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Posted On: 03/08/2017 7:00:22 AM

Posted By: News Desk 2018

Liberty Tax Service Announces Fiscal 2017 Third Quarter Results

VIRGINIA BEACH, Va., March 08, 2017 (GLOBE NEWSWIRE) -- Liberty Tax, Inc. (NASDAQ: TAX ) (the “Company”), the parent company of Liberty Tax Service, today reported results for the third quarter ended January 31, 2017.

“The 2017 tax season marks another period of change for the industry as filing patterns continue to shift later into the season,” stated John Hewitt, CEO.  “The whole industry has been slow, but we are clearly not satisfied with how we have performed in comparison to the market. There is still a lot of season in front of us and we are focused on delivering a strong second half and on implementing the appropriate changes to be successful in an evolving landscape.”

Hewitt continued, “I am pleased with the progress we have made with our compliance efforts and we will continue to ensure that the high standards and integrity of the Liberty brand are upheld at all levels of our organization.”

($ in millions except per share data)	GAAP									Non - GAAP*
	Q3 2017			Q3 2016			Change			Q3 2017			Q3 2016			Change
Revenue	$	48.4		$	53.6		-9.7	%		$	48.4		$	53.6		-9.7	%
Operating expenses		43.3			44.7		-3.0	%			43.1			44.7		-3.5	%
Income before taxes		4.1			8.2		-49.8	%			4.4			8.2		-46.8	%
Net Income		2.5			4.7		-48.2	%			2.6			4.7		-45.1	%
Diluted EPS		0.18			0.34		-47.1	%			0.19			0.34		-44.1	%
*See reconciliation of non-GAAP to GAAP financial measures in Table E and additional information under "About Non-GAAP Financial Information".

Income Statement

• For the three months ended January 31, 2017, revenue declined 9.7% to $48.4 million reflecting a slow start to the filing season.
• Operating expenses were down 3%, or $1.3 million, as a result of the slower start to the tax season, as well as cost saving measures implemented in Fiscal 2017.
• Diluted net income per share of $0.18 was $0.16 lower than the prior year period as a result of the decline in revenues.

Balance Sheet As of January 31, 2017, the Company had drawn $131.2 million on its revolving credit facility, compared to $150.7 million at January 31, 2016.  The decrease in the usage of our credit facility is primarily due to a shift in seasonal borrowings of our franchisees from the third quarter to the fourth quarter. 

Operational Comments The Company operated 3,823 offices in the U.S. in Fiscal 2017 as compared to 4,225 offices in Fiscal 2016.  The decrease represents a decline of 250 permanent office locations, as well as a reduction of 152 seasonal and processing center locations. 

Through February 28 of the 2017 calendar year, the Company had prepared 915,000 U.S. tax returns, as compared to 1,094,000 U.S. tax returns prepared in the comparable prior year period, representing a decline of 16.4%.

Dividend On March 7, 2017, the Board of Directors approved our ninth consecutive quarterly dividend to stockholders of $0.16 per share. The dividend will be paid on April 24, 2017 to holders of record of common stock and common stock equivalents on the close of business on April 12, 2017.

Conference Call At 8:30 a.m. Eastern time on March 8, 2017, the Company will host a conference call for analysts, institutional investors and stockholders.  To access the call, please dial the number below approximately 10 minutes prior to the scheduled starting time:

U.S.	855-611-0856
International	518-444-5569
Conference ID Code:	76616287

The call will also be webcast in a listen-only format.  The link to the webcast can be accessed on the Company’s investor relations website at www.libertytax.com , under the “About” tab.

A telephonic replay of the call will be available beginning shortly after the call until Wednesday, March 15, 2017, by dialing 855-859-2056 (domestic) or 404-537-3406 (international).  The conference ID code is 76616287.  A replay of the webcast will also be available at the site listed above beginning shortly after its conclusion. 

About Liberty Tax, Inc. Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX ) is the parent company of Liberty Tax Service. Liberty Tax has been one of the fastest-growing tax preparation franchises. Last year, Liberty Tax prepared over two million individual income tax returns and currently operates in more than 4,000 offices and online. Liberty Tax's online services are available through eSmart Tax , Liberty Online and DIY Tax and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 22,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor to many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook .

About Non-GAAP Financial Information This press release and the accompanying tables include non-GAAP financial information. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with U.S. generally accepted accounting principles, please see the section of the accompanying Tables E & F titled “Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.” 

Forward Looking Statements In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including implied and express statements regarding future growth.  These forward-looking statements, as well as Company guidance, are based upon the Company's current expectations and there can be no assurance that such expectations will prove to be correct. Because forward-looking statements involve risks and uncertainties and speak only as of the date on which they are made, the Company's actual results could differ materially from these statements. These risks and uncertainties relate to, among other things; uncertainties regarding the Company's ability to attract and retain clients; the ability to continue to pay a quarterly dividend; the impact of the launch of a new franchise brand; uncertainties regarding the Company’s ability to meet its prepared returns targets; competitive factors; regulatory factors; the Company's effective income tax rate; litigation defense expenses and costs of judgments or settlements; costs associated with compliance efforts; and changes in market, economic, political or regulatory conditions. Information concerning these risks and uncertainties is contained in the Company’s annual report on Form 10-K and in other filings by the Company with the U.S. Securities and Exchange Commission.  The Company does not undertake any duty to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Table A
Liberty Tax, Inc.
Condensed Consolidated Balance Sheets
Amounts in thousands
	January 31,				April 30,				January 31,
		2017				2016				2016
Current assets:	(Unaudited)								(Unaudited)
Cash and cash equivalents	$	3,459			$	9,906			$	1,787
Current receivables, net		138,807				71,722				149,886
Assets held for sale		17,549				9,886				11,164
Income taxes receivable		12,827				-				16,303
Deferred income tax asset		3,881				3,496				3,354
Other current assets		23,079				5,838				21,188
Total current assets		199,602				100,848				203,682
Property, equipment, and software, net		41,734				40,957				41,216
Notes receivable, non-current, net		25,742				23,504				33,036
Goodwill		4,811				4,228				4,069
Other intangible assets, net		22,648				16,270				13,217
Other assets		3,214				7,416				8,458
Total assets	$	297,751			$	193,223			$	303,678
Current liabilities:
Current installments of long-term obligations	$	5,688			$	5,947			$	5,220
Accounts payable and accrued expenses		22,259				11,664				15,506
Due to ADs		13,157				24,977				16,258
Income taxes payable		-				3,581				-
Deferred revenue - current		3,436				4,682				4,413
Total current liabilities		44,540				50,851				41,397
Long-term obligations, excluding current installments, net of debt issuance costs of $70, $108 and $122, respectively		19,238				17,493				18,410
Revolving credit facility		131,215				-				150,682
Deferred revenue - non-current		5,307				7,056				7,206
Deferred income tax liability		8,203				6,322				6,049
Total liabilities		208,503				81,722				223,744
Stockholders' equity:
Special voting preferred stock, $0.01 par value per share		-				-				-
Class A common stock, $0.01 par value per share		127				120				120
Class B common stock, $0.01 par value per share		2				9				9
Exchangeable shares, $0.01 par value per share		10				10				10
Additional paid-in capital		7,862				7,153				6,385
Accumulated other comprehensive loss, net of taxes		(1,673	)			(1,698	)			(2,430	)
Retained earnings		82,920				105,907				75,840
Total stockholders' equity		89,248				111,501				79,934
Total liabilities and stockholders' equity	$	297,751			$	193,223			$	303,678
Note: Effective May 1, 2016, we adopted Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, on a retrospective basis. Accordingly, debt issuance costs associated with our long term debt are now included in the long term obligations line in the consolidated balance sheets. And, amounts for prior periods have been retrospectively adjusted to conform to the current period presentation.

Table B
Liberty Tax, Inc.
Condensed Consolidated Statement of Operations
Unaudited, amounts in thousands, except per share and share data
	Three months ended January 31,
		2017				2016			$ change				% change
Revenue:
Franchise fees	$	522			$	1,011			$	(489	)		-48.4	%
AD fees		1,001				1,363				(362	)		-26.6	%
Royalties and advertising fees		19,078				25,571				(6,493	)		-25.4	%
Financial products		18,745				17,266				1,479			8.6	%
Interest income		3,246				3,188				58			1.8	%
Tax preparation fees, net of discounts		3,883				3,843				40			1.0	%
Other revenue		1,948				1,379				569			41.3	%
Total revenue		48,423				53,621				(5,198	)		-9.7	%
Operating expenses:
Employee compensation and benefits		11,240				11,638				(398	)		-3.4	%
Selling, general, and administrative expenses		18,193				12,585				5,608			44.6	%
AD expense		5,958				9,340				(3,382	)		-36.2	%
Advertising expense		5,424				8,972				(3,548	)		-39.5	%
Depreciation, amortization, and impairment charges		2,503				2,118				385			18.2	%
Total operating expenses		43,318				44,653				(1,335	)		-3.0	%
Income from operations		5,105				8,968				(3,863	)		-43.1	%
Other income (expense):
Foreign currency transaction gain (loss)		15				(14	)			29			n/a
Interest expense		(977	)			(705	)			(272	)		38.6	%
Income before income taxes		4,143				8,249				(4,106	)		-49.8	%
Income tax expense		1,688				3,511				(1,823	)		-51.9	%
Net income	$	2,455			$	4,738			$	(2,283	)		-48.2	%
Net income per share of Class A and Class B
common stock
Basic	$	0.18			$	0.34			$	(0.16	)		-47.1	%
Diluted	$	0.18			$	0.34			$	(0.16	)		-47.1	%
Weighted-average shares outstanding basic		12,902,577				12,795,367				107,210			0.8	%
Weighted-average shares outstanding diluted		13,924,210				14,002,356				(78,146	)		-0.6	%

Table C
Liberty Tax, Inc.
Condensed Consolidated Statement of Operations
Unaudited, amounts in thousands, except per share and share data
	Nine months ended January 31,
		2017				2016			$ change				% change
Revenue:
Franchise fees	$	1,126			$	2,526			$	(1,400	)		-55.4	%
AD fees		3,118				4,491				(1,373	)		-30.6	%
Royalties and advertising fees		21,862				28,589				(6,727	)		-23.5	%
Financial products		19,528				17,781				1,747			9.8	%
Interest income		8,500				7,503				997			13.3	%
Tax preparation fees, net of discounts		5,803				4,805				998			20.8	%
Other revenue		2,869				3,320				(451	)		-13.6	%
Total revenue		62,806				69,015				(6,209	)		-9.0	%
Operating expenses:
Employee compensation and benefits		29,836				28,454				1,382			4.9	%
Selling, general, and administrative expenses		35,679				29,097				6,582			22.6	%
AD expense		6,979				10,722				(3,743	)		-34.9	%
Advertising expense		8,838				14,072				(5,234	)		-37.2	%
Depreciation, amortization, and impairment charges		6,330				5,626				704			12.5	%
Total operating expenses		87,662				87,971				(309	)		-0.4	%
Loss from operations		(24,856	)			(18,956	)			(5,900	)		31.1	%
Other income (expense):
Foreign currency transaction loss		(10	)			(39	)			29			-74.4	%
Gain on sale of available-for-sale securities		50				-				50			n/a
Interest expense		(2,053	)			(1,592	)			(461	)		29.0	%
Loss before income taxes		(26,869	)			(20,587	)			(6,282	)		30.5	%
Income tax benefit		(10,552	)			(7,717	)			(2,835	)		36.7	%
Net loss	$	(16,317	)		$	(12,870	)		$	(3,447	)		26.8	%
Net loss per share of Class A and Class B
common stock
Basic and diluted	$	(1.26	)		$	(1.01	)		$	(0.25	)		24.8	%
Weighted-average shares outstanding basic and diluted		12,899,757				12,794,185				105,572			0.8	%

Table D
Liberty Tax, Inc.
Condensed Consolidated Statements of Cash Flows
Unaudited, amounts in thousands
	Nine months ended January 31,
		2017				2016
Cash flows from operating activities:
Net loss	$	(16,317	)		$	(12,870	)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for doubtful accounts		6,482				4,589
Depreciation, amortization, and impairment charges		6,330				5,626
Stock-based compensation expense		1,520				1,348
Gain on sale of available-for-sale securities		(50	)			-
Gain on bargain purchases and sales of Company-owned offices		(634	)			(470	)
Deferred tax expense		1,046				7,253
Changes in accrued income taxes		(16,728	)			(18,283	)
Changes in other assets and liabilities		(43,694	)			(55,476	)
Net cash used in operating activities		(62,045	)			(68,283	)
Cash flows from investing activities:
Issuance of operating loans to franchisees		(63,670	)			(81,364	)
Payments received on operating loans to franchisees		4,065				3,077
Purchases of AD rights and Company-owned offices		(8,141	)			(3,713	)
Proceeds from sale of Company-owned offices and AD rights		1,291				2,851
Purchase of available-for-sale securities		-				(4,999	)
Proceeds from sale of available-for-sale securities		5,049				-
Purchases of property, equipment and software		(4,303	)			(8,685	)
Net cash used in investing activities		(65,709	)			(92,833	)
Cash flows from financing activities:
Proceeds from the exercise of stock options		-				1,998
Repurchase of common stock		(417	)			(1,977	)
Dividends paid		(6,670	)			(6,629	)
Repayment of amounts due to former ADs and franchisees		(1,204	)			(2,429	)
Repayment of long-term obligations		(3,710	)			(726	)
Borrowings under revolving credit facility		132,531				151,225
Repayments under revolving credit facility		(1,316	)			(543	)
Proceeds from mortgage debt		2,200				-
Payment for debt issue costs		(35	)			-
Tax benefit of stock option exercises		60				933
Net cash provided by financing activities		121,439				141,852
Effect of exchange rate changes on cash, net		(132	)			(336	)
Net decrease in cash and cash equivalents		(6,447	)			(19,600	)
Cash and cash equivalents at beginning of period		9,906				21,387
Cash and cash equivalents at end of period	$	3,459			$	1,787

Table E
Liberty Tax, Inc.
Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures
Unaudited, amounts in thousands, except per share data
We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP); however, we believe that earnings before interest, taxes, depreciation, amortization and impairment ("EBITDA") and non-GAAP results should be evaluated, in addition to, and not as an alternative for, net income as determined in accordance with GAAP.  We consider our non-GAAP financial results to be a useful metric for management and investors to evaluate and compare current year results with prior periods.  Because not all companies use the same calculations, our definition of EBITDA may not be comparable to similarly titled figures from other companies.  In addition, when evaluating non-GAAP results, we exclude certain items that are not considered to be part of future operating results.
The following is a reconciliation of EBITDA to GAAP Net income.
										Three Months Ended January 31,
											2017			2016
										(in thousands)
Net Income - as reported										$	2,455		$	4,738
Add back:
Interest expense											977			705
Income tax expense											1,688			3,511
Depreciation, amortization, and impairment charges											2,503			2,118
Total Adjustments											5,168			6,334
EBITDA										$	7,623		$	11,072
The following is a reconciliation of our non-GAAP financial measures to the most comparable GAAP financial measures.
Amounts may not add or recalculate due to rounding.
For the three months ended January 31, 2017
			Operating			Income from				Pretax			Net		Diluted
	Revenues		Expenses			Operations		EBITDA		Income			Income		EPS
As Reported	$	48,423	$	43,318		$	5,105	$	7,623	$	4,143		$	2,455	$	0.18
Adjustments: (1)
Compliance Task Force and related costs		-		(249	)		249		249		249			148		0.01
Total Adjustments		-		(249	)		249		249		249			148		0.01
Non-GAAP	$	48,423	$	43,069		$	5,354	$	7,872	$	4,392		$	2,603	$	0.19
For the three months ended January 31, 2016
			Operating			Income from				Pretax			Net		Diluted
	Revenues		Expenses			Operations		EBITDA		Income			Income		EPS
As Reported	$	53,621	$	44,653		$	8,968	$	11,072	$	8,249		$	4,738	$	0.34
Adjustments:
No adjustments for this period		-		-			-		-		-			-		-
Total Adjustments		-		-			-		-		-			-		-
Non-GAAP	$	53,621	$	44,653		$	8,968	$	11,072	$	8,249		$	4,738	$	0.34
(1)  The net income impact of the adjustments is calculated using the effective tax rate for the period.

Table F
Liberty Tax, Inc.
Reconciliation of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures
Unaudited, amounts in thousands, except per share data
We report our financial results in accordance with GAAP; however, we believe that EBITDA and non-GAAP results should be evaluated, in addition to, and not as an alternative for, net loss as determined in accordance with GAAP.  We consider our non-GAAP financial results to be a useful metric for management and investors to evaluate and compare current year results with prior periods.  Because not all companies use the same calculations, our definition of EBITDA may not be comparable to similarly titled figures from other companies.  In addition, when evaluating non-GAAP results, we exclude certain items that are not considered to be part of future operating results.
The following is a reconciliation of EBITDA to GAAP Net Loss.
												Nine Months Ended January 31,
													2017				2016
												(in thousands)
Net Loss - as reported												$	(16,317	)		$	(12,870	)
Add back:
Interest expense													2,053				1,592
Income tax benefit													(10,552	)			(7,717	)
Depreciation, amortization, and impairment charges													6,330				5,626
Total Adjustments													(2,169	)			(499	)
EBITDA												$	(18,486	)		$	(13,369	)
The following is a reconciliation of our non-GAAP financial measures to the most comparable GAAP financial measures.
Amounts may not add or recalculate due to rounding.
For the nine months ended January 31, 2017
			Operating			Loss from										Net			Basic &
	Revenues		Expenses			Operations			EBITDA			Pretax Loss				Loss			Diluted EPS
As Reported	$	62,806	$	87,662		$	(24,856	)	$	(18,486	)	$	(26,869	)		$	(16,317	)	$	(1.26	)
Adjustments: (1)
Executive severance, including stock-based compensation		-		(877	)		877			877			877				533			0.04
Compliance Task Force and related costs		-		(1,063	)		1,063			1,063			1,063				646			0.05
Gain on available-for-sale securities		-		-			-			(50	)		(50	)			(30	)		-
Total Adjustments		-		(1,940	)		1,940			1,890			1,890				1,149			0.09
Non-GAAP	$	62,806	$	85,722		$	(22,916	)	$	(16,596	)	$	(24,979	)		$	(15,168	)	$	(1.17	)
For the nine months ended January 31, 2016
			Operating			Loss from										Net			Basic &
	Revenues		Expenses			Operations			EBITDA			Pretax Loss				Loss			Diluted EPS
As Reported	$	69,015	$	87,971		$	(18,956	)	$	(13,369	)	$	(20,587	)		$	(12,870	)	$	(1.01	)
Adjustments: (1)
Executive severance, including stock-based compensation		-		(413	)		413			413			413				258			0.02
Total Adjustments		-		(413	)		413			413			413				258			0.02
Non-GAAP	$	69,015	$	87,558		$	(18,543	)	$	(12,956	)	$	(20,174	)		$	(12,612	)	$	(0.99	)
(1)  The net loss impact of the adjustments is calculated using the effective tax rate for the period.

				Table G
				Liberty Tax, Inc.
				Operational Data
				Unaudited
									Percent
Tax returns processed 1				CYTD 1/31/17		CYTD 1/31/16			Change
	U.S. offices			342,000		438,000			-21.9	%
	Online			15,000		21,000			-28.6	%
		Total tax returns processed		357,000		459,000			-22.2	%
									Percent
Tax returns processed 1				CYTD 2/28/17		CYTD 2/28/16			Change
	U.S. offices			915,000		1,094,000			-16.4	%
	Online			54,000		65,000			-16.9	%
		Total tax returns processed		969,000		1,159,000			-16.4	%
U.S. Offices 2									Change
	Permanent			3,710		3,960			(250	)
	Seasonal			67		211			(144	)
	Processing Centers			46		54			(8	)
		Total Office Locations		3,823		4,225			(402	)
1	Return counts are rounded to the thousands and percentages are calculated on rounded amounts
2	We measure our number of offices per fiscal year based on franchised and company-owned offices that are open at any point during the season

About Non-GAAP Financial Information The Company believes that EBITDA and non-GAAP net income (loss) should be evaluated, in addition to, and not as an alternative for, net income (loss) as determined in accordance with GAAP.  Both metrics are used by management when evaluating the performance of the Company.  Because not all companies use the same calculations, our definition of EBITDA may not be comparable to similarly titled figures from other companies.  In addition, when evaluating non-GAAP financial information, we exclude certain items that are not considered to be part of future operating results and which management excludes when evaluating the performance of the Company.  Descriptions of the items which are excluded are as follows:

Executive severance, including stock-based compensation:   We exclude from our non-GAAP financial measures cash and non-cash stock-based compensation and perquisites associated with the separation of employment with executives of the Company.

Compliance Task Force and related costs:   We exclude from our non-GAAP financial measures third-party expenses we incur related to our Compliance Task Force, which we established in fiscal 2016 to examine and prevent non-compliance, fraud and other misconduct among our franchisees and employees.  These expenses include professional and legal fees.

Gain on available-for-sale securities:   We exclude from our non-GAAP financial measures gains and losses we record when we sell equity securities and other investments.

CONTACTS: Investors: Kathy Donovan Liberty Tax, Inc. Vice President, Chief Financial Officer (757) 493-8855 investorrelations@libtax.com Media: Martha O’Gorman Liberty Tax, Inc. Chief Marketing Officer (757) 301-8022 martha@libtax.com

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Investors Have a Unique OpportunityIn today's dynamic investment landscape, Super Micro Computer, Inc. (NASDAQ: SMCI) investors find themselves at a pivotal moment. The recent developments surrounding the company have opened avenues for investors to seek justice and accountability. As the situation unfolds, it's crucial for shareholders to understand the implications of these events and how they can act to protect their rights.Understanding the Allegations Against Super Micro... Continue Reading

Secret Double Octopus's Growth Fueled by SBI Holdings Investment

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By : Riley Hayes Updated: 10-29-2024

Secret Double Octopus Secures Strategic Investment Secret Double Octopus, a leader in workforce passwordless authentication, has announced a significant success in its funding strategy. The company has successfully raised additional equity funding, marking the second tranche of its Series C financing. Transforming Authentication in the Workplace Many Fortune 500 companies are currently using Secret Double Octopus's platform to eliminate the traditional password from t... Continue Reading

Navigating Retirement: Insights from Allianz Life on Planning

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By : Ryan Hughes Updated: 10-29-2024

Understanding Retirement Income Strategies Many Americans today find themselves unprepared for retirement when it comes to drawing income from their savings. Recent studies reveal that a significant portion of individuals lack a robust plan for managing their funds in retirement. The current landscape shows that out of all Americans, only 44% have defined a strategy for drawing income during their golden years. With each generation facing its own unique challenges, it’s vital to expl... Continue Reading

Innovative Financial Product Unveiled: Max Elite Annuities

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By : Evelyn Baker Updated: 10-29-2024

Introducing Max Elite AnnuitiesNorth American Company for Life and Health Insurance, known for its strength as an A+ rated carrier, is expanding its offerings to financial advisors through an exciting new product series called Max Elite Annuities. In collaboration with AMS Financial Services Group, a respected name in financial solutions, this series aims to add simplicity and growth potential to the annuity marketplace.Collaborative Efforts in Financial InnovationMic... Continue Reading

Ryan Receives Recognition as a Top Workplace in Kansas City

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By : Owen Jenkins Updated: 10-29-2024

Ryan Recognized as a Leading Workplace in Kansas CityRyan, a distinguished global tax services and software provider, has recently achieved the exciting honor of being recognized as one of the Best Places to Work in Kansas City. This is an incredible milestone for the company, as it marks the fourth time they have received this prestigious accolade from the Kansas City Business Journal.Commitment to Excellence at RyanAt the core of Ryan's success is an unwavering comm... Continue Reading

Rockdale County Takes Legal Action Against Chemical Companies

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By : Henry Turner Updated: 10-29-2024

Rockdale County Takes Legal Action Against Chemical CompaniesIn a significant legal move, Rockdale County has initiated a lawsuit against Bio-Lab, Inc. and KIK Consumer Products Inc. following a devastating fire at Bio-Lab's facility that raised alarming public health concerns. This incident involved a four-alarm fire that unleashed hazardous chemicals into the environment.The Fire and Immediate ConsequencesThe fire, which captured public attention, unfolded with inte... Continue Reading

Trends in U.S. CMBS Loan Performance: Analyzing Data Insights

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By : Ryan Hughes Updated: 10-29-2024

Understanding Recent Trends in CMBS Loan Performance KBRA has unveiled revealing insights about U.S. commercial mortgage-backed securities (CMBS) loan performance trends based on the latest servicer reporting data from October 2024. Notably, the overall delinquency rate for KBRA-rated U.S. private label CMBS has seen an increase, rising to 5.48%, a move upward by 16 basis points from the previous month. Additionally, the combined rate of delinquent and current but specially serviced ... Continue Reading

Collaborative Efforts to Enhance Financial Literacy and Careers

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By : Ryan Hughes Updated: 10-29-2024

SUMA Wealth and CSUN Collaborate on Financial LiteracyLos Angeles is buzzing with excitement as SUMA Wealth embarks on a significant collaboration with California State University Northridge’s (CSUN) Global Hispanic Serving Institution (HSI) Equity Innovation Hub. This initiative aims to enhance access to inclusive and bilingual career development educational programming specifically designed for Latino students. SUMA Wealth, recognized as the fastest-growing wealth technology compan... Continue Reading

AIT Worldwide Logistics Unveils Its Comprehensive 2024 Sustainability Insights

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By : Kelly Martin Updated: 10-29-2024

AIT Worldwide Logistics Releases Its 2024 Sustainability Report AIT Worldwide Logistics has officially published its 2024 Sustainability Report, showcasing the strides it has made in sustainable practices throughout the logistics sector. This report is now accessible on the company’s website and serves as a detailed review of their achievements over the past year. Significant Developments in Sustainability AIT’s Chairman and CEO, Vaughn Moore, shared insights into the... Continue Reading

Waverly Advisors Expands Presence with Mueller Financial Solutions

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By : Owen Jenkins Updated: 10-29-2024

Waverly Advisors Expands with New Acquisition BIRMINGHAM, Ala. — Waverly Advisors, LLC, a notable federally registered investment adviser (RIA), is excited to announce its recent acquisition of Mueller Financial Solutions, Co., an investment advisory firm. This strategic partnership adds to Waverly’s burgeoning presence in Colorado, marking its second office in the state following its acquisition of Rainsberger Wealth Advisors. This development reflects Waverly's commitment to broade... Continue Reading

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