Latest news with #Vaillancourt
San Francisco Chronicle
10-07-2025
- Business
- San Francisco Chronicle
Controversial S.F. fountain not part of Embarcadero Plaza renovation plans, officials say
The fight for Vaillancourt Fountain heated up Tuesday night at a community meeting where a San Francisco city official said publicly for the first time that the controversial concrete sculpture is not part of the renovation plan for Embarcadero Plaza. 'We did look into keeping the fountain on-site,' Recreation and Park Department Project Manager Eoanna Harrison Goodwin told a decidedly pro-fountain audience, 'but once we got the cost estimate, it is beyond our project budget.' The revelation, while not the final word on the 710-ton sculpture, was perhaps the most discouraging sign yet for its ardent supporters that its days on Embarcadero Plaza may be numbered. The blocky Brutalist fountain, a lightning rod for public opinion since its debut a half-century ago, has deteriorated and broken down in recent years. In June, the park department fenced it off after declaring it a public hazard based on a report that concluded a full renovation would cost roughly $17 million. A new independent estimate now pegs the cost at $29 million, Goodwin said Tuesday — a dramatic jump that earned a collective groan from the crowd. That number did not include the cost of plans, permits and annual upkeep of at least $100,000. That means fixing the fountain would cost nearly as much as the entire Embarcadero Plaza makeover project, budgeted at $32.5 million, Goodwin said. The plan is to combine Embarcadero Plaza and the adjacent Sue Bierman Park to form a single 5-acre multiuse park, twice the size of Union Square. The complicated project is a public-private partnership between the Recreation and Park Department, which manages the land; BXP, which owns the four Embarcadero office towers; the Downtown SF Partnership; and the Office of Economic and Workforce Development. Though the park department maintains the fountain and is indicating it no longer wants it, it does not own the sculpture and has no authority over its possible removal. It is part of the Civic Art Collection, and its fate will eventually be determined by the San Francisco Arts Commission and possibly the Board of Supervisors. Tuesday's community forum at Codi, a meeting popup at Embarcadero Three, came just one month after the fountain's creator, 95-year-old artist Armand Vaillancourt, made a rare visit from his Montreal home to lobby the park department and the arts commission to preserve his namesake work. The fountain has been shut off for a year since its pumps broke, but Vaillancourt told the Chronicle that with some cleaning and repairs it would last another 50 years or more. Vaillancourt was not among the 200 people who RSVP'd for Tuesday's meeting, but his daughter, San Francisco resident Oceania Vaillancourt, attended and made an emotional plea for her father's creation. 'My dad asked me to help him,' said Vaillancourt during the Q&A session after the city's presentation, noting she lives two blocks away and goes by the fountain every day. 'I just can't imagine the fountain not being there,' she said through tears. 'I just hope we can gather the community and hopefully change the decision of removing the fountain.' Also in attendance were members of the Northern California chapter of Docomomo US, a modernist architecture preservation group that has been staging actions to save the fountain. The sculpture, which currently sits in the middle of the multiuse area, was not on any of the diagrams presented Tuesday by HOK, the design firm hired for the project. The diagrams showed a location for a 'permanent art piece,' though apparently not the one that is already there, Petra Marar of Docomomo noted. 'The fountain is not on any of the options,' said Marar. 'It feels like it is all or nothing, keeping it or removing it, and it feels like they are removing it.' Andrew Sullivan, a landscape architect who worked with the famed Embarcadero Plaza designer Lawrence Halprin, said, 'The process that the city went through to determine that the fountain needs to be removed is disingenuous. They predetermined that the demolition of the fountain is a given without any actual design. They just created excuses to get rid of it without any meaningful discussion.' The design of the park has also yet to be determined. The future unification of Embarcadero Plaza and Sue Bierman Park will be continued at a third meeting to be scheduled this fall. The park will then enter the design phase.
Yahoo
10-06-2025
- Yahoo
Oak Creek man pleads guilty in drunk driving homicide of St. Francis teacher
An Oak Creek man has pleaded guilty to homicide by driving intoxicated in connection with a crash in Cudahy that killed a local teacher. Troy Vaillancourt, 28, was facing the felony charge for allegedly driving drunk and causing an accident that took the life of St. Francis teacher Michelle Engman on Dec. 6, 2024. Vaillancourt changed his plea to guilty June 9 as part of a plea agreement, according to online court records. He initially pleaded not guilty in December 2024. The court found him guilty and Vaillancourt was remanded into Milwaukee County Sheriff's Department custody. Sentencing is scheduled for Aug. 22. Following the crash, a GoFundMe was launched to help support Engman's family. As of June 9 it had raised $31,777 ― well above its $19,000 goal. According to the complaint: Cudahy police were dispatched to East Van Norman and South Lipton avenues for a two-car crash at 3 p.m. Dec. 6, 2024. Authorities found a Honda Civic and Chevrolet Trailblazer with severe damage and determined the crash occurred in the middle of the intersection. Engman, who was driving the Civic, was unconscious with no pulse. Officers attempted lifesaving measures until paramedics arrived and took her to the hospital. She died Dec. 8 from injuries received in the crash, according to the autopsy. Vaillancourt told police he was the driver of the Trailblazer and said he'd just finished work and was traveling south on South Lipton Avenue when the crash happened. Traffic southbound on Lipton has a stop sign while traffic on Van Norman Avenue has no stop sign. 'I'm 90% sure I blew the stop sign then hit her,' Vaillancourt told an officer, adding that he 'probably was speeding.' Officers observed Vaillancourt exhibited signs of intoxication though he denied drinking before the crash. He did admit to drinking the night before, including the early morning hours of Dec. 6. Vaillancourt took a breathalyzer which indicated his blood alcohol level was 0.169%. The legal limit in Wisconsin is 0.08%, but since Vaillancourt had two prior OWI convictions he must maintain a BAC under 0.02%. Contact Erik S. Hanley at Like his Facebook page, The Redheadliner, and follow him on X @Redheadliner. This article originally appeared on Milwaukee Journal Sentinel: Oak Creek man pleads guilty in crash that killed St. Francis teacher
San Francisco Chronicle
24-05-2025
- Entertainment
- San Francisco Chronicle
S.F. fountain's 95-year-old creator returns: ‘I'm here to save that piece of art'
The creator of the giant Vaillancourt Fountain at San Francisco's Embarcadero Plaza is aware that he may never see it restored to its former glory with water gushing through its white concrete pipes and channels. But dry and dingy as it is, the monumental artwork has been there for nearly 55 controversial years, and Armand Vaillancourt says it can last another 55 at least. That is why Vaillancourt, 95, made the six-hour flight from Montreal to San Francisco this week. 'I'm here to save that piece of art,' he said in a thick Quebecois accent while sitting in the sun Tuesday admiring his work. The 40-foot-tall, 710-ton fountain, installed in 1971 next to the Embarcadero Freeway, has survived a legion of critics over the decades who decried its blocky Brutalist aesthetic. It also survived the 1989 Loma Prieta earthquake, which damaged the freeway beyond repair. But its supporters, including Vaillancourt, fear it may not survive the pending transformation of the park that surrounds it. An ambitious $30 million project is underway to dramatically redesign Embarcadero Plaza, formerly known as Justin Herman Plaza, and link it to the adjacent Sue Bierman Park. The effort was announced last November by then-Mayor London Breed, and endorsed by the Board of Supervisors in March. A preliminary rendering published with the announcement did not show the fountain. That got the attention of Vaillancourt's daughter Oceania, who informed her father. The project is still in the planning phase. No design decisions have been made, no public hearings have been held, and Vaillancourt said no representative of the city has reached out to him. But he did not like what he did not see on the renderings. So he booked his own flight and booked his own preemptive hearing this week with the staff of the San Francisco Arts Commission, which owns the sculpture as part of the Civic Art Collection. 'They made the new plan and my monumental sculpture is not there,' said Vaillancourt. He described his message to city staff as, 'Be reasonable. Let that artwork live forever.' 'This survived a 7.1 earthquake with no damage, not a scratch, but they never took care of it,' he said. 'There's nothing wrong with it except the dirt.' San Francisco Recreation and Park Department officials told the Chronicle that they had met with Vaillancourt on Wednesday. 'It was an initial conversation focused on listening and exploring ways we might work together going forward,' said spokesperson Tamara Aparton. She said the park department spent an average of $100,000 per year on maintenance of the fountain, which includes repairing persistent leaks and clogged drains, servicing the pumps, removing debris and cleaning graffiti. But the only recent sign of attention Vaillancourt said he could see was a high fence on the Embarcadero side, an apparent attempt by the city to keep people from sleeping on the sculpture. While he was there Tuesday, a security guard came and rousted people who seemed to be setting up camp. He had not visited the fountain in eight years, and his first reaction upon seeing it was to utter: 'Wow.' 'The joy,' he said. 'It is so powerful.' The fountain's sheer size is part of its artistic power — and a major issue in deciding its fate. Part of the civic discussion is whether it can be moved to another location in the city, or put into storage. Vallaincourt laughed at that idea. The fountain, which took him four years to build, is anchored to a foundation 40 feet deep and has steel cables running throughout. It was intended to shift and sway but never break, and did not even burst a pipe during the Loma Prieta quake. However, it eventually blew a pump, and last summer the water was turned off. It would cost millions to repair, but Vaillancourt said it would cost millions more to demolish the fountain and backfill the huge crater that would leave behind. He endorses whatever plan the city has for the plaza, which is likely to remove the brick and replace it with grass and trees or other natural elements. He said the fountain will go perfectly amid all of this, provided it is sandblasted to return it to its original white luster, and the water is turned back on. (When it was installed, the flow at 30,000 gallons a minute was intended in part to drown out the traffic noise from the adjacent freeway.) 'If you keep the sculpture like it is, people cannot enjoy it,' he said. 'When the water is on, the kids run through it. It's a big toy in a sense.' The redesign and renovation is a partnership between the Recreation and Park Department, the Downtown SF Partnership and BXP (formerly Boston Properties), the commercial real estate firm that owns the four Embarcadero Center office buildings east of the plaza. One community outreach meeting has been held by the park department, and a second one is to be scheduled sometime this spring or summer. Vaillancourt said he has done his own community outreach and claimed that 'all of the people we talk to, engineers and architects and all that, they say do anything in the park but don't touch Vaillancourt Fountain.' Skateboarders, who like to thrash up the concrete benches, don't want it touched. Neither do the members of the Northern California chapter of Docomomo US, a nonprofit dedicated to preserving the architecture of the modern movement. They will host an informal picnic at 4 p.m. Friday at the fountain, with Vaillancourt promising to attend and engage in any form of conversation or debate. With his distinctive flowing white hair and beard, he describes himself as a 'small tiger,' and though he will be 96 in September, 'all my life I've never said I'm tired,' he said. Then he leaned back to admire his creation and started singing a song that was popular when he was building it, with his wife, Joanne, and son Alexis looking on. 'All we are saying, is give peace a chance.'
Business Wire
06-05-2025
- Business
- Business Wire
Enpro Reports Strong First Quarter 2025 Results
CHARLOTTE, N.C.--(BUSINESS WIRE)--Enpro Inc. (NYSE: NPO) today announced its financial results for the quarter ended March 31, 2025 'Enpro's strong first quarter performance again highlights the resilience of the Enpro portfolio and reflects continued excellent execution amidst a dynamic macroeconomic backdrop,' said Eric Vaillancourt, President and Chief Executive Officer. 'AST grew organic sales more than 9% and expanded segment margins while continuing investments in growth initiatives. In Sealing Technologies, sales increased nearly 5% with improved profitability, as differentiated execution across the segment continues.' Mr. Vaillancourt continued, 'Order rates remain positive as we enter the second quarter. At this time, based on a review of our product portfolio and supply chain, we believe the direct cost impact of the recently announced tariffs on Enpro will be minimal and manageable. While we continue to monitor the broader economic environment, our portfolio of leading-edge products and solutions, strong balance sheet and consistent free cash flow generation will enable us to maintain momentum as we drive long-term profitable growth and deliver exceptional financial results.' Financial Highlights (Dollars in millions except per share data) 2025 2024 Change Net sales $ 273.2 $ 257.5 6.1 % Net income $ 24.5 $ 12.5 96.0 % Diluted earnings per share $ 1.15 $ 0.59 94.9 % Adjusted net income* $ 40.3 $ 33.1 21.8 % Adjusted diluted earnings per share* $ 1.90 $ 1.57 21.0 % Adjusted EBITDA* $ 67.8 $ 58.4 16.1 % Adjusted EBITDA margin* 24.8 % 22.7 % *Non-GAAP measure. See the attached tables for adjustments and reconciliations of historical non-GAAP measures to comparable to GAAP measures. Because of the forward-looking nature of non-GAAP guidance measures, reconciliations of such measures are not presented. Such non-GAAP guidance measures are calculated in a manner consistent with the historical presentation of these measures in the attached tables. Expand First Quarter 2025 Consolidated Results Sales of $273.2 million increased 6.1% compared to last year. Excluding the impacts of the AMI acquisition and foreign exchange translation, sales increased 6.0%. Strong demand in general industrial, aerospace, and food and pharma, strength in precision cleaning solutions and optical coatings markets and firm nuclear demand more than offset continued soft semiconductor capital equipment spending and commercial vehicle OEM demand. Corporate expense of $11.3 million in the first quarter of 2025 decreased from $12.2 million last year. The decrease was primarily driven by lower restructuring costs and professional fees. Net income was $24.5 million, compared to $12.5 million last year. Diluted earnings per share was $1.15, compared to $0.59 in the prior year. The year-over-year increase was driven primarily by stronger operating performance across both segments. Adjusted net income* of $40.3 million increased 21.8% compared to the first quarter of 2024 and adjusted diluted earnings per share* increased 21.0% to $1.90, versus $1.57 last year. Adjusted EBITDA* of $67.8 million, or 24.8% of total sales, increased 16.1% year-over-year driven primarily by stronger operating performance in both segments. First Quarter 2025 Segment Highlights (All results reflect comparisons to prior-year period unless otherwise noted) Sealing Technologies - Safeguarding environments with critical applications in diverse end markets — Garlock, STEMCO, and Technetics Group Sales increased 4.7% versus the prior-year period. Excluding the addition of AMI and foreign exchange translation, sales increased 4.5% as strength in aerospace, general industrial, and food and pharma more than offset continued softness in the commercial vehicle OEM market. Adjusted segment EBITDA of $58.7 million was up 10.8% year-over-year, with adjusted segment EBITDA margin expanding 180 basis points. Excluding the contribution from AMI and foreign exchange translation, adjusted segment EBITDA increased 10.0%. The increase was driven primarily by volume improvement, favorable pricing and mix, and continuous improvement initiatives. Advanced Surface Technologies - Leading edge precision manufacturing, coatings, cleaning and refurbishment solutions and innovative optical coatings and filter products — NxEdge, Technetics Semi, LeanTeq, and Alluxa Three Months Ended March 31, (Dollars in millions) 2025 2024 Change Sales $93.8 $86.0 9.1% Adjusted segment EBITDA $20.5 $17.3 18.5% Adjusted segment EBITDA margin 21.9% 20.1% Expand Sales increased 9.1%. Growth in precision cleaning solutions and recovery in optical coatings and filter demand outpaced choppy wafer fab equipment demand. Adjusted segment EBITDA increased 18.5% and adjusted segment EBITDA margin expanded 180 basis points driven by sales growth, favorable mix and cost reductions, offset in part by increased expenses tied to growth initiatives. Balance Sheet, Cash Flow and Capital Allocation During the three months ended March 31, 2025, the company generated $21.0 million of cash flow from operating activities and $11.6 million of free cash flow, net of $9.4 million in capital expenditures. This compares to $6.3 million of cash flow from operating activities, or $(2.0) million of free cash flow, net of $8.3 million in capital expenditures, in the prior-year period. Strong operating results were the primary drivers of the year-over-year improvement. During the first quarter, the company paid a regular quarterly dividend of $0.31 per share, with dividend payments totaling $6.6 million for the three months ended March 31, 2025. Enpro ended the first quarter with total debt of $636.4 million and cash and cash equivalents of $240.3 million. Subsequent to quarter-end, on April 9, 2025, Enpro amended its existing credit agreement, set to mature in 2026, with a new revolving credit facility and repaid its remaining outstanding term loans under its existing credit agreement. The new credit agreement, which matures in 2030, provides the company with a revolving credit facility for borrowings up to $800 million. The previous credit facilities included a $400 million revolver, which was undrawn at March 31, 2025, and a term loan facility with an outstanding balance of $287 million at March 31, 2025. On May 1, 2025, borrowings of $230 million were outstanding under this extended and increased revolving credit facility. Quarterly Dividend Enpro declared a regular quarterly dividend of $0.31 per share on April 30, 2025. The dividend is payable on June 18, 2025 to shareholders of record as of the close of business on June 4, 2025. 2025 Guidance Enpro maintains prior full-year 2025 guidance: Revenue growth in the low to mid-single-digit range, adjusted EBITDA* in the range of $262 million to $277 million and adjusted diluted earnings per share* in the range of $7.00 to $7.70 per share. Conference Call, Webcast Information, and Presentations Enpro will hold a conference call today, May 6, at 8:30 a.m. Eastern Time to discuss first quarter 2025 financial results. Investors who wish to participate in the call should dial 1-877-407-0832 approximately 10 minutes before the call begins and provide conference access code 13740582. A live audio webcast of the call and accompanying slide presentation will be accessible from the company's website, To access the earnings presentation, log on to the webcast by clicking the link on the company's home page. Segment Operating Performance Measure The segment profitability metric used by management to allocate resources and assess segment performance is adjusted segment EBITDA, which is segment revenue reduced by operating expenses and other costs identifiable with the segment, excluding acquisition expenses, restructuring costs, amortization of the fair value adjustment to acquisition date inventory, and depreciation and amortization. Segment non-operating expenses and income, corporate expenses, net interest expense, and income taxes are not included in the computation of adjusted segment EBITDA. Under U.S. generally accepted accounting principles ('GAAP'), the segment profitability metric used by management to allocate resources and assess segment performance is required to be disclosed in financial statement footnotes, and accordingly such metric as presented for each segment is not deemed to be a non-GAAP measure under applicable regulations of the Securities and Exchange Commission. Non-GAAP Financial Information This press release contains financial measures that have not been prepared in conformity with GAAP. They include adjusted income from continuing operations, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin, total adjusted segment EBITDA and free cash flow. Tables showing the reconciliation of these historical non-GAAP financial measures to the comparable GAAP measures are attached to the release. Adjusted EBITDA and adjusted diluted earnings per share anticipated for full-year 2025 are calculated in a manner consistent with the historical presentation of these measures in the attached tables. Because of the forward-looking nature of these estimates, it is impractical to present quantitative reconciliations of such measures to comparable GAAP measures, and accordingly no such GAAP measures are being presented. Management believes these non-GAAP metrics are commonly used financial measures for investors to evaluate the company's operating performance and, when read in conjunction with the company's consolidated financial statements, present a useful tool to evaluate the company's ongoing operations and performance from period to period. In addition, these are some of the factors the company uses in internal evaluations of the overall performance of its businesses. Management acknowledges that there are many items that impact a company's reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. Forward-Looking Statements and Guidance Statements in this press release that express a belief, expectation or intention, including the 2025 guidance and other statements that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: economic conditions in the markets served by the company's businesses and the businesses of its customers, some of which are cyclical and experience periodic downturns and may be affected by the imposition or threat of imposition of tariffs; the impact of geopolitical activity on those markets, including instabilities associated with the armed conflicts in Ukraine and in the Middle East region and any conflict or threat of conflict that may affect Taiwan; uncertainties with respect to the imposition, or threat of imposition, of government tariffs, including tariffs imposed in response to the significant tariffs announced by the U.S. government in 2025, including the broad tariffs announced in April 2025, and retaliatory tariffs announced in response thereto, such as those announced by the Chinese and Canadian governments; uncertainties with respect to the imposition of government embargoes and other trade protection measures, such as 'anti-dumping' duties applicable to classes of products, and import or export licensing requirements, as well as the imposition of trade sanctions against a class of products imported from or sold and exported to, or the loss of 'normal trade relations' status with, countries in which Enpro conducts business, could significantly increase the company's cost of products or otherwise reduce its sales and harm its business; uncertainties with respect to prices and availability of raw materials, including as a result of instabilities from geopolitical conflicts and the imposition of tariffs; uncertainties with respect to the company's ability to achieve anticipated growth within the semiconductor, life sciences, and other technology-enabled markets, including uncertainties with respect to receipt of CHIPS Act support and the timing of completion of the new Arizona facility; the impact of fluctuations in relevant foreign currency exchange rates or unanticipated increases in applicable interest rates; unanticipated delays or problems in introducing new products; the impact of any labor disputes; announcements by competitors of new products, services or technological innovations; changes in the company's pricing policies or the pricing policies of its competitors; risks related to the reliance of the Advanced Surface Technologies segment on a small number of significant customers; uncertainties with respect to the company's ability to identify and complete business acquisitions consistent with its strategy and to successfully integrate any businesses that it acquires; and uncertainties with respect to the amount of any payments required to satisfy contingent liabilities, including those related to discontinued operations, other divested businesses and discontinued operations of the company's predecessors, including liabilities for certain products, environmental matters, employee benefit and statutory severance obligations and other matters. Enpro's filings with the Securities and Exchange Commission, including its most recent Form 10-K report, describe these and other risks and uncertainties in more detail. Enpro does not undertake to update any forward-looking statements made in this press release to reflect any change in management's expectations or any change in the assumptions or circumstances on which such statements are based. Full-year guidance is subject to the risks and uncertainties discussed above and specifically excludes changes in the number of shares outstanding, impacts from future and pending acquisitions, dispositions and related transaction costs, restructuring costs and the impact of changes in foreign exchange rates, in each case subsequent to March 31, 2025, and any incremental impact on demands and costs arising from tariffs announced, or trade tensions arising, subsequent to May 5, 2025. About Enpro Inc. Enpro is a leading industrial technology company focused on critical applications across many end-markets, including semiconductor, industrial process, commercial vehicle, sustainable power generation, aerospace, food and pharma, photonics and life sciences. Headquartered in Charlotte, North Carolina, Enpro is listed on the New York Stock Exchange under the symbol 'NPO'. For more information, visit the company's website at APPENDICES Enpro Inc. For the Three Months Ended March 31, 2025 and 2024 (In Millions, Except Per Share Data) 2025 2024 Net sales $ 273.2 $ 257.5 Cost of sales 155.0 151.3 Gross profit 118.2 106.2 Operating expenses: Selling, general and administrative 75.8 77.4 Other 0.6 0.8 Total operating expenses 76.4 78.2 Operating income 41.8 28.0 Interest expense (9.2 ) (10.3 ) Interest income 1.2 2.1 Other expense (1.5 ) (5.5 ) Income before income taxes 32.3 14.3 Income tax expense (7.8 ) (1.8 ) Net income $ 24.5 $ 12.5 Basic earnings per share $ 1.16 $ 0.60 Average common shares outstanding 21.0 20.9 Diluted earnings per share $ 1.15 $ 0.59 Average common shares outstanding 21.2 21.1 Expand Enpro Inc. Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, 2025 and 2024 (In Millions) 2025 2024 Operating activities Net income $ 24.5 $ 12.5 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 6.0 5.9 Amortization 19.2 18.7 Promissory note reserve — 4.5 Deferred income taxes (0.6 ) (0.6 ) Stock-based compensation 3.3 2.9 Other non-cash adjustments 2.4 2.0 Change in assets and liabilities, net of effects of acquisition: Accounts receivable, net (27.1 ) (14.7 ) Inventories 3.3 0.6 Accounts payable (3.3 ) (7.7 ) Other current assets and liabilities (11.7 ) (15.0 ) Other non-current assets and liabilities 5.0 (2.8 ) Net cash provided by operating activities 21.0 6.3 Investing activities Purchases of property, plant and equipment (8.0 ) (8.2 ) Payments for capitalized internal-use software (1.4 ) (0.1 ) Acquisition, net of cash acquired — (208.9 ) Other — 0.2 Net cash used in investing activities (9.4 ) (217.0 ) Financing activities Proceeds from debt — 39.5 Repayments of debt (4.0 ) (6.5 ) Purchase of non-controlling interest — (17.9 ) Dividends paid (6.6 ) (6.4 ) Other (2.7 ) (2.5 ) Net cash provided by (used in) financing activities (13.3 ) 6.2 Effect of exchange rate changes on cash and cash equivalents 5.7 (1.4 ) Net increase (decrease) in cash and cash equivalents 4.0 (205.9 ) Cash and cash equivalents at beginning of period 236.3 369.8 Cash and cash equivalents at end of period $ 240.3 $ 163.9 Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 4.3 $ 5.3 Income taxes, net of refunds $ 6.6 $ 4.6 Expand Enpro Inc. Consolidated Balance Sheets (Unaudited) As of March 31, 2025 and December 31, 2024 (In Millions) March 31, December 31, 2025 2024 Current assets Cash and cash equivalents $ 240.3 $ 236.3 Accounts receivable, net 144.2 115.9 Inventories 136.5 138.8 Prepaid expenses and other current assets 23.2 21.3 Total current assets 544.2 512.3 Property, plant and equipment, net 192.1 193.2 Goodwill 899.2 896.2 Other intangible assets 772.0 790.3 Other assets 99.1 99.5 Total assets $ 2,506.6 $ 2,491.5 Current liabilities Current maturities of long-term debt $ 16.0 $ 16.0 Accounts payable 59.7 66.0 Accrued expenses 108.6 116.0 Total current liabilities 184.3 198.0 Long-term debt 620.4 624.1 Deferred taxes 125.8 126.9 Other liabilities 114.3 113.9 Total liabilities 1,044.8 1,062.9 Shareholders' equity Common stock 0.2 0.2 Additional paid-in capital 321.2 319.4 Retained earnings 1,193.5 1,175.6 Accumulated other comprehensive loss (51.9 ) (65.4 ) Common stock held in treasury, at cost (1.2 ) (1.2 ) Total shareholders' equity 1,461.8 1,428.6 Total liabilities and equity $ 2,506.6 $ 2,491.5 Expand Enpro Inc. Segment Information (Unaudited) For the Three Months Ended March 31, 2025 and 2024 (Dollars In Millions) Sales 2025 2024 Sealing Technologies $ 179.6 $ 171.6 Advanced Surface Technologies 93.8 86.0 273.4 257.6 Less: intersegment sales (0.2 ) (0.1 ) $ 273.2 $ 257.5 Net income $ 24.5 $ 12.5 Earnings before interest, income taxes, depreciation, amortization and other selected items (Adjusted Segment EBITDA) 2025 2024 Sealing Technologies $ 58.7 $ 53.0 Advanced Surface Technologies 20.5 17.3 $ 79.2 $ 70.3 Adjusted Segment EBITDA Margin 2025 2024 Sealing Technologies 32.7 % 30.9 % Advanced Surface Technologies 21.9 % 20.1 % 29.0 % 27.3 % Reconciliation of Income, Net of Tax to Adjusted Segment EBITDA 2025 2024 Net income $ 24.5 $ 12.5 Income tax expense (7.8 ) (1.8 ) Income before income taxes 32.3 14.3 Acquisition expenses 0.2 3.3 Amortization of the fair value adjustment to acquisition date inventory — 1.7 Restructuring expense 0.7 0.5 Depreciation and amortization expense 25.2 24.6 Corporate expenses 11.3 12.2 Interest expense, net 8.0 8.2 Other expense, net 1.5 5.5 Adjusted segment EBITDA $ 79.2 $ 70.3 Adjusted segment EBITDA is total segment revenue reduced by operating expenses and other costs identifiable with the segment, excluding acquisition expenses, restructuring expense, amortization of the fair value adjustment to acquisition date inventory, and depreciation and amortization. Corporate expenses include general corporate administrative costs. Non-operating expenses not directly attributable to the segments, corporate expenses, net interest expense, and income taxes are not included in the computation of adjusted segment EBITDA. The accounting policies of the reportable segments are the same as those for the Company. Expand Enpro Inc. Adjusted Segment EBITDA Reconciling Items by Segment (Unaudited) For the Three Months Ended March 31, 2025 and 2024 (In Millions) 2025 Sealing Technologies Advanced Surface Technologies Total Segments Acquisition expenses $ 0.2 $ — $ 0.2 Restructuring expense $ — $ 0.7 $ 0.7 Depreciation and amortization expense $ 8.2 $ 17.0 $ 25.2 Expand 2024 Sealing Technologies Advanced Surface Technologies Total Segments Acquisition expenses $ 3.3 $ — $ 3.3 Amortization of the fair value adjustment to acquisition date inventory $ 1.7 $ — $ 1.7 Restructuring expense $ 0.5 $ — $ 0.5 Depreciation and amortization expense $ 7.7 $ 16.9 $ 24.6 Expand Enpro Inc. For the Three Months Ended March 31, 2025 and 2024 (In Millions, Except Per Share Data) 2025 2024 $ Average common shares outstanding, diluted Per Share $ Average common shares outstanding, diluted Per Share Net income $ 24.5 21.2 $ 1.15 $ 12.5 21.1 $ 0.59 Income tax expense 7.8 1.8 Income before income taxes 32.3 14.3 Adjustments from selling, general, and administrative: Acquisition expenses 0.2 3.3 Amortization of acquisition-related intangible assets 19.1 18.6 Adjustments from other operating expense and cost of sales: Restructuring expense 0.6 0.8 Amortization of the fair value adjustment to acquisition date inventory — 1.7 Adjustments from other non-operating expense: Environmental reserve adjustments — 0.2 Costs associated with previously disposed businesses 0.3 0.3 Pension expense - non-service cost 0.8 — Foreign exchange losses related to the divestiture of a discontinued operation 1 0.4 0.5 Long-term promissory note reserve 2 — 4.5 Adjusted income before income taxes 53.7 44.2 Adjusted income tax expense (13.4 ) (11.1 ) Adjusted net income $ 40.3 21.2 $ 1.90 3 $ 33.1 21.1 $ 1.57 3 Expand Management of the Company believes that it would be helpful to the readers of the financial statements to understand the impact of certain selected items on the Company's reported income and diluted earnings per share, including items that may recur from time to time. The items adjusted for in this schedule are those that are excluded by management in budgeting or projecting for performance in future periods, as they typically relate to events specific to the period in which they occur. This presentation enables readers to better compare Enpro Inc. to other diversified industrial technology companies that do not incur the sporadic impact of restructuring activities, costs associated with previously disposed of businesses, acquisitions, or other selected items. Management acknowledges that there are many items that impact a company's reported results and this list is not intended to present all items that may have impacted these results. The adjusted income tax expense presented above is calculated using a normalized company-wide effective tax rate excluding discrete items of 25.0%. Per share amounts were calculated by dividing by the weighted-average shares of diluted common stock outstanding during the periods. 1 In connection with the sale of GGB, accounted for as a discontinued operation, in the fourth quarter of 2022, we issued an intercompany note between a domestic and foreign entity that is denominated in a foreign currency. As a result of this note, we have recorded losses due to the changes in the foreign exchange rate. This intercompany note was settled in March 2025. 2 We received a long-term promissory note in connection to the sale of a divested business. As part of our regular review of the note, in the first quarter of 2024 we concluded a reserve was needed for expected future credit losses. We will continue to monitor the note regularly and make adjustments to the reserve as needed based on known facts and circumstances. 3 Adjusted diluted earnings per share, which amounts were calculated by dividing by the weighted-average shares of diluted common stock outstanding during the periods. Expand Enpro Inc. Reconciliation of Net Income to Adjusted EBITDA (Unaudited) For the Three Months Ended March 31, 2025 and 2024 (In Millions) 2025 2024 Net income $ 24.5 $ 12.5 Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization, and other selected items (Adjusted EBITDA): Interest expense, net 8.0 8.2 Income tax expense 7.8 1.8 Depreciation and amortization expense 25.2 24.6 Restructuring expense 0.6 0.8 Environmental reserve adjustments — 0.2 Costs associated with previously disposed businesses 0.3 0.3 Acquisition expenses 0.2 3.3 Pension expense - non-service cost 0.8 — Amortization of the fair value adjustment to acquisition date inventory — 1.7 Foreign exchange losses related to the divestiture of a discontinued operation 1 0.4 0.5 Long-term promissory note reserve 2 — 4.5 Adjusted EBITDA $ 67.8 $ 58.4 Expand 1 In connection with the sale of GGB, accounted for as a discontinued operation, in the fourth quarter of 2022, we issued an intercompany note between a domestic and foreign entity that is denominated in a foreign currency. As a result of this note, we have recorded losses due to the changes in the foreign exchange rate. This intercompany note was settled in March 2025. 2 We received a long-term promissory note in connection to the sale of a divested business. As part of our regular review of the note, in the first quarter of 2024 we concluded a reserve was needed for expected credit losses. We will continue to monitor the note regularly and make adjustments to the reserve as needed based on known facts and circumstances. Supplemental disclosure: Adjusted EBITDA as presented also represents the amount defined as "EBITDA" under the indenture governing the Company's 5.75% Senior Notes due 2026. For the three months ended March 31, 2025, approximately 47% of the adjusted EBITDA as presented above was attributable to Enpro's subsidiaries that do not guarantee the Company's 5.75% Senior Notes due 2026. Expand Enpro Inc. Reconciliation of Free Cash Flow (Unaudited) (In Millions) Free Cash Flow - Three Months Ended March 31, 2025 Net cash provided by operating activities $ 21.0 Purchases of property, plant, and equipment (8.0 ) Payments for capitalized internal-use software (1.4 ) Free cash flow $ 11.6 Free Cash Flow - Three Months Ended March 31, 2024 Net cash provided by operating activities $ 6.3 Purchases of property, plant, and equipment (8.2 ) Payments for capitalized internal-use software (0.1 ) Free cash flow $ (2.0 ) Expand
Yahoo
02-05-2025
- Health
- Yahoo
Appeal from woman convicted in infant's death denied by Vt. supreme court
VERMONT (ABC22/FOX44) – Vermont's Supreme Court has denied the appeal of a woman convicted for giving an infant a fatal amount of medicine in 2019. Stacey Vaillancourt's legal team appealed and argued that her conviction was based on an insufficient amount of evidence. The Vermont Supreme Court denied the appeal, and made the announcement Friday, May 2. Vaillancourt, a former childcare provider, was taking care of 6-month-old Harper Rose Briar in her at-home daycare when she found her unresponsive. Harper died at the hospital, and an autopsy revealed that she had high concentrations of diphenhydramine, a sedating ingredient in Benadryl and other over-the-counter antihistamines, in her blood. Vaillancourt was later found guilty of involuntary manslaughter and child cruelty. She was sentenced to 3-10 years in prison back in March 2024. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
