Business & Finance

PennyMac Financial Services, Inc. Reports Fourth Quarter and Full-Year 2020 Results and Increases Quarterly Dividend

3 weeks ago Amanda T. Noriega

WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)–PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $452.8 million for the fourth quarter of 2020, or $5.97 per share on a diluted basis, on revenue of $1.0 billion. Book value per share increased to $47.80 from $41.67 at September 30, 2020.

PFSI’s Board of Directors declared a fourth quarter cash dividend of $0.20 per share, a 33 percent increase from the prior quarter, payable on February 25, 2021, to common stockholders of record as of February 12, 2021.

PFSI’s Board of Directors also approved an increase to its stock repurchase authorization from $500 million to $1.0 billion of outstanding common stock.

Fourth Quarter 2020 Highlights

  • Pretax income was $617.2 million, down 15 percent from the prior quarter and up 204 percent from the fourth quarter of 2019
    • Strong earnings driven by core production and servicing results partially offset by fair value
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Varex Announces Financial Results for First Quarter Fiscal Year 2021

3 weeks ago Amanda T. Noriega

SALT LAKE CITY–(BUSINESS WIRE)–Varex Imaging Corporation (Nasdaq: VREX) today announced its unaudited financial results for the first quarter of fiscal year 2021.

1QFY21 Summary

  • Revenues $177 million
  • GAAP gross margin 32% | Non-GAAP gross margin* 34%
  • GAAP operating expense $51 million | Non-GAAP operating expense* $46 million
  • GAAP operating margin 3% | Non-GAAP operating margin* 8%
  • GAAP net earnings $(0.16) per diluted share | Non-GAAP net earnings* $0.08 per diluted share

“Our financial results for the first quarter of fiscal year 2021 were stronger than our expectations,” said Sunny Sanyal, Chief Executive Officer of Varex.

“Revenues increased 4% sequentially over the fourth quarter of fiscal year 2020, indicating the start of recovery in our business. Non-GAAP gross margin improved significantly to 34% and was sequentially higher by 580 basis points due primarily to the benefits from cost reductions, as well as a favorable shift in product mix in

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Rick Ross dishes to Jalen Rose on ‘big business,’ financial security

3 weeks ago Amanda T. Noriega

My latest guest has a few things in common with the great Cleo McDowell, creator of the Big Mick from the 1988 movie “Coming to America.” He also lords over a mini fast-food empire, owning a Checkers location and a handful of Wingstops across the country. 

While he does not own a home in Jamaica Estates with a little train on the bar and some Soul Glo stains on the couch (respect to Mother Jenks), the royal family of Zamunda has spent time in his mansion. I’m talking about Rick Ross, a k a Ricky Rozay. His massive 109-room estate in Fayetteville, Georgia, was once owned by Evander Holyfield, and from what I understand, is so big, it should have its own ZIP code. It served as a major filming location for the year’s most anticipated movie.

“It was used this past summer as the main set for “Coming 2

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TCU Financial Group Digitizes Business Lending with nCino and Deloitte Canada

3 weeks ago Amanda T. Noriega

TORONTO, Feb. 04, 2021 — nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Saskatchewan-based TCU Financial Group has digitally upgraded its business lending processes utilizing the nCino Bank Operating System®. The credit union worked with Deloitte to successfully deploy nCino on an accelerated timeline despite all teams being fully remote due to the COVID-19 pandemic.

Recognizing the need to digitize to best meet its members’ needs, CA$773 million-asset TCU Financial Group employed Deloitte’s rapid, iterative delivery model to implement nCino’s Commercial Banking Solution, leveraging pre-defined configurations that allowed the credit union to be live on nCino quickly and efficiently. With nCino, TCU Financial Group has access to automated workflows, real-time reporting and digital document management as part of an end-to-end lending process. Employees now have more time to focus on member relationships, and the

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State Of Small Business And Entrepreneurship

3 weeks ago Amanda T. Noriega

President Biden’s American Rescue Plan proposes to allocate $15 billion in “flexible, equitably distributed grants” to one million of the hardest-hit small businesses. It also calls for $35 billion in government funds to leverage $175 billion in private lending and investment for small businesses.

Ten Republican Senators have proposed a smaller, alternative COVID-19 relief package. This calls for $50 billion in additional small business assistance: $40 billion for another round of the Paycheck Protection Program and $10 billion for the Economic Injury Disaster Loan program. In a statement last week on the negotiations, the Bipartisan Policy Center expressed support for providing $15 billion for small businesses struggling the most.

Calls for more financial assistance for small businesses presuppose that small businesses need it. Today, the House Small Business Committee has a hearing, “State of the Small Business Economy in the Era of COVID-19.” They’ll hear various perspectives about the

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12 Ways Business Can Guard Against ‘Unexpected’ Financial Losses

3 weeks ago Amanda T. Noriega

Since the pandemic, “expect the unexpected” has become less of a cliché and more of a mandate for businesses. From steep dips in revenue to high employee turnover, big jumps in insurance premiums, new regulations and more, business leaders must be ready to safeguard themselves against financial losses in a fast-changing world.

But even if business leaders know these events are coming, they usually don’t know exactly when—so how can they prepare? Below, 12 financial experts from Forbes Finance Council share ways companies can guard their finances against unwelcome “surprises.”

1. Regularly review budget and cash flow forecasts.

An understanding of financial variance needs to be table stakes for businesses as we recover from the pandemic. This includes building mechanisms for dynamic budgeting that expose pressure points and create an

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