs, particularly labor and occupancy costs, while negative comparable store sales contribute to cost deleveraging. Comparable store sales also have a direct impact on our total net sales and cash level.

If a store’s renovation, relocation or expansion results in the store being closed for a significant period of time, its sales are removed from the comparable store’s sales base until it has been open for a full 12 months . In addition, rebranded stores are treated as new stores and are not reflected in comparable store sales until they have been open for a full 12 months under the new brand. In the 13 weeks ended April 30, 2022, we have included 1,060 stores and e-commerce sales in comparable store sales. In the 13 weeks ended May 1, 2021we have included 1,035 stores and online sales in comparable store sales.

Summary

Net sales for the 13 weeks ended April 30, 2022decreased by 16.3% to $424.1 millioncompared to $506.9 million for the 13 weeks ended May 1, 2021. Comparable store sales decreased 18.9%, with physical comparable store sales decreasing 22.0%. E-commerce sales rose 4.1% and accounted for 14.6% of total net sales in the first quarter, compared to 11.7% in the first quarter.

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the first quarter of the previous year. We believe stimulus funds in the first quarter of fiscal 2022 significantly boosted sales and generated leverage across a number of spending categories.

In addition to the positive impact of stimulus measures on sales in the first quarter of fiscal 2022, as noted above, the outbreak of the COVID-19 pandemic had a significant negative impact on sales in the first quarter of fiscal 2021. Accordingly, we believe that sales performance versus the first quarter of fiscal 2020 provides the most relevant pre-pandemic comparison. On a three-year basis, compared to the 13 weeks ended May 4, 2019net sales increased by 23.5% and comparable sales increased by 22.9%.

Store operating, selling and administrative (“SG&A”) expenses represented 22.5% of net sales for the 13 weeks ended April 30, 2022compared to 18.1% of net sales for the 13 weeks ended May 1, 2021. This increase is mainly the result of deleveraging resulting from lower sales.

During the first quarter of fiscal 2023, we opened nine new stores, renamed one store and closed one underperforming store, bringing the number of stores to 1,105 in 35 states in April 30, 2022. We ended the first quarter of fiscal 2023 with $23.2 million available cash and cash equivalents and $104.6 million
available under our credit facility. The net inventory was $314.9 million at
April 30, 2022, an increase of 72.6% compared to the first quarter of the previous year. Our inventory position has improved significantly during the quarter ended April 30, 2022
despite continued supply chain disruptions due to the impacts of the COVID-19 pandemic on manufacturing capacity, port backlogs, transportation equipment availability and international conflicts. Fundamental improvements to the customer experience and our ability to attract and stay in touch with underserved customers continue to strengthen our relationships with our supplier partners.

Significant Accounting Policies and Estimates

Our significant accounting policies are described in Section 1, Note 1 – Basis of presentation and significant accounting policies. The unaudited condensed consolidated financial statements are prepared in accordance with WE GAAP. The preparation of these unaudited condensed consolidated financial statements requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the periods presented. Actual results could differ from these estimates and assumptions. Our critical and significant accounting policies and estimates are further described in our 2022 Annual Report. There have been no changes in our accounting policies during the current period ended April 30, 2022that have materially affected our unaudited condensed consolidated financial statements.

© Edgar Online, source Previews

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Avenue of Heroes: Stephen S. Clarey https://amiyasahu.com/avenue-of-heroes-stephen-s-clarey/ Sat, 04 Jun 2022 20:32:35 +0000 https://amiyasahu.com/avenue-of-heroes-stephen-s-clarey/ Written by the Clarey family Rear Admiral Stephen Clarey was born in Honolulu in 1940 to a Navy family, the son of the late Admiral Bernard A. Clarey and Jean Scott Clarey. He and his mother, who had lived in Coronado in the 1920s and 1930s, arrived in Coronado in 1942 shortly after the attack […]]]>

Written by the Clarey family

Rear Admiral Stephen Clarey was born in Honolulu in 1940 to a Navy family, the son of the late Admiral Bernard A. Clarey and Jean Scott Clarey. He and his mother, who had lived in Coronado in the 1920s and 1930s, arrived in Coronado in 1942 shortly after the attack on Pearl Harbor, where they spent the rest of the war. Clarey attended Miss Bunny McKenzie’s nursery school in Coronado, which she, in a congratulatory appeal several years later, attributed to her transformation into a Navy flag officer. Growing up, he led the life of a typical service junior, attending 13 schools including Sacred Heart and Coronado Middle School, before graduating from Punahou School in Honolulu and later Williams College and Harvard Business. School.

Clarey joined the Navy two weeks after graduating from Williams and received her commission from the Officer Candidate School in Newport, Rhode Island. His initial sea service was in destroyers, and he served two deployments to the Gulf of Tonkin during the Vietnam War. While providing naval gunfire support to Navy and Army forces near the DMZ, his ship repeatedly came under fire from North Vietnamese shore batteries.

In addition to several tours at the Pentagon in Navy strategic planning and financial management, Clarey had four commands at sea. As a general officer, he deployed twice to the Persian Gulf during the first Gulf War. . He commanded the United States Maritime Prepositioning Force during Operation Desert Shield. Deploying again from the west coast in December 1990, he commanded the Pacific Fleet Amphibious Task Force/5th Marine Expeditionary Brigade consisting of 18 ships and over 7,000 marines. In February 1991, these Marines were offloaded to northeastern Saudi Arabia where they joined the coalition’s ground campaign for the liberation of Kuwait during Operation Desert Storm.

Clarey has been active in community and civic affairs since retiring from the Navy. He served as president of USO San Diego and helped establish the permanent USO Welcome Center at San Diego International Airport. He is a longtime member of the Executive Committee of the University of California, San Diego, Osher Lifelong Learning Institute, and oversees academic and marketing programs.



The Hometown Banner Program is a military service recognition program sponsored by the City of Coronado. Introduced in 2014, the program honored 206 local heroes. On May 21, 11 more will be honored. The City funds all program costs. City staff and volunteers from Veterans of Foreign Wars Post 2422, the Coronado Historical Association, and the Third and Fourth Streets Neighborhood Association oversee its operation. The inspiration for the program came spontaneously with the movement of two Navy SEALs to their final resting place. The news spread quickly in Coronado. The local Rotary club distributed American flags. People lined Fourth Street to honor fallen service members. As the motorcade approached the San Diego-Coronado Bridge, a single Navy SEAL stood at attention, saluting as he waited for his comrades to pass. By then, it was clear that Third and Fourth Streets were already an Avenue of Heroes. From this spontaneous start, the program launched in May 2015 with 18 banners. Ceremonies are held twice a year, and men and women with community ties have been recognized by the Air Force, Army, Navy, and Marine Corps. The Hometown Banner program is a reminder that Coronado has a rich history and heritage of service to the country.

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