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Business Wire
11 hours ago
- Business
- Business Wire
Civeo Reports Second Quarter 2025 Results
- Second Quarter Highlights: Reported revenues of $162.7 million, net loss of $3.3 million and Adjusted EBITDA of $25.0 million; Repurchased 883,000 common shares for $19.1 million at an average price of $21.64 per common share, or approximately 7% of Civeo's common shares outstanding as of March 31, 2025; Completed the previously announced acquisition of four villages in the Australian Bowen Basin; Awarded a previously announced four-year contract at Civeo's owned-villages in the Bowen Basin with expected revenues of A$250 million; and Awarded a previously announced three-year integrated services contract in the Bowen Basin with expected revenues of A$64 million. HOUSTON--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) today reported financial and operating results for the second quarter ended June 30, 2025. 'In the second quarter we delivered revenues and Adjusted EBITDA consistent with our expectations while accelerating the return of capital to shareholders,' said Bradley J. Dodson, Civeo's President and Chief Executive Officer. 'We continued to drive margin expansion in our integrated services business and positioned our Australian segment for continued success supported by multiple key contract awards and the accretive acquisition of four new owned-villages in the Bowen Basin. Our Canadian business continues to face similar macroeconomic headwinds as previously discussed. In addition, we experienced typical seasonality effects which contributed to a cash consumption in the quarter driven by working capital. We continue to right-size our Canadian business while simultaneously pursuing opportunities to diversify our business away from the oil sands region.' Mr. Dodson added, 'We continued to deliver on our capital allocation framework, making significant progress in the second quarter toward our goal of repurchasing 20% of Civeo's common shares outstanding. We repurchased 883,000 common shares, or approximately 7% of Civeo's common shares outstanding as of March 31, 2025. We intend to continue opportunistically executing on our share repurchase authorization to complete the program.' Second Quarter 2025 Results In the second quarter of 2025, Civeo generated revenues of $162.7 million and reported a net loss of $3.3 million, or $0.25 per diluted share. During the second quarter of 2025, Civeo generated negative operating cash flow of $2.3 million and positive Adjusted EBITDA of $25.0 million. By comparison, in the second quarter of 2024, Civeo generated revenues of $188.7 million and reported net income of $8.2 million, or $0.56 per diluted share. During the second quarter of 2024, Civeo produced operating cash flow of $32.4 million and Adjusted EBITDA of $31.9 million. The year-over-year decrease in Adjusted EBITDA was primarily driven by decreased billed rooms at the Canadian lodges due to ongoing customer spending reductions, including lower turnaround activity. The year-over-year decrease in operating cash flow was exacerbated by approximately $9.4 million in one-time collection of holdbacks associated with the wind-down of LNG-related mobile camp activity in the second quarter of 2024 as well as Australian cash taxes in the second quarter of 2025 not incurred in the second quarter of 2024 of approximately $15.8 million, including a one-time $9.4 million payment related to the 2024 tax year. Business Segment Results (Unless otherwise noted, the following discussion compares the quarterly results for the second quarter of 2025 to the results for the second quarter of 2024.) Australia During the second quarter of 2025, the Australian segment generated revenues of $112.7 million, operating income of $14.6 million and Adjusted EBITDA of $23.7 million, up from revenues of $108.6 million, operating income of $13.9 million and Adjusted EBITDA of $21.6 million in the second quarter of 2024. Results for the second quarter of 2025 include the impact of a weakened Australian dollar relative to the U.S. dollar, which negatively impacted revenues and Adjusted EBITDA by $3.2 million and $0.7 million, respectively. Revenue from the Australian segment increased 4% period-over-period and Adjusted EBITDA was up 10%. The year-over-year increase was primarily driven by the recently completed acquisition of four owned-villages, which contributed $4.9 million in revenues in the last two months of the second quarter of 2025 as well as margin improvement in the integrated services business. On May 7, 2025, Civeo announced that it had completed the acquisition of four villages and associated take-or-pay contracts in the Australian Bowen Basin, strengthening Civeo's presence and deepening relationships with metallurgical coal producers in the Basin. Approximately two months of results are included in Civeo's second quarter 2025 results. Canada During the second quarter of 2025, the Canadian segment generated revenues of $50.0 million, an operating loss of $1.9 million and Adjusted EBITDA of $7.5 million, compared to revenues of $79.5 million, operating income of $6.9 million and Adjusted EBITDA of $17.3 million in the second quarter of 2024. Lodge occupancy in the Canadian oil sands region remains challenged as customers continue to reduce capital and operational spending. In the second quarter of 2025, the Canadian segment revenues declined 37% period-over-period driven by decreased billed rooms at the Canadian lodges as a result of ongoing customer spending reductions, including lower turnaround activity. During the second quarter of 2025, the Canadian segment incurred implementation costs of approximately $0.5 million related to the cold-closure of two lodges, which are excluded from Adjusted EBITDA. In light of the macroeconomic factors influencing the global oil market, the Company is continuing to evaluate additional cost saving actions to right size its North American cost structure. Financial Condition As of June 30, 2025, Civeo had total liquidity of approximately $72.8 million. Civeo's total debt at June 30, 2025 was $168.7 million, a $81.3 million increase from March 31, 2025. Civeo's net debt at June 30, 2025 was $154.0 million, a $95.0 million increase since March 31, 2025 attributable to the recent acquisition and share repurchases, bringing Civeo's reported net leverage ratio to 2.0x as of June 30, 2025. In the second quarter of 2025, Civeo repurchased approximately 883,000 shares for approximately $19.1 million at an average price of $21.64 per share. As previously disclosed, the Board authorized an increase to the Company's share repurchase program and Civeo intends to use no less than 100% of its annual free cash flow to complete the program as market conditions allow. During the second quarter of 2025, Civeo invested $4.5 million in capital expenditures compared to $5.3 million invested during the second quarter of 2024. Capital expenditures in both periods were primarily related to maintenance spending on the Company's lodges and villages. Full Year 2025 Guidance For the full year of 2025, Civeo is maintaining its revenue and Adjusted EBITDA guidance ranges of $640 million to $670 million and $86 million to $96 million, respectively. The Company is maintaining its full year 2025 capital expenditure guidance range of $20 million to $25 million. Conference Call Civeo will host a conference call to discuss its second quarter 2025 financial results today at 8:30 a.m. Eastern time. This call is being webcast and can be accessed at Civeo's website at Participants may also join the conference call by dialing (877) 423-9813 in the United States or (201) 689-8573 internationally and asking for the Civeo call or using the conference ID 13755145#. A replay will be available after the call by dialing (844) 512-2921 in the United States or (412) 317-6671 internationally and using the conference ID 13755145#. About Civeo Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Australian natural resource regions and the Canadian oil sands. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 28 lodges and villages in Australia and North America with an aggregate of approximately 27,500 rooms. In addition, Civeo operates and provides hospitality services at 24 customer-owned locations with approximately 19,500 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at Forward Looking Statements This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein, including the statements regarding Civeo's future plans and outlook, strategic priorities, guidance, current trends, expectations with respect to Adjusted EBITDA, capital expenditures, future revenues, share repurchases, free cash flow generation, cost reductions, integration of the Australian asset acquisition and liquidity needs, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of coal, iron ore, oil, natural gas and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with inflation and volatility in the banking sector, risks associated with the company's ability to integrate any future acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company's common shares, availability and cost of capital, risks associated with general global economic conditions, geopolitical events, inflation, global weather conditions, natural disasters, including wildfires, global health concerns, and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' and 'Risk Factors' sections of Civeo's most recent annual report on Form 10-K and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Non-GAAP Financial Information EBITDA, Adjusted EBITDA, free cash flow, net debt, bank-adjusted EBITDA and net leverage ratio are non-GAAP financial measures. See 'Non-GAAP Reconciliation' below for definitions and additional information concerning non-GAAP financial measures, including a reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP financial information supplements and should be read together with, and is not an alternative or substitute for, the Company's financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures. - Financial Schedules Follow - CIVEO CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) June 30, 2025 December 31, 2024 (UNAUDITED) Current assets: Cash and cash equivalents $ 14,638 $ 5,204 Accounts receivable, net 104,491 89,038 Inventories 5,822 7,537 Prepaid expenses and other current assets 14,258 8,674 Total current assets 139,209 110,453 Property, plant and equipment, net 265,138 204,897 Goodwill, net 7,411 7,001 Other intangible assets, net 73,441 66,502 Operating lease right-of-use assets 14,575 9,401 Other noncurrent assets 9,065 6,818 Total assets $ 508,839 $ 405,072 Current liabilities: Accounts payable $ 44,702 $ 39,971 Accrued liabilities 39,403 34,933 Income taxes payable 82 10,853 Deferred revenue 2,838 2,501 Other current liabilities 5,213 4,388 Total current liabilities 92,238 92,646 Long-term debt 168,672 43,299 Deferred income taxes 5,813 3,558 Operating lease liabilities 11,066 6,655 Other noncurrent liabilities 21,612 21,916 Total liabilities 299,401 168,074 Shareholders' equity: Common shares — — Additional paid-in capital 1,633,022 1,631,823 Accumulated deficit (1,020,236 ) (980,720 ) Treasury stock (10,775 ) (10,130 ) Accumulated other comprehensive loss (392,573 ) (404,600 ) Total Civeo Corporation shareholders' equity 209,438 236,373 Noncontrolling interest — 625 Total shareholders' equity 209,438 236,998 Total liabilities and shareholders' equity $ 508,839 $ 405,072 Expand CIVEO CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income (loss) $ (13,161 ) $ 2,291 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 34,080 33,829 Impairment charges — 7,823 Deferred income tax benefit (1,868 ) (4,344 ) Non-cash compensation charge 1,199 1,158 Gains on disposals of assets (261 ) (6,104 ) Provision (benefit) for credit losses, net of recoveries (9 ) 34 Other, net 581 1,257 Changes in operating assets and liabilities: Accounts receivable (10,313 ) 15,229 Inventories 2,049 (1,525 ) Accounts payable and accrued liabilities (1,718 ) (17,166 ) Taxes payable (13,089 ) 5,836 Other current and noncurrent assets and liabilities, net (8,248 ) 25 Net cash flows provided by (used in) operating activities (10,758 ) 38,343 Cash flows from investing activities: Capital expenditures (9,769 ) (10,929 ) Acquisitions and related payments (64,948 ) — Proceeds from dispositions of property, plant and equipment 273 10,617 Other, net — 183 Net cash flows used in investing activities (74,444 ) (129 ) Cash flows from financing activities: Revolving credit borrowings (repayments), net 119,223 (15,825 ) Debt issuance costs (423 ) — Dividends paid (3,437 ) (7,368 ) Repurchases of common shares (22,474 ) (9,852 ) Taxes paid on vested shares (645 ) (1,067 ) Net cash flows provided by (used in) financing activities 92,244 (34,112 ) Effect of exchange rate changes on cash 2,392 10 Net change in cash and cash equivalents 9,434 4,112 Cash and cash equivalents, beginning of period 5,204 3,323 Cash and cash equivalents, end of period $ 14,638 $ 7,435 Expand CIVEO CORPORATION SEGMENT DATA (in thousands) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Australia $ 112,672 $ 108,608 $ 216,318 $ 200,345 Canada 50,022 79,527 90,420 146,687 Other — 578 — 7,801 Total revenues $ 162,694 $ 188,713 $ 306,738 $ 354,833 EBITDA (1) Australia $ 23,612 $ 21,551 $ 44,052 $ 36,073 Canada 6,963 17,154 5,708 28,773 Corporate, other and eliminations (9,832 ) (7,484 ) (17,925 ) (18,120 ) Total EBITDA $ 20,743 $ 31,221 $ 31,835 $ 46,726 Adjusted EBITDA (1) Australia $ 23,663 $ 21,605 $ 44,148 $ 41,943 Canada 7,452 17,337 7,224 23,020 Corporate, other and eliminations (6,107 ) (7,025 ) (13,709 ) (15,244 ) Total adjusted EBITDA $ 25,008 $ 31,917 $ 37,663 $ 49,719 Operating income (loss) Australia $ 14,573 $ 13,856 $ 27,212 $ 21,144 Canada (1,915 ) 6,854 (11,944 ) 8,559 Corporate, other and eliminations (9,858 ) (7,598 ) (17,984 ) (18,372 ) Total operating income (loss) $ 2,800 $ 13,112 $ (2,716 ) $ 11,331 (1) Please see Non-GAAP Reconciliation Schedule. Expand (1) Includes revenues related to lodge and village rooms and hospitality services for owned rooms for the periods presented. (2) Includes revenues related to mobile assets for the periods presented. (3) Includes revenues related to food services, laundry and water and wastewater treatment services, and facilities management for the periods presented. (4) Average daily rate is based on billed rooms and accommodation revenue. (5) Billed rooms represents total billed days for owned assets for the periods presented. Expand CIVEO CORPORATION SUPPLEMENTAL OPERATIONS BY SERVICE TYPE BY REGION DATA (U.S. dollars in thousands) (unaudited) The following table sets forth certain supplemental data for our Australia and Canada segment revenues attributable to the asset-light ('Catering and Facility Management') portion of the Company's business and the asset-intensive ('Accommodations and Infrastructure') portion of the Company's business. We provide Catering and Facility Management services to both customer-owned assets and Company-owned villages and lodges. When we provide Catering and Facility Management services to customer-owned assets, it is reflected in 'Food and other services' in our Supplemental Quarterly Segment and Operating Data. However, when we provide those same services to customers at our owned villages and lodges, it is reflected in 'Accommodation and other services', which also includes the Accommodations and Infrastructure component of our owned villages and lodges. This is because we bill our customers in one combined rate for both Accommodations and Infrastructure services and Catering and Facility Management services at Company-owned villages and lodges. The purpose of the disclosure below is to disaggregate the embedded Catering and Facility Management revenues from the 'Accommodation and other services' revenues associated with our owned villages and lodges that is included in our Supplemental Quarterly Segment and Operating Data. To do so, we apply a margin that is equal to Civeo's margin in similar services we provide to customer-owned assets to the cost of sales that are associated with Catering and Facility Management services within 'Accommodation and other services' for our owned villages and lodges. This table provides investors a supplemental view of the services provided by the Company which could assist with their valuation analysis. Three months ended June 30, 2025 Three months ended June 30, 2024 Revenues Asset Light: Catering and Facility management $ 82,633 $ 29,952 $ — $ 112,585 $ 80,697 $ 44,732 $ — $ 125,429 Asset Intensive: Accommodations and Infrastructure 30,039 20,070 — 50,109 27,911 34,795 578 63,284 Total revenues $ 112,672 $ 50,022 $ — $ 162,694 $ 108,608 $ 79,527 $ 578 $ 188,713 Six months ended June 30, 2025 Six months ended June 30, 2024 Australia Canada Other Total Australia Canada Other Total Revenues Asset Light: Catering and Facility management $ 159,292 $ 55,601 $ — $ 214,893 $ 145,026 $ 83,438 $ 549 $ 229,013 Asset Intensive: Accommodations and Infrastructure 57,026 34,819 — 91,845 55,319 63,249 7,252 125,820 Total revenues $ 216,318 $ 90,420 $ — $ 306,738 $ 200,345 $ 146,687 $ 7,801 $ 354,833 Expand (1) The term EBITDA is a non-GAAP financial measure that is defined as net income (loss) attributable to Civeo Corporation plus interest, taxes, depreciation and amortization. The term Adjusted EBITDA is a non-GAAP financial measure that is defined as EBITDA adjusted to exclude certain other unusual or non-operating items. EBITDA and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Civeo has included EBITDA and Adjusted EBITDA as supplemental disclosures because its management believes that EBITDA and Adjusted EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provide investors a helpful measure for comparing Civeo's operating performance with the performance of other companies that have different financing and capital structures or tax rates. Civeo uses EBITDA and Adjusted EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The following table sets forth a reconciliation of EBITDA and Adjusted EBITDA to net income (loss) attributable to Civeo Corporation, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in thousands) (unaudited): Expand Net income (loss) attributable to Civeo Corporation $ (3,314 ) $ 8,227 $ (13,156 ) $ 3,094 $ (33,317 ) Income tax expense 3,606 3,786 6,694 5,337 13,849 Depreciation and amortization 17,827 17,059 34,080 33,829 68,289 Interest income (75 ) (54 ) (101 ) (97 ) (191 ) Interest expense 2,699 2,203 4,318 4,563 7,728 EBITDA $ 20,743 $ 31,221 $ 31,835 $ 46,726 $ 56,358 Adjustments to EBITDA Impairment of long-lived assets (a) — — — 7,823 3,758 Net (gain) loss on disposition of McClelland Lake Lodge assets (b) — 87 — (5,988 ) 244 Cost saving initiatives (c) 474 — 1,438 — 1,438 Share-based compensation (d) 601 609 1,200 1,158 2,893 Shareholder activist costs 3,190 — 3,190 — 3,190 Adjusted EBITDA $ 25,008 $ 31,917 $ 37,663 $ 49,719 $ 67,881 Expand (a) Relates to asset impairments in the first and fourth quarters of 2024. In the fourth quarter of 2024, we recorded a pre-tax loss related to the impairment of long-lived assets in our Canadian segment of $3.2 million and a pre-tax loss related to the impairment of long-lived assets in the U.S. of $0.5 million. In the first quarter of 2024, we recorded a pre-tax loss related to the impairment of long-lived assets in our Australian segment of $5.7 million and a pre-tax loss related to the impairment of long-lived assets in the U.S. of $2.1 million. (b) Relates to proceeds received and expenses incurred associated with the dismantlement and sale of the McClelland Lake Lodge. In the fourth, third and second quarters of 2024, we recorded expenses associated with the sale of our McClelland Lake Lodge of $0.1 million, $0.2 million and $0.1 million, respectively, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the unaudited statements of operations. In the first quarter of 2024, we recorded gains associated with the sale of the McClelland Lake Lodge of $6.1 million, which are included in (Gain) loss on sale of McClelland Lake Lodge assets, net on the unaudited statements of operations. (c) Represents implementation costs (primarily severance costs and real estate expense rationalization) incurred as part of cost savings initiatives. (d) Represents share-based compensation expense associated with performance share awards, restricted share awards, restricted share units and deferred share awards. (2) The term net leverage ratio is a non-GAAP financial measure that is defined as net debt divided by bank-adjusted EBITDA. Net debt, bank-adjusted EBITDA and net leverage ratio are not financial measures under GAAP and should not be considered in isolation from or as a substitute for total debt, net income (loss) or cash flow measures prepared in accordance with GAAP or as a measure of profitability or liquidity. Additionally, net debt, bank-adjusted EBITDA and net leverage ratio may not be comparable to other similarly titled measures of other companies. Civeo has included net debt, bank-adjusted EBITDA and net leverage ratio as a supplemental disclosure because its management believes that this data provides useful information regarding the level of the Company's indebtedness and its ability to service debt. Additionally, per Civeo's credit agreement, the Company is required to maintain a net leverage ratio below 3.0x every quarter to remain in compliance with the credit agreement. The following table sets forth a reconciliation of net debt, bank-adjusted EBITDA and net leverage ratio to the most directly comparable measures of financial performance calculated under GAAP (in thousands) (unaudited): Expand CIVEO CORPORATION NON-GAAP RECONCILIATIONS - GUIDANCE (in millions) (unaudited) Year Ending December 31, 2025 EBITDA Range (1) $ 78.3 $ 88.3 Adjusted EBITDA Range (1) $ 86.0 $ 96.0 Expand (1) The following table sets forth a reconciliation of estimated EBITDA and Adjusted EBITDA to estimated net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles (in millions) (unaudited): Expand Year Ending December 31, 2025 (estimated) Net loss $ (19.2 ) $ (11.2 ) Income tax expense 15.0 17.0 Depreciation and amortization 72.0 72.0 Interest expense 10.5 10.5 EBITDA $ 78.3 $ 88.3 Adjustments to EBITDA Shareholder activist costs 3.8 3.8 Cost saving initiatives 1.4 1.4 Share-based compensation 2.5 2.5 Adjusted EBITDA $ 86.0 $ 96.0 Expand Contacts Regan Nielsen Civeo Corporation Vice President, Corporate Development & Investor Relations 713-510-2400 Industry: Construction & Property Other Energy Oil/Gas Energy Mining/Minerals Lodging Other Construction & Property Natural Resources Travel More News From Civeo Corporation Get RSS Feed Civeo Announces Second Quarter 2025 Earnings Conference Call HOUSTON--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today that it has scheduled its second quarter 2025 earnings conference call for Tuesday July 29th, at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). During the call, Civeo will discuss financial and operating results for the second quarter 2025, which will be released before the market opens on Tuesday, July 29, 2025. By Phone: Dial 877-423-9813 inside the U.S. or 201-689-8573 internationally and ask for the Civeo call or prov... Civeo Corporation NYSE:CVEO Release Versions English Contacts Regan Nielsen Civeo Corporation Vice President, Corporate Development & Investor Relations 713-510-2400
Chicago Tribune
4 days ago
- Chicago Tribune
Gary man guilty in connection with 13-year-old's gang-linked murder
A Lake Superior Court jury deliberated a few hours Friday afternoon before finding the second man charged in a 13-year-old's gang-linked killing guilty of murder. Dahvee Brunson, 19, of Gary, was charged in connection with Orie Dodson's death. His sentencing is slated for Sept. 26; he faces gun and gang enhancements when sentenced. Prosecutors allege Brunson, Elijah Porter and Kriston Barbee gunned down Dodson in a drive-by shooting around noon in front of Gary's Power and Light Church on Feb. 15, 2023. Authorities believe that in a two-way Instagram Live video, Dodson was disrespecting Julius 'Chop' James IV, 24 — a 'revered' and 'untouchable' figure in the 49th Avenue Boys gang, according to court records. James was gunned down in Gary on Feb. 11, 2019. Brunson had been starting to 'associate' with a rival 5th Ave. gang, prosecutors said. Police recovered 38 bullet casings. Dodson ran as shots rang out. He died from a single shot to the back. He was also wounded twice in the legs. Prosecutors acknowledged it was a circumstantial case. Defense lawyers argued Brunson stayed at his mom's house that day. Brunson carried a phone without a SIM card – meaning there was no cellphone tower location data from that device placing him at the scene. Murder weapons were not recovered. In closing arguments, Deputy Prosecutor Tim Brown created a timeline of events leading to Dodson's murder. Barbee – who got 125 years for the killing in August – was Brunson's 'bestie,' he told jurors. That morning, Brunson messaged someone saying he was 'finna go' to Gary's west side. Cellphone location data showed Barbee was in the area where Brunson lived that morning – as if to pick him up. Dodson missed a video call from Brunson's social media account about 20 minutes before the shooting – as prosecutors alleged they stalked and tracked him. 'What a coincidence,' Brown said. Another man – whom Brunson was trying to sell guns to – texted him around 11:40 a.m. that he was outside Brunson's mom's house. Brunson responded around 2:40 p.m. It suggested he wasn't at home at the time of the murder, Brown argued. Brunson's mother – who testified – was vague, saying she saw him at breakfast and dinner, Brown said. Later, he told jurors she didn't want to 'get specific' because she knew her son killed the boy. Gary Police Detective Justin Clark tried to call her at least twice and she never appeared for an interview. 'She was a mom (trying) to save her son,' Brown said, of her testimony. Court documents detail a text exchange between Brunson and his mother the next day, on Feb. 16, 2023, after news of Dodson's murder broke. 'It ain't nun you did 2 make me act this way or do the stuff I do ma I promise I love you and immmma be safe,' Brunson wrote. 'I'm sick to she replied. 'You don't even …know Chop!!! (Expletive) CHOP!! Now ya'll kill me.' 'Lol wasn't I wit you when tht boy died lol,' he wrote. 'Yu think I killed tht lol boy jus like the last 1.' After the shooting, Brown said Brunson's homemade rap videos uploaded online appeared to shift with lyrics alluding to Dodson's death. Cellphone pictures taken days afterwards showed pictures of bullet casings from the same brand found at the crime scene. Defense lawyer Herb Shaps said there were too many holes – there was no credible DNA, fingerprints, tattoos showing gang affiliation, or proof he actually left his mom's house. The prosecution barely called any regular people to the witness stand, he said. The man whom Brunson tried to sell guns to was not called. Ladaisha Baker, Porter's then-girlfriend who was on the Instagram chat, wasn't called. No cameras were showing Barbee picking Brunson up that day. Because police found three sets of bullet casings, they presumed three people were in the silver GMC Arcadia. They had no proof, Shaps argued. Barbee could have been carrying more than one gun. They needed 'not just a theory, not just a conclusion,' but 'real evidence.' 'Their whole case is circumstantial evidence,' he said, later adding it wasn't 'a case of guilt by association.' Brown retorted that a drive-by shooting wouldn't necessarily have DNA evidence. Brunson's mom 'actually kinda incriminated him,' he argued. 'She was so real,' he said. 'She thought he was the killer.' Musicians such as Jay-Z have lobbied state legislatures in recent years to bar prosecutors from using rap lyrics in court, saying it's not evidence. Brown told jurors there were too many details that referred to Dodson. 'That is not artistry,' Brown said. 'That is a confession.'
Yahoo
21-07-2025
- Yahoo
Second man on trial for 13-year-old's gang death
A trial opened Monday for a second man charged in a 13-year-old's Gary gang-linked slaying. Dahvee Brunson, 19, is charged with murder. He has pleaded not guilty. Prosecutors allege Brunson, Elijah Porter and Kriston Barbee gunned down 13-year-old Orie Dodson in a drive-by shooting front of Gary's Power and Light Church on Feb. 15, 2023. Authorities believe that in a two-way Instagram Live video, Dodson was disrespecting Julius 'Chop' James IV, 24 — a 'revered' and 'untouchable' figure in the 49th Avenue Boys gang, according to court records. James was gunned down in Gary on Feb. 11, 2019. Brunson had been starting to 'associate' with a rival 5th Ave. gang, prosecutors said. Ladaisha Baker, Porter's on-and-off girlfriend, was also on the Instagram chat. When she testified in Barbee's trial, Deputy Prosecutor Tim Brown accused her of downplaying what she knew. She has not been charged in the case. Deputy Prosecutor Kasey Dafoe, with co-counsel Tim Brown, told jurors the trio fired 38 times, hitting Dodson three times. The boy was killed by a shot to his back as he ran, she said. He was also shot two more times in the back of his legs. They had threatened to shoot up Dodson's mom's house, Dafoe said. That day, they 'stalked' and 'hunted' him. Dodson got a social media call within 30 minutes of the shooting from Brunson's account. Investigators later found rap lyrics in Brunson's phone about two weeks later that appeared to vaguely allude to parts of the shooting. It was about his 'experiences,' Dafoe said. 'He doesn't just talk about sliding (drive-by shootings). He does it.' Defense lawyer Herb Shaps countered that Brunson was at a relative's home on Gary's west side that morning. Records show he filed a notice of an alibi in early January 2024. He argued his client wouldn't be associated with the 49th Ave Boys, a Glen Park gang on Gary's east side. He was 'not involved in this murder,' Shaps, with co-counsel Brett Galvan, argued. No guns recovered were traced back to the shooting. A man testified Monday he lent the silver GMC Arcadia to Kriston Barbee on Feb. 14, 2023 and it was later used in the shooting. It was supposed to be returned the next morning. Barbee gave it back that evening with a bullet hole in the back part of the roof. The man said he didn't notice it until he washed the vehicle a few weeks later. He also said he didn't remember Barbee's name — he knew him as 'nephew' but knew the teen's father. The teen did odd jobs around his home Brunson's trial is expected to continue into next week. Co-defendant Kriston Barbee, 19, got 125 years for the killing in August 2024. Cappas denied bond for Porter earlier this month. His trial is set in October. mcolias@
Chicago Tribune
21-07-2025
- Chicago Tribune
Second man on trial for 13-year-old's gang death
A trial opened Monday for a second man charged in a 13-year-old's Gary gang-linked slaying. Dahvee Brunson, 19, is charged with murder. He has pleaded not guilty. Prosecutors allege Brunson, Elijah Porter and Kriston Barbee gunned down 13-year-old Orie Dodson in a drive-by shooting front of Gary's Power and Light Church on Feb. 15, 2023. Authorities believe that in a two-way Instagram Live video, Dodson was disrespecting Julius 'Chop' James IV, 24 — a 'revered' and 'untouchable' figure in the 49th Avenue Boys gang, according to court records. James was gunned down in Gary on Feb. 11, 2019. Brunson had been starting to 'associate' with a rival 5th Ave. gang, prosecutors said. Ladaisha Baker, Porter's on-and-off girlfriend, was also on the Instagram chat. When she testified in Barbee's trial, Deputy Prosecutor Tim Brown accused her of downplaying what she knew. She has not been charged in the case. Deputy Prosecutor Kasey Dafoe, with co-counsel Tim Brown, told jurors the trio fired 38 times, hitting Dodson three times. The boy was killed by a shot to his back as he ran, she said. He was also shot two more times in the back of his legs. They had threatened to shoot up Dodson's mom's house, Dafoe said. That day, they 'stalked' and 'hunted' him. Dodson got a social media call within 30 minutes of the shooting from Brunson's account. Investigators later found rap lyrics in Brunson's phone about two weeks later that appeared to vaguely allude to parts of the shooting. It was about his 'experiences,' Dafoe said. 'He doesn't just talk about sliding (drive-by shootings). He does it.' Defense lawyer Herb Shaps countered that Brunson was at a relative's home on Gary's west side that morning. Records show he filed a notice of an alibi in early January 2024. He argued his client wouldn't be associated with the 49th Ave Boys, a Glen Park gang on Gary's east side. He was 'not involved in this murder,' Shaps, with co-counsel Brett Galvan, argued. No guns recovered were traced back to the shooting. A man testified Monday he lent the silver GMC Arcadia to Kriston Barbee on Feb. 14, 2023 and it was later used in the shooting. It was supposed to be returned the next morning. Barbee gave it back that evening with a bullet hole in the back part of the roof. The man said he didn't notice it until he washed the vehicle a few weeks later. He also said he didn't remember Barbee's name — he knew him as 'nephew' but knew the teen's father. The teen did odd jobs around his home Brunson's trial is expected to continue into next week. Co-defendant Kriston Barbee, 19, got 125 years for the killing in August 2024. Cappas denied bond for Porter earlier this month. His trial is set in October.
Perth Now
21-07-2025
- Business
- Perth Now
Warning over new Bitcoin home loans
Australians have a new way of getting into the mortgage market via their Bitcoin holdings, but potential homeowners are being urged to take a deep breath before jumping into one of these products. In an Australian first launched last week, Bitcoin holders can use the asset like they would traditional money for a home loan. Mortgages Plus director and principal Chris Dodson told NewsWire that cryptocurrencies were maturing as an asset class, but he urged caution when using them for a home loan. Australians are being urged to weigh up the pros and cons of new Bitcoin-backed loans. Close-up generic Credit: istock 'I like the idea of people thinking of innovation and reassessing digital currencies as an asset class,' he said. 'But the volatility is a concern, as it wasn't too long ago Bitcoin fell below $US100 and two weeks later it's up to $US120,000, so that was a pretty wild swing.' Mr Dodson said the new launch was 'not a bad thing' but wanted to make sure everything was signed off prior to considering it for clients. 'I welcome the innovation and recognise the asset class is maturing but also we need to make sure our clients are looked after,' he said. Block Earner said it would become Australia's first Bitcoin-backed home loan provider after winning a lengthy court case with ASIC, successfully arguing it did not require a financial services licence to offer its products. In a statement, Block Earner said it would continue to work collaboratively with the regulators to bring clear benefit to Australian consumers. 'Block Earner continues to operate business-as-usual and remains fully committed to compliance, innovation, and building products that benefit Australian consumers,' it said. With the court proceedings out of the way, Block Earner is set to launch Australia's first Bitcoin-backed loan, which it says will help with Australia's housing affordability woes. They are the first in Australia. NewsWire /Joel Carrett Credit: News Corp Australia Interest rates will start at 9.50 per cent per annum with a 40 per cent loan-to-value ratio (LVR) and comparison rates of 11.93 per cent per annum with an 80 per cent LVR. The fixed rate is 11.50 per cent per annum for 12 months with 50 per cent LVR, while the comparison fixed rate is 12.17 per cent with 80 per cent LVR. But mortgage holders will still be able to hold onto their Bitcoin. This could mean they benefit from any potential upswing or owe more if the value of Bitcoin falls. 'Traditional affordability metrics, based on wage growth and Australian dollar figures, suggest a worsening housing crisis,' Block Earner said. 'But when homes are priced in inflation-resistant assets such as Bitcoin and gold, the picture shifts, and long-term holders of these assets may find their relative purchasing power has increased. 'In 2016, the average Australian home cost 627 BTC (bitcoin) or approximately 350 ounces of gold. By 2024, that had dropped to just 4.3 BTC or approximately 170 ounces of gold.' Block Earner chief executive and co-founder Charlie Karaboga said last week the launch of crypto-backed home loans was a turning point for property finance and digital assets. 'Crypto holders shouldn't have to choose between holding Bitcoin and buying a home,' he said. 'We're giving them a smarter option, a way to put their crypto to work without giving it up. 'This product isn't just innovative, it's inevitable.'
