Cohen & Steers Closed-End Funds Declare Distributions for October, November, and December 2024
NEW YORK, Sept. 30, 2024 /PRNewswire/ — The Boards of Directors of the Cohen & Steers Closed-End Funds announced today the monthly distributions for October, November, and December 2024, as summarized in the charts below:
|
Ticker |
Fund Name |
Monthly |
|
FOF |
Cohen & Steers Closed-End Opportunity Fund, Inc. |
$0.087 |
|
LDP |
Cohen & Steers Limited Duration Preferred and Income Fund, Inc. |
$0.131 |
|
PSF |
Cohen & Steers Select Preferred and Income Fund, Inc. |
$0.126 |
|
PTA |
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund |
$0.134 |
|
RFI |
Cohen & Steers Total Return Realty Fund, Inc. |
$0.080 |
|
RLTY |
Cohen & Steers Real Estate Opportunities and Income Fund |
$0.110 |
|
RNP |
Cohen & Steers REIT and Preferred and Income Fund, Inc. |
$0.136 |
|
RQI |
Cohen & Steers Quality Income Realty Fund, Inc. |
$0.080 |
|
UTF |
Cohen & Steers Infrastructure Fund, Inc. |
$0.155 |
Distributions will be made on the following schedule:
|
Month |
Ex-Dividend/ |
Payable Date |
|
October |
Oct. 15, 2024 |
Oct. 31, 2024 |
|
November |
Nov. 12, 2024 |
Nov. 29, 2024 |
|
December |
Dec. 10, 2024 |
Dec. 31, 2024 |
Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund, Cohen & Steers Real Estate Opportunities and Income Fund, Cohen & Steers Limited Duration Preferred and Income Fund, Inc., and Cohen & Steers Select Preferred and Income Fund, Inc. pay regular monthly cash distributions to common shareholders at a level rate that may be adjusted from time to time. Each of these fund’s distributions reflect net investment income and may also include net realized capital gains and/or return of capital. Return of capital includes distributions paid by a fund in excess of its net investment income. Such excess is distributed from the fund’s assets. Under federal tax regulations, some or all of the return of capital distributed by a fund may be taxed as ordinary income. The amount of monthly distributions may vary depending on a number of factors, including changes in portfolio and market conditions.
______________________________________________________________________________
Cohen & Steers Closed-End Opportunity Fund, Inc., Cohen & Steers Total Return Realty Fund, Inc., Cohen & Steers REIT and Preferred and Income Fund, Inc., Cohen & Steers Infrastructure Fund, Inc., and Cohen & Steers Quality Income Realty Fund, Inc. only:
Cohen & Steers Closed-End Opportunity Fund, Inc., Cohen & Steers Total Return Realty Fund, Inc., Cohen & Steers REIT and Preferred and Income Fund, Inc., Cohen & Steers Infrastructure Fund, Inc., and Cohen & Steers Quality Income Realty Fund, Inc. (each, a “Fund” and collectively the “Funds”) declared their monthly distributions pursuant to such Fund’s managed distribution plans. Each Fund implemented a managed distribution policy in accordance with exemptive relief issued by the Securities and Exchange Commission. The policy gives each Fund greater flexibility to realize long-term capital gains throughout the year and to distribute those gains on a regular monthly basis to shareholders. Information can also be found on the Funds’ website at cohenandsteers.com. The Board of Directors of each Fund may amend, terminate or suspend the managed distribution policy at any time, which could have an adverse effect on the market price of each Fund’s shares.
Distributions of a fund’s investment in real estate investment trusts (REITs), master limited partnerships (MLPs) and/or closed-end funds (CEFs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to each fund after year-end by the REITs, MLPs and CEFs held by a fund.
Each Fund’s distributions may include net investment income, long-term capital gains, short-term capital gains and/or return of capital. Under the plan, prior to the payment date of the distribution every month, each Fund will issue a press release and a notice containing information about the amount and sources of the distribution and other related information to shareholders of record on the record date. Please note that the notice is not provided for tax reporting purposes but for informational purposes only. Information can also be found on the Funds’ website at cohenandsteers.com.
______________________________________________________________________________
Shareholders should not use the information provided in preparing their tax returns. Shareholders will receive a Form 1099-DIV for the calendar year indicating how to report Fund distributions for federal income tax purposes.
Investors should consider the investment objectives, risks, charges and expense of the fund carefully before investing. You can obtain the fund’s most recent periodic reports, when available, and other regulatory filings by contacting your financial advisor or visiting cohenandsteers.com. These reports and other filings can be found on the Securities and Exchange Commission’s EDGAR Database. You should read these reports and other filings carefully before investing.
Website: https://www.cohenandsteers.com/
Symbol: CNS
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo, and Singapore.
Forward-Looking Statements
This press release and other statements that Cohen & Steers may make may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the company’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties.
Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
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SOURCE Cohen & Steers, Inc.
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Super Micro Computer's 10-for-1 Stock Split Is Happening Today. Here's What You Need to Know.
The big day has arrived for Super Micro Computer (NASDAQ: SMCI). The technology company’s stock split happens after the market close, and the shares will begin trading tomorrow at their new — and significantly lower — price. Supermicro joins the list of other high-flying artificial intelligence (AI) stocks — such as Nvidia and Broadcom — that have completed such operations in recent months.
These market giants have launched splits in order to make their shares more accessible to a broader range of investors. Supermicro shares have soared in recent years as the AI boom accelerated, helping revenue to climb in the triple digits. AI customers have rushed to Supermicro for its servers, workstations, and other products that it tailors to suit their data centers. As Supermicro shares climbed 188% in the first half, even surpassing gains of Nvidia and reaching beyond the $1,000 mark, investors speculated that a stock split may be next on the agenda. And Supermicro went on to announce a stock split when it reported quarterly earnings in August.
But unlike peers Nvidia and Broadcom, Supemicro shares haven’t climbed following the decision. That’s as other news in recent weeks weighed on the stock: Hindenburg Research published a short report alleging troubles at the company, and separately, Supermicro delayed the filing of its 10-K annual report. Finally, just last week, The Wall Street Journal reported that the Justice Department may have launched a probe into the company following the short report. All of this has left Supermicro shares down nearly 30% since Hindenburg’s publication in late August.
Today, though, Supermicro’s stock split is unfolding, and it’s a great time to take a closer look at the company. Here’s what you need to know.
Why companies launch stock splits
First, a bit of background on stock splits. As mentioned, these operations lower the per-share price of a stock to make it easier for more people to buy — and this is done by issuing additional shares to current holders. The move doesn’t change anything fundamental about a company, so valuation and market value remain the same. Though the per-share price declines, stock splits don’t make the shares any cheaper.
This also means a stock split, on its own, isn’t a reason to buy a particular stock and won’t act as a catalyst to drive the price higher. A stock split could be seen as a positive move for a company, though, since it may drive more investors to the stock over time. And it suggests that the company’s management is optimistic about the future, with the idea that the stock has what it takes to climb from its new lower price.
Now, let’s move on to the Supermicro operation. Supermicro is launching a 10-for-1 stock split, which means holders of one share will receive nine additional shares after the market close today.
The total value of the holding won’t change, though each share will be worth a tenth of its original value. So, using the current level of Supermicro stock as a guide, the value of one share should decline from about $400 to $40. And this means Supermicro stock will open at the new split-adjusted price of around $40 tomorrow, Oct. 1.
If you’re a Supermicro shareholder, you don’t have to do a thing. All of this will happen automatically, and the extra shares will appear in your brokerage account. If you’re not yet a Supermicro shareholder, you may be wondering what happens if you buy the stock today, right before the split. You, too, will receive the extra shares since the right to them transfers over from the seller. Finally, if you wait until tomorrow to buy the stock, you’ll get it at the split-adjusted price.
Should you buy Supermicro?
Is it a better idea to buy now or wait until after the split? It’s true the split will make it easier for you to buy Supermicro if you want to invest less than the current $400 share price. With $100, for example, you can easily pick up a couple of shares post-split. So, if this is your situation, for convenience, you may want to wait until after the split.
But aside from that particular scenario, it really doesn’t matter if you buy the stock before or after the operation — because, as I talked about above, this move only alters the per-share price.
Now let’s answer one more question: Considering the news I mentioned above, should you really buy Supermicro shares? It’s true that Supermicro is looking particularly cheap right now, trading at only 11x forward earnings estimates. Very aggressive investors may consider picking up a few shares at these levels.
It’s important to remember that Hindenburg Research holds a short position in Supermicro, meaning the firm benefits from a decline in the stock price. In short selling, investors borrow shares of a company, sell them, then purchase them once again — ideally at a lower price — to return to the original owner. This means Hindenburg has a bias, making it difficult to rely on the firm as a source of information. Meanwhile, a Justice Department probe hasn’t been confirmed — and if a probe is confirmed at some point, this doesn’t imply wrongdoing.
Earlier this month, Supermicro responded to concerns about the Hindenburg report and its own delayed annual report filing. The company called Hidenburg’s statements “false or inaccurate” and pledged to address them in “due course.” Supermicro also said it didn’t expect the delayed filing of its annual report to result in major changes to its earnings report. The company declined to comment on the Justice Department probe report, The Wall Street Journal said.
So from the information we have today, Supermicro’s story still looks solid, and considering the company’s leadership in the market and the demand from AI customers, its long-term prospects remain bright.
That said, uncertainty remains, and even post-split, the stock may remain volatile. For most investors, it’s a good idea to wait to buy until Supermicro fully addresses statements in the Hindenburg report or offers further clarifications. There’s reason to be optimistic about this company over the long term, but it’s best to gather all of the facts before making any moves — to buy or sell.
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Adria Cimino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool recommends Broadcom. The Motley Fool has a disclosure policy.
Super Micro Computer’s 10-for-1 Stock Split Is Happening Today. Here’s What You Need to Know. was originally published by The Motley Fool
2 Unstoppable Dividend Stocks Yielding More Than 9% That Income-Seeking Investors Will Want to Buy in October and Hold Forever
If you’re eager to build a passive income stream that can fuel your retirement dreams, you may have noticed it’s getting harder and harder to find stocks that pay satisfying dividend yields.
The S&P 500 has risen about 31% over the past 12 months. With prices going through the roof, the average dividend-paying stock in the benchmark index offers an unattractive 1.3% yield.
It’s harder to find high-yield stocks that investors can rely on, but it isn’t impossible. Right now, Ares Capital (NASDAQ: ARCC) and PennantPark Floating Rate Capital (NYSE: PFLT) offer yields above 9%, and there’s a pretty good chance that they’ll be able to maintain their payouts over the long term.
1. Ares Capital
Ares Capital is the world’s largest publicly traded business development company (BDC). These specialized entities are popular among income-seeking investors because they can avoid paying income taxes by distributing nearly all of their earnings to shareholders in the form of dividend payments.
Ares Capital’s dividend payout hasn’t risen in a straight line, but it is up by 60% since the company began distributing earnings in 2005. At recent prices, the stock offers an attractive 9.2% dividend yield.
North American banks have been dialing back their direct lending exposure to all but the largest companies for decades. As a result, heaps of well-run midsize businesses are starving for capital and willing to pay eye-popping interest rates.
In the second quarter, the average yield on debt securities in Ares Capital’s portfolio was 12.2% at cost. As a well-established BDC, it has a fairly low cost of capital. It paid an average interest rate of 5.3% on outstanding debt in the second quarter.
A wide gap between Ares Capital’s income and its interest expenses pushed second-quarter core earnings up by 5% year over year to $0.61 per share. That’s more than the company needs to meet a quarterly dividend obligation currently set at $0.48 per share.
The are no guarantees, but Ares Capital’s portfolio of debt securities seems highly likely to continue supporting its high-yield dividend payment. There were 525 borrowers in the BDC’s portfolio at the end of June, but hardly any are having trouble making ends meet. Loans on nonaccrual status represented just 1.5% of total investments at cost.
Severe economic downturns can pressure BDCs, but investors don’t have to worry that any single industry will tank Ares Capital. Its heaviest concentration was in the software and services industry, at 24% of the overall portfolio.
2. PennantPark Floating Rate Capital
PennantPark Floating Rate Capital is another BDC with a diverse portfolio and an attractive dividend. With a brief exception in 2018, it’s been making monthly dividend payments that have risen or remained steady since 2011. At recent prices, it offers a 10.7% yield.
This BDC is similar to Ares Capital, but there are some important differences. At the end of June, 50% of Ares Captial’s assets were first-lien senior secured loans. Nearly all of PennantPark Floating Rate Capital’s loans are first-lien senior secured debt, which means they’re first in line to be repaid in the unlikely event of bankruptcy.
Around 31% of Ares Capital’s investments are equity stakes or fixed-rate loans. Pennantark Floating Rate Capital doesn’t have any fixed-rate debt on its books, and equity stakes account for just 13% of its portfolio.
PennantPark Floating Rate Capital’s underwriting team isn’t as large as Ares Capital’s, but it’s big enough to do the job well. To date, it’s closed deals with midsize businesses represented by more than 230 private equity sponsors. At the end of June, just three of this BDC’s portfolio companies, representing 1.5% of the portfolio at cost, were on nonaccrual status.
PennantPark Floating Rate Capital’s operation is much smaller than Ares Capital’s, but it’s arguably more diversified. At the end of June, professional services was its largest industry concentration, at 7.8% of the portfolio. With a diverse portfolio of secured loans generating reliable cash flows, this BDC could maintain and raise its monthly dividend payment for many years to come.
Should you invest $1,000 in Ares Capital right now?
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2 Unstoppable Dividend Stocks Yielding More Than 9% That Income-Seeking Investors Will Want to Buy in October and Hold Forever was originally published by The Motley Fool
Why Nio Stock Is Soaring: Tesla Rival's Latest EV Gets Nvidia 'AI Brain' With EV Sales Due
Nio (NIO) skyrocketed in September for their best month since June 2020. It’ll report monthly and third-quarter deliveries on Tuesday, with Li Auto (LI) and Zeekr (ZK) already reporting record deliveries.
On Monday, Nio stock rose after the Tesla (TSLA) challenger announced a big cash injection for its Nio China unit.
Further, China stocks rallied broadly in late September on Beijing’s latest stimulus measures. China’s central bank lowered interest rates to push economic growth toward a target of around 5%. This year, China plans to issue sovereign bonds worth about RMB 2 trillion ($284 billion) to stimulate the economy, reports said. On Sunday, the central bank ordered banks to lower rates on existing mortgages.
And not least, Nio has just begun deliveries of the Onvo L60, a more affordable Model Y rival that leverages Nvidia‘s (NVDA) artificial intelligence (AI) chips.
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X
Tesla’s Robotaxi Is Delayed. Will It Make A Difference For Tesla Stock?
China EV Sales
China’s EV makers are disclosing September and Q3 sales.
Li Auto delivered a record 53,709 EVs in September, up 48.9% vs. a year earlier and 11.6% vs. August. Q3 deliveries totaled 152,831, up 45.4% vs. a year earlier.
Zeeker delivered a record 21,333 EVs in September, up 79% vs. a year earlier and 18.4% vs. August. Q3 sales were 55,003, also an all-time best and up 51.1% vs. a year earlier.
Nio Onvo EV Powered by Nvidia AI Chip
“Nvidia Drive Orin serves as the AI brain of Onvo’s smart-driving system,” Nvidia, which has long partnered with Nio on chips to automate driving tasks, said in a Sept. 27 press release. The latest Drive Orin system-on-a-chip can perform 254 trillion operations per second, processing sensor data from the L60’s high-definition cameras and four-dimensional radar. The automotive-grade AI chip enables “highly automated driver assistance and autonomous driving systems,” according to the release.
“With the integration of Nvidia Drive, the Onvo L60 is poised to deliver an advanced driving experience at an affordable price,” the chipmaker said.
Nio has pitched the L60 as a higher-spec, lower-priced rival to the Model Y. The L60 starts as low as RMB 149,900, or $21,000, without a battery. Users can opt for Nio’s battery-as-a-service service. With an EV battery, the L60 starts at RMB 206,900.
Deliveries of the first vehicle from Nio’s new and cheaper Onvo sub-brand began Sept. 28. It’s expected to have a modest impact on September sales. But given the heavy L60 orders and Nio ramping up production, the new crossover should provide a big sales boost in October and beyond.
The Model Y, Tesla’s bestselling electric vehicle by far, starts around $35,000 in China after price cuts. That Tesla model is being challenged by several existing and forthcoming Chinese EVs, including options from XPeng (XPEV), Li Auto and Zeekr.
The EV startups are all set to release September and Q3 sales data on Tuesday, along with Nio stock. EV giants BYD (BYDDF) and Tesla will report global EV sales this week as well.
Electric cars now account for more than half of new car sales in mainland China, as a brutal price war continues. Only two U.S.-traded Chinese companies — BYD and Li Auto — are profitable, despite rising EV sales.
Nio Stock, Tesla Stock, China EV Stocks
Shares of Nio rose 2.5% to 6.68 on the stock market today, closing near the bottom of the day’s range. Nio stock jumped 66.4% in September, recovering the 10-week and 40-week moving averages. That’s after trading near four-year lows in August.
The Nio surge in September outpaced gains of 51.6% for XPeng, 37.8% for Zeekr and 31.8% for Li Auto. On Monday, XPEV stock and Zeekr reversed lower, while Li Auto slashed gains to trade back below its 200-day line.
Month to date, shares of EV giants BYD and Tesla have jumped 17% and 22%, respectively.
On Sunday, Nio said it will receive an RMB 13.3 billion (around $470 million) cash injection for its Nio China unit. It expects “strategic investors” to provide RMB 3.3 billion of that injection. Nio itself will provide the rest, with its stake in Nio China reduced to around 88%, down from 92%, CNBC said.
The transactions are set to wrap up by year end.
Despite September’s surge, Nio stock is down 26% in 2024 so far, as well as over the past 12 months.
Year to date, TSLA stock is up more than 5% with the Tesla robotaxi event due on Oct. 10. Shares are moving toward a 271 cup-base buy point.
BYD stock has rallied 28.5% in 2024. Shares cleared an early entry of 32 last week and flirted with a 13-month cup-base buy point of 36.27 on Monday.
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NETSOL Technologies Reports 19% Revenue Growth in Fiscal Fourth Quarter of 2024 and Exceeds Full Fiscal Year 2024 Revenue Target
- FY’24 Total Revenue Increase 17% to $61.4 million exceeding target revenue range of $60 – $61 million
- Q4′ 24 Gross Margins of 52% increased from 35% in 4Q’ 23; FY’ 24 Gross Margins of 48% increased from 32% in FY ’23
- FY’24 Operating Income of $3.5 million from a loss of $(8.8 million) last year
- $0.06 earnings per share in FY’ 24 compared with a loss of $(0.46) per share in FY’ 23
- 10% increase in Subscription and Support revenues to $7.5 million in 4Q’ 24; Annual Recurring Revenues of $28 million meets FY’ 24 target
ENCINO, Calif., Sept. 30, 2024 (GLOBE NEWSWIRE) — NETSOL Technologies, Inc. (Nasdaq: NTWK), a global business services and asset finance solutions provider, reported results for the fourth quarter and full fiscal 2024 ended June 30, 2024.
Najeeb Ghauri, Co-Founder, Chief Executive Officer, and Chairman of NETSOL Technologies Inc., commented, “We’re proud to have exceeded our full-year revenue estimates and achieve profitability for the full fiscal year. Our performance in fiscal 2024 underscores the successful execution of our long-term strategy, our commitment to investing in the growth of our business, and the ongoing development of innovative products and solutions that meet the diverse needs of our expanding customer base.”
Fiscal Fourth Quarter 2024 Financial Results
Total net revenues for the fourth quarter of fiscal 2024 increased 19% to $16.4 million, compared with $13.8 million in the prior year period. On a constant currency basis, total net revenues were $16.5 million.
- License fees were $621,000 compared with $21,000 in the prior year period. License fees on a constant currency basis were $605,000.
- Total subscription (SaaS and Cloud) and support revenues increased 10% to $7.5 million compared with $6.8 million in the prior year period. Total subscription and support revenues on a constant currency basis were $7.5 million.
- Total services revenues were $8.4 million, compared with $7.0 million in the prior year period. Total services revenues on a constant currency basis were $8.4 million.
Gross profit for the fourth quarter of fiscal 2024 was $8.5 million or 52% of net revenues, compared to $4.8 million or 35% of net revenues in the fourth quarter of fiscal 2023. On a constant currency basis, gross profit for the fourth quarter of fiscal 2024 was $8.7 million or 52% of net revenues as measured on a constant currency basis.
Operating expenses for the fourth quarter of fiscal 2024 were $7.7 million or 47% of sales compared to $7.7 million or 56% of sales for the fourth quarter of fiscal 2023. On a constant currency basis, operating expenses for the fourth quarter of fiscal 2024 were $8.3 million or 50% of sales on a constant currency basis.
Income from operations for the fourth quarter of fiscal 2024 was $798,000 compared to a loss from operations of $(2.9 million) in the fourth quarter of fiscal 2023.
GAAP net loss attributable to NETSOL for the fourth quarter of fiscal 2024 totaled $(83,000) or $(0.01) per diluted share, compared with a GAAP net loss of $(5.1 million) or $(0.45) per diluted share in the fourth quarter of fiscal 2023.
Non-GAAP EBITDA for the fourth quarter of fiscal 2024 was $1.2 million or $0.11 per diluted share, compared with a non-GAAP EBITDA loss of $(4.5 million) or $(0.40) per diluted share in the fourth quarter of fiscal 2023 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
Non-GAAP adjusted EBITDA for the fourth quarter of fiscal 2024 was $674,000 or $0.06 per diluted share, compared with a non-GAAP adjusted EBITDA loss of $(4.2 million) or $(0.37) per diluted share in the prior year period (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
Full Fiscal Year Ended June 30, 2024 Financial Results
Total net revenues for the full fiscal year ended June 30, 2024, were $61.4 million, compared to $52.4 million in the prior year. On a constant currency basis, total net revenues were $61.7 million.
- License fees were $5.5 million compared with $2.3 million in the prior year period. License fees on a constant currency basis were $5.5 million.
- Total subscription (SaaS and Cloud) and support revenues for the full fiscal year ended June 30, 2024, were $28.0 million compared with $26.0 million in the prior year period. Total subscription and support revenues on a constant currency basis were $28.0 million.
- Total services revenues were $28.0 million compared with $24.1 million in the prior year period. Total services revenues on a constant currency basis were $28.1 million.
Gross profit for the full fiscal year ended June 30, 2024, was $29.3 million or 48% of net revenues, compared with $16.9 million or 32% of net revenues in the prior year. On a constant currency basis, gross profit for the full fiscal year ended June 30, 2024, was $26.5 million or 43% of net revenues as measured on a constant currency basis.
Operating expenses for the full fiscal year ended June 30, 2024, were $25.8 million or 42% of sales compared with $25.7 million or 49% of sales in the prior year. On a constant currency basis, operating expenses were $27.8 million or 45% of sales on a constant currency basis.
Income from operations for the full year ended June 30, 2024 was $3.5 million compared to a loss from operations of $(8.8 million) in prior year.
GAAP net income attributable to NETSOL for the full fiscal year ended June 30, 2024, totaled $684,000 or $0.06 per diluted share, compared with a GAAP net loss attributable to NETSOL of $(5.2 million) or a loss of $(0.46) per diluted share in the prior year. Included in GAAP net income attributable to NETSOL was a loss of $(1.2 million) on foreign currency exchange transactions for the full fiscal year ended June 30, 2024, compared to a gain of $6.8 million in the prior year period. As most contracts are either in U.S. dollars or Euros, currency fluctuations will yield foreign currency exchange gains or losses depending on the value of other currencies compared to the U.S. dollar and the Euro. As such, on a constant currency basis, GAAP net loss attributable to NETSOL for the full fiscal year ended June 30, 2024 totaled $(2.9 million) or $(0.26) per diluted share.
Non-GAAP EBITDA for the full fiscal year ended June 30, 2024, was $4.2 million or $0.37 per diluted share, compared with a non-GAAP EBITDA loss of $(426,000) or $(0.04) per diluted share in the full fiscal year ended June 30, 2023 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
Non-GAAP adjusted EBITDA for the full fiscal year of 2024 was $2.7 million or $0.23 per diluted share, compared with a non-GAAP adjusted EBITDA loss of $(2.3 million) or $(0.20) per diluted share in the prior year period (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).
At June 30, 2024, cash and cash equivalents increased to $19.1 million compared to $15.5 at June 30, 2023. Total NETSOL stockholders’ equity at June 30, 2024, was $34.8 million, or $3.05 per share.
Management Commentary
“We’re thrilled to report strong revenue growth and profitability for the full fiscal year of 2024,” Najeeb Ghauri, Co-Founder, Chief Executive Officer, and Chairman of NETSOL Technologies Inc., commented. “We reached several milestones during the fiscal year as we exceeded our full year revenue target of $60 – $61 million driven by strong demand for our comprehensive suite of products, met our annual recurring revenue target of $28 million, and achieved full year profitability with earnings per share of $0.06.”
Mr. Ghauri continued, “In addition to our sales growth, we continued to invest in the growth of our business throughout the fiscal year. We increased our investments in sales and marketing in support of our long-term goals and are intently focused on the development of new products and services that expand our total addressable market. Moreover, we remain committed to the innovation and integration of cutting-edge AI solutions into our business processes and our products and offerings. During the year, we made significant investments in our AI capabilities by adding top talent to our already impressive team.
“As a global company, our presence across key markets is a major focus. We performed well in our established markets during the fiscal year, signing a healthy mix of both new agreements and extensions with existing customers that include tier one automakers, banks, and financial services providers throughout Asia Pacific and Europe,” Mr. Ghauri added. “These longstanding partnerships are especially encouraging as they represent the stickiness of our customer base and validate the performance and reliability of our products. Our presence in the United States is still nascent but exhibiting strong signs of early growth, and we have a healthy and expanding pipeline of activity as we continue to establish NETSOL in this region.”
Roger Almond, Chief Financial Officer of NETSOL Technologies Inc., commented, “We’re very pleased by our results in fiscal 2024. We believe that we’re still only in the beginning stages of our renewed growth and anticipate double digit revenue improvement in fiscal 2025 driven by enhanced sales and market recognition of our products and services. As we look ahead, we remain committed to executing on our growth strategy while carefully managing costs to deliver sustainable, profitable growth for our shareholders.”
Conference Call
NETSOL Technologies management will hold a conference call on Tuesday, October 1, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time) to discuss these financial results. A question-and-answer session will follow management’s presentation.
U.S. dial-in: 877-407-0789
International dial-in: 201-689-8562
Please call the conference telephone number 5-10 minutes prior to the start time and provide the operator with the conference ID: NETSOL. The operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Investor Relations at 818-222-9195.
The conference call will also be broadcast live and available for replay here, along with additional replay access being provided through the company information section of NETSOL’s website.
A telephone replay of the conference call will be available approximately three hours after the call concludes through Tuesday, October 15, 2024.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay ID: 13749314
About NETSOL Technologies
NETSOL Technologies, Inc. NTWK is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of professionals placed in ten strategically located support and delivery centers throughout the world. NETSOL’s products help companies transform their finance and leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.
Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “expects,” “anticipates,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
Use of Non-GAAP Financial Measures
The reconciliation of Adjusted EBITDA to net income, the most comparable financial measure based upon GAAP, as well as a further explanation of adjusted EBITDA, is included in the financial tables in Schedule 4 of this press release.
Investor Relations Contact:
IMS Investor Relations
netsol@imsinvestorrelations.com
+1 203-972-9200
| NETSOL Technologies, Inc. and Subsidiaries Schedule 1: Consolidated Balance Sheets |
|||||||||
| As of | As of | ||||||||
| ASSETS | June 30, 2024 | June 30, 2023 | |||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 19,127,165 | $ | 15,533,254 | |||||
| Accounts receivable, net of allowance of $398,809 and $420,354 | 13,049,614 | 11,714,422 | |||||||
| Revenues in excess of billings, net of allowance of $116,148 and $1,380,141 | 12,684,518 | 12,377,677 | |||||||
| Other current assets | 2,600,786 | 1,978,514 | |||||||
| Total current assets | 47,462,083 | 41,603,867 | |||||||
| Revenues in excess of billings, net – long term | 954,029 | – | |||||||
| Property and equipment, net | 5,106,842 | 6,161,186 | |||||||
| Right of use assets – operating leases | 1,328,624 | 1,151,575 | |||||||
| Other assets | 32,340 | 32,327 | |||||||
| Intangible assets, net | – | 127,931 | |||||||
| Goodwill | 9,302,524 | 9,302,524 | |||||||
| Total assets | $ | 64,186,442 | $ | 58,379,410 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
| Current liabilities: | |||||||||
| Accounts payable and accrued expenses | $ | 8,232,342 | $ | 6,552,181 | |||||
| Current portion of loans and obligations under finance leases | 6,276,125 | 5,779,510 | |||||||
| Current portion of operating lease obligations | 608,202 | 505,237 | |||||||
| Unearned revenue | 8,752,153 | 7,932,306 | |||||||
| Total current liabilities | 23,868,822 | 20,769,234 | |||||||
| Loans and obligations under finance leases; less current maturities | 95,771 | 176,229 | |||||||
| Operating lease obligations; less current maturities | 688,749 | 652,194 | |||||||
| Total liabilities | 24,653,342 | 21,597,657 | |||||||
| Stockholders’ equity: | |||||||||
| Preferred stock, $.01 par value; 500,000 shares authorized; | – | – | |||||||
| Common stock, $.01 par value; 14,500,000 shares authorized; | |||||||||
| 12,359,922 shares issued and 11,420,891 outstanding as of June 30, 2024, | |||||||||
| 12,284,887 shares issued and 11,345,856 outstanding as of June 30, 2023 | 123,602 | 122,850 | |||||||
| Additional paid-in-capital | 128,783,865 | 128,476,048 | |||||||
| Treasury stock (at cost, 939,031 shares | |||||||||
| as of June 30, 2024 and June 30, 2023) | (3,920,856 | ) | (3,920,856 | ) | |||||
| Accumulated deficit | (44,212,313 | ) | (44,896,186 | ) | |||||
| Other comprehensive loss | (45,935,616 | ) | (45,975,156 | ) | |||||
| Total NetSol stockholders’ equity | 34,838,682 | 33,806,700 | |||||||
| Non-controlling interest | 4,694,418 | 2,975,053 | |||||||
| Total stockholders’ equity | 39,533,100 | 36,781,753 | |||||||
| Total liabilities and stockholders’ equity | $ | 64,186,442 | $ | 58,379,410 | |||||
| NETSOL Technologies, Inc. and Subsidiaries Schedule 2: Consolidated Statement of Operations |
||||||||||||||||||
| For the Three Months | For the Years | |||||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net Revenues: | ||||||||||||||||||
| License fees | $ | 620,749 | $ | 20,735 | $ | 5,449,991 | $ | 2,269,564 | ||||||||||
| Subscription and support | 7,472,386 | 6,805,076 | 27,952,768 | 25,980,661 | ||||||||||||||
| Services | 8,355,318 | 6,964,538 | 27,990,332 | 24,142,990 | ||||||||||||||
| Total net revenues | 16,448,453 | 13,790,349 | 61,393,091 | 52,393,215 | ||||||||||||||
| Cost of revenues | 7,976,157 | 8,974,275 | 32,108,221 | 35,477,652 | ||||||||||||||
| Gross profit | 8,472,296 | 4,816,074 | 29,284,870 | 16,915,563 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Selling, general and administrative | 7,336,916 | 7,366,072 | 24,388,714 | 24,093,908 | ||||||||||||||
| Research and development cost | 337,189 | 356,820 | 1,402,601 | 1,601,613 | ||||||||||||||
| Total operating expenses | 7,674,105 | 7,722,892 | 25,791,315 | 25,695,521 | ||||||||||||||
| Income (loss) from operations | 798,191 | (2,906,818 | ) | 3,493,555 | (8,779,958 | ) | ||||||||||||
| Other income and (expenses) | ||||||||||||||||||
| Interest expense | (286,150 | ) | (252,920 | ) | (1,142,166 | ) | (765,030 | ) | ||||||||||
| Interest income | 651,794 | 212,293 | 1,911,258 | 1,217,850 | ||||||||||||||
| Gain (loss) on foreign currency exchange transactions | (74,563 | ) | (610,481 | ) | (1,187,320 | ) | 6,748,038 | |||||||||||
| Share of net loss from equity investment | – | (1,040,753 | ) | – | (1,033,243 | ) | ||||||||||||
| Other income (expense) | 125,910 | (662,953 | ) | 148,120 | (605,570 | ) | ||||||||||||
| Total other income (expenses) | 416,991 | (2,354,814 | ) | (270,108 | ) | 5,562,045 | ||||||||||||
| Net income (loss) before income taxes | 1,215,182 | (5,261,632 | ) | 3,223,447 | (3,217,913 | ) | ||||||||||||
| Income tax provision | (727,001 | ) | 285,438 | ) | (1,145,518 | ) | (926,560 | ) | ||||||||||
| Net income (loss) | 488,181 | (5,547,070 | ) | 2,077,929 | (4,144,473 | ) | ||||||||||||
| Non-controlling interest | (571,063 | ) | 472,354 | (1,394,056 | ) | (1,099,275 | ) | |||||||||||
| Net income (loss) attributable to NetSol | $ | (82,882 | ) | $ | (5,074,716 | ) | $ | 683,873 | $ | (5,243,748 | ) | |||||||
| Net income (loss) per share: | ||||||||||||||||||
| Net income (loss) per common share | ||||||||||||||||||
| Basic | $ | (0.01 | ) | $ | (0.45 | ) | $ | 0.06 | $ | (0.46 | ) | |||||||
| Diluted | $ | (0.01 | ) | $ | (0.45 | ) | $ | 0.06 | $ | (0.46 | ) | |||||||
| Weighted average number of shares outstanding | ||||||||||||||||||
| Basic | 11,405,240 | 11,308,571 | 11,378,595 | 11,279,966 | ||||||||||||||
| Diluted | 11,405,240 | 11,308,571 | 11,421,940 | 11,279,966 | ||||||||||||||
| NETSOL Technologies, Inc. and Subsidiaries Schedule 3: Consolidated Statement of Cash Flows |
|||||||||
| For the Years | |||||||||
| Ended June 30, | |||||||||
| 2024 | 2023 | ||||||||
| Cash flows from operating activities: | |||||||||
| Net income (loss) | $ | 2,077,929 | $ | (4,144,473 | ) | ||||
| Adjustments to reconcile net income (loss) to net cash | |||||||||
| provided by operating activities: | |||||||||
| Depreciation and amortization | 1,721,800 | 3,244,538 | |||||||
| Provision (reversal) for bad debts | (29,134 | ) | 1,702,744 | ||||||
| Impairment and share of net loss from investment under equity method | – | 2,113,430 | |||||||
| (Gain) loss on sale of assets | (101,864 | ) | 19,721 | ||||||
| Stock based compensation | 308,569 | 317,451 | |||||||
| Changes in operating assets and liabilities: | |||||||||
| Accounts receivable | (1,296,321 | ) | (6,860,983 | ) | |||||
| Accounts receivable – related party | (606,061 | ) | |||||||
| Revenues in excess of billing | (1,205,456 | ) | 1,514,305 | ||||||
| Other current assets | (216,944 | ) | (131,108 | ) | |||||
| Accounts payable and accrued expenses | 1,611,745 | 709,758 | |||||||
| Unearned revenue | 645,125 | 3,524,188 | |||||||
| Net cash provided by operating activities | 2,909,388 | 2,009,571 | |||||||
| Cash flows from investing activities: | |||||||||
| Purchases of property and equipment | (515,404 | ) | (1,639,438 | ) | |||||
| Sales of property and equipment | 223,866 | 240,207 | |||||||
| Net cash used in investing activities | (291,538 | ) | (1,399,231 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Purchase of subsidiary treasury stock | – | (61,124 | ) | ||||||
| Proceeds from bank loans | 756,936 | 270,292 | |||||||
| Payments on finance lease obligations and loans – net | (517,385 | ) | (928,160 | ) | |||||
| Net cash provided by (used in) financing activities | 239,551 | (718,992 | ) | ||||||
| Effect of exchange rate changes | 736,510 | (8,321,891 | ) | ||||||
| Net increase (decrease) in cash and cash equivalents | 3,593,911 | (8,430,543 | ) | ||||||
| Cash and cash equivalents at beginning of the period | 15,533,254 | 23,963,797 | |||||||
| Cash and cash equivalents at end of period | $ | 19,127,165 | $ | 15,533,254 | |||||
| NETSOL Technologies, Inc. and Subsidiaries Schedule 4: Reconciliation to GAAP |
|||||||||||||||
| For the Three Months | For the Years | ||||||||||||||
| Ended June 30, | Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net Income (loss) attributable to NetSol | $ | (82,882 | ) | $ | (5,074,716 | ) | $ | 683,873 | $ | (5,243,748 | ) | ||||
| Non-controlling interest | 571,063 | (472,354 | ) | 1,394,056 | 1,099,275 | ||||||||||
| Income taxes | 727,001 | 285,438 | 1,145,518 | 926,560 | |||||||||||
| Depreciation and amortization | 370,561 | 725,069 | 1,721,800 | 3,244,538 | |||||||||||
| Interest expense | 286,150 | 252,920 | 1,142,166 | 765,030 | |||||||||||
| Interest (income) | (651,794 | ) | (212,293 | ) | (1,911,258 | ) | (1,217,850 | ) | |||||||
| EBITDA | $ | 1,220,099 | $ | (4,495,936 | ) | $ | 4,176,155 | $ | (426,195 | ) | |||||
| Add back: | |||||||||||||||
| Non-cash stock-based compensation | 47,694 | 118,892 | 308,569 | 317,451 | |||||||||||
| Adjusted EBITDA, gross | $ | 1,267,793 | $ | (4,377,044 | ) | $ | 4,484,724 | $ | (108,744 | ) | |||||
| Less non-controlling interest (a) | (594,303 | ) | 208,924 | (1,810,394 | ) | (2,154,850 | ) | ||||||||
| Adjusted EBITDA, net | $ | 673,490 | $ | (4,168,120 | ) | $ | 2,674,330 | $ | (2,263,594 | ) | |||||
| Weighted Average number of shares outstanding | |||||||||||||||
| Basic | 11,405,240 | 11,308,571 | 11,378,595 | 11,279,966 | |||||||||||
| Diluted | 11,448,585 | 11,308,571 | 11,421,940 | 11,279,966 | |||||||||||
| Basic adjusted EBITDA | $ | 0.06 | $ | (0.37 | ) | $ | 0.24 | $ | (0.20 | ) | |||||
| Diluted adjusted EBITDA | $ | 0.06 | $ | (0.37 | ) | $ | 0.23 | $ | (0.20 | ) | |||||
| (a) The reconciliation of adjusted EBITDA of non-controlling interest to net income attributable to non-controlling interest is as follows | |||||||||||||||
| Net Income (loss) attributable to non-controlling interest | $ | 571,063 | $ | (472,354 | ) | $ | 1,394,056 | $ | 1,099,275 | ||||||
| Income Taxes | 43,287 | 54,809 | 198,923 | 253,158 | |||||||||||
| Depreciation and amortization | 92,159 | 191,326 | 440,302 | 905,002 | |||||||||||
| Interest expense | 87,702 | 79,233 | 354,624 | 237,162 | |||||||||||
| Interest (income) | (202,480 | ) | (65,708 | ) | (590,170 | ) | (369,197 | ) | |||||||
| EBITDA | $ | 591,731 | $ | (212,694 | ) | $ | 1,797,735 | $ | 2,125,400 | ||||||
| Add back: | |||||||||||||||
| Non-cash stock-based compensation | 2,572 | 3,770 | 12,659 | 29,450 | |||||||||||
| Adjusted EBITDA of non-controlling interest | $ | 594,303 | $ | (208,924 | ) | $ | 1,810,394 | $ | 2,154,850 | ||||||
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Apple, Nio, CVS Health, Stellantis, Tesla: Why These 5 Stocks Are On Investors' Radars Today
U.S. markets closed Monday slightly higher, with the Dow Jones Industrial Average edging up 0.04% to 42,330.15, while the S&P 500 gained a similar 0.04% to reach 5,762.48. The Nasdaq also rose by nearly 0.04%, closing at 18,189.17.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Apple Inc AAPL shares ended Monday higher by 2.29% to end the day at $233. The company is preparing for potential disruptions due to a looming dockworkers’ strike on the East and Gulf Coasts. The strike could halt half of the goods entering and leaving the U.S., impacting the tech giant significantly.
NIO Inc NIO shares surged by 2.45% to close at $6.68. The company announced a significant investment in its subsidiary, Nio China, causing the stock to jump 12.7% in pre-market trading. Nio announced that strategic investors committed to a 3.3 billion yuan cash investment in its subsidiary Nio China, while the company agreed to invest 10 billion yuan to subscribe to newly issued shares of the subsidiary.
CVS Health Corp CVS is set to face renewed pressure as hedge fund Glenview Capital Management plans to meet top executives to discuss operational improvements. CVS shares rose by 2.44% to close at $62.88.
Stellantis NV STLA shares plunged by 12.52% to close at $14.05 after the company revised its fiscal 2024 guidance due to North American performance issues and a deterioration in global industry dynamics.
Tesla Inc TSLA shares rose by 0.45% to close at $261.63. The company is expected to release its third-quarter deliveries report soon, and despite a potential slight miss, the stock is not expected to be significantly impacted.
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Prepare for the day’s trading with top premarket movers and news by Benzinga.
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'Don't Fight The Fed And…China,' Says Wealth Manager As Global Markets Rise
Keith Lerner, the Co-Chief Investment Officer at Truist Wealth, has a word of advice for investors: “Don’t fight the trend and don’t fight the Fed.”
What Happened: Lerner emphasized that the global markets are currently reaching 52-week highs due to the actions of central banks and the Chinese stimulus, CNBC reported on Monday.
He pointed out that the markets have been on an upward trajectory over the past week, with the S&P, developed national markets, and emerging markets all hitting yearly highs. Lerner suggested that the old adage “Don’t fight the Fed” should be expanded.
“Now, don’t fight the Fed and don’t fight China or the Central Bank as well,” Lerner said.
Despite potential volatility due to the upcoming election and other factors, Lerner believes that the overall trend is upward, driven by global factors.
See Also: Inflation Data ‘Will Be Watched Like A Hawk’ Friday After Fed’s Interest Rate Cuts
When asked about investment trends, Lerner noted that U.S. large caps are currently more attractive than emerging markets and U.S. Treasuries. He also highlighted the potential for short-term gains in China, given its recent stimulus and market position.
Why It Matters: The recent market highs come on the heels of the Federal Reserve’s unexpected 0.5% interest rate cut, the first in over four years. This move was seen as a response to potential economic risks, including those related to the upcoming election.
China has been a key player in the global market, but new tensions have risen in recent times between Beijing and U.S. after President Joe Biden included multiple Chinese entities on its export control list. However, the Chinese stimulus and its market position have continued to drive global trends, as noted by Lerner.
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BridgeBio Pharma's Lead Candidate Cuts Mortality, Related Hospitalizations In Patients With Certain Type Of Heart Disease
On Friday, BridgeBio Pharma, Inc. BBIO presented a post-hoc analysis evaluating the effect of acoramidis on the composite endpoint of all-cause mortality (ACM) and recurrent cardiovascular-related hospitalizations (CVH) events in its Phase 3 ATTRibute-CM study in ATTR-CM.
The data were shared at the Heart Failure Society of America (HFSA) Annual Scientific Meeting 2024.
Also Read: BridgeBio Pharma Seeks Partner To Develop Gene Therapy For Inherited Condition.
ATTRibute-CM was designed to evaluate the efficacy and safety of acoramidis.
The analysis included:
- A 42% reduction in composite ACM and recurrent CVH events at 30 months was observed with acoramidis treatment compared to placebo by applying a negative binomial regression model (post-hoc) (p=0.0005).
- A 42% reduction in ACM and recurrent CVH events per patient was observed over 30 months with acoramidis treatment compared to placebo.
- A 30.5% hazard reduction in ACM and recurrent CVH events at 30 months was observed with acoramidis treatment compared to placebo by applying the Andersen-Gill model (post-hoc) (p=0.0008).
“This post-hoc analysis provides further evidence that near-complete TTR stabilization with acoramidis can improve clinical outcomes for patients with ATTR-CM. The reduction of hospitalizations and all-cause mortality seen in ATTRibute-CM heightens the case for acoramidis as a first-line therapy, given its potential to improve the overall quality of life for patients,” said Daniel Judge, M.D., professor of medicine and cardiology at the Medical University of South Carolina.
Transthyretin amyloidosis (ATTR-CM) occurs when the liver produces faulty transthyretin (TTR) proteins. Clumps of these abnormal proteins (fibrils) build up in the heart’s main pumping chamber.
Based on the results from ATTRibute-CM, BridgeBio submitted an FDA marketing application, which has been accepted with a PDUFA action date of November 29, 2024, and a Marketing Authorization Application to the European Medicines Agency, with a decision expected in 2025.
In August, BridgeBio Pharma presented additional data from an analysis of its Phase 3 ATTRibute-CM and open-label extension study of acoramidis in ATTR-CM at the European Society of Cardiology 2024.
Price Action: BBIO stock is up 2.39% at $25.54 at last check Monday.
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MIDWOOD INVESTMENT & DEVELOPMENT ANNOUNCES THE LAUNCH OF ITS IN-HOUSE DESIGN FIRM MIDWOOD DESIGN STUDIO
NEW YORK, Sept. 30, 2024 /PRNewswire/ — Midwood Investment & Development, a leading national real estate investment, development and management firm, today announced the launch of the Midwood Design Studio, an in-house interior design firm led by Shazia Shahid as Principal of Midwood Design Studio.
Midwood Design Studio was formed to provide a cohesive design vision for Midwood’s national portfolio, where all aspects of a commercial or residential building’s design can be conceptualized and implemented. Midwood Design Studio also offers design consultation services for current or new tenants to meet various needs, including building out various office or retail spaces in Midwood’s properties.
Shahid joined Midwood in 2010 and, since then, has overseen the design of some of the firm’s most notable commercial and residential developments by collaborating with top architects and designers. These notable projects include The Shops at Sportsmen’s Lodge in Studio City, Los Angeles, a 95,000-square-foot open-air community gathering place that features top dining, shopping, and wellness tenants designed by Gensler; 150 East 78th Street, the sold-out luxury condominium development featuring architecture by award-winning firm Robert A.M. Stern Architects on NYC’s Upper East Side; The Williams, a luxury residential and retail building in the heart of Williamsburg, Brooklyn with architecture by Morris Adjmi Architects; and a glass enclosed commercial building in the heart of Center City Philadelphia, designed by award winning architectural firm Bohlin Cywinski Jackson architects, who are known for their many iconic buildings including Apple’s glass cube store on 5th Avenue in New York.
“A thoughtful and innovative design approach has always been one of the top priorities for Midwood’s work. Whether we are developing new buildings or providing custom spaces for one of our tenants, Midwood has always understood design’s ability to elevate the built environment to create something truly special,” said Midwood Investment & Development President Jeff Dvorett. “Midwood Design Studio elevates our holistic approach to development, allowing us to manage all aspects of the project under one roof from inception to build out.”
“The new Midwood Design Studio allows us to provide an overarching design vision for our commercial and residential projects. It enables us to meet the highest level of vision and quality that Midwood is known for,” said Shahid. “Having the ability to manage all design elements for a building, allows us to deliver a tailored experience that sets us apart from other developers in the market and allows us to better serve our residents and tenants.”
Midwood’s portfolio includes more than 140 residential, retail, and office properties across the United States. Current Midwood Design Studio projects include 210 South 12th Street, where Midwood Design Studio is designing the interiors in partnership with BLT Architects of a 31-story luxury residential rental tower designed by RSHP, formerly Rogers Stirk Harbour + Partners, founded by Pritzker Prize-winner Richard Rodgers and partners, and 96 Spring Street, where Midwood Design Studio is re-envisioning the lobby of the flagship retail and office property in NYC’s SoHo neighborhood.
Shahid has over 25 years of design experience and has worked on several marquee buildings. Before joining Midwood, Shahid was AVP at Related Companies, designing ground-up luxury rentals and condos. Previously, Shahid worked with New York architect and designer Costas Kondylis on converting the iconic Plaza Hotel.
ABOUT MIDWOOD INVESTMENT & DEVELOPMENT
Founded in 1925 in New York City, Midwood Investment & Development is a sophisticated vertically integrated real estate company with a portfolio of 140 properties, including ground up developments, retail, office and residential in New York, Philadelphia, Boston, Pittsburgh, Washington D.C and Los Angeles. Midwood’s marquee properties include 150 East 78th Street, the sold-out luxury condominium development featuring architecture by award-winning firm Robert A.M. Stern Architects on Manhattan’s Upper East Side and The Shops at Sportsmen’s Lodge, a 95,000-square-foot lifestyle center that is fully leased with top retail, food, and wellness tenants in Studio City, California.
Media Contact:
Optimist Consulting
Maddie Schmitz, mschmitz@optimistconsulting.com
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Amazon Secures Partial Victory Over FTC In Monopoly Case, Trial Split Into Two By Judge
Amazon.com Inc AMZN secured a partial dismissal in a lawsuit filed by the U.S. Federal Trade Commission on Monday. The FTC accused Amazon of maintaining illegal monopolies.
What Happened: The FTC’s lawsuit claims Amazon employs anti-competitive practices to dominate online marketplaces. In December, Amazon requested U.S. District Judge John Chun to dismiss the case, arguing the FTC failed to show consumer harm, reported Reuters.
Judge Chun’s ruling, issued under seal, partially granted Amazon’s motion. Court records indicate the FTC can still pursue claims not permanently dismissed. Chun also decided the case will be tried in two parts, denying Amazon’s request to consolidate evidence and remedies in a single trial.
Why It Matters; This partial dismissal is a significant development in the ongoing antitrust scrutiny faced by Amazon. The FTC’s allegations are part of a broader pattern of antitrust challenges against the e-commerce giant globally.
Recently, an antitrust probe in India accused Amazon and Walmart Inc-owned Flipkart of violating local competition laws by favoring specific sellers on their platforms. The Indian e-retail sector, valued at $57-$60 billion in 2023, is projected to exceed $160 billion by 2028, according to Bain.
Moreover, the FTC recently exposed Amazon’s hidden algorithm, code-named “Project Nessie,” which allegedly manipulated prices to test competitors’ reactions. These revelations are part of the FTC’s monopoly lawsuit against Amazon, highlighting the company’s controversial practices.
Additionally, Amazon’s competitive landscape is evolving. In a recent antitrust trial, Alphabet Inc executive Jerry Dischler testified that Google is losing market share to emerging players like Amazon and TikTok. This underscores the increasing competition Amazon faces in the digital advertising space.
Price Action: Amazon stock closed at $186.33 on Monday, down 0.87% for the day. In after-hours trading, the stock slipped further by 0.34%. Year to date, Amazon’s stock has gained 24.28%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
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