text:
So North London remains red after Arsenal put Spurs to the sword with a scintillating comeback in a memorable derby. This was a performance to give hope to the club's long-suffering supporters, who have endured a troubled season to date, as the Gunners have misfired on all too many occasions.
There is still much to play for, as the victory over their neighbours took Arsenal back into the top four, so they still have a chance of maintaining their remarkable record of qualifying for the Champions League for 14 consecutive seasons. However, barring a miraculous comeback against Milan in the last 16 of that tournament, it will be the seventh year without a trophy – a poor return for a club of Arsenal's plentiful resources.
Although there have been signs of promise, it is fair to say that overall this has been one of the worst seasons in recent memory for Arsenal. Eliminated from the Carling Cup by Manchester City and (less understandably) from the FA Cup by Sunderland, they are currently a massive 17 points behind the leaders in the Premier League and (whispers) seven points behind Spurs.
"Ground control to Major Tom"
They have already suffered eight defeats in the league, most painfully a humiliating 8-2 drubbing by Manchester United, but also including losses to lesser lights like Blackburn Rovers, Fulham and Swansea. The inconsistency has been maddening, because at times they have demonstrated their potential, notably during a thrilling 5-3 away win against Chelsea and a 7-1 demolition of Blackburn in the return match.
Much of the blame for the uneven displays can be laid at the feet of last summer's activity in the transfer market, when they lost two of the club's best players, Cesc Fàbregas and Samir Nasri, and replaced them with inferior talents. The problem was exacerbated by the protracted discussion around these movements, so that the numerous arrivals in the latter stages of the transfer window resembled football's version of a supermarket sweep, rather than any form of coherent strategy.
Even though the likes of Mikel Arteta, Yossi Benayoun, Per Mertesacker, Gervinho, André Santos have all had their moments, none of the new purchases are really the type of player to take Arsenal to the next level – with the possible exception of the gifted Alex Oxlade-Chamberlain, who is one for the future. Certainly, they do not raise the pulse rate like Mario Götze, Eden Hazard or Juan Mata, who were all mentioned in dispatches as possible buys.
"Money in the bank"
Even Arsène Wenger admitted that last summer was one of his worst periods as a manager with his plans badly affected by players leaving for the first time just as they were reaching maturity, though he argued that some of the last minute buys were also necessary due to the injuries suffered by Jack Wilshere, Thomas Vermaelen, Abou Diaby and Kieron Gibbs (though the latter two could hardly have come as a great surprise).
Despite all the new signings, Arsenal yet again managed to make money on the transfer comings and goings, something that is difficult for most fans to understand, given the strength of the balance sheet. As they see it, while the squad weakens, the club's finances continue to prosper. Worse than that, the executive management seem to be in a state of denial, as shown when chief executive Ivan Gazidis claimed that Manchester City would love to be in Arsenal's position. This seemed a foolish pronouncement at the time, but Gazidis must have cringed as the reversals at Milan and Sunderland nailed that bizarre claim in a few short days.
Eyebrows were further raised when the club proudly announced a thumping great profit of £49.5m for the interim accounts (covering the six months up to 30 November 2011), which was £55.6 million better than the £6.1 million loss reported a year ago, though all of the improvement was effectively due to the significantly higher profit on player sales, which increased by £59 million from £4 million to £63 million (primarily Fàbregas, Nasri and Gaël Clichy).
Although turnover from football was up an impressive 16% (or £16 million) from £98 million to £114 million, this growth was eaten up by an increase in squad investment with wages up £8 million and player amortisation £7 million higher.
As anticipated, there was a slow-down in the property business, where revenue dropped £19 million to £3 million, though the reduction in profit was much smaller – from £3.3 million to £0.6 million.
It should be noted that much of the revenue growth is down to timing, e.g. the increase in match day revenue is mainly due to four more home games being played than the same period last year. Assuming that Milan complete the Italian job in the Champions League, then the difference for the full year will be only one match. Furthermore, not all of a football club's business is evenly phased, so half-year results can be a little misleading. That is why much of the rest of this analysis will rely on the annual trends to glean some insight into what is happening at Arsenal.
What we can say is that these excellent half-year results continued a record of financial success that is the envy of most other club chairman. Even though the annual profit before tax fell from an amazing £56 million in 2010 to £15 million in 2011, that is still a very impressive figure for a football club. Arsenal's expertise can be evidenced by two great statistics: (a) the last time that they reported a loss was way back in 2002; (b) in the last four years alone, they have accumulated staggering profits of £153 million.
This sort of business prowess is very much the exception to the norm in the highly demanding world of football, e.g. in 2010 only four clubs in the Premier League were profitable. However, Arsenal's willingness to swim against the tide is perhaps best shown by comparing their financials against the leading clubs over the last two seasons.
At one end of the spectrum, we have Arsenal's £71 million of profits, which is in stark contrast to the enormous losses at Manchester City (£319 million) and Chelsea (£137 million). Liverpool have not yet reported for 2011, but made a notable loss of £20 million in 2010, while even the fiscally prudent Tottenham registered losses of £6 million. Only Manchester United joined Arsenal in being profitable, as their ability to generate cash more than compensated for their hefty interest payments in 2011 (though they still made a loss in 2010).
All well and good so far, but this is by no means the whole story at Arsenal, as their profits have been very reliant on property development and player sales. In these interims, there was little impact from property development, but without the £63 million profit on player sales, the football club would actually have made a sizeable loss of £14 million, including an operating loss of £7 million.
In the annual results for 2011, property played a larger role, providing the vast majority (£13 million) of the total £15 million profit with only £2 million coming from the football business. Furthermore, if the £6.3 million made from player sales is excluded, the club made a £4 million loss in the football segment. Even the enormous £56 million 2010 profit would only have been £7 million without £11 million property gains and £38 million player sales.
This is concerning, as property gains will come to an end at some stage, while Arsenal would not wish to be seen as a selling club, even though this has been a major reason for their recent profits, e.g. £94 million (or over 60%) of the £153 million made in the last four years. That's good business, but it makes it hard to build a winning team.
Incidentally, the graph above also supports Wenger's mysterious quote about the club having to make £15 million profit each season, as this covers the annual interest payable. As the great man said, "We want to pay the debt back from building the stadium and that's around £15 million, so it's normal that at the start we have to make £15 million or we lose money."
"Private Universe"
Although the property development at Highbury Square has not proved to be as lucrative as originally hoped, due to the market crash, it has generated money for the football club. This peaked in 2010, when revenue was boosted to the tune of £157 million, though the profit contributed was "only" £11 million.
Only a few apartments still remain to be sold, but there are other substantial developments at Queensland Road, Hornsey Road and Holloway Road, which should deliver additional cash, as noted by Gazidis, "Our property business is debt-free, so any new sales of property do accumulate cash, which is very positive for the future." This could be worth up to £35 million according to an estimate made by the respected Arsenal Supporters' Trust (AST), though is only likely to be booked in the 2012/13 accounts at the earliest.
So, to cut a long story short (as Spandau Ballet once said), Arsenal's financial performance has undoubtedly been impressive, especially compared to almost every other football club, but they face more challenges than would seem apparent on first glance.
"Meet the new Kos"
There are numerous questions that could be asked, but let's restrict ourselves (Guardian style) to five that would probably concern most fans (at least those with an interest in matters off the pitch):
1. Where will the revenue growth come from?
2. What happens if Arsenal fail to qualify for the Champions League?
3. How much is Arsenal's transfer budget?
4. How can the wage bill be so large?
5. Where has all the money gone?
1. Where will revenue growth come from?
On the face of it, Arsenal do not have a revenue problem, as they enjoy the fifth highest revenue in Europe according to the Deloitte Money League. In England, it is only surpassed by Manchester United's £331 million and is way ahead of Liverpool £184 million, Tottenham £164 million and Manchester City £153 million.
However, the problem is that the gap to the top four clubs is widening, though that is partly due to exchange rate movements. The Spanish giants, Real Madrid and Barcelona, generate around £200 million more than Arsenal at £433 million and £407 million respectively. Similarly, Manchester United earn over £100 million more with £331 million, while Bayern Munich's revenue of £290 million is a handy £60 million higher.
It's difficult to compete with these clubs with such a financial disadvantage, especially if you consider that they receive the benefit of that substantial additional revenue every single season.
The reality is that Arsenal's revenue has been essentially flat over the last three seasons at around £225 million, while other clubs continue to grow their business. In that period, Manchester United, Tottenham and Manchester City have all added more than £50 million income, while Chelsea have also earned an additional £19 million. Of the top six, the only club to have under-performed like Arsenal is Liverpool – and even they have actually delivered impressive commercial gains to compensate for the loss of Champions League football.
Why does this matter? Let Gazidis explain: "It is important to remember our business goal is to increase revenues for ongoing investment in the team." That's very true, so it is pleasing to see some revenue growth in the interims, though as we have seen, much of that is purely down to timing.
On a full year basis, Arsenal's only revenue growth since 2009 has come from broadcasting, which rose £12 million from £73 million to £85 million in 2011, as a result of centrally negotiated deals by the Premier League and UEFA (for the Champions League), so Arsenal's board cannot really take any credit for that.
Both of the other revenue categories have declined, most notably match day income from £100 million to £93 million, though this should rise in 2011/12, partly due to the price increase on tickets, partly due to an extra game. Commercial income has also fallen since 2009 by £2 million to £48 million, though there are some signs in the interims of the famous five-year plan beginning to deliver, as this surged 15% (£3.4 million) from £23.1 million to £26.6 million. However, this is still a fairly low return on the substantial investment in the commercial team.
As a technical aside, the 2011 revenue of £225.4 million in my analysis above is slightly lower than the £226.8 million used by Deloitte, as they include the joint venture turnover of £2.2 million, but exclude player loans of £0.7 million.
So, the TV money was helped by the new three-year Premier League TV deal that commenced in 2010 which meant that Arsenal's share of the central distribution rose £4 million to £56 million, even though they dropped a place to fourth, which was almost entirely due to the substantial increase in overseas rights.
Each club gets an equal share of 50% of the domestic rights (£13.8 million) and 100% of the overseas rights (£17.9 million). However, facility fees (25% of domestic rights) depend on how many times each club is broadcast live with £11.6 million for Arsenal, based on 22 games. Finally, merit payments (25% of domestic rights) are worth £0.8 million per place in the league table, giving £12.9 million to Arsenal.
In other words, if Arsenal were to fall out of the top four, they would receive a smaller merit payment and probably lower facility fees, as they might be deemed less attractive and not be televised so often. However, this would not damage them too much financially, e.g. Tottenham received only £3 million less than Arsenal when they finished fifth in 2010/11. Similarly, the additional prize money earned for winning the Premier League would not be that great – though it would be a trophy…
Match day income should increase by around £4 million following the 6.5% increase in ticket prices for the 2011/12 season, but this revenue stream is reaching saturation point, as Arsenal continue to register capacity crowds of 60,000 (the seventh largest in Europe) and their ticket prices are among the highest in the world, though comparisons are difficult, as they include the first seven cup games from European competition and the FA Cup.
In 2010/11 this generated £3.3 million a game, lower than the previous season due to a less favourable mix of matches (2 fewer in the Champions League). Nevertheless, total match day income of £93 million was the fourth highest in the Money League, only behind Real Madrid, Manchester United and Barcelona. In fact, Arsenal is the only club in the Money League where match day provides the largest proportion of total revenue.
Therefore, it was perhaps no great shock that the club announced a price freeze on General Admission season ticket renewals for next season, though the 7,000 Club Level members were not so fortunate, as they have been asked to pay an additional 2%, which is a strange move, as it will only bring in an additional £1 million. Although the club is at pains to emphasise that they have held season ticket prices flat in four of the last six seasons, that is not that powerful a justification, given the high starting point.
One issue that may yet adversely affect revenue is if the club issues credits should the team not qualify for Europe or even if the fare on offer is the inferior Europa League. Indeed, some might argue that the revenue risks here are on the downside. A combination of a less successful team, allied with a more functional brand of football and the effects of the economic crisis mean that some fans may opt out, a fact acknowledged by Wenger, "The stadiums will be less quickly full and we have noticed that already."
Given the limited growth potential of match day income and TV revenue from the Premier League (in the short term), it is imperative that Arsenal significantly increase their commercial income, which is extremely low for a club of Arsenal's stature. In 2010/11, their revenue of £46 million in this category was dwarfed by the likes of Bayern Munich £161 million, Real Madrid £156 million, Barcelona £141 million and Manchester United £103 million.
Arsenal's weakness in this area arises from the fact they had to tie themselves into long-term deals to provide security for the stadium financing, which arguably made sense at the time, but recent deals by other clubs have highlighted how much money Arsenal leave on the table every season.
The Emirates deal was worth £90 million, covering 15 years of stadium naming rights (£42 million) running until 2020/21 and 8 years of shirt sponsorship (£48 million) until 2014. Following step-ups the shirt sponsorship deal is worth £5.5 million a season, which compares very unfavourably to the £20 million earned by Liverpool from Standard Chartered, Manchester United from Aon and (reportedly) Manchester City from Etihad. Even Tottenham (one whole season in the Champions League) now earn £12.5 million a season from shirt sponsorship (Auresma £10 million plus Investec £2.5 million).
The news is no better with Arsenal's kit supplier, where the club signed a 7-year deal with Nike until 2011, which was then extended by three years until 2014. This now delivers £8 million a season, compared to the £25 million deal recently announced by Liverpool with Warrior Sports and the £25.4 million paid to Manchester United by Nike.
Arsenal have restructured their executive team at great expense, recruiting Tom Fox from the NBA in August 2009 as Commercial Director to "drive long-term commercial success", though there has been little tangible revenue growth to date. In fairness, it is probably difficult to re-negotiate the principal agreements (though Chelsea did just that with their kit supplier in 2005), but we might have hoped for more secondary sponsors, which has been the main engine behind Manchester United's commercial growth.
As we have seen, there were some encouraging signs in the interims, but there is still a long way to go, as annualised revenue is still only £53 million. Some new sponsors have been signed up recently, including Carlsberg at around £3 million a year and Indesit in a "multi-million" deal. In addition, Citroen extended their deal for a higher sum, while there were new agreements with Thomas Cook, replacing Thompson Sport, and on-line gambling firm Betsson. However, Arsenal still have less than half the number of sponsors that partner with Manchester United.
"When will I see you again?"
Arsenal made their first long-distance pre-season tour in 12 years to Malaysia and China, which helped fill their coffers, but may have adversely impacted the players' fitness, contributing to the poorest start of the season in living memory. Nevertheless, there are plans to take on even more this summer with a tour of three Asian capitals (Seoul, Beijing and Hong Kong) as well as a trip to Nigeria.
On the bright side, when the main sponsorship deals are up for renewal in 2014, Arsenal will have a fantastic opportunity to significantly increase their revenue by up to £30 million per annum. However, here's the thing: there is a danger that if the team continues to be unsuccessful and maybe even drops out of the Champions League, the club's bargaining position will be correspondingly weaker. That said, Liverpool have managed to sign superb deals, even though they are in the same boat (though some might argue that they have a stronger brand).
2. What happens if Arsenal fail to qualify for the Champions League?
There is no doubt that competing in the Champions League can make a big difference, as can be seen by looking at the TV money received by the leading English clubs last season, where the advantage enjoyed by those teams participating in Europe's flagship tournament is clearly evident.
In the past, Gazidis has claimed that Arsenal "have got a really stable model that could not just cope, but do well and compete" if Arsenal do not qualify, while Wenger has said that a season without the Champions League would be a "catastrophe" and a "disaster", so who's right?
The AST pressed the panic button when they suggested that this would cost the club around £45 million in lost revenue, which might conceivably make them "the first club to fail to meet Financial Fair Play rules." This would be the height of irony for a club often held up as paragons of virtue by UEFA president Michel Platini.
Although the AST said they would provide a detailed assessment of this figure, in fact they only listed £27 million (€30 million) for money paid out by UEFA for participation and prize money (based on the 2010/11 distribution) with the remaining £18 million presumably coming from the "impact on premium seat sales and season tickets", which would represent virtually a 20% reduction in match day income. That might be unduly pessimistic, especially if Arsenal were to compete in the Europa League, though it would be interesting to see what the club would do to season ticket prices in this eventuality.
Admittedly, the prize money for Europe's junior competition is a lot less, e.g. last season the two English representatives, Manchester City and Liverpool, each earned just €6 million for reaching the last 16, while the highest pay-out was only €9 million.
Sharp-eyed observers will have noted that the allocation for the TV pool varies significantly among English clubs (Chelsea €27 million, Manchester United €25.9 million, Arsenal €16.6 million and Tottenham €14.4 million). This is because of the methodology used to allocate this element, whereby: (a) Half depends on the position that the club finished in the previous season's Premier League with the team coming first receiving 40%, second 30%, third 20% and fourth 10%. As Arsenal finished third in the 2009/10 Premier League, they received half as much as Chelsea. (b) Half depends on the progress in the current season's Champions League, which is based on the number of games played. So Arsenal received the least, as they only reached the last 16.
In other words, success has a direct impact on the amount of money received. If Arsenal were to qualify for the Champions League by finishing fourth, that would obviously be beneficial, but they would not receive as much as the teams finishing above them. Of course, fourth place has other unhappy implications. Not only is there potential for an awkward qualifying match at an inconvenient stage of the club's preparation (like Udinese this season), but also there is a suspicion that this will impinge on transfer activity, as the budget might depend on the outcome of that tie.
Naturally, the other downside of failure to qualify is that it makes it more difficult to retain players of the calibre of Robin Van Persie and to attract the big names that would make Arsenal genuine challengers for honours.
As for Arsenal struggling to meet FFP, that seems very dubious to me. Even if the revenue were to fall by £45 million, this would be accompanied by cost reductions, e.g. hosting games, travel and performance bonuses. There is also plenty of room to manoeuvre in the wage bill, but that may not even be necessary because of the "healthy" costs that UEFA exclude in their break-even calculation.
In the 2010/11 annual accounts, this amounted to £38 million, consisting of expenditure on youth development and community (estimated at £10 million and £1 million respectively), interest on the stadium loan (£14 million) and depreciation of tangible assets (£12 million).
Once those expenses are added back to the football profit of £2 million (the £13 million profit from property development is also excluded), we have an FFP profit of £40 million, which should be ample to cope with a Champions League shortfall. That said, the annual cost base is likely to increase by around £20 million following the rise in wages and player amortisation, though much of this will be covered by revenue growth (excluding Champions League). On the other hand, 2010/11 had relatively low profit on player sales of £6 million.
If this is insufficient, then it should be noted that clubs will be allowed to absorb aggregate losses ("acceptable deviations") of €45 million (around £38 million), initially over two years for the first monitoring period in 2013/14 and then over three years, as long as they are willing to cover the deficit by making equity contributions. The maximum permitted loss then falls to €30 million from 2015/16 and will be further reduced from 2018/19 (to an unspecified amount).
If that is not enough, there is a clause in the small print of the FFP regulations (Annex XI) that allows for the wages of players signed before June 2010 to be excluded from the calculation, assuming their contracts have not been extended after that date, so long as the club is reporting a positive trend in the annual break-even results.
3. How much is Arsenal's transfer budget?
This question is partially driven by Arsenal's parsimony in the transfer market, where they are the only leading club that has been a net seller over the last five years to the tune of £33 million. As Gazidis stated recently, "We're about creating star players, not about buying them." Manchester City's net spend of £431 million is more than the other five clubs combined, but Chelsea have also splashed out £160 million. In comparison, Manchester United, Tottenham and Liverpool have been relatively frugal, though their spend is at least £80 million more than Arsenal.
However, Arsenal did spend a fair bit in the summer: £53 million according to Transfer League, including £12 million on Oxlade-Chamberlain, £11 million on Gervinho, £10 million for Arteta, £10 million for Mertesacker and £6 million for Santos. The interims state that the club actually invested £75 million in the acquisition of new players, including "to a lesser extent" improved contracts for some existing players, suggesting either that the fees were higher than reported and/or additional payments were made to agents or to players as loyalty/re-signing fees.
"Like a Song"
In terms of how much money is now available, the noises coming out of the club are a little contradictory. After last summer, Gazidis said, "We deliberately kept some powder dry… There are funds available to invest in a significant way in January and next summer." He was backed up by the owner, Stan Kroenke, who defended Arsenal's lack of spending thus, "It wasn't because the money wasn't there. We have the money." However, Wenger said last week that it was not true that he had £50 million available, as estimated by many analysts including the AST and yours truly.
That is the amount available in cash, though to an extent that is not really meaningful, as most transfers are funded via stage payments, e.g. Arsenal are currently owed £19 million by other clubs, but in turn owe others £23 million, so all the transfer money is not needed upfront.
Furthermore, Arsenal's strong balance sheet would allow them to take on some additional debt, especially as this could be supported by the cash still to come from property development.
Some may be concerned that Arsenal's cash balances have fallen £45 million from £160 million to £115 million in the last six months, but that is partly because of the seasonal nature of cash flows during the year, e.g. the balance is invariably higher in May than November, due to the influx of season ticket money. A more pertinent comparison would be November 2010, when the cash balance was £110 million. In other words, the underlying trend remains upwards.
The other point that people often raise when discussing the transfer fund is that it would also have to fund a new signing's wages, so if the club bought a player for £25 million on a five-year contract at £100,000 a week, that would represent a commitment of £50 million. That is undoubtedly true, but it is a little disingenuous, as it ignores the fact that this would be at least partially offset by the departure of an existing player, not least because of the limitations imposed by the rules on squad size and non-homegrown players.
4. How can the wage bill be so large?
When we talk about the transfer policy, that effectively also covers the wages policy, for these are two sides of the same coin at Arsenal with Wenger controlling an overall budget for transfers and wages. In particular, Wenger has admitted that Arsenal cannot afford to follow a policy that involves both high transfers and high wages.
This is important, as Arsenal's wage bill is one of the highest in the country at £124 million, though it is a fair way below Manchester City £174 million, Chelsea £168 million and Manchester United £153 million. Note: given the performance-related bonus payments included in United's figure, the fundamental difference is much smaller. On this basis, Arsenal's performance in regularly finishing third or fourth in the Premier League could be considered slightly better than par for the course. Some might point out at this stage that Tottenham are ahead of Arsenal in the league, even though their wage bill is £30 million smaller, but this is only one season – and it hasn't finished yet.
The pressure to compete is obvious by the deterioration in Arsenal's wage to turnover ratio from 46% in 2009 to 55% in 2011. Although this is still one of the best in the Premier League, it is the logical result of flat revenue and 20% growth in wages. There is also little sign of this trend ending any time soon with the £8 million increase in wages reported in the interims. On an annualised basis, that implies a wage bill of around £140 million for 2011/12.
There are clearly issues with Arsenal's equitable wage structure, which means that the best players like Robin Van Persie are not particularly well remunerated (by modern standards), while fringe players like Abou Diaby, Marouane Chamakh and Manuel Almunia are handsomely rewarded for their efforts. This was epitomised recently by Johan Djourou's new £50,000 a week contract, which seemed more in recognition of his frequent interviews with Arsenal.com than his defensive ability.
Not only does this policy reduce the money available to attract world-class players, but it also makes it difficult to move on under-performers, hence loans for Bendtner and Denilson. While there is some logic in giving youngsters good contracts, as it prevents other clubs from snapping them up for free, it is questionable whether this has worked out for Arsenal, given the relatively small number of success stories. My hope would be that one of Arsenal's smart executives is conducting a review of whether this approach is the most appropriate in 2012.
5. Where has all the money gone?
Given that Arsenal have been so profitable for so long, it begs the question what the club has done with all that lovely cash - £389 million from operating activities in the last six years. Looking at the cash flow statement, it is clear that very little has been spent on bringing in new players with net player registrations of just £14 million.
Unsurprisingly, it's all about the new stadium, property and other infrastructure (e.g. the new medical centre at London Colney) with £180 million going on capital expenditure and £111 million on loan interest. Since these loans peaked in 2008, another £156 million (net) has been used to repay debt. And of course the cash balances continue to rise…
Following the elimination of the property debt, the only outstanding debt is effectively the "mortgage" on the Emirates Stadium. At the 2011 year-end, this was represented by gross debt of £258 million comprising long-term bonds and debentures. In the last six months, this has been reduced by another £6 million, while net debt has risen by £39 million from £98 million to £137 million, almost entirely due to the £45 million reduction in cash discussed above.
Many ask whether it would be possible for Arsenal to pay off the outstanding debt early in order to reduce the interest charges, but Gazidis has previously implied that this is unlikely, arguing that not all debt is bad, "The debt that we're left with is what I would call 'healthy debt' – it's long term, low rates and very affordable for the club."
So what's the conclusion on Arsenal's finances?
I guess this partly depends on whether you're a "glass half full" or "glass half empty" type of person. There's no doubt that Arsenal's sustainable model has much to be admired, though it is not without some challenges, especially around growing (commercial) revenue and controlling wages growth. In particular, it is vital that more secondary sponsorships deals are signed before the main agreements are re-negotiated in 2014, when Arsenal's financials could soar.
"Lightspeed Champion"
In spite of these issues, many fans still wish that the board would push the boat out a little more. After all, there is a middle ground between spending like it's going out of fashion and hoarding cash for a rainy day.
Looked at another way, it is worth asking whether Arsenal can afford not to spend. As Gazidis admitted, the club is "not where we want to be." If they end up failing to qualify for the Champions League, then their prudent approach might be fairly described as a false economy. This is by no stretch of imagination a club in crisis, but it is clear that a club as wealthy as Arsenal should be doing better. Then, to paraphrase Morrissey, every day might be like Sunday.


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Queue Mode Observations
You are here
In queue mode, observations defined by the investigators are carried out on their behalf by the Gemini scientific staff. Several factors combine to determine which observation is executed from the pool of possible observations but predominant are scientific ranking and the closeness of match to the current observing conditions. There are no maximum or minimum time limits for single observations, but long observations are likely to be split in order to be integrated into the nightly plan (see each instrument's overheads page for details).
Each queue observation must be defined in detail, including telescope and instrument configurations and sequences (e.g. telescope and guide star coordinates, grating and slit settings, dither, chop and nod patterns). The detailed definition of observations is undertaken in Phase II of the proposal process using the Observing Tool (OT).
Scheduling restrictions, or observing condition constraints, fall into four categories which must be specified by the investigator for each observation (or globally for groups of observations up to and including the entire program) and define the poorest conditions under which the observation can be executed. These constraints are image quality, sky background, sky transparency, and cloud cover. Some of these properties have wavelength dependence. Care should be taken in selecting appropriate conditions; the observing condition constraints page contains detailed information that may be useful, including atmospheric transmission and emission spectra. The scientific demands of the particular program, the characteristics of each constraint, and the likelihood of their combined occurrence should drive this choice. Certain instruments may have additional scheduling restrictions (see the announcements for each semester in the Observing with Gemini page).
The description of telescope coordinates, instrument configurations and scheduling constraints, which form part of Phase I and are necessary to demonstrate technical feasibility, has been separated from the detailed observation definition which takes place in Phase II. Technical support for investigators prior to the submission of completed Phase II information to Gemini Observatory is provided by the partner National Gemini Offices (NGOs). Upon submission of the completed Phase II program, the assigned Gemini Contact Scientist (CS) becomes the first point of contact for all subsequent queries.
Modification of approved queue programs must be made via the change request process.
Gemini Observatory welcomes a variety of visiting scientists, including PIs with programs in the current semester's queue. During their visits, queue PIs can work with Contact Scientists in our base facilities in La Serena or Hilo, accompany queue observers on runs to the summit, and interact with the local science communities. Queue PIs interested in visiting Gemini Observatory should contact their National Gemini Offices. The Instructions for Visitors page provides logistical information.
The Gemini Science and Technology Advisory Committee approved a remote eavesdropping observing mode for queue programs, which started in Semester 2013A following a trial late in 2012B.

subset: commoncrawl


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How Babies Grow
Look at any class picture, and you'll see kids of the same age in all shapes and sizes. Some kids look tiny next to their peers, while others literally stand head and shoulders above their classmates.
As easy as it is to make these comparisons and to draw conclusions about what you see, the reality is that kids grow at their own pace. Big, small, tall, short — there is a wide range of healthy shapes and sizes among children.
About Growth Charts
Genetics, gender, nutrition, physical activity, health problems, environment, hormones, and lifestyle factors like nutrition and physical activity all influence a child's height and weight. And many of these factors can vary widely from family to family.
So how does a doctor figure out whether a child's height and weight measurements are "normal"? Whether he or she is developing on track? Whether any health problems are affecting growth?
A doctor uses growth charts to help answer those questions. Here are some facts about growth charts and what they say about a child's health.
Why Do Doctors Use Growth Charts?
Growth charts are a standard part of any checkup, and they show health care providers how kids are growing compared with other kids of the same age and gender. They also allow doctors and nurses to see the pattern of kids' height and weight gain over time, and whether they're developing proportionately.
Let's say a child was growing along the same pattern until he was 2 years old, then suddenly started growing at a much slower rate than other kids. That might indicate a health problem. Doctors could see that by looking at a growth chart.
Does a Different Pattern Indicate a Problem?
Not necessarily. The doctor will interpret the growth charts in the context of the child's overall well-being, environment, and genetic background. Is the child meeting other developmental milestones? Are there other signs that a child is not healthy? How tall or heavy are the child's parents and siblings? Was the child born prematurely? Has the child started puberty earlier or later than average? These are all factors that the doctor will use to help understand the numbers on the growth chart.
Are All Kids Measured on One Growth Chart?
No. Girls and boys are measured on different growth charts because they grow in different patterns and at different rates.
And one set of charts is used for babies, from birth to 36 months. Another set of charts is used for kids ages 2 to 20 years old. Also, special growth charts are used for children with certain conditions, such as Down syndrome.
Commonly used standard growth charts include:
Ages birth to 36 months (3 years)
Boys' length- and weight-for-age
Girls' length- and weight-for-age
Girls' head circumference-for-age and weight-for-length
Boys' head circumference-for-age and weight-for-length
Ages 2 to 20 years
Girls' stature- and weight-for-age
Boys' stature- and weight-for-age
Girls ' weight-for-stature (height)
Boys' weight-for-stature (height)
What Measurements Are Put on the Charts?
Up until the time babies are 36 months old, doctors measure weight, length, and head circumference.
With older kids, doctors measure weight, height, and body mass index (BMI). It's important to look at and compare weight and height measurements to get a full picture of a child's growth.
Why Is Head Circumference Measured?
In babies, head circumference (the distance around the largest part of the head) can provide clues about brain development. If a baby's head is bigger or smaller than most other kids' or the head circumference stops increasing or increases quickly, it may indicate a problem.
For example, an unusually large head may be a sign of hydrocephalus, a buildup of fluid inside the brain. A head that's smaller than average may be a sign that the brain is not developing properly or has stopped growing.
What Are Percentiles?
Percentiles are measurements that show where a child is compared with others. On the growth charts, the percentiles are shown as lines drawn in curved patterns.
When doctors plot a child's weight and height on the chart, they see which percentile line those measurements land on. The higher the percentile number, the bigger a child is compared with other kids of the same age and gender, whether it's for height or weight; the lower the percentile number, the smaller the child is. For example, if a 4-year-old boy's weight is in the 10th percentile, that means that 10% of boys that age weigh less than he does and 90% of 4-year-old boys weigh more.
How Are Percentiles Determined?
The Centers for Disease Control and Prevention (CDC) created the growth charts that are most commonly used in the United States. They were last updated in 2000. After collecting growth measurements from thousands of U.S. children over a period of time, the CDC was able to show the range of these measurements on one chart, using percentile curves.
Being in a high or a low percentile does not necessarily mean that a child is healthier or has a growth or weight problem. Let's say that 4-year-old boy, who is in the 10th percentile for weight, is also in the 10th percentile for height. So 10% of kids are shorter and weigh less than he does, and most kids — 90% — are taller and weigh more. That just means that he's smaller than average, which usually doesn't mean there is a problem. If his parents and siblings are also smaller than average, and there are other signs that he's healthy and developing well, doctors would likely conclude that there's no cause for concern.
What's the Ideal Percentile for My Child?
There is no one ideal number. Healthy children come in all shapes and sizes, and a baby who is in the 5th percentile can be just as healthy as a baby who is in the 95th percentile.
Ideally, each child will follow along the same growth pattern over time, growing in height and gaining weight at the same rate, with the height and weight in proportion to one another. This means that usually a child stays on a certain percentile line on the growth curve. So if our 4-year-old boy on the 10th percentile line has always been on that line, he is continuing to grow along his pattern, which is a good sign.
What Could Signal a Problem?
A few different growth chart patterns might signal a health problem, such as:
- When a child's weight or height percentile changes from a certain pattern it's been following. For example: If height and weight consistently are on the 60th percentile line until a child is 5 years old, then the height has dropped to the 30th percentile at age 6, that might indicate that there's a growth problem because the child is not following his or her previous growth pattern. Many kids may show changes in growth percentiles at certain points in development, when it's normal for growth rates to vary more from child to child. This is particularly common during infancy and puberty.
- When kids don't get taller at the same rate at which they're gaining weight. Let's say a boy's height is in the 40th percentile and his weight is in the 85th percentile. (So he's taller than 40% of kids his age, but weighs more than 85% of kids his age.) That might be a problem. On the other hand, if he's in the 85th percentile for height and weight and follows that pattern consistently over time, that usually means that he's a normal child who's just larger than average.
If you have any questions about your child's growth — or growth charts — talk with your doctor.
More Questions? We've Got Answers.
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Note: All information is for educational purposes only. For specific medical advice, diagnoses, and treatment, consult your doctor. © 1995-2018 KidsHealth® All rights reserved. Images provided by Cook Children's, The Nemours Foundation, iStock, Getty Images, Veer, Shutterstock, and Clipart.com.


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Meisterstück Gold-Coated LeGrand Rollerball
Montblanc Meisterstück LeGrand Gold-coated collection is a design that writes history. Introduced in 1924, a word meaning "Masterpiece," the Meisterstück has become the symbol for high quality luxury writing.
The cap and barrel are crafted in black precious resin featuring the iconic white Montblanc emblem inlaid in the cap top.
Ident No. MB11402


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Never having even eaten nut loaf before, let alone having made it, I was a little hesitant to make something for Johanna's roundup of nut roast recipes. I'm a beans and grains kind of vegetarian, preferring my dinners to resemble meat as little as possible. I'm also not accustomed to thinking of nuts as a main dinner feature. But I didn't want to let Johanna down and so turned my attention to coming up with something for her event. Mushrooms were a must, I knew that much, but where to go from there? After browsing through a few recipes, I drafted an idea that incorporated puff pastry. If I was going to try something new, I was going for the total experience this time around.
The result was a wonderful surprise! The mild nuttiness of the quinoa complemented the nuts perfectly, without overpowering the earthy flavor of the mushrooms. I may have used a bit too much puff pastry, but the added flaky crunch was a nice addition. I served it with salad and my simple salsa sauce. A very satisfying meal it was that was very much enjoyed by my sweetie and myself. While nut roast is not likely to become regular fare at Lisa's Kitchen, I do thank Johanna for the occasion to try something I likely would otherwise have avoided.
Mushroom Nut Roast in Puff Pastry |
Recipe by Lisa Turner Published on April 11, 2008 A seasoned mushroom, quinoa and nut roast wrapped in a golden puff pastry — a beautiful, nourishing and filling centerpiece for vegetarians on special occasions Preparation: 30 minutes Cooking time: 1 hour 30 minutes Print this recipe Ingredients:


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By MICHELE SALCEDO
Associated Press
WASHINGTON (AP) _ Republican and Democratic lawmakers were cautiously optimistic Sunday that a long-sought overhaul of the nation's immigration system that includes a pathway to citizenship for the 11 million illegal immigrants currently in the country will clear Congress this year, the result of changes in the political landscape shown in November's election.
"We are trying to work our way through some very difficult issues," said Illinois' Sen. Richard Durbin, the No. 2 Democrat in the Senate. "But, we are committed to a comprehensive approach to finally, in this country, have an immigration law we can live with. We have virtually been going maybe 25 years without a clear statement about immigration policy. That's unacceptable in this nation of immigrants."
Sen. Robert Menendez, who along with Durbin and Sen. John McCain, is part of the six-member, bipartisan Senate group working on a framework for immigration legislation to be announced this week, said current politics dictate that a pathway for citizenship must be included.
"Let's be very clear: having a pathway to earned legalization is an essential element. And I think that we are largely moving in that direction as an agreement," said Menendez, D-N.J., said.
But the package "will have the enhancement of the border security," he said, nodding to Republicans' priority to tighten borders to prevent future illegal immigration.
He also said the package would have to crack down on employers hiring undocumented workers.
Arizona Republican McCain has returned to the issue after having led a failed push to fix the nation's broken immigration system ahead of his 2008 bid for the White House.
McCain said: "What's changed is, honestly, is that there is a new, I think, appreciation on both sides of the aisle _ including, maybe more importantly on the Republican side of the aisle, that we have to enact a comprehensive immigration reform bill."
Despite making little progress on immigration in his first term, President Barack Obama won more than 70 percent of the Latino vote, in part because of the conservative positions on immigration that Republican nominee Mitt Romney staked out during the GOP primary. Latino voters accounted for 10 percent of the electorate in November.
Obama is to press his case for immigration changes during a trip to Las Vegas Tuesday: a pathway to citizenship for illegal immigrants that includes paying fines and back taxes; increased border security; mandatory penalties for businesses that employ unauthorized immigrants; and improvements to the legal immigration system, including giving green cards to high-skilled workers and lifting caps on legal immigration for the immediate family members of U.S. citizens.
In an opinion piece published online Sunday in the Las Vegas Review-Journal, Sen. Marco Rubio, also a member of the bipartisan Senate group, laid out his proposal to address the issue. The Florida Republican, son of Cuban immigrants, wrote that "significant progress" on enforcing immigration laws must be certified before unauthorized immigrants now in the country are allowed to apply for residency and "get in the back of the line."
Rep. Paul Ryan, the 2012 Republican candidate for vice president, said he backs Rubio's proposal.
"Immigration is a good thing. We're here because of immigration. We need to make sure it works," Wisconsin's Ryan said.
If Republicans fail to act, they will pay the price in elections for generations, McCain warned.
"Well, I'll give you a little straight talk: Look at the last election… We are losing dramatically the Hispanic vote, which we think should be ours for a variety of reasons," McCain said.
McCain and Menendez spoke with ABC's "This Week," Durbin appeared on "Fox News Sunday" and Ryan was on NBC's "Meet the Press."
Associated Press writer Philip Elliott contributed to this report.
Follow Michele Salcedo on Twitter at http://twitter.com/michelesalcedo


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Project Members
- Solmaz Merdanova
- Timur Maisak
- Dmitry Ganenkov
Documentation of Agul
Agul (also spelled Aghul) belongs to the Lezgic branch of the East Caucasian (Nakh-Daghestanian) family.
It is spoken by about 20 thousand speakers who live in the Agul and Kurah districts of Daghestan, Russia (20 villages plus those who have resettled on the lowlands).
Speakers of Agul are almost exclusively first-language speakers; the overwhelming majority of Aguls also speak Russian.
The language comprises seven dialects: Tpig, Keren, Koshan, Fite, Gequn, Tsirhe and Huppuq'. Three major dialects are spoken in seven (Tpig), six (Keren) and three (Koshan) villages respectively. Other four dialects are spoken only in one small village each (Fite, Gequn, Tsirhe and Huppuq'). Nevertheless, speech differs quite significantly from one village to another, even when they represent the same dialect. Some of the dialects are not mutually understandable. The most considerable differences are observed between Koshan and all other dialects, especially Keren and Huppuq'.
The project focused on recording original spoken texts of different genres and styles from native speakers of different age and social status. Most of the texts are transcribed and provided with interlinear glosses and Russian translations. In addition, we elicited materials on the grammar and lexicon of Agul. The project aimed at documenting all dialectal varieties of Agul. We based our project on one of the dialects – the Huppuq' dialect (spoken by some 600 speakers in one village), the native dialect of Solmaz Merdanova. The documentation of this dialect was as complete and comprehensive as possible and resulted in more than 13 hours of recorded texts. The other six dialects were also covered resulting in at least four hours of recorded audio per dialect.
The outcomes of the project
- an extensive collection of glossed texts for the seven dialects (738 sound files, 47,5 hours of recordings, of which 33 hours were transcribed, glossed, and translated into Russian)
- a large amount of elicited materials on the grammar and lexicon of Agul
Data archive
- 680 sound files (wav, mp3)
- 28 text files (doc)
Contact: lingarchive@[>>> Please remove the text! <<<]eva.mpg.de


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I will work for you every step of the way! My combination of skill, experience, and technology ensures that I can sell your home for the highest possible price and in the shortest period of time.
My internet marketing system allows me to make information accessible 24-hours daily, and to respond quickly and directly to each and every potential buyer. From my website, prospective buyers can get information immediately about your property. They can access my site 24 hours a day and view your property listing! Through my Personal Home Search, your listing will be transmitted by email to each prospective buyer in my database, where your home meets their standards. Plus it'll be emailed automatically to future prospective buyers too.
Whenever you list your property with me, I'll enter your property in the Multiple Listing Service (MLS®) database. Other agents can immediately access your property information. I also regularly publish in magazines and papers in the area and send out direct mail pieces to potential buyers.


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When there are no moderators in the chat, users can flag unwanted messages. If a person's messages get flagged by enough users, the sender of that message will become restricted from posting in the group for a certain period of time. |
Chatango provides multiple moderation mechanisms that allow group chat owners (i.e. users that created the group chats) and moderators that they make to ban unwanted users and delete their messages. Please click here for more information. |
Chat Moderators are not made by Chatango, they are made by the owner (creator) of each individual chat group (typically, the owner of the web site in which the group chat is embedded). If you wish to report abuse in a group chat please report it to the owner or a moderator in a group first. |
Group owners can ban certain words from a chat. To set the banned words you must be logged in as the group owner. Click here for more information. |
If you visit a web page with an embedded Chatango chat, but do not wish to see the chat on it, you can turn it off by clicking on the at the top of the chat. This setting will be remembered for the subsequent visits to the site.
If you do not see control, you need to log out from the chat first, by clicking on the Main menu > Log out. |


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Tax Return Depressing? Owning a Home Could Help
Many Americans got some depressing news last week; either their tax return was not as large as they had hoped or, in some cases, they were told they owed additional money to either the Federal or State government or both. One way to save on taxes is to own your own home.
According to the Tax Policy Center's Briefing Book -"A citizen's guide to the fascinating (though often complex) elements of the federal Tax System" – there are several tax advantages to homeownership.
Here are four items, and a quote on each, from the Briefing Book:
1. Mortgage Interest Deduction
"Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage. The deduction is limited to interest paid on up to $1 million of debt incurred to purchase or substantially rehabilitate a home. Homeowners also may deduct interest paid on up to $100,000 of home equity debt, regardless of how they use the borrowed funds. Taxpayers who do not own their home have no comparable ability to deduct interest paid on debt incurred to purchase goods and services."
2. Property Tax Deduction
"Homeowners who itemize deductions may also reduce their taxable income by deducting property taxes they pay on their homes."
3. Imputed Rent
"Buying a home is an investment, part of the returns from which is the opportunity to live in the home rent-free. Unlike returns from other investments, the return on homeownership—what economists call "imputed rent"—is excluded from taxable income. In contrast, landlords must count as income the rent they receive, and renters may not deduct the rent they pay. A homeowner is effectively both landlord and renter, but the tax code treats homeowners the same as renters while ignoring their simultaneous role as their own landlords."
4. Profits from Home Sales
"Taxpayers who sell assets must generally pay capital gains tax on any profits made on the sale. But homeowners may exclude from taxable income up to $250,000 ($500,000 for joint filers) of capital gains on the sale of their home if they satisfy certain criteria: they must have maintained the home as their principal residence in two out of the preceding five years, and they generally may not have claimed the capital gains exclusion for the sale of another home during the previous two years."
Bottom Line
We are not suggesting that you purchase a house just to save on your taxes. However, if you have been on the fence as to whether 2017 is the year you should become a homeowner, this information might help with that decision.
*** Disclaimer: Always check with your accountant to find out what tax advantages apply to you in your area.


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Grafton Indoor Signs
VIEW GALLERYWhether you operate a restaurant or a manufacturing plant, your business needs indoor signs to keep your business running smoothly. Whether your business goal is to increase your average ticket or to keep employees safe, As your local Milwaukee sign shop, Milwaukee Sign Company has the indoor signs that help you do that and more!
Choosing the right type of indoor signage for your business can be challenging. Many different factors need to be considered, such as your signage goals for marketing and business promotion, how guests or customers navigate your facility, any legal requirements regarding signage, and even how much wear and tear your expect your signage to experience.
As a full-service signs shop, we not only understand signage, we understand the impact signs can have on your business. From engaging customers to keeping staff safe, indoor signs play a significant role in how efficient your business runs. We focus on creating attractive, impactful signage that makes it easy for you to welcome your guests, control the flow of traffic in your facility, alert staff and visitors of potential hazards, and so much more.
Unsure what type of signs your business needs or are you ready to move into a new building? Milwaukee Sign Company provides on-site evaluations with our expert sign consultants, allowing you to speak to a knowledgeable professional who will be able to help you find and decide what signage best fits your business, brand, location, budget, and timeframe.
Call Milwaukee Sign Company at (414) 206-6733 for your Free Consultation with an Indoor Signs Expert!
Interior Signage For Office Buildings
Most office complexes typically house various offices for a single company or many different businesses under one roof. Either way, this can often be confusing for first-time visitors as they attempt to navigate your facility. This usually leaves your front desk employee with the task of providing directional assistance to each new visitor, drawing their attention from more crucial tasks.
From attention-grabbing identification signs to helpful directories, indoor signage is extremely effective at providing the support your guests need when looking for the areas they want. With appropriate placement, your indoor signs will intuitively lead your visitors on their way with minimal assistance, allowing your front desk employee to focus on more critical tasks.
Indoor signs are also a great way to introduce and reinforce your brand throughout your entire office building. We create attractive logo signs, floor signs, large format graphics, and informational signs that not only share information about your business history but also generate the repetition needed for your brand to take hold.
Retail & Restaurant Indoor Signs
Indoor signage for retail and restaurants are more often targeted at highlighting their products rather than their brand. That doesn't mean their branding doesn't have a role to play in their promotional and wayfinding signage!
Milwaukee Sign Company custom designs attractive product displays, menu boards, point-of-purchase signs, hanging banners, floor vinyl, wall murals, and other custom signage that not only highlights your hottest products but also reinforces your brand by utilizing your logos, fonts, and colors. With attractive indoor signage, we make it easy for your customers to navigate your business, locate the departments and products they want, and the areas they need to do business with you. As your local Milwaukee, WI full-service sign company, we understand what your customers expect when it comes to signage, and we are committed to ensuring you meet those expectations each and every day.
Signs for Warehouses & Manufacturing
Just because your business isn't open to the public, doesn't mean that you don't have a need for impactful indoor signage to keep your operations running efficiently. From reminding your staff of safe manufacturing practices to creating an enjoyable space, Milwaukee Sign Company will help you keep your business moving forward.
Large format murals, wayfinding signs, safety signs, and vinyl banners all work towards providing the support your business needs to achieve your goals of improving productivity and safety, while also creating an enjoyable workspace for your employees to return to each day. Milwaukee Sign Company is your dedicated partner for impactful manufacturing signage, providing assistance, guidance, and support to ensure you have the tools you need.
We also create eye-catching outdoor signs to help keep visitors and guests safe when arriving or leaving your facility!
Cohesive Interior Signs for Business
Consistency is essential when promoting your business and cementing your brand as a leader within your industry. By having a solid brand guideline and referencing them in all of your marketing endeavors, you begin building the repetition needed for your brand to take hold while also creating the professional image you've always wanted for your business. From attention-grabbing window displays to ADA signage, lobby signs, POP signage, wayfinding signs, and other commercial signage, Milwaukee Sign Company has the tools, experience, and resources needed to deliver you the impactful signage that helps your business grow and reach new market success. We also create eye-catching vehicle wraps to brand your vehicles and help you take your brand everywhere you go!
Not sure where to start? Not a problem! Milwaukee Sign Company offers a free indoor sign consultation that allows you to speak with a knowledgeable sign professional. We listen to your thoughts and marketing goals and make the appropriate product and material recommendations based on your unique brand, business, location, budget, and timeframe. We help you understand what signage elements will best support your business and marketing goals.
Every Indoor Sign Your Business Needs!
Milwaukee Sign Company is your trusted signage partner, who will deliver the solutions you need for any signage challenges!
From supporting your visitors with helpful wayfinding signage to building brand recognition, we understand the different needs of the different industries in Milwaukee. We take into consideration your location, physical space, neighboring business, and competition when creating the perfect signage that fits your brand, business, and budget.
Our indoor sign services include:
Whether you need a single vinyl graphic or an entire collection of office identification signage, Milwaukee Sign Company can create it for you.
We ensure that your signs are high-quality, attractive, and produced with environmentally sustainable methods and materials whenever possible.
Full-Service Interior Sign Manufacturers
As your leading full-service Milwaukee sign manufacturer, we handle every aspect of the interior signage process, including professional sign design, fabrication, installation, as well as sign repair and maintenance. We provide everything right here in our local Milwaukee sign shop, so you don't have to go from one place to the next to complete your indoor sign project.
We begin with a free sign consultation, where our knowledgeable consultants can discuss your business, brand, ideas, and needs. This insight allows us to recommend the sign products and materials that best fit your business. Once we understand exactly what you need, our graphic design team will draft a sample draft for you to review and edit as you desire. From text to logos, fonts, and colors, we will alter your project until you are completely satisfied with the end result.
After we have your approval, our fabrication team will take over the process and begin creating and prepping your indoor signage for installation. While many of our signage solutions are simple enough for a self-install, our large format graphics or complex signage are best left to the professionals for safety and technical reasons.
Free Expert Indoor Sign Consultation
Whether you're a local mom and pop shop or an established entity, Milwaukee Sign Company is dedicated to ensuring you have the right indoor signs and graphics to get the job done. From attractive lobby logo signs to ADA signage, we will help you overcome any signage challenge and help you take your business to the next level.
Call Milwaukee Sign Company at (414) 206-6733 for your Free Consultation with an Indoor Signs Specialist!


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Luxury TV Cabinet / Low Sideboard White with Antique Oak Doors 2 Door
Contemporary low line TV cabinet / sideboard finished in matt white surround with stunning vintage oak doors. If you are looking for a piece that exudes style and elegance that can be tailor made to suit your lounge, dining room or study then look no further.
Part of the Sito range which are made to order from our super modern production facility in Holland.
Black angled legs have nylon feet to protect your floor and provide a beautifully balanced look.
If you have any questions about our furniture, call us on 02476 642 139.
- W150cm D48cm H61cm
- 3 Doors
- Fully Assembled
Delivery Time: | Delivered in 5-10 working days |
Colour: | Brown |
Width (mm): | 1500 |
Depth (mm): | 480 |
Height (mm): | 610 |
Weight (kg): | 58 |
Assembly: | No Assembly Required |
Product information
Our delivery methods
We ship to Mainland UK. We use 3 courier services depending on the products purchased.
Quatropi Delivery
This service is used for larger items like dining sets & sideboards which are delivered to ground floor of the property and left with the resident in up to 10 working days. For deliveries to Cornwall, parts of Devon, Northumberland, Tyne and Wear, Cumbria and Scotland this may take up to 20 working days.
Parcel Courier
This service is used for smaller items which are delivered to the door of the address and handed to the resident in up to 3 working days.
Pallet Courier
This service is used for larger items suitable for pallet delivery which are delivered to kerbside/driveway of the address and left with the resident in up to 10 working days.
Premium Fast Pallets
This service is used for selected indoor and outdoor items that are suitable for pallet delivery. This is a faster pallet delivery which are delivered to kerbside/driveway of the address as quickly as possible and left with the resident in up to 3 working days.
Find out more information about chargeable postcodes, tracking and other restrictions as well as FAQ's on our delivery page.
Refund Policy
We have a 14-day return policy, which means you have 14 days after receiving your item to request a return.
Unwanted Products
We want you to be 100% happy with your product(s) and if you are not then you may return the product to us unused and in a resaleable condition within 14 days under our full money-back guarantee. Please note that any delivery fee is not refundable. Goods requiring assembly are non-returnable once constructed. Please note that you are responsible for ensuring that all product(s) are in their original packaging and wrapped securely.
Exemptions to this guarantee are:- Custom-ordered/special order products
- Products that have been assembled or used
- Products without original packaging
Returns are free on all items to Mainland UK with the exception of a few postcodes (details below). Returns to these postcodes are subject to a returns fee based on the products to be returned. Excluded postcodes: JE, GY, IM, PO30-41, HS, KA27-28, KW, ZE, PA, AB, PH, IV, BT.
To start a return, you must contact us at firstname.lastname@example.com.
If your return is accepted, we'll send you a return shipping label, as well as instructions on how and where to send your package. We will send collection instructions for larger items - collections are completed by our team. Items sent back to us without first requesting a return will not be accepted.
You can always contact us for any return questions at firstname.lastname@example.com
Damages and issues
Please inspect your order upon reception and contact us within 5 working days if the item is defective, damaged or if you received the wrong item so that we can evaluate the issue and make it right. Check for any issues on all parts before assembling your item as we cannot be held responsible for any damage identified once erected. Email our customer service team at firstname.lastname@example.com and attach images/videos for the team to analyse the fault. We will contact you to arrange for a replacement to be sent.
It is recommended that you check the products inside before signing for them if the packaging is damaged on receipt. Please note that you are responsible for ensuring that you use the original packaging and ensuring the parcel is securely wrapped when returning items. For orders delivered or returned using the customer's own courier service, we cannot be held responsible for damaged goods and you will be unable to claim a refund or exchange.
We will notify you once we've received and inspected your return, and let you know if the refund was approved or not. If approved, you'll be automatically refunded on your original payment method within 10 working days. Please remember it can take some time for your bank or credit card company to process and post the refund too. If more than 15 business days have passed since we approved your return, please contact us at email@example.com.
Find more information on our refunds page.
Our guarantee to you
All products include a 1 year full warranty, plus extended warranties as standard on selected products such as made-to-order sofas and garden furniture.
For more information about our product warranties, check out the Warranty page


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Address 9401 N CA-1
City Mendocino
State CA
Zip 95460
Phone (707) 937-4752
Website go to website
Reserve Now
Rising from the land on a windswept bluff-top overlooking the rugged Mendocino coast sits the Brewery Gulch Inn, a remarkable cathedral of eco-salvaged redwood. Spectacular windows frame postcard views of the pines and the surf beyond. Inside, the clean and contemporary Arts and Crafts style; the attention to detail; and the included meals incorporating locally-sourced, organic cuisine prepared by an accomplished executive chef wrap guests in a cocoon of comfort.


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This package covers all the service and repair information about 2009 Harley Davidson Sportster. You will surely enjoy browsing through the pages and learning how to repair the different parts of your machine.Dwonload Service Repair Manual for Harley Davidson Sportster 2009
This highly detailed digital repair manual contains everything you will ever need to repair, maintain, rebuild, refurbish or restore your 2009 Harley Davidson Sportster.
This is the same information the dealer technicians and mechanics use to diagnose and repair your bike. With this professional quality highly detailed service repair manual, you will be able to work on your bike with the best resources available, which will not only save you a lot of money in repair bills but will also help you to look after your vehicle.
Topics overed:
. Complete Engine Service
. Fuel System Service
. Factory Repair Procedures
. Wiring Diagrams
. Gearbox
. Exhaust System
. Suspension
. Fault Finding
. Clutch Removal and Installation
. Front Suspension
. Bodywork
. Gearbox Service, Removal and Installation
. Cooling System
. Detailed Specifications
. Transmission
. Factory Maintenance Schedules
. Electrics
. Engine Firing Order
. Brake Servicing Procedures
. Driveshaft
. Timing Chain Service
. Exhaust Service
. Abundant Illustrations
. Lots of Pictures & Diagrams
. Plus Lots More
Tags: Harley Davidson Sportster, Change oil, Brakes, Shop Manual, Troubleshooting, Repair Manual, Steering, Cooling System, Spark plugs, Suspension, Diagnose, Radiator, Battery, 6-Cylinder, Engine, Air Conditioner, Timing Belt, Air Filter, Starter, Coolant, 4-Cylinder, Alternator, Air Bags, Service Manual


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Now offering CRAFT projects!
The Promenade Shops at Centerra
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I understand the cancellation and refund policy.
You have great taste! And you're on your way to unleashing your inner artist!
$35.00 — Sold Out
Class Location: Centerra
Artist: Chelsea
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42.00 mm12.9 mm
Antireflective sapphire crystal
Steel and Gold
200m (20ATM)
22.00 mm
Steel with DLC
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By visiting our website and using our services you understand and accept how we handle personal data according to our privacy policy. We respects your privacy and the right to control your personal data.
Welcome to the Paul Picot website.
Our activity is evolving and these terms are also changing. We invite you to refer to our website regularly to find out information regarding the most recent changes. Unless otherwise specified, our general terms relating to the processing of personal data apply to the use of all the information we have collected concerning you. We keep our promises and will never substantially change our policies or practices in a way that would reduce the protection of client information collected in the past, without the consent of the clients concerned. Click here to refer to the previous version of the general terms relating to the processing of personal data.
The company Paul Picot provides you with website features and other services when you visit the Paul Picot website (https://paul-picot.com) or make purchases there.
Paul Picot supplies its services by abiding by the general terms relating to the processing of personal data as defined on this page. Paul Picot pays special attention to the protection of personal data. With this aim Paul Picot undertakes to respect the applicable European and Swiss legislation regarding personal data processing.
The protection of natural persons with regards to personal data processing is a fundamental right whatever the nationality or residence of the natural persons. The right to personal data protection is not, however, an absolute right; it must be considered in relation to its function in the Paul Picot and balanced against other fundamental rights, in accordance with the principle of proportionality.
You supply information when you:
Through these actions you give us information including: your name, address and telephone number, age, geographical location, the names, addresses and telephone numbers of the recipients of bought products, VAT numbers.
Personal data collected ensure the security as well as the correct operating of our website.
All information that we collect from you can be used to:
We may also be called on to request your consent to process your personal information for a specific purpose that we will indicate to you. When you agree to the processing of your personal data for this specific purpose, you will be able to withdraw your consent at any time and we will stop any processing of your information for this purpose.
Paul Picot does not sell the collected data to third companies. Your data are protected and only used in the framework of your relationship with Paul Picot.
We use other independent companies or persons who supply certain services on our behalf. Here are a few examples: the sending of regular mail or e-mails, the analysis of our databases, the supply of search results and links, the processing of payments and the transmission of contents. These third-party service providers have access to the personal information necessary for performing their services and are not authorised to use them for other purposes. Moreover, they are bound to process this personal information in accordance with these general terms and with governing laws regarding personal data processing.
The Paul Picot website will not store information relating to payments. We use PayPal and Stripe to deal with this.
We disclose personal information when we are legally obliged to do so or if this disclosure is necessary to enforce our general sales terms or other agreements, or to protect the rights, property or security of Paul Picot or those of the users of the Paul Picot website or other persons. This includes the exchange of information with other companies and organisations with the aim of protecting against fraud. In all other cases, you will be informed if your personal information had been shared with a third party and you will have the chance not to agree to such sharing.
We are concerned with the safety and protection of your personal data.
Your data is stored on secured Swiss servers. They are equipped with the latest technologies and enjoy the best protection.
We protect the safety of your personal data while it is being transmitted by using SSL software (Secure Sockets Layer Software) that encrypts the information you enter before it is sent.
We respect the safety standards of the payment card industry (PCI DSS) when we process payment card data.
We maintain physical and electronic safety measures and back-up procedures in relation to the collection, storage and communication of clients' personal information. Our safety procedures may require us to ask you for proof of your identity before being able to pass on your personal information to you.
The personal data required by Paul Picot are appropriate, relevant and limited to what is necessary regarding the purposes for which they are processed.
The personal data collected by Paul Picot are exact. All reasonable measures are taken so that inaccurate personal data, with regard to the purposes for which they are processed, are either deleted or rectified without delay.
Personal data collected by Paul Picot is kept in a form allowing the identification of the persons concerned for a period not exceeding that necessary for the purposes for which they are processed, for a period necessary to carry out such legal obligations as, for example, tax or accounting obligations, or for any other duration that may have been communicated to you.
Personal data are processed by Paul Picot in such a way as to guarantee the appropriate security of personal data. They are protected against unauthorised or unlawful processing and against the loss, destruction or damage of accidental origin, with the help of appropriate technical or organisational measures. The data are stored on secured Swiss servers. These servers are equipped with the latest hardware technologies and enjoy the best protection. Moreover, SSL encryption is used to protect sensitive information transmitted online. Offline information is also protected. Only employees that need to carry out a specific job have access to identifiable personal information. The latter is subject to professional secrecy. The computers used to store identifiable personal information are kept in a secured environment.
You can only give your consent regarding the processing of your data if you are over the age of 16. If you are under the age of 16, consent must be given by a person who has "parental responsibility".
Cookies are small files stored in your browser or your appliance for a defined period. They allow your browsing data to be kept, such as, for example, the choice of language. Here for example are cookies stored during your visit to the Paul Picot website:
On the Paul Picot website, they are intended for statistical purposes. No personal data is sold or given to legal entities or natural persons. These data are only used to analyse our website's traffic as well as analyse the security and correct operating of the latter. Our cookies improve the user experience thanks to the monitoring and targeting of his/her interests. However, this use of cookies is in no way linked to personal information identifiable on our website.
Paul Picot established in route de Soleure 136, 2504 Bienne is the processing manager of data collected and processed via the Paul Picot website.
For any questions or requests relating to the processing of personal data within Paul Picot or if you wish to contact the processing manager, please send us a detailed e-mail to the following address: firstname.lastname@example.com.
We undertake to deal with your request within a maximum of one month. In order to be able to access your request, we ask you for proof of your identity for the purpose of identification and confidentiality.
An incident must be reported to the supervisory authority and the person concerned, less than 72 hours after being aware of it. Paul Picot shall avoid this obligation if the personal data breach has little chance of resulting in risks to the liberties and rights of natural persons.
You have access to information about the processing of your personal data and the reasons for this processing. You can obtain basic information on this subject. The controller will give you the necessary information even if the personal data has not yet been obtained.
You are entitled to obtain confirmation from the controller that the personal data concerning you have not been processed.
If the controller confirms that the personal data have been processed, the person concerned is entitled to have access to his/her personal data and obtain such information as:
You are entitled to correction of the personal data concerning you that are inaccurate, as soon as possible, by the controller.
The controller must delete your personal data if these are not necessary for the purpose for which they have been collected or processed; if the person concerned withdraws his/her consent on which the processing relies; or if the personal data have been processed unlawfully.
You are entitled to receive your personal data. The personal data received must be structured in a legible format by a machine, because you have the right to pass on your data to another controller, with no interruption resulting from the controller, to whom your personal data have been supplied beforehand.
You are entitled to oppose the processing of your personal data at any time. The controller shall no longer process your personal data, unless he/she proves that there are legitimate and pressing reasons for the processing, which prevail over your interests, rights and liberties, or for the observation, exercising or defence of rights in court, notably in the framework of a technicallegal investigation. The controller must show that there is reasonable proof to process the data, or that this data processing is within the limits of your legal rights. If Paul Picot cannot respond to one of these requirements, it must stop the processing.
You are entitled to ask for the processing to be limited if this is unlawful. You are also entitled to oppose the deletion of your personal data and demand instead a limitation of their use.
Paul Picot uses the email address you supply to send you newsletters. If at any time you wish to unsubscribe and no longer receive emails, detailed instructions on how to unsubscribe are included at the bottom of each email.
If you wish to assert one of the rights set out in these latter paragraphs, please contact us at the following e-mail address: email@example.com.
Revised on 20nd August 2019.


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Do what you do best. We'll handle the insurance.
Professional services insurance from a trusted and reliable agency.
When your business handles services that are very personal, it's important to have the right insurance in place to protect your clients and your business. Professional services insurance is a great way to manage this.
Protection for service-oriented businesses.
When a business provides services that are personal, like wedding photography, beauty and spa services, financial advice, estate planning, or business consulting services, having the right type of professional services policy in place helps cover the costs associated with being sued by a client. This is essential coverage whether you run a small business or a larger scale operation.
Serving your business with insurance solutions.
When customizing a professional services insurance package, the business owner should choose the types of property damage insurance, general liability insurance, and business income insurance that best fit their budget and company size. These aspects of your business can safeguard your investment and future by covering the essentials.
Why proof of insurance matters.
Some clients require proof of professional services insurance before they'll sign a contract. Having it in place not only protects the business, but it also establishes the owner as a responsible professional. Get the right coverage with a policy that best meets the needs of your business so you can build trust with the people you serve.
To find out more about how insurance for professional services helps keep small businesses that provide personal services on the right track, please contact us today.
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As an independent agency, we are here to help you find the right Professional Services Insurance coverage.
Professional Services Insurance Quote Request
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Riverside Smiles Dentistry High Quality Affordable Dentistry
6912 Brockton Ave, Riverside, CA 92506 Phone: (951) 680-0505
With proper care, most teeth that have had endodontic (root canal) treatment can last as long as other natural teeth. Root canals performed by endodontists (root canal specialists) have a 95% success rate. In some cases, however, a tooth that has received endodontic treatment fails to heal. Occasionally, the tooth becomes painful or diseased months or even years after successful treatment. Why do I need retreatment?As occasionally happens with any dental or medical procedure, a tooth may not heal as expected after initial treatment for a variety of reasons:Narrow or curved canals were not treated during the initial procedure. Complicated canal anatomy went undetected in the first procedure. The placement of the crown or other restoration was delayed following the endodontic treatment. The restoration did not prevent salivary contamination to the inside of the tooth. In other cases, a new problem can jeopardize a tooth that was successfully treated.
For example:New decay can expose the root canal filling material to bacteria, causing a new infection in the tooth. A loose, cracked or broken crown or filling can expose the tooth to a new infection. A tooth sustains a fracture. Retreatment is performed in two visits and involves the following:


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- Jim's Handyman – Wyongah,NSW
- Price unknown
Jim's Group
Jim's Group
Interested in this brand?
Jim's Group
Jim's Handyman – Picnic Point,NSW
About this opportunity
Jim's Group is offering an excellent franchise opportunity!
Are you tired of working for someone else and making them rich? A Jim's franchise offers you the chance to finally be your own boss. Start being rewarded for your hard work running your own business with the largest franchising family in Australia, the Jim's Group.
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Businesse type
Auto & car franchises
Length of agreement
20 years
Initial investment


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Today's Names to Know: Randy Moss, Derek Anderson, DeShawn Wynn, Steven Jackson, Matt Schaub, Amobi Okoye, Robert Kraft, Tim Tebow, Jim Thome, OJ and More.
Pats crush Chargers: It won't keep people from associating "Patriots" with "Cheaters," but it also won't keep people from agreeing that these Pats are not just the team to beat this season, but are already sizing up as the best of the Pats teams of the last decade.
Let's call this what it was -- a "Statement" game: Crap on us all you want,
Effectively, the Pats have turned into the old Madden-esque Raiders or Johnson's Cowboys, where the polite wave in the style of "
Browns edge Bengals in barnburner: If you knew in advance that the Bengals were going to score 45 points against the Browns, I guarantee they would have been your "suicide" eliminator pool LOCK of the season. Too bad we all underestimated Derek Anderson. Based on the rest of the afternoon's results, it's like these two teams sucked up all of the fantasy production from the rest of the QBs, WRs and RBs out there.
Speaking of fantasy, my Stud of the Week is DeShawn Wynn (and not just because I spent the week in
My Fantasy Dud of the Week is Steven Jackson, the consensus No. 2 overall fantasy pick has been a complete waste, outperformed by the likes of... well, DeShawn Wynn.
Schaub Mania: If you had to pick an NFL MVP after two weeks, I think Schaub (of the 2-0 Texans) would be the choice. He silences the haters. He makes Falcons fans weep. He is for real. And the Texans are 2-0 for the first time in franchise history.
NFL Milestones: Brett Favre is now the winningest QB in NFL history. More importantly, he won on this most recent Sunday.
Adrian Peterson Memorial Weekly Rookie of the Year Award: Amobi Okoye. The youngest player in the NFL is also apparently one of its most talented. He recorded two sacks and a forced fumble yesterday. Okoye is what Mario Williams was supposed to be last year.
Who had the Saints at 0-2?
Who had the 49ers at 2-0?
MNF: Redskins-Eagles. Philly needs a win, badly. Expect Jaworski to be on fire for his old team.
Bill Belichick and Robert Kraft don't care about the haters: There's no other reason they'd time the leak of the news that Belichick is signed through 2013. That's more than enough time for him to devise new ways to cheat to win. (Don't worry: I'm already getting tired of associating "cheater" with "Belichick" every time his name comes up.)
Meanwhile, speaking of Belicheat: The NFL wants anything associated with the cheating in question. Yeah, good luck with the Pats complying on that. Presumably, the shredders and incinerators and dumpsters over at the Pats facility are working overtime tonight.
(Anyone else catch Roger Goodell doing his interview with Costas? He wasn't as deft as David Stern, but he stuck to his message point, the same one the league has used for years: Parity rules... or: The rules have to be the same for everyone.)
College Football Top 25: I think merely three games into the new season, we've got a consensus about who the reasonable contenders are: USC (as long as they beat
Here's my BlogPoll ballot this week.
My current Heisman ballot:
1. Ray Rice, RB,
2. Tim Tebow, QB,
3. Darren McFadden, RB,
4. PJ Hill, RB,
5. Andre Woodson, QB,
(You didn't have to see Tim Tebow live and in the stadium like I did to realize that my preseason prediction he'd be in the Heisman Top 5 isn't THAT crazy. Number 2, as of this week? Perhaps. But again: Not THAT crazy.)
Clemens vs. Fenway, the Finale: Impressively, it was Derek Jeter who stole the show with a 3-run HR in the 8th.
MLB Milestones: Thome joins the "500 Club." Todd Jones joins the "300 Saves Club."
NBA: Don Nelson returning to the Warriors. He'll be hard-pressed to top last season's glorious playoff run. But it will be fun to see him try.
Tiger wins the Fed Ex Cup: Wait, is that the one where they put his prize money in a 401K?
OJ arrested: I don't know what's sweeter – the justice or the irony?


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Should You Buy an Existing Home or New Construction?
Finding the right home to purchase today is one of the biggest challenges for potential buyers. With so few homes for sale and construction of newly built homes ramping up, you may be wondering if you should consider new construction in your search process. It's a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family.
New Construction
When buying a new home, you can often choose more energy-efficient options. New appliances, new windows, a new roof, etc. These can all help lower your energy costs, which can add up to significant savings over time. With programs like ENERGY STAR, your home also helps protect the environment and reduces your carbon footprint.
Lower maintenance that comes with a newer home is another great benefit. When you have a new home, you likely won't have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. With new construction, you'll also have warranty options that may cover portions of your investment for the first few years.
Another solid benefit to new construction is customization. Do you want a mudroom, stainless steel appliances, granite countertops, hardwood floors, an office, or a multipurpose room to homeschool your children? These items can be customized to your specific needs during the design phase. With an existing home, you're buying something that's already completed, so if you want to make changes, you may need to hire a contractor to help get your home ready for your family.
Existing Home
When buying an existing home, you can negotiate with the current homeowner on price, which is something you generally don't get to do with a builder. Builders know their material and construction costs, and they have a price set for the model you're buying. So, if you want to negotiate, then maybe an existing home will be best.
For many families, having an established neighborhood is also important. Some buyers like to know the neighbors, if it's family-friendly, and traffic patterns before making a commitment. When you buy new construction, you won't have a full view of some of those details until the lots around you are sold.
Finally, timing comes into play. With an existing home, you can move in based on the timeline you agree to with the sellers. With new construction, you need to wait for the house to be built. Depending on the time of the year you're buying and the region you're in, the weather can also be a factor in the timeframe. This is something really important to keep in mind, especially if you need to move sooner rather than later. Over the past few months with COVID-19 and social distancing regulations, some areas for new construction have been delayed.
Bottom Line
Whether you want to buy a newly built home or one that's already established, both are great options. They each have their pros and cons, and every family will have different circumstances driving their decision. If you have questions and want to know more about the options in our area, let's connect today so you can feel confident making a decision about your next home.