Post-Dorian Updates: Shelters, garbage collection adjustments, damage assessment and traffic signals…

first_img Please enter your comment! LEAVE A REPLY Cancel reply You have entered an incorrect email address! Please enter your email address here Share on Facebook Tweet on Twitter Save my name, email, and website in this browser for the next time I comment. Orange County – Hurricane Dorian Update #9Post-Storm Information: September 4thOrange County, Fla. – Latest updates for residents:SheltersOrange County is diligently working to close all shelters, Wed, Sept. 4, so that Orange County Public Schools can again utilize them for students returning to school tomorrow. Shelters at Oak Ridge High School, Lake Nona High School, East River High School, Ocoee High School, Cypress Creek High School, and Discovery Middle School have already closed.In total, 520 residents checked into shelters, including 111 people in designated Special Needs/Medical shelters. In addition, a total of 31 pets were safely housed.Garbage, Recycling & Pickup AdjustmentsFor yard debris drop-off, the landfill and transfer station resume normal operations today, from 9 a.m. to 5 p.m. Visit www.ocfl.net/WasteSites for information. Fees for yard waste from homeowners will be waived until 5 p.m. today.No solid waste/recycling pick up today for unincorporated Orange County. Pick up will resume again on Thursday, Sept. 5. Curbside collection is three days behind schedule, and will go into the weekend since the storm projection delayed service. If your garbage/recycling collection was regularly scheduled on Monday, it will be picked up on Thursday. Visit www.ocfl.net/DorianGarbage for an adjusted schedule.Public WorksDue to many proactive measures of Orange County Public Works, all the “hot-spot” areas with past flooding issues, including Orlo Vista, did not have any issues.Traffic signals:Minor damage was reported for two overhead signals that the County maintains for UCF. The issue is resolved.Additionally, Hiawassee Road at Hiawassee Oak had minor damage to the eastbound signal head visor. This issue is resolved.If a traffic signal is completely inoperable, treat it like a four-way STOP. Remember, that other drivers may not know how to react when a traffic signal is inoperable.RemindersThe Orlando International Airport will re-open at noon today, Sept. 4. Visit www.OrlandoAirports.net for more information.LYNX will continue regular service as scheduled.Additional InfoVisit www.ocfl.net/Dorian for the latest information.Follow Orange County’s social channels on Twitter at @OrangeCoFL and Facebook at www.facebook.com/OrangeCountyFlorida/. The Anatomy of Fear Please enter your name here Support conservation and fish with NEW Florida specialty license plate TAGSHurricane DorianHurricane Season 2019Orange County Previous articleHurricane Season 2019: Here’s How to Protect Your HomeNext articleFlorida union seeks 10-percent teacher pay hike, $2.4 billion increase in education funding Denise Connell RELATED ARTICLESMORE FROM AUTHOR Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 last_img read more

Best tries of the Top 14 – Round 12

first_imgMonday Dec 24, 2012 Best tries of the Top 14 – Round 12 An excellent top ten compilation of ten of the best tries from Round 12 of the French Top 14.Enjoy the quality rugby and have a very Merry Christmas and happy holidays! Time: 8:09ADVERTISEMENT Posted By: rugbydump Share Send Thanks Sorry there has been an error Related Articles 81 WEEKS AGO scottish prop saves fire victim 84 WEEKS AGO New Rugby X tournament insane 112 WEEKS AGO Vunipola stands by his comments supporting… From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedUrologists Stunned: Forget the Blue Pill, This “Fixes” Your EDSmart Life ReportsYou Won’t Believe What the World’s Most Beautiful Girl Looks Like TodayNueeyIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingGranny Stuns Doctors by Removing Her Wrinkles with This Inexpensive TipSmart Life Reports10 Types of Women You Should Never MarryNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

House in Oleiros / Emilio Rodríguez Blanco

first_img “COPY” Architects: Emilio Rodríguez Blanco Area Area of this architecture project 2011 Photographs:  Ana AmadoCollaborating Architects:Julio Ordax Rodríguez, Antonio Pena AugeCity:PerilloCountry:SpainMore SpecsLess SpecsSave this picture!© Ana AmadoRecommended ProductsPorcelain StonewareGrespaniaPorcelain Tiles- CoverlamWoodTechnowoodPergola SystemsWoodSculptformTimber Click-on BattensDoorsStudcoAccess Panels – AccessDorText description provided by the architects. A journalist, her partner around age 40 and their son would like to have a 3 bedrooms house, with living room and kitchen. They have a plot near Corunna that were purchased years ago… and very little money. Some 120,000 euros. The plot is small, hard, at the core of Perillo, or what remains of it, squeezing it to the maximum will allow us to build 174m2. We conceive a plan of one floor around 3 courtyards that attempts to maximize the space of the plot, appropriating and using it as a leisure area.Save this picture!© Ana AmadoThe inclusion of housing in the urban layout is also conditioned by the need to be attached to a small dividing existing home. We transform this uncomfortable situation into an opportunity and are in contact with the adjacent building where architecture and space acquire a unique status that meets regulatory requirements and at the same time, it becomes an event and mineral landscape.Save this picture!© Ana AmadoSave this picture!Axonometric ViewsSave this picture!© Ana AmadoThe ground floor appears open and fluid. Spaces are merged without imposing uses. We have not used any interior woodwork, but have resolved the specific need of privacy by using curtains. The outside of the plot blurs its boundary penetrating into the house. The upstairs retains its relationship with the environment, open to the views. Dividing space becomes domestic alpine scenery, a terrace, solarium, point of observation and relationship with the neighborhood.Save this picture!© Ana AmadoSave this picture!Lower Floor Plan and SectionThe architecture is understood as a container waiting to be filled, without rules, in which the everyday anger suggesting ways to inhabit, avoiding where possible the dictatorship of furniture and design. The materials are the most accessible and affordable, without anything that is not part of any local store inventory of usual construction avoiding unnecessary transport. On a structure of walls and concrete slabs resolved, to the domestic space of the courtyards, a ventilated façade of local untreated pine using the same concept outside, that time with black panels of corrugated fiber cement.Save this picture!© Ana AmadoSave this picture!Upper Floor Plan and SectionsIn the interior concrete is exposed as a memory of the performed work, the gray resin floor without joints reaffirms the continuity of space. The roof has inverted flat gravel. The use of energy-efficient systems, orientation, cross ventilation and natural lighting conditions, supplemented with other strategies of harnessing clean energy by using solar panels, heat pump, high thermal inertia enclosures, floor heating system, low emissivity carpentry and appropriate thermal efficiency were also key issues for this project.Save this picture!© Ana AmadoProject gallerySee allShow lessThe 7 Best Podcasts Hosted by Architects, for ArchitectsArticlesArchitecture Books You Can Borrow (For Free) From The Internet’s Largest LibraryArticles Share House in Oleiros / Emilio Rodríguez Blanco CopyAbout this officeEmilio Rodríguez BlancoOfficeFollowProductsWoodConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesPerilloSpainPublished on October 15, 2017Cite: “House in Oleiros / Emilio Rodríguez Blanco” 15 Oct 2017. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Browse the CatalogWoodTechnowoodPergola SystemsWindowsMitrexSolar WindowMetal PanelsAurubisPatinated Copper: Nordic Green/Blue/Turquoise/SpecialCommunications2NIntercom – 2N® IP BaseSkylightsLAMILUXGlass Skylight FE Pyramid/HippedConcreteKrytonCrystalline Waterproofing – KIMWood Boards / HPL PanelsBruagWall Cladding – MDF Perforated PanelsStonesMikado QuartzQuartz Slab – ClassiqueFloorsFranken-SchotterFlooring Panels – Dietfurt LimestoneWindowspanoramah!®ah! CornerFittingsSaliceStorage Accessories – Excessories, Pull- outArmchairs / Couches / Futons / PoufsEmuSeating System – TamiMore products »Save想阅读文章的中文版本吗?雕塑混凝土下的隐居住宅 House in Oleiros / Emilio Rodríguez Blanco是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream House in Oleiros / Emilio Rodríguez BlancoSave this projectSaveHouse in Oleiros / Emilio Rodríguez Blanco Year:  “COPY” Spain Area:  174 m² Year Completion year of this architecture project Photographs ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/881471/house-in-oleiros-emilio-rodriguez-blanco Clipboard Save this picture!© Ana Amado+ 41 Share Projects ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/881471/house-in-oleiros-emilio-rodriguez-blanco Clipboard CopyHouses•Perillo, Spain ArchDaily Houseslast_img read more

Hallmark Cards announces fifth year of Cards for a Cure™

first_img About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Tagged with: corporate Trading Howard Lake | 25 November 2010 | News Hallmark Cards announces fifth year of Cards for a Cure™ AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis  18 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Greetings cards publisher Hallmark Cards has announced that it will be running its ‘Cards For A Cure™’ campaign in aid of Breast Cancer Campaign for the fifth consecutive year, which will bring its total donations to £1.25 million.The campaign, which runs around Mother’s Day 2011, will see Hallmark Cards contribute £250,000 to Breast Cancer Campaign and Action Breast Cancer, a programme of the Irish Society. The money is contributed annually irrespective of card and gift sales and is used to fund breast cancer research projects at centres across the UK and Ireland.Christina Partakides, Breast Cancer Campaign’s Corporate Partnerships Manager said: “Hallmark’s staggering £1.25 million donation and continued support has made a major difference to breast cancer research projects throughout the UK and Ireland”.www.hallmark.co.uklast_img read more

Afghan journalist freed after being held for 86 days in Qom

first_img IranMiddle East – North Africa Follow the news on Iran News News Organisation News IranMiddle East – North Africa June 9, 2021 Find out more May 30, 2008 – Updated on January 20, 2016 Afghan journalist freed after being held for 86 days in Qom Receive email alerts Reporters Without Borders welcomes yesterday’s release of Afghan journalist Ali Mohaqiq Nasab, the editor of the monthly Haqoq-e-Zan (Women’s Rights), after being held for 86 days in an intelligence ministry prison in the holy city of Qom (150 km southwest of Tehran).“Nazab was held arbitrarily for three months,” the press freedom organisation said. “The conditions were difficult and he was in solitary confinement for most of the time. He has been released conditionally and is not allowed to leave the country. We urge the authorities to drop the charges against him.”A refugee in Iran for the past 24 years, Nazab was arrested on 4 March in Qom, where he lives. The arrest was carried out by intelligence ministry personnel, who had an order issued by a special court for the clergy.“According to the arrest warrant I was shown, I was accused of having suspicious relations with foreign embassies but the interrogation to which I was submitted was mainly about my journalistic activities and the articles published in Haqoq-e-Zan,” Nasab told Reporters Without Borders.Copies of the resettlement requests he had sent to the Office of the United Nations High Commissioner for Refugees, which were found during a search of his home, were also used to accuse him of “publicity against the government” and “publication of false information.”Nasab spent 81 of the 86 days in solitary confinement, and suffered kidney and chest pains that were not treated.On the same subject:11.03.2008 – Intelligence services hold Afghan journalist incommunicado in Qomcenter_img RSF_en Call for Iranian New Year pardons for Iran’s 21 imprisoned journalists Help by sharing this information March 18, 2021 Find out more After Hengameh Shahidi’s pardon, RSF asks Supreme Leader to free all imprisoned journalists to go further News Iran: Press freedom violations recounted in real time January 2020 February 25, 2021 Find out morelast_img read more

“Urgent action” needed to tackle youths gathering and flouting public health…

first_imgLimerickNews“Urgent action” needed to tackle youths gathering and flouting public health guidelines at scenic Limerick walkwayBy David Raleigh – February 25, 2021 1197 Limerick’s National Camogie League double header to be streamed live Previous articleMunster defence “coming together nicely” ahead of Cardiff clashNext articleLISTEN: Cian Lynch speaks about maintaining skill level during the lockdown David Raleigh WhatsApp Facebook A Limerick politician has called for “urgent action” to address groups of youths gathering at a scenic Limerick walkway and flouting public health guidelines and intimidating members of the public.Independent Councillor Frankie Daly said groups of youths have been converging at Canal Bank, Limerick, without wearing face masks and causing a disturbance.Sign up for the weekly Limerick Post newsletter Sign Up “People do not feel safe on the Canal Bank, they feel uneasy even just going for a walk, it’s sad to say, but that’s the truth of it,” said Cllr Daly.He has been contacted by local residents complaining after youths have been gathering for the past number of weeks beneath a flyover bridge on the bank, intimidating people.Cllr Daly said a glass bottle was thrown at a female as she cycled along the bank last week and that two females, who were walking along the bank were assaulted and robbed.“It’s not the gardai’s fault, it’s a resources issue, I know a lot of gardai are out doing Covid-19 checkpoints, but urgent action is needed,” Cllr Daly said.A video recorded two weeks ago shows a large group of youths at Canal Bank gathered together not wearing masks and generally causing a disturbance to local residents.“This is causing fear for walkers and joggers an cyclists. There were two young females attacked the other night, it reminds me of the movie Fallen Down when Michael Douglas’ character is sitting by a rock and he’s ordered to pay a toll by two other men who approach him,” Cllr Daly said.“People are afraid to walk freely, there needs to be more garda visibility on the canal bank.”“These are large groups of young teenagers aged from around 14 years upwards, and they are breaking every public health rule under the sun.““It’s a huge problem when the message isn’t getting through, and we could be under lockdown for longer.”Gardai said they are to increase patrols along the walkway in response to the concerns.“Community Policing Units in Henry Street Garda Station and Mayorstone Garda Station will be increasing the number of patrols of the Canal Bank in Limerick City to prevent and detect incidents of anti-social behaviour, ensure compliance to Covid-19 Regulations and to keep the community safe,” a Garda spokesman said. Email Donal Ryan names Limerick Ladies Football team for League opener Linkedin RELATED ARTICLESMORE FROM AUTHORcenter_img Advertisement Print Limerick Ladies National Football League opener to be streamed live WATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads Twitter Billy Lee names strong Limerick side to take on Wicklow in crucial Division 3 clash TAGScovid19Keeping Limerick PostedlimerickLimerick Post Roisin Upton excited by “hockey talent coming through” in Limericklast_img read more

Welbilt Reports Fourth Quarter Operating Results

first_img 0.15 41.9 867.0 0.13 313.2 $ $ Total Adjusted Operating EBITDA 20.2 ) — $ Other items (4) $ Year Ended December 31, Facebook 76.0 (15.6 18.0 $ (97.3 29.1 $ — $ 1,593.9 ) 0.08 248.6 Amortization expense 1,027.0 )% (30.0 (7.4 410.0 566.9 ) 69.7 2020 (62.0 37.4 Year EndedDecember 31, 9.9 205.4 (1) The impact from foreign currency translation is calculated by translating current period activity at the weighted average prior period rates. Americas: Year EndedDecember 31, 1.4 4.0 10.9 9.4 Loss from impairment and (gain) loss on disposal of assets — net 63.1 Business Segments During the first quarter of 2020, the Company revised the allocation of certain of its functional expenses between the corporate level and the geographic business segments. Management believes the revised allocation methodology better aligns the operating results of the geographic business segments with how management assesses performance and makes operating decisions. The prior period segment results and related disclosures have been recast to conform to the current period presentation. These changes did not impact the Company’s previously reported consolidated financial results. % ) % 9.9 71.0 % WhatsApp ) (208.3 — 0.9 1,593.9 392.7 (46.9 Exercises of stock options ) Loss from impairment and (gain) loss on disposal of assets — net ) Net sales ) 17.0 (0.7 Gain on remeasurement of debt and other realized foreign currency derivative $ 125.0 286.2 ) $ $ ) % 2020 73.0 155.3 $ 344.2 Income tax expense (benefit) (3) Transaction costs are associated with acquisition and integrated-related activities. Transaction costs recorded in “Cost of sales” include $(0.1) million and $0.1 million related to inventory fair value purchase accounting adjustments for the three months and year ended December 31, 2019. Professional services and other direct acquisition and integration costs recorded in “Selling, general and administrative expenses” were $0.2 million for the year ended December 31, 2020, and $0.3 million and $1.0 million for the three months and year ended December 31, 2019, respectively. Third-party net sales by geographic area (6): 21.1 70.6 2.4 55.9 ) 205.4 $ (2) Transformation Program expense includes consulting and other costs associated with executing our Transformation Program initiatives. For the three months and year ended December 31, 2020, $0.5 million and $2.0 million are included in “Cost of sales” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2019, $0.7 million and $2.0 million are included in “Cost of sales” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2020, $1.9 million and $21.3 million, respectively, are included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2019, $8.8 million and $33.3 million, respectively, are included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations. (3) Transformation Program expense includes consulting and other costs associated with executing our Transformation Program initiatives. For the three months and year ended December 31, 2020, $0.5 million and $2.0 million are included in “Cost of sales” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2019, $0.7 million and $2.0 million are included in “Cost of sales” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2020, $1.9 million and $21.3 million, respectively, are included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2019, $8.8 million and $33.3 million, respectively, are included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations. 141,567,785 74.0 $ 2020 Total current liabilities 0.40 APAC (8.2 (24.2 $ )% $ 23.1 Net sales Pension settlement (5) (0.02 320.0 3.2 $ ) Organic net sales (21.1 28.2 141,676,030 2020 Three Months Ended December 31, 209.6 21.3 (1.3 2020 279.2 Liabilities and equity Other long-term liabilities 1,593.9 $ $ Cash flows from operating activities 3.2 22.8 19.8 170.9 (1) Restructuring activities include costs associated with actions to improve operating efficiencies and rationalization of our cost structure. For the year ended December 31, 2020, these costs include inventory write-downs of $0.4 million. Comparatively, for the three months and year ended December 31, 2019, these costs include inventory write-down and accelerated depreciation related to a plant consolidation of one of our manufacturing facilities of $0.4 million included in “Cost of Sales” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2020, these costs also include severance and other related costs of $1.9 million and $7.8 million, respectively. Comparatively, for the three months and year ended December 31, 2019, these costs include severance related costs of $4.0 million and $9.4 million, respectively. Severance and related costs are included in “Restructuring and other expense” in the Consolidated Statements of Operations. Third-party Net Sales (3.4 % $ $ Restricted cash 410.0 17.9 Selling, general and administrative expenses Retained earnings 5.2 $ 129.1 247.1 97.8 (4.9 2020 Goodwill 942.9 Other (income) expense — net 0.5 469.6 (15.2 Net earnings (loss) 91.4 81.4 0.02 4.6 2,165.3 1,361.7 Net cash (used in) provided by financing activities $ Current liabilities: 23.1 (1.5 991.8 Inventories 379.8 63.1 — 192.4 $ ) Earnings (loss) before income taxes — 1.4 33.3 528.9 (2.4 ) Long-term debt and finance leases 3.7 97.3 Deferred income taxes % 81.9 Pension and postretirement health liabilities ) ) % 37.7 ) 83.1 (61.8 (7) The tax effect of adjustments is determined using the statutory tax rates for the countries comprising such adjustments. Total non-current liabilities Prepaids and other current assets (0.2 314.6 5.0 (25.6 141,491,326 Current portion of long-term debt and finance leases 11.6 2019 (4.6 Cost of sales 0.2 Impact of foreign currency translation (1) 31.2 Accumulated other comprehensive loss 2019 ) 19.5 9.5 79.0 273.0 4.9 ) 0.4 130.7 (1.5 (5.3 $ 0.39 (20.7 Tax effect of adjustments (7) — ) (81.4 $ 40.6 Cash flows from investing activities 19.0 96.3 Interest expense (269.7 ) 9.5 TAGS  18.4 $ (3.9 775.9 $ ) ) $ (7.4 Stock-based compensation expense 4.7 (40.6 Loss from impairment and loss (gain) on disposal of assets 2019 (26.3 Americas 1.4 Common stock ($0.01 par value, 300,000,000 shares authorized, 141,557,236 shares and 141,213,995 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively) (0.1 Interest expense (0.6 ) $ ) Earnings from operations APAC 186.4 — ) Earnings (loss) before income taxes 37.4 — ) 0.13 2020 (21.6 21.6 2019 ) — ) $ 39.8 18.0 53.4 (6) Net sales in the section above are attributed to geographic regions based on location of customer. $ $ ) Cash receipts on beneficial interest in sold receivables $ EMEA — (20.1 (0.8 (33.9 Year Ended December 31, Acquisition of intangible assets )% ) $ Proceeds from maturity of short-term investment Operating lease liabilities ) Impact of foreign currency translation (1) (0.01 2.4 Elimination of intersegment sales ) 76.5 Operating lease right-of-use assets $ 97.3 Proceeds from long-term debt 1.0 For the Years Ended December 31, 2020 vs. 2019 (1) Represents the cash receipts from the beneficial interest on sold receivables within the accounts receivable securitization program and were classified as “Cash flows from investing activities” in the Consolidated Statements of Cash Flows through final settlement of the program in the second quarter of 2019. (218.7 36.0 1,593.9 $ 183.6 Transaction costs (3) Pension settlement % Repayment of short-term borrowings 4.5 3.2 Adjusted Operating EBITDA margin (5) Payment of contingent consideration (in millions) ) 86.4 (1.5 507.7 (61.8 141,491,326 Americas $ 219.2 ) 0.02 236.1 Pension settlement (5) ) 60.6 5.2 0.7 Balance at beginning of period Weighted average shares outstanding — Basic ) 57.5 $ 1,153.4 — )% (4.2 15.0 2.1 130.7 WELBILT, INC. Consolidated Statements of Cash Flows (Continued) (In millions) Year Ended December 31, Foreign currency transaction (gain) loss (6) Other Americas 150.5 35.3 (1.3 (259.5 — 252.3 237.6 Trade accounts payable (2) Other items are costs which are not representative of our operational performance. For the three months and year ended December 31, 2020, other items represent the changes in the loss contingency estimate of amounts due for customs duties, fees and interest on previously imported products of $(0.5) million and $3.1 million, respectively, which are included in “Restructuring and other expenses” in the Consolidated Statements of Operations and $0.1 million of professional fees for recovery of misappropriated funds within the Crem business related to the 2018 matter for both the three months and year ended December 31, 2020. For the three months and year ended December 31, 2019, the amount includes certain costs related to concluded litigation and other professional fees of $3.7 million and $4.5 million, respectively, which are included within “Selling, general and administrative expenses” in the Consolidated Statements of Operations. $ December 31, Supplemental disclosures of non-cash activities: 127.5 $ )% $ ) Cash receipts on beneficial interest in sold receivables (1) 1,208.4 140,953,496 Depreciation expense 2020 Net cash provided by (used in) operating activities Consolidated: 0.7 21.6 164.2 Total Segment Adjusted Operating EBITDA 5.5 )% Net sales: 1.1 Amortization expense 281.5 Other non-current assets 91.4 Third-party net sales 867.0 2,141.6 $ 155.0 (11.0 Other Twitter 392.7 0.01 % )% Welbilt Reports Fourth Quarter Operating Results 252.3 Cash and cash equivalents (59.8 ) — Additional paid-in capital (deficit) Impact of foreign currency translation (1) ) Americas ) (10.3 1,403.1 (208.3 75.7 381.8 217.5 236.1 2019 Total liabilities and equity Corporate and unallocated expenses APAC 1,853.4 — 2020 Other income (expense) — net (4.6 ) % Cash paid for interest, net of related hedge settlements 141,519,211 (15.0 50.1 30.5 (23.2 Impact of foreign currency translation (1) 11.6 — (3.9 (4.5 ) ) 2.9 ) Third-party Net Sales 39.9 (21.0 $ ) Restructuring activities (1) Net (decrease) increase in cash and cash equivalents and restricted cash ) 0.2 $ — (in millions, except percentage data) 2019 $ 16.1 (31.0 ) $ 7.0 39.8 18.6 $ Total net sales 60.4 1.2 ) 3.2 (0.4 Transaction costs (1) Depreciation expense (in millions) (54.3 1.2 (21.1 (0.05 $ Other items (2) 0.4 (0.04 Total equity (3.2 ) ) $ Transformation Program expense (3) 0.14 ) — 933.1 (23.3 ) (46.8 (59.8 Earnings from operations (1.9 ) 19.7 ) $ $ (5.7 2.9 Organic Net Sales Foreign currency transaction (gain) loss (6) ) )% (11.6 (1) Definitions and reconciliations of the non-GAAP measures used herein are included in the schedules accompanying this release. 59.9 (4) Restructuring activities include costs associated with actions to improve operating efficiencies and rationalization of our cost structure. For the year ended December 31, 2020, these costs include inventory write-downs of $0.4 million. Comparatively, for the year ended December 31, 2019, these costs include inventory write-down and accelerated depreciation related to a plant consolidation of one of our manufacturing facilities of $0.4 million included in “Cost of Sales” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2020, these costs also include severance and other related costs of $1.9 million and $7.8 million, respectively. Comparatively, for the three months and year ended December 31, 2019, these costs include severance related costs of $4.0 million and $9.4 million, respectively. Severance and related costs are included in “Restructuring and other expense” in the Consolidated Statements of Operations. 83.1 11.6 37.4 238.6 $ Amortization expense — ) 224.7 83.1 125.4 (19.5 195.0 $ Debt issuance costs ) ) Restructuring activities (1) $ Net sales (as reported) — Trade accounts payable $ 55.9 Property, plant and equipment — net 46.6 (13.7 40.7 $ — ) 0.03 $ Impact of foreign currency translation (1) (19.8 $ Less: Intersegment sales 2020 14.2 Impact of foreign currency translation (1) 2019 Transaction costs (3) 0.7 ) 2020 19.1 81.4 ) 1,580.6 (4.0 ) Total equity: ) $ Favorable/(Unfavorable) 23.1 81.4 % (16.5 2019 Other assets 280.7 Transformation Program expense (2) 37.7 $ 15.4 2019 Net (loss) earnings Other intangible assets — net 50.8 8.9 $ Year EndedDecember 31, 0.01 WELBILT, INC. Consolidated Balance Sheets (In millions, except share and per share data) Effect of exchange rate changes on cash 73.2 EMEA — 20.2 — — $ ) Capital expenditures $ 1,150.1 0.7 $ 308.9 APAC 2020 324.5 Supplemental disclosures of cash flow information: 195.4 )% Previous articleDavid Adefeso and Sootchy App Take on Black Financial Literacy Gap by Partnering with Capital City Lighthouse Charter SchoolNext articleAP PHOTOS: Migrants evade Libyan coast guard to reach Europe Digital AIM Web Support Assets Balance at end of period 381.8 ) 1,153.4 Repayments on long-term debt and finance leases (4) Other items are costs which are not representative of our operational performance. For the three months and year ended December 31, 2020, other items represent the changes in the loss contingency estimate of amounts due for customs duties, fees and interest on previously imported products of $(0.5) million and $3.1 million, respectively, which are included in “Restructuring and other expenses” in the Consolidated Statements of Operations and $0.1 million of professional fees for recovery of misappropriated funds within the Crem business related to the 2018 matter for both the three months and year ended December 31, 2020. For the three months and year ended December 31, 2019, the amount includes certain costs related to concluded litigation and other professional fees of $3.7 million and $4.5 million, respectively, which are included within “Selling, general and administrative expenses” in the Consolidated Statements of Operations. % NON-GAAP FINANCIAL MEASURES In this release, we use certain non-GAAP financial measures discussed below to evaluate our results of operations, financial condition and liquidity. We believe that the presentation of these non-GAAP financial measures, when viewed as a supplement to our results prepared in accordance with U.S. GAAP, provides useful information to investors in evaluating the ongoing performance of our operating businesses, provides greater transparency into our results of operations and is consistent with how management evaluates operating performance and liquidity. In addition, these non-GAAP measures address questions we routinely receive from analysts and investors and, in order to ensure that all investors have access to similar data we make this data available to all investors. None of the non-GAAP measures presented should be considered as an alternative to net earnings, earnings from operations, net cash used in operating activities, net sales or any other measures derived in accordance with U.S. GAAP. These non-GAAP measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for financial measures presented in accordance with U.S. GAAP. The presentation of our non-GAAP financial measures may change from time to time, including as a result of changed business conditions, new accounting rules or otherwise. Further, our use of these terms may vary from the use of similarly-titled measures by other companies due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. We do not provide reconciliations of our forward-looking Adjusted Operating EBITDA margin and Adjusted Diluted Net Earnings Per Share guidance, which are presented on a non-GAAP basis, to the most directly comparable GAAP financial measure because the combined impact and timing of certain potential charges or gains is inherently uncertain, outside of our control and difficult to predict. Accordingly, we cannot provide reconciliations without unreasonable effort and are unable to determine the probable significance of the unavailable information. Free Cash Flow In this release, we refer to Free Cash Flow, a non-GAAP measure, as our net cash provided by or used in operating activities less capital expenditures plus cash receipts on our beneficial interest in sold receivables and the related impact of terminating our accounts receivable securitization program during the first quarter of 2019. We believe this non-GAAP financial measure is useful to investors in measuring our ability to generate cash internally to fund our debt repayments, acquisitions, dividends and share repurchases, if any. Free Cash Flow reconciles to net cash used in operating activities presented in our Consolidated Statements of Cash Flows presented in accordance with U.S. GAAP as follows: 0.14 ) $ $ (2) Transformation Program expense includes consulting and other costs associated with executing our Transformation Program initiatives. For the three months and year ended December 31, 2020, $0.5 million and $2.0 million are included in “Cost of sales” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2019, $0.7 million and $2.0 million are included in “Cost of sales” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2020, $1.9 million and $21.3 million, respectively, are included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2019, $8.8 million and $33.3 million, respectively, are included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations. 2020 Inventories — net Net cash provided by (used in) operating activities 0.7 $ Earnings from operations Pinterest Other (income) expense — net 21.8 ) — 4.0 Capital expenditures 25.4 (79.5 (13.7 ) Total current assets 1.5 ) ) $ $ 121.5 Year Ended December 31, 0.07 ) ) 21.1 173.9 5.2 2,165.3 1.2 40.6 (8.2 155.5 $ )% For the Three Months Ended December 31, 2020 vs. 2019 $ $ ) (2) Represents the increase in accounts receivable resulting from the termination of the accounts receivable securitization program during the first quarter of 2019, which is reflected in “Cash flows from operating activities” in the Consolidated Statements of Cash Flows. By Digital AIM Web Support – February 25, 2021 Three Months EndedDecember 31, ) (133.1 2019 ) (10.4 Earnings (loss) per share — Diluted Welbilt 20.2 Payments on tax withholdings for equity awards 9.8 23.3 ) )% (7.4 55.9 27.1 0.5 285.3 141,762,497 (4.3 $ (0.2 173.9 8.2 (7.0 ) (69.1 0.25 ) 1,587.1 (16.2 22.8 (46.8 (0.5 Restructuring activities (4) 2019 46.2 $ 0.01 Loss from impairment and (gain) loss on disposal of assets — net 75.2 ) 3.2 11.6 0.7 ) (0.1 ) Income tax expense (benefit) 9.8 23.3 10.4 $ ) 320.0 (0.8 20.7 253.4 Amortization of intangible assets 15.8 $ ) 18.4 (27.6 Accrued expenses and other liabilities Transaction costs (3) Other current and long-term liabilities ) 280.7 (2.1 331.3 (35.3 202.1 $ ) % 15.0 0.16 ) $ 71.0 $ (269.7 $ Three Months EndedDecember 31, EMEA 20.0 57.8 $ (0.9 Organic Net Sales $ Tax effect of adjustments (7) ) Changes in operating assets and liabilities: Local NewsBusiness Deferred income taxes 28.2 (5) Adjusted Operating EBITDA margin in the section above is calculated by dividing the dollar amount of Adjusted Operating EBITDA by net sales. (6.3 (in millions, except share data) (9.5 (5.1 Transformation Program expense (2) 60.0 (0.04 19.8 522.0 18.8 $ ) (0.05 $ Adjusted Operating EBITDA % by segment(5): ) (9.3 — 37.3 104.4 ) 60.9 Depreciation expense 39.1 Net sales 381.8 $ 19.0 Net cash (used in) provided by investing activities $ ) — $ 35.3 ) 1,153.4 0.2 Net sales (5) Pension settlement represents a non-cash pension settlement loss of $1.2 million incurred during the year ended December 31, 2019, resulting from the settlement of a portion of our United Kingdom pension obligations. (0.2 % ) 3.7 (2.4 — 60.6 (351.4 0.39 0.1 NEW PORT RICHEY, Fla.–(BUSINESS WIRE)–Feb 25, 2021– Welbilt, Inc. (NYSE:WBT), today announced financial results for its 2020 fourth quarter. 2020 Fourth Quarter Highlights(1)Net sales were $320.0 million, a decrease of 16.2 percent from the prior year; Organic Net Sales (a non-GAAP measure) decreased 17.6 percent from the prior yearEarnings from operations were $40.6 million compared to $37.4 million in the prior year; as a percentage of net sales, earnings from operations were 12.7 percent compared to 9.8 percent in the prior yearAdjusted Operating EBITDA (a non-GAAP measure) was $60.0 million compared to $71.2 million in the prior year; Adjusted Operating EBITDA margin was 18.8 percent compared to 18.6 percent in the prior yearNet earnings were $20.2 million compared to net earnings of $18.4 million in the prior year; Adjusted Net Earnings (a non-GAAP measure) were $21.7 million compared to Adjusted Net Earnings of $27.1 million in the prior yearDiluted net earnings per share was $0.14 compared to diluted net earnings per share of $0.13 in the prior year; Adjusted Diluted Net Earnings Per Share (a non-GAAP measure) was $0.15 compared to Adjusted Diluted Net Earnings Per Share of $0.19 in the prior yearNet cash provided by operating activities was $41.9 million, compared to net cash provided by operating activities of $50.8 million in last year’s fourth quarter; Free Cash Flow (a non-GAAP measure) was $37.7 million compared to $34.3 million in last year’s fourth quarter 2020 Full-Year Highlights(1)Net sales were $1,153.4 million, a decrease of 27.6 percent from the prior year; Organic Net Sales decreased 27.8 percent from the prior yearEarnings from operations were $63.1 million compared to $173.9 million in the prior year; as a percent of net sales, earnings from operations were 5.5 percent compared to 10.9 percent in the prior yearAdjusted Operating EBITDA was $170.9 million compared to $286.2 million in the prior year; Adjusted Operating EBITDA margin was 14.8 percent compared to 18.0 percent in the prior yearNet loss was $7.4 million compared to net earnings of $55.9 million in the prior year; Adjusted Net Earnings was $23.1 million compared to Adjusted Net Earnings of $96.3 million in the prior yearDiluted net loss per share was $0.05 compared to diluted net earnings per share of $0.39 in the prior year; Adjusted Diluted Net Earnings Per Share was $0.16 compared to Adjusted Diluted Net Earnings Per Share of $0.68 in the prior yearNet cash provided by operating activities was $15.0 million, compared to net cash used in operating activities of $269.7 million in the prior year; Free Cash Flow was a $5.1 million use of cash, compared to a $74.0 million increase of cash in the prior yearTotal liquidity was $375.0 million on December 31, 2020 and consisted of $125.0 million of cash and cash equivalents and $250.0 million of availability on the Revolving Credit Facility Current assets: Three Months EndedDecember 31, ) 33.7 ) )% ) 2019 Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Share We define Adjusted Net Earnings as net earnings before the impact of certain items, such as loss on modification or extinguishment of debt, gain or loss from impairment and disposal of assets, restructuring activities, separation expense, Transformation Program expense, acquisition-related transaction and integration costs, certain other items, expenses associated with pension settlements, foreign currency transaction gain or loss and the tax effect of the aforementioned adjustments, as applicable. Adjusted Diluted Net Earnings Per Share for each period represents Adjusted Net Earnings while giving effect to all potentially dilutive shares of common stock that were outstanding during the period. We believe these measures are useful to investors in assessing the ongoing performance of our underlying businesses before the impact of certain items. The following tables present Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Share reconciled to net earnings and diluted net earnings per share, respectively, presented in accordance with U.S. GAAP: (20.1 ) 0.2 ) (10.3 Total assets Free Cash Flow ) Americas Total EMEA organic net sales 279.2 $ Third-party net sales 96.9 ) Other items (4) — — (12.9 View source version on businesswire.com:https://www.businesswire.com/news/home/20210225005162/en/ CONTACT: Rich Sheffer Vice President Investor Relations, Risk Management and Treasurer Welbilt, Inc. +1 (727) 853-3079 [email protected] KEYWORD: FLORIDA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: HOME GOODS RETAIL RESTAURANT/BAR SOURCE: Welbilt, Inc. Copyright Business Wire 2021. PUB: 02/25/2021 06:00 AM/DISC: 02/25/2021 06:01 AM http://www.businesswire.com/news/home/20210225005162/en 1.9 1.1 0.13 $ 4.0 (0.4 ) 63.1 (7.0 ) — 2020 0.01 Restructuring activities (1) Year EndedDecember 31, 0.03 (1) The impact from foreign currency translation is calculated by translating current period activity at the weighted average prior period rates. 0.07 $ 0.02 1,208.4 United States (348.4 16.3 Diluted net earnings (loss) (7.4 — Termination of accounts receivable securitization program (2) $ ) 133.2 1.9 0.2 40.6 21.7 Net earnings (loss) $ 70.8 (0.1 18.4 Total Adjusted Net Earnings Total net sales by geographic area Amortization of debt issuance costs ) $ — $ (22.8 21.6 $ 2019 47.5 ) 13.4 0.14 Total Adjusted Diluted Net Earnings (0.07 ) (41.5 0.19 — 7.3 8.2 ) (1) Restructuring activities include costs associated with actions to improve operating efficiencies and rationalization of our cost structure. For the year ended December 31, 2020, these costs include inventory write-downs of $0.4 million. Comparatively, for the three months and year ended December 31, 2019, these costs include inventory write-down and accelerated depreciation related to a plant consolidation of one of our manufacturing facilities of $0.4 million included in “Cost of Sales” in the Consolidated Statements of Operations. For the three months and year ended December 31, 2020, these costs also include severance and other related costs of $1.9 million and $7.8 million, respectively. Comparatively, for the three months and year ended December 31, 2019, these costs include severance related costs of $4.0 million and $9.4 million, respectively. Severance and related costs are included in “Restructuring and other expense” in the Consolidated Statements of Operations. $ (3) Transaction costs are associated with acquisition and integrated-related activities. Transaction costs recorded in “Cost of sales” include $(0.1) million and $0.1 million related to inventory fair value purchase accounting adjustments for the three months and year ended December 31, 2019. Professional services and other direct acquisition and integration costs recorded in “Selling, general and administrative expenses” were $0.2 million for the year ended December 31, 2020, and $0.3 million and $1.0 million for the three months and year ended December 31, 2019, respectively. WELBILT, INC. Consolidated Statements of Operations (In millions, except share and per share data) Loss from impairment and (gain) loss on disposal of assets — net (6) Foreign currency transaction gains and losses are inclusive of gains and losses on related foreign currency exchange contracts not designated as hedging instruments for accounting purposes. Weighted average shares outstanding — Diluted $ 0.68 Favorable/(Unfavorable) $ EMEA $ Welbilt — EMEA 1.1 2,141.6 Net earnings (loss) (23.1 0.1 (17.6 Segment Adjusted Operating EBITDA: ) 0.1 Restructuring and other expense 2020 $ ) Less: Intersegment sales 1.4 % $ % $ Americas APAC Adjusted Operating EBITDA In addition to analyzing our operating results on a U.S. GAAP basis, management also reviews our results on an “Adjusted Operating EBITDA” basis. Adjusted Operating EBITDA is defined as net earnings before interest expense, income taxes, other income or expense, depreciation and amortization expense plus certain other items such as loss from impairment of assets, gain or loss from disposal of assets, restructuring activities, loss on modification or extinguishment of debt, acquisition-related transaction and integration costs, Transformation Program expense and certain other items. Management uses Adjusted Operating EBITDA as the basis on which we evaluate our financial performance and make resource allocations and other operating decisions. Management considers it important that investors review the same operating information used by management. The Company’s Adjusted Operating EBITDA reconciles to net earnings as presented in the Consolidated Statements of Operations in accordance with U.S. GAAP as follows: (1) Transaction costs are associated with acquisition and integrated-related activities. Transaction costs recorded in “Cost of sales” include $(0.1) million and $0.1 million related to inventory fair value purchase accounting adjustments for the three months and year ended December 31, 2019. Professional services and other direct acquisition and integration costs recorded in “Selling, general and administrative expenses” were $0.2 million for the year ended December 31, 2020, and $0.3 million and $1.0 million for the three months and year ended December 31, 2019, respectively. 71.2 1.4 (5.8 WhatsApp 40.6 27.8 )% Three Months EndedDecember 31, (9.8 14.9 11.0 (5.2 725.0 15.5 (0.09 (27.8 $ (9.2 $ $ 130.7 292.6 173.9 Interest expense ) (20.4 2019 (28.0 63.7 (1.1 29.9 ) (0.2 14.7 — % 247.1 $ WELBILT, INC. Consolidated Statements of Cash Flows (In millions) (24.5 2019 $ 279.9 Pinterest Gross profit 0.9 % $ 56.0 (0.8 2019 Year Ended December 31, Accounts receivable (in millions, except percentage data) — $ 2020 1,593.9 209.8 Three Months Ended December 31, 32.0 ) — 320.0 381.8 $ $ % Third-party net sales (62.7 180.6 ) ) December 31, (0.01 55.9 49.7 2019 Accounts receivable, less allowance of $4.4 and $4.0, respectively (39.8 (11.9 % (4) Other items are costs which are not representative of our operational performance. For the three months and year ended December 31, 2020, other items represent the changes in the loss contingency estimate of amounts due for customs duties, fees and interest on previously imported products of $(0.5) million and $3.1 million, respectively, which are included in “Restructuring and other expenses” in the Consolidated Statements of Operations and $0.1 million of professional fees for recovery of misappropriated funds within the Crem business related to the 2018 matter for both the three months and year ended December 31, 2020. For the three months and year ended December 31, 2019, the amount includes certain costs related to concluded litigation and other professional fees of $3.7 million and $4.5 million, respectively, which are included within “Selling, general and administrative expenses” in the Consolidated Statements of Operations. $ (259.5 ) 320.0 743.4 ) 14.8 313.2 (19.0 50.9 Less: Intersegment sales 141,130,146 % $ Three Months Ended December 31, (92.4 $ 1,153.4 (3.3 (5.4 (15.1 (0.3 (28.6 1,075.3 (5) Adjusted Operating EBITDA % is calculated by dividing Adjusted Operating EBITDA by net sales for each respective segment. 202.1 Cash paid for income taxes, net of refunds (32.1 1.3 — Total Americas organic net sales 219.1 — 40.6 Loss from impairment and gain (loss) on disposal of assets — net )% 20.7 165.9 1,075.3 EMEA: Net sales (27.8 — $ 0.5 Less: Intersegment sales 4.5 348.9 ) )% ) 4.7 Transformation Program expense (2) ) $ ) 50.3 $ 232.9 Non-cash financing activity: Reassessments and modifications of right-of-use assets and lease liabilities and assets obtained through leasing arrangements $ 223.5 Summarizing the Company’s fourth quarter performance, Bill Johnson, Welbilt’s President and CEO, stated, “We are pleased with our fourth quarter operating results as our sales, margins and cash flow all improved sequentially from the third quarter as the commercial foodservice industry continued to gradually recover. We are particularly pleased that our Adjusted Operating EBITDA margin exceeded last year’s level despite the dilutive effect of the sales decline, and that our free cash flow was higher than last year’s fourth quarter. Both of these are attributable to the improvements we have made to date as part of our Business Transformation Program (“Transformation Program”) and through the cost containment actions we put in place earlier in the year that continued to benefit us in the fourth quarter. Industry conditions and our results remain depressed relative to last year’s fourth quarter due to the impact of the COVID-19 pandemic and we continue to closely monitor the global recovery and adjust our costs and investments accordingly.” Net sales declined 16.2 percent in the fourth quarter compared to last year’s fourth quarter. Excluding the impact from foreign currency translation, Organic Net Sales decreased 17.6 percent, which was primarily driven by decreased volumes due to the impact of the COVID-19 pandemic on foodservice providers globally and the resulting decrease in demand for commercial foodservice equipment. The year-over-year monthly net sales comparisons improved through the quarter with December’s decrease being the smallest since the pandemic started. The fourth quarter Adjusted Operating EBITDA margin of 18.8 percent was 20 basis points higher than last year’s fourth quarter with positive net pricing, lower selling, general and administrative expenses (net of adjustments for the Transformation Program expenses and other adjustments to SG&A that are included in our Adjusted Operating EBITDA reconciliation (“Net SG&A”)), materials and manufacturing costs partially offset by the dilutive effect of lower volume related to the impact from the COVID-19 pandemic. Net SG&A costs were lower primarily due to cost reduction initiatives including reductions in force and temporary furloughs, along with a significant curtailment of travel, marketing and other discretionary spending. These actions enabled us to reduce full-year Net SG&A expenses by $41.0 million versus last year, although Net SG&A expenses increased as a percentage of net sales. We continued to make progress on the Transformation Program during the fourth quarter. Our planned procurement activities related to materials spend remains on-track as we continue to implement new agreements with both current and new suppliers. We also made progress on executing incremental cost savings opportunities through the implementation of Value Analysis Value Engineering (“VAVE”) initiatives. We delivered productivity improvements in our manufacturing plants which provided additional savings in the quarter. Finally, we made progress on consolidating one of our two plants in Shreveport, Louisiana into one existing facility and expect to have this process completed within the next few months. We remain committed to completing the activities included within the scope of our Transformation Program by the end of 2021 as originally anticipated and remain confident in our ability to achieve the $75 million of run-rate savings and the 500 basis points of margin improvement when sales and volume levels of the business return to pre-COVID levels. Liquidity and Debt Net cash provided by operating activities in the fourth quarter was $41.9 million compared to $50.8 million in last year’s fourth quarter. Net cash used in investing activities in the fourth quarter was $4.2 million compared to $16.3 million of net cash used in investing activities in last year’s fourth quarter, reflecting lower Transformation Program-related capital spending compared to the same period last year. Free Cash Flow (a non-GAAP measure) was $37.7 million in the quarter compared to $34.3 million in last year’s fourth quarter. The increase in Free Cash Flow in the fourth quarter versus last year’s fourth quarter reflects lower capital spending partially offset by a use of cash for changes in operating assets and liabilities. Capital spending was $4.2 million in the fourth quarter compared to $16.5 million in last year’s fourth quarter. During the quarter, total debt and finance leases (including the current portion) decreased by $39.6 million. Our ending cash and cash equivalents was $125.0 million, an increase of $2.1 million in the quarter. Total global liquidity was $375.0 million as of December 31, 2020, which consisted of the $125.0 million of cash and cash equivalents and $250.0 million of availability on our Revolving Credit Facility. Total global liquidity increased by $42.1 million in the quarter from $332.9 million as of September 30, 2020. Restructuring and Other Charges During the first quarter of 2020, we executed a workforce reduction in the Americas region and Corporate as well as a limited management restructuring to reduce operating expenses as an element of our Transformation Program and in response to the negative impact of the global COVID-19 pandemic on our operations. We also recognized severance and related costs in connection with restructuring actions initiated during the fourth quarter of 2019 in the EMEA and APAC regions, and additional actions taken in the EMEA region during the fourth quarter of 2020. We recognized $1.9 million of restructuring charges related to these actions in the fourth quarter of 2020. In addition, and as previously reported, we voluntarily disclosed to U.S. Customs and Border Protection certain errors in the declaration of imported products. In the fourth quarter, we concluded the analysis and testing of import activity and finalized the amount due as $3.1 million. We recorded a $0.5 million reduction to expense in the fourth quarter of 2020 as a component of “Restructuring and other expense” related to this matter. 2021 Guidance Due to the COVID-19 pandemic and the resulting impact on the commercial foodservice industry and uncertainty of demand for our products, we are only providing guidance related to our 2021 first quarter sales expectations, which we expect to decrease between 11 and 16 percent from the prior year. We do not plan to reinstate additional guidance until macroeconomic and commercial foodservice industry conditions have sufficiently stabilized. Additional Management Commentary “We are pleased with our fourth quarter results in light of the ongoing COVID-19 pandemic,” said Bill Johnson, Welbilt’s President and CEO. “In the Americas, sales to strategic QSRs and fast casual operators increased slightly over last year with improved demand for replacement equipment. In particular, we benefited from increased demand for Merrychef ® high-speed ovens to multiple customers. EMEA also saw sequential improvement in demand from strategic QSRs. Crem continued to benefit from a small rollout with an international governmental entity. APAC net sales improved sequentially in the fourth quarter, with sales in Australia, Japan and Malaysia delivering year-over-year sales increases. Sales in China decreased in the quarter due to strong rollouts in last year’s fourth quarter. We believe overall demand, while still negatively impacted by the COVID-19 pandemic, will continue to gradually improve over the next several quarters as public health orders and other restrictions are lifted and the rollout of COVID-19 vaccines accelerate, giving both consumers and operators more confidence and driving a gradual recovery in commercial foodservice end markets.” “We continued to aggressively manage our discretionary costs which, combined with sequentially improving absorption of fixed costs due to higher net sales in the quarter and benefits from our Business Transformation Program, allowed us to deliver an Adjusted Operating EBITDA margin of 18.8 percent in the fourth quarter. We remain very focused on protecting the health and safety of our employees and have been fortunate to have experienced very few COVID-19 cases worldwide. With the tools we have developed as part of our Transformation Program, we were able to improve productivity in our plants compared to prior year levels. We did have a few plants that were closed sporadically throughout the quarter due to local restrictions and to balance demand with production. We also continued to reduce material costs – both through negotiating price reductions with new and existing suppliers and by executing VAVE initiatives. We remain committed to delivering the savings identified in our Transformation Program through continued productivity improvements and further reductions of material costs in excess of current inflationary pressures.” “We made progress on several strategic initiatives in the fourth quarter. We shipped more equipment with common controllers and worked to incorporate these controllers into additional brands. Our newest version of KitchenConnect ®, our open cloud solution for the foodservice industry that improves efficiency, reduces costs and enhances food quality, was well received in the market and multiple chains have expressed an interest in adopting KitchenConnect into their operations. The launch of our new mid-tier Convotherm ® maxx™ line of combi ovens in the EMEA and APAC markets exceeded our expectations. We have several new product launches across multiple product lines planned for 2021 that we are equally excited about including the new Merco ® automated contactless pickup lockers that are expected to be available over the next couple of months. We are continuing to focus resources on innovations that are likely to see increased demand due to the public’s heightened awareness of contagious diseases, such as ghost kitchens and enhanced sanitation features within our equipment.” “Our fourth quarter results again demonstrate the momentum we are gaining as a company in the execution of our strategy. I am very proud of this team and remain confident that we will deliver the 500 basis points of margin improvement while delevering our balance sheet when business conditions return to pre-COVID levels,” concluded Johnson. Other Matters The Company expects to report a material weakness in internal control related to certain information technology (“IT”) controls in the areas of user access rights and the monitoring of such rights for one of the one IT systems that supports the Company’s financial reporting processes. There have been no misstatements identified in the Company’s financial statements as a result of this material weakness, and the Company expects to timely file its Form 10-K. Remediation efforts are in process. Conference Call and Webcast Welbilt will host a live conference call to discuss its 2020 fourth quarter earnings on Thursday, February 25, 2021 at 10:00 am ET. A live webcast, supplemental presentation slides and replay of the call can be accessed on the Investor Relations page at www.welbilt.com. The webcast replay will be available for 30 days from Thursday, February 25, 2021 at 1:00 pm ET. The information on our website is not a part of this release. About Welbilt, Inc. Welbilt, Inc. provides the world’s top chefs, premier chain operators and growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. Our portfolio of award-winning product brands includes Cleveland™, Convotherm ®, Crem ®, Delfield ®, Frymaster ®, Garland ®, Kolpak ®, Lincoln ®, Manitowoc ® Ice, Merco ®, Merrychef ® and Multiplex ®. These product brands are supported by three service brands: KitchenCare ®, our aftermarket parts and service brand, FitKitchen ®, our fully-integrated kitchen systems brand, and KitchenConnect ®, our cloud-based digital platform brand. Headquartered in the Tampa Bay region of Florida and operating 19 manufacturing facilities throughout the Americas, Europe and Asia, we sell through a global network of over 5,000 distributors, dealers, buying groups and manufacturers’ representatives in over 100 countries. We have approximately 4,400 employees and generated sales of $1.2 billion in 2020. For more information, visit www.welbilt.com. Forward-looking Statements Certain statements in this press release constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not historical facts are forward-looking statements and include, for example, our expectations regarding the potential future impacts from the COVID-19 pandemic on our business, results of operations, financial condition and cash flows (including demand, sales, operating expenses, Adjusted Operating EBITDA, net income (loss), operating cash flows, intangible assets, staffing levels, supply chain, government assistance and compliance with financial covenants), including on customer demand, supply chains and production; our ability to meet working capital needs and cash requirements over the next 12 months; our ability to realize savings from reductions in force and other cost saving measures; compliance with the financial covenants under our credit facility; our ability to obtain financial and tax benefits from the CARES Act; our expectations regarding future results; descriptions of the Transformation Program, including anticipated costs, completion dates and targeted annualized savings; expected impact of restructuring and other operating and strategic plans and any assumptions on which those expectations, outlook, descriptions, targets or plans are based. Certain of these forward-looking statements can be identified by using words such as “anticipates,” “believes,” “intends,” “estimates,” “targets,” “expects,” “endeavors,” “forecasts,” “could,” “will,” “may,” “future,” “likely,” “on track to deliver,” “gaining momentum,” “plans,” “projects,” “assumes,” “should” or other similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, and our actual results could differ materially from future results expressed or implied in these forward-looking statements. The forward-looking statements included in this release are based on our current beliefs and expectations of our management as of the date of this release. These statements are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements include, but are not limited to, risks from global pandemics including COVID-19, including the measures taken by governmental authorities and third parties in response to pandemics and the efficacy and availability of vaccines; risks related to our ability to timely and efficiently execute on manufacturing strategies; our ability to realize anticipated or targeted earnings enhancements, cost savings, strategic options and other synergies (through the Transformation Program or otherwise) and the anticipated timing to realize those enhancements, savings, synergies, and options; acquisitions, including our ability to realize the benefits of acquisitions in a manner consistent with our expectations and general integration risks; our substantial levels of indebtedness; actions by competitors including competitive pricing; consumer and customer demand for products; the successful development and market acceptance of innovative new products; world economic factors and ongoing economic and political uncertainty; our ability to source raw materials and commodities on favorable terms and successfully respond to and manage related price volatility; our ability to generate cash and manage working capital consistent with our stated goals; costs of litigation and our ability to defend against lawsuits and other claims and to protect our intellectual property rights; unanticipated environmental liabilities; the ability to obtain and maintain adequate insurance coverage; data security and technology systems; risks and uncertainties relating to the material weakness in our internal control over financial reporting; our labor relations and the ability to recruit and retain highly qualified personnel; product quality and reliability, including product liability claims; changes in the interest rate environment and currency fluctuations; compliance with, or uncertainty created by, existing, evolving or new laws and regulations, including recent changes in tax laws, tariffs and trade regulations and enforcement of such laws around the world, and any customs duties and related fees we may be assessed retroactively for failure to comply with U.S. customs regulations; our ability to comply with evolving and complex accounting rules, many of which involve significant judgment and assumptions; the possibility that additional information may arise, that would require us to make further adjustments or revisions to our historical financial statements or delay the filing of our current financial statements; actions of activist shareholders; and those additional risks, uncertainties and factors described in more detail under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 and in our other filings with the Securities and Exchange Commission. The COVID-19 pandemic amplifies many of these risks, uncertainties and factors. We do not intend, and, except as required by law, we undertake no obligation, to update any of our forward-looking statements after the issuance of this release to reflect any future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. APAC 1.2 ) Per share basis 75.7 0.16 774.6 EMEA Non-cash investing activity: Beneficial interest obtained in exchange for securitized receivables (33.9 34.3 (0.2 Per share data: (6.3 Adjustments to reconcile net (loss) earnings to cash provided by (used in) operating activities: (0.05 APAC: 32.8 ) (0.4 292.6 73.0 $ ) ) 2020 ) $ $ Product warranties ) ) 316.7 16.6 ) $ )% Cash flows from financing activities 1,407.8 Earnings (loss) per share — Basic ) )% ) Third-party Net Sales and Organic Net Sales In this release, we define Third-party Net Sales as net sales for the segment excluding intersegment sales and Organic Net Sales as net sales before the impacts of acquisitions and foreign currency translations during the period. We believe the Third-party Net Sales and Organic Net Sales measures are useful to investors in assessing the ongoing performance of our underlying businesses. The change in third-party Net Sales and Organic Net Sales reconcile to the change in net sales presented in accordance with U.S. GAAP as follows: (3.7 Other items (4) (24.4 Total APAC organic net sales $ 49.0 % 0.06 443.6 38.7 $ 10.2 (15.2 381.8 % Facebook Twitter 17.8 63.7 198.5last_img read more

The Burden of Mortgage

first_img Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Market Studies, News, Servicing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: FHA Looks Ahead to 2019 Next: To BFCP or Not To BFCP: That Is the Question Sign up for DS News Daily Subscribe Affordability Andrew LePage CoreLogic Median Home Prices Mortgage Rates Typical Mortgage Payment 2018-12-19 Donna Joseph The Burden of Mortgage  Print This Post Related Articles The Best Markets For Residential Property Investors 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img December 19, 2018 1,488 Views Tagged with: Affordability Andrew LePage CoreLogic Median Home Prices Mortgage Rates Typical Mortgage Payment The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Donna Joseph The Week Ahead: Nearing the Forbearance Exit 2 days ago Rising home prices have proven detrimental to homeownership for many buyers across some of the largest markets. However, new data suggests that the typical mortgage payment homebuyers face is far outpacing the rise in home prices. Andrew LePage, Research Analyst at CoreLogic indicated an 11 percent jump in buyers’ mortgage payments by 2019. The principal-and-interest mortgage payment recorded an upward spike by more than 16 percent, while nationally, the median price paid for a home has risen by less than 6 percent over the past year. LePage pointed out that September 2019 will see a rise in prices by almost 5 percent on an annual basis, according to CoreLogic Home Price Index Forecast. However, some other forecasts project a further rise in mortgage payments homebuyers around the same period next year, he stated. Typical mortgage payment—a mortgage-rate-adjusted monthly payment based on each month’s U.S. median home sale price, is helpful in measuring the impact of inflation, mortgage rates and home prices on affordability, according to LePage. Typical mortgage payments are strong indicators of affordability as “it shows the monthly amount that a borrower would have to qualify for, to get a mortgage for a median-priced U.S. home,” he said.  The U.S. median sale price during September 2018 at $221,697 increased by 5.6 percent annually, whereas a 0.8-percentage-point rise in mortgage rates over that one-year period led to a sharp rise in typical mortgage payment by 16.4 percent. The CoreLogic HPI Forecast anticipates the median sale price to rise by 2.7 percent in real, or inflation-adjusted, terms between September 2018 and 2019. These projections also indicate that typical monthly mortgage payment will record an 8.9 percent year-over-year gain. Quoting an IHS Markit forecast, LePage pointed out the possibility of a rise in real disposable income by 2.6 percent over the next year—a trend that will see homebuyers spending a larger share of their incomes on mortgage payments.  Read the full report here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Home / Daily Dose / The Burden of Mortgagelast_img read more

Pensions anomaly must be addressed now – Cope

first_img By News Highland – January 18, 2018 Arranmore progress and potential flagged as population grows Pensions anomaly must be addressed now – Cope Facebook Pinterest DL Debate – 24/05/21 Pinterest Homepage BannerNews Important message for people attending LUH’s INR clinic News, Sport and Obituaries on Monday May 24th RELATED ARTICLESMORE FROM AUTHOR Google+center_img Google+ Twitter Twitter WhatsApp WhatsApp The government is being urged to act as quickly as possible to address an anomaly which has seen thousands of people, many of them women, lose out on pension entitlements because of changes in the way they were calculated in 2012.Donegal Deputy and Leas Ceann Comhairle Pat the Cope Gallagher says this has led to financial hardship in many cases.He says some people have lost up to €1,500 per annum, and that’s unacceptable.Minister Regina Doherty says the issue is being discussed this week – Deputy Gallagher is stressing the need for progress…………Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2018/01/copepension.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. Facebook Harps come back to win in Waterford Previous articleFocussed task force needed to tackle poverty in West Donegal – GallagherNext article35 people awaiting in-patient beds at LUH News Highland Loganair’s new Derry – Liverpool air service takes off from CODAlast_img read more

Second man linked to murder of Michael Barr to be sentenced

first_img Second man linked to murder of Michael Barr to be sentenced A man is due to be sentenced later this month for helping a criminal gang carry out a murder in a Dublin pub two years ago.Martin Aylmer of Casino Park, Marino, Dublin 3 was linked to the murder of Strabane man Michael Barr through a phone used by one of two gunmen.Another man is already serving a life sentence for his role.On April 25th 2016, Michael Barr was shot dead while working in the Sunset House pub near Croke Park as part of the Hutch-Kinahan feud.30 year old Eamon Cumberton of Mountjoy Street, Dublin 7 was convicted of his murder earlier this year.Today, Martin Aylmer admitted playing a role in Mr. Barr’s murder. He bought some phones used in the operation and was also linked to a lock-up where the getaway car was parked.His sentence hearing will take place in two weeks time. Loganair’s new Derry – Liverpool air service takes off from CODA Twitter Pinterest Google+ Homepage BannerNews WhatsApp By News Highland – October 1, 2018 Pinterest Twitter RELATED ARTICLESMORE FROM AUTHORcenter_img Nine til Noon Show – Listen back to Monday’s Programme Facebook Google+ Facebook DL Debate – 24/05/21 News, Sport and Obituaries on Monday May 24th WhatsApp Arranmore progress and potential flagged as population grows Previous articleMain Evening News, Sport and Obituaries Monday October 1stNext articleStrike action at Rapid Action Packaging postponed for talks News Highland Important message for people attending LUH’s INR clinic last_img read more