Furniture group – Nordic Mobler http://nordicmobler.com/ Wed, 23 Nov 2022 13:32:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://nordicmobler.com/wp-content/uploads/2021/10/cropped-icon-32x32.png Furniture group – Nordic Mobler http://nordicmobler.com/ 32 32 Impressive branded furniture to meet all your Sanipex Group needs https://nordicmobler.com/impressive-branded-furniture-to-meet-all-your-sanipex-group-needs/ Wed, 23 Nov 2022 11:38:14 +0000 https://nordicmobler.com/impressive-branded-furniture-to-meet-all-your-sanipex-group-needs/

The Sanipex Group has established itself in the market as one of the leading providers of luxury lifestyle products, with one of its premium brands Bagnodesign being recognized as a leading name in design solutions for luxury bathrooms throughout the area.

Now expanding its equally impressive outdoor living section, Sanipex Group introduces new outdoor ranges just in time to enjoy the beautiful winter weather. The collections cover everything from durable, designer outdoor furniture and accessories to tiles, lighting and barbecues, including the latest addition to their full Gymkhana range, Colori Di Como. The newly introduced line features vibrant hues inspired to bring the spirit of Italy’s mesmerizing Lake Como to any space, providing guests with luxury downtime, al fresco dining and poolside relaxation. with products of all profiles.

With outdoor living products worth over Dh50 million stocked in our state-of-the-art factory in Jebel Ali, Sanipex Group can realize and provide immediate delivery of small retail projects or large projects in according to customer needs, providing customers with the first-class service associated with the brand.

The Sanipex Group has also expanded its kitchen portfolio, now offering unrivaled supplies under its dedicated kitchen brand, Bystro. Products include high-end appliances like refrigerators and coolers, induction hobs, extractor hoods and cabinetry hardware.

Opened last year in Al Barsha, a fourth concept store serves as a one-stop-shop for A&D professionals and residential customers, offering inspiring spaces and displays of furniture, tiles, outdoor spas and appliances. kitchen.

With the foresight to launch outdoor kitchen and BBQ countertops in addition to their growing Alpine collection, part of the expansion also involves the continued development of Sanipex Group’s custom tile production facility. Identifying this market gap has enabled the group to meet the needs of its existing customers, opening new doors to broaden the company’s service profile.

With innovative new ranges introduced in luxury cooking and outdoor living, the Sanipex Group continues to push the boundaries of design and functionality while gaining prominence as a lifestyle provider.

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Teachers group: Government efforts on full face-to-face lessons are ‘half-baked’ https://nordicmobler.com/teachers-group-government-efforts-on-full-face-to-face-lessons-are-half-baked/ Thu, 17 Nov 2022 15:18:49 +0000 https://nordicmobler.com/teachers-group-government-efforts-on-full-face-to-face-lessons-are-half-baked/

The Alliance of Concerned Teachers (ACT) Philippines said the government’s efforts to introduce comprehensive face-to-face classes have been “half-baked”, citing reports received from teachers nationwide.

In a statement, the ACT said it had received at least 85 reports of a severe shortage of classrooms, “forcing schools to hold lessons even in hallways, bleachers, stage, tents and classrooms. divided into two”.

The group said it received 101 reports of lack of school furniture and 120 reports of inadequate books and modules.

Meanwhile, the highest number of reports, at 167, concerned teachers’ excessive teaching and non-teaching workload, while 161 reports reported on the severity of learning gaps and recovery difficulties. of learning.

Ninety-four percent of public schools in the National Capital Region (NCR) resumed five-day in-person classes Nov. 2, more than two years since the COVID-19 pandemic began.

“If our government officials think that learning gaps can automatically be closed once students set foot in school, they are wrong,” ACT President Vladimir Quetua said in a statement. released Wednesday.

“How to truly close the learning gaps without a strong, evidence-based education recovery program and in a less than ideal setting is a monumental challenge for teachers to address, as they themselves have been tasked with more teaching and ancillary duties,” Quetua added.

The teachers’ group then called for long-term solutions.

“I misunderstood and mistreated education for the school year in Hindi, and learning Hindi in the learning crisis,” Quetua said.

Among the group’s proposals are concrete, long-term plans and solutions to address the shortage of 167,000 students in classrooms; hiring at least 147,000 new teachers to reduce class size to 35 students; and employing in each school a nurse, guidance counsellor, property custodian, librarian, security guard, and registrar to free teachers from incidental duties.

It also aimed to reduce the workload of teachers, lowering the required teaching time to four hours a day in order to have enough time for lesson preparation and other teaching-related tasks, and to eliminate excessive paperwork and reporting.

The group called for teachers’ salaries to be increased with timely benefits, including the provision of laptops and internet support to teachers.

“Strong and effective education recovery program based on an objective assessment of learners’ current skills; revise the K-12 curriculum to decongest the curriculum and focus on the fundamentals,” he added.

GMA News Online has sought comment from the Department of Education (DepEd).

The Higher Education Commission (CHED) has also asked higher education institutions (HEIs) to adopt full face-to-face courses or offer blended learning for the second semester of the 2022 to 2023 academic year.

Students and teachers attending face-to-face classes can also now choose to remove their face masks even in classrooms, as the DepEd confirmed on Tuesday that they will adhere to the existing national policy allowing optional masking at the indoors and outdoors amid the COVID-19 pandemic. — BM, GMA integrated news

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ORBITAL INFRASTRUCTURE GROUP, INC. Management report and analysis of the financial situation and operating results. (Form 10-Q) https://nordicmobler.com/orbital-infrastructure-group-inc-management-report-and-analysis-of-the-financial-situation-and-operating-results-form-10-q/ Mon, 14 Nov 2022 21:16:24 +0000 https://nordicmobler.com/orbital-infrastructure-group-inc-management-report-and-analysis-of-the-financial-situation-and-operating-results-form-10-q/

Important Note About Forward-Looking Statements


The following discussion and analysis should be read in conjunction with the
Company's unaudited condensed consolidated financial statements as of September
30, 2022 and notes thereto included in this document and the audited
consolidated financial statements in the Company's 10-K filing for the period
ended December 31, 2021 and the notes thereto. In addition to historical
information, the following discussion and other parts of this Form 10-Q contain
forward-looking information that involves risks and uncertainties. The Company's
actual results could differ materially from those anticipated by such
forward-looking information due to factors discussed elsewhere in this Form
10-Q.



The statements that are not historical constitute "forward-looking statements."
Said forward-looking statements involve risks and uncertainties that may cause
the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements, express or
implied by such forward-looking statements. These forward-looking statements are
identified by their use of such terms and phrases as "expects," "intends,"
"goals," "estimates," "projects," "plans," "anticipates," "should," "future,"
"believes," and "scheduled."



The variables which may cause differences include, but are not limited to, the
following: general economic and business conditions; changes in regulatory
environment; extraordinary external events such as the pandemic health event
resulting from COVID-19; competition; success of operating initiatives;
operating costs; advertising and promotional efforts; the existence or absence
of adverse publicity; changes in business strategy or development plans; the
ability to retain management; availability, terms and deployment of capital;
business abilities and judgment of personnel; availability of qualified
personnel; labor and employment benefit costs; availability and costs of raw
materials and supplies; and changes in, or failure to comply with various
government regulations. Although the Company believes that the assumptions
underlying the forward-looking statements contained herein are reasonable, any
of the assumptions could be inaccurate; therefore, there can be no assurance
that the forward-looking statements included in this Form 10-Q will prove to be
accurate. In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such information
should not be regarded as a representation by the Company or any person that the
objectives and expectations of the Company will be achieved.



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Overview

Orbital Infrastructure Group is a diversified infrastructure services company
serving customers in the electric power, telecommunications, and renewable
markets. The Company is dedicated to maximizing shareholder value through
greenfield development and the acquisition of, and investment in successful,
entrepreneurial led companies to profitably grow revenues by providing
end-to-end solutions to customers, primarily in the renewable, electric power
transmission and distribution, and telecommunications infrastructure markets.
The Company is organized in three segments. The Electric Power segment consists
of Front Line Power Construction, LLC based in Houston, Texas, Orbital Power,
Inc. based in Dallas, Texas, and Eclipse Foundation Group based in Gonzales,
Louisiana. The segment provides comprehensive infrastructure solutions to
customers in the electric power industry. Services performed by Front Line Power
and Orbital Power, Inc. generally include but are not limited to the
engineering, design, installation, upgrade, repair and maintenance of electric
power transmission and distribution infrastructure and substation facilities as
well as emergency restoration services. Eclipse Foundation Group, which began
operations in January 2021, is a drilled shaft foundation construction company
that specializes in providing services to the electric transmission and
substation, industrial, telecommunication and disaster restoration market
sectors, with expertise performing services in water, marsh and rock terrains.
In the third quarter of 2022, in order to streamline operations, the Eclipse
business was integrated into Front Line Power Construction, LLC, and ceased to
be a separate business unit.



The Telecommunications segment consists of Gibson Technical Services (GTS) along
with its subsidiaries IMMCO, Inc. based in Atlanta, Georgia and Full Moon
Telecom, LLC based in Florida. GTS provides engineering, design, construction,
and maintenance services to the broadband and wireless telecommunication
industries and was acquired by the Company effective April 13, 2021. IMMCO, Inc.
provides enterprise solutions to the cable and telecommunication industries and
was acquired by the Company effective July 28, 2021. Full Moon Telecom, LLC
provides telecommunication services including an extensive array of wireless
service capabilities and was acquired by the Company effective October 22, 2021.
Coax Fiber Solutions was acquired as of March 7, 2022, and is a Georgia based
GDOT Certified contractor specializing in Aerial Installation, directional
drilling, trenching, plowing, and missile crews for telecommunications, power,
gas, water, CCTV, ATMS, and traffic signal cable installation.



Orbital Solar Services, LLC (OSS), based in Raleigh, North Carolina, makes up
the Renewables segment. OSS provides engineering, procurement and construction
("EPC") services that support the development of renewable energy generation
focused on utility-scale solar construction.



The Company has experienced rapid growth through organic growth and acquisitions
as the Company benefits from its 2021 investments and acquisitions and as the
economy continues to emerge from the COVID-19 induced slowdown. Third quarter
2022 revenue was over four times greater than the Company's total revenue from
the third quarter of 2021. Improved revenues and income were a result of the
inclusion of operations from the November acquisition of Front Line Power
Construction in the Electric Power segment and continued growth in the
Telecommunications segment acquired in the three months ended June 30, 2021. The
Company continues to pursue both organic growth and growth through
acquisitions. The Company's Telecommunications segment made an additional
"tuck-in" acquisition in the first quarter of 2022 for cash and stock
consideration of approximately $0.9 million.



During the nine-month period ended September 30, 2022, the Company began to see
tangible benefits for all segments from the investments the Company made in 2021
through improved revenue. These benefits were offset by sub-contractor labor and
material cost over-runs at OSS's Black Bear project that is projected to be
completed by the end of the year. The Company is in the midst of a reset of its
solar business. The solar reset should not materially change the revenue mix in
the near term. Given some of the recent legislation and executive order, solar
projects that had been delayed are now likely to be opportunities in 2023 and
beyond. As the Company moves away from providing engineering, procurement, and
construction ("EPC") services to being a specialized contractor providing
skilled resources to EPC companies, the Company will benefit from a reduced risk
profile that comes with being an EPC, and margins will be enhanced as we will
not share profits or losses with our joint venture partners as we are now
required to do.



The Company's results were affected negatively in the first nine months of 2022
by the $29.4 million loss on extinguishment of debt primarily related to the
Company's seller financed debt on the November 2021 Front Line Construction
acquisition and stock-based payments made against its investor held debt for
which the stock was issued at a discount to the stock's fair value.



In the third quarter of 2021, the Company incurred ramp-up costs in the Electric
Power segment that put downward pressure on margins in the third quarter of
2021.The Company also incurred professional fees related to mergers and
acquisitions as the Company finalized the acquisition of GTS. The three-month
period ended September 30, 2021, for both segments were also negatively affected
by generally lower economic activity due to the COVID-19 pandemic that caused
economic slowdowns throughout the world.



For the three and nine months ended September 30, 2022, Orbital Infrastructure
Group, Inc. had a consolidated loss from continuing operations of
$141.6 million and $208.3 million, respectively, compared to a consolidated loss
from continuing operations in the three and nine months ended September 30,
2021, of $9.5 million and $34.1 million, respectively.



During the nine months ended September 30, 2022, Orbital Infrastructure Group,
Inc. had a consolidated net loss of $210.8 million compared to a consolidated
net loss in the nine months ended September 30, 2021, of $36.3 million. The
greater net loss for the nine months ended September 30, 2022, was primarily the
result of impairments on goodwill, intangibles, and financing leased assets, the
loss on extinguishment of debt related to the loan modification of the seller
financed debt, and increased interest expense related to acquisitions financed
by debt in the second half of 2021.



Revenues from continuing operations increased for the nine months ended
September 30, 2022, due to the continued ramp-up of the Electric Power and
Renewables segments along with the addition of the Telecommunications segment
which was assembled via acquisitions starting in the second quarter of 2021 and
continuing into 2022.



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Contents

Ongoing operating results

The following tables present, for the period indicated, certain financial information concerning revenues and results of operations by segment.

For the three months ended September 30, 2022:



                                Percent of                                 Percent of                          Percent of                       Percent of                      Percent of
(dollars in      Electric        Segment                                     Segment                             Segment                         Segment                          Total
thousands)        Power          Revenues         Telecommunications        Revenues          Renewables        Revenues           Other         Revenues         Total          Revenues
                    $               %                     $                     %                 $                 %                $              %               $               %
Revenues        $   36,732            100.0 %    $             24,064             100.0 %    $     39,026             100.0 %    $       -                - %   $   99,822            100.0 %
Income (loss)
from
operations      $  (76,606 )         (208.6 )%   $            (23,213 )           (96.5 )%   $    (26,535 )           (68.0 )%   $  (2,356 )              - %   $ (128,710 )         (128.9 )%



For the three months ended September 30, 2021:

                                     Percent of                                 Percent of                          Percent of                       Percent of                     Percent of
(dollars in                            Segment                                    Segment                             Segment                         Segment                          Total
thousands)      Electric Power        Revenues         Telecommunications        Revenues          Renewables        Revenues           Other         Revenues         Total         Revenues
                       $                  %                     $                    %                 $                 %                $              %               $               %
Revenues        $        12,200             100.0 %    $             8,742             100.0 %    $      3,880             100.0 %    $       -                - %   $  24,822             100.0 %
Loss from
operations      $        (2,445 )           (20.0 )%   $              (436 )            (5.0 )%   $     (3,605 )           (92.9 )%   $  (4,364 )              - %   $ (10,850 )           (43.7 )%



For the nine months ended September 30, 2022:

                                Percent of                                  Percent of                          Percent of                       Percent of                      Percent of
(dollars in      Electric         Segment                                     Segment                             Segment                         Segment                           Total
thousands)        Power          Revenues          Telecommunications        Revenues          Renewables        Revenues           Other         Revenues         Total          Revenues
                    $                %                     $                     %                 $                 %                $              %               $                %
Revenues        $  117,695             100.0 %    $             60,524             100.0 %    $     85,770             100.0 %    $       -                - %   $  263,989             100.0 %
Income (loss)
from
operations      $  (77,621 )           (66.0 )%   $            (21,662 )           (35.8 )%   $    (32,280 )           (37.6 )%   $  (6,642 )              - %   $ (138,205 )           (52.4 )%



For the nine months ended September 30, 2021:

                                Percent of                                  Percent of                          Percent of                      Percent of                     Percent of
(dollars in      Electric         Segment                                     Segment                            Segment                         Segment                         Total
thousands)        Power          Revenues          Telecommunications        Revenues          Renewables        Revenues          Other         Revenues         Total         Revenues
                    $                %                     $                     %                 $                %                $              %               $              %
Revenues        $   20,297             100.0 %    $             14,816             100.0 %    $      6,789            100.0 %    $       -                - %   $  41,902            100.0 %
Loss from
operations      $  (11,461 )           (56.5 )%   $             (1,185 )            (8.0 )%   $    (17,178 )         (253.0 )%   $ (14,243 )              - %   $ (44,067 )         (105.2 )%




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Revenue

The revenues for the three and nine months ended September 30, 2022, increased
compared to the 2021 comparable periods primarily due to the additions of the
Telecommunications segment following the acquisitions of GTS in Q2 2021, IMMCO
in Q3 2021, Full Moon in Q4 2021 and Coax Fiber Solutions, LLC in Q1 2022 along
with the acquisition of Front Line Power Construction, LLC, included in the
Company's Electric Power segment, added in Q4 2021. In addition, Orbital Power
Inc. in the Electric Power segment has continued to ramp up operations in 2022.
Renewables had significantly higher revenues in the three months ended September
30, 2022, on the strength of several large projects compared to the three months
ended September 30, 2021, which was affected by supply chain issues and a
general slow-down caused by the COVID-19 epidemic.



The Electric Power Segment held backlogs of customer orders of approximately
$226.8 million as of September 30, 2022, and $207.7 million at December 31,
2021. The increase in backlog is generally due to timing of master service
agreement renewals. The Telecommunications segment held backlogs of customer
orders of approximately $209.2 million as of September 30, 2022, compared to a
backlog of $194.5 million at December 31, 2021. Increases to the backlog are due
to the continuous growth of Gibson Technical Services. The Renewables segment
had a backlog of $36.3 million as of September 30, 2022 compared to
$121.4 million as of December 31, 2021 which is due to further work being
completed and revenue being recognized in the quarter on projects that make up
this backlog. Of the September 30, 2022, backlog totals, the amounts expected to
be recognized in the twelve months following Q3 2022 are approximately $265.9
million. The amounts expected to be recognized in the twelve months following Q3
2022 consist of $150.1 million from the Electric Power segment,
$79.5 million from the Telecommunications segment and $36.3 million from the
Renewables segment.



Cost of revenues

For the three months ended September 30, 2022, the cost of revenues as a
percentage of revenue increased to 105.9% from 90.7% from the prior-year period
primarily due to the significant cost overruns at the Black Bear solar project
in the Renewables segment in the quarter. For the nine months ended September
30, 2022, the cost of revenues as a percentage of revenue decreased
to 94.1% from 107.4% from the prior-year period. This decrease was primarily in
the Electric Power segment and was attributable to ramp-up of revenues in the
segment both organically and the addition of Front Line Power Construction and
was partially offset by lower margins in the Renewables segment due to cost
overruns in the Black Bear solar project. The Black Bear project had negative
gross margins of $18.8 million and $22.2 million for the three and nine months
ended September 30, 2022. At September 30, 2022, the Company had a loss
provision of $3.8 million for estimated future losses on the Black Bear
contract. Margin percentages will vary based upon the mix of projects including
emergency response services, new crew onboarding costs, and the competitive
markets in which the Company competes.



The three and nine months ended September 30, 2021 were affected by start-up
costs at the Company's Orbital Power Services group, lower margin projects
during the period for Orbital Solar Services and was also affected negatively by
the COVID-19 pandemic and the resulting world-wide economic slowdown. Ramp-up
costs included onboarding personnel, equipment and supplies in advance of
projected work in order to obtain the necessary resources in a competitive
market as the Company prepared for forward demand expectations. Additionally,
adverse weather negatively impacted several Electric Power fixed price jobs in
the first nine months of 2021.



The Company expects continued improvement in margins during the remainder of
2022 as the Electric Power segment continues to gain efficiencies and increase
revenues, and the Telecommunications segment sees continued
synergistic benefits from the acquisitions of GTS, IMMCO, Full Moon, and Coax
Fiber Solutions.


Selling, general and administrative expenses


Selling, General and Administrative (SG&A) expenses include such items as wages,
commissions, consulting, general office expenses, business promotion expenses
and costs of being a public company, including legal and accounting fees,
insurance and investor relations. SG&A expenses are generally associated with
the ongoing activities to reach new customers, promote new product and service
lines including for the Electric Power segment, Renewables segment, and
Telecommunications segments.



During the three months ended September 30, 2022, SG&A increased $1.0 million
compared to the three months ended September 30, 2021, primarily due to organic
growth and the Company's 2021 and 2022 acquisitions. In the nine months ended
September 30, 2022 SG&A decreased $3.7 million compared to the prior-year
comparative periods. The decrease in SG&A for the nine month period was
primarily due to decreased SG&A costs in the Renewables segment due to the
$5.2 million restricted stock forfeiture related to a Renewables' Executive
termination in Q1 2022 and higher stock-based compensation in the nine months
ended September 30, 2021 as compared to the nine months ended September 30,
2022 due to the restricted stock vesting expense recorded in 2021 on the
restricted stock that was subsequently forfeited in the first quarter of
2022. Also contributing to the decreased SG&A was lower executive bonuses in Q1
2022 and a $0.3 million positive cash settled SARS mark-to-market fair value
adjustment in 2022 compared to a $2.5 million mark-to-market expense in the
nine months ended September 30, 2021. These decreases were partially offset by
increases in SG&A in the Electric Power and Telecommunications segments
primarily due to organic growth and the Company's 2021 and 2022 acquisitions.



Impairment of goodwill and intangible assets


The Company recorded $100.3 million of impairments of goodwill and intangible
assets in the three and nine months ended September 30, 2022 due to an
additional 25-percent drop in the Company's stock price between June 30, 2022
and September 30, 2022, that caused an overall further decrease in the Company's
market capitalization. Additional triggering events included the significant
loss in the Renewables segment in the third quarter of 2022, interest rate
increases and limitations on accessing capital, which raised substantial doubt
regarding the Company's ability to continue as a going concern. See Note 1 for
more information on goodwill and goodwill impairments.



Restructuring costs


In September 2022, the Company fully impaired its finance lease equipment
related to the Eclipse Foundation Group in the Electric Power segment, which was
integrated by Front Line Power. These pieces of equipment are drilling specific
and at this time, the Company does not plan to use the equipment for the
remaining term of the leases. As these leases are non-cancelable and do not
include a sub-leasing option, the full finance lease assets related to Eclipse
have been removed from the balance sheet and an equal impairment has been
recognized in the amount of $4.5 million. Future payments related to these
leases will be approximately $5.2 million paid through June 2026.



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Contents

Depreciation and amortization

(dollars in thousands)



                                              For the Three Months Ended
Depreciation and amortization expense by
Segment                                              September 30,
                                               2022                2021           $ Change       % Change
Electric Power                             $       6,975       $       1,095     $    5,880          537.0 %
Telecommunications                                 1,315                 774            541           69.9 %
Renewables                                           608                 614             (6 )         (1.0 )%
Other                                                 16                 416           (400 )        (96.2 )%
Total depreciation and amortization        $       8,914       $       2,899     $    6,015          207.5 %




                                              For the Nine Months Ended
Depreciation and amortization by Segment            September 30,
                                               2022                2021          $ Change       % Change
Electric Power                             $      21,445       $      1,944     $   19,501         1003.1 %
Telecommunications                                 3,582              1,389          2,193          157.9 %
Renewables                                         1,825              2,319           (494 )        (21.3 )%
Other                                                 47              1,281         (1,234 )        (96.3 )%
Total depreciation and amortization        $      26,899       $      6,933     $   19,966          288.0 %



Depreciation expense is associated with the amortization of leasehold improvements, furniture, equipment, vehicles and the amortization of intangible assets over the estimated useful life of the related assets.




Depreciation and amortization expense in the three and nine months ended
September 30, 2022, were up compared to the three and nine months ended
September 30, 2021, primarily due to additional amortization in the Electric
Power and Telecommunication segments from acquisition intangibles that were
acquired in the second, third and fourth quarter of 2021 and depreciation of
equipment used by Orbital Power Services which had been ramping up their capital
expenditures as more crews were added.



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Gain (loss) on extinguishment of debt


Loss on extinguishment of debt in the three and nine months ended September 30,
2022, was $1.1 million and $29.4 million, respectively.  The loss included $26.2
million related to loan modifications on the Company's seller financed debt with
the sellers of Front Line Power Construction recorded in the first two quarters
of the year and approximately $1.1 million and 2.7 million loss on
extinguishment in the three and nine months ended September 30, 2022, related to
the payment of certain loans with stock-based payments for which the stock was
issued at a discount to the stock's fair value. The loss on extinguishment on
the seller financed debt was primarily related to financial instruments included
in the first quarter 2022 loan modification. The loss on extinguishment also
included $0.5 million from the paydown of two non-recourse agreements with C6 in
the second quarter of 2022.



Gain on extinguishment of debt in the three and nine months ended September 30,
2021 of $0.7 million and $1.6 million was due to the forgiveness by the U.S.
government of certain payroll protection loans in the three months ended
September 30, 2021, partially offset by the loss on the extinguishment of debt
due to the amendment to remove the convertible equity feature of its convertible
debt and the earlier paydown of two non-recourse agreements with C6 during the
nine months ended September 30, 2021.



Loss on financial instruments


Loss on financial instruments Include mark to market adjustment on financial
instrument related to Syndicated debt in the amount of $4.4 million, $13.3
million related to the financial instrument embedded in the Front Line seller
notes and $0.2 million related to the Company's prepaid advance agreement. See
Note 12 for more information on these financial instruments.





Other income (expenses), net

(dollars in thousands)



                                  For the Three Months Ended
Other Income (Expense), net              September 30,
                                    2022                2021         $ Change      % Change
Foreign exchange gain (loss)   $            34       $      (380 )   $     414        (108.9 )%
Interest income                             20                82           (62 )       (75.6 )%
Rental income                              129               129             -           0.0 %
Liquidated damages on debt              (1,194 )               -        (1,194 )       100.0 %
Other, net                                (117 )             (34 )        

(83) 244.1% Total Other income (expenses) ($1,128) $ (203 ) $(925) 455.7%





                                  For the Nine Months Ended
Other Income (Expense), net             September 30,
                                    2022               2021         $ Change      % Change
Foreign exchange loss          $           (7 )     $      (241 )   $     234         (97.1 )%
Interest income                           118               245          (127 )       (51.8 )%
Rental income                             488               372           116          31.2 %
Liquidated damages on debt             (2,271 )               -        (2,271 )       100.0 %
Other, net                               (162 )              (6 )        

(156) 2600.0% Total Other income (expenses) ($1,834) $370 ($2,204) (595.7)%





Other income (expense) changes contributing to increased expenses
were liquidated damages incurred on the Company's investor held debt and less
favorable foreign currency affects in 2022 compared to 2021. Losses were offset
by greater rental income in the year-to-date period.



Interest charges


For the three and nine months ended September 30, 2022, the Company incurred
interest expense of $9.7 million and $27.6 million, respectively, compared to
interest for the three and nine months ended September 30, 2021, of $1.3 million
and $3.1 million, respectively. The increase in interest expense in 2022 is
related to the increase in notes payable outstanding in the three and nine
months ended September 30, 2022, compared to the three and nine months ended
September 30, 2021, primarily related to the Front Line Power Construction
acquisition. Also contributing to the increase is the increase in the variable
rate on the Company's $104.5 million Syndicated debt that increased from 13.50%
at inception to 15.45% at September 30, 2022.



income tax expense


The Company is subject to taxation in the U.S., various state and foreign
jurisdictions. The Company continues to record a full valuation allowance
against the Company's U.S. net deferred tax assets and partial valuation
allowance against the Company's Canada net deferred tax assets, as it is not
more likely than not that the Company will realize a benefit from these assets
in a future period.



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For additional analysis, see Note 14, “Income taxes”, to the condensed consolidated financial statements in Part I – Item I, “Financial statements”.

Cash and capital resources

Business conditions and sources of liquidity


The Company has experienced net losses, cash outflows from cash used in
operating activities and a decline in share value over the past years. As of and
for the nine months ended September 30, 2022, the Company had an accumulated
deficit of $421.4 million, loss from continuing operations of $208.3 million,
and net cash used in operating activities of $13.4 million. Further, as of
September 30, 2022, the Company had a working capital deficit of $118.7 million,
including current maturities of debt, and cash and cash equivalents of $28.0
million available for working capital needs and planned capital asset
expenditures.  As a result of the foregoing, the Company does not have
sufficient liquidity and capital resources to meet its obligations and fund its
operations for the twelve months following the issuance of these financial
statements. These conditions raise substantial doubt regarding the Company's
ability to continue as a going concern.



The Company has plans to access additional capital to meet its obligations for
the twelve months from the date these financial statements are available to be
issued. Historically, the Company has raised additional equity and debt
financing to fund its expansion; refer to Note 16 - Notes Payable and Line of
Credit. The Company has also funded some of its capital expenditures through
long-term financing with lenders and other investors as also described in
further detail in Note 16 - Notes Payable and Line of Credit. Our ability to
raise the additional capital is dependent on a number of factors, including, but
not limited to, the market demand for our common stock, which itself is subject
to a number of business risks and uncertainties, our creditworthiness and the
uncertainty that we would be able to raise such additional capital at a price
that is favorable to us. As of September 30, 2022, the Company has an effective
S-3 shelf registration statement for the issuance of various types of
securities, including common stock, preferred stock, debt securities and/or
warrants in the aggregate of up to $68.8 million. In addition, although no
formal agreements exist, the company has solicited interest from various lenders
to potentially raise additional term debt to restructure or refinance its
existing notes.



The Company plans to meet its obligations as they become due over the next
twelve months by raising additional capital through equity and debt financing
sources and forecasted positive cash flows generated from operations. There can
be no assurance that the Company will succeed in executing these plans. If
unsuccessful, the Company will not have sufficient liquidity and capital
resources to repay its indebtedness when it matures, or otherwise meet its cash
requirements over the next twelve months, as noted above.



General


As of September 30, 2022, the Company held cash and cash equivalents of
$28.0 million and restricted cash of $0.6 million. Operations, investments, and
equipment have been funded through cash on hand, the issuance of common stock
authorized by its July 2020 and February 2021 S-3 filings, seller financing, and
the issuance of debt and financing through the sale of future revenues. The
Company filed an S-3 in February of 2021 which became effective in April 2021
for the issuance of additional stock or public debt. In April 2022, the Company
issued 9,000,000 shares of common stock and pre-funded warrants to purchase up
to 7,153,847 shares of Common Stock for a total raise of $21.0 million before
expenses. In August of 2021, the Company opened a $4.0 million dollar line of
credit to support additional funding. Major uses of cash in the first nine
months of 2022 included the purchases of property and equipment, debt payments
and changes in working capital. The Company continues to work to improve its
short-term liquidity through management of its working capital. Long-term
liquidity is expected to benefit from revenue growth and earnings through its
existing operations. Overall volume growth in the Company's businesses both
organically and through acquisitions are expected to benefit cash flows as well.



Cash Used in Operations

Cash used in trading $13.4 million was a $23.5 million decrease in cash used compared to the nine-month period in 2021.




The decrease in uses of cash in the first nine months of 2022 are primarily
related to higher merger and acquisition costs in the first quarter of 2021 as
compared to 2022 along with company growth in 2022. Due to the large increase in
revenue and associated costs both through acquisitions and organic growth, the
Company was better able to cover it's fixed costs, but increased interest costs
partially offset the benefits of much greater sales. Also, with the growth of
the company's revenue comes increased accounts receivables and accounts payable,
which outside of timing, generally have offsetting cash flow effects. In the
short-term, rapid growth can have a detrimental effect on cash flows as sales on
account with positive gross margins waiting to be collected exceed accounts
payable not yet paid. As the Company's growth begins to moderate, overall cash
used in operations will continue to improve through revenue growth associated
with new customers and larger projects. The change in cash used in operating
activities since December 31, 2021, exclusive of net loss, is primarily the
result of the following line items: Timing of cash payments on accounts payable
and accrued liabilities was a combined $36.9 million increase in cash provided
by  operating activities related to larger projects at Orbital Solar Services.
Changes in cost in excess of billing and accounts receivable from December 31,
2021, was a combined $14.5 million use of cash for the period and reflects the
greater revenue volumes in the first nine months of 2022 compared to the first
nine months of 2021.



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  Table of Contents



S-3 registration

The Company filed an S-3 registration statement on July 17, 2020, containing a
prospectus that was effective in September 2020. The Company utilized this
filing in January 2021 to issue common stock for $45 million before costs. The
Company filed a new S-3 shelf registration in January 2021, which, as amended,
became effective in April 2021. With this filing, Orbital Infrastructure Group
may from time-to-time issue various types of securities, including common stock,
preferred stock, debt securities and/or warrants, up to an aggregate amount of
$150 million. The Company utilized this S-3 registration to issue additional
common stock in July 2021 for $38 million before expenses. In May 2022, the
Company utilized the S-3 to issue shares and prefunded warrants for $21.0
million and additional warrants with a cumulative exercise value of $21.2
million. The Company has approximately $68.8 million remaining available to
issue additional securities from its shelf registration.



As the Company focuses on growing its infrastructure services market presence
both organically and through strategic acquisitions, technology development,
product and service line additions, and increasing Orbital's market presence, it
will fund these activities together with related operating, sales and marketing
efforts for its various product and service offerings with cash on hand, and
possible proceeds from future issuances of equity through the S-3 registration
statement, and available debt.



Orbital Infrastructure Group may raise additional capital necessary to finance the development and marketing of its products and services as well as the payment of its debts.

See the section titled Recent sales of Unregistered titles for a complete listing of all unrecorded securities transactions.

Capital expenditure and investments


During the first nine months of 2022 and 2021, Orbital Infrastructure Group
invested $3.7 million and $6.6 million, respectively, in property and equipment.
These investments typically include additions to equipment including vehicles
and equipment for powerline service and maintenance, engineering, furniture,
computer equipment for office personnel, facilities improvements and other fixed
assets as needed for operations. In addition, during the nine months ended
September 30, 2022, the Company had collections from a notes receivable of
$3.5 million related to the sale of the Company's electromechanical business in
2019.



Financing Activities

In the nine months ended September 30, 2022, the Company made cash payments on
notes payable of $35.5 million and had proceeds from notes payable of $41.2
million, respectively. This compared to $19.4 million of proceeds from notes
payable and $7.5 million of payments on notes payable in the nine months ended
September 30, 2021. The Company also received $3.5 million in proceeds from
their line of credit and made $2.0 million in payments on this line of credit in
2022 compared to $0.4 million paid in the first nine months of 2021 to close its
line of credit that was acquired with the Orbital Solar Services business. In
the nine months ended September 30, 2022, and 2021 the Company recorded payments
on finance lease obligations of $3.8 million and $0.9 million dollars,
respectively.



Summary of Liquid Assets and Capital Resources


At September 30, 2022, the Company had unrestricted cash and cash equivalents
balances of $28.0 million of which $2.5 million is covered by insured deposit
programs. At September 30, 2022, the Company had $0.6 million of restricted cash
and cash equivalents balances at domestic financial institutions including
$0.4 million that is covered under the FDIC insured deposits programs.



The Company recorded a net loss of $210.8 million and cash used in operating activities of $13.4 million in the nine months ended September 30, 2022. From September 30, 2022the Company’s accumulated deficit was $421.4 million.





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Contents




The Company expects the revenues from its continuing operations, and cash on
hand, to cover operating and other expenses for the next twelve months of
operations. However, in the short-term, the Company expects to continue to need
cash support as the Company's businesses increase their market positions and
revenue. The Company may issue additional debt or equity to support continuing
operations and acquisition efforts in the remaining months of 2022.



Critical Accounting Policies



The Company has adopted various accounting policies to prepare the consolidated
financial statements in accordance with Generally Accepted Accounting
Principles, ("GAAP"). Certain of the Company's accounting policies require the
application of significant judgment by management in selecting the appropriate
assumptions for calculating financial estimates. In the Company's 2021 Annual
Report on Form 10-K filed on March 31, 2022, the Company identified the critical
accounting policies that affect the Company's more significant estimates and
assumptions used in preparing the Company's consolidated financial statements.



Recent accounting pronouncements




See Note 11 Recent Accounting Pronouncements of the condensed consolidated
financial statements in Part I-Item I, "Financial Statements" for a description
of recent accounting pronouncements, including the expected dates of adoption
and estimated effects on financial position, results of operations and cash
flows.



Off-balance sheet arrangements

See Note 19 Commitments and contingencies to the condensed consolidated financial statements in Part I, Item I, “Financial statements”, for a description of the Company’s off-balance sheet arrangements.

© Edgar Online, source Previews

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Pamplin Media Group – How to furnish your dining room https://nordicmobler.com/pamplin-media-group-how-to-furnish-your-dining-room/ Fri, 11 Nov 2022 21:42:22 +0000 https://nordicmobler.com/pamplin-media-group-how-to-furnish-your-dining-room/

Use these tips as a springboard to selecting the right pieces for your home’s interior

Modern homes are a little different from those of past generations. Rather than several small rooms separated by walls, modern homes offer open concept floor plans. This means that the boundaries between spaces are not as defined, allowing rooms and activities to blend into each other. Formal dining areas may or may not be part of the current home layout when it comes to new construction. Many homeowners are now turning to kitchens with adjoining breakfast nooks that use large islands with stools open to family rooms. These layouts can make it harder for homeowners to figure out how to furnish their dining rooms, no matter how casual or formal. Individuals can use these tips as a springboard to choosing the right rooms in their home, no matter where they eat.

CONSIDER THE SCOPE OF THE ROOM

Is it a dining room or a dining room? This will help determine the decor and formality of furniture needed to outfit the room. If the room is a multipurpose space, consider

furniture that can serve different purposes, such as a table with folding parts to change size depending on how many people are dining at a given time. You may want to include a cabinet to store linens and store pens and notepads for making shopping lists.

DINNER TABLE

The dining table is the basis of the dining room. After all, people need a place to sit and eat. Remember to carefully measure the dimensions of the room, as furniture can look much smaller in warehouse stores or furniture showrooms than in a home. Consider a round or square dining table, which tends to blend into rooms more effectively than rectangular tables. In addition, these shapes are more conducive to conversation. Rectangular tables often leave people at the ends of the chat.

SEATS

Seats can affect the ability to move around the room. If space is limited, some narrow profile chairs are a better option than tall padded wing backs. Homeowners can consider a wooden or padded bench to one side of the dining table to maximize seating at family events.

LIGHTING

Pottery Barn suggests using a mix of light sources to create the appropriate lighting needs in the space. Floor lamps, a hanging chandelier, wall fixtures and natural light should mix and be adjusted as needed. Also choose a hanging chandelier that complements the shape of the dining table. For example, a round light will look best above a round table.

COVER

An area rug can help define the dining space and set it apart from other spaces in an open concept home. A rug adds warmth and color when a wooden table meets a wooden floor; otherwise, it may seem too harsh.

Homeowners need to consider a variety of factors when decorating a dining room. Size, purpose and style are just some of the things that deserve careful consideration before furnishing a dining space.

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Service design: designing the interaction The Design Group Italia experience https://nordicmobler.com/service-design-designing-the-interaction-the-design-group-italia-experience/ Thu, 03 Nov 2022 07:38:09 +0000 https://nordicmobler.com/service-design-designing-the-interaction-the-design-group-italia-experience/

What is clear right away is that service design is a choral project. This becomes abundantly clear when visiting the Milan offices of Design Group Italia with Edgardo Angelini, Managing Director and Partner, along with Peter Newbould and Sigurdur Thorsteinsson. In the heart of Milan’s Chinatown, near Via Paolo Sarpi, Design Group Italia has set up its headquarters in an unusual and cozy space in the inner courtyard of a “casa di ringhiera”, a building with a common balcony typical of the region. With seventy-five professionals, offices in New York and Reykjavik and areas of activity ranging from product design to brand and packaging design and from graphics to digital design, Design Group Italia breaks with the classic canons from the conventional Milanese interior design studio. Service design is one of the frontiers that the studio, now a member of the Alkemy group, has been exploring for at least fifteen years, with the design of spaces interpreted as places of experience and communication. The walls are draped with sheets of paper several meters long, covered with complex diagrams constructed to represent the requirements of the different actors involved in each project, in terms of spaces, applications and process phases. Then there is the “design kitchen”, a multipurpose space containing a small stage, tables, chairs, screens and, on one side, a real kitchen. This is the workshop where studio members ‘cook up new ideas’; and organize their design thinking sessions, using a participatory working method that has everything to gain from service design, given the complexity inherent in the discipline.

Design Group Italia comes from a prestigious background: founded in 1968 by Marco Del Corno to design products, brands and packaging, it won two Compasso d’Oro awards in 1979 (followed by two more later), for the Tratto Pen and the Tratto Clip, products that have enjoyed worldwide success. The studio has never betrayed its mission of innovation, interpreted over the past decade with the introduction of digital design and service design. “These two areas are linked”, explains Angelini, “even if they are separated in our studio. Service design is very often applied to digital design, but it’s more than that.” Lidia Tralli, Director of Service Design, goes into detail. “Service design is an extension of interaction design: the principles of human-machine interaction are taken to a higher level. Service design examines experiences from a macro perspective, considering the interaction with all the touchpoints a user may have with a given entity or offering. Service design orchestrates several different elements and considers them all as a whole to create the best possible experience,” whether it’s buying a new couch, doing banking, or getting medical treatment, at the hospital or via a teleconsultation. .

There is one thing that is unique about a designer working on the design of a service: “The person is always at the center of the design”, emphasizes Angelini; “The designer always thinks about the person and the user experience. The objective of service design is to solve the problem of the relationship between a physical or digital artefact or service and the person who uses it, to ensure that this relationship is of interest not only functionally, but above all in terms of emotions and service. provided.”

To effectively build a service experience, it is essential to listen: to users, and operators, to establish a map and understand which methods and connections to work on. “We work alongside the operators,” continues Tralli, “watching them work, observing the spaces and the tools they use. Every aspect is involved in this mapping process, even the way they answer the phone or the wait time involved. Creative Director Chris Miller describes an interesting case that Design Group Italia recently worked on: “A manufacturer of high-end upholstered furniture and furnishings asked us to improve the customer experience they offered. Their goal was to transform the shopping experience, which sometimes takes several months, with the help of an architect, into something truly memorable. We started from the physical store, while creating a digital environment that would maintain points of connection with customers over time. After the customer’s first visit to the store, a digital book is produced, which the customer can consult, in which all the customer’s preferences are recorded. When it comes time to make a decision, there is a software room in the store, where customers can digitally configure all possible options and find out how much they would cost. Service design builds an enjoyable experience around a purchase decision, exploring all possibilities and placing the customer at the center of the entire process. This method can be successfully applied to interactions of any kind, including utilities, to improve their level. It has an infinite number of potential applications.

Antonelle Galli

Photo captions

All images: Courtesy of Design Group Italia

01 and 05 The 3M Custom Innovation Center (Sweden) designed by Design Group Italia
02, 10, 11 House of Wisdom Library, Sharja (UAE), FabLab, VR Learning design. Design Group Italia designed a series of experiences and phygital spaces for experiences and learning for House of Wisdom.
03 A workshop in the Milan offices of Design Group Italia
04, 08, 09 D-Heart by Design Group Italia: the first integrated electrocardiograph that can be used independently by patients and caregivers; winner of the Compasso d’Oro 2020.
06 and 07 Blue Lagoon Iceland: new concept for the spa and shopping experience in the flagship store
12 Concept map of an experiential space (Design Group Italia)
13 The 3M Custom Innovation Center (Italy) designed by Design Group Italia

14-16 Edgardo Angelini, managing director and partner of Design Group Italia;
Lidia Tralli, director of service design;
Chris Miller, creative director.

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Annual meeting of historical group plans https://nordicmobler.com/annual-meeting-of-historical-group-plans/ Mon, 31 Oct 2022 19:43:00 +0000 https://nordicmobler.com/annual-meeting-of-historical-group-plans/

The eight candidates seeking four seats in the Mount Airy mayoral election are divided in their opinions on an update to the downtown master plan – essentially mirroring the split accompanying its 3-2 approval last month by the commissioners of the city.

While four of the candidates interviewed are officially opposed to the plan, two have openly embraced it while two others appear to be taking a middle-of-the-road approach.

The timing of the plan’s adoption in September has made it a political issue as the campaign draws to a close with the November 8 general election. It includes two candidates each vying for three seats of municipal commissioner and that of mayor.

Along with office seekers, the new downtown master plan – an update of the 2004 one – has attracted its share of supporters and detractors among the community at large. The 78-page document was prepared by Benchmark, a company that has been managing the planning functions since 2011, contracted as a separate project outside of its normal responsibilities.

The main bone of contention is recommendations to provide “flexible spaces” for outdoor dining and other uses by reconfiguring North Main Street, which runs through downtown, and sidewalks. The plan also calls for planting trees, burying power lines, and other cosmetic changes.

Critics fear that all of this will destroy the traditional charm and appeal of the central business district and give it the “cookie-cutter” look of some big cities.

Justified fears?

Deborah Cochran, a former commissioner and mayor currently vying for the council seat, is among those wary of the possible repercussions.

“I grew up here and I don’t agree with making changes to Main Street,” Cochran commented.

“Our city center has a positive effect on locals and tourists, whether it’s walking, shopping, eating out, getting a haircut, going to the cinema or the museum. , to watch parades or just to look at the design of the city center.”

Cochran says what’s happening now reminds him of an episode of “The Andy Griffith Show” called “Mayberry Goes Hollywood,” which involves citizens wanting to alter the look of the city in order to put on tunes for a production. Still, his existing character was what the Hollywood team wanted.

However, Cochran’s opponent for the seat at large, current South Ward Commissioner Steve Yokeley, believes there is nothing to fear from the plan which was crafted through community workshops held in a nine month process.

“This plan is not a set of plans with a timeline to tear up the streets tomorrow, next week, or even in the next two years,” Yokeley replied of that concern. He says this is based on his research and his participation in the update effort from the beginning.

“Some people will make you believe these things to instill fear in hopes of personal political gain.”

Yokeley specifically referenced a comment at the September 1 commissioners’ meeting when a public hearing was held on the plan ahead of the 3-2 vote.

“I heard from someone (at the time) that they wouldn’t be surprised if the dismantling of Main Street started the next day,” he recalled.

“It was a very misinformed statement,” Yokeley added. “The plan is merely a guiding document – there are many checks and balances still in place before any changes can occur.”

Future Boards of Commissioners will have the authority to make adjustments to the streetscape design once the planning process for each section of the document is implemented, according to Yokeley, “including where engineering construction documents are offered”.

“When determining which parts of the plan are implemented, it is crucial to get input from all stakeholders,” North Ward Commissioner candidate Chad Hutchens also said.

“It’s also critical that downtown businesses are communicated transparently so that all parties understand timelines and expectations and have information to make decisions about their businesses.”

If he is victorious, South Ward Commissioner candidate Phil Thacker promises that no change will happen willy-nilly.

“I love this city and want to make all decisions after careful consideration,” Thacker remarked. “I will keep an open mind and listen to all of our citizens before making any decisions regarding Mount Airy’s downtown plan” if elected.

Mayor Ron Niland has a similar view:

“Parts of the plan should be revisited to determine what works and what might not work – it’s not an all-or-nothing situation,” Niland stressed.

“We have consistently made improvements over the years and they have proven to be beneficial,” he continued. “Funding and implementation (of elements of the plan) will come at a later date – when that happens we will re-examine what is possible and find ways to minimize the impact on business.”

The mayor added: “I have stated that I support the process and the goal of a better experience for visitors and residents.”

Major changes needed?

John Pritchard, who is running for a North Ward seat on the city board that Commissioner Jon Cawley is quitting to run for mayor, agrees with many downtown players – basically why spoil the success?

“We already have a much better image and ‘brand image’ of Main Street than most similar cities across the country,” Pritchard observed. “It’s our own golden goose – unique, original and internationally known.”

Pritchard mentioned that this view is supported by steadily increasing tourism numbers for the downtown area.

“Let’s keep it in top shape, but certainly don’t trade it for the same cookie-cutter ideas that are being pushed in many other cities,” the North Ward candidate noted. “It would be like the ‘New Coke’ disaster many years ago, and they still haven’t fully recovered.”

In not supporting the plan, Pritchard said the vast majority of the community expressed the same view, including at the public hearing in September.

Meanwhile, his opponent, Hutchens, has an optimistic but cautious view of the plan.

“I attended the workshops, read the plan and I’m interested in developing our downtown while maintaining our small town charm,” he says, who also recognizes the benefits of his visit.

“There are valid concerns with the plan,” Hutchens agreed.

“Companies want to make sure their customers aren’t negatively impacted, and taxpayers want to know how the plan will be funded. I agree with these concerns and believe they can be addressed with exemplary leadership. »

“Suggestions” seen as an alternative

“The Downtown Master Plan would be more specifically defined as suggested projects for the downtown core,” in the words of Commissioner/candidate for mayor Cawley.

“The suggestions came after a group of invested citizens met for nine months under the leadership of Benchmark,” he said.

“I believe the purpose of these meetings was to improve our downtown. Many of the suggestions could possibly accomplish this goal.

Cawley voted against the plan on September 1 with Commissioner Tom Koch.

Process questioned

Besides the merits or shortcomings of the measure itself, Gene Clark — who is running against Thacker for the South Ward commissioner seat — has issues with its evolution and the potential costs of the recommendations included.

“I don’t agree with the plan for several reasons,” Clark commented. “I think it’s a conflict of interest to ask a company we currently have a contract with (Benchmark) to give us an unbiased assessment of our city planning, knowing that they have a vested interest in the plan. “

A secondary concern for Clark is its financial implications.

“I think the plan does not take into account the initial cost or the ongoing costs. How do you approve a plan without knowing the cost? ” He asked.

“Third, what is the return on our investment? I know we will never be 100% back. but there has to be a justification for spending millions of dollars – how does that increase the city’s revenue?

Cawley also referred to the expense aspect: “A plan typically includes a timeline, associated costs, and projected funding for completion.”

Clark further criticized the fact that the vote on the measure took place during the same meeting as the public hearing when many citizens spoke out against its passage.

“It looks like the public hearing is a farce and the decision (has) already been made.”

Clark was one of those who spoke at that session, saying he thought more information was needed before formalizing the plan.

But Thacker, his opponent, is comfortable with his background, citing early on the opportunity for citizens to participate in a series of workshops.

“There seemed to be a good turnout and a lot of discussion about the plan,” recalls Thacker, one of those there. “While I was attending these meetings, there was a small amount of negative discussion about the plan, so I assumed that almost all of us wanted to improve the downtown area with this plan.”

Now that a group of citizens are unhappy with the decision of the majority of commissioners, Thacker says he needs additional information to better understand where everyone is coming from on the issue.

“We have a group that wants Mount Airy to stay the same and a group that attended those meetings that were working to bring about change.”

Leadership a factor?

Cawley thinks the ongoing conflict could have been avoided.

“Our current problem is not so much the ideas offered, but rather the response to those ideas,” he suggested.

“Those who are for and against the ideas have felt the need to ‘dig in’ to protect their interests. Our community was divided and the feud was sad to watch.

Cawley puts this at the feet of his opponent, Mayor Niland.

“If I had been mayor, I would have publicly corrected the misinformation that was spreading and avoided the unnecessary vote of the commissioners after the public hearing,” he explained.

“The mayor should also have given assurances to those who feared losing their livelihoods due to the disruption of activities caused by construction that such would not be the case,” Cawley said.

“Our mayor’s silence has only made the problem worse.”

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Contessa from Miami Open Major Food Group https://nordicmobler.com/contessa-from-miami-open-major-food-group/ Wed, 26 Oct 2022 13:00:00 +0000 https://nordicmobler.com/contessa-from-miami-open-major-food-group/

Major Food Group has struck again. The team behind hotspots Carbone, ZZ’s, Sadelle’s and Dirty French are launching their latest Miami restaurant, Contessa, a chic two-story restaurant in the Miami Design District focused on Northern Italian cuisine this weekend.

The downstairs dining room at the Contessa Miami.

This is the second location for Contessa, which made its Boston debut in 2021. At Contessa Miami, guests can start the meal with one of many antipasto entrees, including Chianina Beef Carpaccio, Carpaccio squash and proscuitto. Of course, several kinds of decadent pasta can be found on the menu, such as spicy lobster capellini, tortellini in broth, rigatoni carbonara, fusilli Genovese and rigatoni carbonara. Appetizers include options like grilled branzino, a classic veal Milanese, and a 40-ounce dry-aged bistecca Fiorentina. A range of desserts, including gelato and pistachio, amaretto, and chocolate gianduja cakes, complete the meal.

The upstairs dining room at the Contessa Miami.

The drinks program focuses on classics by Nomad Hotel Group alumnus Nathan McCarley O’Neill. Think crowd favorites like the spritz, Bellini, vesper, negroni and a chilled martini. The wine program focuses on vintages from central and northern Italy, focusing on nebbiolo-based wines from Barolo, Barbaresco, Alte-Piedmont and Lombardy.

outdoor patio with white chairs and tables.

The Contessa Miami’s outdoor dining area.

The two-story restaurant is meant to “transport guests to Lake Como circa 1960”. The first floor features emerald striped curtains, jewel-toned Art Deco marble flooring, pink Venetian plaster walls, Italian Murano light fixtures, and bespoke furnishings. A grand, curved staircase takes guests upstairs to the equally elaborate upstairs dining room, with high-gloss teal wall accents and gilt antique mirrors offset by herringbone-patterned flooring. Custom silk pendant lights frame each booth, while the curved bar with embossed leather panels contrasts the pink palm chandelier and wall sconces.

Contessa opens Friday, October 28 at 111 NE 41st Street in the Miami Design District. It is open Wednesday from 11 a.m. to 10 p.m., Thursday to Saturday from 11 a.m. to 11 p.m. and Sunday from 11 a.m. to 10 p.m. For more information, visit here.

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The group gets new equipment thanks to the Living Local Fund https://nordicmobler.com/the-group-gets-new-equipment-thanks-to-the-living-local-fund/ Mon, 24 Oct 2022 17:14:31 +0000 https://nordicmobler.com/the-group-gets-new-equipment-thanks-to-the-living-local-fund/

The Bellarine Training and Community Hub (BTACH) and St Leonards Men’s Shed will receive new equipment in the latest round of the state government’s Living Local Fund.

Announced by Bellarine MP Lisa Neville last week, the grants will see BTACH get $6,476 to replace broken furniture and St Leonard’s Men’s Shed will get $5,230 for a new woodworking machine.

The BTACH, located in Ocean Grove, will purchase tables in its community kitchen and replace mobile tables for the classroom focused on arts, language, and general interest programs.

St Leonards Mens shed will be buying a planer with improved technology – the new machine is 60% wider and has new blade technology which makes it very quiet, replacing a small, noisy old machine.

“The government is supporting the Bellarine Training and Community Hub with the purchase of this furniture because we know the community deserves our support,” Ms Neville said.

More than 400 projects across the state will be supported by the fund, with $15 million available for suburban projects and an additional $5 million for regions.

Local councils and community organizations have received grants of up to $200,000 to upgrade shopping streets, playgrounds, community gardens and public art projects, or to purchase new equipment or carry out renovations minors.

“We’re doing what matters by investing in the infrastructure our local communities need to enjoy the services they deserve,” said Suburban Development Minister Melissa Horne.

“Our suburbs and regions are great places to live, work and play and we’re working to keep them that way.

The Living Local Fund is part of the state government initiatives Our Suburbs: Living Local and Our Regions: Living Local.

The Living Local – Regional Grants program is a competitive grant program open to eligible rural and regional local governments and incorporated (not-for-profit) organizations/associations.

Applicants can request a minimum of $20,000 and a maximum of $200,000 (excluding GST).

The Living Local – Regional Community Grants program is open to applications from non-profit and charitable organizations operating in rural and regional areas of Victoria.

Community organizations can apply for between $2,000 and $20,000 (excluding GST) in grants for eligible equipment and minor renovations.

For more information go to suburbandevelopment.vic.gov.au/living-local

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JPMorgan Chase & Co. cuts Dunelm Group (LON:DNLM) price target to 1,130 GBX https://nordicmobler.com/jpmorgan-chase-co-cuts-dunelm-group-londnlm-price-target-to-1130-gbx/ Fri, 21 Oct 2022 16:20:55 +0000 https://nordicmobler.com/jpmorgan-chase-co-cuts-dunelm-group-londnlm-price-target-to-1130-gbx/

Dunelm Group (LON:DNLM – Get Assessment) had its price target lowered by JPMorgan Chase & Co. from 1,230 GBX ($14.86) to 1,130 GBX ($13.65) in a research note released on Friday, Marketbeat.com reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.’s price target would point to a potential upside of 44.59% from the company’s previous close.

Other equity research analysts have also recently released reports on the stock. Barclays reiterated an “overweight” rating and set a price target of 1,100 GBX ($13.29) on Dunelm Group shares in a research report on Friday. Royal Bank of Canada has downgraded Dunelm Group shares to an “sector performance” rating and cut its price target for the company from 1,400 GBX ($16.92) to 950 GBX ($11.48) in a Monday July 4 research report. Finally, Berenberg Bank reduced its price target on Dunelm Group shares from 1,200 GBX ($14.50) to 1,130 GBX ($13.65) and set a “buy” rating for the company. in a research report on Tuesday, July 26. Two equity research analysts gave the stock a hold rating and three gave the stock a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “moderate buy” and an average price target of 1,212 GBX ($14.64).

Performance of Dunelm group shares

DNLM fell 9.50 GBX ($0.11) during Friday’s trading, hitting 781.50 GBX ($9.44). The company’s shares had a trading volume of 305,111 shares, compared to an average volume of 382,525. The company’s fifty-day moving average price is 756.60 GBX and its 200-day moving average price is 840 .64GBX. Dunelm Group has a 52-week minimum of 659.50 GBX ($7.97) and a 52-week maximum of 1,453 GBX ($17.56). The company has a debt ratio of 185.59, a quick ratio of 0.20 and a current ratio of 1.08. The company has a market cap of £1.58 billion and a price to earnings ratio of 930.36.

Insider activity

Separately, insider Karen Witts acquired 1,174 shares in a trade dated Friday, August 5. The share was purchased at an average cost of 845 GBX ($10.21) per share, with a total value of £9,920.30 ($11,986.83). Separately, insider Karen Witts bought 1,174 shares of the company in a trade dated Friday, August 5. The shares were acquired at an average price of 845 GBX ($10.21) per share, for a total transaction of £9,920.30 ($11,986.83). Additionally, insider Andy Harrison acquired 33,206 shares of the company in a trade that took place on Thursday, September 15. The shares were acquired at an average price of 748 GBX ($9.04) per share, for a total transaction of £248,380.88 ($300,121.89).

Dunelm Group Company Profile

(Get a rating)

Dunelm Group plc sells household goods in the UK. The company offers furniture for bedrooms, living rooms, dining rooms and offices; sofas and armchairs; bean bags; bed frames, mattresses, storage beds, box springs and headboards, and children’s beds; and bedding products, such as bed linen, duvets, pillows, mattress toppers, mattress protectors, and baby and children’s bedding.

Read more

Analyst Recommendations for Dunelm Group (LON:DNLM)

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

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Appointment of a new CEO at Belfield Group https://nordicmobler.com/appointment-of-a-new-ceo-at-belfield-group/ Wed, 19 Oct 2022 07:49:08 +0000 https://nordicmobler.com/appointment-of-a-new-ceo-at-belfield-group/

Upholstered furniture and home furnishings maker The Belfield Group has announced the appointment of Rachael Nevins as CEO to drive the company’s next phase of private equity-backed growth. She replaces Gary Lasham.

Based in Ilkeston and part of the NorthEdge portfolio, The Belfield Group is the UK’s largest designer and manufacturer of home furnishings and employs some 1,600 people. Its brands include Westbridge and Tetrad, and its customers include many of the UK’s best-known furniture retailers, as well as companies in the leisure and mobile home market.

Rachael joins the firm with over 30 years of experience optimizing businesses across a wide range of industries, and has worked primarily in businesses with private equity investments.

Formerly CEO of Adare SEC, a provider of integrated customer communications for the financial and business services industries, Rachael led the company through an enterprise-wide transformation.

Working alongside NorthEdge and the Belfield management team, Rachael will focus on operational excellence, customer service and maintaining high product quality for all four Belfield Group brands. As a design and technology driven manufacturer, the company also plans to invest more in its technology capabilities to meet changing customer demand.

Rachael says: “My career has always been about people and change management, looking at companies and teams from a different perspective and developing plans to grow and improve current offerings. There is so much more potential to be realized at The Belfield Group, and I look forward to working with a fantastic team to bring our plans to life over the next few years.

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