Latest news with #Orlando
Medscape
2 hours ago
- Health
- Medscape
Global Laser Charities Save Skin and Change Lives
ORLANDO, Fla. — In 2009, Thanh-Nga Tran, MD, was a dermatology resident at Massachusetts General Hospital in Boston when she traveled to Vietnam — the country of her birth — for a clinical rotation. There, Tran found that children with vascular and pigmented birthmarks were being treated not with energy-based devices, as had long been standard in the US, or propranolol, which was emerging an effective treatment for hemangiomas at the time. Instead, they were treated with a topical paste containing phosphorus-32 (P-32), a radioactive isotope. The practice was introduced by French doctors there in the 1950s, and Vietnam's cancer hospitals had continued using it since that time. Images of children showing the results of treatment of vascular and pigmented birthmarks with radioactive phosphorus-32. Credit: Vietnam VAC The treatment with P-32 left children worse off than the lesions themselves in many cases, with severe scarring and depigmentation of the treated areas. R. Rox Anderson, MD When Tran returned to Boston, she consulted with her mentor, Dermatologist and Laser Medicine Pioneer R. Rox Anderson, MD, director of the Wellman Center for Photomedicine at Massachusetts General Hospital, Boston, about bringing pulsed-dye laser technology to Vietnam and training physicians in its use. 'I begged Rox to help me find a way to help treat these children,' Tran recalled. Top specialists, including the late Martin Mihm, MD, also at Massachusetts General; Thuy Phung, MD, a dermatologist at Texas Children's Hospital, Houston; and J. Stuart Nelson, MD, PhD, medical director of UC Irvine Beckman Laser Institute, Irvine, California, lent their support. More than 15 years later, the Vietnam Vascular Anomalies Center (VAC), the Ho Chi Minh City clinic that arose from this collaboration, has treated more than 10,000 children, at no cost to their families, with more than $1 million of laser technology donated by device manufacturers. Vietnam VAC has produced data useful both to clinicians in developed countries and to industry. And it has inspired other laser-based humanitarian startups in countries including Lebanon, Pakistan, and Armenia — and soon, Cambodia. At the Vietnam Vascular Anomalies Center (VAC), in Ho Chi Minh City, Vietnam, Thanh-Nga Tran, MD (center, examining the patient), with Rox Anderson, MD, to her right and clinic director, Minh Van Hoang, MD, PhD, behind them. Credit: Vietnam VAC. This last April, at The American Society for Laser Medicine and Surgery (ASLMS) 2025 Annual Meeting in Orlando, Florida, physicians involved in these international efforts brought their colleagues up to date on their projects. During the conference and in interviews afterward, they reflected on their accomplishments and on the many challenges that remain. A 15-Year Success in Vietnam Infantile hemangiomas are benign vascular tumors affecting about 4%-5% of newborns and are more common in girls. Though most will resolve spontaneously, they can be disfiguring; when they are especially aggressive, they can harm vision and interfere with breathing or feeding. 'The pulsed-dye laser allows for a nonscarring improvement or even removal,' Anderson said in an interview, but in 2009, Vietnam lacked any skin lasers at all. A device donated by Candela Corporation became the first to be imported and used in that country. On the day the clinic opened, 500 children were waiting with their parents. They had not only vascular lesions but also lymphatic malformations, congenital nevi, nevus of Ota, and 'myriad other disfiguring birthmarks that would otherwise go untreated in Vietnam,' Tran said at the meeting. And of course, many had scars from prior treatment with P-32. Tran, Anderson, and their colleagues quickly realized that the clinic would need different types of devices, including lasers to treat scars and pigmented lesions. Over time, more manufacturers, including Lumenis, Lutronic, and Cutera, donated devices. Teams of interventional radiologists and pediatric plastic surgeons from Texas Children's Hospital also traveled to Vietnam to treat patients with the most severe presentations. The VAC clinicians began hosting annual conferences in Vietnam to train local physicians there in laser medicine and dermatology. About 5 years into the program, Tran, Anderson, and their colleagues, including Minh Van Hoang, MD, PhD, the clinic's director, began publishing their findings. Their first reports described the harmful effects of P-32 treatment and a technique for combining laser treatments and epidermal grafting to improve scars in children treated with P-32. The same technique is currently being investigated in people with radiation dermatitis following breast cancer treatment. Between 20 and 40 children are seen on every treatment day at the VAC's Ho Chi Minh City clinic. Children with infantile hemangiomas may also receive propranolol, which the VAC team helped introduce in Vietnam. Though Vietnam VAC is a nonprofit organization registered in the US and supported by donations, its physicians may use lasers at designated times for paying patients, creating another source of revenue. Physicians at the high-volume clinic have contributed many case studies of rare presentations and other findings of value to specialists worldwide and manufacturers. 'There's a lot of talk at this conference about treating skin of color,' Tran told attendees at the ASLMS meeting. In Vietnam, she said, 'we treat skin of color every day with [a Q-switched Alexandrite laser]. We can manage congenital nevi, café au lait, and other conditions very safely.' Anderson noted at the meeting that the VAC's efforts also helped create a market in Vietnam for laser treatments, bolstered by a rapidly expanding local economy. Hundreds of clinicians in Vietnam and other parts of Asia have attended its annual training and CME sessions. This has changed local practice: The cancer center in Ho Chi Minh City, which had formerly administered P-32, dropped its use and acquired a pulsed-dye laser. At training conferences, 'we talk about how to treat kids, but we also talk about cosmetic stuff,' Anderson explained in an interview. 'The companies that donated the equipment are happy because they get to sell products. All boats rise when the tide comes in.' Vietnam VAC still faces challenges. 'Lasers break,' said Tran, now a researcher at the cutaneous biology research center at the Mass General Research Institute, Boston. 'We have to find help when they do.' Fundraising is another challenge. 'I've been hosting an annual benefit for the last 15 years — it's like doing a wedding every year. We don't raise a lot of money because, in the end, we're still small.' And despite many years of targeted outreach campaigns in the media and with doctors, the team has yet to fully eradicate the use of P-32 in Vietnam. Two remote clinics are rumored to be holdouts. 'Next year when I go, we're going to visit them,' Anderson said. 'We're going to put together a conference about phosphorus. You can't just get angry. You have to create a forum where people can really talk about it.' Lebanon: Tragic Blast Spurs a Laser Charity Energy-Based Medicine Specialist Zeina Tannous, MD, a dermatologist who also was trained with Anderson, was an assistant professor of dermatology at Harvard when, in 2011, she made the decision to return to her home country. She became the founding chair of dermatology at Lebanese American University in Beirut. Eight years later, Lebanon was hit by a dramatic financial crisis and currency devaluation that affected all sectors of society. Healthcare services were severely affected even among people with means, as people could not withdraw money from banks. Then, in August 2020, the unthinkable occurred. Thousands of tons of stored aluminum nitrate accidentally ignited at the port of Beirut, causing a massive explosion that killed hundreds and injured thousands. Tannous, who had just left the port zone at the time of the blast, returned immediately to aid in the emergency response, and spent days suturing victims. Blast survivors were left with severe, disfiguring scars. 'They were itchy, red, hypertrophic lesions resistant to treatment with injections of steroids,' Tannous said at the conference, 'probably because of the presence of the glass in them: a foreign body that was constantly inducing inflammation.' For 2 years, Tannous offered discounted laser treatments on her own and through aid organizations. But she did not own the type of laser needed to treat these glass scars, and the hospital that did 'needed to be paid,' she recalled. As in Vietnam, where the VAC doctors were able to get underway with a single donated device, one laser changed everything for Tannous: A fractional carbon dioxide laser provided pro bono by the Italian manufacturer Deka. That allowed Tannous to treat blast victims at no cost to them. Tannous's charity is not yet incorporated as a US-based nonprofit — 'we're working on that,' she said, but has nonetheless expanded, supported by her students and fellows and the recent donation of a vascular laser from Lutronic. The addition of that device has allowed Tannous to treat more vascular lesions in people who could not otherwise pay — including refugees from the war in Syria, many of whom struggle to meet their families' basic needs. 'These [vascular] birthmarks can bleed. They can obstruct vision. They can obstruct breathing. But in a time of war and a bad economy, people don't have the luxury of treating them, because the focus is on survival,' she said. Tannous, who continues to work closely with Anderson and others at Harvard, described in an interview how her personal mission has evolved far beyond her clinical research and practice. 'I would never refuse a patient if he or she doesn't have money,' she said, adding that she hopes that more energy-based medicine specialists will donate the monetary equivalent of even one treatment per year to efforts like hers and Tran's. 'Everybody has to do something for the people. Even if you're working for free. That's the message of medicine,' she said. Inspiring Others All over the world, free laser clinics are now emerging that follow a similar model with donated equipment and committed physicians, both local and visiting, who are generous with their time. Most of these international efforts share connections to Harvard and to Anderson, who has fiercely championed them and has not been shy about asking industry for help. 'The Pakistan clinic came about because one of my students was Pakistani and saw what we were doing,' said Anderson, who also works closely with a clinic in Armenia. In Cambodia, a physician is planning a clinic modeled after VAC, and another is being planned in Brazil. A newly formed umbrella group, called the Dream Beam Foundation, links all these global efforts and seeks to recruit more specialist volunteers. 'The clinics have different needs,' Anderson said, in terms of patient populations, predominant problems, and the technology and expertise available in each country. 'In Pakistan, for example, one of the most useful devices there is the fractional laser for scar revision.' But in each case, it is the human effort and dedication that will determine a clinic's success, he stressed. 'The lasers don't just stand alone. They're just tools.'
Washington Post
3 hours ago
- Business
- Washington Post
Darden Restaurants: Fiscal Q4 Earnings Snapshot
ORLANDO, Fla. — ORLANDO, Fla. — Darden Restaurants Inc. (DRI) on Friday reported fiscal fourth-quarter net income of $303.8 million. On a per-share basis, the Orlando, Florida-based company said it had net income of $2.58. Earnings, adjusted for asset impairment costs and non-recurring costs, came to $2.98 per share. The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.96 per share. The owner of Olive Garden and other chain restaurants posted revenue of $3.27 billion in the period, matching Street forecasts. For the year, the company reported profit of $1.05 billion, or $8.86 per share. Revenue was reported as $12.08 billion. Darden Restaurants expects full-year earnings to be $10.50 to $10.70 per share. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on DRI at
Yahoo
3 hours ago
- Business
- Yahoo
Darden Restaurants: Fiscal Q4 Earnings Snapshot
ORLANDO, Fla. (AP) — ORLANDO, Fla. (AP) — Darden Restaurants Inc. (DRI) on Friday reported fiscal fourth-quarter net income of $303.8 million. On a per-share basis, the Orlando, Florida-based company said it had net income of $2.58. Earnings, adjusted for asset impairment costs and non-recurring costs, came to $2.98 per share. The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.96 per share. The owner of Olive Garden and other chain restaurants posted revenue of $3.27 billion in the period, matching Street forecasts. For the year, the company reported profit of $1.05 billion, or $8.86 per share. Revenue was reported as $12.08 billion. Darden Restaurants expects full-year earnings to be $10.50 to $10.70 per share. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on DRI at
Yahoo
3 hours ago
- Business
- Yahoo
Darden Restaurants Reports Fiscal 2025 Fourth Quarter and Full Year Results; Increases Quarterly Dividend; Authorizes New $1 Billion Share Repurchase Program; And Provides Fiscal 2026 Outlook
ORLANDO, Fla., June 20, 2025 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 25, 2025. Fourth Quarter 2025 Financial Highlights Total sales increased 10.6% to $3.3 billion driven by a blended same-restaurant sales1 increase of 4.6% and sales from the acquisition of 103 Chuy's Tex Mex (Chuy's) restaurants and 25 net new restaurants Same-restaurant sales:Consolidated Darden1 4.6 %Olive Garden 6.9 %LongHorn Steakhouse 6.7 %Fine Dining (3.3) %Other Business1 1.2 % Reported diluted net earnings per share from continuing operations were $2.58 Excluding $0.40 of Chuy's transaction and integration related costs and costs from restaurant closures, adjusted diluted net earnings per share from continuing operations were $2.98, an increase of 12.5%3 The Company repurchased $51 million of its outstanding common stock Fiscal 2025 Financial Highlights Total sales increased 6.0% to $12.1 billion driven by a blended same-restaurant sales1, 2 increase of 2.0% and sales from the acquisition of 103 Chuy's restaurants and 25 net new restaurants Same-restaurant sales:Consolidated Darden1, 2 2.0 %Olive Garden 1.7 %LongHorn Steakhouse 5.1 %Fine Dining2 (3.0) %Other Business1 0.2 % Reported diluted net earnings per share from continuing operations were $8.88 Excluding $0.67 of Chuy's transaction and integration related costs and costs from restaurant closures, adjusted diluted net earnings per share from continuing operations were $9.55, an increase of 7.5%3 "We had a strong quarter with same-restaurant sales and earnings growth that exceeded our expectations," said Darden President & CEO Rick Cardenas. "Our adherence to our winning strategy, anchored in our four competitive advantages and being brilliant with the basics, led to a successful year. Our strategy remains the right one for the company, and we will continue to execute it to drive growth and long-term shareholder value." 1 Will not include Chuy's until they have been owned and operated by Darden for a 16-month period (Q4 Fiscal 2026) 2 Does not include Ruth's Chris as they were not owned and operated by Darden for a 16-month period at the beginning of Fiscal 2025 3 See the "Non-GAAP Information" below for more details Segment PerformanceDuring the fourth quarter of fiscal 2025, the Company changed its reporting of segment profit to exclude pre-opening costs. Fiscal 2024 figures were recast for comparability. Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses. Sales and profits from Chuy's restaurants are included within the Other Business segment from the date of acquisition forward. Q4 SalesQ4 Segment Profit ($ in millions)2025202420252024 Consolidated Darden$3,271.7$2,957.3 Olive Garden$1,381.0$1,277.5$328.4$291.4 LongHorn Steakhouse$833.8$762.7$167.8$147.2 Fine Dining$334.6$327.1$62.9$64.6 Other Business$722.3$590.0$126.3$102.5Annual SalesAnnual Segment Profit ($ in millions)2025202420252024 Consolidated Darden$12,076.7$11,390.0 Olive Garden$5,212.9$5,067.0$1,163.9$1,117.4 LongHorn Steakhouse$3,025.5$2,806.2$582.7$516.8 Fine Dining$1,304.8$1,291.5$242.5$245.0 Other Business$2,533.5$2,225.3$397.4$340.3 Dividend DeclaredDarden's Board of Directors declared a quarterly cash dividend of $1.50 per share on the Company's outstanding common stock, a 7.1% increase from third quarter fiscal 2025. The dividend is payable on August 1, 2025 to shareholders of record at the close of business on July 10, 2025. Share Repurchase ProgramDuring the quarter, the Company repurchased approximately 0.2 million shares of its common stock for a total of $51 million. In addition, on Wednesday, June 18, 2025, Darden's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $1 billion of its outstanding common stock. This repurchase program does not have an expiration and replaces the previously existing share repurchase authorization. "Our long-term framework calls for 10-15% Total Shareholder Return over time," said Darden CFO Raj Vennam. "Over our 30-year history as a public company, Darden has achieved an annualized total shareholder return of 10% or greater over any 10 fiscal-year period. This level of performance reflects the strength of our operating model and the durability of the cash flows it generates." Fiscal 2026 Financial OutlookBelow is the full year financial outlook for fiscal 2026, which includes a 53rd week. This outlook includes the impact of the additional week. We will provide more details during our investor conference call scheduled for this morning at 8:30 am ET. Total sales growth of 7% to 8%, including approximately 2% growth related to the 53rd week Same-restaurant sales4 growth of 2% to 3.5% New restaurant openings of 60 to 65 Total capital spending of $700 to $750 million Total inflation of 2.5% to 3.0% An effective tax rate of approximately 13% Diluted net earnings per share from continuing operations of $10.50 to $10.70, including: Approximately $0.20 related to the addition of the 53rd week Approximately 117 million weighted average diluted shares outstanding 4 Annual same-restaurant sales is a 52-week metric and excludes the impact of Chuy's, which will not have been owned and operated by Darden for a 16-month period prior to the beginning of Fiscal 2026, as well as any additional locations not expected to be operated by Darden for the entirety of the fiscal year. Annual Meeting of ShareholdersDarden will hold its Annual Meeting of Shareholders on September 17, 2025. The meeting will be held in a virtual format only. The record date for shareholders to vote in the Annual Meeting is July 23, 2025. Investor Conference CallThe Company will host a conference call and slide presentation on Friday, June 20, 2025 at 8:30 am ET to review its recent financial performance. To listen to the call live, please go to Please allow extra time prior to the call to visit the site and download any software required to listen to the webcast. Prior to the call, a slide presentation will be posted on the Investor Relations section of our website at: For those who cannot access the Internet, please dial 1-877-407-9219. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. About DardenDarden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Chuy's, Seasons 52, Eddie V's and Bahama Breeze. For more information, please visit Information About Forward-Looking StatementsForward-looking statements in this communication regarding our expected earnings performance and all other statements that are not historical facts, including without limitation statements concerning our future economic performance, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements speak only as of the date on which such statements are first made, and we undertake no obligation to update such statements to reflect events or circumstances arising after such date. We wish to caution investors not to place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from those anticipated in the statements. The most significant of these uncertainties are described in Darden's Form 10-K, Form 10-Q and Form 8-K reports. These risks and uncertainties include: a failure to address cost pressures and a failure to effectively deliver cost management activities, economic factors and their impacts on the restaurant industry and general macroeconomic factors including unemployment, energy prices, tariffs and interest rates, the inability to hire, train, reward and retain restaurant team members, a failure to develop and recruit effective leaders, labor and insurance costs, health concerns including food-related pandemics or outbreaks of flu or other viruses, food safety and food-borne illness concerns, technology failures including failure to maintain a secure cyber network, compliance with privacy and data protection laws and risks of failures or breaches of our data protection systems, the inability to successfully complete our integration of Chuy's Holdings operations into our business, risks relating to public policy changes and federal, state and local regulation of our business, intense competition, changing consumer preferences, an inability or failure to manage the accelerated impact of social media, a failure to execute innovative marketing and guest relationship tactics, climate change, adverse weather conditions and natural disasters, long-term and non-cancelable property leases, failure to execute a business continuity plan following a disaster, shortages or interruptions in the delivery of food and other products and services, failure to drive profitable sales growth, a lack of availability of suitable locations for new restaurants, higher-than-anticipated costs to open, close, relocate or remodel restaurants, risks of doing business with franchisees, licensees and vendors in foreign markets, volatility in the market value of derivatives, volatility leading to the inability to hedge equity compensation market exposure, failure to protect our intellectual property, environmental, social and governance risk, including disclosure expectations and the impacts of third party ratings, litigation, unfavorable publicity, disruptions in the financial markets, impairment in the carrying value of our goodwill or other intangible assets, changes in tax laws or unanticipated tax liabilities, failure of our internal controls over financial reporting and other factors and uncertainties discussed from time to time in reports filed by Darden with the Securities and Exchange Commission. Non-GAAP InformationThe information in this press release includes financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ("GAAP"), such as adjusted diluted net earnings per share from continuing operations. The Company's management uses these non-GAAP measures in its analysis of the Company's performance. The Company believes that the presentation of certain non-GAAP measures provides useful supplemental information that is essential to a proper understanding of the operating results of the Company's businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in this release. (Analysts) Courtney Aquilla, (407) 245-5054; (Media) Rich Jeffers, (407) 245-4189 Fiscal Q4 Reported to Adjusted Earnings ReconciliationQ4 2025Q4 2024 $ in millions, except per share amounts Earnings Before Income Tax Income Tax Expense Net Earnings Diluted Net Earnings Per ShareEarnings Before Income Tax Income Tax Expense Net Earnings Diluted Net Earnings Per Share Reported Earnings from Continuing Operations $ 336.5 $ 32.5 $ 304.0 $ 2.58$ 360.0 $ 50.0 $ 310.0 $ 2.58 % Change vs Prior Year— %Adjustments:Transaction and integration related costs5 7.0 2.1 4.9 0.047.4 (0.8) 8.2 0.07 Impairment on restaurant disposition6 47.7 11.9 35.8 0.30Restaurant closing costs7 9.2 2.3 6.9 0.06Adjusted Earnings from Continuing Operations $ 400.4 $ 48.8 $ 351.6 $ 2.98$ 367.4 $ 49.2 $ 318.2 $ 2.65 % Change vs Prior Year12.5 % Fiscal YTD Reported to Adjusted Earnings Reconciliation20252024 $ in millions, except per share amounts Earnings Before Income Tax Income Tax Expense Net Earnings Diluted Net Earnings Per ShareEarnings Before Income Tax Income Tax Expense Net Earnings Diluted Net Earnings Per Share Reported Earnings from Continuing Operations $ 1,187.2 $ 136.2 $ 1,051.0 $ 8.88$ 1,175.5 $ 145.0 $ 1,030.5 $ 8.53 % Change vs Prior Year4.1 %Adjustments:Transaction and integration related costs5 44.6 7.9 36.7 0.3151.8 9.7 42.1 0.35 Impairment on restaurant disposition6 47.7 11.9 35.8 0.30Restaurant closing costs7 9.2 2.3 6.9 0.06Adjusted Earnings from Continuing Operations $ 1,288.7 $ 158.3 $ 1,130.4 $ 9.55$ 1,227.3 $ 154.7 $ 1,072.6 $ 8.88 % Change vs Prior Year7.5 % 5 In Fiscal 2025, Chuy's associated costs. In Fiscal 2024, Ruth's Chris associated costs. 6 Fiscal 2025 non-cash asset impairment charges related to 22 underperforming restaurants that were permanently closed during the fourth quarter. 7 Includes cash expenses of approximately $8 million for severance and benefits related to 22 underperforming restaurants that were permanently closed during the fourth quarter. DARDEN RESTAURANTS, INC. NUMBER OF COMPANY-OWNED RESTAURANTS 5/25/25 5/26/24 Olive Garden 935 920 LongHorn Steakhouse 591 575 Cheddar's Scratch Kitchen 181 181 Chuy's 108 — Yard House 88 88 Ruth's Chris 82 80 The Capital Grille 71 66 Seasons 52 43 44 Eddie V's 29 30 Bahama Breeze 28 43 The Capital Burger 3 4 Darden Continuing Operations 2,159 2,031 DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share data) (Unaudited) Three Months EndedTwelve Months Ended5/25/20255/26/20245/25/20255/26/2024 Sales $ 3,271.7$ 2,957.3$ 12,076.7$ 11,390.0 Costs and expenses:Food and beverage 983.9906.93,657.03,523.9 Restaurant labor 1,022.0926.03,833.13,619.3 Restaurant expenses 517.1462.71,944.01,812.3 Marketing expenses 41.037.3169.9144.5 Pre-opening costs 8.75.024.824.3 General and administrative expenses 133.1102.9520.3479.2 Depreciation and amortization 135.0119.7516.1459.9 Impairments and disposal of assets, net 48.11.449.212.4 Total operating costs and expenses $ 2,888.9$ 2,561.9$ 10,714.4$ 10,075.8 Operating income 382.8395.41,362.31,314.2 Interest, net 46.335.4175.1138.7 Earnings before income taxes 336.5360.01,187.21,175.5 Income tax expense 32.550.0136.2145.0 Earnings from continuing operations $ 304.0$ 310.0$ 1,051.0$ 1,030.5 Losses from discontinued operations, net of tax benefit of $0.1, $0.7, $0.8 and $1.7, respectively (0.2)(1.9)(1.4)(2.9) Net earnings $ 303.8$ 308.1$ 1,049.6$ 1,027.6 Basic net earnings per share:Earnings from continuing operations $ 2.60$ 2.60$ 8.94$ 8.59 Losses from discontinued operations (0.01)(0.02)(0.01)(0.02) Net earnings $ 2.59$ 2.58$ 8.93$ 8.57 Diluted net earnings per share:Earnings from continuing operations $ 2.58$ 2.58$ 8.88$ 8.53 Losses from discontinued operations —(0.01)(0.02)(0.02) Net earnings $ 2.58$ 2.57$ 8.86$ 8.51 Average number of common shares outstanding:Basic 117.1119.2117.5119.9 Diluted 117.9120.1118.4120.8 DARDEN RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS (In millions) 5/25/20255/26/2024(Unaudited) ASSETSCurrent assets:Cash and cash equivalents $ 240.0$ 194.8 Receivables, net 93.879.1 Inventories 311.6290.5 Prepaid income taxes 135.6121.7 Prepaid expenses and other current assets 156.7136.7 Total current assets $ 937.7$ 822.8 Land, buildings and equipment, net 4,716.04,184.3 Operating lease right-of-use assets 3,555.93,429.3 Goodwill 1,659.41,391.0 Trademarks 1,346.41,148.0 Other assets 371.6347.6 Total assets $ 12,587.0$ 11,323.0 LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable $ 439.6$ 399.5 Short-term debt —86.8 Accrued payroll 207.5190.1 Accrued income taxes 4.76.1 Other accrued taxes 83.071.0 Unearned revenues 599.4591.8 Other current liabilities 913.3847.2 Total current liabilities $ 2,247.5$ 2,192.5 Long-term debt 2,128.91,370.4 Deferred income taxes 278.8232.0 Operating lease liabilities - non-current 3,816.93,704.7 Other liabilities 1,803.61,580.9 Total liabilities $ 10,275.7$ 9,080.5 Stockholders' equity:Common stock and surplus $ 2,295.6$ 2,252.4 Retained earnings (deficit) (16.1)(35.5) Accumulated other comprehensive income 31.825.6 Total stockholders' equity $ 2,311.3$ 2,242.5 Total liabilities and stockholders' equity $ 12,587.0$ 11,323.0 DARDEN RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Twelve Months Ended5/25/20255/26/2024 Cash flows—operating activitiesNet earnings $ 1,049.6$ 1,027.6 Losses from discontinued operations, net of tax 1.42.9 Adjustments to reconcile net earnings from continuing operations to cash flows:Depreciation and amortization 516.1459.9 Impairments and disposal of assets, net 49.212.4 Stock-based compensation expense 79.168.5 Change in current assets and liabilities and other, net 11.650.4 Net cash provided by operating activities of continuing operations $ 1,707.0$ 1,621.7 Cash flows—investing activitiesPurchases of land, buildings and equipment (644.6)(601.2) Proceeds from disposal of land, buildings and equipment 2.53.3 Cash used in business acquisitions, net of cash acquired (613.7)(701.1) Purchases of capitalized software and changes in other assets, net (22.5)(25.6) Net cash used in investing activities of continuing operations $ (1,278.3)$ (1,324.6) Cash flows—financing activitiesNet proceeds from issuance of common stock 55.643.6 Dividends paid (658.5)(628.4) Repurchases of common stock (418.2)(453.9) (Repayment of) proceeds from short-term debt, net (86.8)86.8 Proceeds from issuance of long-term debt, net 750.0500.0 Principal payments on finance leases, net (21.0)(19.9) Payments of debt issuance costs (6.9)(11.6) Net cash used in financing activities of continuing operations $ (385.8)$ (483.4) Cash flows—discontinued operationsNet cash used in operating activities of discontinued operations (8.5)(9.8) Net cash used in discontinued operations $ (8.5)$ (9.8) Increase (decrease) in cash, cash equivalents, and restricted cash 34.4(196.1) Cash, cash equivalents, and restricted cash - beginning of period 220.1416.2 Cash, cash equivalents, and restricted cash - end of period $ 254.5$ 220.1Reconciliation of cash, cash equivalents, and restricted cash: 5/25/20255/26/2024 Cash and cash equivalents $ 240.0$ 194.8 Restricted cash included in prepaid expenses and other current assets 14.525.3 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 254.5$ 220.1 View original content: SOURCE Darden Restaurants, Inc.: Financial
Yahoo
4 hours ago
- Politics
- Yahoo
Democrats hope to succeed Thompson in Orange state Senate seat
State Sen. Geraldine Thompson's death earlier this year, just weeks before the start of the legislative session, left a huge void in Central Florida politics. Now a stacked slate of candidates is looking to follow her. Tuesday's Democratic special election primary includes two members of a Central Florida political dynasty in state Rep. LaVon Bracy Davis and her brother, former state Sen. Randolph Bracy; a former firebrand congressman in Alan Grayson; and a newcomer in personal injury attorney Coretta Anthony-Smith. The seat, which includes parts of Orlando, Apopka, Ocoee and Winter Garden, is heavily Democratic. Black voters make up 53% of registered Democrats, according to analyst Matt Isbell. Much ink has been spilled and pixels filled about the Bracy siblings facing off against each other, with the Bracys' mother, civil rights icon LaVon Bracy, endorsing her daughter over her son. The focus has irked the other candidates. Anthony-Smith said the campaign sometimes felt less like a Senate race and more like 'running for prom queen,' while Grayson said the primary should be treated as 'a serious choice in a meritocracy, rather than who's going to be captain of the high school basketball team.' Bracy said it was 'disappointing and hurtful' for his sister to run after he announced his bid. Bracy Davis, meanwhile, has been consistent in responding to questions about her opponents, including her brother, by saying she wasn't running 'against any of them, I'm running for the people of Senate District 15.' Anthony-Smith, 54, of Gotha, said her upfront view of the legislative process, after years of meeting with and testifying before legislators, convinced her she could do better. She said insurance executives, in particular, were playing 'some type of shell game' by not paying claims and instead raising premiums. 'There needs to be more accountability,' Anthony-Smith said. 'I feel like a lot of things flow from the insurance crisis. Insurance also affects affordable housing.' She wants to look into measures such as employers loaning money to employees for housing or creating rebates. Anthony-Smith's campaign raised more than $39,000 in contributions. In addition, she loaned herself $175,000, bringing her total campaign resources to more than the other candidates combined. Bracy Davis, 45, of Ocoee, who has served in the state House since 2022, said she is running for Senate to carry on the legacy of Thompson, who died Feb. 13. Last year, she said, Thompson 'told me very candidly that when it was time for her to retire, she wanted me to run for her seat. … She had mentored me, and she basically taught me the ropes, and of course I would be honored to continue her work.' That would include continuing to push for the state Voting Rights Act they co-sponsored, which would allow same-day voter registration and repeal recent GOP-led voter restrictions, increasing pay for public school teachers, and her signature Youth Conflict Resolution bill. Bracy Davis had been hamstrung by a state law preventing direct fundraising by lawmakers during the legislative session, which this year lasted until well into June. She had raised about $10,000 before session began, according to filings, and the committee Liberated by Democracy, which she chairs, had raised $7,500. Randolph Bracy, 48, of Oakland, served four years in the state House and six in the Senate before resigning to launch an unsuccessful bid for Congress in 2022. He lost to Thompson in last year's Democratic primary, which was open to all voters. 'We need someone who knows the landscape in Tallahassee, who's been effective in it, and who can get stuff done,' Bracy said. 'I've been able to bring over $250 million out of the budget back to our communities in Central Florida and around the state.' Bracy raised about $9,000, including a $6,000 loan from himself. Grayson, 67, of Orlando, served two stints in Congress and has since run unsuccessful campaigns for Congress, U.S. Senate and state Senate. 'I'll have a much greater impact, in terms of both legislation passed and money brought home, as well as constituent services,' he said, comparing himself to his opponents. He added his priorities if elected would be affordable housing and better public services. He was known for his incendiary rhetoric in Washington, including saying in 2009 the GOP health care plan was to 'die quickly.' 'When you see this level of evil, you have to do something about it, or you're discrediting yourself by the lack of action,' he said of today's Democrats. Grayson, a hedge fund manager, loaned his campaign $9,000. Tuesday's election comes only a week after the Republican-led Legislature finally broke its budget deadlock, which ultimately included no mention of Gov. Ron DeSantis' plan to reduce property taxes and provide $1,000 rebates for property owners. DeSantis still wants to place a voter initiative on the ballot next year to eliminate all property taxes, which he said was necessary to combat ballooning local budgets. Bracy was the only Democratic candidate for District 15 to say he was open to such a plan. 'I would have to see the details of it, but on the surface, I would consider an elimination of the property tax or a reduction.' The others wouldn't, with Anthony-Smith saying elimination of the property tax was 'not even on the table.' Bracy Davis said DeSantis' plan is 'disingenuous right now when we know that we're in an affordability crisis,' adding it 'may sound good, but we know that's not realistic.' Grayson said he's 'seen nothing that indicates that that proposal would be consistent with a balanced budget.' Another proposal that briefly appeared to gain traction in the Legislature, before being scrapped from the budget deal, was Orlando state Sen. Carlos Guillermo Smith's plan to shift more tourist tax revenue away from marketing and towards public infrastructure. Bracy Davis signaled she was supportive of the idea, saying she has 'a very broad definition of tourism.' 'If I was getting flat tires because of the potholes and the bad roads in the state of Florida, I think that would keep somebody from coming back,' she said. 'We should be able to use those tourism dollars for infrastructure.' The other candidates defended the current system. 'If we stop marketing, five or 10 years down the road we're left without that stream of revenue that we've been reliant upon for so many years,' Anthony-Smith said. Bracy said Central Florida 'relies heavily on marketing Orlando to the rest of the world, so I think those funds need to be protected.' Grayson said if revenue 'is raised for a specific purpose of promoting tourism, then it should promote tourism.' He cited the example of his own Travel Promotion Act of 2009, which helped expand promotion of international travel to the United States. With Thompson's death and the defection of former minority leader Jason Pizzo, who became an independent last month, Democrats currently have just 10 seats in the 40-member state Senate, the lowest number for the party since Reconstruction in 1872. Polls in District 15 will be open from 7 a.m. to 7 p.m. on Tuesday. The winner of the Democratic primary will face Republican WIllie Montague, who had no GOP primary challengers, in the Sept. 2 general election.
