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NEW YORK, March 5, 2024 /PRNewswire/ -- Fee Brothers, a pioneer in artisanal bitters, botanical waters, mixes, brines, and cordial syrups, proudly announces its momentous achievement of 160 years in business. Since its founding in 1864, Fee Brothers has been an iconic name synonymous with quality, innovation, and a commitment to unparalleled flavor experiences. As a family-owned business for over a century and a half, Fee Brothers has passed down the art of mixology from generation to generation. As a family-owned business for over a century and a half, Fee Brothers has passed down the art of mixology from generation to generation. Today, under the leadership of the fifth-generation brothers, Jon F. Spacher (CEO) and Benn Spacher (COO), Fee Brothers continues to be a trailblazer in the industry, capturing the essence of time-honored craftsmanship while embracing modern tastes and trends. "We are incredibly proud to celebrate 160 years of crafting exceptional flavors and contributing to the world of mixology," said Jon. "Our journey has been one of passion, dedication, and a commitment to delivering the finest ingredients to enhance the art of cocktail making. We owe our success to the generations before us and the loyal customers who have made Fee Brothers a part of their craft." Fee Brothers has evolved into a global brand, with its products reaching enthusiasts and professional mixologists around the world. Known for its extensive line of bitters, botanical waters, mixes, brines, and cordial syrups, the company has become an essential ingredient in countless cocktails, elevating the drinking experience for discerning consumers. The 160th-anniversary celebration is a testament to Fee Brothers' enduring commitment to quality and innovation. Customers can look forward to limited-edition products, exclusive promotions, and unique opportunities to engage with the rich history and legacy of Fee Brothers. Fee Brothers invites customers, partners, and cocktail enthusiasts to join in the celebration throughout the year. Follow Fee Brothers on social media and visit their website for updates on anniversary events, product releases, and more. Founded in 1864, Fee Brothers is a family-owned business specializing in crafting high-quality bitters, botanical waters, mixes, brines, and cordial syrups. With a rich history spanning 160 years, Fee Brothers continues to be a trusted name in the world of mixology, delivering exceptional products that elevate the art of cocktail making. For more information, visit www.feebrothers.com. For interviews and more information, contact:Jon Spacherp. (585) 544-9530 x309jon@feebrothers.comwww.feebrothers.com
JAKARTA, Indonesia, March 5, 2024 /PRNewswire/ -- PT.Bank Rakyat Indonesia (Persero) Tbk. (IDX: BBRI) announced the dividend distribution of IDR48,10 trillion or IDR319 per share, (~80.04% of the attributed profit) during its Annual General Meeting of Shareholders (AGMS) 2024 in Jakarta, March 1st, reflecting the company's commitment to returning value to its shareholders. This dividend, which includes an interim distribution of IDR12.67 trillion or IDR84 per share, marks a 10.59% increase from the previous year's payout. BRI Distributes IDR 48,10 Trillion Dividend at AGMS 2024 BRI's President Director, Sunarso, highlighted that the company possesses a strong capital structure and sufficient liquidity for business expansion and risk management, with a CAR 20% exceeding the minimum requirements. The dividend payment also underscores BRI's contribution to the Indonesian economy, whose share of ownership accounts for 53.19%, with IDR25.71 trillion deposited into the State General Treasury Account. "This demonstrates that we are an agent of development and value creator, returning these profits to the country for it will be utilized for the benefit of the Indonesian people through government programs," stated Sunarso. Additionally, the AGMS addressed changes in the management, and planned strategies to strengthen Retail Banking Capabilities and optimize the contributions of subsidiary companies, including a focus on managing productive assets & liabilities, diversifying growth sources, operational reliability, and implementing ESG principles. The meeting also discussed five other agendas, including remuneration for the Board of Directors and Commissioners, Public Accountants appointment for audit, approval of bond fund utilization, and amendments to BRI's Articles of Association. This demonstrates BRI's commitment to sustainable growth and responsible corporate governance. Board of Commissioners Chairman Kartika Wirjoatmodjo Vice Chairman/Independent Commissioner Rofikoh Rokhim Commissioner Awan Nurmawan Nuh Rabin Indrajad Hattari Independent Commissioner Dwi Ria Latifa Heri Sunaryadi Paripurna Poerwoko Sugarda Agus Riswanto Numaria Sarosa Haryo Baskoro Wicaksono* *Pending Financial Services Authority approval and compliance with regulations. Board of Directors President Director Sunarso Vice President Director Catur Budi Harto Finance Director Viviana Dyah Ayu R.K Director of Wholesale & Institutional Business Agus Noorsanto Director of Micro Business Supari Director of Digital and Information Technology Arga Mahanana Nugraha Director of Commercial, Small & Medium Business Amam Sukriyanto Director of Retail Funding & Distribution Andrijanto Director of Human Capital Agus Winardono Director of Risk and Management Agus Sudiarto Director of Consumer Business Handayani Compliance Director Ahmad Solichin Lutfiyanto For more information, visit www.bri.co.id
BOSTON, March 5, 2024 /PRNewswire/ -- CFGI, a leading global accounting and business advisory firm and a portfolio company of Carlyle and CVC Capital Partners, is pleased to announce the addition of Walter "Jay" Clayton as an independent member of its Board of Directors, effective immediately. Mr. Clayton, who served as the 32nd Chairman of the U.S. Securities and Exchange Commission (SEC) from 2017 to 2020, currently holds the position of Senior Policy Advisor and Of Counsel at Sullivan & Cromwell LLP. In his new role on the Board, Mr. Clayton's extensive expertise in navigating regulatory landscapes and insights into complex financial markets will be a valuable asset to CFGI and its clients. Co-CEOs Shane Caiazzo and Nicholas Nardone express their enthusiasm, stating, "We are thrilled and honored to welcome Jay to our Board. His distinguished experience is unique and perfectly aligns with the CFGI mission. We look forward to working with Jay as we continue to build on our 23-year history and CFGI's global leadership position." Mr. Clayton commented, "I have been following the work of CFGI and am impressed with what they offer the business community. The demand for experienced, independent advisors who can bring global scale and capability will only increase – and CFGI has a proven track record across regulatory, compliance, and business improvement frameworks. I look forward to working with Nick, Shane, and the CFGI Board of Directors." During his tenure as the Chairman of the SEC, Mr. Clayton demonstrated a steadfast commitment to retail investors and modernizing financial market regulation by enhancing transparency and facilitating access to capital. His proactive leadership in key coordinating bodies, including the President's Working Group on Financial Markets and the Financial Stability Board, highlights his role in shaping financial policies. Before his government service, Mr. Clayton amassed over two decades of expertise at Sullivan & Cromwell, specializing in mergers and acquisitions, capital markets offerings, and matters involving securities and banking regulators. Mr. Clayton also holds the position of Independent Chair of the Board of Directors of Apollo Global Management Inc., serves on the Board of Directors for American Express, is an Adjunct Professor at the Wharton Business School and the Carey Law School at the University of Pennsylvania, and is a member of the Federal Deposit Insurance Corp.'s Systemic Resolution Advisory Committee. An alumnus of the University of Pennsylvania, Mr. Clayton holds a B.S. in Engineering and earned a B.A. and M.A. in Economics from the University of Cambridge. He further pursued his legal education at the University of Pennsylvania Law School, obtaining a J.D. His extensive background, diverse roles, and wealth of experience make him a valuable addition to CFGI's dynamic and forward-thinking Board of Directors. For media inquiries, please contact: U.S. Media Contact: Rachel Tucker Bobbitt, Regional Support Manager marketing@cfgi.com About CFGI: CFGI, a portfolio company of Carlyle and CVC Capital Partners, is a leading global accounting and business advisory firm. We partner with our clients on their most important regulatory, transaction, and business improvement initiatives. Our team of over 1000 former Big 4 professionals brings expertise across technical accounting, capital markets, tax, valuation, ESG, transaction advisory, restructuring, and technology solutions — all delivered with an independent and roll-up-the-sleeves approach. CFGI was founded in 2000 and serves thousands of global clients across 19 offices throughout the Americas, Europe, and the Asia Pacific regions. Learn more at www.cfgi.com.
HONG KONG, March 5, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today announced its unaudited financial results for the six months ended December 31, 2023, or the first half of the Company's fiscal year 2024. During this period, CLPS navigated a challenging global economic landscape due to factors such as economic slowdown and the impact of exchange rate fluctuation between the RMB and the U.S. dollar, given its reporting currency. While these factors impacted business development, they also provided valuable insights and strengthened the Company's ability to navigate such dynamic environments. Observing a temporary reduction in demand for certain IT services from established clients due to budget adjustments, particularly in banking and e-commerce areas, CLPS offset revenue challenges by strategically acquiring new clients, innovating product development, diversifying revenue streams, and implementing proactive market solutions. Increased compensation expenses linked to the growing demand for IT professionals were effectively managed through the Company's Talent Creation Program ("TCP") and Talent Development Program ("TDP"). These programs seamlessly blend education, training, and service delivery, not only mitigating the impact of rising manpower costs but also reinforcing CLPS's commitment to nurturing top talents. Through consistent execution of its global expansion strategy, coupled with investments in advanced technology, extensive research, and a deep understanding of client needs, CLPS has built a strong industry reputation, enhanced its competitiveness, and solidified its bargaining power over the years. First Half of Fiscal 2024 Highlights (all results compared to the six months ended December 31, 2022) Revenue from the United States increased by 92.7% to $1.9 million from $1.0 million. Revenue generated outside of mainland China increased by 25.4% to $9.0 million from $7.2 million. Revenue from automotive area increased by 10.7% to $7.2 million from $6.5 million. Total operating expenses decreased by 2.6% to $16.7 million from $17.1 million. Non-GAAP operating expenses[1] decreased by 8.2% to $13.9 million from $15.2 million. Net cash provided by operating activities was $13.1 million, representing the fifth consecutive reporting period of generating positive cash flow from operations. Mr. Raymond Lin, Chief Executive Officer of CLPS, commented, "Despite facing challenges in the first half of fiscal 2024, I am pleased to share several key developments that demonstrate our commitment to building a strong foundation for future growth. Our M&A strategy, exemplified by the acquisition of Purple Potato Finance, has bolstered our overseas credit card business. Similarly, the January 2024 acquisition of College of Allied Educators Pte. Ltd. in Singapore represents a significant step in CLPS's commitment to developing industry-level IT professionals through our TCP and TDP. Further strengthening our global presence, we intensified our business efforts in North America. This included opening a subsidiary in Canada and boosting our U.S. operation, which drove a remarkable 92.7% increase in the U.S. revenue compared to the prior year period. In Southeast Asia, our business in Singapore generated a 15.9% year-over-year revenue increase. Additionally, we generated revenue from our business in Philippines during this period. Moreover, we remain dedicated to building a sustainable future by actively nurturing a positive corporate culture through leadership training, university collaborations, strategic partnerships, and enriched talent development opportunities. We continue to champion innovation, showcasing our commitment to staying at the forefront of technology with the launch of an AI-generated content (AIGC) solution and an innovative quantitative trading system. Our active participation in industry events further reinforces our position on staying ahead and engages with the broader tech community. With confidence, we believe these strategic decisions position CLPS for long-term success. We remain dedicated to transparency, innovation, and creating sustainable value for all stakeholders." Ms. Rui Yang, Chief Financial Officer of CLPS, commented, "We have managed to achieve noteworthy financial results during this period. We actively pursued and secured new revenue streams, including initial sales of IT products. Our global expansion strategy and cost optimization efforts led to 25.4% increase in revenue generated outside of the mainland China, and a 2.6% decrease in operating expenses. Maintaining a healthy cash flow remains a core objective, and we are proud to report our fifth consecutive period of positive cash flow from operations. Further demonstrating our commitment to shareholder value, we declared a second special cash dividend of $0.10 per share in November 2023. Looking ahead with unwavering determination, we are confident in our ability to not only overcome potential challenges but also leverage them as opportunities to propel CLPS towards even greater heights of financial success." First Half of Fiscal Year 2024 Financial Results Revenues In the first half of fiscal 2024, revenues decreased by $5.0 million, or 6.5%, to $71.8 million from $76.8 million in the prior year period. The decrease was due to the decreased demand from existing clients and the effect of currency fluctuation in RMB against the U.S. dollar. Revenues by Service Revenue from IT consulting services decreased by $3.3 million, or 4.6%, to $69.5 million in the first half of fiscal year 2024 from $72.8 million in the prior year period. Revenue from IT consulting services accounted for 96.8% of total revenue, compared to 94.9% in the prior year period. The decrease was primarily due to existing clients' increased focus on budget optimization leading to a decrease in demand. Revenue from customized IT solution services decreased by $2.0 million, or 61.5%, to $1.2 million in the first half of fiscal 2024 from $3.2 million in the prior year period. Revenue from customized IT solution services accounted for 1.7% of total revenue, compared to 4.1% in the prior year period. The decrease was primarily due to existing clients' increased focus on budget optimization leading to a decrease in demand. Revenue from other services increased by $0.2 million, or 37.5%, to $1.0 million in the first half of fiscal year 2024 from $0.8 million in the prior year period. Revenue from other services accounted for 1.5% of total revenue, compared to 1.0% in the prior year period. The increase was primarily due to the initial revenue generated from IT product sales during this reporting period. Revenues by Operational Areas Revenue from the banking area decreased by $3.6 million, or 11.2%, to $28.6 million in the first half of fiscal 2024, from $32.2 million in the prior year period. Revenue from banking area accounted for 39.9% and 42.0% of total revenues in the first half of fiscal 2024 and 2023, respectively. Revenue from the wealth management area decreased by $0.2 million, or 1.1%, to $18.6 million in the first half of fiscal 2024, from $18.8 million in the prior year period. Revenue from wealth management area accounted for 25.9% and 24.5% of total revenues in the first half of fiscal 2024 and 2023, respectively. Revenue from the e-Commerce area decreased by $2.7 million, or 20.2%, to $11.0 million in the first half of fiscal 2024, from $13.7 million in the prior year period. Revenue from e-Commerce area accounted for 15.3% and 17.9% of total revenues in the first half of fiscal 2024 and 2023, respectively. Revenue from the automotive area increased by $0.7 million, or 10.7%, to $7.2 million in the first half of fiscal 2024, from $6.5 million in the prior year period. Revenue from automotive area accounted for 10.1% and 8.5% of total revenues in the first half of fiscal 2024 and 2023, respectively. Revenues by Geography Revenue generated outside of the mainland China increased by 25.4% to $9.0 million in the first half of fiscal year 2024, from $7.2 million in the prior year period. The increase was primarily due to the robust performance of our U.S. and Singapore operations. Gross Profit Gross profit was $15.8 million in the first half of fiscal 2024, compared to $18.5 million in the prior year period. Operating Expenses Selling and marketing expenses increased by $0.04 million, or 1.5%, to $2.72 million in the first half of fiscal 2024 from $2.68 million in the prior year period. As a percentage of total revenues, selling and marketing expenses increased to 3.8% in the first half of fiscal 2024 compared to 3.5% in the prior year period. The increase was primarily due to a decrease in the turnover rate among core employees, resulting in an increase in the provision for non-cash share-based compensation expenses. After excluding the non-cash share-based compensation expenses, non-GAAP selling and marketing expenses[2] decreased by $0.1 million, or 3.5%, to $2.5 million from $2.6 million in the prior year period. Research and development expenses decreased by $1.2 million, or 26.7%, to $3.2 million in the first half of fiscal 2024 from $4.4 million in the prior year period. As a percentage of total revenues, research and development expenses decreased to 4.5% in the first half of fiscal 2024 compared to 5.7% in the prior year period. The decrease was primarily due to the decreased demand in customized IT solution services, resulting to a strategic realignment of our R&D department. General and administrative expenses increased by $0.5 million, or 4.6%, to $11.2 million in the first half of fiscal 2024 from $10.7 million in the prior year period. As a percentage of total revenues, general and administrative expenses increased to 15.6% in the first half of fiscal 2024 compared to 13.9% in the prior year period. The increase was primarily due to an increase in non-cash share-based compensation expenses. After excluding the non-cash share-based compensation expenses, non-GAAP general and administrative expenses[3] decreased by $0.1 million, or 1.9%, to $8.7 million from $8.8 million in the prior year period. Operating (Loss) Income Operating loss was $0.9 million in the first half of fiscal 2024, compared to $1.3 million operating income in the same period of the previous year. Other Income and Expenses Total other income, net of other expenses was $0.1 million in the first half of fiscal 2024, compared to $0.2 million total other income, net of other expenses in the prior year period. Provision for Income Taxes Provision for income taxes increased by $0.1 million to $0.3 million in the first half of fiscal 2024 from $0.2 million in the same period of the previous year. Net (Loss) Income Net loss was $1.0 million in the first half of fiscal 2024, compared to $1.4 million net income in the prior year period. Non-GAAP net income[4] was $1.7 million in the first half of fiscal 2024, compared to $3.3 million in the prior year period. Net loss attributable to CLPS Incorporation's shareholders in the first half of fiscal 2024 was $1.5 million, compared to $1.3 million net income attributable to CLPS Incorporation's shareholders in the prior year period. Non-GAAP net income attributable to CLPS Incorporation's shareholders[5] was $1.2 million in the first half of fiscal 2024, compared to $3.2 million in the prior year period. Cash Flow As of December 31, 2023, the Company had cash and cash equivalents of $35.1 million compared to $22.2 million as of June 30, 2023. Net cash provided by operating activities was approximately $13.1 million. Net cash used in investing activities was approximately $3.2 million. Net cash provided by financing activities was approximately $2.3 million. The effect of exchange rate change on cash was approximately positive $0.7 million. The Company believes that its current cash position and cash flow from operations are sufficient to meet its anticipated cash needs for at least the next 12 months. Financial Outlook Undeterred by the short-term challenges, we remain confident about our long-term business growth. For fiscal year 2024, the Company expects, considering our financial numbers could be affected by the floating exchange rate, and absent material acquisitions or non-recurring transactions, total sales growth was adjusted in the range of approximately 5% to 10%, and non-GAAP net income growth in the range of approximately 7% to 12% compared to fiscal year 2023 financial report. This forecast reflects the Company's current and preliminary views, which are subject to change and are subject to risks and uncertainties, including, but not limited to various risks and uncertainties facing the Company's business and operations as identified in its public filings. Exchange Rate The balance sheet amounts with the exception of equity as of December 31, 2023, were translated at 7.0999 RMB to 1.00 USD compared to 7.2513 RMB to 1.00 USD as of June 30, 2023. The equity accounts were stated at their historical rate. The average translation rates applied to the income statements accounts for the periods ended December 31, 2023 and 2022 were 7.2347 RMB to 1.00 USD and 6.9789 RMB to 1.00 USD, respectively. The change in the value of the RMB relative to the U.S. dollar may affect our financial results reported in the U.S. dollar terms without giving effect to any underlying change in our business or results of operation. About CLPS Incorporation Headquartered in Hong Kong, CLPS Incorporation is a global leading information technology ("IT") consulting and solutions service provider focused on delivering services primarily to global institutions on the banking, wealth management, e-commerce, and automotive sectors. The Company serves as an IT service provider to a growing network of clients in the global financial service industry, including large financial institutions in the U.S., Europe, Australia, Asia, and their PRC-based IT centers. The Company maintains 20 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining 10 global centers are located in Hong Kong SAR, USA, Japan, Singapore, Australia, Malaysia, India, Philippines, Vietnam, and Canada. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, Instagram, LinkedIn, X (formerly Twitter), and YouTube. Forward-Looking Statements Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company's control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company's financial and operational performance in the first half of fiscal year 2024, its expectations of the Company's future performance, its preliminary outlook and guidance offered in this presentation, as well as the risks and uncertainties described in the Company's most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made. Use of Non-GAAP Financial Measures The consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. The Company uses non-GAAP operating income, non-GAAP general and administrative expenses, non-GAAP operating margin, non-GAAP net income attributable to CLPS Incorporation's shareholders, and basic and diluted non-GAAP net income per share, which are non-GAAP financial measures. Non-GAAP operating income is operating income excluding share-based compensation expenses. Non-GAAP general and administrative expenses is a non-GAAP financial measure, which is defined as general and administrative expenses excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP operating income as a percentage of revenues. Non-GAAP net income attributable to CLPS Incorporation's shareholders is net income attributable to CLPS Incorporation's shareholders excluding share-based compensation expenses. Basic and diluted non-GAAP net income per share is non-GAAP net income attributable to common shareholders divided by weighted average number of shares used in the calculation of basic and diluted net income per share. The Company believes that separate analysis and exclusion of the non-cash impact of share-based compensation expenses clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the effect of non-cash share-based compensation expenses, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. For more information on these non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of Non-GAAP and GAAP Results" near the end of this release. Contact: CLPS IncorporationRhon GalichaInvestor Relations OfficePhone: +86-182-2192-5378Email: ir@clpsglobal.com [1] Non-GAAP operating expenses is a non-GAAP financial measure, which is defined as operating expenses excluding share-based compensation expenses. Please refer to the section titled "Unaudited Reconciliation of Non-GAAP and GAAP Results" for details. [2] Non-GAAP selling and marketing expenses is a non-GAAP financial measure, which is defined as selling and marketing expenses excluding share-based compensation expenses. Please refer to the section titled "Unaudited Reconciliation of Non-GAAP and GAAP Results" for details. [3] Non-GAAP general and administrative expenses is a non-GAAP financial measure, which is defined as general and administrative expenses excluding share-based compensation expenses. Please refer to the section titled "Unaudited Reconciliation of Non-GAAP and GAAP Results" for details. [4] Non-GAAP net income is a non-GAAP financial measure, which is defined as net income excluding share-based compensation expenses. Please refer to the section titled "Unaudited Reconciliation of Non-GAAP and GAAP Results" for details. [5] Non-GAAP net income attributable to CLPS Incorporation's shareholders is a non-GAAP financial measure, which is defined as net income attributable to CLPS Incorporation's shareholders excluding share-based compensation expenses. Please refer to the section titled "Unaudited Reconciliation of Non-GAAP and GAAP Results" for details. CLPS INCORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in U.S. dollars ("$"), except for number of shares) As of December 31, 2023 (Unaudited) June 30, 2023 (Audited) ASSETS Current assets: Cash and cash equivalents $ 35,108,870 $ 22,214,029 Restricted cash 89,539 87,604 Accounts receivable, net 39,092,817 48,515,467 Prepayments, deposits and other assets, net 3,279,971 1,665,736 Amounts due from related parties 465,582 391,271 Total Current Assets $ 78,036,779 $ 72,874,107 Non-Current assets: Property and equipment, net 21,404,190 20,112,305 Intangible assets, net 689,783 726,175 Operating lease right-of-use assets 3,006,854 815,324 Long-term investments 612,843 456,598 Prepayments, deposits and other assets, net 1,614,426 252,656 Amounts due from related parties 422,541 - Deferred tax assets, net 115,975 81,899 Total Assets $ 105,903,391 $ 95,319,064 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Bank loans $ 15,699,530 $ 10,554,617 Accounts payable 925,425 690,035 Accrued expenses and other current liabilities 379,474 324,021 Tax payables 1,860,960 2,503,375 Contract liabilities 1,189,953 918,470 Salaries and benefits payable 13,228,752 10,586,239 Operating lease liabilities 1,230,907 712,302 Amount due to related parties 25,344 24,889 Total Current Liabilities $ 34,540,345 $ 26,313,948 Non-Current liabilities: Operating lease liabilities 1,906,298 104,114 Deferred tax liabilities 111,057 185,382 Unrecognized tax benefit 2,843,667 2,320,918 Other non-current liabilities 904,793 885,901 TOTAL LIABILITIES $ 40,306,160 $ 29,810,263 Commitments and Contingencies Shareholders' Equity Common stock, $0.0001 par value, 100,000,000 shares authorized; 25,616,056 shares issued and outstanding as of December 31, 2023; 23,650,122 shares issued and outstanding as of June 30, 2023 2,562 2,365 Additional paid-in capital 60,914,080 58,183,383 Statutory reserves 5,517,142 5,356,828 Retained earnings 826,631 5,029,021 Accumulated other comprehensive losses (3,116,935) (3,990,594) Total CLPS Incorporation's Shareholders' Equity 64,143,480 64,581,003 Noncontrolling Interests 1,453,751 927,798 Total Shareholders' Equity 65,597,231 65,508,801 Total Liabilities and Shareholders' Equity $ 105,903,391 $ 95,319,064 CLPS INCORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Amounts in U.S. dollars ("$"), except for number of shares) For the six months ended December 31, 2023 2022 Revenues $ 71,774,201 $ 76,760,811 Less: Cost of revenues (note 1) (56,024,043) (58,299,928) Gross profit 15,750,158 18,460,883 Operating income (expenses): Selling and marketing expenses (note 1) 2,724,226 2,684,075 Research and development expenses 3,194,918 4,359,214 General and administrative expenses (note 1) 11,184,626 10,694,588 Subsidies and other operating income (437,598) (620,702) Total operating expenses 16,666,172 17,117,175 (Loss) income from operations (916,014) 1,343,708 Other income 308,017 399,917 Other expenses (198,043) (183,695) (Loss) income before income tax and share of income (loss) in equity investees (806,040) 1,559,930 Provision for income taxes 337,563 185,196 (Loss) income before share of income in equity investees (1,143,603) 1,374,734 Share of income in equity investees, net of tax 150,148 22,577 Net (loss) income (993,455) 1,397,311 Less: Net income attributable to noncontrolling interests 494,080 129,881 Net (loss) income attributable to CLPS Incorporation's shareholders $ (1,487,535) $ 1,267,430 Other comprehensive income (loss) Foreign currency translation income (loss) $ 905,532 $ (746,569) Less: foreign currency translation income (loss) attributable to noncontrolling interest 31,873 (35,064) Other comprehensive income (loss) attributable to CLPS Incorporation's shareholders $ 873,659 $ (711,505) Comprehensive (loss) income attributable to CLPS Incorporation's shareholders $ (613,876) $ 555,925 Comprehensive income attributable to noncontrolling interests 525,953 94,817 Comprehensive (loss) income $ (87,923) $ 650,742 Basic (loss) earnings per common share $ (0.06) $ 0.05 Weighted average number of share outstanding – basic 24,814,349 23,626,122 Diluted (loss) earnings per common share $ (0.06) $ 0.05 Weighted average number of share outstanding – diluted 24,814,349 23,643,457 Note: (1) Includes share-based compensation expenses as follows: Cost of revenues 5,809 11,071 Selling and marketing expenses 192,947 60,091 General and administrative expenses 2,532,137 1,871,910 2,730,893 1,943,072 CLPS INCORPORATION UNAUDITED RECONCILIATION OF NON-GAAP AND GAAP RESULTS (Amounts in U.S. dollars ("$"), except for number of shares) For the six months ended December 31, 2023 2022 Cost of revenues $ (56,024,043) $ (58,299,928) Less: share-based compensation expenses (5,809) (11,071) Non-GAAP cost of revenues $ (56,018,234) $ (58,288,857) Selling and marketing expenses $ (2,724,226) $ (2,684,075) Less: share-based compensation expenses (192,947) (60,091) Non-GAAP selling and marketing expenses $ (2,531,279) $ (2,623,984) General and administrative expenses $ (11,184,626) $ (10,694,588) Less: share-based compensation expenses (2,532,137) (1,871,910) Non-GAAP general and administrative expenses $ (8,652,489) $ (8,822,678) Operating (loss) income $ (916,014) $ 1,343,708 Add: share-based compensation expenses 2,730,893 1,943,072 Non-GAAP operating income $ 1,814,879 $ 3,286,780 Operating Margin (1.3) % 1.8 % Add: share-based compensation expenses 3.8 % 2.5 % Non-GAAP operating margin 2.5 % 4.3 % Net (loss) income $ (993,455) $ 1,397,311 Add: share-based compensation expenses 2,730,893 1,943,072 Non-GAAP net income $ 1,737,438 $ 3,340,383 Net (loss) income attributable to CLPS Incorporation's shareholders $ (1,487,535) $ 1,267,430 Add: share-based compensation expenses 2,730,893 1,943,072 Non-GAAP net income attributable to CLPS Incorporation's shareholders $ 1,243,358 $ 3,210,502 Weighted average number of share outstanding used in computing GAAP and non-GAAP basic earnings 24,814,349 23,626,122 GAAP basic (loss) earnings per common share $ (0.06) $ 0.05 Add: share-based compensation expenses 0.11 0.09 Non-GAAP basic earnings per common share $ 0.05 $ 0.14 Weighted average number of share outstanding used in computing GAAP diluted (loss) earnings 24,814,349 23,643,457 Weighted average number of share outstanding used in computing non-GAAP diluted earnings 24,814,477 23,643,457 GAAP diluted (loss) earnings per common share $ (0.06) $ 0.05 Add: share-based compensation expenses 0.11 0.09 Non-GAAP diluted earnings per common share $ 0.05 $ 0.14
BEIJING, March 5, 2024 /PRNewswire/ -- A report from People's Daily: China will strive to modernize the industrial system and develop new quality productive forces at a faster pace, according to a Government Work Report submitted on March 5 to the national legislature for deliberation. The term was first put forward by Chinese President Xi Jinping during an inspection and research trip to Northeast China in September 2023. The country will consolidate and enhance its leading position in industries such as intelligent connected new energy vehicles, step up development of hydrogen power, new materials, innovative drugs, and other cutting-edge sectors, according to the report. Recently, local governments across China have been outlining their "roadmaps" to foster the development of new quality productive forces at local "two sessions" meetings, the annual meetings of provincial-level lawmakers and political advisors. Beijing is actively building an international science and technology innovation center. Anhui province is accelerating the development of three major science and technology innovation hubs in quantum information, fusion energy, and deep space exploration. Moreover, Heilongjiang province is implementing digital transformation in manufacturing, empowering small and medium-sized enterprises with digital capabilities, and promoting pilot demonstration projects in intelligent manufacturing. What do "new quality productive forces" mean? The term refers to contemporary advanced productive forces that are generated by revolutionary technological breakthroughs, innovative allocation of production factors, and in-depth transformation and upgrading of industries. It takes the qualitative change of laborers, labor materials, labor objects and their optimal combination as the basic connotation, and the improvement of total factor productivity as the core indicator. Technological innovation can give rise to new industries, new models, and new driving forces, which are the core elements for developing new quality productive forces. In 2023, generative artificial intelligence (AI) emerged as a shining star in the tech world. By the end of 2023, China had released over 200 large AI models, with more than 20 of them approved to provide services to the public. Most of the large models available to the public are general-purpose foundational models. Their greater competence is to empower intelligent industrial production and accelerate the development of new quality productive forces. Liu Qingfeng, chairman of China's leading AI and speech technology company iFLYTEK, noted that generative AI is one of the most significant technological innovations in recent decades. It has the potential to change the ways of content production, human-computer interaction, traditional business models, and the structure and competition pattern of industries. A well-planned layout of industrial chains can effectively support the enhancement of new quality productive forces by optimizing resource allocation. As a representative of new quality productive forces, the low-altitude economy has become an important direction for cultivating new momentum for development. Today, China has developed a relatively complete industrial chain of the low-altitude economy, which has generated agglomeration effects. Taking Shenzhen in Guangdong province as an example, by the end of 2023, it has gathered more than 1,700 unmanned aerial vehicles (UAV) companies with an annual output value of 96 billion yuan ($13.34 billion). Chinese civil UAV manufacturers, represented by DJI, are strongly competitive in the global market. According to a DJI executive, DJI's success benefited from the supporting and well-developed industrial chain in Shenzhen. With the continuous improvement of the entire Pearl River Delta's electronic consumer goods industrial chain, DJI's production capacity has been further strengthened. To develop new quality productive forces, it is necessary to promote the digital economy, facilitating the deep integration of the digital economy with the real economy. In recent years, new technologies such as big data, the Internet of Things, and new energy have been widely applied in the transportation industry, expanding the scope of intelligent transportation applications. Anhui Transport Consulting & Design Institute Co., Ltd. (ATCDI) developed a design system that automatically generates drawings for commonly used bridge structures. The system has been in operation for over a year and has generated more than 7,400 drawings, significantly reducing the workload of frontline designers. "Fostering new quality productive forces in the field of engineering information technology, such as intelligent manufacturing, digital design, as well as 3D laser scanning and inspection, can enable us to build bridges and roads more efficiently, thus better benefiting the people," said Nie Wenhua, deputy director of the ATCDI digital innovation center. Currently, some regions in China are focusing on the building of industrial chains for new quality productive forces, so as to enhance the resilience and security of industrial and supply chains. The municipal government of Beijing has proposed to promote the high-quality development of the new energy vehicle industry and actively establish industrial chains of key components, such as motors, batteries, electronic controls, and automotive-grade chips. The government of Shandong province said that it would carry out actions to promote the high-quality development of iconic industrial chains. It would implement 100 major scientific and technological innovation projects in fields such as integrated circuits and industrial machinery. Some regions are working to remove barriers and bottlenecks that hinder the development of new quality productive forces, and have made innovative allocation of production factors a key focus of their work this year. The government work report of Liaoning province proposed to promote the integrated development of strategic emerging industries such as new materials, aerospace, low-altitude economy, robotics, biomedicine and medical equipment, new energy vehicles, and integrated circuit equipment. Jiangsu province said in its government work report that it would focus on future industries and explore new sectors such as future networks, quantum technology, life science, hydrogen energy and new energy storage, as well as deep-sea, deep-earth, and aerospace exploration. Accelerating the formation of new quality productive forces also relies on the development of human resources. A program on cultivating high-skilled talents, jointly implemented by the Ministry of Human Resources and Social Security and six other departments, noted that China will cultivate leading talents in key industries such as advanced manufacturing and modern services, focusing on major strategies, major projects and key industrial needs of the country. China will strive to cultivate over 15,000 new leading talents and drive the addition of around 5 million high-skilled talents within approximately three years. New energy electric courier trucks sold to markets around the world are being loaded. A photovoltaic sand control power station turns yellow dunes into a "green power" base. A worker tests product quality in an intelligent workshop of a precision electronics factory. Staff members check the growth of group-cultured seedlings in a laboratory. Buildings rise in the Pazhou artificial intelligence and digital economy pilot zone. China’s indigenously-developed C919 large passenger aircraft lands at the Turpan Jiaohe Airport. The China Town of Computing Power is seen from an aerial view. A robot intelligent line producing energy battery box is seen at the World Robot Conference 2023.
SHANGHAI, March 5, 2024 /PRNewswire/ -- Angel Yeast, (SH600298), the world's leading yeast manufacturer, recently successfully hosted a webinar event with Protein Production Technology International (PPTI), a digital publication dedicated to the alternative proteins space. Angel Yeast invited experts to discuss sustainable proteins for a greener future in a webinar Themed "Sustainable proteins from novel sources," the webinar on February 28th was attended by leading enterprises, key stakeholders, and expert scientists from the alternative protein industry, including： Dr. Thomas Eidenberger, technical consultant of Angel Yeast and founder of Belan ZT; Dr. Winston Sun, global product manager of Angel Yeast; Dr. Karim Kurmaly, director of single cell protein of dsm-firmenich; Dr. Adam Leman, lead scientist at The Good Food Institute; Bryan Tracy, co-founder and CEO of Superbrew Food Inc.; Kilian Daffner, global product manager of Döhler Group. Aligning with the company's sustainable strategy, the webinar was an opportunity for Angel Yeast to promote the global development of alternative proteins and bring focus to the profound impact of how sustainable proteins can advance the development of the industry. Dr. Thomas Eidenberger shared the latest findings of sustainable proteins from novel sources. He noted that although alternative proteins offer more sustainable options compared to traditional meat and dairy, they also have varying environmental impacts. Fermentation technology has brought a new choice of protein that's sustainable, efficient, and nutritionally advantaged. "The exciting world of fermentation-enabled food proteins expands the ingredient options significantly, both for the microbes themselves (yeast, algae, fungi, etc.) and the nutrients they feed on (sugars, lipids, starches, etc.). And it's not just about saving the planet, scientists can use fermentation to craft proteins with specific nutritional needs in mind, whether it's boosting Omega-3s or tailoring amino acid profiles," said Eidenberger. Guests conducted in-depth discussions on the advantages of yeast proteins in coping with the global protein crisis, the characteristics of bacterial biomass and the differences in species, and the challenges involved. For more information, please visit the event recap at https://app.livestorm.co/the-future-of-protein-production/the-power-of-clarity-a-clean-label-revolution-for-alternative-protein.
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