NEWS RELEASE: Textron Q1 2020 (Revenue down $332 million)

TEXTRON REPORTS FIRST QUARTER 2020 RESULTS

     

April 30, 2020

• Revenue down $332 million, or 10.7% from prior year largely due to COVID-19 impacts
• EPS of $0.22; adjusted EPS of $0.35, excluding first quarter special charges
• Strong liquidity position, Q1 2020 ending cash balance of $2.4 billion

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Textron Inc. (NYSE: TXT) today reported first quarter 2020 net income of $0.22 per share, compared to $0.76 per share in the first quarter of 2019. Adjusted net income, a non-GAAP measure, was $0.35 per share for the first quarter of 2020, which excludes $39 million of pre-tax special charges ($0.13 per share, after-tax) recorded in the first quarter, related to the impairment of intangible assets at Textron Aviation and Industrial due to economic disruptions caused by the COVID-19 pandemic.

“Our team is meeting the unprecedented challenges presented by this pandemic with a commitment to the health and safety of our employees and communities while meeting customer commitments,” said Textron Chairman and CEO Scott C. Donnelly. “We have taken measures to reduce cost and conserve cash, including temporary plant shutdowns and employee furloughs at many of our commercial businesses. While the effects of COVID-19 on many of our end markets has been unfavorable, Bell and Textron Systems delivered higher revenue and strong margin performance for the quarter in their military businesses.”

Cash Flow

Net cash used by operating activities of continuing operations of the manufacturing group for the first quarter was $393 million, compared to $196 million of net cash used last year. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, reflected a use of cash of $430 million compared to a use of cash of $291 million last year.

First Quarter Segment Results

Textron Aviation

Revenues at Textron Aviation of $872 million were down $262 million in the first quarter of 2019, primarily due to lower volume and mix of $260 million, largely the result of lower Citation jet volume of $154 million and lower commercial turboprop volume of $99 million. The decrease in Citation jet and turboprop volume reflected a decline in demand related to the pandemic, disruption in our composite manufacturing production due to a plant accident that occurred in December 2019, and delays in the acceptance of aircraft related to COVID-19 travel restrictions.

Textron Aviation delivered 23 jets, down from 44 last year, and 16 commercial turboprops, down from 44 last year.

Segment profit was $3 million in the first quarter, down $103 million from a year ago, primarily due to the lower volume and the unfavorable impact of $23 million from performance, which includes $12 million of idle facility costs recognized in the first quarter of 2020 due to temporary manufacturing facility closures and employee furloughs resulting from the COVID-19 pandemic.

Textron Aviation backlog at the end of the first quarter was $1.4 billion.

READ THE ENTIRE NEWS RELEASE > Textron Q1 2020 Results

New: Covid Stimulus Watch documents accountability records of CARES Act recipients

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https://www.goodjobsfirst.org/news/releases/covid-stimulus-watch-new-website-documents-accountability-track-records-cares-act  For Immediate Release April 30, 2020 Contact: Philip Mattera at pmattera@goodjobsfirst or 202-725-7906 Or Greg LeRoy at goodjobs@goodjobsfirst.org or 202-494-0888   Covid Stimulus Watch New Website Documents Accountability Track Records of CARES Act Recipients   Washington, April 30, 2020--Amid continuing controversy over some of the companies receiving federal financial assistance under the Paycheck Protection Program, a new website launched today makes it easier to see the accountability track records of companies getting help through the PPP and the other programs authorized by the massive CARES Act.     The site, Covid Stimulus Watch, was produced by the non-profit organization Good Jobs First and is free for all to use at www.covidstimuluswatch.org.   "Our new website enables users to quickly see if recipient corporations have received previous financial assistance from federal or state agencies, and whether they have been penalized for abuses of their workers, government contracts, the environment, consumer protections or shareholder safeguards," said Good Jobs First research director Philip Mattera, who leads the work on Covid Stimulus Watch. "We also provide data on excessive CEO pay and tax avoidance by large companies. The public has a right to know all of this with regard to CARES Act recipients."   Covid Stimulus Watch currently contains data on awards from the PPP and the Payroll Support Program (for airlines) that publicly traded companies have reported in public filings with the Securities and Exchange Commission. The site contains a few awards that privately held companies have announced in press releases. The website is structured so that it can easily incorporate bulk recipient data that will hopefully be released in the near future by the Treasury Department, the Federal Reserve and the Small Business Administration.   Along with active awards, the site separately lists more than two dozen PPP loans that some larger companies have announced they are returning, in response to public outcries.   The accountability data linked to the recipients comes in six categories. Four of those are derived from data in the Good Jobs First's Violation Tracker: employment-related penalties (such as wage theft and workplace discrimination); government-contracting related penalties (mainly False Claims Act cases); environmental, healthcare and safety penalties; and consumer protection, financial misconduct and unfair competition penalties.   The fifth category, relating to taxes and subsidies, shows which large companies have paid very low federal income tax rates and which have received large amounts of pre-pandemic financial assistance from federal, state and local programs, such as those shown in the Good Jobs First's Subsidy Tracker. The final category shows which recipient companies have high levels of executive compensation, especially in comparison to what they pay a typical worker.   The small set of recipients currently listed in Covid Stimulus Watch already illustrate the accountability issues at stake. For example, the major airlines that are receiving billions of dollars in aid raise concerns in multiple categories. United has paid out over $40 million to settle employment discrimination lawsuits. American Airlines has paid over $70 million in safety violations. JetBlue and Delta had negative federal income tax rates in 2018. The ratio of the pay of American's CEO to that of its median employee was 195 to 1.   Concerning data can also be seen about some of the smaller recipients. One PPP recipient, Veritone Inc., paid its CEO $18 million in compensation. Another PPP company, FuelCell Energy, received more than $170 million in federal grants prior to the pandemic.   "We hope this information will be used widely by public officials, advocates, journalists and others to advance the debate over which companies deserve financial assistance amid the current crisis-and what safeguards should be put in place," said Good Jobs First executive director Greg LeRoy.   Editor's Note: Good Jobs First is a non-profit, non-partisan research center. Founded in 1998, it is headquartered in Washington DC. It is home to Subsidy Tracker, Tax Break Tracker and  Violation Tracker, and was honored for its leadership in winning  GASB Statement 77 on Tax Abatement Disclosures, a landmark in municipal finance.

Greg LeRoy, Good Jobs First -------------------------------------------------------------------------------------------------------------- Email: goodjobs@goodjobsfirst.org Web: www.goodjobsfirst.org

SPECIAL OPEN MEETING OF THE ARIZONA CORPORATION COMMISSION

ARIZONA CORPORATION COMMISSION   EXECUTIVE DIRECTOR Matthew J. Neubert SECRETARY Carolyn D. Buck Phone: 602-542-3931 cdbuck@azcc.gov   COMMISSIONERS Chairman Robert "Bob" Burns Boyd Dunn Sandra D. Kennedy Justin Olson Lea Márquez Peterson

REVISED N O T I C E   SPECIAL OPEN MEETING OF THE ARIZONA CORPORATION COMMISSION   SUMMER PREPAREDNESS FOR THE YEAR 2020 Docket No. AU-00000A-20-0069   Thursday, May 7, 2020 10:00 a.m.   Hearing Room One 1200 W. Washington St. Phoenix, AZ 85007   This shall serve as notice of an open meeting at the above location for consideration and discussion of the items on the agenda and other matters related thereto.  Commissioners may attend the proceedings in person, or by telephone, video, or internet conferencing, and may use this open meeting to ask questions about the matters on the agenda. The parties to the matters to be discussed or their legal representatives are requested, though not required, to attend. The Commissioners may move to executive session, which will not be open to the public, for the purpose of legal advice pursuant to A.R.S. § 38-431.03(A)(3) on the matters noticed herein.    Because of the Covid-19 pandemic, only essential Commission staff will attend in person.  The public will not be allowed to attend in person.  The public will be able to participate by either watching and listening to the meeting online or listening to the meeting via telephone.   Persons with a disability may request reasonable accommodations by contacting the Commission Secretary listed above.     Agendas are also available online at:  azcc.gov/live   Dial-in Phone Number: The 1-888-450-5996                 Passcode to Listen Only: 4208475   Open Meeting phone lines will be open at 9:30 a.m.     AGENDA   PRESENTATIONS WILL BE MADE BY WEB EX   Opening Remarks   Electric Cooperatives   Electric Utilities Tucson Electric Power Company UNS Electric, Inc. Arizona Public Service Company Salt River Project   Interstate Pipeline Companies Transwestern Pipeline Company, LLC Kinder Morgan   Natural Gas Local Distribution Companies Southwest Gas Corporation UNS Gas, Inc.   Closing Remarks     NOTE: NO VOTES ON ANY SUBSTANTIVE MATTER WILL BE TAKEN DURING THIS MEETING.

For printable version click here. Arizona Corporation Commission | 1200 W. Washington Street | Phoenix, AZ 85007

Governor Ducey, ADHS Release Guidelines For Retail Businesses And Customers As Openings Resume Next Week

FOR IMMEDIATE RELEASE May 1, 2020

Governor Ducey, ADHS Release Guidelines For Retail Businesses And Customers As Openings Resume Next Week

PHOENIX⁠ — Governor Doug Ducey and the Arizona Department of Health Services today released additional guidelines as retail businesses resume partial operations starting next week. The recommendations include enhanced sanitation and physical distancing steps customers and business owners should take to facilitate increased business interactions while minimizing the risk of COVID-19. “As we breathe life back into our businesses, we want to make sure we’re taking common sense precautions to keep employees and customers safe,” said Governor Ducey. “Taking these responsible steps that prioritize public health will help grow confidence and ensure we don’t just reopen all businesses, but do it successfully. I’m grateful to all the business owners and employees putting safety first and providing their feedback as we take continued steps to reenergize Arizona’s economy.” Under an Executive Order signed Wednesday, starting Monday, May 4, retail businesses can sell goods through delivery service, window service, walk-up service, drive-through service, drive-up service, curbside delivery or appointment provided they establish and implement sanitation and physical distancing measures. On Friday, May 8, businesses can resume partial openings that incorporate social distancing and sanitation measures established by the United States Department of Labor or the Arizona Department of Health Services. In addition, the Governor announced this week a goal to resume dine-in services at restaurants in May. Additional guidance will be developed in coordination with public health officials and will be provided in the days ahead. Arizona retail guidelines can be found HERE and below:

ARIZONA CORPORATE COMMISSION REVISED NOTICE: AZCC Rvsd 5/05/2020 Staff Open Meeting Notice & Agenda

ARIZONA CORPORATION COMMISSION   EXECUTIVE DIRECTOR Matthew J. Neubert SECRETARY Carolyn D. Buck Phone: 602-542-3931 cdbuck@azcc.gov   COMMISSIONERS Chairman Robert "Bob" Burns Boyd Dunn Sandra D. Kennedy Justin Olson Lea Márquez Peterson

REVISED N O T I C E                  STAFF MEETING OF THE ARIZONA CORPORATION COMMISSION      Tuesday, May 5, 2020   2:00 PM OR UPON ADJOURNMENT OF May 5, 2020 REGULAR OPEN MEETING; WHICHEVER IS LATER   Hearing Room One 1200 W. Washington St. Phoenix, AZ 85007  This shall serve as notice of an open meeting at the above location for consideration, discussion, and possible vote of the items on the agenda and other matters related thereto.  Commissioners may attend the proceedings in person, or by telephone, video, or internet conferencing, and may use this open meeting to ask questions about the matters on the agenda.  The Commissioners may move to executive session, which will not be open to the public, for the purpose of legal advice pursuant to A.R.S. § 38-431.03 (A) (3) on the matters noticed herein.   Because of the Covid-19 pandemic, only essential Commission staff will attend in person.  The public will not be allowed to attend in person.  The public will be able to witness the meeting by either watching and listening online or listening via telephone.  For those wishing to enter an appearance or provide public comment for a particular item please use the dial in phone numbers. Once the item for which you are appearing or providing public comment is concluded, please hang up and watch the live stream. Persons with a disability may request reasonable accommodations by contacting the Commission Secretary listed above.  For a live broadcast feed or archived videos: azcc.gov/live   Dial-in Phone Number: 1-866-705-2554 Passcode to Listen Only: 2414978   NOTE:  The Commission may choose to take testimony under oath.     AGENDA   Approval of past meeting minutes (Matt Neubert)   Updates by Division Directors that have anything new or significant since update at previous Commission Staff Meeting (Matt Neubert) IT – Letty Butner Securities – Mark Dinell Safety – Chris Watson Admin – Kim Battista Corporations – Tanya Gibson Hearing – Jane Rodda Utilities – Eli Abinah Legal – Robin Mitchell Executive Director – Matt Neubert   Legislative update, discussion, consideration, and possible vote to support, oppose and/or be neutral on any bills listed on the attachment to this agenda.  (Nick Debus) Discussion, consideration and possible vote regarding participation in the bankruptcy proceedings for Frontier Communications. The Commissioners may move to executive session, which will not be open to the public, for the purpose of legal advice pursuant to A.R.S. § 38-431.03(A)(3).  (Robin Mitchell)   Discussion, consideration and possible vote to allow Commission Staff to process all (not just time extension requests) A.R.S. § 40-252 requests.  (Burns)   Arizona Corporation Commission (AU-00000A-20-0100) - Discussion, consideration and possible vote to investigate freezing all utility rate increases that went into effect between January 1, 2020 and April 30, 2020.  The Commissioners may move to executive session, which will not be open to the public, for the purpose of legal advice pursuant to A.R.S. § 38-431.03(A)(3).  (Kennedy)(DOCKET NUMBER ADDED)

City of Mesa Assistant Economic Development Director Jaye O'Donnell Unveils Updates on Small Business Assistance + "Re-Emergence" Program

In the 7-week COVID-19 Pandemic aftermath - or economic emergency - that shut down most downtown businesses who were waiting for that promised "Salvation Train" to arrive since 2014 in that Downtown Vision Thing, and after all the hype in January 2018 about Mesa's Rise as An Innovation District, and the designation of 8 census tracts in Downtown Mesa as distressed and neglected low-income neighborhoods, there's been only rampant real estate speculation along the the Central Business District extension of Valley Metro Light Rail with plans for market-rate and luxury housing.

Now more than 60 days after the impacts hit, the City of Mesa has got a $90,400,000 bucket of federal money to throw at the problems caused by years of over-promising economic development to support and benefit the public good.

Jay O'Donnell has a plan - starting on May 12th 
The City of Mesa does not have a business registry 
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SLIDE 10: Small Business Reemergence Program 
Goals of the Mesa CARES Program: 
• Help as many Mesa-based businesses as possible and still provide meaningful assistance 
• Prioritize assistance for businesses who did NOT receive CARES Act funding 
• Prioritize assistance for businesses who were mandated to close or forced to significantly modify their operations due to Executive Order 
• Distribute the funds directly to businesses quickly, efficiently, and within the guidelines of the CARES Act. 
• Provide technical assistance to businesses for marketing, safety and health training, workforce development, website development, disaster preparedness, facility re-design and modification, etc.

SLIDE 12: Small Business Reemergence Program Recommendations based on CARES guidelines and needs assessment 
• Relief and reemergence program to reimburse business interruption 
• Intent is to help businesses planning to re-open or get back to full operation 
• Grant to eligible businesses will cover monthly essential operating expenses (up to 90 days): 
o Utilities (electric, natural gas, water, waste, cable, telecom) 
o Rent or mortgage payments 
• Supporting documentation will be required 
• Awards will most likely be capped at a few different “tiers”

Note: to date we have no hard data on what the financial impacts are for any of the six council districts from the City of Mesa.
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But we do have stories - here's just one
"Mesa readies lifeline for local businesses"
By Jim Walsh, Tribune Staff Writer

File #20-0516 

Mesa CARES Small Business Reemergence Program (14)

Jaye O’Donnell | Assistant Economic Development Director

(Mesa City Council Thu 30 April 2020)

THE REAL PRESENTATION

Hear a presentation, discuss, and provide direction on an update on the Mesa CARES program, focusing on the Mesa CARES Small Business Assistance and Reemergence Program. 

Here's the link > Presentation 14 Power Point slides

Mesa CARES Small Business 

Reemergence Program 

Jaye O’Donnell | Assistant Economic Development Director City of Mesa City Council Study Session | 4.30.20

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Excerpts from the story in the East Valley Tribune:

"Mesa plans to throw a financial lifeline to businesses struggling in the downturn unleashed by the COVID-19 pandemic in the form of grants mainly to small businesses that have not received other forms of federal relief.

The Mesa Small Business Reemergence Plan would tap into the $90 million allocation Mesa received from the Coronavirus Relief Fund approved by Congress in the federal CARES Act. . .

The grants, part of the Mesa Cares COVID-19 relief efforts, are intended to tide over businesses that have been heavily impacted by the pandemic and that hope to re-open once social distancing restrictions are relaxed.

City Manager Chris Brady said he has tentatively earmarked about 20 percent of the Mesa’s relief fund money to business survival – which would account for about $18 million – though the total will depend on demand and level of need.

Several equally-as-large buckets of relief money would go toward the food security plan unveiled a week ago and a household assistance program that is still under development. . . "

READ MORE > East Valley Trib Sun 05.03.2020 

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