Technology
NAPCO Reports Record Revenues, Net Income and Adjusted EBITDA* for Fiscal 2024
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-Net Sales for the Quarter Increase 13% to a Quarterly Record $50.3 Million–
-Net Income for the Quarter Increases 28% to a Quarterly Record $13.5 Million–
-Adjusted EBITDA* for the Quarter Increases 18% to $15.4 Million–
-4th Quarter Recurring Service Revenues Increase 27% to $20.3 Million With a Gross Margin of 90%-
-Net Sales for the Year Increase 11% to $188.8 Million–
-Net Income for the Year Increases 84% to $49.8 Million–
-Adjusted EBITDA for the Year Increases 72% to $58.9 Million–
-Board Declares Quarterly Dividend of $0.125 per share-
AMITYVILLE, N.Y., Aug. 26, 2024 /PRNewswire/ — NAPCO Security Technologies, Inc. (NASDAQ: NSSC), one of the leading manufacturers and designers of high-tech electronic security equipment, wireless communication devices for intrusion and fire alarm systems and the related recurring service revenues as well as a provider of school safety solutions, today announced financial results for its fourth quarter and fiscal year ended June 30, 2024.
Financial Highlights:
Net sales for the quarter increased 13% to $50.3 million (the highest quarterly sales in the Company’s history) as compared to $44.6 million for the same period last year, and net sales for the year increased 11% to a record $188.8 million as compared to $170.0 million for the same period last year.Recurring service revenue (“RSR”) for the quarter increased 27% to $20.3 million as compared to $16.1 million for the same period last year, and for the year increased 26% to $75.7 million as compared to $59.9 million last year. RSR had a prospective annual run rate of approximately $84 million based on July 2024 recurring service revenues.Gross margin for RSR increased to 90.4% and 90.5% for the quarter and the year ended June 30, 2024 as compared to 89% and 89%, respectively, for the same periods last year.Gross margin for equipment revenue was 31.4% and 29.4% for the quarter and year ended June 30, 2024 as compared to 30.5% and 18.0%, respectively for the same periods last year.Net income for the quarter increased 28% to a quarterly record $13.5 million as compared to $10.6 million for the same period a year ago. Net income for the year ended June 30, 2024 increased 84% to a twelve month record $49.8 million as compared to $27.1 million for the same period last year.Earnings per share (diluted) for the quarter increased 28% to $0.36 as compared to $0.28 for the same period a year ago. Earnings per share (diluted) for the year ended June 30, 2024 increased 84% to $1.34 as compared to $0.73 for the same period last year.Adjusted EBITDA* for the quarter increased 18% to $15.4 million as compared to $13.0 million for the same period a year ago. Adjusted EBITDA* for the year ended June 30, 2024 increased 72% to a record $58.9 million as compared to $34.3 million for the same period last year.Adjusted EBITDA per share (diluted)* for the quarter increased 18% to $0.41 as compared to $0.35 for the same period a year ago. Adjusted EBITDA per share (diluted)* for the year ended June 30, 2024 increased 71% to $1.59 per diluted share as compared to $0.93 for the same period last year.Cash and cash equivalents, other investments and marketable securities were $97.7 million at June 30, 2024 as compared to $66.7 million at June 30, 2023, a 46% increase. The Company had no debt as of June 30, 2024.Cash Provided by Operating Activities for the year ended June 30, 2024 was $45.4 million as compared to $24.7 million for the same period last year.Robust net income, Adjusted EBITDA, and growing cash reserves demonstrating strong financial health of our business, is allowing us to increase our quarterly dividend to $0.125 per share, representing a 25% sequential increase. This next dividend will be paid on October 3, 2024 to shareholders of record on September 12, 2024.
Richard Soloway, Chairman and CEO, commented, “Fiscal 2024 concluded with record revenue and net income for both the 4th quarter and the full fiscal 2024 year ending June 30, 2024. The 4th quarter sales of $50.3 million was the fifteenth consecutive quarter of record sales for a quarterly reporting period. Our record quarterly net income of $13.5 million represents 27% of sales. Adjusted EBITDA was $15.4 million for Q4 and $58.9 million for the full fiscal year and equate to a 31% EBITDA margin. Equipment revenue grew at 5% for the quarter, with gross margins on such sales sequentially increasing to 31% as compared to 29% in each of the last two quarters. Recurring service revenues, which increased 27% in Q4, was a major contributor to the year-over-year overall sales and earnings growth and represents 40% of total revenue. Gross margin for recurring service revenues remained strong at 90% and when combined with gross margin on equipment revenues of 31%, the total gross margins for Q4 amounted to 55%, which compared to 52% for last year’s Q4.
We were also pleased with the increase in the recurring service revenues annual run rate, which increased to $84 million based on July 2024 recurring service revenues, compared to an annual run rate of $81 million based on April 2024 recurring service revenues.
Our balance sheet continues to get stronger, with cash and cash equivalents, other investments and marketable securities increasing 46% to $97.7 million as compared to $66.7 million at June 30, 2023, We have no debt and the net cash provided by operating activities for the twelve months ended June 30, 2024 was also strong, amounting to $45.4 million, an 84% increase over last year’s level of 24.7 million.
Our Alarm Lock and Marks locking hardware lines continue to see growth in school and classroom security, healthcare, and retail loss-prevention, as well as in multi-dwelling commercial and residential applications. Locking sales in Q4 grew approximately 21% compared to last year and approximately 8% compared to Q3 and represents 71% of hardware sales. We continue to remain focused on further penetrating each of these markets.
Our recent introduction of Prima by NAPCO, a new All-in-One Panel for security, fire, video and connected home with a 5-minute installation, remains a very important focus to the Company. Our goal is for Prima to address an important mass segment of the security market, including residential and small business systems. With built-in Wi-Fi/cellular radio communications, customer alert notifications, and video and smart home subscription options for each installed system, the security dealer, as well as the Company, can add more recurring service revenue generating accounts.
NAPCO’s record results for Q4 and fiscal year 2024, was primarily the result of the continued growth and profitability from recurring service revenues as well as the strong sales from our Alarm Lock and Marks locking product lines. Radio sales were down 5% sequentially and 10% as compared to Q4 last year due to the continued effect of the sunsetting of 3G technology and existing radio inventory levels at some of our distributors. Radios represent 59% of Intrusion and Access Alarm Products sales and we expect inventory levels at distributors to continue to reduce and radio sales to continue to be a key contributor to our hardware sales and lead to the continued growth of our highly profitable recurring service revenues.”
Mr. Soloway concluded, “Fiscal 2024 was an amazing record-breaking year where we generated net income of $49.8 million, Adjusted EBITDA* of $58.9 million and an Adjusted EBITDA* margin of 31%. But as I have said before, there is more work to be done. While we continue to be encouraged with the gross margin for hardware sales of 31.4%, we believe this should improve further in fiscal 2025 and beyond. Our strong net income Adjusted EBITDA* and growing cash, indicate the financial strength of our business. As such, we are pleased to continue our dividend program and we will be increasing the quarterly dividend to $0.125 per share payable on September 24, 2024. As always, we will strive to accomplish our goal of continued financial strength, product innovation, technical superiority, and strong profitability, for fiscal 2025 and beyond”.
Financial Results
Net sales for the quarter increased 13% to $50.3 million (the highest quarterly sales in the Company’s history), as compared to $44.6 million for the same period one year ago. Net sales for the year ended June 30, 2024 increased 11% to a twelve month record $188.8 million, as compared to $170 million for the same period one year ago. Research and development costs for the quarter increased 28% to $3.0 million, or 6% of net sales, as compared to $2.4 million or 5% of net sales for the same period a year ago. Research and development costs for the year ended June 30, 2024 increased 15% to $10.8 million, or 6% of net sales, as compared to $9.3 million or 5% of net sales for the same period a year ago. Selling, general and administrative expenses for the quarter increased 22% to $10.9 million or 22% of net sales, as compared to $8.9 million, or 20% of net sales for the same period last year. Selling, general and administrative expenses for the year ended June 30, 2024 increased 11% to $37.1 million or 20% of net sales, as compared to $33.6 million, or 20% of net sales for the same period last year.
Operating income for the quarter increased 18% to $14.0 million as compared to $11.8 million for the same period last year. Operating income for the year ended June 30, 2024 increased 77% to $53.8 million as compared to $30.3 million for the same period last year. Net income for the quarter increased 28% to a quarterly record $13.5 million, or $0.36 per diluted share, as compared to $10.6 million, or $0.28 per diluted share, for the same period last year and represents 27% of net sales. Net income for the year ended June 30, 2024 increased 84% to a twelve month record of $49.8 million or $1.34 per diluted share as compared to $27.1 million or $0.73 per diluted share for the same period last year and represents 26% of net sales.
Adjusted EBITDA* for the quarter increased 18% to $15.4 million, or $0.41 per diluted share, as compared to $13.0 million, or $0.35 per diluted share for the same period last year and equates to an Adjusted EBITDA* margin of 31%. Adjusted EBITDA* for the twelve months ended June 30, 2024 increased 72% to a record $58.9 million, or $1.59 per diluted share, as compared to $34.3 million, or $0.93 per diluted share for the same period last year and equates to an Adjusted EBITDA* margin of 31%.
Balance Sheet Summary
As of June 30, 2024, the Company had $97.7 million in cash and cash equivalents, other investments and marketable securities as compared to $66.7 million as of June 30, 2023. Working capital (defined as current assets less current liabilities) was $146.5 million at June 30, 2024 as compared with working capital of $111.7 million at June 30, 2023. Current ratio (defined as current assets divided by current liabilities) was 7.6:1 at June 30, 2024, and 6.7:1 at June 30, 2023.
Conference Call Information
Management will conduct a conference call at 11 a.m. ET today, August 26, 2024, in order to participate please go to the Investor Relations section of Company’s website at https://investor.napcosecurity.com or the webcast URL use https://app.webinar.net/ZjmeNQvqWAQ. Alternatively, interested parties may participate in the call by dialing, in the (US) 1-800-836-8184 or for international callers, 1-646-357-8785. A replay of the webcast will be available on the Investor Relations section of the Company’s website.
About NAPCO Security Technologies, Inc.
NAPCO Security Technologies, Inc., is one of the leading manufacturers and designers of high-tech electronic security devices, wireless recurring communication services for intrusion and fire alarm systems as well as a provider of school safety solutions, The Company consists of four Divisions: NAPCO, plus three wholly owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. Headquartered in Amityville, New York, its products are installed by tens of thousands of security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for innovation, technical excellence and reliability, positioning the Company for growth in the multi-billion dollar and rapidly expanding electronic security market. For additional information on NAPCO, please visit the Company’s web site at http://www.napcosecurity.com.
Safe Harbor Statement
This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, but are not limited to, statements relating to the impact of COVID-19 pandemic; supply chain challenges and developments; the growth of recurring service revenues and annual run rate; the strength of our balance sheet; our expectations regarding future results; the introduction of new access control and locking products; the opportunities for school security products; business trends , including the replacement of 3G radios, and our ability to execute our business strategies. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those risk factors set forth in the Company’s filings with the Securities and Exchange Commission, such as our annual report on Form 10-K and quarterly reports on Form 10-Q. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and the Company undertakes no duty to update such information, except as required under applicable law.
*Non-GAAP Financial Measures
Certain non-GAAP measures are included in this press release, including non-GAAP operating income, Adjusted EBITDA and Adjusted EBITDA per share (diluted). We define Adjusted EBITDA as GAAP net income plus income tax expense, net interest expense, non-cash stock-based expense, non-recurring legal expense, other non-recurring income and depreciation and amortization expense. Non-GAAP operating income does not include amortization of intangibles or stock-based compensation expense. These non-GAAP measures are provided to enhance the user’s overall understanding of our financial performance. By excluding these charges our non-GAAP results provide information to management and investors that is useful in assessing NAPCO’s core operating performance and in comparing our results of operations on a consistent basis from period to period. Our use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as Adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. The presentation of this information is not meant to be a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliation of GAAP to non-GAAP financial measures set forth above.
NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
June 30, 2024
June 30, 2023
(in thousands, except share data)
CURRENT ASSETS
Cash and cash equivalents
$
65,341
$
35,955
Investments – other
26,980
25,660
Marketable securities
5,398
5,136
Accounts receivable, net of allowance for credit losses of $32 and $131 as of June 30, 2024
and June 30, 2023, respectively
31,898
26,069
Inventories
34,804
35,062
Income tax receivable
73
75
Prepaid expenses and other current assets
4,269
3,402
Total Current Assets
168,763
131,359
Inventories – non-current
15,109
13,287
Property, plant and equipment, net
9,077
9,308
Intangible assets, net
3,602
3,939
Deferred income taxes
5,428
2,652
Operating lease – Right-of-use asset
5,487
5,797
Other assets
286
312
TOTAL ASSETS
$
207,752
$
166,654
CURRENT LIABILITIES
Accounts payable
$
7,977
$
8,061
Accrued expenses
10,345
8,079
Accrued salaries and wages
3,907
3,546
Total Current Liabilities
22,229
19,686
Accrued income taxes
1,122
1,110
Operating lease liability
5,512
5,689
TOTAL LIABILITIES
28,863
26,485
COMMITMENTS AND CONTINGENCIES (Note 14)
STOCKHOLDERS’ EQUITY
Common Stock, par value $0.01 per share; 100,000,000 shares authorized as of June 30,
2024 and June 30, 2023; 39,768,186 and 39,663,812 shares issued; and 36,874,471 and
36,770,097 shares outstanding, respectively.
398
397
Additional paid-in capital
23,712
21,553
Retained earnings
174,300
137,740
Less: Treasury Stock, at cost (2,893,715 shares)
(19,521)
(19,521)
TOTAL STOCKHOLDERS’ EQUITY
178,889
140,169
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
207,752
$
166,654
NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended June 30,
2024
2023
2022
(in thousands, except for share and per share data)
Net sales:
Equipment revenues
$
29,938
$
28,551
$
30,532
Service revenues
20,392
16,107
12,697
50,330
44,658
43,229
Cost of sales:
Equipment-related expenses
20,530
19,856
22,394
Service-related expenses
1,955
1,768
1,611
22,485
21,624
24,005
Gross Profit
27,845
23,034
19,224
Operating expenses:
Research and development
3,027
2,364
2,106
Selling, general, and administrative expenses
10,854
8,861
8,924
Total Operating Expenses
13,881
11,225
11,030
Operating Income
13,964
11,809
8,194
Other income:
Interest and other income (expense), net
762
382
(181)
Income before Provision for Income Taxes
14,726
12,191
8,013
Provision for Income Taxes
1,192
1,626
476
Net Income
$
13,534
$
10,565
$
7,537
Income per share:
Basic
$
0.37
$
0.29
$
0.21
Diluted
$
0.36
$
0.28
$
0.20
Weighted average number of shares outstanding:
Basic
36,939,000
36,827,000
36,760,000
Diluted
37,232,000
37,137,000
36,879,000
NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Year Ended June 30,
2024
2023
2022
(in thousands, except for share and per share data)
Net sales:
Equipment revenues
$
113,071
$
110,062
$
97,612
Service revenues
75,749
59,935
45,981
188,820
169,997
143,593
Cost of sales:
Equipment-related expenses
79,862
90,197
78,471
Service-related expenses
7,204
6,567
5,966
87,066
96,764
84,437
Gross Profit
101,754
73,233
59,156
Operating expenses:
Research and development
10,763
9,328
8,024
Selling, general, and administrative expenses
37,173
33,580
32,907
Total Operating Expenses
47,936
42,908
40,931
Operating Income
53,818
30,325
18,225
Other income:
Interest and other income (expense), net
2,568
903
(283)
Gain on extinguishment of debt
—
—
3,904
Income before Provision for Income Taxes
56,386
31,228
21,846
Provision for Income Taxes
6,568
4,101
2,247
Net Income
$
49,818
$
27,127
$
19,599
Income per share:
Basic
$
1.35
$
0.74
$
0.53
Diluted
$
1.34
$
0.73
$
0.53
Weighted average number of shares outstanding:
Basic
36,812,000
36,741,000
36,725,000
Diluted
37,066,000
37,005,000
36,867,000
NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year ended June 30,
2024
2023
2022
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$
49,818
$
27,127
$
19,599
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
2,163
1,930
1,771
Gain on disposal of fixed asset
—
(15)
—
Interest expense (income) on other investments
31
(470)
—
Unrealized (gain) loss on marketable securities
(56)
80
426
(Recovery of) Provision for credit losses
(99)
(112)
17
Change to inventory reserve
1,691
(445)
1,187
Deferred income taxes
(2,776)
(2,818)
(214)
Stock based compensation expense
1,733
1,464
1,649
Gain on extinguishment of debt
—
—
(3,904)
Changes in operating assets and liabilities:
Accounts receivable
(5,730)
3,261
(1,154)
Inventories
(3,255)
1,883
(19,274)
Prepaid expenses and other current assets
(867)
(564)
(430)
Income tax receivable
2
(75)
—
Other assets
25
35
(103)
Accounts payable, accrued expenses, accrued salaries and wages, accrued income
taxes
2,688
(6,581)
8,762
Net Cash Provided by Operating Activities
45,368
24,700
8,332
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant, and equipment
(1,594)
(2,962)
(1,482)
Proceeds from disposal of fixed asset
—
38
—
Purchases of marketable securities
(206)
(148)
(81)
Purchases of other investments
(1,351)
(35,281)
—
Redemption of other investments
—
10,091
—
Net Cash Used in Investing Activities
(3,151)
(28,262)
(1,563)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises
427
85
155
Cash paid for dividend
(13,258)
(2,298)
—
Net Cash (Used in) Provided by Financing Activities
(12,831)
(2,213)
155
Net increase (decrease) in Cash and Cash Equivalents
29,386
(5,775)
6,924
CASH AND CASH EQUIVALENTS – Beginning
35,955
41,730
34,806
CASH AND CASH EQUIVALENTS – Ending
$
65,341
$
35,955
$
41,730
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid
$
14
$
16
$
16
Income taxes paid
$
9,330
$
8,811
$
2,168
NAPCO SECURITY TECHNOLOGIES, INC.
NON-GAAP MEASURES OF PERFORMANCE* (Unaudited)
(in thousands, except share and per share data)
3 months ended June 30,
12 months ended June 30,
2024
2023
2024
2023
Net income (GAAP)
$ 13,534
$ 10,565
$ 49,818
$ 27,127
Add back provision for income taxes
1,192
1,626
6,568
4,101
Interest and other (income), net
(762)
(382)
(2,568)
(903)
Operating Income (GAAP)
13,964
11,809
53,818
30,325
Adjustments for non-GAAP measures of performance:
Add back amortization of acquisition-related intangibles
84
90
337
361
Add back stock-based compensation expense
857
330
1,733
1,464
Add back non-recurring legal expenses
58
373
1,220
576
Adjusted non-GAAP operating income
14,963
12,602
57,108
32,726
Add back depreciation and other amortization
452
442
1,826
1,569
Adjusted EBITDA* (earnings before interest, taxes,
depreciation and amortization)
$ 15,415
$ 13,044
$ 58,934
$ 34,295
Adjusted EBITDA* per Diluted Share
$ 0.41
$ 0.35
$ 1.59
$ 0.93
Weighted average number of Diluted Shares outstanding
37,232,000
37,137,000
37,066,000
37,005,000
Contacts:
Francis J. Okoniewski
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
Office 800-645-9445 x 374
Mobile 516-404-3597
fokoniewski@napcosecurity.com
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SOURCE NAPCO Security Technologies, Inc.
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Internet Society Report Highlights Challenges and Recommendations for Internet Connectivity in the Middle East
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WASHINGTON, Sept. 22, 2024 /PRNewswire/ — The Internet Society (ISOC), a global charitable organization advocating for an open, globally connected, and secure Internet, released a comprehensive report on the state of Internet connectivity across the Middle East and North Africa (MENA) region.
The report underscores Internet connectivity as a catalyst for economic growth and social development and how an increase in fixed broadband access has a direct impact on growing gross domestic product (GDP).
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Impact of COVID-19: The COVID-19 pandemic has adversely affected network performance and digital transformation plans, causing delays and disruptions in connectivity improvements.
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Policy and Regulation: The Internet Society advocates revising regulatory frameworks to accelerate infrastructure deployment. Key recommendations include enhancing spectrum policies, removing regulatory barriers, and fostering public-private partnerships to drive investment, competition, and support for small and medium enterprises.
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About the Internet Society
Founded by Internet pioneers, the Internet Society (ISOC) is a global charitable organization dedicated to ensuring the open development, evolution, and use of the Internet. Through a global community of chapters and members, the Internet Society collaborates with a wide range of groups to promote the technologies that keep the Internet safe and secure and advocates for policies that enable universal access. The Internet Society is also the organizational home of the Internet Engineering Task Force (IETF).
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Representatives from 57 countries, regions and 6 international organizations, are gathering in Suzhou.
Published
49 seconds agoon
September 22, 2024By
What important topics are they discussing about? Let’s find out!
BEIJING, Sept. 22, 2024 /PRNewswire/ — I’m Xiao Lin from National Immigration Administration. On September 9th, the first Sub-Forum on Migration Management Cooperation was successfully held. Representatives from all parties expressed their insights and appeals around the development and innovation of migration governance.
It was truly a content-rich event!
Why does the international community focus on the topic of “Migration Governance” so much?
At present, changes unseen in a century is unfolding at a faster pace. The situation in the wider world remains complex and fluid. However, peace, development, cooperation and win-win results are still an unstoppable historical trend. Migration governance is critical to economic development of individual countries, global security governance and international cultural and people-to-people exchanges. It has increasingly become a key issue in global governance.
Here are the key points:
At the forum, NIA made three commitments: implementing more open policies for the cross-border flow of people, more effective actions in the governance of transnational crimes and more extensive global cooperation in migration governance, injecting new impetus to opening up and development; At the same time, three initiatives have been put forward, [Original scene of the initiative] contributing China’s wisdom and solutions to global migration governance and further showcasing its image as an open, confident, secure, and thriving major power.
Representatives also made keynote speeches, sharing their migration governance policies, measures and experience, and providing their perspectives on regional and international migration governance.
Pooling wisdom for win-win results.
In a changing era, National Immigration Administration of China stands ready to work with all parties to promote global migration governance to a higher level and contribute more wisdom to world peace, development, prosperity and stability!
View original content to download multimedia:https://www.prnewswire.com/news-releases/representatives-from-57-countries-regions-and-6-international-organizations-are-gathering-in-suzhou-302254859.html
SOURCE National Immigration Administration
Technology
Supreme Court Justice Michelle O’Bonsawin Joins Elementary Students for Live Virtual Q&A and Chapter One Storybook Reading on Sep. 24
Published
8 hours agoon
September 21, 2024By
The Honourable Justice Michelle O’Bonsawin, the first Indigenous person appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A on September 24, from 1:00-2:15 pm ET, following a reading of the children’s storybook, “Daanis the Judge.” This event is hosted by Chapter One, a children’s literacy charity, to commemorate the National Day for Truth and Reconciliation. Lawyer Victoria Perrie, writer of “Daanis the Judge,” will read aloud the inspiring story, which is based on Justice O’Bonsawin’s remarkable journey. Illustrator EJ Miller-Larson will join Justice O’Bonsawin and Perrie in a moderated Q&A session with over 1900 elementary students.
TORONTO, Sept. 21, 2024 /PRNewswire-PRWeb/ — The Honourable Justice Michelle O’Bonsawin, the first Indigenous person to be appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A following a live online reading of the original children’s storybook “Daanis the Judge,” on September 24, from 1:00-2:15 pm ET. The event will be hosted by Chapter One to mark the National Day for Truth and Reconciliation. Chapter One is a children’s literacy charity that provides 1:1 high-impact reading tutoring and co-creates original storybooks with participating communities nationwide.
Métis-Cree lawyer Victoria Perrie, who wrote “Daanis the Judge,” will lead the live reading. Students will ask questions during a moderated Q&A with Justice O’Bonsawin, Perrie, and illustrator EJ Miller-Larson, of the Fond du Lac Band and Oneida Nation.
“Daanis the Judge” was inspired by Justice O’Bonsawin’s trailblazing career. It tells the story of a young student, Daanis, who dreams of becoming a judge after learning about Justice O’Bonsawin’s achievements.
The story is part of Chapter One’s growing collection of original children’s e-storybooks, co-created with Indigenous writers, illustrators and communities. The e-storybooks celebrate Indigenous experiences and perspectives, and feature audio clips of Elders pronouncing foundational words in their communities’ first languages. All e-storybooks are provided for free through the Global Free Library.
About Chapter One
Chapter One (chapterone.org/ca) is a global nonprofit and registered Canadian charity that provides one-on-one early literacy tutoring programs to 2,300 children in eight provinces and territories across Canada. Its proven “short burst” high-impact tutoring approach—five-minute sessions, three to five times a week—is ideally suited to young children’s attention spans and aligns with the Science of Reading. In one of the largest randomized control trials conducted on early literacy instruction, researchers from Stanford University found that 7 out of 10 students receiving Chapter One high impact tutoring achieved phonics benchmarks by the end of Kindergarten, compared to 32% in the control group.
Children at risk of reading failure receive 1:1 reading support from trained, paid paraprofessional tutors through Chapter One’s online reading platform and custom software. Programs are delivered in-person and virtually in classrooms through agreements with schools and school boards, and at home on families’ smartphones, connecting struggling readers with individualized reading support—regardless of location and circumstance, even in some of the most geographically remote communities in Canada.
In addition to its tutoring programs, Chapter One collaborates with Indigenous communities to co-create children’s stories that represent the communities’ priorities and experiences and advance language revitalization efforts. The e-storybooks are provided for free online, as part of the Global Free Library.
Event details
The Live Virtual Q&A and Reading of “Daanis the Judge” with the Honourable Justice O’Bonsawin takes place on Tuesday, September 24, from 1:00-2:15 pm ET via Zoom. The event is open to elementary classes (Grades 1-6). Teachers/principals must register their classes in advance using this link.
Media Contact
Denise Orosa, Chapter One Canada, 1 4374224825, denise.orosa@chapterone.org, chapterone.org/ca
View original content to download multimedia:https://www.prweb.com/releases/supreme-court-justice-michelle-obonsawin-joins-elementary-students-for-live-virtual-qa-and-chapter-one-storybook-reading-on-sep-24-302254639.html
SOURCE Chapter One Canada
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