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Graphic Packaging Holding (NYSE:GPK) Q2 2014 Earnings Call July 24, 2014 10:00 AM ET
Bradford G. Ankerholz - Vice President and Treasurer
David W. Scheible - Chairman, Chief Executive Officer and President
Michael P. Doss - Chief Operating Officer
Daniel J. Blount - Chief Financial Officer and Senior Vice President
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Anthony Pettinari - Citigroup Inc, Research Division
Philip Ng - Jefferies LLC, Research Division
Usha Chundru Guntupalli - Goldman Sachs Group Inc., Research Division
Ketan Mamtora - Deutsche Bank AG, Research Division
Good morning. My name is Johnna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Graphic Packaging Second Quarter 2014 Earnings Call. [Operator Instructions] Brad Ankerholz, Vice President and Treasurer, you may begin your conference.
Bradford G. Ankerholz
Thanks, Johnna, and welcome, everybody, to the Graphic Packaging Holding Company's Q2 2014 Earnings Call. Commenting on results this morning are David Scheible, the company's Chairman, President and CEO; Mike Doss, our Chief Operating Officer; and Dan Blount, our Chief Financial Officer.
To help you along with today's call, we've provided a slide presentation, which can be accessed by clicking the Webcasts and Presentations link on the Investors section of our website, which is graphicpkg.com
I would like to remind everyone that statements of our expectations, plans, estimates and beliefs regarding future performance and events constitute future-looking statements. Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the company's present expectations. Information regarding these risks and uncertainties is contained in the company's periodic filings with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, as such statements speak only as of the date on which they are made, and the company undertakes no obligation to update such statements.
David, I'll turn it over to you now.
David W. Scheible
Thanks, Brad. Good morning, everyone. We had a busy and important quarter for Graphic Packaging. We reported second quarter adjusted earnings per share of $0.20 compared to $0.13 a year ago, same quarter. Second quarter adjusted EBITDA improved to $191 million from $175 million last year. The underlying trends in the business improved over quarter 1, as did our performance. We explained on the first quarter call that we did expect the business to normalize in the second quarter, after the weather-related disruptions we experienced in February and March. Specifically, we expected to make up around half of the weather-related EBITDA impact over the rest of the year, and I'm happy to report we are on target to do so.
We made great progress operationally and strategically, as the business performed in line with our expectations globally, and we remain on track to generate $350 million of net debt reduction from operating activities in 2014.
As I said in this morning's press release, our first priority is running the business, but we also took several major strategic steps during the quarter to position Graphic Packaging as a global leader in the packaging space long term.
Let me highlight a few noteworthy accomplishments. First, we finalized the UK-based Benson Group acquisition, greatly enhancing our folding carton business in Europe, enabling Graphic to enter the sizable European store brand market. The acquisition broadens our customer base, and it enables us to offer our current customers a wider range of new products and services. Our European business performed well in terms of sales and EBITDA, and we are on track with our synergies as we head into second half. I'm very pleased with our progress in Europe at this time.
Second, we concluded the sale of our multi-wall bag business to Mondi, which represents the last major step in a series of business divestitures over the last 9 months to truly transform Graphic into a pure play, vertically integrated Paperboard Packaging business.
Third, this May, we completed a secondary offering of nearly 44 million shares of common stock, which was the seventh such offering in the last 1.5 years. These secondary offerings have increased Graphic Packaging's average daily trading volume from less than 1 million shares to over 4 million shares daily. Two of the secondary transactions were coupled with targeted share repurchases totaling $500 million at an average price of $6.84. These buybacks were accretive to earnings and, we believe, a smart use of our cash to return value to shareholders.
Finally, prior to these transactions, our 4 largest shareholders owned 65% of our shares. Following the May offering, these shareholders no longer hold shares of the company.
The last event during the quarter was a well-attended Investor Day in New York City, in Boston, with a group of over 75 analysts and investors and conducted 2 days of institutional meetings that went well. Like I said, it was a busy quarter, but let's shift to the business environment.
Second quarter sales were up approximately 3% after adjusting for the impact of the divested businesses, while volumes in our Paperboard Packaging segments were basically flat to last year. We knew the production and shipments would bounce back from the weather-impacted first quarter, but I will tell you, high unemployment, coupled with higher food -- costs for food and fuel are still depressing consumer discretionary spending. As a result, we continue to see some soft demand in key area markets like cereal, dry foods and pizza. In fact, ACNielsen reports that North American cereal volume declined almost 4%, and dry foods were down 1% when compared to the same period last year.
There was, however, good news on the beverage side, as ACNielsen reported North American industry beer volumes increased 2% versus the prior year, primarily driven by the craft segment, while big beer was relatively flat. Soft drink industry volumes declined by about 2%, as the big soft drink makers refocused resources to push their core brands. In global beverage, particularly in Europe, Brazil and China, we are beginning to see a substitution trend away from plastic shrink and into paperboard in the beer sector. We've already begun to see benefits of this trend, and we are optimistic that this move towards packaging premiumization will continue to benefit our business in the long term. Our machine backlog is the highest it has been in 5 years, supporting these global trends in beer.
As expected, pricing improvements peaked this quarter at about $24 million. We expect pricing to be up between $40 million and $45 million for the full year when we exclude the positive price contributions that were anticipated in the divested multi-wall bag business. Including labor and benefits, total cost inflation was $24 million in the quarter. Input costs alone were up about $13 million, driven by higher cost for energy, externally purchased board, wood and, this quarter, to a lesser extent, freight.
We expect inflation to moderate in the second half of this year, as both energy and fiber costs have stabilized. Benefits from improved performance accelerated to $22 million in the quarter, as we were able to refocus our resources and cost reduction initiatives after the first quarter weather-driven downtime at the mills. For the full year, we're on track to deliver approximately $60 million in performance improvements. We adjusted our performance target down by $10 million to reflect the impact of the divestitures.
Summarizing the second quarter, we rebounded well from the February-March weather challenges, with strong performance across the global business. Strategically, we made 2 very important moves in the second quarter. We closed the U.K. Benson acquisition and we sold our U.S.-based multi-wall bag business. These 2 moves further solidify us as a leading vertically integrated player in the global Paperboard Packaging business.
We'll now focus on rightsizing our resources and optimizing our new footprint. There's still a lot of work to be done, but we're excited about the positioning of the business and our ability to continue gaining share in the global market for paperboard.
Mike Doss, our Chief Operating Officer, is going to talk more now about what the business looks like going forward and how we are going to continue to grow. Many of you met Mike at our Investor Day in New York, and Mike will be participating in our earnings calls and investor meetings on a go-forward basis. Michael?
Michael P. Doss
Thank you, David, and good morning, everyone. It's a pleasure to be joining the earnings calls, and I look forward to interacting with the investment community on a more regular basis.
Graphic Packaging is committed to being the leader in the global Paperboard Packaging business in the food and beverage sectors. We spent the last 5 years both building and optimizing our core business around this focus. We've divested noncore assets and businesses to free up capital, reinvested in our core business and substantially reduced debt. We streamlined and significantly increased productivity in our low-cost mills. We've optimized our network of converting facilities around both our mills and our marquee customers. We've implemented LEAN and Six Sigma resources to shorten our supply chain and improved efficiencies across the organization. In short, we've built a very unique business model that vertically integrates some of the lowest-cost mills with a network of highly efficient converting facilities.
And as we first mentioned during our June 3 Investor Day in New York, our mill system contains 150,000 to 200,000 tons of low cost, unutilized pulp capacity that further provides us with tremendous operating leverage as we continue to grow.
With the model built, we're focused on growing our converting volumes. We do this in a number of ways: new product development, channel expansion, product substitution, geographic expansion and targeted acquisitions. Over the past few years, we significantly expanded our penetration in the growing craft beer and pasta markets, focused our new product development efforts on corrugated substitution, utilizing our SUS paperboard and made 3 major strategic acquisitions in Europe to further expand our geographic presence in food and beverage markets.
Graphic's new product development strategy remains consistent: focus on convenient solutions for busy consumers, create shelf impact for customer products at the retail level to win consumer attention and selection and lower overall costs for the customer.
There were several new products introduced around convenience in the quarter. Our newest technology launch was the next gen IntegraPack [ph] for Shake Shack's fresh fry -- fresh-cut French fries. This is our latest hybrid solution combining Flexible Packaging with Graphic Packaging's paperboard for a more convenient on-the-go eating solution. On the microwave front, we've launched products in the U.S., Mexico and Europe, which utilize our proprietary sector [ph] technologies to provide consumers with convenience and quality cooking results and reduced cooking times.
As David mentioned, we are seeing some global beer customers shift away from shrink wrap towards folding cartons, given the enhanced graphics and branding of the products on the shelf. As a result, our machine business is the busiest it has been in a decade.
This ability to build and enhance brands with our packaging has also led to additional product launches in areas like the growing premium craft beer segment with the brands like Bell's, Firestone Walker and Sixpoint. Graphic has also optimized several snack and cereal cartons to enhance strength performance in the demanding club channel, including Z-Flute for club cereal and Litho-Flute cartons for snacks, including Famous Amos, Keebler M&M cookies and Pop-Tarts. These new cartons leveraged our strength portfolio and expertise to provide great product protection while minimizing material usage.
In addition to new product development in substrate substitution, we have grown converting demand through acquisitions. The closing of the Benson Group acquisition in May and the integration of this business gives us a $700 million plus business in Europe and a platform from which we -- to continue growing and gaining market share.
Our converting strategy in Europe is the same as it is here in the U.S.: operate a vertically integrated model that combines our low-cost U.S. produced SUS paperboard with a network of highly efficient converting assets to gain market share and expand in adjacent segments and geographies.
The initial synergies from the acquisition of Contego and A&R were estimated to be around $16 million to $18 million in 2014, and we are on track to deliver this. We expect to deliver another $5 million to $7 million in synergies from the Benson Group acquisition, which will be realized in 2015. However, we believe the global benefits between the U.S. and European businesses to be substantially more, as we are building a global team of operators and new product developers that are sharing ideas and best practices.
Geographic expansion also allows us to expand and enhance our relationship with our multinational customers, which we have traditionally only served domestically. It's an exciting time for Graphic Packaging. We are now a pure play, vertically integrated global Paperboard Packaging business. As is always our practice, over the course of the next year, we will look to right-size our global infrastructure and optimize our asset base around this new footprint.
Now to take you through the financial ins and outs of the quarter, and to help you model the business going forward, I'll turn the call over to Dan Blount.
Daniel J. Blount
Thanks, Mike, and good morning, everyone. To aid in our discussion this morning, I'll follow our posted presentation. Let's start on Slide 12. We reported adjusted second quarter EBITDA of nearly $191 million. Adjusted earnings per share was $0.20, up $0.07 over last year, and adjusted net income improved by 50%.
As you can see, Q2 adjusted net income rose to $66 million from $44 million last year. Improved operating results and lower interest expense drove the earnings increase. In the quarter, EBITDA margins climbed to 17%, and interest expense, driven by lower debt levels and lower borrowing rates, declined by $8 million. Primarily due to the divestiture of multi-wall bag, the Q2 P&L includes numerous nonrecurring charges related to the sale. To aid in analysis of the quarter, we adjusted for these charges in order to provide comparable year-over-year reporting of earnings that resulted from operations. In aggregate, the charge for the multi-wall bag sale and other M&A activity totals $106 million, net of tax.
The charge consists of 3 major components. First, the successful sale of the multi-wall bag business resulted in a $165 million pretax loss. The majority of this loss results from the write-off of intangible assets and goodwill that was established in 2008 when the business was acquired as part of the larger activity acquisition; second, $6 million primarily related to fees incurred in the acquisition of Benson; and finally, a $65 million tax benefit offsets the loss. This loss increases the size of the NOL, which is expected to be monetized within the next 3 years. We will review the status of the NOL a little later.
As you heard from Mike, post the multi-wall bag sale, Graphic Packaging becomes a pure play Paperboard Packaging business with a much more efficient operating model. We recognize the opportunity to create more value out of the transaction by reducing administrative costs. Currently, we are finalizing the actions needed to right-size our support and overhead structure. Our actions will not take long, as we expect annual savings of $10 million to $15 million to begin in 2015.
Over the next 2 quarters, we expect to incur costs of $6 million to $8 million, as we execute the cost reduction initiative. We will update you on our progress next quarter.
Now for the remainder of my time today, I will build on David's comments and quickly take you through the year-over-year changes in sales and EBITDA. Then to provide clarity on ongoing financial performance, we pro forma last 12 months' results to reflect the changes in our business portfolio. Finally, we wrap up with cash flow, debt and an update on full year guidance.
Now please turn to Slide 13 for the sales bridge. Excluding the divestitures, the ongoing business grew 2.8% compared to last year. As David commented, price, at $24 million, was the largest driver of revenue improvement. Overall, volume finished slightly better as Paperboard Packaging volumes were consistent with the prior year, and the addition of Benson offset a modest decline in the divested multi-wall bag business.
Now moving to Q2 EBITDA bridge on Slide 14. Again, excluding divestitures, EBITDA improved 12%, with $45 million of price and performance more than offsetting inflation. Now looking forward to Q3, we expect EBITDA to be consistent on a sequential basis with Q2 results. Continued improvement in Paperboard Packaging operating results are expected to offset EBITDA reductions caused by the multi-wall bag divestiture.
And in summary, if we look at Q2 EBITDA results, we are pleased with the fundamentals we are seeing: solid pricing, further opportunities to reduce cost and manageable inflation.
Now let's turn to Page 15 and review pro forma results. The pro forma removes the noncore businesses we sold and adds the Benson acquisition to provide a baseline of our ongoing business financials. The calculations assume we operated Benson for the full year and did not operate the divested businesses. Remember, over the last 9 months, we sold retail plastics, the URB mill, the labels business, and on June 30, multi-wall bag was closed.
As you see, the top line is slightly smaller, but this generates an LTM EBITDA of $685 million and improves the margin rate to approximately 17%. These transactions will allow us to enhance returns on future M&A and capital investments, as we focus on a more profitable core business with substantial operating leverage.
Now moving to Slide 16. You'll find our cash flow, debt, tax and liquidity summary. Not including M&A activity, only counting operating results, we have generated $62 million of year-to-date debt reduction. As most of you know, we generate the majority of our cash flow in the second half of the year. We remain on track to deliver $350 million in net debt reduction from operations in 2014. Currently, our net leverage stands at 3.17x, and given our cash flow outlook for this year, we expect to be within 2.5x to 3x our target leverage range as we leave 2014. Overall, looking at our debt portfolio, we have an average effective borrowing rate of approximately 3.3% and strong liquidity of over $700 million.
Now before turning to guidance, I would like to make a comment about our Q2 taxes. As stated earlier, the loss on sale of multi-wall bag resulted in a tax credit for the quarter and benefited us by increasing our NOL. The NOL grew from $830 million at the end of Q1 to $917 million at June 30. The NOL is a substantial asset for us that we will monetize as we continue to substantially save on U.S. federal income taxes.
Now turning to the last slide, you will see our outlook for 2014. Given the M&A activity, we lowered the tax rate, depreciation and amortization and interest. If you have any questions about guidance, we will address it during the Q&A.
And with those comments, I will turn the call back to the operator for the question-and-answers period. Thank you.
Bradford G. Ankerholz
Johnna, if you could go ahead and redefine the Q&A process please.
Question-and-Answer Session
[Operator Instructions] Your first question comes from Ghansham Panjabi.
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
First off, on productivity, for 2014, you initially targeted $70 million to $90 million for the year. You're lowering it to $60 million post the weather issues for the first quarter and also the divestitures. David, I know it's early, but is there a reason productivity should not be in the $70 million to $90 million range for '15, as you look out ahead now?
David W. Scheible
For 2015? I'm going to try and get us through this next quarter before I worry too much about productivity for 2015. Because our timing for working that out is our September is when we really do our LRP and then we put our operating plan together closer to November. So we'll just now begin to roll up all the individual business P&Ls to be able to look at operating performance. I'm not being evasive, but our performance is tied to individual projects in each mill and each converting plant, and so it takes us a little while to put that together. So until I've seen it, I don't want to comment on it. I don't think there's any reason for us to expect that our performance improvement will be materially different, but there were a lot of moving parts with the divestitures and the acquisitions that we need to look at, in the acquisitions, in case of Benson and others, to find out what their performance options are. But directionally, I don't expect it, but to try to nail down a number for '15 at this point in time is just too early in our process to do so.
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Okay. That makes sense. And then just can you touch on CRB supply and demand dynamics across the industry? It looks like one of your competitors is shutting some capacity, which seems to be a decent chunk of the industry. Just philosophically, how should we think about the impact on the industry and also your business?
David W. Scheible
Yes, I mean, I saw the same announcements you did. I don't have any better data than you have. I think that mill was probably somewhere in the 140,000 to 150,000 tons of CRB. CRB is still about a 2-million-ton market, so you can do the math for what the industry looks like. I think our best view on that is there'll be some short-term dislocation, as customers that were previously supplied there refind a different supply base. So those in the industry will benefit from some of that. But CRB was strengthening a little bit anyway. So I mean, the backlogs were not -- they -- were not tight, but it was not a materially weak market. So I think it should, in the long term, be business as usual.
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Okay, and then maybe a final one for Dan. The $6.6 million charge that you had at the reconciliation in your EBITDA table in the press release, how does that split between Paperboard and Flexibles?
Daniel J. Blount
The $6.6 million relates to the Benson transaction, principally, so it's in the Paperboard Packaging segment.
Your next question comes from Anthony Pettinari.
Anthony Pettinari - Citigroup Inc, Research Division
You had good margin growth in the quarter, and I'm wondering if it's possible to parse out what margins were in Europe and what you think they could be in 2015.
David W. Scheible
Yes, I mean, it's a 2-part question, do we know what the margins were in Europe? Yes. Do we disclose what the margins are in the individual business segments? No. What I would tell you on a go-forward basis is that we believe our margins will continue to expand across the enterprise. But remember that we ship board from United States to Europe because it's an integrated play. So some of those margins manifest itself back to the United States because we make Europe buy on a market-based board price. So those margins end up back in the U.S. So for us, on an integrated play, we look at that margins globally. Those margins are continuing to trend upward in our view.
Anthony Pettinari - Citigroup Inc, Research Division
Okay, that's helpful. And then in terms of European volume growth, is it possible to get some color on what your volume growth was year-over-year, maybe what you think the industry was? If you can just help us kind of understand maybe the share gain that you're seeing or if you can give us any kind of quantification around that.
Michael P. Doss
Yes, this is Mike Doss. I would characterize that as year-over-year really isn't relevant because of all the acquisition work that we've done, but what we see right now is a pretty steady backlog in Europe. We're relatively busy.
David W. Scheible
And a lot of it -- the beverage business in Europe is growing. I mentioned the premiumization, but we're building machines, and a number of them are ending up in Europe. You'll see some of the areas, like Germany, for example. You're starting to find them moving from less premium packages to 6-pack bottle carriers, which is a lot what you find in the craft market, but which requires paperboard and requires machines. So in some of the sectors, we've seen better than growth. But it's not so much share gain versus somebody else making paper, it's share gains versus alternative packaging, which is good. So as Mike said, our European backlogs are good. We're shipping a lot of board into Europe. We've seen good growth in the overall board dynamics from Europe. So the economic backdrop there is difficult, and you know that probably better than I do, but we're still encouraged by the way the business is performing at both top line and bottom line in Europe at this point in time.
Anthony Pettinari - Citigroup Inc, Research Division
Okay, okay. And maybe just one last one on U.S. volumes. I mean clearly, cereal, pasta, a lot of these categories have been much weaker than many of us have expected for some time. As you look at the second half of the year, do you see any reason for sort of positive volume growth in those categories? Or should we expect continued, I don't know, decline, low single digits year-over-year? How do you think about volume growth in those categories that have been sort of challenged in the U.S.?
David W. Scheible
Well, third quarter starts back to school, so you'll see the seasonality, of course, pick back up in those sectors, but structurally, I don't think we expect any big rebound. You have seen, however, a number of our large consumer goods companies are promoting, and cereal is one of the categories a number of their CEOs have talked about promoting. So the backlogs in that business are okay. But we aren't seeing -- we aren't expecting or forecasting some bounce materially different in those spaces. It just -- look, the -- I think the U.S. consumer is still challenged, right? And the people that are buying in the center of the store are materially challenged, right? Their wages are lower, they're paying more for X, Y and Z. Right now, they're getting a benefit on energy, but that's short-lived and that money doesn't necessarily translate to spending more long term. So I think we're looking at flat to slightly down in those markets, with the exception of beer; and pasta, actually is -- it looks pretty good. But it's going to be individual SKUs that are -- individual end-use sectors that will be better overall. I think you've got it right, it's kind of flat to slightly down.
Your next question comes from the line of George Staphos.
Unknown Analyst
It's actually John [ph] sitting in for George. I just have a couple of questions for you. The first question is I was wondering if you could provide a little bit of granularity on the source of the $22 million of productivity.
David W. Scheible
Well, I think what I'll tell you is that most of our productivity comes from the mills, and we had a terrible quarter, Q1, in the mills. This $22 million or so is really sort of a normalized rate for us. Generally speaking, 75% of our improvement comes in the mills, and that's probably about what we saw here. We used less energy, we used less fiber, and we had a much more efficient operations because mills weren't up and down during the quarter. So you saw a more normalized rate. I will tell you, however, I was very pleased with the operational results in our converting business, particularly in May and June timeframe. We struggled a little bit early part of the quarter because we were still coming out of the weather-related, so we were sort of catching up. But by the time, May and June got -- they did very well. We saw some great productivity improvement, that I expect to continue, in our converting businesses on a go-forward basis. So it was a very -- much more of a normalized performance improvement quarter versus Q1.
Unknown Analyst
Okay, great. And then also last quarter, you said that there was a reasonable likelihood of other price increases in 2015 given the contractual terms. And from that standpoint, I was just wondering if you can provide a little bit of color on how we might be able to estimate that on, I guess, a kind of stand-alone basis?
David W. Scheible
Yes, I mean, I think what I said was that traditionally, we -- previous year inflation sort of gives you a good harbinger for what you're going to see in pricing in the forward years, and so that's kind of what we did. We're going to have some hangover pricing that's going to continue into 2015 because we had some pretty significant inflation last year, and that's going to continue into 2015. And then, as you look at our input inflation this year, I think we're looking at maybe $35 million or so. And that will be -- $35 million to $40 million of input inflation for the year, that will be sort of where we would expect pricing to move into 2015. Because traditionally, our contracts, pricing in the industry tends to really be around input cost inflation or deflation, as we found in 2011.
Unknown Analyst
Okay, great. And then, now with regards to board prices, obviously, we've seen that move a little bit higher, and I was just wondering, have you started to see any sort of substitution away from paperboard into plastics and film?
David W. Scheible
Well, plastics and film have gone up as well, right? So you've seen price pressure on all that. We have not seen any change. You've seen more substitution to and from the grades. Between SBS and CRB and CUK, you see that kind of normal back and forth. But we really haven't seen any change from plastics, other than what I mentioned in beer, where the customers, it's not so much on a cost basis, they're trying to get more premium pricing for their beer product and, therefore, they put it in premium packaging, which tends to be paperboard versus plastics. So we clearly have seen a move in beer away from plastic or alternative packaging into paperboard around the globe.
Unknown Analyst
Okay, great. And then just one last question before I let you move on. Generally, with regards to all the logistical issues that we've seen from both rail and freight, has that encouraged you guys to keep extra inventory on hand? Or a little perhaps delayed purchases, I mean, shipments and purchases of product?
David W. Scheible
Now you sound like one of my operating guys explaining why he's got excess inventory in his system, so we'll go with that. But the fact of the matter is, freighting for us was up about $1 million this quarter, so we saw some freight inflation. And it is true that getting trucks -- and right now, rail -- actually getting access to rail is more difficult than truck. With all the shale oil stuff that's going on, a lot of the capacity in rail is not coming to paperboard. As you may expect, we're at the lower end of the desirability of the rail lines, so we have to fight for every car that we get. So we've seen some issues there. We have some inventory in the system to do that, but not appreciably more than we would normally, normally have. And in fact, for us, a lot more of our paperboard now is going overseas to support our European growth activity, so a lot of the inventory is actually on the water getting from Savannah to the ports in Europe. That's part of the inventory build at Graphic Packaging, and that will continue because it takes, what? Five weeks, 4 to 5 weeks to get over there now?
Michael P. Doss
David W. Scheible
Four weeks to get over there, and that inventory is going to reside in our bases.
Your next question comes from the line of Philip Ng.
Philip Ng - Jefferies LLC, Research Division
Quick question. I mean, I guess longer term, that news with your competitor shutting down their capacity in the CRB is certainly constructive, but in the short term, I think you alluded to that as well, backlogs have come in a bit for CRB and CUK. PPI publication was reporting that. You could see some downside pressure. It didn't sound like you were too worried about it, but I just wanted some color on your thoughts in the back half in terms of pricing.
David W. Scheible
Well, I mean, we have -- our backlogs in our paperboard mills are good. So yes, and I think, that's what RISI reported, that they were pretty stabilized year-on-year and pricing was reflecting that. We hadn't really seen a lot of downside pressure on pricing in our paperboard business. So that's -- I feel okay about that. I mean, I think a lot of it really depends upon what we think demand is going to be in the second half of the year, right? I mean, if we could hit -- we're going to have -- if we hit back-to-school in the third quarter, that generally pulls demand and capacity really does -- it's not like there's new capacity that comes online, so that tends to tighten them up in the third quarter, and that's what we would expect. And then fourth quarter is generally a much softer quarter for us in terms of sales and earnings, but that's all sort of factored into our expectations and guidance, and you guys have modeled that out for a long time.
Philip Ng - Jefferies LLC, Research Division
Got you. And then I guess one of the companies we cover mentioned some of their customers saw some de-stocking on the food side. Did you see any of that impact during the third quarter?
David W. Scheible
That's another one of those, "How would I know?" I mean, de-stocking through a system the size of the food and beverage business in the United States of America, pretty difficult. Remember, Wal-Mart doesn't even report into those statistics, so you have a little visibility over their supply chain, but not great. Honestly, I don't know that I would buy into the de-stocking thing. What I would tell you is that it's just been a difficult economic recovery for the average blue-collar American, and those are our customers. More than anything, those are the trends that we're fighting versus some ongoing de-stocking of the pantry. I'm not buying that.
Philip Ng - Jefferies LLC, Research Division
Got you. And then I guess medium to long term, I believe your board's meeting in September, would cash flow deployment priorities be an area of focus in the meeting? And should we get an update later this year?
David W. Scheible
When we talk -- when we put our LRP together, we'll look at everything: sales, EBITDA, cash flow and what we're going to do relative to our capital investment, synergy improvement and what we'll do with cash flow that's not needed for debt reduction. As Dan said, we should be pretty close. We'll be in that 2.5x to 3x range by the end of the year, which provides us more flexibility in 2015 on a go-forward basis, and we'll sit down with the Board and figure out what that looks like. But for me, and I've talked about this before, I like to generate the cash first before I go spend it. Unlike my daughters who believe it's the other way around, I know it's better to have it and then figure out what you're going to do with it, and that's what we're going to be working on.
[Operator Instructions] Your next question comes from Usha Guntupalli.
Usha Chundru Guntupalli - Goldman Sachs Group Inc., Research Division
You mentioned a potential upside to synergies from the recent European acquisitions. Could you put a range on what that upside could be? And also, some color on the dry wood [ph] for that upside?
Michael P. Doss
So really, the upside for us wasn't an improvement in the actual number, it was more the networking and the ability to kind of work on a more global basis to service our multinational customers. That's really the synergy benefit we're seeing, both in terms of our operator exchanges and in terms of our product development folks. And so really, the way that helps us, as we think about the medium term, is over here, we have to generate the cost reduction that we talked about here and the ranges that we did, and those are the types of projects that we are able to share from one business unit to another to really help us make sure that we get that each and every year. That's really more the context of the upside we were talking about.
Usha Chundru Guntupalli - Goldman Sachs Group Inc., Research Division
That's helpful. And then for the Flexible Packaging business in the second half, what kind of a ramp in margins can we expect post the sale of multi-wall bag business?
David W. Scheible
Yes, so that will be a question for Mondi. We no longer have any business in flexible or multi-wall bag. Graphic Packaging is a pure play paperboard business, so we have no projections in the second half for anything that is not paperboard-based.
Usha Chundru Guntupalli - Goldman Sachs Group Inc., Research Division
I just meant like margins for your business, given that, that business is no longer there, so just trying back-allocate -- like how much benefit could that mean for your margins?
David W. Scheible
Yes, I mean you saw our margins increase in the quarter. Obviously, we were 17%, which included multi-wall bag. We talked about -- Dan's talked about trending north of that, closer to 18%, and that's probably where we're headed, assuming everything else. But on a normalized basis, paperboard margins were higher, and you would expect us to be heading towards that 18% EBITDA margin basis -- EBITDA margin.
Daniel J. Blount
Just to remind you, we did give you -- we did recast the financials to give you an LTM based on the new business profile, and you can use that as your starting baseline to build forward and to go through the second half of the year. And David also gave you guidance on cost reduction and pricing on top of that so that you can use that information to get to where you need to be.
David W. Scheible
I think the key on margins for us will -- we're pretty sure we get the cost reduction, the pricing is sort of locked in. It really depends upon how does the volume hold in the second half of the year, right? That's where the margin expansion is. So assuming that the volume sort of holds where we expect right now -- we'd expect margin expansion. Right now, I think it's very difficult for us to give a really good view of the U.S. economic performance, because it seems to be -- it's a variable recovery, to say the absolute least.
Usha Chundru Guntupalli - Goldman Sachs Group Inc., Research Division
That's helpful. And just one last one on inflation. Commodity inflation seem to have picked up in the second quarter. Could you provide more color on the key drivers and your expectation for each one in the second half? Just trying to figure out what you have factored in for each of the key buckets?
David W. Scheible
Yes, let me help a little bit with that. Let's just use the $13 million worth of commodity inflation in the second quarter. About $4 million of that or so was energy inflation. The $2.7 million was -- about $3 million of it was external board. We buy SBS -- well, we buy some other boards, but we buy predominantly SBS. And as you well know, there was a price increase registered in SBS. And so year-on-year, that was about $3 million. And then we had about $2 million worth of wood -- and I mean round wood inflation. As I look forward in the second half of the year, I think energy inflation is pretty stabilized. We're hedging, at this point in time, actually, below $4 as we go forward. So I think energy, year-on-year, will be pretty flat. The board -- external board will continue to be around the same kind of a number because it's a year-on-year comp. I can't remember exactly when those prices went up...
Daniel J. Blount
It times out, really, at the end of Q1 of next year.
David W. Scheible
So it will be a direct -- and then, wood prices this time of year tend to trend down a little bit because we don't fight the weather so much. We can get in and get the pine out pretty easily, so I think the $2 million worth of wood inflation is probably at the upper end of what we would expect to see in the second quarter. And I mentioned earlier, freight was about $1 million year-on-year. That feels about right. You've seen the surcharges come down a little bit because the energy complex is variable unless somebody launches another rocket or something that creates a dislocation we haven't planned on, you would expect freight to be around that. So I mean, those are sort of the -- that's why I think it will moderate a little bit in the third quarter because I don't think energy is going to be up nearly that much for us.
Your last question comes from the line of Ketan Mamtora.
Ketan Mamtora - Deutsche Bank AG, Research Division
Just a quick one. Can you remind us what is sort of the base capital spending for this business now and some of the key projects you have for 2014?
David W. Scheible
Well, our cap -- I think if you look on Page 17, we are going to spend somewhere between $185 million and $200 million, roughly, on an annualized basis. 75% or 80% of that or more is in the mills, and those projects are really around cost reduction, fiber -- eliminating fiber, eliminating water -- use of water and chemical reductions. For example, this year, I think we mentioned that we spent $14 million in Kalamazoo putting a curtain coater on that thing. So that takes out $10 million a year of use of TiO2, titanium dioxide, in our coatings because we're putting a different kind of thing. Those are the kinds of projects that will be in our mill. And as I said earlier in the call, each one of the capital projects, like our performance, are tied to individual projects. So when we talk about the range, it's because in a given year, it may range up if we have a great project. If we don't, then we won't spend the capital. Fortunately, for Graphic, because we were so highly levered for a number of years, our best capital project's really just paying down debt, and that's what Dan forced us to do. As we go forward, a lot of the projects in the mills are still great projects. They were great before, but now they rise to the level of we should fund these projects because paying down debt does not have nearly as much return to the shareholders. And so that's why a lot of the capital is really on cost reduction, which is why when I talk about I think we're going to be good in our cost reduction program, it's because I'm focusing more and more of my CapEx towards those kinds of things on a go-forward basis.
Ketan Mamtora - Deutsche Bank AG, Research Division
That's very helpful. And then one last one, with your recent expansion in Europe, obviously, the 2 acquisitions that you did earlier and then Benson, would you, at some point, look at sort of recycled mill capacity in Europe?
David W. Scheible
That's -- I would never say never to anything, because you just don't know how the structure and the industry will change. Right now, I think in Europe, we've got our hands full just integrating these 3 businesses, plus fixing our old one. We had some plant shutdowns, some things that we're doing relative to integrating new tons. So that's going to be our focus in 2014 and '15. Long term, we'll take a look at any of those things that we might think will improve the business in Europe.
There are no further questions at this time. I'll turn the call back over to the presenters.
David W. Scheible
Yes. Well, thank you very much, all, and we'll talk to you in the next quarter.
This concludes today's conference call. You may now disconnect.
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xIlluzionx's DIY Channel 580.097 visualizações 12:59 Install windows 10 on Mac (No bootcamp, 100 WORKING) - Duração: 10:11. Thank you, Reply With Quote 07-29-2012,07:15 PM #2 Nethfel View Profile View Forum Posts Member Since Feb 25, 2009 Posts 2,112 Specs:Late 2013 rMBP, i7, 750m gpu, OSX versions 10.9.3, 10.10 dont ask how, its always easy to blame stuff on the internet. Windows is designed to use older drivers when newer ones can not be found. http://ubuntulaptops.com/windows-7/cannot-connect-to-internet-windows-7.php
permalinkembedsaveparentgive gold[–]iriminage 0 points1 point2 points 1 year ago(0 children)I think I have the same problem. Add comment Helpful +3 Report DocRob Jun 22, 2009 04:12PM Had a similar problem: couldn't access ethernet after Boot Camp install to Windows XP, though worked fine in OS X. Then I followed your steps above. Everything looks fine, but I can't enable the device.
Oh, and you need to hold the alt/option key when you see a grey screen every time you start your computer and want to access the mac mode because it is AppleVisionTV 216.342 visualizações 16:33 Setting Up a Wireless Connection: Windows 7 - Duração: 4:06. permalinkembedsavegive gold[–]iriminage 0 points1 point2 points 1 year ago*(1 child)I finally got this working... Yesterday upgraded to the new version of Windows 10 and it broke my Wifi.
Privacy Policy Terms of Use Sales and Refunds Legal Site Map Contact Apple Pular navegação BREnviarFazer loginPesquisar Carregando... Can't figure out the fix. Does The Amazing Lightspeed Horse work, RAW? Bootcamp Windows 7 Wireless Not Working No luck.
unfortunately they do not "have the expertise" - the problem with the "UPLOAD" error should be resolved by putting in your windows CD and installing the components you need. go into mac and run boot camp assistant. Been a while but it always did for me. ...Dennis Mac-Forums Community Guidelines Reply With Quote 08-02-2012,02:09 PM #5 otterowen View Profile View Forum Posts Member Since Jul 29, 2012 Posts permalinkembedsavegive gold[–]Cena904 0 points1 point2 points 1 year ago(0 children)Figured it out.
i had the same problem and I did what you said, IT WORKED! Bootcamp Wifi Driver Windows 8 Report dalesusanita- Oct 7, 2009 02:59AM In the end I just called my Internet people (Jazztel) and they talked me through the internet connection set-up in Windows. Próximo windows 7 not connected no connections are available - Duração: 6:21. The wifi adapter says that it is working correctly.
I didn't believe it would work, but it did. http://www.mac-forums.com/showthread.php?t=280582 I read through all the suggestions and finally got that I needed to relaunch into windows and insert the CD that came with the computer - not the applications, but the Bootcamp Windows 10 No Internet Send us an email b. Bootcamp No Connections Are Available Welcome to Mac-Forums!
I've run the original Mac CD too. More about the author Mikehol Holloran 5.121 visualizações 3:11 Carregando mais sugestões... I have been unable to connect to the internet through Windows 7. Guidelines for Askers 1. Bootcamp No Wifi Windows 10
I figured out that the Broadcom drivers from Bootcamp under my 8.1 were broken in 10, in that I couldn't delete and reinstall them under 10. Certain subjects are not appropriate for /r/AppleHelp, including: Developer Previews and AppleSeed Betas. EDIT: The network card is a Broadcom 802.11n network adapter (as per the device manager) EDIT2: I gave up and bought a network card (Edimax EW-7811U), and have the same issue.... http://ubuntulaptops.com/windows-7/cannot-connect-to-internet-windows.php The built in wifi cards hardware ID is PCI\VEN_14E4&DEV_4331&SUBSYS_00D6106B&REV_02 and PCI\VEN_14E4&DEV_4331&CC_028000 –Hoppe Feb 20 '14 at 2:18 What about the drivers?
My son bought a macbook pro and couldn't get the internet to work after I installed bootcamp for him. Boot Camp Internet Connection Problem put you os 10.5 in your computer. I will choose the driver to install." The next area should have your Broadcom driver selected.
Report G-LA- May 9, 2010 07:28PM I have this problem as well. Cxu oni estas "en" aux "sur" foto? Reprodução automática Quando a reprodução automática é ativada, um vídeo sugerido será executado automaticamente em seguida. Bootcamp Windows 7 Network Driver The system returned: (22) Invalid argument The remote host or network may be down.
Very Confusing! An error (403 Forbidden) has occurred in response to this request. Using OS X.7 or later make a bootable USB thumb drive before running Installer! http://ubuntulaptops.com/windows-7/cannot-connect-to-the-internet-windows-7.php The Windows OS is whole fine and works perfect! (even Paint, lol JK)...
TVMathieu 113.381 visualizações 16:39 How To Choose and boot into a OS Using Bootcamp (Mac) - Duração: 5:51. Reply Report Totes McGoats- Jun 6, 2010 08:02AM I had the exact same problem.

subset: commoncrawl


text:
You'd think after taking the time to plot, draft, write, and revise an entire novel that you'd be a little excited. Try doing that through the span of 8 years. I never felt a greater sense of accomplishment in my entire life. Bigger than graduating college. Bigger than landing a phenomenal career. Bigger than earning my MBA. Bigger than proposing to my fiancé…
Well, maybe not that last one.
But here it is! In all its tremendous glory!
There are just so many people I'd like to thank for this tremendous effort and even though they have been acknowledged and immortalized within the pages of this script, not recognizing their efforts and contributions on my blog would be a grave injustice.
First off, my beloved parents. Although they will never read nor comprehend what it is that I've created, they will always support me as long as I'm happy with what I'm doing.
To my darling brother who (usually) never has anything nice to say about my work. I can remember a time where I had him acting in our parent's garage for 5 hours trying to work through this scene for a YouTube video. Even to this day he still refers to that video and a great majority of the ones I put months into filming and editing as complete and utter crap. To have his seal of approval on this one means the world to me.
Of course, how could I leave out my wonderful fiancé Lisha. A woman who spent countless nights hoping I'd stop writing for just a few moments to simply acknowledge her presence. Her review and criticisms of this book gave me confidence that it can and will appeal to all types of demographics willing to give it a chance by cracking open the first page. For that, I am forever thankful.
Special and particular thanks goes out to a Mr. David Sondered at Studio Colrouphobia. If you are looking for a man that embodies the very definition of patience then look no further. I constantly and consistently badgered him with requests and changes to embody the cover to what I wanted. And yet… He made a couple of simple suggestions and I have been humbled. You sir, are a professional and a man of class.
And finally, to all of my friends and family members. I know I had kept this a secret from most of you only because when I first started "bragging" about my novel, I became swallowed in hype. That was 8 years ago. Humbling experience aside, I couldn't be happier with the support you've offered and I hope that you enjoy the ride I'll be taking you on.
Just like the tag-line to Agent M: Project Mabus… We've only just begun.


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Perfect Attendance awards for the 2011 – 2012 year went to Kayla Crouch, Kati Jones, Kylee Ousley, Jada Van Houten, Madison Cook, Alexis Asfour, and Maddison Loveday.
Alexis Asfour was recognized for recruiting a friend, Maddison Loveday, to the group for the 2011 -2012 year.
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Kayla Crouch and Emily Ditton were recognized for ten years of participation in the group.
{loadposition relatedcategorynewslocal}


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BOLIVAR, Mo. – Southwest Baptist University's Darrell R. Strait Center for the Integration of Science and Christian Faith will feature Dr. Wenping Qiu, professor and director of the Center for Grapevine Biotechnology at Missouri State University, as part of the Strait Center's biannual formal lecture series, "Topics on Science and Christian Faith."
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Some unrelated current-event articles for you to 'enjoy':
Universal Healthcare fans – this is for you. Are you really for the poor getting adequate healthcare?
The great benefits of immigration to this wicked imperialist country…
The truth about "poverty line" and "charedi poverty" (note that the statistics are somewhat skewed as many people have houses written on relatives' names, so to receive social services. Heck, I'm goin' back to kollel!
Speakin' of poverty – how dedicated are these leftie Dem fans!? Oh, yea, I see the real reasons behind "fighting poverty" – make 'em donors even richer!
And of course, left-wing bias is a hoax of the vast right-wing conspiracy… Just ask the dogsmear.
What do Harry Maryles and Beijing have in common? Find out here. (Hint: the real problem is of course, the charedims' anti-internet stance).
The Marines really carried out massacres… But don't tell BD about it!
Another leftie pet-peeve… Anarchy = ultimate freedom, isn't it? (Of course, breaking the Law is an extreme evil… as long as charedim do it!)
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- Safety Canopy System Curtain 1st, 2nd And 3rd Row Airbags
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- Mykey System -inc: Top Speed Limiter, Audio Volume Limiter, Early Low Fuel Warning, Programmable Sound Chimes and Beltminder w/Audio Mute
- Rear Child Safety Locks
- Outboard Front Lap And Shoulder Safety Belts -inc: Rear Center 3 Point, Height Adjusters and Pretensioners
- Engine: 3.5L EcoBoost V6
- Limited Slip w/3.73 Axle Ratio
- GVWR: 7,720 lbs Payload Package
- Transmission w/Driver Selectable Mode
- Electronic Transfer Case
- Part And Full-Time Four-Wheel Drive
- 72-Amp/Hr 650CCA Maintenance-Free Battery w/Run Down Protection
- 250 Amp Alternator
- 1600# Maximum Payload
- Gas-Pressurized Shock Absorbers
- Front And Rear Anti-Roll Bars
- Electric Power-Assist Speed-Sensing Steering
- 34 Gal. Fuel Tank
- Single Stainless Steel Exhaust w/Chrome Tailpipe Finisher
- Auto Locking Hubs
- Double Wishbone Front Suspension w/Coil Springs
- Multi-Link Rear Suspension w/Coil Springs
- 4-Wheel Disc Brakes w/4-Wheel ABS, Front And Rear Vented Discs, Brake Assist, Hill Descent Control and Hill Hold Control
- Tires: P275/65R18 AT OWL
- Steel Spare Wheel
- Full-Size Spare Tire Stored Underbody w/Crankdown
- Clearcoat Paint
- Body-Colored Rear Step Bumper w/Body-Colored Rub Strip/Fascia Accent
- Body-Colored Front Bumper w/Body-Colored Rub Strip/Fascia Accent and 2 Tow Hooks
- Black Side Windows Trim and Black Front Windshield Trim
- Body-Colored Bodyside Cladding and Body-Colored Fender Flares
- Chrome Door Handles
- Flip-Up Rear Window w/Fixed Interval Wiper, Heated Wiper Park and Defroster
- Deep Tinted Glass
- Speed Sensitive Variable Intermittent Wipers
- Galvanized Steel/Aluminum Panels
- Running Boards
- Chrome Grille
- Liftgate Rear Cargo Access
- Roof Rack
- Fully Automatic Aero-Composite Halogen Headlamps w/Delay-Off
- Front Fog Lamps
- Perimeter/Approach Lights
- Window Grid Antenna
- Front Facing Fold Forward Seatback Cloth Rear Seat
- Fixed Split-Bench Cloth 3rd Row Seat Front, Manual Fold Into Floor and 2 Fixed Head Restraints
- Leather Steering Wheel
- Front Cupholder
- Rear Cupholder
- Front Cigar Lighter(s)
- Compass
- Keypad
- Remote Releases -Inc: Keyfob Rear Window
- Garage Door Transmitter
- Cruise Control w/Steering Wheel Controls
- HVAC -inc: Underseat Ducts, Auxiliary Rear Heater and Headliner/Pillar Ducts
- Illuminated Glove Box
- Interior Trim -inc: Other Interior Accents
- Full Cloth Headliner
- Vinyl Door Trim Insert
- Urethane Gear Shift Knob
- Day-Night Auto-Dimming Rearview Mirror
- Driver And Passenger Visor Vanity Mirrors w/Driver And Passenger Illumination, Driver And Passenger Auxiliary Mirror
- Full Floor Console w/Covered Storage, Full Overhead Console w/Storage, Conversation Mirror and 3 12V DC Power Outlets
- Front And Rear Map Lights
- Fade-To-Off Interior Lighting
- Carpet Floor Trim
- Cargo Area Concealed Storage
- Cargo Space Lights
- Dashboard Storage, Driver / Passenger And Rear Door Bins
- Delayed Accessory Power
- Power Adjustable Pedals
- Systems Monitor
- Outside Temp Gauge
- Analog Display
- Seats w/Cloth Back Material
- Manual Adjustable Front Head Restraints and Fixed Rear Head Restraints
- Front Center Armrest
- Perimeter Alarm
- Securilock Anti-Theft Ignition (pats) Engine Immobilizer
- 3 12V DC Power Outlets
|2-Stage Unlocking Doors
|4wd Selector - Electronic Hi-Lo
|4wd Type - Part Time W/ On Demand Setting
|Abs - 4-Wheel
|Adjustable Pedals - Power
|Air Filtration
|Airbag Deactivation - Occupant Sensing Passenger
|Antenna Type - Diversity
|Antenna Type - Element
|Anti-Theft System - Engine Immobilizer
|Anti-Theft System - Perimeter Alarm
|Assist Handle - Front
|Assist Handle - Rear
|Auxiliary Audio Input - Bluetooth
|Auxiliary Audio Input - Jack
|Auxiliary Audio Input - Usb
|Axle Ratio - 3.73
|Battery - Maintenance-Free
|Battery Saver
|Body Side Moldings - Body-Color
|Body Side Reinforcements - Side Impact Door Beams
|Braking Assist
|Camera System - Rearview
|Capless Fuel Filler System
|Cargo Area Light
|Center Console - Front Console With Armrest And Storage
|Child Safety Door Locks
|Child Seat Anchors - Latch System
|Conversation Mirror
|Cruise Control
|Cupholders - Front
|Cupholders - Rear
|Cupholders - Third Row
|Digital Odometer
|Dimming Rearview Mirror - Auto
|Door Handle Color - Chrome
|Driver Seat Manual Adjustments - Lumbar
|Driver Seat Manual Adjustments - Reclining
|Driver Seat Power Adjustments - 6
|Driver Seat Power Adjustments - Height
|Electronic Brakeforce Distribution
|Electronic Messaging Assistance - Voice Operated
|Electronic Messaging Assistance - With Read Function
|Emergency Locking Retractors - Front
|Emergency Locking Retractors - Rear
|Exhaust Tip Color - Chrome
|Exterior Entry Lights - Puddle Lamps
|Exterior Entry Lights - Security Approach Lamps
|External Temperature Display
|Fender Lip Moldings - Body-Color
|Floor Mat Material - Carpet
|Floor Material - Carpet
|Floor Mats - Front
|Floor Mats - Rear
|Front Air Conditioning
|Front Air Conditioning Zones - Single
|Front Airbags - Dual
|Front Brake Diameter - 13.8
|Front Brake Type - Ventilated Disc
|Front Brake Width - 1.34
|Front Bumper Color - Body-Color
|Front Fog Lights - Led
|Front Headrests - 2
|Front Headrests - Adjustable
|Front Seat Type - Bucket
|Front Seatbelts - 3-Point
|Front Shock Type - Gas
|Front Spring Type - Coil
|Front Struts
|Front Suspension Classification - Independent
|Front Suspension Type - Double Wishbone
|Front Wipers - Intermittent
|Fuel Economy Display - Mpg
|Fuel Economy Display - Range
|Gauge - Tachometer
|Grille Color - Chrome Surround
|Headlights - Auto Delay Off
|Headlights - Auto On/Off
|Headlights - Halogen
|Headlights - Wiper Activated
|Headphone Jacks - Front
|Hill Descent Control
|Hill Holder Control
|Impact Sensor - Post-Collision Safety System
|In-Dash Cd - Mp3 Playback
|In-Dash Cd - Single Disc
|Infotainment - Sync
|Keypad Entry
|Liftgate Window - Manual Flip-Up
|Limited Slip Differential - Rear
|Mirror Color - Black
|Multi-Function Display
|Multi-Function Remote - Keyless Entry
|Multi-Function Remote - Trunk Release
|One-Touch Windows - 1
|Overhead Console - Front
|Parking Sensors - Rear
|Passenger Seat Manual Adjustments - 2
|Passenger Seat Manual Adjustments - Reclining
|Power Brakes
|Power Door Locks - Auto-Locking
|Power Outlet(S) - 12v Cargo Area
|Power Outlet(S) - 12v Front And Rear
|Power Steering
|Power Windows
|Power Windows - Lockout Button
|Programmable Safety Key
|Radio - Am/Fm
|Reading Lights - Front
|Rear Air Conditioning - Independently Controlled
|Rear Air Conditioning Zones - Single
|Rear Audio - Separate
|Rear Brake Diameter - 13.2
|Rear Brake Type - Ventilated Disc
|Rear Brake Width - 0.87
|Rear Bumper Color - Body-Color
|Rear Door Type - Liftgate
|Rear Headrests - 2
|Rear Headrests - Foldable
|Rear Privacy Glass
|Rear Quarter Windows - Power
|Rear Seat - Sliding
|Rear Seat Folding - Flat
|Rear Seat Folding - Split
|Rear Seat Manual Adjustments - Reclining
|Rear Seat Type - 40-20-40 Split Bench
|Rear Seatbelts - 3-Point
|Rear Shock Type - Gas
|Rear Spring Type - Coil
|Rear Stabilizer Bar
|Rear Struts
|Rear Suspension Classification - Independent
|Rear Suspension Type - Multi-Link
|Rear Wiper - Intermittent
|Rear Wiper - With Washer
|Rearview Monitor - In Dash
|Retained Accesso
*Default estimated payment is based on 3% rate for 72 months and $7,360 down payment. Estimated payments are for informational purposes only and don't account for acquisition fees, destination charges, tax, title, and other fees and incentives or represent a financing offer or guarantee of credit from the seller.


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Handknit socks are hot! They are one of those projects that are always in demand with knitters, once you make a pair and present them to someone special, be prepared! You will be asked for many more!! Small and portable, socks are great for on the go knitters, whether it is on an airplane (make sure you take wooden needles), waiting in a doctor's office, or sitting through a child's hockey practise, a ball of sock yarn and double pointed needles stash easily inside a purse or a big pocket.
This month, celebrate SOCKTOBER! Join a class and try your hand at sock knitting for the first time, or pick up the needles and get back to a pair you may have started a year ago.
Just in-
HOT SOCKS by Grundl is a mix of 75% superwash wool for cosy warmth with 25% nylon for durability. These are 100g balls which easily make an adult pair of socks, knit on 2.75 mm needles an dpriced well below other sock yarns.
Check out a few of the newest colourways-


text:
Perhaps its just me, but this part reads very form-letter to my eyes:
please be aware that because {$SITE} is most compatible with Internet Explorer, and as you or {$NAME} may be aware, using other Browsers can cause discrepancies in accessing ${SITE} properly. Due to the fact that we are trying to enhance the site, and that Internet Explorer is the most used Browser, then this is the reason for our recommendation to use this type for Program.
I asked them why they didn't simply stick to international standards which worked across many web browsers. I also asked how someone who was not able to use MSIE operated their site & gave them a few examples of work-sites which had switched off MSIE for security reasons (didn't say so, but some of these switched it off after fellow sites had been completely snowed-under by black-hat software pulled down through MSIE; so far, abstainence has worked for them).
Note that their instructions included clearing the cache (& "files", whatever that amounts to) on MSIE. I didn't say so outright, but that indicates to me that they have massive server problems anyway, beyond & beneath HTML formats.
Let's see if I get an answer.


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text:
2016 Lexus IS 250 Release Date and Price - Lexus Cars Review
Lexus IS 250 Interior, Lexus IS 250 Release Date, Lexus IS 250 Specs, Price of Lexus IS 250
Welcome to Raiacars.com, The next review about 2016 Lexus IS 250 Release Date and Price from Lexus cars. Let's see more specification, concept and review details for this cars below.
2016 Lexus IS 250 has a convertible body with a hard roof that can be removed just by pressing a single key. This car has got stunning sporty look with a shinny body. Cat's eye shaped headlights with LED fog lights create a comfortable driving during night.Though the ground clearance of this sedan is low it has high though wheels which facilitates low off road surface, driving possible. It has got a large grill in the front with bifurcation. The grill is divided into two different styles. 2016 IS 250 has got tinted glass windows that ensures privacy. This car is package of features.Interiors are dark with a sporty look. Seat covers of this vehicle are leather with synthesized dash boards. This Lexus 250 is enabled with powerful steering and digitalized meters that helps to drive comfortably and to keep a check on speed and fuel level. High placed gear lever helps to shift easily. It is enabled with a system and automatic weather adapting system. Powerful stereos and bottle carriers are a common in Lexus cars. Best thing about, interior of this car is, it has all the scope of customisatio.This feature helps customers to change this car's interior according to his taste
via : www.2016carmodels.com


text: 1/3 HP, 115 Volt, 10' Power Cord Screened inlet Epoxy coated cast iron motor housing for corrosion and rust resistance. Oil filled motor housing for lifetime lubrication and rapid heat dissipation. Stainless steel screws, bolts, and handle. Mechanical shaft seal (stainless steel spring, nitrile parts, carbon and ceramic faces). Thermal overload protection. Manual operation.


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After creating a project and a MXML application, I cannot switch between source and design mode and cannot see the toolbox to drag a control. These two tabs are not available below the curent application tab.
Is the Flex Development prespective active (right top of the screen)?
In the Debug or Profiling perspectives the toolbar you mentioned is indeed not shown.
I am using Flash Builder 4.7 Premium. I don't see Flex Developement Persecive. I see only Flash, Flash Debug and Flash Profile persectives at the top right.
They have taken out the "Design" mode in 4.7!


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Tuesday, December 30, 2008
Returning to regular scheduled programming
But yesterday it was time to return to reality.
I work at a Cardiology Clinic, and there are 18 cardiologists and 4 surgeons whose schedules are managed by 4 1/2 of us. All of their surgeries, procedures, appointments, meetings, etc are taken care of by us...the Few, the Proud, the Schedulers.
On an average day I have 6-8 "documents" on my desktop on the clinic's computer system. 6-8 things that need to be scheduled or taken care of. Now that may not seem like a lot, but some of the surgeries and procedures that we schedule are very involved. So you have those 6-8 documents, then you throw in the regular daily clinic follow ups, the emergencies that come up and totally foul up the schedule, the phone calls, emailing, blogging, etc -you know, all the important tasks that make up my average work day- and all of a sudden it's a busy day.
Why am I telling you all this?? Two reasons. One, because it's my blog and I have always reserved the right to ramble about whatever I choose and Two because by painting you a picture of an average day I will have helped you understand why yesterday was different and possibly even earned your sympathy.
Yesterday when I came in I had 18 documents on my desktop.
Oy Vey.
Oh, and my boss is off this week and I am her coverage when she is out.
She had 32 documents on her desktop.
50 documents.
Oy Vey again.
Luckily our clinic director recognized that the Schedulers -even though we all had our Semper Fi attitude about us- were going to be completely swamped all day. She took our Starbucks orders and went and got us that precious fuel. I have said it before and I will say it many times over...God bless the coffee bean.
I decided right away to just take one thing at a time and do my best not to feel overwhelmed. I was determined not to let this wonderful feeling of relaxation and peace that I had gained with so much time off slip away within 24 hours of returning to regular scheduled programming.
And Praise Jesus - it worked!! There were a few moments during the day that were particularly overwhelming, but I took a deep breath, shrunk all the things on my screen and stared at the picture of Dave and I in Hawaii that is the wallpaper on my computer...it is my happy place =-).
I feel all this time off has been such a gift. I had so much time to just relax and feel absolutely none of the pressure of the daily grind. It has granted me such perspective and peace... and I want it to linger just awhile longer. Perhaps even stay for good if possible. I wonder if that is asking too much...
Ok, back to work now =-)
7 comments:
- Monica @ Writer Chic said...
I'm so proud of your great attitude. Here's to a good short week of daily grind. And amen for the coffee bean!
- December 30, 2008 at 8:17 AM
- Vanessa's Dad said...
Oy Vey!!! You've discovered the secret to happiness... choosing to be happy, no matter what your circumstances. Paul said it in the New Testament. He does not rely on his circumstances for happiness, whether they be good or bad. He relies on his relationship with God, which can always be good. God has blessed you with a wonderful husband, and you have discovered how to appreciate all the gifts you're given, including a Happy Place. Aloha.
- December 30, 2008 at 9:03 AM
- Heather said...
You are so funny! I am proud of you for your positive and calm outlook- that is such a struggle for me. When things get crazy, I usually join right in!!! (unfortunately)
I love that you looked at the pic of Hawaii- your happy place-! You are so wonderful, Kendra, and I am praying for you to have many more peace-filled days like this one!
OH- and you cracked me up with that "Friends" line in the comment you left on my blog! :) We are soul sisters!!!
- December 30, 2008 at 4:33 PM
- Faith said...
Wow, that sounds just a tad overwhelming, but I know you can do it!! Thank goodness for the extra break the Lord blessed you with leading up to this!
- December 30, 2008 at 5:31 PM
- Jenna said...
Hope the rest of the work day went well!! And the positive Hawaii-esk attitude you have going is so inspiring me, my friend! Love it!!
- December 30, 2008 at 6:30 PM
- amy (metz) walker said...
wow, thats a LOT of work but you definitely had a great attitude about it! I need a picture of a Happy Place on my computer...I think I'll go find one now!
- December 31, 2008 at 8:26 AM
- Five Five & Feeling Alive said...
Amen for the happy place and tasty java beverage of your choice!
- December 31, 2008 at 1:27 PM


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Home »
Honey bees facts
Honey bees never sleep.
Honey bees fly at 15 miles per hour.
More Animals Facts
Dog's Feet
Dogs have four toes on their hind feet, and five on their front feet.
Without Water
The Kangaroo Rat can last longer without water than a camel.
Blue Whale Facts
Most elephants weigh less than a blue whale's tongue.


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|NStQ Treaty Group w/Minister John Rustad
The incremental treaty agreements provide for the transfer of up to 3,760 hectares of Crown land to Tsq'escen' First Nation (Canim Lake), Stswecem'c/Xgat'tem First Nation (Canoe/Dog Creek), Xat'sūll First Nation (Soda Creek) and T'exelc First Nation (Williams Lake), in advance of a final treaty.
The First Nations are represented by the Northern Secwepemc te Qelmucw (NStQ) treaty group which is negotiating a treaty with British Columbia and Canada.
The incremental treaty agreement lands will support forestry, tourism, commercial and industrial business opportunities for NStQ First Nations. The agreements also include funding for construction of fencing to address the interests of cattle ranchers affected by the agreements.
Incremental treaty agreement lands will be transferred in two phases. Phase one would occur after members of the NStQ communities successfully ratify their treaty Agreement-in-Principle and move to Final Agreement negotiations. Phase two would happen after British Columbia, Canada and NStQ conclude a Final Agreement.
The NStQ communities are voting on their treaty Agreement-in-Principle on Feb. 11, 2016.
Phase one land transfers:
- Tsq'escen' First Nation will receive 105.4 ha in two parcels.
- Stswecem'c/Xgat'tem First Nation will receive 551.6 ha in two parcels.
- Xat'sūll First Nation will receive 137.8 ha in two parcels.
- T'exelc First Nation will receive 1,178.4 ha in one parcel.
- Tsq'escen' First Nation will receive 648 ha in two parcels.
- Stswecem'c/Xgat'tem First Nation will receive two parcels selected from three options, up to a maximum of 827.2 ha.
- Xat'sūll First Nation will receive 78.9 ha in two parcels.
- T'exelc First Nation will receive 230.8 ha in one parcel.
Through careful land selection and provincial engagement with potentially affected cattle ranchers, lands provided for under the incremental treaty agreements will not affect grazing rights or herd sizes.
The Province of British Columbia created incremental treaty agreements to build goodwill with First Nations and provide treaty-related benefits in advance of Final Agreements, which can take many years to negotiate.
The early agreements also provide increased certainty on the land base for First Nations, industry and all British Columbians.
Including the new agreements with the NStQ First Nations, 24 First Nations have incremental treaty agreements.
John Rustad, Minister of Aboriginal Relations and Reconciliation stated –
"Incremental treaty agreements provide the NStQ nations a sense of the economic opportunities and prosperity they would see through a final treaty. These agreements will help create jobs and economic opportunities for both the First Nations and surrounding communities. Incremental treaty agreements are made-in-B.C. innovations, and one of the many ways B.C. is partnering with First Nations to advance reconciliation, and economic and social development."
Chief Donna Dixon, Xat'sūll First Nation (Soda Creek) and NStQ Tribal Council Chair also stated -
"The lands identified by the community have historical and cultural importance for Xat'sūll (Soda Creek). The signing of the incremental treaty agreement is an opportunity to immediately reclaim lands that we have been isolated from for many years. These lands were identified for the purpose of supporting job creation, future planning and development, and give us renewed access to lands that had supported our community for generations. We are encouraged by the fact that we can begin to move toward positive progress now, prior to a final treaty agreement."
Ron Kaufman, Dunlevy Ranch finally stated –
"Provincial negotiators met with me several times and listened to my concerns. I appreciate the efforts of the Soda Creek Indian Band and the provincial government in reaching an agreement that supports my continued ranching operations and allows the First Nation to pursue an economic development opportunity."
Quick Facts:
- Northern Secwepemc te Qelmucw (NStQ) treaty group is negotiating a treaty on behalf of its four member bands, which together have more than 2,500 members.
- NStQ is in Stage 4 Agreement-in-Principle negotiations with British Columbia and Canada through the B.C. treaty process.
- The Province has issued a First Nations woodland licence to Tsq'escen' First Nation through a program designed to provide long-term, area-based logging rights to First Nations.
- Stswecem'c/Xgat'tem First Nation and Xat'sūll First Nation have respective forestry revenue sharing agreements with British Columbia.
- T'exelc First Nation and Xat'sūll First Nation signed a letter of understanding with British Columbia in August 2014 to work in partnership to address all aspects of the breach of the tailings storage facility that occurred at the Mount Polley Mine.
NStQ incremental treaty agreements: http://ow.ly/WVu16
Ministry of Aboriginal Relations and Reconciliation: ow.ly/PBGQi
NStQ Treaty Group: nstqtreaty.ca
Tsq'escen' First Nation (Canim Lake): canimlakeband.com
Stswecem'c/Xgat'tem First Nation (Canoe/Dog Creek): canoecreekband.ca
Xat'sūll First Nation (Soda Creek): xatsull.com
T'exelc First Nation (Williams Lake): williamslakeband.ca


text:
Eskom reinstates suspended bosses
The power utility's interim chairman is said to be behind the about-turn on executives facing action over Trillian payments
18 August 2017 - 05:45
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Health care within the United States is provided by many distinct organizations. Health care amenities are largely owned and operated by private sector companies. Health insurance for public sector employees is primarily supplied by the government. 60-65% of healthcare provision and spending comes from applications reminiscent of Medicare, Medicaid, TRICARE, the Kids's Health Insurance Program, and the Veterans Health Administration. A lot of the population beneath sixty five is insured by their or a family member's employer, some purchase health insurance on their very own, and the rest are uninsured. Phrase size does not embody the content material of the title page, abstract, appendices, tables, figures or reference record following the manuscript. Reference phrases within the text are included in word size depend. Innovation is the act of creation, combining supplies, texture and shade using basic design components equivalent to line and form to get you to take a re-evaluation!
One obvious practical impact of those developments will be to interchange hospital stays with remote monitoring in the patient's residence. The Meals and Drug Administration has already authorised wearable sensors that can continuously monitor all very important signs: blood stress, heart fee and rhythm, physique temperature, respiratory rate and oxygen focus in the blood. The fee to do that for weeks would be a tiny fraction of the cost for a day within the hospital. Sufferers will be capable of avoid severe hospital-acquired infections and get to sleep in their own beds, surrounded by household.
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text:
|Main » Reviews » Pre ICO List
|Past |
|19.11.2017, 13:32
Short description:
Paycent is the payment platform with real debit cards.
Paycent is kind of e-wallet which helps to use both cryptocurrencies and fiat currrencies. With this platform you can recieve money in cryptocurrencies and pay bills or cash out in fiats.
In general this service gives a possibility to create a complete fiat and cryptocurrency ecosystem.
All details about ICO you can read in whitepaper.
Bounty program:
Bounty Budget is: 1% of Total issued Paycent Tokens
The bounty pot will be distributed among different channels:
Twitter – 20% (60,000 PYN tokens)
Video Presentation:
Team :
|Views: 232 |
|Total comments: 0


text:
(Votes: 1560)
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