PLEASANTON, Calif., Oct. 31, 2024 /PRNewswire/ — DermRays is excited to announce a groundbreaking addition to its product line aimed specifically at male users. Set to launch in the summer of 2025, the new men’s hair removal device will feature an entirely new design and upgraded functionalities tailored to meet the unique grooming needs of men. This innovative product reflects DermRays’ commitment to enhancing user experience and providing effective solutions for a diverse customer base.

As more men express interest in hair removal, DermRays has taken proactive steps based on customer feedback to develop this cutting-edge device. This decision marks a significant breakthrough in the at-home laser hair removal market, ensuring that men can achieve salon-quality results in the comfort of their own homes.

In addition to this exciting news, DermRays is also currently running a Thanksgiving promotion from November 1-10th, 2024, offering $120 OFF sitewide. This special event allows customers to explore the range of DermRays products while enjoying substantial savings.

Stay tuned for further updates on the upcoming men’s hair removal device, and don’t miss out on the Thanksgiving promotion, where you can take advantage of these incredible offers and start your journey toward smoother skin. DermRays remains dedicated to innovation and customer satisfaction, setting the standard for effective, at-home laser hair removal solutions.

Media Contact:

Facebook: @dermraysofficial
Instagram: @dermrays_global
YouTube: @DermRays
TikTok: @dermrays.official
Email: support@dermrays.com

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SOURCE DermRays

HANGZHOU, China, Nov. 1, 2024 /PRNewswire/ — The 2024 edition of Hong Kong FinTech Week, a premier financial technology event in Asia, was held on October 28 at the AsiaWorld-Expo in Hong Kong.

LianLian Global, a subsidiary of Hong Kong-listed Lianlian DigiTech, participated in the event as a Gold Sponsor and as a representative of the digital technology industry. The company showcased its pioneering solutions and innovative offerings in the global payment sector to an international audience.

At the outset of the conference, Lianlian unveiled its groundbreaking LianLian Global Accounts Service (LGAS). Designed for international trade merchants in Hong Kong, Southeast Asia, and beyond, LGAS provides a unified account for managing multi-currency funds and seamlessly addressing the complexities of global receipts.

LGAS enables merchants to receive sales payments in multiple currencies directly into their local accounts, eliminating the need for numerous international bank accounts. This guarantees rapid, secure, and cost-effective fund transfers, significantly reducing operational expenses and enhancing international competitiveness.

Lianlian’s LGAS revolutionizes the conventional approach to foreign trade receipts by introducing a unified account for global fund management. The innovative solution not only improves cost-efficiency and accelerates payment speeds but also enhances security and compliance. With over 60 payment service licenses and qualifications, along with its proprietary anti-money laundering and fraud prevention systems, Lianlian further bolsters the safety and reliability of international transactions.

LianLian Global also announced its recent membership in the Cyberport Technology Network (CTN). As a part of the Cyberport community, Lianlian will work with the platform to offer exclusive discounts of up to HK$900,000 to CTN members during FinTech Week. These discounts apply to a range of products and services, including Lianlian’s recently launched B2B receipt solution, LGAS. This initiative allows Cyberport community members to access Lianlian’s payment solutions at reduced rates.

Lianlian stands as a prominent leader in the realm of cross-border trade, offering an integrated digital solution that caters to the diverse needs of its clients. This comprehensive package encompasses a wide array of services, including collection, payment processing, merchant services, currency conversion, digital marketing, and operational support. By facilitating seamless access to both domestic and international funding channels, Lianlian effectively addresses the challenges faced by cross-border e-commerce entities, foreign traders, service providers, platforms, and institutions as they scale internationally, particularly in areas related to financial transactions and account management.

View original content:https://www.prnewswire.com/apac/news-releases/lianlian-global-partners-with-cyberport-to-offer-a-rapid-secure-and-cost-effective-global-payment-experience-302293553.html

SOURCE LianLian Global

Strong progress on the strategic priorities announced last quarter centered on synergies, digitization, advanced analytics, network expansion and wireless, as well as transforming our radio business.Successfully completed the combination of our Canadian and U.S. telecommunications teams.Signed strategic partnerships to enable an upcoming launch of wireless services in Canada, in a capital-efficient manner as an MVNO.Met or exceeded all financial guidelines set for fiscal 2024; issuing fiscal 2025 financial guidelines.Increasing quarterly eligible dividend by 8.0% to $0.922 per share.

MONTRÉAL, Oct. 31, 2024 /CNW/ – Today, Cogeco Inc. (TSX: CGO) (“Cogeco” or the “Corporation”) announced its financial results for the fourth quarter ended August 31, 2024 and is issuing its fiscal 2025 financial guidelines.

“Fiscal 2024 has been a year of tremendous progress for Cogeco,” said Frédéric Perron, President and CEO. “Over the last six months alone, we set clear priorities to achieve sustainable growth, launched wireless in the U.S., assembled the building blocks to launch wireless in Canada as an MVNO, successfully combined our Canadian and U.S. organizations and refreshed our executive team. The recently completed restructuring, which simplified our operating model, was the first phase of a structured three-year program. We are now in a position to accelerate our digital capabilities, drive bundling across wireline and wireless, and continue to optimize our operations for ongoing growth and value creation.

“Our Canadian telecommunications business continued to perform well in Q4, driven by growth of our Internet subscriber base through Cogeco Connexion, oxio, and our network expansion program. We’re particularly excited about our oxio brand’s performance as its digital model has not only become a growth engine for the organization, but has also become a model for key transformation initiatives within the Corporation more broadly.

“In the U.S., the launch of Breezeline Mobile provides customers even more compelling reasons to bundle their services with us. Our Internet-led strategy and focus on operational efficiency contributed to another quarter of strong margin growth.

“While competitive dynamics in the radio advertising market remain challenging, many of Cogeco Media’s radio stations remained high in the ratings again this quarter. Furthermore, our digital advertising solutions continue to provide a growing contribution to our overall revenue.

“Over the past year, we have maintained our balanced approach to allocating capital to growth initiatives including network expansion, product improvements, and a capital-light approach to growing wireless services in both countries, as well as returning capital through an increased dividend and share buybacks, all while progressively reducing our leverage. We will continue with our balanced approach in fiscal 2025 and with that, we are delighted to announce an increase in our quarterly dividend per share to $0.922.”

Consolidated Financial Highlights

Operating results

For the fourth quarter of fiscal 2024 ended on August 31, 2024:

Revenue remained stable at $768.7 million. On a constant currency basis(2), revenue decreased by 1.0% due to a decline in revenue in the American telecommunications segment and in the media activities, offset in part by revenue growth in the Canadian telecommunications segment, as explained below.American telecommunications’ revenue decreased by 2.3% in constant currency (remained stable as reported), mainly due to a decline in its subscriber base, especially for entry-level services, and a higher proportion of customers subscribing to Internet-only services. The decline was offset in part by higher revenue per subscriber and a better product mix resulting from improving subscriber metrics.Revenue in the media activities decreased by 10.1% as competitive dynamics in the radio advertising market remain challenging.Canadian telecommunications’ revenue increased by 0.8%, mostly driven by the cumulative effect of high-speed Internet service additions over the past year, including from network expansion projects, as well as the Niagara Regional Broadband Network acquisition completed on February 5, 2024.Adjusted EBITDA increased by 5.5% to $371.2 million. On a constant currency basis, adjusted EBITDA increased by 4.2%, mainly due to higher adjusted EBITDA in both the Canadian and American telecommunications segments, driven by cost reduction initiatives and operating efficiencies across the Corporation as a result of our ongoing transformation program, in addition to revenue growth in the Canadian telecommunications segment.Canadian telecommunications adjusted EBITDA increased by 3.8%, or 4.0% in constant currency.American telecommunications adjusted EBITDA increased by 5.2%, or 2.4% in constant currency.Profit for the period amounted to $81.4 million, of which $19.2 million, or $1.99 per diluted share, was attributable to owners of the Corporation compared to $90.5 million, $29.2 million, and $1.87 per diluted share, respectively, in the comparable period of fiscal 2023. The decreases in profit for the period and profit attributable to owners of the Corporation resulted mainly from higher depreciation and amortization expense and non-cash pre-tax impairment charges of $15.2 million recognized during the quarter mostly in relation to strategic partnerships to facilitate the development of wireless services in Canada under a capital-light operating model, partly offset by higher adjusted EBITDA and lower financial expense.Adjusted profit attributable to owners of the Corporation(3) was $25.6 million, or $2.65 per diluted share(3), compared to $33.0 million, or $2.12 per diluted share, last year. The increase of adjusted diluted earnings per share over last year reflects the benefit of the Corporation’s share buybacks.Net capital expenditures were $154.6 million, a decrease of 13.4% compared to $178.5 million in the same period of the prior year. In constant currency, net capital expenditures(2) were $152.3 million, a decrease of 14.7% compared to last year, mainly resulting from lower spending due to the timing of network expansion projects in both the American and Canadian telecommunications segments, in addition to drawdowns of previously accumulated customer premise equipment inventory in the American telecommunications segment.Excluding network expansion projects, net capital expenditures were $97.7 million, a decrease of 32.9% compared to $145.6 million in the same period of the prior year. In constant currency, net capital expenditures, excluding network expansion projects(2) were $96.0 million, a decrease of 34.1% compared to last year.Fibre-to-the-home network expansion projects continued in both Canada and the United States by adding close to 58,000(5) homes passed during fiscal 2024, of which close to 14,000(5) were in the fourth quarter.Acquisition of property, plant and equipment decreased by 24.5% to $156.6 million, mainly resulting from lower spending.Free cash flow(1) increased by 63.9%, or 63.4% in constant currency, and amounted to $143.1 million, or $142.6 million in constant currency, mainly due to lower net capital expenditures, higher adjusted EBITDA and lower financial expense. Free cash flow, excluding network expansion projects(1) increased by 66.4%, or 65.5% in constant currency, and amounted to $200.0 million, or $198.9 million in constant currency.Cash flows from operating activities increased by 14.9% to $326.7 million, mainly from the timing of payments of trade and other payables and higher adjusted EBITDA.At its October 31, 2024 meeting, the Board of Directors of Cogeco declared a quarterly eligible dividend of $0.922 per share, an increase of 8.0% compared to $0.854 per share last year.

FISCAL 2025 FINANCIAL GUIDELINES

Cogeco released its fiscal 2025 financial guidelines. Fiscal 2025 will be the first year of a three-year transformation program, where investments are made in order to set the Corporation on a path to sustainable growth. On a constant currency basis, the Corporation expects fiscal 2025 revenue to remain stable resulting from a combination of Internet subscriber growth and a decline in video and wireline phone subscriptions. On a constant currency basis, fiscal 2025 adjusted EBITDA is anticipated to remain stable, mainly due to stable revenue as well as stable operating expenses, which are anticipated to benefit from the recent corporate reorganization and other operational improvements, offset by investments into new capabilities as part of a three-year transformation program. Net capital expenditures are anticipated to be between $660 and $735 million, including net investments of approximately $140 to $190 million in growth-oriented network expansions, which will increase the Corporation’s footprint in Canada and the United States. Free cash flow and free cash flow, excluding network expansion projects, are expected to decrease between 0% and 10% due to stronger than anticipated free cash flow in fiscal 2024, continued growth-oriented investments, and higher financial expense and current income tax.

These financial guidelines, including the various assumptions underlying them, contain forward-looking statements concerning the business outlook for Cogeco, and should be read in conjunction with the “Forward-looking statements” section of this press release.

Financial highlights

Forward-looking statements

Certain statements contained in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Inc.’s (“Cogeco” or the “Corporation”) future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as “may”; “will”; “should”; “expect”; “plan”; “anticipate”; “believe”; “intend”; “estimate”; “predict”; “potential”; “continue”; “foresee”, “ensure” or other similar expressions concerning matters that are not historical facts. Particularly, statements relating to the Corporation’s financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which Cogeco believes are reasonable as of the current date. Refer in particular to the “Corporate objectives and strategy” and “Fiscal 2025 financial guidelines” sections of the Corporation’s Fiscal 2024 annual Management’s Discussion and Analysis (“MD&A”) for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco currently expects. These factors include risks such as general market conditions, competitive risks (including changing competitive and technology ecosystems and disruptive competitive strategies adopted by our competitors), business risks, regulatory risks, tax risks, technology risks (including cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation pressuring revenue, reduced consumer spending and increasing costs), talent management risks (including the highly competitive market for a limited pool of digitally skilled employees), human-caused and natural threats to the Corporation’s network (including increased frequency of extreme weather events with the potential to disrupt operations), infrastructure and systems, sustainability and sustainability reporting risks, ethical behavior risks, ownership risks, litigation risks and public health and safety, many of which are beyond the Corporation’s control. Moreover, the Corporation’s radio operations are significantly exposed to advertising budgets from the retail industry, which can fluctuate due to increased competition and changing economic conditions. For more exhaustive information on these risks and uncertainties, the reader should refer to the “Uncertainties and main risk factors” section of the Corporation’s Fiscal 2024 annual MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco and future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release and the forward-looking statements contained in this press release represent Cogeco’s expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While management may elect to do so, the Corporation is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law.

All amounts are stated in Canadian dollars unless otherwise indicated. This press release should be read in conjunction with the MD&A included in the Corporation’s Fiscal 2024 Annual Report, the Corporation’s consolidated financial statements and the notes thereto prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) for the year ended August 31, 2024.

Non-IFRS Accounting Standards and other financial measures

This press release includes references to non-IFRS Accounting Standards and other financial measures used by Cogeco. These financial measures are reviewed in assessing the performance of Cogeco and used in the decision-making process with regard to its business units.

Reconciliations between non-IFRS Accounting Standards and other financial measures to the most directly comparable IFRS Accounting Standards measures are provided below. Certain additional disclosures for non-IFRS Accounting Standards and other financial measures used in this press release have been incorporated by reference and can be found in the “Non-IFRS Accounting Standards and other financial measures” section of the Corporation’s MD&A for the year ended August 31, 2024, available on SEDAR+ at www.sedarplus.ca. The following non-IFRS Accounting Standards measures are used as a component of Cogeco’s non-IFRS Accounting Standards ratios.

Financial measures presented on a constant currency basis for the three-month period and year ended August 31, 2024 are translated at the average foreign exchange rate of the comparable periods of the prior year, which were 1.3329 USD/CDN and 1.3467 USD/CDN, respectively.

Constant currency basis and foreign exchange impact reconciliation

Consolidated

Canadian telecommunications segment

American telecommunications segment

Adjusted profit attributable to owners of the Corporation

Free cash flow and free cash flow, excluding network expansion projects reconciliations

Net capital expenditures reconciliation

Adjusted EBITDA reconciliation

Net capital expenditures and free cash flow excluding network expansion projects reconciliations

Net capital expenditures

Free cash flow

Additional information

Additional information relating to the Corporation, including its Annual Information Form, is available on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at corpo.cogeco.com.

About Cogeco Inc.

Cogeco Inc. is a North American leader in the telecommunications and media sectors. Through Cogeco Communications Inc., we provide world-class Internet, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. We also offer wireless services in most of our U.S. operating territory. Through Cogeco Media, we operate 21 radio stations in Canada, primarily in the province of Québec, as well as a news agency. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future. Both Cogeco Inc.’s and Cogeco Communications Inc.’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CGO and CCA).

For information:
Investors
Troy Crandall
Head, Investor Relations
Cogeco Inc.
Tel.: 514 764-4600
troy.crandall@cogeco.com 

Media
Claudja Joseph
Director, Communications & DEI
Cogeco Inc.
Tel.: 514 764-4600
claudja.joseph@cogeco.com

SOURCE Cogeco Inc.