text:
Interim Results for the six months to 31st March 2013
Transitioning in FY13 from renewals to new customers
LONDON, UK, 16th May 2013 - Optos plc (LSE: OPTS), a leading medical retinal imaging company, today publishes its interim results for the first half of its financial year ending 30 September 2013 (H1 FY13). All figures are reported in US$ and are unaudited.
Six months to 31 March 2013
Six months to 31 March 2012
Figures are unaudited
Total revenue(1)
Operating lease & variable revenues from
device rentals
Device sales - outright
Device sales under finance leases
Service & warranty revenues
Gross profit(1)
Operating (loss)/profit before exceptional items
Net finance income / (charge)
Profit before tax before exceptional items
Profit after tax before exceptional items
Exceptional items
Profit after exceptional items and tax
Net debt (cash less debt & lease finance liabilities)
1. Revenue and gross margin include other operating income
Today we report headline revenue (1) for H1 FY13 of $73.0m, down 15% from $86.2m in H1 FY12 (up 6% on an underlying (2) basis). As indicated in our trading update of 20th March 2013, second quarter (and therefore first half) FY13 trading was softer than expected. This reflected the inherent difficulty in forecasting growth trajectories and timing of sales during the initial launch of a new product such as Daytona; and lower than expected sales due to macro-economic factors, notably in Europe. The overall strategy for the Company remains unchanged.
During H1 FY13 we:
· Significantly increased the number of new customers;
· Grew the installed base of ultra-wide field ("UWF") devices;
· Increased sales from markets outside North America;
· Moved closer to commercialisation of the next generation product that combines UWF and ocular coherence tomography ("OCT").
Full market launch of Daytona began in Q4 FY12. 400 devices have been sold in H1 FY13, bringing the global installed base to 729 at 31st March 2013. As previously disclosed, in common with most new product launches, initial customer feedback resulted in early software upgrades and enhancements being made in Q2 FY13, which slowed down the Daytona roll out. These specific issues are now resolved and momentum is being re-established.
Financial Highlights- underlying revenue increases by 6%
· Total H1 FY13 revenue was $73.0m (H1 FY12: $86.2m) reflecting fewer rental renewal contracts, and softer sales of Daytona and 200Tx than expected.
- Outright (or "capital") sales increased by 40% to $31.8m from $22.7m in H1 FY12, with the sale of 413 ultra wide-field devices.
- As expected, operating lease revenue fell to $11.0m from $31.6m in H1 FY12 as the remaining rental agreements under operating lease continue to be renewed onto finance leases (621 operating leases remaining; 842 at start of FY13).
- Service revenue was $13.1m, up from $5.9m in H1 FY12.
· Underlying revenue was up 6% due to the high level of capital sales in the period.
· Good control of operating expenses; these were broadly flat period-on-period at $43.4m (H1 FY12: $43.0m, pre-exceptional).
· Profit before tax was $0.7m (H1 FY12: $6.9m pre-exceptional).
· Net debt at the end of H1 FY13 was $55.8m, up from $47.9m at end FY12 and up from $48.2m at end H1 FY12.
Post Period - focused restructuring plan to accelerate growth
· Restructuring plan announced on 1st May 2013, with an expected cost of $2.0m in H2 FY13. It is expected to deliver annual savings of approximately $3.5m-$4.0m from 1st October 2013 and to position the business for faster growth and closer customer service.
Operational Highlights- net increase of 492 new customers and good international growth
· The installed base of ultra wide-field devices has increased 9% to 5,130 in the six months to 31st March 2013 (end FY12 4,689 units; H1 FY12 4,404).
· Increase of 492 new customers in H1 FY13 (H1 FY12: 246).
· Improvement in de-install rate in the first half (1% H1 FY13 versus 2% H1 FY12).
· The ratio of rental to capital customers by number at end H1 FY13 is now 63% to 37% (77% and 23% at end H1 FY12).
· International (non-North American) markets contributed first half revenue of $23.5m, 32% of the total (H1 FY12: $19.0m and 22%), growing at 24% over H1 FY12.
· Continued strong progress with clinical evidence demonstrating the value of ultra wide-field imaging.
· Continued development of exciting new product development roadmap including the integrated UWF and OCT device.
Daytona- 400 units placed in period
· 400 Daytona units installed in H1 FY13; total since launch to 31st March 2013, 729.
· All software issues highlighted in our trading update of 20th March 2013 have been resolved.
· We received a further order for 250 units from OPSM, Australian's leading eye care provider, giving further validation and endorsement of the Daytona technology.
· Current Daytona order book circa 450 units including the majority of the new order from OPSM.
· The unit production cost of Daytona has been reduced, with further planned reductions, based on volume and supply chain management, expected to flow through in FY14.
Outlook FY13
At the time of our prelims in November 2012, shortly after the full launch of Daytona, we gave guidance of high single digit revenue growth in an attempt to convey the growth trajectory of the business.
However, as indicated in our previous trading update, we have found during H1 FY13 that the adoption rate of a new medical device like Daytona in the initial post-launch phase is difficult to forecast with precision. Forecasting is also complicated by an inherent lack of prior visibility on the mix of new installs because the customer choice between a capital sale and a rental is only made at the point of sale. New customer growth - whilst strong and above last year's level - is not yet filling the gap left by lower renewal opportunities as rapidly as projected earlier.
We remain encouraged by the endorsement and level of interest in Daytona, exemplified by the completion of a second order from OPSM. We have also had a positive start to the trade show season with over 220 orders placed with the Vision Source group.
Guidance for the full year is that top line revenue will be lower than FY12. As normally occurs, we expect that H2 sales will exceed H1, especially given the second OPSM order which has already been secured. We expect to place about 1,000 - 1,200 units of Daytona in the year. Cost control will be maintained, with savings from the new organisation structure driving further cost reductions in FY14. Operating profit will also be below 2012 and net debt will remain above the level at 30th September 2012.
Roy Davis, CEO, commented:
"While our full year outlook is softer than we had hoped, we have made important recent strategic and operational progress and firmly believe that the longer term prospects for Optos remain strong. We have significantly increased both the number of new customers and our installed base of devices whilst growing sales from markets outside of North America. Our R&D pipeline is also progressing well and we remain excited by its potential. I am confident that these trends, together with the steps we are taking to reduce both Daytona production costs and general operating overhead, will translate into an improved performance in H2 and beyond."
1. Revenue and gross margin include other operating income
2. Underlying revenue treats all finance leases as if they were operating leases
Optos plc
Tel: 01383 843 300
Roy Davis, CEO
Louisa Burdett, CFO
FTI Consulting
Tel: 020 7831 3113
Ben Atwell / Mo Noonan / Simon Conway
Note to Editors: Images available upon request
About Optos Plc
Optos plc has the vision to be The retina company. We aim to be recognised as a leading provider of devices and solutions to eyecare professionals for improved patient care. Optos' core devices produce ultra widefield, high resolution digital images (optomaps®) of approximately 82% of the retina, something no other device is capable of doing in any one image. Our recent acquisition of OPKO instrumentation brings the group optical coherence tomography ("OCT") diagnostic devices and optical ultrasound scanners, used in the diagnosis and management of eye disease and conditions.
Optos' widefield retinal imaging technology, combined with the specific data that can be derived from OCT images, has the potential to offer ophthalmologists and optometrists the most powerful tools for disease diagnosis and management. The optomap images provide enhanced clinical information which facilitates the early detection, management and treatment of disorders and diseases evidenced in the retina such as retinal detachments and tears, glaucoma, diabetic retinopathy and age-related macular degeneration. Retinal imaging can also indicate evidence of non-eye or systemic diseases such as hypertension and certain cancers. OCT delivers an image that shows a three dimensional, cross-sectional view of the retina in any particular area, typically in the central pole area of the retina around the optic nerve and macula and is used to detect the presence of and understand the severity of disease, determine treatment approaches and monitor post-treatment effect.
Optos has a range of imaging devices that support different customer segments and patient levels: the P200 and 200Dx devices are concentrated on wellness screening carried out by optometrists and ophthalmologists in primary care; the P200C devices are designed to meet the need for more exacting clinical imaging capabilities and standards in secondary care within the ophthalmology market and at optometric practices that are clinically managing a patient base with advanced ocular disease; and the P200MA and 200Tx devices supports ophthalmologists and retinal specialists in the medical care market. We have recently introduced Daytona, our next generation imaging device. Daytona is a desk top device with multiple imaging modalities and was designed to enable us to globalise our ultra widefield technology. Our expanded product range includes visual acuity, perimetry and treatment laser products
For more information please visit our website www.optos.com.
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates and projections about its industry, its beliefs and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
Business Review
Strong outright (or "capital") sales drove underlying (1) revenue (2) growth for the first half of FY13 up 6%, despite a fall in headline revenue of 15% to $73.0m from $86.2m in H1 FY12. H1 FY12 was a particularly strong comparator given the number of contracts available for renewal in that period. Despite softer trading than we were forecasting at the time of FY12 preliminary results in November 2012, we continued to make good progress in H1 FY13 on our strategic objectives, both significantly increasing new customers and growing the installed base of ultra-wide field ("UWF") devices. The installed base at the end of H1 FY13 was 5,130 devices world-wide, an increase of 9% from 4,689 installed devices at end FY12 (and 16% from 4,404 at end H1 FY12). We have also increased sales from markets outside North America and moved closer to commercialisation of the next generation product that combines UWF and ocular coherence tomography ("OCT").
Daytona has now been commercially available since April 2012 with full market launch in Q4 2012. During H1 FY13, our main focus has been the sale of Daytona in our direct and indirect markets, as well as its efficient manufacture in our Dunfermline facility. Uptake has been good, with 400 devices placed in H1 FY13 bringing the total installed base of Daytona to 729 at 31st March 2013. However, Daytona sales were lower than we had planned, particularly rental sales. As stated in our trading update of 20th March 2013, early software upgrades contributed to a slower Daytona roll out in the second quarter. These specific issues are now resolved and momentum is being re-established. Sales of the more expensive 200Tx devices were also slower than expected due to increased sales cycles driven by a combination of macro-economic factors and increased customer decision-making timelines.
Gross margin (2) was 59% (H1 FY12: 58%) reflecting product mix and some Daytona cost reductions, offset by one-off costs for the Daytona software upgrades. Operating expenses were broadly flat compared to H1 FY12. Despite good cost control the lower sales level generated profit before tax of $0.7m compared to $6.9m (pre-exceptional) in the first half last year.
Revenue (2)
Our revenue mix during the period continued to shift towards capital sales, service income and finance leases.
Capital sales increased by 40% to $31.8m from $22.7m in H1 FY12, with the sale of 413 ultra-wide field ("UWF") products at an average price of $69k (H1 FY12: 209 devices at $83k). 220 of these outright sales were Daytona and 57 were our high-end ophthalmology device, the 200Tx. The reduction in the average selling price reflects the lower number of 200Tx and a higher distributor mix.
Finance lease revenue from device rentals decreased 34% from $26.0m in H1 FY12 to $17.1m in H1 FY13, representing 257 rental transactions, with the initial revenue recognised averaging $50k each (H1 FY12: $30k). The upward trajectory in upfront lease revenue reflects the higher number of Daytona. H1 FY12 was a particularly strong comparator period with 880 transactions, mainly contract renewals, being completed in that period. A total of 263 rental contracts in the first half of FY13 comprise three elements:
· 162 finance leases with new customers
· 95 conversions / upgrades with existing customers
· 6 operating leases with new customers
Finance lease rental contracts also deliver revenue in future periods as inherent warranty and service revenue within the contracts is released to the profit and loss account as the contracts are fulfilled. Service revenue (including one year service on capital sales) more than doubled to $13.1m, up from $5.9m in H1 FY12.
As noted above, we continue to renew older rental agreements under operating leases that are due to expire over the next couple of years, converting them into finance leases. This conversion retains the customer relationship and extends the future cash flows receivable. At the start of FY13, we had 842 contracts under operating lease. At the end of March 2013, 184 of these customers had been converted (95 to a new rental finance lease and 89 buying their device outright). As a consequence, operating lease revenue decreased 65% to $11.0m from $31.6m in H1 FY12.
Product and geography
At the end of March 2013, we had an installed base of 5,130 UWF devices, an increase of 9% from the installed base of 4,689 at the end of the last financial year. The ratio of rental (operating leases and finance leases) to capital customers (by number) is now 63% to 37% (77% and 23% respectively at end H1 FY12).
Daytona, our new desktop-sized UWF imaging device, continues to receive positive customer feedback about high image quality and ease of use. In January 2013, we announced a new Daytona contract for 250 units with OPSM (the leading optometry chain in Australia and New Zealand and an affiliate of Luxottica), the second major contract from this customer. This takes the total number of Daytona instruments to be supplied to this customer to 410 in this region alone, where all OPSM stores will have the unique UWF technology. Coming from such a major eye care chain, we believe this is a tremendous validation and endorsement of the product.
Whilst we were delighted to announce this new OPSM contract, as stated in our March trading update, Q2 FY13 sales were softer than we had hoped for at this stage of Daytona's launch. This was driven by a combination of customers deferring a purchasing decision whilst we rolled out a series of software and other product enhancements, and general economic malaise in Europe. At the end of March 2013, we had placed 729 Daytona devices globally. Our current order book is approximately 450, including the majority of the new order from OPSM.
After a strong performance in the full year FY12, placement of 200Tx slowed in H1 FY13. We placed 57 200Tx devices in the first half of FY13, compared to 100 in the comparative period. The ophthalmology segment takes time to penetrate; leading experts and second tier decision-makers require clinical studies to validate products and expect to try before they buy to ensure the devices fit into their practice's workflow. Although these market dynamics are not materially different to previous periods, they have contributed much stronger commercial headwinds during this half. At the end of March 2013, 379 200Tx (and the related "MA") machines were installed globally.
The P200 / 200Dx still make up the bulk of our installed base with 3,537 units globally. As expected, this installed base has fallen (3,558 units last year) as new placements of the 200Dx are offset by customers upgrading from P200 to Daytona.
In March, we announced 510(k) clearance from the U.S. Food and Drug Administration ("FDA") for microperimetry as part of our OCT device. Microperimetry assesses retinal sensitivity, providing a precise correlation between structural pathology and corresponding visual functional defects. The OptosOCT SLO is the only device on the market that can conduct both structural OCT and functional microperimetry testing and quantifiably monitor changes of the patient's retinal function in a selected location on the retina over time. We believe this additional feature will help our sales efforts, and given the competitive nature of the OCT market, we remain focused on the integrated UWF OCT device.
We also continue to roll out our OptosAdvance software, which is a more intuitive cloud-based, work-flow aligned software package for reviewing and storing images.
As expected, we saw higher revenue from our non-North American markets in H1 FY13, which contributed revenue of $23.5m, 32% of the total (22% H1 FY12). North America contributed first half revenue of $49.5m, 68% of the total (78% H1 FY12).
Japan and the Middle East remain important markets for us, particularly in ophthalmology. We recently received regulatory approval to sell Daytona in Korea and OCT in Singapore. We also received regulatory clearance for Daytona and 200Tx in Brazil. Opening up new markets in Latin America will be a key focus in the coming months.
Clinical evidence and research and development
We continue to build a robust body of clinical evidence to support the use of our UWF imaging. We have several studies underway in support of the approval, launch and post-launch acceptance of our product range, including UWF-ICGA (Indocyanine Green Angiography) and further studies on peripheral diabetic retinal lesions. In the past six months, we have published 20 clinical papers in 15 countries and across 73 academic institutions. We have had 58 clinical studies accepted for the post-period May 2013 ARVO (the Association for Research in Vision and Ophthalmology) meeting.
The key results from our clinical work this half includes:
· The first published study that demonstrates the ability of the Optomap-assisted examination to outperform the traditional retinal exam (Brown et al);
· The first study to demonstrate that Optomap alters management decisions compared to the standard of care (Nguyen et al);
· Evidence building that periphery may predict diabetic retinopathy disease progression independent of baseline severity and glycemic control (ARVO Abs ID 1725)
Our research and development pipeline remains strong. Research activities continue to focus on a replacement 200Tx using the Daytona platform, the integrated UWF OCT device (initially with OCT in the central pole, followed by wide-field OCT in the periphery) and a range of software-based measurement tools to aid clinicians in their diagnosis and disease management.
Financial review
As discussed above, headline revenues (2) fell by 15% to $73.0m from $86.2m in H1 FY12. Underlying revenue, treating all rentals as if they were operating rentals, showed a 6% growth over the comparator period driven by higher capital sales.
Other operating income was $0.8m relating to additional income derived from the extension of existing finance leases.
Gross margin (2) was 59% (H1 FY12: 58%, FY FY12 57%). The gross margin benefited from a lower mix of 200Tx, some Daytona cost reduction and positive price variances on P200 / 200Dx leases. Against that, we have incurred approximately $1.5m of one-off costs in relation to Daytona. Continuing to reduce the cost of Daytona production remains a key operational goal. Most of these targeted savings are driven by volume-related procurement savings and supply chain management. Lower Daytona sales in H1 FY13 and the focus on product enhancements, have delayed our cost reduction plans but we expect that they should flow through in FY14. We remain focused on this, and all other efficiency opportunities, including reducing the cost of maintaining and repairing the installed base of P200 machines and the 200Tx.
In light of lower sales, first half operating expenses have been kept broadly flat period-on-period at $43.4m (H1 FY12: $43.0m, pre-exceptional). Gross overheads (before capitalisation of R&D labour) actually fell 6%. We held back H1 FY13 operating expense through savings on hiring, sales commissions and other variable costs.
There were no exceptional charges in the first half of FY13, although cash of $1.6m was paid out in Q1 FY13 for our field service employee settlement.
Lower sales drove an operating loss of $0.6m, compared to an operating profit of $6.8m (pre-exceptional) in H1 FY12.
Finance revenue from finance leases increased from $1.1m to $2.5m. Finance costs increased slightly from $1.0m to $1.2m. Net finance revenue and costs resulted in a credit of $1.3m ($0.1m in H1 FY12).
Profit before tax was $0.7m ($6.9m in H1 FY12, pre-exceptional). As a consequence of the reduced profit, basic EPS fell to 1.0c (7.8c in H1 FY12).
The tax charge in the period was $0.3m. The underlying tax charge was $0.1m, with the balance largely due to tax relating to share based payments.
Cash flow, cash balances and financing
Cash outflow before financing was $7.1m, compared to an outflow of $4.6m at H1 FY12 (excluding acquisitions of $17.5m). This was driven by:
· Operating performance;
· An increase in inventory due to the timing of Daytona sales and lower 200Tx volumes;
· A reduction in creditors following the manufacturing ramp-up at the end of last fiscal year.
Finance lease receivables increased to $86.7m in the first half, from $82.2m at the end of FY12 and from $49.4m at the comparator point of 31st March 2012. This reflected new finance leases of $17.1m offset by payments of $12.6m. Finance lease transactions included in the profit and loss account do not deliver cash flow until later periods. A growing finance lease book will therefore negatively impact cash conversion of revenue in the short term (although the imbalance between revenue and cash will decrease as the receipts from finance leases increases). Total future receipts from leases were $152m at the end of the first half, $86.7m of which is on balance sheet, with the remainder of $65.3m representing service revenue and future operating lease commitments which are not booked until the period in which the service is delivered.
As well as operating cash flow, the business is funded in two ways. Firstly, we have a revolving credit facility ("RCF") with Lloyds Bank. This has been increased from $41.5m to $50.0m since the start of the fiscal year FY13. $38m of this facility is drawn down at the end of H1 FY13. Second, we raise funds from third party vendor finance organisations to whom we assign the finance lease receivables of some of our customers on a fully non-recourse basis. We raised $12.8m from these arrangements in the first half of FY13, offset by repayments of $6.9m, with amounts owed under vendor finance arrangements increasing from $24.5m at the end of FY12 to $30.3m at 31st March 2013.
The net debt position at the end of the March 2013 was $55.8m, comprising cash balances of $12.5m, bank debt of $38m and vendor finance liabilities of $30.3m. Net debt has increased from $47.9m since the start of the fiscal year FY13.
Assets, liabilities and shareholders' funds
Property, plant and equipment has fallen to $11.8m from $29.1m at H1 FY12, reflecting the increase in out-right sales and finance leases, where the full cost of the device is charged immediately to the profit and loss account, instead of the asset value held by the Company on its balance sheet as an operating lease. There is no significant movement in intangible assets except for routine amortisation, leaving the March FY13 balance at $45.7m. As noted in the financing section, finance leases receivables have increased to $86.7m from $49.4m at the end of H1 FY12.
Issued share capital increased in the period by 340,730 to 71,803,966 ordinary shares.
Board changes
With effect from 31st May 2013, Barry Rose will step down from the Board as Senior Independent Director ("SID") and Chair of the Audit Committee. Barry will be succeeded as SID by David Wilson and John Goddard will assume the Chair of the Audit Committee. David Wilson and Peter Kehoe will join the Audit Committee as Peter Fellner steps down from that Committee. The Directors warmly thank Barry for his valuable contribution to the Board over the last 8 years.
Post balance sheet events
On 1st May 2013, we initiated a restructuring of the business into two regional businesses (Americas and International). This should set the Company up organisationally for faster growth and deliver a closer alignment to the customer. As part of this restructuring, we will close our R&D facility in Canterbury, focussing our R&D efforts in Scotland, and also our OCT manufacturing site in Miami, moving production to the existing UWF site in Boston. As part of these changes, some of our staff will leave us under redundancy programmes. We would like to thank them all for their contributions to our Company over the years. The cost of the restructuring will be approximately $2.0m to be booked in the second half of the year and will save annual operating costs in the range of $3.5-$4.0m.
Principal risks and uncertainties
The principal risks and uncertainties facing the business remain largely the same as those described in the FY12 Annual Report. Market uptake of Daytona remains critical to the long term prospects of the Company and the challenges of reducing cost of production remain, especially whilst Daytona is at relatively low volumes.
Despite a headline fall in sales and profit in the first half, we have seen positive trends in many of our key metrics, including an increase of 9% in the installed base, 492 new customers, a stronger outright sale mix, and an increasing revenue contribution from our International (non-North American) business. We have installed 729 Daytona devices globally and have a strong current order book of approximately 450, including the majority of the 250 devices for the second phase of our Daytona deal with OPSM - a strong validation of our unique UWF technology.
Guidance for the full year is that top line revenue will be lower than FY12, expecting to place about 1,000 - 1,200 units of Daytona in the year. Cost control will be maintained, with savings from the new organisation structure driving further cost reductions in FY14. Operating profit will also be below 2012 and net debt will remain above the level at 30th September 2012.
We remain confident regarding our future prospects:
· We have a large market opportunity and low market share in key markets.
· Our clinical research programmes continue to demonstrate the value of our technology.
· We have an exciting pipeline of new products, including the Daytona Tx and the integrated UWF / OCT device.
(1) Underlying revenue treats finance leases as if they were operating leases
(2) Includes other operating income
Interim Results
Condensed Consolidated Income Statement
For the six months ended 31 March 2013
Six months ended 31 March 2012
Year ended 30 September 2012
Six months ended
Before exceptional items
(Note 4)
(Unaudited) [1]
Cost of sales
Gross profit
Selling & distribution costs
Administrative & other costs
Other operating income
Operating (loss)/profit
Finance revenue
Finance costs
Profit before taxation
Net profit for the period attributable to equity holders of the parent
Profit before taxation per ordinary share
Profit after taxation per ordinary share
All activity arose from continued operations.
[1] There are no exceptional items in the period.
Condensed Consolidated Statement of Comprehensive Income
Six months
31 March
30 September
Profit for the period
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Exchange differences on foreign operations
Other comprehensive income not being reclassified to profit or loss in subsequent periods:
Deferred tax associated with share-based payment transactions
Other comprehensive income for the period
Total comprehensive income for the period
Condensed Consolidated Balance Sheet
As at 31 March 2013
As at
31 March
Non‑current assets
Property, plant and equipment
Intangible assets
Finance lease receivables
Deferred tax asset
Total non‑current assets
Current assets
Income tax receivable
Trade and other receivables
Cash and cash equivalents
Total current assets
Total assets
Issued capital
Share premium
Retained deficit
Foreign exchange reserve
Total equity
Non‑current liabilities
Financial liabilities
Government grants
Total non‑current liabilities
Current liabilities
Trade and other payables
Total current liabilities
Total liabilities
Total equity and liabilities
Condensed Consolidated Statement of Cash Flows
Operating activities
Adjustments to reconcile profit for the period to net cash inflow from operating activities:
Income tax charge
Finance costs net of finance revenue
Depreciation, amortisation and impairment of non-current assets
Contingent consideration
Property plant & equipment scrapped
Medical devices held in PPE disposed of
Share-based payments
Revenue recognised from device sales under finance leases
Decrease/(increase) in trade and other receivables
Government grants amortisation
Increase in inventories
(Decrease)/Increase in trade and other payables
Increase in provisions
Cash flows from operating activities
Tax paid
Net cash flows from operating activities
Cash flows used in investing activities
Bank interest receivable
Finance lease interest receivable
Cash receipts from finance lease receivables
Purchases of property, plant and equipment
Acquisition of business net of cash acquired
Expenditure on intangible assets
Net cash flows used in investing activities
Cash flows from financing activities
Proceeds from vendor finance
Repayment of vendor finance
Proceeds from revolving credit facility
Proceeds from share issues
Interest paid
Net cash flows from financing activities
Net increase/(decrease) in cash and cash equivalents
Effect of exchange on cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Condensed Consolidated Statement of Changes in Equity
At 1 October 2011
Other comprehensive income
Issue of ordinary share capital
Share-based payments
At 31 March 2012
Exchange differences on foreign operations
At 30 September 2012
At 31 March 2013
Notes to the Condensed Consolidated Financial Statements
1 Authorisation of financial statements and statement of compliance
Statement of compliance and approval of financial statements
These condensed consolidated interim financial statements have been prepared in compliance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 September 2012.
These unaudited condensed consolidated interim financial statements of the Group for the six months ended 31 March 2013 were approved by the Board on 15 May 2013.
2 Basis of preparation and accounting policies
a) Basis of preparation
The condensed consolidated interim financial statements are unaudited but have been formally reviewed by the auditors and their report to the Company is included on page 24. The comparative figures shown for the year ended 30 September 2012 do not constitute the Group's statutory Financial Statements as defined in Section 435 of the Companies Act 2006 and have been extracted from the Group's 2012 Annual Report and Accounts which have been reported on by the Group's auditor and have been filed with the Registrar of Companies. The Independent Auditors' Report on the financial statements contained within the Group's 2012 Annual Report and Accounts was unqualified and did not contain a statement under either Section 498(2) or Section 498(3) of the Companies Act 2006.
The condensed consolidated interim financial statements are presented in US Dollars and all values are rounded to the nearest 0.1 million ($m), except when otherwise indicated.
The balance sheet as at 31 March 2012 has been restated to reduce the deferred tax liability arising on the OPKO acquisition from $2.9m to nil, with a corresponding reduction to goodwill. This is consistent with the treatment as at September 2012 following a review of the purchase price allocation for the Opko acquisition in October 2011.
b) Accounting policies
The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those set out in the Group's statutory financial statements for the year ended 30 September 2012 which were prepared under International Financial Reporting Standards as adopted by the European Union, except for the impact of the adoption of the standards and interpretations described below
i) New standards and interpretations
New standards and interpretations adopted in these accounts are listed below and did not have any material effect on the financial position or performance of the Group.
Effective date for
International Accounting Standards (IFRS/IAS)
periods commencing
IAS 12 (amendment)
Recovery of Underlying Assets
1 January 2012
IAS 1 (amendment)
Presentation of Other Items of Comprehensive Income
1 July 2012
Improvements to IFRSs (issued May 2012)
The amendments to IAS 1 introduce a grouping of items presented in other comprehensive income (OCI). Items that could be reclassified (or recycled) to profit or loss at a future point in time now have to be presented separately from items that will never be reclassified. The amendment affected presentation only and had no impact on the Group's financial position or performance.
c) Impact of future tax rate changes
Further changes to the UK Corporation tax rates were announced in the 2012 Autumn Statement and the March 2013 Budget. These include further reductions to the main rate to reduce the rate to 21% from 1 April 2014 and to 20% from 1 April 2015. These changes had not been substantively enacted at the balance sheet date and, therefore, are not included in these financial statements.
The proposed reductions to the main rate of corporation tax are both expected to be enacted as part of Finance Act 2013. The overall effect of these further changes, if applied to the deferred tax balance at the balance sheet date, would be to further reduce the deferred tax asset by an additional $0.5m resulting in a charge of $0.4m through the Income Statement and $0.1m through Statement of Comprehensive Income.
Notes to the Condensed Consolidated Financial Statements (continued)
d) Going concern and liquidity
The Group's business activities and principal risks and uncertainties are detailed in the Business Review on pages 6 to 17 in the Annual Report and Accounts for the year ended 30 September 2012.
Having considered uncertainties under the current economic environment, and after making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these condensed consolidated interim financial statements.
This conclusion has been reached having considered the effect of liquidity risk on the Group's ability to operate effectively. Currently, liquidity risk is not considered a significant business risk to the Group given its level of cash, available debt facilities and cash flow projections. The key liquidity risks faced by the Group are considered to be the failure of banks where funds are deposited and the inability to secure additional debt finance in order to facilitate the expansion of the Group's business or to introduce new or improved products.
As part of this review the Directors considered the current levels of available debt facilities, the structure of the debt-finance being multiple asset-backed arrangements that are non-recourse on the Company, and indications of the availability of other sources of debt capital including amounts available under the revolving credit facility. The Directors also considered the levels of future business guaranteed under its rental customer agreements and the pattern of future debt repayments associated with current finance obligations.
3 Segmental disclosures
The Group has two reportable segments, being North America and Rest of World markets. In assessing performance and making resource allocation decisions, the Operating Board (which is the Group's chief operating decision-making body) and the Board review revenues and gross profits by segment.
Optos sells a range of diagnostic and treatment devices to healthcare professionals globally, either directly or through arrangements with distributors. Cash flow is generated through the rental or sale of devices and related software and support services.
The business is managed on an integrated basis, with functions managed globally and decisions reached through cross-functional committees. In particular, research and development is actively targeted at new products and at enhancing the existing product for all markets. Manufacturing, marketing, sales, regulatory and support functions are managed and operate on a global basis and are not specific to individual markets or products.
Transfer prices between segments are set in accordance with the Group's transfer pricing policy. Segment revenue, segment expense and segment result include transfers between geographical segments. Those transfers are eliminated on consolidation.
3 Segmental disclosures (continued)
An analysis by operating segment is given below for the six months ended 31 March 2013:
North America
Rest of World
Operating lease revenue from rental of devices
Device Sales - outright
Warranty and service contracts
Inter-segment sales
Segment revenue
Segment cost of sales
Inter-segment costs
Segment gross profit[1]
Selling and distribution costs
Administrative expenses
Operating profit
Net interest
Profit from continuing operations before taxation
[1] Segmental revenue and gross margin includes other operating income of $0.8m which relates to income derived from extension of existing finance lease contracts. This presented as other income on the face of the income statement.
An analysis by operating segment is given below for the six months ended 31 March 2012:
[1] Segmental revenue and gross margin includes other operating income of $nil.
An analysis by operating segment is given below for the year ended 30 September 2012:
Rest of world
Segment cost of sales
[1] Segmental revenue and gross margin includes other operating income of $3.2m which relates to income derived from extension of existing finance lease contracts. This presented as other income on the face of the income statement.
4 Exceptional items
Employee overtime claims
Acquisition costs
Contingent consideration fair value adjustment
Royalty release
Intangible assets and related trading balances impairment
Exceptional charges recognised in the period
There are no exceptional items in the period ended 31 March 2013.
In the year to 30 September 2011, a number of current and former US-based employees of Optos Inc. have filed a claim against the Company that their employed status should be non-exempt, thus entitling them to be paid on an hourly basis rather than on a salaried basis and to be paid additional sums for overtime. The claim amounted to $1.6m was settled during the first half of the financial year ending 30 September 2013.
During the year ended 30 September 2012 the Group incurred a further $1.0m of acquisition costs in respect of the OPKO Health transaction of which $0.5m was incurred in the period to 31 March 2012.
The Group acquired 100% of the share capital of Opto Global Holdings Pty Ltd on 13 December 2010 for $14.3m. The purchase consideration included an estimated $2.5m relating to the fair value of the contingent consideration. The expectation at 30 September 2011 was that the conditions relating to the contingent consideration would no longer be met and $1.7m was released at that time. Last year, the fair value of the contingent consideration was further reassessed at zero resulting in a credit of $0.8m to the income statement and no payment was made. This was due to lower than expected sales primarily the result of delays in the integration of the products/distributors, as well as the time taken to obtain regulatory approval.
4 Exceptional items (continued)
Royalty release and intangible asset impairment
At 30th September 2012, the Group had reviewed its two acquisitions.
(a) As part of the OPKO instrumentation acquisition, contingent royalties are payable on future product sales. The product mix has a direct impact on level of royalty due. The fair value of this contingent royalty payment (see note 18, provisions) was revised downwards in the year from $8.5m to $6.3m to reflect the latest revenue and product mix projections.
(b) As part of the acquisition of Opto Global Holdings Pty Ltd, intangible assets were recognised relating to a number of key supplier relationships. Due to difficult trading circumstances at one of these suppliers, the carrying value of the intangible asset attributed to this supplier was impaired at 30th September 2012. Trading balances also existed between group companies and this supplier. To reflect the uncertainty as to when these amounts may be recoverable, a position was taken to charge the full amount of $3.3m in the period as an exceptional item. This charge is made up of a non-cash item of $2.5m relating to the supplier intangible asset, and $0.8m relating to the trading amount.
5 Revenue
Services and warranty contracts
Total revenue
No revenue was derived from exchanges of goods or services.
Other operating income relates to additional income from contracts that had been previously recognised as finance leases.
6 Share-based payments
The Company has operated discretionary share option arrangements details of which can be found on pages 83 to 86 of the Group's Annual Report and Accounts for the year ended 30 September 2012.
The total charge for share-based payments for the six months ended 31 March 2013 was $0.4m (H1 FY12: $1.1m charge; FY12: $0.2m charge) including $0.1m in respect of National Insurance contributions potentially payable on option gains (H1 FY12: $0.5m charge; FY12: $0.1m charge).
7 Taxation
The tax charge for the interim period was $0.3m (H1 2012: $2.1m; FY12 $5.8m) comprising a current tax charge of $0.3m (H1 2012 $1.0m; FY12 $1.2m) and a deferred tax charge of $nil (H1 2012 $1.1m; FY12 $4.6m). In the six months ended 31 March 2013, $2.6m (1H 2012 $1.6m; FY12 $1.3m) was paid in the US and Canada in respect of taxes levied by the tax authorities.
Deferred tax assets totalling $5.0m (1H 2012 $9.3m; FY12 $5.5m) have been recognised as there is sufficient evidence to conclude that these temporary differences, including tax losses, will be recoverable in the future. The continued availability of tax losses is subject to conditions being met and the level of tax losses being successfully challenged by the relevant tax authorities.
The movement in deferred tax balances in the period includes a charge of $0.5m (1H 2012 $0.6m credit; FY12 $0.1m credit) to other comprehensive income.
8 Profit per ordinary share
Basic earnings per share amounts are calculated by dividing the profit before and after taxation for the financial period by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing the profit before and after taxation for the financial period by the weighted average number of ordinary shares outstanding during the period (adjusted for the effects of dilutive options). In the case of a loss, no impact for further dilution is reflected as this would not have the effect of increasing the loss per share and is therefore not dilutive.
The profit per ordinary share is calculated as follows:
Weighted average number of ordinary shares in issue
Effect of dilution: share options
Adjusted weighted average number of ordinary shares for diluted earnings per share
Profit before exceptional items & tax ($m)
Basic profit before exceptional items & tax per share
Diluted profit before exceptional items & tax per share
Profit before exceptional items & after tax ($m)
Basic profit before exceptional items & after tax per share
Diluted profit before exceptional items & after tax per share
Profit before taxation ($m)
Basic profit before tax per share
Diluted profit before tax per share
Profit after tax ($m)
Basic profit after tax per share
Diluted profit after tax per share
9 Property, plant and equipment
Leasehold improvements
Medical devices
Plant and Equipment
At 1 October 2012
Transferred to inventory
Exchange adjustment
Accumulated depreciation
Charge for period
At 31 March 2013
Net book value at 31 March 2013
Net book value at 30 September 2012
Net book value at 31 March 2012
During the six months to 31 March 2013, the Group incurred $1.1m of expenditure on additions to property plant & equipment (H1 2012: $6.6m; FY 2012: $10.0m). Depreciation charges in the period were $4.7m (H1 2012: $9.5m; FY 2012: $16.3m). There were no impairment charges to property, plant and equipment.
10 Intangible assets
Licences and
Additions - internal development
Additions - acquired
Accumulated amortisation
Amortisation in year
Net carrying amount at 31 March 2013
Net carrying amount at 30 September 2012
Net carrying amount at 31 March 2012
During the six months to 31 March 2013, the Group capitalised $0.8m of expenditure incurred on intangible assets (H1 2012: $3.7m; FY 2012: $6.7m) and acquired intangible assets of $0.2m (H1 2012: $25.1m; FY 2012: $22.2m). Amortisation charges in the period were $2.4m (H1 2012: $3.4m; FY 2012: $7.9m). There were no impairment charges to intangible assets.
11 Finance lease receivables
During the six months ended 31 March 2013, the Group recognised $17.1m of finance lease agreements with customers (H1 2012: $26.0m; FY 2012: $64.1m) and received payments from customers of $12.6m (H1 2012: $2.3m; FY 2012: $7.1m) together with receipts in respect of finance income of $2.5m (H1 2012:$1.1m, FY 2012: $2.8m). The average effective interest rate in relation to finance leases is 6%.
As at 31 March 2013, the carrying value of finance lease receivables was $86.7m (H1 2012: $49.4m; FY 2012: $82.2m) of which $28.8m (H1 2012: $15.1m; FY 2012: $25.0m) was current. The fair value of finance lease receivables is considered not to be materially different from the carrying value in the balance sheet and there were no impairment charges in any of the periods reported.
12 Cash and cash equivalents
Cash at bank and in hand
Short-term deposits
Cash at bank earns interest at floating rates based on daily deposit rates.
13 Financial Liabilities
During the six months to 31 March 2013, the Group raised additional funding through vendor finance of $12.8m (H1 2012: $4.3m; FY 2012: $12.3m) and made repayments to third-party providers of vendor finance of $6.9m (H1 2012: $12.7m; FY 2012: $23.2m. Total vendor finance commitments outstanding at 31 March 2013 were $30.3m (H1 2012: $27.1m; FY 2012: $24.5m) of which $13.2m is current (H1 2012: $15.8m, FY2012: $11.8m).
The Group has in place a revolving credit facility (RCF) of up to $50.0m. This facility was used to fund the acquisition of the OPKO instrumentation division and for working capital purposes. $38m was drawn down as at 31 March 2013 (H1 2012: $25.0m; FY12: $30.0m). Amounts outstanding under the RCF incur interest between 1.45% and 2.15% above LIBOR. The facility expires in September 2014.
14 Related party transactions
During the six months to 31 March 2013, revenue totalling $94,923 (H1 2012: $23,449; FY 2012: $45,322) at normal market prices was received by Group companies from Kehoe Eye Care PC, of which P Kehoe is a Director and controlling shareholder. There was $nil outstanding at 31 March 2013 (outstanding within terms of trade: H1 2012: $4,046; FY 2012: $3,646). No guarantees have been given or received. No provisions have been made for doubtful debts in respect of the amounts owed by related parties.
15 Post balance sheet events
On May 1st 2013, we announced a restructuring of the business into two regional businesses (Americas and International). This should set the Company up organisationally for faster growth and deliver a closer alignment to the customer. As part of this restructuring, we will close our R&D facility in Canterbury, and also close our OCT manufacturing site in Miami, moving production to the existing UWF site in Boston. As part of these changes, some of our staff will leave us under redundancy programmes. We would like to thank them all for their contributions to our Company over the years. The cost of the restructuring will be approximately $2.0m to be booked in the second half of the year and will save annual operating costs in the range of $3.5-$4.0m.
Directors Responsibility Statement
For the period ended 31 March 2013
The Directors of Optos plc at 15 May 2013 are listed below.
The Directors confirm to the best of their knowledge that:
· this condensed set of financial statements has been prepared in accordance with IAS 34;
· the interim management report includes a fair review of the information required by DTR 4.2.7R; and
· the interim management report includes a fair review of the information required by DTR 4.2.8R.
Robert Kennedy
Company Secretary
15 May 2013
Independent Review Report to Optos plc
We have been engaged by the Company to review the condensed consolidated set of financial statements in the interim financial report for the six months ended 31 March 2013 which comprises the Condensed Consolidated Income Statement, Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Cash Flows, Condensed Consolidated Statement of Changes in Equity, and the related notes 1 to 15. We have read the other information contained in the interim financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the interim financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
As disclosed in note 2, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed consolidated set of financial statements included in this interim financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed consolidated set of financial statements in the interim financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated set of financial statements in the interim financial report for the six months ended 31 March 2013 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
Ernst & Young LLP
Directors of Optos plc
Dr Peter Fellner, Non‑executive Chairman
Roy Davis, Chief Executive Officer
Louisa Burdett, Chief Financial Officer
Non-executive Directors
Barry Rose
John Goddard
Peter Kehoe
David Wilson
Rosalyn Wilton
Registered number
Registered Office
Queensferry House
Carnegie Business Campus
Dunfermline, Fife
United Kingdom
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text:
Cold Season
The cold season has begun in our little household. Our bodies are readjusting to the new climate and the common cold is spreading quickly around these parts. The mornings and evenings have been covered with thick fog which goes along well with a head cold. I think it is pretty normal for a change of a warm season into a cooler one for sickness to occur. This is Owynn's first time being sick so it's been a whole new experience for us. But we found that a hot bath daily really seems to clear up his sinuses for a couple hours afterwards.
I am taking this week to catch up on orders so the shop is closed and then i'm hoping to get a couple new designs made and up in my shop by the 25th of October. So stay tuned!
If you are a follower and no longer receive blog posts to your email I am sorry! I am not sure what has happened but somehow lots of my longtime subscribers are not getting my new posts. I hope to solve the issue soon but I am working on a new website so hopefully in the next couple weeks that will go live and the whole subscriber issue will get worked out. All I can say is you just have to remember to stop by my blog when you get a chance to look at the posts manually.
I hope you are adjusting to the new season better then we are!
Be back soon with a little preview of my Winter Collection for Barnacle Bags!
- on my walk yesterday up to the mailbox to drop off some packages and caught sight of this pretty spiderweb along the way
-blurry trees in the fog
-shipping of Barnacle Bags /my daily routine
-chilly day essentials / warm booties, hot cup of black tea and library books for the little one and me

subset: commoncrawl


text:
The Service Providers Committee is responsible for collaborating to strengthen the delivery of services for the homeless in Brown County. Meetings are allocated to facilitating inter-agency cooperation about case management issues. The committee strives to coordinate the improvement of services across the Continuum of Care by including prevention, shelter, transitional, permanent housing and support programs that address the physical needs and enhance the self-sufficiency of the homeless and those at risk of homelessness. The committee identifies unmet needs and gaps in services and works with the Public Relations and Advocacy Committees to bring awareness of these needs to the larger community. This committee works directly with the Balance of State to develop and implement directives from the state level.
Standing meeting is the last Tuesday of the month at 8:30 am at the Wisconsin Job Center
2017 Service Providers Charter
Chair, Jordan Lungstrom
Newcap, Permanent Support Housing Program


text:
Incorporated under the name of RTD Enterprise, we set ourselves with the vision and inspiration to provide a one-stop shop concept for the complete line of premium quality electrical appliances for home owners as well as floor covering solutions that enhance spaces for learning, working and living through inspired design We are committed to provide our customers with the highest quality products, competitive pricing and ofter sales service at all times. We undertake to provide a comprehensive package from designs to supply of complete products.
We are currently working with an elite group of designers, contractors and retailers therefore we are able to under take project based contracts. We are confident that by working in tandem with our manfacturers and being part of their global network it will provide us the knowledge, strength and diversity to serve and support our customers better.
The management team of the company are well experience and knowledge able with the cambodia market. Many of our top Expat management people have been in cambodia for almost 10 years , with extensive social connections with the local communities. They are thoroughly familiar with local culture, import regulations, tax structure, etc


text:
From SAS, the world's largest private software company, to open source giant Red Hat and dozens of tech startups, Raleigh and Wake County's tech industry is growing rapidly, spurring innovation and attracting talent to the region.
Wake County and the Research Triangle region have one of the largest concentrations of tech talent in the nation across analytics, mobile applications, open source, healthcare IT, cloud computing and cyber security. Just last year, Raleigh ranked fourth in the country for having the highest concentration of technology job openings right behind San Francisco, Austin and Seattle.
The region's world-class universities are boosting the area's tech talent pool with innovative programs such as NC State's Institute for Advanced Analytics, which boasts the first Master of Science in Analytics in the country.
Thanks to our Edge investors, who fund our economic development program


text:
Does the word "budget" remind you of the word "diet"? Deprived. Restricted. Desires denied. Do you imagine that if you had all the money you wanted, you wouldn't need a budget anymore? All of those gross feelings about money usually stem from feeling forced to use it in ways you don't want to.
Just like diets, budgets can work if you stick to them. It's sticking to them is the problem.
Habits die hard, and using willpower every day to do the right thing depletes us. In one famous study cited in The Power of Habit, students were asked to skip a meal, then were brought into a room where they were given a bowl of hot, fresh chocolate chip cookies and a bowl of radishes. Some students were asked to indulge in the cookies, while others were asked to eat the radishes and avoid the cookies sitting right there on the table, smelling so delicious. Then, when given a difficult puzzle to solve, the students who resisted the urge to eat the treat gave up far sooner than their counterparts who got to indulge their craving. In a different study, social psychologist Roy F. Baumeister found there is limited space in our mental capacity to exert self-control. But how does this tie into budgeting and spending?
Stressing about money actually depletes cognitive function and makes us grouchy, unhappy people who are less likely to stay on track with multiple life goals. New studies are showing that the constant worry about finances can lower your IQ.
What if, instead of trying to figure out how much money you have left to spend daily — for lots of different categories for the rest of the month — you only had to check one account to see how much money was in it? Decision-making made easy: If you have enough, you can spend it and if you don't, you wait until next month. No more fumbling with a half-dozen envelopes full of cash or doing calculations in your head.
The first time I automated my basic finances was after reading Ramit Sethi's book I Will Teach You to Be Rich several years ago. The idea of using technology to take control of my finances was a revelation at the time. When I combined the book's strategies with techniques I learned from DailyWorth's Money Clarity Course, everything clicked into place and the stress I used to feel about daily money transactions completely disappeared.
I no longer budget. I don't even manage. I just monitor.
Let me show you how:
Step 1: Create a separate "Bill Pay" checking account.
This account needs to be separate from your personal spending ("Spend") checking account. This is the account from which you will automate payment of all your bills. Every month, I put all possible expenses onto my travel rewards card and set up an auto-pay for the full balance out of my bill pay account. Any recurring bills that I can't put on my card get set up as auto-pays straight out of my Bill Pay account. I know roughly what all of these bills will be, based on past usage.
Step 2: Save up a cash buffer.
I keep a buffer of cash — at least one full month's worth of bills — in my Bill Pay account at all times, just in case any bill is unexpectedly large. It may take a little time to save this up, but do it as quickly as you can to get your system in place.
Step 3: Batch your bills.
Split your bills into two roughly even groups. Then call all issuers and ask that the due dates for the first batch be switched to the 5th of the month and the due dates for the second batch be switched to the 20th of the month. Now your bills are batched.
Step 4: Automate.
If your paycheck arrives in your personal Spend account on the 1st and 15th of the month, set up an auto-transfer of 50 percent of it (or slightly more than enough to cover your monthly fixed bills) into your Bill Pay account on the 2nd and the 16th. Then set up auto-pay for each of your bills to be paid in full on the due date each month (which should now be either the 5th or the 20th).
Step 5: Don't forget savings.
Set up automatic transfers to savings and retirement accounts on the 3rd and the 17th of every month. If your bills constitute roughly 50 percent of your monthly after-tax income (this is a good target to aim for), then I recommend putting 20 percent of your after-tax income towards savings and debt repayment, which can be split as 10 percent to savings and 10 percent to debt until any debt is fully paid off. This will leave 30 percent of your after-tax income in your Spend account.
Whatever amount is left in your Spend account after these transfers is what you have for purchases for the next two weeks. This does include the groceries, so you can't just blow the money without taking that into account, but you also no longer have to worry about not having enough to pay bills. What is in that account is there to be spent. Doesn't that feel good?
Sure, there are a lot of ways I have further optimized my system over the years, adding more accounts and setting more goals, but these five steps got me set up with the basics that have dramatically reduced the stress in my life — which has dramatically increased my happiness.
Jennifer Turrell is a member of the DailyWorth Connect program. Read more about the program here.


text:
What's on the other side?/
(Warning: this is a thinly veiled effort to link my home-grown produce to storytelling. I apologize in advance for the strained metaphor.)
This summer, I have a volunteer cantaloupe growing in my garden. I've eaten one small melon already and yesterday picked this second. It looks like a regular melon, a little rougher for being organic.
I started thinking about how we take things at face value. "Here's the story." That's it. Here's the cantaloupe. Sometimes, though, we look at the other side, taking the story from a different character's point of view or veering off in another direction. Authors such as Gregory Maguire in Wicked or Jon Scieszka in The True Story of the Three Little Pigs do this.
I've been working on a new program, which includes a folktale connected to King Lear. The program is a set of stories, versions of which inspired Shakespeare's plays (more on the program in a later post). I'm telling Cap O'Rushes, a Cinderella variant, that begins with the king asking his three daughters how much they love him, just as in King Lear. Rather than going on with the life of the king and the elder daughters, Cap O'Rushes tells the story of the exiled youngest. It looks at the other side.
This ties in with the story preparation step of getting at the backstory, in order to understand the unspoken aspects of a tale, and to telling the story from another character's point of view or continuing a thread of a side story away from the original. In doing so, the original is changed in my mind. I hadn't realized I'd be doing that not as story prep but as the story itself in this particular program. I love it! One of the joys of being a storyteller lies in playing with possibility.
Here's the other side of the cantaloupe:
Looks like a happy hedgehog, doesn't it? Maybe I should be writing about the Grimm tale Hans, my hedgehog instead of Cap O'Rushes.


text:
Contact and visiting addresses for the World Council of Churches Library at the Ecumenical Institute.
World Council of Churches Library
Ecumenical Institute
Château de Bossey
Ch. Chenevière 2
CH-1279 Bogis-Bossey
A map and access information are available on the website of the Ecumenical Institute.
Phone:+41 (0) 22 960 73 96
E-mail: library [at] wcc-coe.org
Opening hours
On appointment for external visitors.
Usual presence of the librarian : Monday, Wednesday, Thursday.


text:
At DISH, we value your feedback. And we know that you're passionate about TV and have great ideas about how to make TV better. We want to elevate your ideas to the next level and use them to inspire how we build a new TV experience with you in mind. This is why we have created My DISH Voice – an exclusive online community for DISH customers that will allow us to have a real conversation that can help change TV.
Please enter your login information below:
So your voice can be heard!
One fine body…


text:
Keystone XL Scandal: Obama State Dept. Hid Contractor's TransCanada TiesRead time: 3 mins
Steve Horn | March 21, 2013
By Steve Horn • Thursday, March 21, 2013 - 13:27
Mother Jones has a breaking investigation out on another scandal pertaining to the Obama State Department's Environmental Impact Statement (EIS) for the TransCanada Keystone XL pipeline.
The skinny: the firm that DeSmogBlog revealed has historical ties to Big Tobacco and currently has a client list that includes Koch Industries, ConocoPhillips and BP, Environmental Resources Management (ERM) Group, also has a direct connection to TransCanada itself. ERM Group - DeSmog revealed - also rubber-stamped the controversial and environmentally hazardous Baku–Tbilisi–Ceyhan (BTC) Pipeline in 2003, which carries oil and gas produced in the Caspian Sea in Baku, Azerbaijan to Tbilisi, Georgia and eventually makes its way to Ceyhan, Turkey.
Andy Kroll summed up Mother Jones' new discovery about ERM, writing,
ERM's second-in-command on the Keystone report, Andrew Bielakowski, had worked on three previous pipeline projects for TransCanada over seven years as an outside consultant. He also consulted on projects for ExxonMobil, BP, and ConocoPhillips, three of the Big Five oil companies that could benefit from the Keystone XL project and increased extraction of heavy crude oil taken from the Canadian tar sands.
Embarassed by this act of blatant corruption, the State Department redacted the "biographies" portion of its EIS, an overt attempted cover-up. Mother Jones tracked down a non-redacted version, revealing the ties that bind the study to the corporation the EIS is technically supposed to stand independent of.
Bielakowski's ties, coming full circle, are a logical next step in the story.
Brad Johnson, writing for Grist, revealed that the State Department actually allowed TransCanada to hire a contractor on its behalf. TransCanda, of course, went to a go-to-guy who can "deliver the goods."
"Delivering the goods," of course, has little to do with delivering good science and is yet another act of deploying the Tobacco Playbook: make a one-sided scientific debate a farcical two-sided one.


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Publishing Reports to a Report Server
After you have designed and tested a report or set of reports, you can use the built-in deployment features in Business Intelligence Development Studio to publish the reports to a report server. You can publish individual reports or a Report Server project. Publishing a Report Server project is the easiest way to publish multiple reports. Business Intelligence Development Studio uses the term deploy, instead of the term publish. The two terms are interchangeable.
Before you can publish a report, you must have permission to do so. Permission is determined through role-based security that is defined by your report server administrator. Publishing operations are typically granted through the Publisher role. For more information about required permissions, see Publisher Role and your report server administrator.
Business Intelligence Development Studio provides project configurations for managing report publication. The configuration specifies the location of the report server, the version of SQL Server Reporting Services installed on the report server, whether the data sources published to the report server are overwritten and so forth. In addition to using the configurations that Business Intelligence Development Studio provides, you can create additional configurations.
Project Configurations
Reports are built before they are published to ensure that only valid report definitions are published to the report server. Project configurations include properties for building reports, such as the folder in which to temporarily store the built reports, and how to handle build issues. The configurations also have properties that you use to specify the location and version of the report server, the folders on the report server.
By default, Business Intelligence Development Studio provides three project configurations: DebugLocal, Debug, and Release. The default configuration is DebugLocal. You typically use the DebugLocal configuration to view reports in a local preview window, the Debug configuration to publish reports to a test server, and the Release configuration to publish reports to a production server. The solution configurations drop-down list on the Standard toolbar shows the active configuration. To use a different configuration, select it from the list.
Your reporting environment might have multiple report servers and different versions of Reporting Services installed. You can create multiple configurations and then use a different one depending the deployment scenario. For more information, see Building Reports in Business Intelligence Development Studio and How to: Set Deployment Properties (Reporting Services).
Publishing Reports
You can publish a single report or a Report Server project that contains multiple reports. For instructions about publishing reports, see How to: Publish Reports.
Publishing a Single Report
If you do not want to publish all reports in a project, you can chose to publish only a single report. To do this, select a configuration that deploys the report (for example, the Release configuration), right-click the report, and then click Deploy.
If a report uses a shared data source, you need to also deploy the shared data source or the deployed report will not run. Right-click the shared data source and then click Deploy.
The target server URL of the report server must be specified and you might want to change the default folders to which reports and shared data sources deploy.
Publishing Multiple Reports
When you publish a Report Server project, you publish all reports in that project. All reports are deployed using the same project configuration: to the same report server, the same folder on the server, and so on. To publish reports to different servers, either publish them one by one or include only reports you want to in the Report Server project. A solution can include multiple Report Server projects, and using multiple project might make it easier to manage the deployment of reports because you can use a different configuration to deploy different projects.
See Also


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Just a month after Apple pulled out YouTube from iOS 6; YouTube promised that they will release an App Store app soon when in the mean time users can stick to the YouTube web app. The app got released surprisingly quicker than expected. What I was expecting was for the app to be released when iOS 6 is made official which will possibly happen in the 18th of June.
The app looks new and fresh with some exciting new features iOS users haven't been able to experience. These are the release notes from YouTube's blog:
Tens of thousands more videos: Watch official music videos like Taylor's latest hit.New YouTube channel guide: Swipe your finger from the left edge of the screen to reveal a guide with your subscribed channels on YouTube, giving you instant access to everything from Alli Sports to YOMYOMF.Find awesome videos faster: Get to videos like "Gangnam Style" faster with new search tools that give suggestions while you type, and let you sort through videos or channels. Flip through related videos, comments and more info, all while watching a video.More ways to share with the people you love: Share that incredible video you found on YouTube on Google+, Facebook or text message in the app, as well as from Twitter and email.There's even more to explore with the new YouTube app for iPhone and iPod touch, available for download from the App Store today. We're working on an optimized version of the YouTube app for iPad in the coming months, and stay tuned for more details.
YouTube is available for iPhone 3GS,4 and 4S. You can get it from here.
The app seems to be really great. Perhaps after all it is better that Apple are pulling their YouTube app out! Don't you think so?


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There are a few codes that every HTML page must have in order for the computer to recognize the page as HTML. I suggest you type them in right away when starting an HTML page, then fill in the rest of the content later.
The code should look like this:
The next step is to fill in the tags. First, decide on the title of your page and type it in between the "title" tags, like so:<TITLE>Title Goes Here</TITLE>This will be the title of the page that appears on the bar at the very top of your Netscape/Explorer window. (This bar is the "head," the tags for which the title tags appear in between.)
Text goes in between the "body" tags. Just type whatever you want your website to say. (Note: I suggest you only type a few sentences for now while you are still learning HTML. After the following page, in which you will learn to manipulate text, you can go back and add more information.


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Information and Real Estate Services, LLC. Provided for limited non-commercial use only under IRES Rules. © 2019 IRES. Listing information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated August 18, 2019 10 PM. Information deemed reliable but not guaranteed by the MLS or Staufer Team Real Estate.The content relating to real estate for sale in this Web site comes in part from the Internet Data eXchange (IDX) program of METROLIST, INC., DBA RECOLORADO®. Real estate listings held by brokers other than Staufer Team Real Estate are marked with the IDX Logo. This information is being provided for the consumers' personal, non-commercial use and may not be used for any other purpose. All information subject to change and should be independently verified.REcolorado® Terms and Conditions
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You now have full access to our site, so please feel free to continue browsing the most up-to-date real estate listings around.
If you have questions about a specific property or the current home buying market, please call me at the number below.
Staufer Team Real EstateView Boulder Area Homes303-664-0000


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Siobhan Connors-POPPY SEED THEATRE FESTIVAL (October 2016)
Waterslide bar is a beautiful venue in an incredible location. The staff were helpful, caring and generous to our patrons and flexible in their set up and arrangements in the lead up to the launch of our event. The room bought a definite style and elegance to our event that could not have been achieved in any given venue. I highly recommend this venue to anyone looking to impress and have an incredible time at one of Southbank's best kept secrets.
Felicity Hayward-WSP STRUCTURES PTY LTD (November 2016)
Waterslide was the perfect venue for our client function. It's location and elegant fitout made it our first choice as a function venue. The events co-ordinator was in constant contact and incredibly helpful in arranging a package to suit our function needs. The food was amazing and the staff on the night were friendly and very accommodating. I would highly recommend Waterslide as a function.
Shalaka Singh – TATA BEVERAGES (December 2016)
The venue is gorgeous, the service is great and the food is delicious. They have been extremely professional and thorough with the coordination and planning to ensure we had an amazing time.
Would definitely recommend this venue for a party of any sort.
Special mention to you Sharon for your amazing efforts and patience 😉
Brooke Moffat-ASTERON LIFE (December 2016)
We recently held our annual client Christmas party at Waterslide. The venue and location were fantastic. The service, food and beverage selection was second to none. It was a really great night and planning with the team there was smooth and easy. Thank you!
Angelique Carbone-FIRST MS (December 2016)
I have to say I was extremely pleased. It was absolutely beautiful. The Venue was lovely and also the space we used. We were looked after extremely well and the food was lovely. My staff were really happy and have asked me to book the balcony for next year on a Friday night.
Theresa Vandenberg-FOODWORKS (December 2016)
Our Christmas event held at Waterslide went very well from enquiry right through to execution. The staff at Waterslide could not have been more helpful. There was an abundance of food which was well received as everyone was so hungry when they arrived. The atmosphere was relaxed and really enjoyable. Looking forward to our next event at the Waterslide.
Kim Long-TRAVELEX (December 2016)
It has been a while since we had a Christmas function where the whole state came together and due to the time constraints, it was a challenge to find a venue to cater for a large group of people. Thank you so much for delivering! What was prominent and created that lovely atmosphere was the balcony setting and the waterfront view. There was only a little minor setback where the canapés were delivered later than scheduled but on a positive note they were delish! Work colleagues love the bar tab and commented it was "one of the best Christmas parties they have attended". Positive reviews also came from the management team as well. All and all it was a great night! Please also extend my thanks to Daniel Green for looking after us.
Aspasiya Piruze-PWC (December 2016)
Waterslide Bar is the perfect place for any function from birthdays to Christmas parties or after-work drinks with colleagues. The team is so easy to work with and always willing to accommodate your needs for the perfect event. I must also mention that the wine list is great and the range of drinks is extensive! We were very pleased with the Waterslide Bar and highly recommend it. Make sure to check out the balcony area too!
Maree Paris (February 2017)
We had such a great time! The food was amazing, everyone commented how yummy it all was. And thanks to the bartender for suggesting we get a slice of cake with a sparkler, this made everything a little more special.
Lucinda & Julian (February 2017)
We would like to pass on our thanks to Sharon for assisting us with our wedding after-party at Waterslide Bar. We were really impressed with the seamless process and clear communication from our initial inquiry through to placing a booking. The team were helpful and committed to working within our specified budget and listening to our requirements to ensure the evening ran as intended. The function was a great success with all guests thoroughly enjoying themselves, particularly on the private balcony area from where we had fantastic views of the city. The finger food was good quality and there was a perfect amount to cater for our guests. We have already returned for a Saturday night drink and will be back soon!
Mia Parry (March 2017)
We had the best night, everything was organized smoothly and ran really well by the staff on the night. There where lots of compliments on the food, everyone loved the cocktails and music and atmosphere where great. Daniel was fantastic at helping me organize a time for speeches, cake, and bar tab, he just took care of everything so I didn't have to worry. I rang during the day to find out where to park to drop off the cake, and the staff where super helpful in directing me, dropping off the cake and some other things for the night. The only thing I would suggest could be improved is the quality of the speaker/mic system, as it was a hard to hear during speeches as it wasn't the loudest/best quality. All in all we had a great night and I will highly recommend you guys to anyone looking for a function! Thanks for looking after the event for me Sharon!
Heath Walters (April 2017)
I just want to say thank you so much from the bottom of my heart for organising my leaving party with that beautiful view on the balcony and having it sectioned off. I had the most amazing night and all my guests were so touched by how wonderful all of the staff were and the service we had. It was the perfect way to end my last weekend in Melbourne and I look forward to coming back and using this venue again! What an amazing, caring and kind team you have, thank you once again
Jade Moore – ANZTRUC 2017 (May 2017)
Holding our conference networking function at Waterslide Bar was the best decision we could have made! From the first meeting to the last drink poured, it was a success! The staff were ever so helpful and friendly, the food was delicious and plentiful – all this made our night that extra bit special.
Kasia Klepek – Jardine Jardine Lloyd Thompson Pty Ltd (June 2017)
I would like to take this opportunity to thank you for helping organise and make our function a huge success on the night. You have provided assistance and suggestions on every
detail and were a delight to work on this event.
We have received overwhelmingly favourable responses from our staff who attended the party. The venue was exceptional, the atmosphere and décor inside bar added to the overall charm, the quantity and quality of the food was superb, and the overall service by your staff was fantastic.
We could not have been happier with Waterslide as our choice of venue.
Love the fact that it is so well hidden.
Closed Mondays
Tuesday to Friday: 4:00 pm - 1:00 am
Saturday: 2:00 pm - 1:00 am
Sunday : 2:00 pm - 11:00 pm


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From former special ops Navy SEAL senior chief; master naval parachutist (four Bronze Stars with Valor, Navy and Marine Corps Medal recipient, etc.); fighter in 150 missions (Iraq, Afghanistan, Bosnia, Africa); expert military dog trainer and handler whose SEAL dogs were partners and medal winners—a fierce, moving tale of a return from hell, being badly wounded on a special ops mission that ended his two-decades-long military career, his searing recovery, and the struggle to live life off the speeding train of war.
In Touching the Dragon, James Hatch, Naval Special Warfare Operator, expert commando, tactical master in deadly operations, twenty-four years in service to his country (he enlisted in the Army National Guard at age seventeen), writes of his years of military service, from joining the Navy at eighteen, becoming a SEAL, to his joining the Naval Special Warfare Development group ("If I died in a gunfight, it would be doing something I loved"). He writes of the harrowing secret missions (Iraq, Bosnia, Africa); and of the fateful final mission (Afghanistan), that left him badly shot (a bullet exploding through his femur and out the back of his leg) as Hatch and his SEAL team crew were attempting to rescue a rogue soldier—Pvt. Bowe Bergdahl, who deserted his post, was captured by Al Qaida and Taliban militants, and was set to be smuggled to a part of the world where Americans could never reach him.
Hatch writes of the horrific wound to his leg; of having no choice but to end his military career; of coming home to the country he'd spent his life defending; of the ordeal of getting well physically (eighteen surgeries; twelve months of recovery; learning to walk again); of having to find out who he was as a man apart from the chaotic world of special operations missions; of days and months of despair, alcoholism, the pull toward suicide; and of finally, through love of family, friends, soldiers, and his specially trained military dogs, touching the dragon, of going through the fear of feeling unfit for society, of finding a purpose and a way back to life.


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Every new investor is not fully aware of the tax sale auction procedure, they are not sure about where they should start from, and when it is the right time to do tax sale investment.
Experience matters, one needs a good amount of time to thoroughly learn and understand step by the step tax sale auction process. In this article, you will get to read all the major steps related to tax sale auction.
Step 1:
You need to know which properties are for sale in order to invest, so first get a tax sale list. You can obtain tax sale lists easily with the help of online tools. They are 100% free. You can also contact tax sales department for access to the list of auctions.
Step 2:
Once you get the list of tax sale auction, do the research. This is the most important step of any successful tax sale investment. There is nothing important than research, which is the fundamental step to succeed in the further process.
Moreover, as novice business owner, research is not easy. It is time-consuming as this requires a variety of methods to research properties. An experienced professional will be able to do it efficiently and accurately.
Step 3:
After the research work, decide on bidding, and budget. The easiest way to do this is to ensure that your research is thorough and accurate and make notes on what you feel you should pay as you go.
Some properties have been sold for multiple times, but you knew about their current market price. You should only buy the property which is at a discount, you can sell it for less than market value by making a profit.
Navigate to this link to study about steps need to be kept in mind at the time of n tax deeds.


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Welcome back friends to the Retro Radio Memories podcast! Each podcast my co-host, the Projectionist and I will briefly discuss a classic old time radio show before sharing said program with you listeners. This week I am on my own again as the Projectionist is still away visiting Haddonfield so I am presenting an episode from the Stand Freberg Show entitled "Great Moments in History" that originally was broadcast back in 1957.
If you have any suggestions for radio programs you would like for us to cover in the future or comments, email them to me at firstname.lastname@example.com. You can also follow me on Twitter and of course on Facebook.
Music on the show was provided by Peachy (the Billy May of Wales), if you have musical needs, why not contact Peachy at email@example.com . And be sure to "Like" him on his Facebook Page.
If you enjoyed this episode of the Stan Freberg Show then make sure to listen to the other 14 episodes uploaded by Cosmic Noodle on the Internet Archive!


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The idea for our web Sports betting online first came about in 2016 as our domain name was registered. Doing so will allow you to simply shop the benefits and will greatly improve your gambling results. With that said, we at Sports Betting Internet encourage you to gamble responsible, and expect you the very best of luck as well. As a group of the avid lovers of sports gambling who have lived in the Malaysia, Singapore and many Asian countries we had a great decent understanding of the global gambling sectors. Each time we get started to develop this web nevertheless, we became overwhelmed with just how details there was to cover. It was not years later as we met an eventual business partner from the Malaysia and his friend from Singapore that we decided to give this web a serious go. Beginning in 2011 and into 2012 and 2016 our web developed to more than 1000 sites and now well exceeds that figure. In 2016 many more sites will be added.
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The importance of shopping Sports betting online ag benefits
The simple math in the above illustration probably bore a few our readers, but illustrates the importance of getting the best benefits so well. No matter if you are serious sports participants, or only a recreational punter, the method to win the most prizes, or lose the least money, betting sports online is to shop multiple online book makers searching for which one has the best benefits on a given match. Our web Sports Betting Online has reviews of dozen of bookmakers, and potential tips on which is the best for each sport. Each gambling website we suggest is highly respected, licensed, and most are publicly traded. If you are going to gamble sports online take some time to navigate our web and then choose at least three bookmakers to open an account with. Doing so will allow you to simply shop the benefits and will greatly improve your gambling results. With that said, we at Sports Betting Online encourage you to gamble responsible, and expect you the very best of luck as well.
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- On sale!
The 24-channel Mini Maestro 24 raises the performance bar for serial servo controllers with features such as a native USB interface and internal scripting control.
Whether you want the best servo control available (0.25μs resolution with built-in speed and acceleration control and pulse rates up to 333 Hz) or a general I/O controller (e.g. to interface with a sensor or ESC via your USB port), this compact, versatile device will deliver. Header pins are included but not soldered into this partial kit version (all surface-mount components are soldered).
more info: https://www.pololu.com/product/1357


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Welcome to the Hillsdale High School Alumni Association's web site! Here you can get involved with and support both the Hillsdale Alumni Community and Hillsdale High School. Learn more >
Hillsdale HS Hall of Fame – May 11, 2019
May 5, 2018
REGISTER NOW ! Supported by your Hillsdale HS Alumni Association, the 2019 HHS Hall of Fame Ceremony will be held on May 11th.
5:00 PM Reception in HHS Auditorium Foyer; 6:00 – 7:30 PM Induction Ceremony in HHS Auditorium; 8:00 – 10:00 PM HOF Dinner at The Van's Restaurant. REGISTER HERE !
For pictures and brief bios of our 2019 inductees, click this link:
Hillsdale Alumni (aka Olde Knights') Luncheon : SAVE THE DATE (12-7-19)!
December 1, 2018
Did you graduate from Hillsdale at least 20 years ago? Plan to join us on December 7th for the 24th Annual Hillsdale Alumni Luncheon, previously known as the Olde Knights' Luncheon.
A Knight's Tale 2016-2017
You can read and download a copy of this year's A Knight's Tale",
the story of today's Hillsdale High School and its students.
Hillsdale Receives National "Schools of Opportunity" Gold Recognition
Hillsdale High School, known for its Small Learning Community model, is one of only 20 schools from across the country to receive recognition as a "School of Opportunity"! This coveted national designation honors excellent public high schools that engage in practices that build on students' strengths and create supported learning opportunities for all students. Read the complete press release.
New: Alumni Photos
We're now on flickr! For photos from this year's Olde Knights' Luncheon and the 2015 and 2016 Luncheons, along with the 2015, 2016, and 2017 HHS Hall of Fame events, click on this flickr link or the Photo Galleries link at the bottom right of this page.
You can also add your own photos by sending them to email@example.com.
Calling all Hillsdale Knights!
Join the Hillsdale High School Alumni Association
Spread the word! The HHS Alumni Association is newly re-launched and is putting out the call for members. We're not one of those third-party companies who charge a fee to join — we're run BY Hillsdale alums FOR Hillsdale alums, and membership is FREE. Join those who are already MEMBERS (click this link for current membership list). Stay in-the-know about events, news, and what … Learn more >