Financial Shape – Amiya Sahu http://amiyasahu.com/ Thu, 24 Nov 2022 14:23:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://amiyasahu.com/wp-content/uploads/2021/06/icon-150x150.png Financial Shape – Amiya Sahu http://amiyasahu.com/ 32 32 The National Lottery raises a record amount for good causes in the first half of the financial year https://amiyasahu.com/the-national-lottery-raises-a-record-amount-for-good-causes-in-the-first-half-of-the-financial-year/ Thu, 24 Nov 2022 13:25:34 +0000 https://amiyasahu.com/the-national-lottery-raises-a-record-amount-for-good-causes-in-the-first-half-of-the-financial-year/ The National Lottery is in its “best shape ever” after record sales and is returning to good causes in the first half of the financial year. Camelot revealed it had passed the £4bn sales mark for the first time in its 28 years of running the National Lottery, topping last year’s total of £102.5m Sterling […]]]>

The National Lottery is in its “best shape ever” after record sales and is returning to good causes in the first half of the financial year.

Camelot revealed it had passed the £4bn sales mark for the first time in its 28 years of running the National Lottery, topping last year’s total of £102.5m Sterling (+2.6%). It also raised its best ever first-half amount for good causes of £956.5m, up £72m (+8.1%) from last year.

Of this total, £37.3 million was withheld for marketing expenditure for its main draw games Lotto, EuroMillions and Set For Life, and the National Lottery brand, leaving £919.2 million for good causes.

Advertising

According to Camelot, this brings the total generated for good causes since the launch of the National Lottery in 1994 to £47billion.

The record semester was driven by digital sales.

Camelot Chairman Sir Hugh Robertson commented:

“I am delighted that these record results show that the National Lottery is getting back to good causes more than ever. In these extremely trying economic times, I am proud that the remarkable performance of my team builds on previous years of record ticket sales. and go back to good causes – and extend our experience of delivering to people across the UK.With just over a year to go until the next licensing period begins, I am confident that the National Lottery n ‘ve never been in better shape.

Allwyn is expected to take over from Camelot when the current license expires in February 2024. This month it announced it had agreed to buy Camelot’s UK operations. Although the value has not been disclosed, it is believed to be around £100m. Allwyn has also previously said he expects the money to go to good causes more than double under his supervision.

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Iconic Files Modified the Preliminary Economic Assessment Report for the Bonnie Claire Project https://amiyasahu.com/iconic-files-modified-the-preliminary-economic-assessment-report-for-the-bonnie-claire-project/ Sat, 19 Nov 2022 01:28:29 +0000 https://amiyasahu.com/iconic-files-modified-the-preliminary-economic-assessment-report-for-the-bonnie-claire-project/ Vancouver, British Columbia–(Newsfile Corp. – November 18, 2022) – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the “Company” or “Iconic”) reports that it has filed an amended National Instrument 43-101 Disclosure standards for mining projects (“NI 43-101”) Preliminary Economic Assessment Technical Report for the Bonnie Claire Project (the “Bonnie Claire Property”) located 48 […]]]>

Vancouver, British Columbia–(Newsfile Corp. – November 18, 2022) – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the “Company” or “Iconic”) reports that it has filed an amended National Instrument 43-101 Disclosure standards for mining projects (“NI 43-101”) Preliminary Economic Assessment Technical Report for the Bonnie Claire Project (the “Bonnie Claire Property”) located 48 km (30 miles) north of Beatty, Nevada.

The NI 43-101 technical report is titled “NI 43-101 Preliminary Economic Assessment Technical Report, Bonnie Claire Lithium Project, Nye County, Nevada(the “Amended PEA Technical Report”) and is dated August 20, 2021 with a revised and amended date of November 11, 2022. The Amended PEA Technical Report was prepared pursuant to NI 43-101 by Global Resource Engineering Ltd. of Denver , Colorado The Amended PEA Technical Report is available on the Company’s SEDAR profile at www.sedar.com and on the Company’s website at www.iconicminerals.com.

Property Bonnie Claire

The Bonnie Claire property is located in the Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat included lithium values ​​as high as 2550 ppm Li and a vertical intersection of 1560 feet (about 475 meters) that averaged 1153 ppm Li. The current 43-101 resource from the PEA Technical Report modified drillhole portion of the resource is 3,407 million tonnes (inferred) grading 1,013 ppm Li or 18,372 million kilograms of lithium carbonate equivalent. Low gravity in the valley is 20 km (12 miles) long, and current estimates of bedrock depth range from 600 to 1,200 meters (2,000 to 4,000 ft). The current claim block covers an area of ​​74 km2 (46.6 km2) with potential for brine systems and other sediment resources.

Qualified persons

Richard Kern, Certified Professional Geologist, a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical information contained in this press release. Mr. Kern is not independent of the Company as he is the Chief Executive Officer of Iconic.

On behalf of the Board of Directors

SIGN: “Richard Kern”

Richard Kern, President and CEO

For more information about Iconic, please visit our website at www.iconicminerals.comor contact: Keturah Nathe, VP Corporate Development (604) 336-8614.

The Company’s public documents can be viewed at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are generally identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “should”, “”, “potential”, “expected” or variations of these words and similar phrases and expressions, which by their nature refer to future events or results which may, may, might or will occur. occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information.These risks and other factors include, among others, statements regarding the Company’s anticipated business plans and timing of future activities, the Company’s ability to obtaining sufficient financing to fund its operations and business plans, delays in obtaining governmental and regulatory (including TSX Venture Exchange) approvals, permits or financing, changes in laws, regulations and policies affecting mining operations , currency fluctuations, litigation or claims of title, environmental issues and liabilities, risks related to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the business, financial condition and results of operation of the Company, changes in laws, regulations and policies affecting mining operations, title disputes, failure of the Company to obtain necessary permits, consents, approvals or authorizations, timing and outcome possible of any pending litigation, environmental issues and liabilities, and risks related to joint ventures and a Other risks and uncertainties disclosed in the Company’s continuous disclosure documents. All of the Company’s Canadian public disclosure documents are accessible via www.sedar.com and readers are encouraged to consult these documents.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any forward-looking statements contained in this press release or incorporated by reference herein, except as otherwise required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144926

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NY Fed and Banks Launch New 12-Week CBDC Project https://amiyasahu.com/ny-fed-and-banks-launch-new-12-week-cbdc-project/ Wed, 16 Nov 2022 18:03:33 +0000 https://amiyasahu.com/ny-fed-and-banks-launch-new-12-week-cbdc-project/ Diving Brief: The New York Innovation Center (NYIC)a collaboration between the New York Fed and the Bank for International Settlements (BIS) Innovation Centerlaunches a new phase of research on its digital dollar project, according to a press release Tuesday. TownWells Fargo, BNY Mellon, US Bank, PNC Bank, TD Bank, TruistHSBC and Mastercard are participate in […]]]>

Diving Brief:

  • The New York Innovation Center (NYIC)a collaboration between the New York Fed and the Bank for International Settlements (BIS) Innovation Centerlaunches a new phase of research on its digital dollar project, according to a press release Tuesday.
  • TownWells Fargo, BNY Mellon, US Bank, PNC Bank, TD Bank, TruistHSBC and Mastercard are participate in the 12-week proof-of-concept trial, which will use simulated data in a test environmentsaid the New York Fed.
  • The project will experiment with the concept of a regulated accountability network and allow banks to simulate the issuance of digital currency representing their customers’ funds before it is settled through central bank reserves via a distributed ledger..

Overview of the dive:

The project comes less than two weeks later the NYIC found, in a separate 12-week trial, that a simulated central bank digital currency (CBDC), in combination with digital ledger technology (DLT), could make cross-border payments faster and more secure .

The NYIC will publish a report with a summary of the results of the new experiment once the project is complete. The draft, however, is not intended to endorse any specific policy outcome or influence decisions regarding the issuance of a retail or wholesale certificate. CBDCthe NYIC said.

“NYIC looks forward to collaborating with members of the banking community to advance research on asset tokenization and the future of financial market infrastructure in the United States as money and banking evolve,” said NYIC Director Per von Zelowitz said in a statement on Tuesday.

The project will consist of simulating US dollar digital currency as issued by regulated institutions, the idea could be used to multi-currency operations and stablecoins, Bloomberg noted.

Raj Dhamodharan, MasterCard head of crypto and blockchain, told Bloomberg that the project “could help shape how consumers and businesses perceive the credibility of token-based payments.”

Tony McLaughlin, Managing Director of Emerging Payments and Business Development at Citi, told the press service that “Projects like this, which focus on digitizing central bank money and individual bank deposits, could be expanded to take a broader view of the opportunity.”

“Programmable US dollars may be needed to support new business models and provide a foundation for much-needed innovations in financial settlements and infrastructure,” McLaughlin said.

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Enphase Energy, Inc. will join the NASDAQ-100 Index effective November 21, 2022 https://amiyasahu.com/enphase-energy-inc-will-join-the-nasdaq-100-index-effective-november-21-2022/ Sat, 12 Nov 2022 01:09:31 +0000 https://amiyasahu.com/enphase-energy-inc-will-join-the-nasdaq-100-index-effective-november-21-2022/ Nasdaq, Inc. NEW YORK, Nov. 11, 2022 (GLOBE NEWSWIRE) — The Nasdaq (Nasdaq: NDAQ) today announced that Enphase Energy, Inc. (Nasdaq: ENPH) will become a constituent of the NASDAQ-100 Index® (Nasdaq: NDX) and the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) before market open on Monday, November 21, 2022. Enphase Energy, Inc. will replace Okta, Inc. […]]]>

Nasdaq, Inc.

NEW YORK, Nov. 11, 2022 (GLOBE NEWSWIRE) — The Nasdaq (Nasdaq: NDAQ) today announced that Enphase Energy, Inc. (Nasdaq: ENPH) will become a constituent of the NASDAQ-100 Index® (Nasdaq: NDX) and the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) before market open on Monday, November 21, 2022. Enphase Energy, Inc. will replace Okta, Inc. (Nasdaq: OKTA) in the NASDAQ- 100 clue® and the equally weighted NASDAQ-100 index. Okta, Inc. will also be removed from the NASDAQ-100 Technology Sector Index (Nasdaq: NDXT) and the NASDAQ-100 Technology Sector Market-Cap Weighted Index (Nasdaq: NDXTMC) before market open on Monday. November 21, 2022. Enphase Energy, Inc. will be considered for inclusion in the NASDAQ-100 Ex-Technology Index (Nasdaq: NDXX) at the next quarterly rebalance.

For more information about the company, visit https://enphase.com/.

About the Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us at LinkedInon Twitter @Nasdaqor at www.nasdaq.com.

The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, whether on behalf of a particular financial product or of an overall investment strategy. Neither The NASDAQ OMX Group, Inc. nor any of its affiliates makes any recommendation to buy or sell any financial product or make any statement about the financial condition of any company or fund. Statements regarding proprietary Nasdaq indices are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance does not represent future results. Investors should undertake their own due diligence and carefully assess companies before investing. THE ADVICE OF A PROFESSIONAL IN SECURITIES IS STRONGLY RECOMMENDED.

NDAQG

Media Contact:

Camille Stafford, Nasdaq

Issuer and investor contact:

Index Customer Services, Nasdaq

Indexservices@nasdaq.com

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GLOBAL NET LEASE, INC. : Results of Operations and Financial Condition, FD Settlement Disclosure, Financial Statements and Exhibits (Form 8-K) https://amiyasahu.com/global-net-lease-inc-results-of-operations-and-financial-condition-fd-settlement-disclosure-financial-statements-and-exhibits-form-8-k/ Thu, 03 Nov 2022 10:21:05 +0000 https://amiyasahu.com/global-net-lease-inc-results-of-operations-and-financial-condition-fd-settlement-disclosure-financial-statements-and-exhibits-form-8-k/ Section 2.02. Results of Operations and Financial Condition. On November 3, 2022, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended September 30, 2022and additional financial information for the quarter ended September 30, 2022attached as Exhibits 99.1 and 99.2, respectively. Section 7.01. FD Regulation Disclosure. […]]]>

Section 2.02. Results of Operations and Financial Condition.

On November 3, 2022, Global Net Lease, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended September 30, 2022and additional financial information for the quarter ended September 30, 2022attached as Exhibits 99.1 and 99.2, respectively.

Section 7.01. FD Regulation Disclosure.

Press release and additional information

As indicated in point 2.02 above, the November 3, 2022the Company issued a press release announcing its operating results for the quarter ended September 30, 2022and additional financial information for the quarter ended September 30, 2022, attached as Exhibits 99.1 and 99.2, respectively. The information set forth in Item 7.01 of this Current Report on Form 8-K and in Attachments 99.1 and 99.2 is deemed to be “provided” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange. movables. Act 1934, as amended (the “Exchange Act”), or otherwise subject to the responsibilities of this section. The information set forth in items 2.02 and 7.01 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, is not deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933. , as amended, regardless of any language of general incorporation in such repository.

Statements contained in this current report on Form 8-K that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially. The words “may”, “will”, “seek”, “anticipate”, “believe”, “estimate”, “expect”, “plan”, “intend”, “should” and Similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are beyond the control of the Company, which could cause actual results to differ materially from those contemplated by the forward-looking statements. These risks and uncertainties include (a) the potential adverse effects of (i) the global COVID-19 pandemic, including measures taken to contain or treat COVID-19, and (ii) geopolitical instability due to military conflict in progress between Russia and Ukraineincluding related sanctions and other penalties imposed by the WE and European Unionand the related impact on the Company, the Company’s tenants and the global economy and financial markets, and (b) that any potential future acquisition is subject to market conditions and the availability of capital and may not be performed on favorable terms, if at all, and the risks and uncertainties set forth in the Risk Factors section of the company’s annual report on Form 10-K for the fiscal year ended
December 31, 2021 filed on February 24, 2022 and all other documents filed with the Security and Exchange Commission after this date. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unforeseen events or changes in future operating results over time, unless required by law.

Section 9.01. Financial statements and supporting documents.

(d) Exhibits


Exhibit No.             Description
  99.1                  Press release dated November 3, 2022

  99.2                  Quarterly supplemental information for the quarter ended September 30, 2022

                        Cover Page Interactive Data File - the cover page XBRL tags are embedded
104                     within the Inline XBRL Document.













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© Edgar Online, source Previews

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U.S. Supreme Court conservatives question affirmative action in college admissions https://amiyasahu.com/u-s-supreme-court-conservatives-question-affirmative-action-in-college-admissions/ Mon, 31 Oct 2022 21:57:27 +0000 https://amiyasahu.com/u-s-supreme-court-conservatives-question-affirmative-action-in-college-admissions/ The conservative majority of the U.S. Supreme Court on Monday expressed skepticism about the power of universities to consider race as a factor in college admissions while hearing arguments in two affirmative action cases that could have significant implications for American society and business. In a five-hour marathon session, several conservative judges proposed an alternative, […]]]>

The conservative majority of the U.S. Supreme Court on Monday expressed skepticism about the power of universities to consider race as a factor in college admissions while hearing arguments in two affirmative action cases that could have significant implications for American society and business.

In a five-hour marathon session, several conservative judges proposed an alternative, racially neutral admissions system as they hear cases involving policies from the University of North Carolina, a public university , and Harvard University, the private Ivy League institution.

The court’s decision could significantly affect the way America’s universities, among the world’s most sought after, handle admissions and lead to sweeping changes in a system that for decades has taken race into account in an effort to build diverse student bodies.

The court’s six conservative justices focused on setting an expiry date for race-sensitive admissions programs, with Amy Coney Barrett citing precedent Supreme Court ruling that called racial classifications “potentially dangerous.”

Clarence Thomas also questioned the educational benefits of diversity. When the UNC attorney said diversity could lead to greater productivity, Thomas said, “I guess I don’t give it much thought, because I’ve also heard similar arguments in favor of segregation.

Samuel Alito seemed sympathetic to the argument that giving a minority student “a plus” would disadvantage another in the “zero-sum game” of college admissions.

The three liberal justices strongly defended the practice, saying applicants could choose whether or not to disclose their race and that it was one of many factors considered in admissions.

Ketanji Brown Jackson said she is concerned that the petitioner’s arguments imply that students need to “mask their identities” in the application process “solely on the basis of their difference”.

While “everyone would rather achieve all of our racial diversity goals through racially neutral means,” noted Elena Kagan, the question was whether schools could “become racially aware” when needed.

Sonia Sotomayor warned that the race ban has in some cases led to lower enrollments of minority students, particularly blacks and Native Americans. “There’s a high price to pay in banning underage use of race in college admissions, isn’t there?” she says.

Kagan also criticized the argument that it doesn’t matter that institutions “look like America”.

“These are the pipelines to leadership in our society,” she said. “I thought that was part of what it meant. . . to believe in American pluralism is that in reality our institutions reflect who we are as a people in all its diversity.

Elizabeth Prelogar, Solicitor General of the United States, argued for universities, saying the government had an interest in preserving diverse student bodies that would continue to shape the nation’s military and federal agencies.

Students for Fair Admissions, a nonprofit seeking to abolish racial considerations in admissions, brought both cases. He argues that race-based affirmation action has benefited African American and Hispanic students at the expense of Asian Americans and others.

The group is asking the court to overturn Grutter vs. Bollinger, a landmark 2003 Supreme Court decision that allowed universities to consider race in admissions by reaffirming that diversity is a government interest.

The two universities named in the cases urged the court to consider the “educational benefits” of diversity.

Olatunde Johnson, a professor at Columbia Law School, had said there was “certainly a risk” that a ruling against universities could stifle the diversity of student bodies and make colleges “vulnerable through fear”. . .[of] prosecutions”.

The court’s 6-3 conservative majority has already challenged long-standing legal precedents on issues such as abortion, suggesting they could also be open to Grutter’s overturning. A lawyer involved in the case told the Financial Times that “everyone is assuming” that the court will limit affirmative action in universities.

But Johnson said that would depend on the extent of the court’s decision, which may be difficult to predict given that several judges have never expressed a public opinion on affirmative action.

American companies are watching these cases closely, fearing that a decision against the universities could limit the diversity of their future recruits. Dozens of major companies, including American Airlines, General Electric, Meta, Google and Apple, have filed a Short in support of colleges.

Kagan on Monday stressed the need for companies “to have a racially diverse workforce. . . to achieve their economic goals.

If the affirmative action precedents are overturned, “it may well be that many of these large corporations will then be the next defendants in these types of lawsuits,” said Eric Talley, a professor at Columbia Law School.

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MAMMOTH ENERGY SERVICES, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://amiyasahu.com/mammoth-energy-services-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Fri, 28 Oct 2022 21:05:10 +0000 https://amiyasahu.com/mammoth-energy-services-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and related notes thereto presented in this Quarterly Report and the consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K. This discussion contains forward-looking statements reflecting our current expectations, estimates and assumptions concerning events […]]]>
The following discussion should be read in conjunction with the unaudited
condensed consolidated financial statements and related notes thereto presented
in this Quarterly Report and the consolidated financial statements and related
notes thereto included in our Annual Report on Form 10-K. This discussion
contains forward-looking statements reflecting our current expectations,
estimates and assumptions concerning events and financial trends that may affect
our future operating results or financial position. Actual results and the
timing of events may differ materially from those contained in these
forward-looking statements due to a number of factors, including those discussed
in Item 1A. "Risk Factors" in our Form 10-K for the year ended December 31,
2021, our Quarterly Report on Form 10-Q for the quarterly period ended March
31,2022 and the section entitled "Forward-Looking Statements" appearing
elsewhere in this Quarterly Report.

Insight


  We are an integrated, growth-oriented energy services company focused on the
construction and repair of the electric grid for private utilities, public
investor-owned utilities and co-operative utilities through our infrastructure
services businesses. We also provide products and services to enable the
exploration and development of North American onshore unconventional oil and
natural gas reserves. Our primary business objective is to grow our operations
and create value for stockholders through organic growth opportunities and
accretive acquisitions. Our suite of services includes infrastructure services,
well completion services, natural sand proppant services, drilling services and
other services. Our infrastructure services division provides engineering,
design, construction, upgrade, maintenance and repair services to the electrical
infrastructure industry. Our well completion services division provides
hydraulic fracturing, sand hauling and water transfer services. Our natural sand
proppant services division mines, processes and sells natural sand proppant used
for hydraulic fracturing. Our drilling services division currently provides
rental equipment, such as mud motors and operational tools, for both vertical
and horizontal drilling. In addition to these service divisions, we also provide
aviation services, equipment rentals, remote accommodations and equipment
manufacturing. We believe that the services we offer play a critical role in
maintaining and improving electrical infrastructure as well as in increasing the
ultimate recovery and present value of production streams from unconventional
resources. Our complementary suite of services provides us with the opportunity
to cross-sell our services and expand our customer base and geographic
positioning.

  Our transformation towards an industrial based company is ongoing. We offer
infrastructure engineering services focused on the transmission and distribution
industry and also have equipment manufacturing operations and offer fiber optic
services. Our equipment manufacturing operations provide us with the ability to
repair much of our existing equipment in-house, as well as the option to
manufacture certain new equipment we may need in the future. The equipment
manufacturing operations have initially served the internal needs for our
pressure pumping, water transfer, equipment rental and infrastructure
businesses, but we expect to expand into third party sales in the future. Our
fiber optic services include the installation of both aerial and buried fiber.
We are continuing to explore other opportunities to expand our business lines as
we shift to a broader industrial focus.

Overview of our services and industry conditions

Infrastructure services


Our infrastructure services business provides engineering, design, construction,
upgrade, maintenance and repair services to the electrical infrastructure
industry. We offer a broad range of services on electric transmission and
distribution, or T&D, networks and substation facilities, which include
engineering, design, construction, upgrade, maintenance and repair of high
voltage transmission lines, substations and lower voltage overhead and
underground distribution systems. Our commercial services include the
installation, maintenance and repair of commercial wiring. We also provide storm
repair and restoration services in response to storms and other disasters. We
provide infrastructure services primarily in the northeast, southwest, midwest
and western portions of the United States. We currently have agreements in place
with private utilities, public IOUs and Co-Ops.

Although the COVID-19 pandemic and resulting economic conditions have not had a
material impact on demand or pricing for our infrastructure services, revenues
from our infrastructure services declined in 2021 as a result of certain
management changes, which resulted in crew departures, as well as a decline in
storm restoration activities. Revenue from our infrastructure services have
continuously improved throughout 2022, as compared to the fourth quarter of
2021. Our infrastructure services business has also been adversely impacted by
the outstanding amounts owed to us by the Puerto Rico Electric Power Authority,
or PREPA, for services performed by our subsidiary, Cobra Acquisitions LLC, or
Cobra, in Puerto
                                       32
--------------------------------------------------------------------------------


Rico to restore PREPA's electrical grid damaged by Hurricane Maria. As of
September 30, 2022, PREPA, which is currently subject to bankruptcy proceedings,
owed us approximately $227.0 million for services performed excluding
approximately $141.3 million of interest charged on these delinquent balances as
of September 30, 2022. See Note 2. Basis of Presentation and Significant
Accounting Policies-Accounts Receivable of our unaudited condensed consolidated
financial statements. We continue to vigorously pursue numerous avenues to
collect our receivable from PREPA for work performed by Cobra. In the event
PREPA (i) does not have or does not obtain the funds necessary to satisfy its
obligations to Cobra under the contracts, (ii) obtains the necessary funds but
refuses to pay the amounts owed to Cobra or (iii) otherwise does not pay amounts
owed to Cobra for services performed, the receivable may not be collectible,
which may adversely impact our liquidity, results of operations and financial
condition. In addition, government contracts are subject to various
uncertainties, restrictions and regulations, including oversight audits and
compliance reviews by government agencies and representatives. In this regard,
on September 10, 2019, the U.S. District Court for the District of Puerto Rico
unsealed an indictment that charged the former president of Cobra with
conspiracy, wire fraud, false statements and disaster fraud. Two other
individuals were also charged in the indictment. The indictment is focused on
the interactions between a former FEMA official and the former President of
Cobra. Neither we nor any of our subsidiaries were charged in the indictment. On
May 18, 2022, the former FEMA official and the former president of Cobra pled
guilty to gratuities. The sentencing hearing is scheduled for November 28, 2022.
Given the uncertainty inherent in the criminal litigation, it is not possible at
this time to determine the potential impacts that the plea agreements could have
on us. PREPA has stated in Court filings that it may contend the alleged
criminal activity affects Cobra's entitlement to payment under its contracts
with PREPA. It is unclear what PREPA's position will be after the terms of the
plea agreements become public. Subsequent to the indictment, Cobra received a
civil investigative demand ("CID") from the United States Department of Justice
("DOJ"), which requests certain documents and answers to specific
interrogatories relevant to an ongoing investigation it is conducting. The
aforementioned DOJ investigation is in connection with the issues raised in the
criminal matter. Cobra is cooperating with the DOJ and is not able to predict
the outcome of this investigation or if it will have a material impact on
Cobra's or our business, financial condition, results of operations or cash
flows. With regard to the previously disclosed SEC investigation, on July 6,
2022, the SEC sent a letter saying that it had concluded its investigation as to
the Company and that based on information the SEC has as of this date, it does
not intend to recommend an enforcement action by the SEC against us. See Note
18. Commitments and Contingencies to our unaudited condensed consolidated
financial statements included elsewhere in this report for additional
information regarding these proceedings. Further, our contracts with PREPA have
concluded and we have not obtained, and there can be no assurance that we will
be able to obtain, one or more contracts with other customers to replace the
level of services that we provided to PREPA.

During the third quarter of 2021, we made leadership changes in our
infrastructure group and have focused on cutting costs, improving margins and
enhancing accountability across the division. During the third quarter of 2022,
operational improvements combined with increased crew count drove enhanced
results. Our crew count increased from approximately 82 crews as of December 31,
2021 to approximately 96 crews as of September 30, 2022, and we continue to add
crew capacity for a sector that has a healthy bidding environment. Funding for
projects in the infrastructure space remains strong with added opportunities
expected from the Infrastructure Investment and Jobs Act, which was signed into
law on November 15, 2021. We anticipate the federal spending to begin fueling
this sector in 2023. We continue to focus on operational execution and pursue
opportunities within this sector as we strategically structure our service
offerings for growth, intending to increase our infrastructure services activity
and expand both our geographic footprint and depth of projects, especially in
fiber maintenance and installation projects. In late 2021, we were awarded a
fiber installation contract as well as an electric vehicle charging station
engineering contract. Both of these projects are currently in process.

We work for multiple utilities primarily across the northeastern, southwestern,
midwestern and western portions of the United States. We believe that we are
well-positioned to compete for new projects due to the experience of our
infrastructure management team, combined with our vertically integrated service
offerings. We are seeking to leverage this experience and our service offerings
to grow our customer base and increase our revenues in the continental United
States over the coming years.

Well Completion and Drilling Services


In March and April 2020, concurrent with the COVID-19 pandemic and quarantine
orders in the U.S. and worldwide, oil prices dropped sharply to below zero
dollars per barrel for the first time in history due to factors including
significantly reduced demand and a shortage of storage facilities. In 2021, U.S.
oil production stabilized as commodity prices increased and demand for crude oil
rebounded, many exploration and production companies set their operating budgets
based on the prevailing prices for oil and natural gas at the time. We have seen
improvements in the oilfield services industry and in both pricing and
utilization of our well completion and drilling services during the first nine
months of 2022 and we expect both pricing and utilization to continue to improve
in the fourth quarter of 2022 and into 2023 as a result of an increase in
budgets
                                       33
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for publicly traded exploration and production companies and strong activity levels, driven by improving energy demand and high commodity prices. The ongoing Russian-Ukrainian war and related humanitarian crisis in Ukrainehowever, could negatively impact global energy markets and commodity price volatility.


In response to market conditions, we have temporarily shut down our cementing
and acidizing operations and flowback operations beginning in July 2019, our
contract drilling operations beginning in December 2019, our rig hauling
operations beginning in April 2020, our coil tubing, pressure control and full
service transportation operations beginning in July 2020 and our crude oil
hauling operations beginning in July 2021. We continue to monitor the market to
determine if and when we can recommence these services.

During the third quarter of 2022, our well completion services division
exhibited strong performance, fueled by the robust demand in the pressure
pumping industry. We are currently operating four of our six pressure pumping
fleets. We expect to add one additional pressure pumping fleet into operation
during the fourth quarter of 2022. Looking to 2023, we plan to activate our
sixth fleet in the first half of 2023, and subject to liquidity requirements, we
have plans to upgrade one of our existing spreads to Tier 4, dual fuel. This
would give us a total of three dual fuel fleets. We are analyzing whether there
might be greater returns for converting and upgrading an existing spread
compared to adding a seventh spread.

We continue to closely monitor our cost structure in response to market
conditions and intend to pursue additional cost savings where possible. Further,
a significant portion of our revenue from our pressure pumping business had
historically been derived from Gulfport. On December 28, 2019, Gulfport filed a
lawsuit alleging our breach of our pressure pumping contract with Gulfport and
seeking to terminate the contract and recover damages for alleged overpayments,
audit costs and legal fees. Gulfport did not make the payments owed to us under
this contract for any periods subsequent to its alleged December 28, 2019
termination date. Further, on November 13, 2020, Gulfport filed petitions for
voluntary relief under chapter 11 of the Bankruptcy Code. On September 21, 2021,
we reached a settlement with Gulfport under which all litigation relating to the
Stingray Pressure Pumping contract was terminated, Stingray Pressure Pumping
released all claims against Gulfport and its subsidiaries with respect to
Gulfport's bankruptcy proceedings and each of the parties released all claims
they had against the others with respect to the litigation matters discussed
above. We have not been able to obtain long-term contracts with other customers
to replace our contract with Gulfport. See Note 18. Commitments and
Contingencies to our unaudited condensed consolidated financial statements
included elsewhere in this report for additional information.

Natural sand retaining services


In our natural sand proppant services business, we experienced a significant
decline in demand of our sand proppant in the second half of 2019 and throughout
2020 as a result of completion activity falling due to lower oil demand and
pricing, increased capital discipline by our customers, budget exhaustion and
the COVID-19 pandemic. Activity rebounded modestly in 2021 and has continued to
increase during the first nine months of 2022, as we saw an increase in the
volume of sand sold. The increase in activity in 2022 resulted in an increase in
demand and pricing for our sand and we expect that prices will continue to
increase in the fourth quarter of 2022 and into 2023.

Further, as a result of adverse market conditions, production at our Muskie sand
facility in Pierce County, Wisconsin has been temporarily idled since September
2018. Our contracted capacity has provided a baseline of business, which has
kept our Taylor and Piranha plants operating and our costs low.

A portion of our revenue from our natural sand proppant business historically
had been derived from Gulfport pursuant to a long-term contract. Gulfport did
not make the payments owed to us under this contract for any periods subsequent
to May 2020. In September 2020, we filed a lawsuit seeking to recover delinquent
payments owed to us under this contract. On November 13, 2020, Gulfport filed
petitions for voluntary relief under chapter 11 of the Bankruptcy Code. On
September 21, 2021, the Company and Gulfport reached a settlement under which
all litigation relating to the Muskie contract was terminated and a portion of
Muskie's contract claim against Gulfport was allowed under Gulfport's plan of
reorganization. See Note 18. Commitments and Contingencies to our unaudited
condensed consolidated financial statements included elsewhere in this report
for additional information.

As the oilfield services and natural sand proppant industries continue to
rebound from the significant economic impacts of 2020 and 2021, we expect
momentum to continue in terms of activity, pricing, scheduling and new bidding
inquiries in the fourth quarter of 2022 and into 2023. We believe our diverse
portfolio of services and ability to adapt quickly to changing environments
positions us well in these segments.

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Our response to COVID-19 and related market conditions


We have taken, and continue to take, responsible steps to protect the health and
safety of our employees during the COVID-19 pandemic. We are also continuing to
monitor the industry and market conditions resulting from the COVID-19 pandemic
and have taken mitigating steps in an effort to preserve liquidity, reduce costs
and lower capital expenditures. These actions have included reducing headcount,
adjusting pay and limiting spending. We will continue to take further actions
that we deem to be in the best interest of the Company and our stockholders if
the adverse conditions recur. Given the dynamic nature of these events, we are
unable to predict the ultimate impact of the COVID-19 pandemic, the volatility
in commodity markets, any changes in the near-term or long-term outlook for our
industries or overall macroeconomic conditions on our business, financial
condition, results of operations, cash flows and stock price or the pace or
extent of any subsequent recovery.

Although demand across our three largest segments has improved during the nine
months ended September 30, 2022 and remained strong in the third quarter of
2022, we continue to mitigate the myriad of external challenges in today's
economic environment as we remain disciplined with our spending to continue to
improve Mammoth's cost structure and focus on enhancing value for our
stockholders.

Financial overview for the third quarter of 2022

• Net profit for the third quarter of 2022 was $7.7 millionWhere $0.16 per diluted share, compared to a net loss of $40.9 millionWhere $0.88 loss per diluted share, for the third quarter of 2021.


•Adjusted EBITDA (as defined and reconciled below) increased to $29.8 million
for the third quarter of 2022, as compared to ($29.3) million for the third
quarter of 2021 and $23.0 million for the second quarter of 2022. See "Non-GAAP
Financial Measures" below for a reconciliation of net income to Adjusted EBITDA.

•Total revenue for the third quarter of 2022 increased $49.7 million, or 86%, to
$107.2 million from $57.5 million for the third quarter of 2021. The increase in
total revenue is due to an increase in revenue across all of our operating
divisions during the third quarter of 2022, driven primarily by increased
utilization and pricing.




                                       35
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Operating results


Three Months Ended September 30, 2022 Compared to Three Months Ended September
30, 2021
                                                                           Three Months Ended
                                                             September 30,

2022 September 30, 2021

                                                                             (in thousands)
Revenue:
Infrastructure services                                     $           33,296          $           25,070
Well completion services                                                51,532                      22,732
Natural sand proppant services                                          12,910                       8,419
Drilling services                                                        3,118                       1,207
Other services                                                           6,968                       4,572
Eliminations                                                              (622)                     (4,515)
Total revenue                                                          107,202                      57,485

Cost of revenues: infrastructure services (excluding depreciation of $3,966 and $4,933respectively, for the three months ended September 30, 2022 and 2021)

                         26,512                      21,898

Well completion services (excluding depreciation and amortization of $4,767 and $6,538respectively, for the three months ended September 30, 2022 and 2021)

                         35,817                      21,329

Natural sand support services (excluding depreciation, depletion and accretion of $2,863 and $2,533respectively, for the three months ended September 30, 2022 and 2021)

                  9,206                       9,368

Drilling services (excluding amortization of $1,597 and $1,942respectively, for the three months ended September 30, 2022 and 2021)

                          2,804                       1,566

Other services (excluding amortization of $2,638 and $3,202respectively, for the three months ended September 30, 2022 and 2021)

4,739                       3,938
Eliminations                                                              (622)                     (4,515)
Total cost of revenue                                                   78,456                      53,584
Selling, general and administrative expenses                             9,685                      41,429
Depreciation, depletion, amortization and accretion                     15,842                      19,148
Gains on disposal of assets, net                                          (599)                     (3,033)

Impairment of other long-lived assets                                        -                         547
Operating income (loss)                                                  3,818                     (54,190)
Interest expense, net                                                   (3,262)                     (1,484)
Other income, net                                                       10,989                       7,586
Income (loss) before income taxes                                       11,545                     (48,088)
Provision (benefit) for income taxes                                     3,819                      (7,187)
Net income (loss)                                           $            7,726          $          (40,901)



  Revenue. Revenue for the three months ended September 30, 2022 increased $49.7
million, or 86%, to $107.2 million from $57.5 million for the three months ended
September 30, 2021. The increase in total revenue is attributable to an increase
in revenue across all operating divisions during the three months ended
September 30, 2022 primarily due to increased utilization and pricing. Revenue
derived from related parties was $0.4 million for the three months ended
September 30, 2022 and $0.6 million for the three months ended September 30,
2021. Revenue by operating division was as follows:

  Infrastructure Services. Infrastructure services division revenue increased
$8.2 million, or 33%, to $33.3 million for the three months ended September 30,
2022 from $25.1 million for the three months ended September 30, 2021 primarily
due to improved operational execution, coupled with an increase in crew count
and improved pricing.
                                       36
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Average crew count increased to 96 crews for the three months ended September 30, 2022 against 77 crews for the three months ended September 30, 2021.


  Well Completion Services. Well completion services division revenue increased
$28.8 million, or 127%, to $51.5 million for the three months ended
September 30, 2022 from $22.7 million for the three months ended September 30,
2021. The increase in our well completion services revenue was primarily driven
by a 176% increase in the number of stages completed from 688 for the three
months ended September 30, 2021 to 1,897 for the three months ended
September 30, 2022 as well as an increase in both pricing and sand and chemical
materials revenue. An average of 3.5 of our fleets were active for the three
months ended September 30, 2022 as compared to an average of 1.2 fleets for the
three months ended September 30, 2021.

  Natural Sand Proppant Services. Natural sand proppant services division
revenue increased $4.5 million, or 54%, to $12.9 million for the three months
ended September 30, 2022, from $8.4 million for the three months ended
September 30, 2021 primarily due to an 81% increase in the average price per ton
of sand sold from $16.58 per ton during the three months ended September 30,
2021 to $29.95 per ton during the three months ended September 30, 2022, and an
8% increase in tons of sand sold from 315,066 tons for the three months ended
September 30, 2021 to 341,272 tons for the three months ended September 30,
2022. Additionally, we recognized shortfall revenue of $0.5 million during the
three months ended September 30, 2022.

Drilling Services. Drilling services division revenue increased $1.9 million, or
158%, to $3.1 million for the three months ended September 30, 2022 as compared
to $1.2 million for the three months ended September 30, 2021. The increase is
primarily due to increased utilization for our directional drilling business
from 23% for the three months ended September 30, 2021 to 46% for the three
months ended September 30, 2022.

  Other Services. Other services revenue, consisting of revenue derived from our
aviation, equipment rental, crude oil hauling, remote accommodation and
equipment manufacturing businesses, increased approximately $2.4 million, or
52%, to $7.0 million for the three months ended September 30, 2022, from $4.6
million for the three months ended September 30, 2021. Inter-segment revenue,
consisting primarily of revenue derived from our well completion segment, was
$0.5 million for each of the three months ended September 30, 2022 and 2021,
respectively.

An average of 255 pieces of equipment were rented to customers during the three
months ended September 30, 2022, an increase of 57% from an average of 162
pieces of equipment rented to customers during the three months ended
September 30, 2021, resulting in an increase to revenue of $0.9 million.
Additionally, revenue from our accommodations business increased $1.6 million
primarily due to an increase in rooms rented during the three months ended
September 30, 2022 compared to the three months ended September 30, 2021.

Cost of Revenue (exclusive of depreciation, depletion, amortization and
accretion expense). Cost of revenue, exclusive of depreciation, depletion,
amortization and accretion expense, increased $24.9 million from $53.6 million,
or 93% of total revenue, for the three months ended September 30, 2021 to $78.5
million, or 73% of total revenue, for the three months ended September 30, 2022.
The increase is primarily due to an increase in activity across all operating
divisions. Cost of revenue by operating division was as follows:

  Infrastructure Services. Infrastructure services division cost of revenue,
exclusive of depreciation and amortization expense, increased $4.6 million, or
21%, to $26.5 million for the three months ended September 30, 2022 from $21.9
million for the three months ended September 30, 2021, primarily due to an
increase in activity. As a percentage of revenue, cost of revenue, exclusive of
depreciation and amortization expense of $4.0 million and $4.9 million for the
three months ended September 30, 2022 and 2021, respectively, was 80% and 87%
for the three months ended September 30, 2022 and 2021, respectively. The
decline as a percentage of revenue is primarily due to improved pricing as well
as a decline in labor related costs as a result of improved efficiency of our
crews.

  Well Completion Services. Well completion services division cost of revenue,
exclusive of depreciation and amortization expense, increased $14.5 million, or
68%, to $35.8 million for the three months ended September 30, 2022 from $21.3
million for the three months ended September 30, 2021, primarily due to an
increase in both the cost of consumables and activity. As a percentage of
revenue, our well completion services division cost of revenue, exclusive of
depreciation and amortization expense of $4.8 million and $6.5 million for the
three months ended September 30, 2022 and 2021, respectively, was 70% and 94%
for the three months ended September 30, 2022 and 2021, respectively. The
decrease as a percentage of revenue is primarily due to an increase in
utilization as well as improved pricing.

                                       37
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  Natural Sand Proppant Services. Natural sand proppant services division cost
of revenue, exclusive of depreciation, depletion and accretion expense,
decreased $0.2 million, or 2%, to $9.2 million for the three months ended
September 30, 2022 from $9.4 million for the three months ended September 30,
2021. As a percentage of revenue, cost of revenue, exclusive of depreciation,
depletion and accretion expense of $2.9 million and $2.5 million for the three
months ended September 30, 2022 and 2021, respectively, was 71% and 112% for the
three months ended September 30, 2022 and 2021, respectively. The decrease as a
percentage of revenue is primarily due to an 81% increase in price per ton of
sand sold.

Drilling Services. Drilling services division cost of revenue, exclusive of
depreciation and amortization expense, increased $1.2 million, or 75%, to $2.8
million for the three months ended September 30, 2022 from $1.6 million for the
three months ended September 30, 2021. As a percentage of revenue, our drilling
services division cost of revenue, exclusive of depreciation and amortization
expense of $1.6 million and $1.9 million for the three months ended
September 30, 2022 and 2021, respectively, was 90% and 130% for the three months
ended September 30, 2022 and 2021, respectively. The decline is primarily due to
an increase in utilization.

  Other Services. Other services division cost of revenue, exclusive of
depreciation and amortization expense, increased $0.8 million, or 20%, to $4.7
million for the three months ended September 30, 2022 from $3.9 million for the
three months ended September 30, 2021. As a percentage of revenue, cost of
revenue, exclusive of depreciation and amortization expense of $2.6 million and
$3.2 million for the three months ended September 30, 2022 and 2021,
respectively, was 68% and 85% for the three months ended September 30, 2022 and
2021, respectively. The decrease is primarily due to a decline in labor costs as
a percentage of revenue and an increase in utilization.

Selling, general and administrative expenses. Selling, general and administrative, or SG&A, expenses represent the costs associated with managing and supporting our operations. The table below provides a breakdown of SG&A fees for the periods indicated (in thousands):

                                            Three Months Ended
                               September 30, 2022       September 30, 2021
Cash expenses:
Compensation and benefits     $             3,676      $             3,353
Professional services(a)                    3,706                    4,134
Other(b)                                    2,059                    2,252
Total cash SG&A expense                     9,441                    9,739
Non-cash expenses:
Bad debt provision(c)                           3                   31,449

Stock based compensation                      241                      241
Total non-cash SG&A expense                   244                   31,690
Total SG&A expense            $             9,685      $            41,429


a.  Certain legal expenses totaling $0.4 million were reclassified to Other, net
for the three months ended September 30, 2021.
b.  Includes travel-related costs, IT expenses, rent, utilities and other
general and administrative-related costs.
c.  The bad debt provision for the three months ended September 30, 2021
includes $31.2 million related to the Stingray Pressure Pumping and Muskie
contracts with Gulfport.

  Depreciation, Depletion, Amortization and Accretion. Depreciation, depletion,
amortization and accretion decreased $3.3 million, or 17%, to $15.8 million for
the three months ended September 30, 2022 from $19.1 million for the three
months ended September 30, 2021. The decrease is primarily attributable to a
decline in property and equipment depreciation expense as a result of lower
capital expenditures and existing assets being fully depreciated.

Gains on disposal of assets, net. Gains on disposal of assets primarily related to the sale of trucking assets during the three months ended
September 30, 2022 and 2021.

Depreciation of long-lived assets. In the three months ended September 30, 2021we began the temporary shutdown of our crude oil transportation operations, which resulted in the deprecation of the trade names of $0.5 million.


  Operating Income (Loss). We reported operating income of $3.8 million for the
three months ended September 30, 2022 compared to an operating loss of $54.2
million for the three months ended September 30, 2021. The decrease in operating
loss is primarily due to an increase in activity and utilization across all
operating divisions.
                                       38
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  Interest Expense, Net. Interest expense, net increased $1.8 million, or 120%,
to $3.3 million for the three months ended September 30, 2022 from $1.5 million
for the three months ended September 30, 2021. The increase is primarily due to
an increase in the interest rate and average borrowings outstanding under our
revolving credit facility.

  Other Income (Expense), Net. Other income increased $3.4 million during the
three months ended September 30, 2022 compared to the three months ended
September 30, 2021 primarily due to an increase in interest on trade accounts
receivable from $8.0 million for the three months ended September 30, 2021 to
$10.5 million for the three months ended September 30, 2022, as well as a
decline in legal fees unrelated to ongoing operations.

  Income Taxes. We recorded income tax expense of $3.8 million on pre-tax income
of $11.5 million for the three months ended September 30, 2022 compared to an
income tax benefit of $7.2 million on pre-tax losses of $48.1 million for the
three months ended September 30, 2021. Our effective tax rates were 33% and 15%
for the three months ended September 30, 2022 and 2021, respectively. The
effective tax rates for the three months ended September 30, 2022 and 2021
differed from the statutory rate of 21% primarily due to the mix of earnings
between the United States and Puerto Rico as well as changes in the valuation
allowance.



                                       39
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Nine Months Ended September 30, 2022 Compared to Nine Months Ended September 30,
2021
                                                                            Nine Months Ended
                                                              September 30,

2022 September 30, 2021

                                                                              (in thousands)
Revenue:
Infrastructure services                                     $            81,892          $           73,690
Well completion services                                                119,223                      63,059
Natural sand proppant services                                           37,548                      24,011
Drilling services                                                         7,944                       3,288
Other services                                                           16,730                      13,640
Eliminations                                                             (4,159)                     (5,958)
Total revenue                                                           259,178                     171,730

Cost of revenues: infrastructure services (excluding depreciation of $12,477 and $17,499respectively, for the nine months ended September 30, 2022 and 2021)

                           67,239                      70,432

Well completion services (excluding depreciation and amortization of $17,944 and $19,668respectively, for the nine months ended September 30, 2022 and 2021)

                           92,159                      47,788

Natural sand support services (excluding depreciation, depletion and accretion of $6,711 and $7,059respectively, for the nine months ended September 30, 2022 and 2021)

                   26,701                      22,631

Drilling services (excluding amortization of $4,928 and
$6,185respectively, for the nine months ended September 30, 2022 and 2021)

                                                        7,530                       4,739

Other benefits (excluding amortization of $8,378 and $10,148respectively, for the nine months ended September 30, 2022 and 2021)

12,256                      12,407
Eliminations                                                             (4,163)                     (5,958)
Total cost of revenue                                                   201,722                     152,039
Selling, general and administrative expenses                             26,560                      69,313
Depreciation, depletion, amortization and accretion                      50,485                      60,559
Gains on disposal of assets, net                                         (3,738)                     (4,632)

Impairment of long-lived assets                                               -                         547
Operating loss                                                          (15,851)                   (106,096)
Interest expense, net                                                    (8,270)                     (3,878)
Other income (expense), net                                              30,175                      (4,527)
Income (loss) before income taxes                                         6,054                    (114,501)
Provision (benefit) for income taxes                                     11,442                     (26,370)
Net loss                                                    $            (5,388)         $          (88,131)



  Revenue. Revenue for the nine months ended September 30, 2022 increased $87.5
million, or 51%, to $259.2 million from $171.7 million for the nine months ended
September 30, 2021. The increase in total revenue is primarily attributable to
increases in revenue across all operating divisions. Revenue derived from
related parties was $1.0 million, or 0.4% of our total revenue, for the nine
months ended September 30, 2022 and $17.8 million, or 10% of our total revenue,
for the nine months ended September 30, 2021. Substantially all of our related
party revenue was derived from Gulfport under pressure pumping and sand
contracts. For additional information regarding the status of these contracts
and the pending litigation related to the pressure pumping contract, see
"Industry Overview - Oil and Natural Gas Industry," "Industry Overview - Natural
Sand Proppant Industry" and Note 18. Commitments and Contingencies to our
unaudited condensed consolidated financial statements included elsewhere in this
report. Revenue by operating division was as follows:

                                       40
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Infrastructure Services. Infrastructure services division revenue increased $8.2
million, or 11%, to $81.9 million for the nine months ended September 30, 2022
from $73.7 million for the nine months ended September 30, 2021. There was less
storm activity during the nine months ended September 30, 2022 compared to the
nine months ended September 30, 2021, resulting in a $13.3 million decrease in
storm restoration revenue. This was offset by increases in overhead distribution
as a result of an increase in our crew count, improved efficiency of our crews,
improved pricing for our services as well as an increase in engineering services
revenue.

Well Completion Services. Well completion services division revenue increased
$56.1 million, or 89%, to $119.2 million for the nine months ended September 30,
2022 from $63.1 million for the nine months ended September 30, 2021. We did not
recognize any revenue derived from related parties for the nine months ended
September 30, 2022 compared to $14.8 million, or 23% of total well completion
revenue, for the nine months ended September 30, 2021. All of our well
completion related party revenue was derived from Gulfport under a pressure
pumping contract. On November 13, 2020, Gulfport filed petitions for voluntary
relief under chapter 11 of the Bankruptcy Code. During the nine months ended
September 30, 2021, we recognized revenue totaling $14.8 million related to the
modification of our pressure pumping contract with Gulfport. For additional
information regarding the status of this contract and the pending litigation
related to this contract, see "Industry Overview - Oil and Natural Gas Industry"
above and notes 2 and 3 to our unaudited condensed consolidated financial
statements included elsewhere in this report. Inter-segment revenues, consisting
primarily of revenue derived from our sand segment, was $0.6 million and $0.1
million for the nine months ended September 30, 2022 and 2021, respectively.

The increase in our well completion services revenue was primarily driven by an
increase in pressure pumping services utilization and pricing. The number of
stages completed increased 161% to 4,312 for the nine months ended September 30,
2022 from 1,653 for the nine months ended September 30, 2021. An average of 2.9
of our six fleets were active for the nine months ended September 30, 2022 as
compared to an average of 1.0 fleets for the nine months ended September 30,
2021.

Natural Sand Proppant Services. Natural sand proppant services division revenue
increased $13.5 million, or 56%, to $37.5 million for the nine months ended
September 30, 2022, from $24.0 million for the nine months ended September 30,
2021. We did not recognize any related party revenue for the nine months ended
September 30, 2022. Revenue derived from related parties was $2.1 million,
or 9% of total sand revenue, for the nine months ended September 30, 2021. All
of our related party revenue was derived from Gulfport under a sand supply
contract. On November 13, 2020, Gulfport filed petitions for voluntary relief
under chapter 11 of the Bankruptcy Code. During the three months ended March 31,
2021, we recognized revenue totaling $2.1 million related to the modification of
our sand supply contract with Gulfport. For additional information regarding the
status of this contract and the pending litigation related to this contract, see
"Industry Overview - Natural Sand Proppant Industry" above and notes 2 and 3 to
our unaudited condensed consolidated financial statements included elsewhere in
this report. Inter-segment revenue, consisting primarily of revenue derived from
our pressure pumping segment, was $2.4 million, or 7% of total sand revenue, for
the nine months ended September 30, 2022 and $4.0 million, or 17% of total sand
revenue, for the nine months ended September 30, 2021.

The increase in our natural sand proppant services revenue was primarily due to
a 60% increase in the average sales price per ton of sand sold from $16.37 per
ton during the nine months ended September 30, 2021 to $26.15 per ton during the
nine months ended September 30, 2022 and a 38% increase in tons of sand sold
from approximately 741,458 tons for the nine months ended September 30, 2021 to
approximately 1,019,740 tons for the nine months ended September 30, 2022. These
increases were partially offset by a $3.3 million decline in shortfall revenue
for the nine months ended September 30, 2022 as compared to the nine months
ended September 30, 2021.

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Drilling Services. Drilling services division revenue increased $4.6 million, or
139%, to $7.9 million for the nine months ended September 30, 2022 from $3.3
million for the nine months ended September 30, 2021. The increase in our
drilling services revenue was primarily attributable to increased utilization
for our directional drilling business from 20% during the nine months ended
September 30, 2021 to 43% nine months ended September 30, 2022 as well as
increased pricing.

Other Services. Other services revenue, consisting of revenue derived from our
aviation, equipment rental, crude oil hauling, remote accommodation and
equipment manufacturing businesses, increased $3.1 million, or 23%, to $16.7
million for the nine months ended September 30, 2022 from $13.6 million for the
nine months ended September 30, 2021. Inter-segment revenue, consisting
primarily of revenue derived from our infrastructure and well completion
segments, totaled $1.0 million and $1.8 million for the nine months ended
September 30, 2022 and 2021, respectively.

The increase in our other services revenue was primarily due to an increase in
utilization for our equipment rental business. An average of 240 pieces of
equipment was rented to customers during the nine months ended September 30,
2022, an increase of 105% from an average of 117 pieces of equipment rented to
customers during the nine months ended September 30, 2021. Additionally,
utilization for remote accommodations business increased. Due to market
conditions, we have temporarily shut down our crude oil hauling business
beginning in July 2021, resulting in a decline in revenue of approximately $1.3
million.

  Cost of Revenue (exclusive of depreciation, depletion, amortization and
accretion expense). Cost of revenue, exclusive of depreciation, depletion,
amortization and accretion expense, increased $49.7 million from $152.0 million,
or 89% of total revenue, for the nine months ended September 30, 2021 to $201.7
million, or 78% of total revenue, for the nine months ended September 30, 2022.
The increase is primarily due to an increase in cost of revenue for the well
completion services division. Cost of revenue by operating division was as
follows:

Infrastructure Services. Infrastructure services division cost of revenue,
exclusive of depreciation and amortization expense, decreased $3.2 million, or
5%, to $67.2 million for the nine months ended September 30, 2022 from $70.4
million for the nine months ended September 30, 2021. As a percentage of
revenue, cost of revenue, exclusive of depreciation and amortization expense
of $12.5 million and $17.5 million, respectively, for the nine months ended
September 30, 2022 and 2021 was 82% and 96% for the nine months ended
September 30, 2022 and 2021, respectively. The decrease as a percentage of
revenue is primarily due to declines in labor related costs associated with
improved efficiency of our crews and equipment rental costs as a percentage of
revenue.

Well Completion Services. Well completion services division cost of revenue,
exclusive of depreciation and amortization expense, increased $44.4 million, or
93%, to $92.2 million for the nine months ended September 30, 2022 from $47.8
million for the nine months ended September 30, 2021, primarily due to an
increase in cost of goods sold as a result of providing sand and chemicals with
our service package to customers during the nine months ended September 30, 2022
as well as an increase in activity. As a percentage of revenue, our well
completion services division cost of revenue, exclusive of depreciation and
amortization expense of $18.0 million and $19.7 million for the nine months
ended September 30, 2022 and 2021, respectively, was relatively flat at 77% and
76% for the nine months ended September 30, 2022 and 2021, respectively.

Natural Sand Proppant Services. Natural sand proppant services division cost of
revenue, exclusive of depreciation, depletion and accretion expense, increased
$4.1 million, or 18%, from $22.6 million for the nine months ended September 30,
2021 to $26.7 million for the nine months ended September 30, 2022. As a
percentage of revenue, cost of revenue, exclusive of depreciation, depletion and
accretion expense of $6.7 million and $7.1 million for the nine months ended
September 30, 2022 and 2021, respectively, was 71% and 94% for the nine months
ended September 30, 2022 and 2021, respectively. The decrease in cost as a
percentage of revenue is primarily due to a 60% increase in average sales price.

Drilling Services. Drilling services division cost of revenue, exclusive of
depreciation and amortization expense, increased $2.8 million, or 60%, from $4.7
million for the nine months ended September 30, 2021 to $7.5 million for the
nine months ended September 30, 2022, as a result of increased activity. As a
percentage of revenue, our drilling services division cost of revenue, exclusive
of depreciation and amortization expense of $4.9 million and $6.2 million, for
the nine months ended September 30, 2022 and 2021, respectively, was 95% and
142% for the nine months ended September 30, 2022 and 2021, respectively. The
decrease as a percentage of revenue is primarily due to increased pricing and
utilization.

                                       42
--------------------------------------------------------------------------------


Other Services. Other services division cost of revenue, exclusive of
depreciation and amortization expense, decreased $0.1 million, or 1%, from $12.4
million for the nine months ended September 30, 2021 to $12.3 million for the
nine months ended September 30, 2022. As a percentage of revenue, cost of
revenue, exclusive of depreciation and amortization expense of $8.4 million and
$10.1 million for the nine months ended September 30, 2022 and 2021,
respectively, was 73% and 91% for the nine months ended September 30, 2022 and
2021, respectively. The decrease as a percentage of revenue is primarily due to
an increase in utilization.

Selling, general and administrative expenses. Selling, general and administrative expenses represent the costs associated with managing and supporting our operations. The table below provides a breakdown of SG&A fees for the periods indicated (in thousands):

                                             Nine Months Ended
                                September 30, 2022      September 30, 2021
Cash expenses:
Compensation and benefits      $            9,796      $            11,379
Professional services(a)                   10,067                    8,399
Other(b)                                    6,127                    7,058
Total cash SG&A expenses                   25,990                   26,836
Non-cash expenses:
Bad debt provision(c)                        (112)                  41,650

Stock based compensation                      682                      827
Total non-cash SG&A expenses                  570                   42,477
Total SG&A expenses            $           26,560      $            69,313


a.  Certain legal expenses totaling $5.4 million were reclassified to Other, net
for the nine months ended September 30, 2021.
b.  Includes travel-related costs, IT expenses, rent, utilities and other
general and administrative-related costs.
c.  The bad debt provision for the nine months ended September 30, 2021 includes
$41.2 million related to the Stingray Pressure Pumping and Muskie contracts with
Gulfport.

  Depreciation, Depletion, Amortization and Accretion. Depreciation, depletion,
amortization and accretion decreased $10.1 million to $50.5 million for the nine
months ended September 30, 2022 from $60.6 million for the nine months ended
September 30, 2021. The decrease is primarily attributable to a decline in
property and equipment depreciation expense as a result of lower capital
expenditures and existing assets being fully depreciated.

Gains on Disposal of Assets, Net. Gains on the disposal of assets is primarily
related to the sale of trucks, land and buildings during the nine months ended
September 30, 2022 and trucking assets for the nine months ended September 30,
2021.

Depreciation of long-lived assets. In the three months ended September 30, 2021we began the temporary shutdown of our crude oil transportation operations, which resulted in the deprecation of the trade names of $0.5 million.


  Operating Loss. We reported an operating loss of $15.9 million for the nine
months ended September 30, 2022 compared to an operating loss of $106.1
million for the nine months ended September 30, 2021. The reduced operating loss
was primarily due to a decline in costs as a percentage of revenue as well as
increased activity across all operating divisions.

  Interest Expense, Net. Interest expense, net increased $4.4 million, or 113%,
to $8.3 million for the nine months ended September 30, 2022 from $3.9 million
for the nine months ended September 30, 2021 primarily due to an increase in the
interest rate and average borrowings outstanding under our revolving credit
facility.

  Other Income (Expense), Net. We recognized other income, net of $30.2 million
during the nine months ended September 30, 2022 compared to other expense, net
of $4.5 million for the nine months ended September 30, 2021. During the nine
months ended September 30, 2021 we recognized expense of $25.0 million related
to an agreement to settle a legal matter and corresponding legal fees totaling
$5.4 million. We recognized interest on trade accounts receivable of $30.5
million for the nine months ended September 30, 2022 compared to $25.1 million
for nine months ended September 30, 2021.

  Income Taxes. We recorded income tax expense of $11.4 million on pre-tax
income of $6.1 million for the nine months ended September 30, 2022 compared to
an income tax benefit of $26.4 million on pre-tax losses of $114.5 million for
the nine months ended September 30, 2021. Our effective tax rate was 189% for
the nine months ended September 30, 2022 compared to 23% for the nine months
ended September 30, 2021. The increase compared to the nine months ended
                                       43
--------------------------------------------------------------------------------

September 30, 2021 was due to the distribution of income between United States and
Porto Rico as well as changes to the valuation allowance.

Non-GAAP Financial Measures

Adjusted EBITDA


Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by
management and external users of our financial statements, such as industry
analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as
net income (loss) before depreciation, depletion, amortization and accretion,
gains on disposal of assets, impairment of other long-lived assets, public
offering costs, stock based compensation, interest expense, net, other income
(expense), net (which is comprised of interest on trade accounts receivable and
certain legal expenses) and provision (benefit) for income taxes, further
adjusted to add back interest on trade accounts receivable. We exclude the items
listed above from net income (loss) in arriving at Adjusted EBITDA because these
amounts can vary substantially from company to company within our industries
depending upon accounting methods and book values of assets, capital structures
and the method by which the assets were acquired. Adjusted EBITDA should not be
considered as an alternative to, or more meaningful than, net loss or cash flows
from operating activities as determined in accordance with GAAP or as an
indicator of our operating performance or liquidity. Certain items excluded from
Adjusted EBITDA are significant components in understanding and assessing a
company's financial performance, such as a company's cost of capital and tax
structure, as well as the historic costs of depreciable assets, none of which
are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not
be comparable to other similarly titled measures of other companies. We believe
that Adjusted EBITDA is a widely followed measure of operating performance and
may also be used by investors to measure our ability to meet debt service
requirements.

The following tables provide a reconciliation of Adjusted EBITDA to the GAAP
financial measure of net income or (loss) for each of our operating segments for
the specified periods (in thousands).

© Edgar Online, source Previews

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This Midwestern bank is doing way better than the giants of Wall Street https://amiyasahu.com/this-midwestern-bank-is-doing-way-better-than-the-giants-of-wall-street/ Mon, 24 Oct 2022 18:00:00 +0000 https://amiyasahu.com/this-midwestern-bank-is-doing-way-better-than-the-giants-of-wall-street/ New York CNN Business — Banks are in trouble. Rising interest rates should be good news for financial companies as they increase the profitability of loans. But banking giants like JPMorgan Chase, Citigroup and Bank of America have been hit hard this year as volatility on Wall Street since the Massive rate hike by the […]]]>


New York
CNN Business

Banks are in trouble. Rising interest rates should be good news for financial companies as they increase the profitability of loans.

But banking giants like JPMorgan Chase, Citigroup and Bank of America have been hit hard this year as volatility on Wall Street since the Massive rate hike by the Federal Reserve to fight inflation slammed their trading and investment banking businesses. Recession worries don’t help either.

Yet not all banks feel the pain. When it comes to financial stocks, it can make sense for investors to think smaller.

Regional banks, which rely primarily on the bread-and-butter business of lending and receiving deposits rather than Investment banking on Wall Streetfar better than financial giants JPMorgan Chase

(JMP)
Town

(VS)
BofA

(BAC)
Goldman Sachs

(GS)
Morgan Stanley

(MRS)
and others.

The KBW Regional Banks Index

(KRX)
which includes small lenders such as Texas Capital Bancshares

(TCBI)
first hawaiian

(FHB)
and the community banking system based in Syracuse, NY

(CBU)
, is down just 6% this year. That compares with a drop of almost 20% for the SPDR Financial Select Sector, which owns most of the big banks.

So can regional banks continue to hold up well even though the Fed is expected to raise interest rates further? Bigger rate hikes are likely to cause an even bigger jump in mortgage rateswhich could put a major dent in the rapid downturn in the housing market.

But Steve Steinour, CEO of Ohio-based Columbus, Huntington Bancshares, remains optimistic – despite worries about a looming recession.

“The consumer is still generally in good shape,” Steinour said in an interview with CNN Business on Friday after the release of Huntington’s latest quarterly results. Profits, revenue and net interest income – a key measure of bank earnings – all rose from a year ago and beat forecasts.

Steinour acknowledged that soaring inflation has been a problem for many consumers, especially those on lower incomes. But he said many of the bank’s middle-class and wealthier customers, as well as small businesses, had a financial cushion from the stimulus money they hadn’t finished spending.

“There is still a lot of excess savings that exceeds the norm,” Steinour said, adding that this has led to increased deposits for regional banks. To that end, Huntington said the bank’s total deposits in the third quarter were up $1 billion from the second quarter and nearly $4 billion from the same period a year ago.

Huntington Bancshares shares

(HBAN)
jumped 9% on the news on Friday and rose again on Monday. The stock has only fallen 4% this year.

Steinour said he was heartened that his bank’s customers seemed to have learned from the buildup of the Great Recession and the eventual bursting of the subprime mortgage-induced housing bubble in 2008.

“Taking advantage of house flips? It ended in 2008 and 2009,” he said. “The consumer is much less speculative now.”

It helps that the markets where Huntington operates, mostly in the Midwest, haven’t seen the same dramatic spikes in real estate prices as on the coasts.

“The Midwest generally doesn’t have a lot of housing inflation,” he said. “We might not get the big peaks, but we won’t get the big drops either.” Steinour added that housing shortages and population growth in many of its markets, including Columbus, have helped keep real estate prices from falling dramatically.

That said, there are big risks that Steinour is watching out for.

“There are a lot of reasons to worry,” he said.

On the one hand, professional customers are increasingly wary of the economic outlook. “We see that equipment purchases are postponed by companies. There is a sense of conservatism taking hold,” he said.

Consumers are also a little more nervous, even though they continue to spend. “On Main Street, there’s still optimism even though it’s not as much as last year,” Steinour said.

He also noted that inflation is likely to be a problem for longer than most consumers, businesses and the Fed would like, and that a so-called “soft landing” will likely be elusive in the future. the central bank’s fight against inflation.

“A soft landing in my mind has always been more like a mild recession with a quick recovery,” he said. But inflation is proving more difficult than expected. So we are likely to see higher rates for a longer period.

Steinour said big rate hikes might not be nice for consumers or small businesses. But he thinks the Fed is doing what is necessary to prevent “stagflation,” a period when both high inflation and low growth occur simultaneously.

“We don’t want the 1970s anymore where there are many years of stagflation,” he said. “We need to bear the pain of rate hikes now and move forward so the economy can rebuild and rebound.”

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Senator Moran stops for Chamber’s Camp Aldrich event https://amiyasahu.com/senator-moran-stops-for-chambers-camp-aldrich-event/ Fri, 21 Oct 2022 22:20:36 +0000 https://amiyasahu.com/senator-moran-stops-for-chambers-camp-aldrich-event/ CAMP ALDRICH — The Great Bend Chamber of Commerce After Hours is a great time to meet neighbors and learn about local businesses in the community. Thursday’s event, hosted by Barton Community College at its Camp Aldrich conference center, offered a wide range of chili peppers, cinnamon rolls and drinks, with prizes on top. The […]]]>

CAMP ALDRICH — The Great Bend Chamber of Commerce After Hours is a great time to meet neighbors and learn about local businesses in the community.

Thursday’s event, hosted by Barton Community College at its Camp Aldrich conference center, offered a wide range of chili peppers, cinnamon rolls and drinks, with prizes on top.

The original program was to showcase the camp and its amenities throughout the year for events such as weddings, summer camps, business retreats and recreational opportunities.

On short notice, Kansas Sen. Jerry Moran stopped by the event Thursday night. He and his Wichita office worker, Tyler York, circulated through the large crowd sharing stories, memories and listening to constituents’ concerns.

“I was born in Great Bend, County Barton; my dad was a gas station attendant for Skelly and we lived on a few leases near Susank. I appreciate the chance to join you in celebrating the good things that are happening. Thank you for the opportunity to work on your behalf and thank you for making me feel loved in this county,” he said.

Ahead of the Nov. 8 midterm elections, Senator Moran traveled the state as a champion of veterans’ issues, access to rural health care, manufacturing opportunities and lifestyle of Kansas.

Senator Moran shared three points of concern during his visit, relating to the Biden administration’s recent release of oil from the country’s Strategic Petroleum Reserve, the growth of food deserts in the state, and the United States Postal Service. United :

Reserve release

Senator Moran questioned the validity of the president’s plan to release oil from the reserve, noting that it would not solve the current price problem.

“It’s not politics,” Moran said. “I am troubled, deeply troubled, by what this administration is doing. For a year and a half, maybe more, we have been trying to get this administration to change its policies and support all energies, including fossil fuels.

” It is a problem. They shop around the world trying to find someone else to give us our oil; we need to encourage American production – create jobs, increase supply and lower the price for the farmer.

“What troubles me even more today is the release of the strategic oil reserves, which will not bring the price down but will leave us in the situation where hard times come, there is a national security challenge, we don’t have the supplies we need,” he said. “We’re wasting our national security to look like we’re doing something to solve the problem, when the solution isn’t to empty the oil reserve but to increase production in the United States.

“Kansas has the ability to do that. Independent producers in Kansas are interested, but reluctant, not knowing what the next policy will be. Do they invest a lot of money trying to find more oil only to find that the administration is doing something to make it harder for them to succeed or survive? »

food deserts

Senator Moran was made aware of the state’s recent addition to its food desert situation with the closing of the La Crosse grocery store in August. After meeting with local officials, a solution could be considered, he said.

“I came to La Crosse a month ago and met with community leaders to see if there was anything I could do and understand the problem,” he said. “It looks like they have a local couple who bought the grocery store with the option of keeping it open. We are seeking grants for Rush County to help fund this purchase and make it a viable store. It’s often one community, one grocery store at a time, but Kansas State University has a program that tries to help communities save their grocery stores.

“Rural development within the USDA could have a grant. We are trying to find solutions to an important problem.

The problem is not recent, he noted.

“Since I’ve been in Washington, DC, I’ve explained to my colleagues that economic development can depend on whether or not there is a grocery store in town. Hardly anyone understands why this is a problem,” he said. “When I became a senator, I discovered that there were these problems in the middle of Wichita and in the middle of Kansas City, Kansas. It’s not just a rural thing; it’s a scale problem. We have introduced legislation to create grant programs to help communities that are willing to help themselves run a grocery store.

During a recent visit to Greensburg, Senator Moran spoke about the 2007 tornado that leveled the city. “I noticed that one of the biggest issues people were calling me about after the tornado was whether Dillons was going to stay in business here. Because if not, we plan to move. if we don’t have groceries.

“That same thing is true in communities in Kansas, whether it’s a small town or in the middle of a town that loses its grocery store, people are going to find another place to live. Then we lose young families coming in and we We’re losing seniors who are having a hard time trying to find groceries elsewhere – maybe they’re moving to where their kids are. That makes it a question of whether this community has a future.

USPS

“The post office is important everywhere, but especially in places where we have so many elderly people who depend on it for their prescriptions. The post office itself is a gathering place for people in the community,” he said.

“The Postal Service is mentioned in the Constitution of the United States. It’s an important function, but we feel that if it can’t make money, it won’t help.

“The places where they can make money help subsidize where they can’t while allowing the mail to go from place to place.

“We passed the most significant reform of the Postal Service, certainly during my term in Congress. It changes the nature of the financing of pension funds. This allows the Postal Service to do more things to generate revenue. I think the Postal Service is in better shape financially.

“The problem is the attitude that the key to success is to cut services. I tried to explain to the Postmaster General – about three of them now in a row – that if the goal of survival is to cut services, you’re going to lose all your customers. There must be a service in the postal service. The closure of these service centers is slowing down mail delivery.

“We passed a law prohibiting the closing of service centers, but they already closed the ones in Kansas before we passed the bill. We are trying to reverse the process.

]]>
Robust or vulnerable? Experts are divided on Australia’s economic outlook https://amiyasahu.com/robust-or-vulnerable-experts-are-divided-on-australias-economic-outlook/ Sun, 16 Oct 2022 21:30:01 +0000 https://amiyasahu.com/robust-or-vulnerable-experts-are-divided-on-australias-economic-outlook/ A customer looks at the price of limes at a fruit stand in Sydney. Australia’s inflation rate rose to 6.1 in June, a 21-year high, according to the Australian Bureau of Statistics. Lisa Tide Williams | Getty ImagesNews The Bank of Queensland said it was “fairly optimistic” about Australia’s “very robust economy” – but not […]]]>

A customer looks at the price of limes at a fruit stand in Sydney. Australia’s inflation rate rose to 6.1 in June, a 21-year high, according to the Australian Bureau of Statistics.

Lisa Tide Williams | Getty ImagesNews

The Bank of Queensland said it was “fairly optimistic” about Australia’s “very robust economy” – but not everyone agrees.

“We have a very robust economy, which I think when you look at the global challenges, the likelihood of us coming out of it in good shape is quite high,” George Frazis, CEO of Bank of Queensland, told CNBC on Wednesday. .

“The [Reserve Bank of Australia] moved pretty quickly to deal with inflation…that’s why I think there’s a good chance we’ll have a soft landing in Australia,” Frazis said.

Last week, the RBA raised interest rates by 25 basis points to 2.6% and cited the rising cost of living.

As is the case with most countries, inflation in Australia is too high,” Australia’s central bank said. “Global factors explain much of this high inflation, but strong domestic demand relative to the economy’s ability to meet that demand also plays a role.”

Frazis cited “very high household savings” and “very low unemployment” as drivers of the economy’s strength, despite the pressure on house prices.

“And that’s against a backdrop where house prices have actually gone up 39% over the past two years.”

Corelogic figures, a leading property data provider in Australia, reports that the national value of Australian homes has increased by 28.6% over the past two years. Some capitals have seen price increases of 39% and more.

While the housing sector is very vulnerable to higher interest rates, real housing construction should remain strong for some time…

Shane Olivier

Chief Economist, AMP Capital

The key to whether or not the housing market is disrupted, according to Frazis, is the unemployment figures, which he said were at an “all-time low”.

australia unemployment rate stood at 3.5% in August, and The household savings rate fell to 8.7% in the quarter from March to June.

“Our view is that [unemployment] is likely to continue and that’s the main driver of whether or not housing is disrupted.”

The bank’s CEO also expressed confidence that Australia is “well-supported” against any kind of cataclysmic event in the housing market, citing that landlords were saving and were ahead of repayments.

However, he maintained that the disruption to Australia’s housing market is “unlikely” to materialise.

No room for complacency

We are rather optimistic on the Australian economy, says Bank of Queensland

“Debt servicing problems will become more widespread if economic conditions, particularly the level of unemployment, turn out to be worse than expected and house prices fall sharply,” the report continues.

In addition, Deputy Treasurer Stephen Jones warned that Australia’s economy is not “hermetically sealed off” from the expected slowdown in the international economy, Sky News reported.

Jones added that the country’s main trading partners are in a “precarious” and deteriorating situation, which will have an impact on Australia.

He also noted that as inflation rises, the economy slows down around the world. This in turn will have an impact on Australia’s growth forecast.

“We just can’t settle for these numbers,” he said.

The Fund for International Monetary Policy recently announced that a third of the world is heading for a recession, which could include economic superpowers like China and the United States

Slower growth, but no recession

An economist suggested a modest outlook for Australia’s economy and predicted that the country’s growth would slow to around 2%, instead of falling into recession.

High household debt in Australia could hurt consumer spending, according to Shane Oliver, chief economist at AMP Capital. However, inflation and lower wage growth also mean that this risk is lower, he added.

Australian dollar banknotes of various denominations are laid out for a photo in Sydney, Australia, Friday, Aug. 4, 2017. High household debt in Australia could put consumer spending at risk, according to Shane Oliver, chief economist at AMP Capital. However, inflation and lower wage growth also mean that this risk is lower, he added.

Brendon Thorne | Bloomberg | Getty Images

“While the housing sector is very vulnerable to higher interest rates, real housing construction should remain strong for some time thanks to a large pipeline of approved but not yet completed home construction projects,” he said. said Oliver.

The economist added that gas prices in Australia had not risen as much as in Europe, and that the fall Australian dollar will provide a buffer against global weakness.

– CNBC’s Tan Su Lin contributed to this report.

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