Technology

NAV CANADA announces third quarter financial results

Published

6 months ago

July 12, 2024

OTTAWA, ON, July 12, 2024 /CNW/ – NAV CANADA today released its financial results for the three and nine months ended May 31, 2024.

In the third quarter of fiscal 2024, the Company saw air traffic levels, as measured in weighted charging units(1), increase by 5.6% on a year over year basis. The Company’s revenue for the third quarter of fiscal 2024 was $433 million, compared to $436 million over the same period in fiscal 2023.

The Company had positive free cash flow(2) of $17 million in the third quarter of fiscal 2024 as compared to positive free cash flow of $32 million in the same period in fiscal 2023. The decrease in free cash flow is driven by higher capital expenditures, partially offset by higher operating cash inflows as compared to the third quarter of fiscal 2023. The Company ended the quarter with a cash balance of $571 million.

“Partnering for success is a foundational concept to how NAV CANADA will achieve its long-term goals, and this concept featured strongly in the third quarter,” said Raymond G. Bohn, President and CEO, NAV CANADA. “Our partnership with CAE brings two leading Canadian companies together to augment our training capacity, contributing to the future sustainability of operations and bringing more Canadians into our highly skilled workforce sooner. We celebrated the ground-breaking of our first LEED certified Control Tower with the Victoria Airport Authority and, more recently, have announced our technology partner that will support our Digital Aerodrome Air Traffic Services program. Our partners, customers and our people are at the heart of how we are building a resilient, innovative, and progressive organization which is ready to tackle future challenges.”

Operating expenses for the third quarter of fiscal 2024 were $418 million as compared to $386 million over the same period in fiscal 2023, primarily due to higher compensation costs driven by an increase in both wage and staffing levels.

Net other income and expenses for the third quarter of fiscal 2024 were a net expense of $19 million as compared to $24 million over the same period in fiscal 2023, as a result of lower net interest expense.

The Company had a net loss (before net movement in regulatory deferral accounts including rate stabilization) of $5 million in the third quarter of fiscal 2024 as compared to net income of $26 million for the third quarter of fiscal 2023.

The Company is subject to legislation that regulates its approach to setting charges. The timing of the recovery of certain revenue and expenses through customer service charges is managed through movements in regulatory deferral accounts. The net movement in regulatory deferral accounts for the third quarter of fiscal 2024 was an expense of $27 million as compared to an expense of $39 million over the same period in fiscal 2023. This change in regulatory deferrals is primarily due to a decrease in favourable rate stabilization adjustments of $9 million and a $3 million net increase in adjustments required to align the accounting recognition of certain transactions to the periods in which they will be considered for rate setting. As at May 31, 2024, the rate stabilization account had a balance of $220 million to be recovered from customers through future customer service charges.

Associated Links

The Company’s Financial Statements and Management’s Discussion and Analysis for the three and nine months ended May 31, 2024 can be found at:

Financial Statements
Management’s Discussion and Analysis

About NAV CANADA

NAV CANADA is a private, not-for-profit company, established in 1996, providing air traffic control, airport advisory services, weather briefings and aeronautical information services for more than 18 million square kilometres of Canadian domestic and international airspace.

The Company is internationally recognized for its safety record and technology innovation.

(1)

Weighted charging units represent a traffic measure that reflects the number of billable flights, aircraft size and distance flown in Canadian airspace and is the basis for movement-based service charges, which comprise the vast majority of the Company’s revenue.

(2)

Free cash flow is a non-GAAP financial measure used by the Company to enhance the overall understanding of its financial and operating performance. Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines free cash flow as cash generated from operations, less capital expenditures (net of government grants received), investments in regulatory assets, investments in Aireon LLC and equity related investments and principal payment of lease liabilities. Management places importance on this indicator as it assists in measuring the impact of its investment program on the Company’s financial resources and provides users with a more stable indication of the Company’s ability to meet its debt obligations and continue to invest in the air navigation system.

This press release contains certain forward-looking statements that are subject to important risks and uncertainties. Actual results may differ materially from the results indicated in these statements for a number of reasons. NAV CANADA disclaims any intention to update any forward-looking statements.

SOURCE NAV CANADA

Technology

CHASM Exclusively Licenses AgeNT® Express Transparent Conductive Film to Mativ for Heated Glass Solutions

Published

57 minutes ago

January 9, 2025

CANTON, Mass., Jan. 9, 2025 /PRNewswire/ — Chasm Advanced Materials, Inc. (CHASM) and Mativ Holdings (Mativ), manufacturer of Argotec interlayer films for high-performance glazing, have announced an exclusive licensing agreement. CHASM’s AgeNT® Silver Nanowire (AgNW) and Carbon Nanotube (CNT) hybrid performance film technology will be licensed to Mativ for transparent heating solutions in advanced glass and window applications across architectural, military, and transportation segments.

This licensing agreement marks another milestone in the long-standing collaboration between Mativ and CHASM, aiming to accelerate the commercialization of a portfolio of AgeNT® Express films.

David Arthur, CEO and co-founder of CHASM, highlighted the significance of this partnership. “Licensing our AgeNT® Express technology to Mativ marks a major milestone for both companies,” said Arthur. “With CHASM’s leadership in CNT technology and flexible electronics, and Mativ’s expertise in roll-to-roll (R2R) precision coating and vast market reach in glazing applications, this collaboration is a powerful step toward CHASM’s expansion into global non-automotive glazing markets.”

“This agreement marks a significant milestone in the continued growth of Mativ within innovative and emerging markets,” states Mativ President and CEO Julie Schertell. “By becoming a licensee of Chasm’s groundbreaking AgNW and CNT technology, we reaffirm our position as leaders in material science innovation. Together, we are unlocking new potential in advanced film applications across top industrial sectors.”

About CHASM
CHASM’s mission is to develop and manufacture advanced carbon nano materials, leveraging its innovative product platforms to create a safer, more connected and sustainable world. The company’s patented nanotube manufacturing platform combined with its unique ability to integrate CNTs into product solutions is unleashing the power of nanotechnology.

Innovations powered by CHASM include universal transparent heaters for safer driving and a broad range of non-automotive applications, transparent antennas for smarter cities, conductive additives for EV batteries, and cement additives for greener (lower carbon footprint) concrete.

CHASM is building the world’s largest multiwall CNT reactor (1,500 metric tons annual capacity) in Norman, Oklahoma, to produce NTeC® products to support battery and cement applications.

AgeNT, NTeC, CHASM, and the CHASM logo are trademarks of CHASM Advanced Materials, Inc.

About Mativ
Mativ Holdings, Inc. is a global leader in specialty materials, solving our customers’ most complex challenges by engineering bold, innovative solutions that connect, protect and purify our world. Headquartered in Alpharetta, Georgia, we manufacture on three continents and generate sales in over 100 countries through our family of business-to-business and consumer product brands. The company’s two operating segments, Filtration & Advanced Materials and Sustainable & Adhesive Solutions, target premium applications across diversified and growing categories. Our broad portfolio of technologies combines polymers, fibers and resins to optimize the performance of our customers’ products across multiple stages of the value chain. Our leading positions are a testament to our best-in-class global manufacturing, supply chain and materials science capabilities. We drive innovation and enhance performance, finding potential in the impossible. To learn more, visit mativ.com.

To learn more about Argotec glass interlayer films, visit argotec.com.

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SOURCE CHASM Advanced Materials

Technology

Hettich Achieves Remarkable Success with Innovative Quora Ads Campaign

Published

57 minutes ago

January 9, 2025

MUMBAI, India, Jan. 9, 2025 /PRNewswire/ — Hettich, a leading manufacturer of innovative furniture fittings, built-in appliances, and door hardware solutions, has achieved outstanding results through a recent advertising campaign on Quora. The campaign aimed to enhance brand awareness and engagement among homeowners, interior designers/architects, and OEMs/builders, by showcasing Hettich’s cutting-edge products in a unique and compelling way.

Hettich’s campaign leveraged Quora’s targeted advertising solutions to reach specific demographics interested in home improvement and design. By focusing on audiences actively seeking quality and innovative solutions, the campaign effectively resonated with potential customers.

The Hettich campaign resulted in impressive metrics, including a view-through rate of 44.55% and 18,598 clicks from over 1 million views. With 2,357,070 impressions, Hettich significantly expanded its reach, fostering awareness and interest in its furniture fittings, built-in appliances, and door hardware.

Hettich crafted visually stunning and emotionally engaging content that spotlighted the unique features of its products through captivating storytelling and immersive video formats. The campaign vividly illustrated the transformative power of Hettich’s innovative solutions, seamlessly turning everyday moments into extraordinary experiences within living spaces. “We believe in the magic of storytelling to break through the advertising clutter,” said Aditya Jalgaonkar, AGM-Marketing, Hettich India. “This campaign reflects our commitment to creating meaningful, high-quality content that connects with our audience in a profound way.”

“At Quora, we are dedicated to helping brands tell their stories effectively and meaningfully,” said Gurmit Singh, General Manager at Quora APAC and MEA. “Hettich’s campaign is a perfect example of how targeted advertising can drive engagement and connect brands with their audiences. We’re thrilled to see the impact of our platform on Hettich’s marketing efforts.”

The success of Hettich’s campaign showcases the effectiveness of utilizing Quora’s targeted advertising capabilities. This partnership illustrates how brands can engage potential customers and create lasting connections through innovative marketing strategies.

About Quora

Quora is a platform that has 100 million monthly unique visitors in India, where people come to share knowledge and insights. By connecting brands with engaged audiences through targeted advertising, Quora helps businesses tell their stories effectively and meaningfully.

Photo: https://mma.prnewswire.com/media/2593402/Hettich_Quora_Ads.jpg
Logo: https://mma.prnewswire.com/media/2443578/Quora_Logo.jpg

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/hettich-achieves-remarkable-success-with-innovative-quora-ads-campaign-302345570.html

Technology

NX Taiwan Offers Work Experience to China University of Technology Students

Published

57 minutes ago

January 9, 2025

TOKYO, Jan. 9, 2025 /PRNewswire/ — Nippon Express (Taiwan) Co., Ltd. (hereinafter “NX Taiwan”), a group company of NIPPON EXPRESS HOLDINGS, INC., conducted a two-day work experience program for students from the China University of Technology (hereinafter “CUTe”) on Saturday, November 30, and Sunday, December 1.

NX Logo: https://kyodonewsprwire.jp/img/202412252272-O3-CT0nRnRv

Photos

Group photo of participants: https://cdn.kyodonewsprwire.jp/prwfile/release/M103866/202412252272/_prw_PI1fl_AD0GB6Wy.jpg

Warehouse work experience: https://cdn.kyodonewsprwire.jp/prwfile/release/M103866/202412252272/_prw_PI2fl_FTH84m7K.png

The work experience program is part of the NX Group’s efforts to actively communicate with local communities and engage in community-based social contribution activities, recognizing its social and public mission as a logistics company.

Eighty students enrolled in CUTe’s Department of Marketing and Logistics took part in the program at NX Taiwan’s NEXT1 warehouse in Taoyuan City, where they received briefings from NEXT1 staff on basic logistics knowledge, safety, and warehouse operations. Through a combination of classroom lectures and hands-on experience, the students learned in depth about how warehouse operations are carried out.

The participants found the program a valuable opportunity to expand their practical knowledge and understanding of the logistics industry, with one commenting: “This experience has given me a deeper understanding of warehouse management and logistics, and strengthened my desire to work in the logistics industry, where I can contribute to society in the future.”

The NX Group will continue to actively engage in social contribution activities on a global scale to help develop human resources who can play active roles in the logistics industry.

About the NX Group: https://kyodonewsprwire.jp/attach/202412252272-O1-tne94err.pdf

NX Group official website: https://www.nipponexpress.com/

NX Group’s official LinkedIn account:
https://www.linkedin.com/company/nippon-express-group/

View original content:https://www.prnewswire.com/apac/news-releases/nx-taiwan-offers-work-experience-to-china-university-of-technology-students-302346527.html

SOURCE NIPPON EXPRESS HOLDINGS, INC.