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Yum China Reports First Quarter 2021 Results


Yum China Reports First Quarter 2021 Results
Total Revenues grew 46%. System Sales grew 34% and Same-Store Sales were up 10% in constant currency
Opened 315 new stores and reported $342 million Operating Profit
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SHANGHAI, April 27, 2021 /PRNewswire/ Yum China Holdings, Inc. (the Company or Yum China ) (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the first quarter ended March 31, 2021.
Impact of COVID-19 Outbreak and Mitigation Efforts 
Yum China reported substantial year-over-year growth in the first quarter, as the Company began to lap prior year periods that were impacted by COVID-19. System sales growth was mainly attributable to same-store sales growth, new unit contribution and substantially fewer temporary store closures. Operating Profit growth was further driven by lower commodity prices and productivity gains. ....

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Healthcare Lender Alert: New Law Impacts New York State Nursing Homes | Moritt Hock & Hamroff LLP


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As part of its recent budget, New York State has enacted a new law that significantly impacts nursing home operators in New York. Effective January 1, 2022, the new Section 2828 of the Public Health Law requires, among other things, that:
Not less than 70% of nursing home revenues shall be spent on direct resident care costs;
40% of the nursing home revenues must be spent on staff who work directly with patients (so-called resident-facing staff, as that term is defined in Section 2828), which is included in amounts spent on direct resident care costs; and ....

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Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.36 Per Diluted Common Share


Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.36 Per Diluted Common Share
Preliminary Financial Results and Other Matters for the Quarter Ended March 31, 2021:
CECL Adoption
: Effective January 1, 2021, Great Southern Bancorp, Inc. (the Company) adopted the Current Expected Credit Loss (CECL) accounting standard. The Company’s financial statements for periods prior to January 1, 2021, were prepared under the previous incurred loss accounting standard. The adoption of the CECL accounting standard during the first quarter of 2021 required us to recognize a one-time cumulative adjustment to our allowance for credit losses and a liability for potential losses related to the unfunded portion of our loans and commitments in order to fully transition from the incurred loss model to the CECL model. With the adoption of the CECL standard, we increased the balance of our allowance for credit losses related to outstanding loans by $11.6 million a ....

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