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Grimsley Offineer, LLC, a Law Firm located in Canton, Ohio, was founded by Attorneys Brian L. Grimsley & Jamison A. Offineer.
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Product recommendation engine
This project was awarded to rinsadsl for $300 USD.Get free quotes for a project like this
Project Budget$300 USD
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Build a product recommendation quiz which would need to be responsive so that It'll work with tablets and phones as well.
Main principal of the engine is to recommend certain products based on answers each user will make using quiz.
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- Forbes
- The New York Times
- Time
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- Times Online

subset: commoncrawl


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Comment confusing summary (Score 1) 145
To forget is to store new memories?
Verizon later conceded that they had transferred his account despite having neither requested nor being given the 4-digit PIN they had on record
So it's not the phone, it's the company that didn't abide by their own policies.
`If I were a student, I'd be terrified. I didn't cheat, but I could still be accused of cheating for having a solution "too similar" to some other solution. Saying I've waived my right to defend myself against accusation because I didn't admit to something I didn't do would drive me crazy. I'd have to lie about cheating just to avoid the more severe punishment, despite not actually doing the behaviour the administration wishes to discourage.
The fear of punishment that's unconnected to misbehaviour will drive lab rats into neurotic self-harm, and students are pretty similar to lab rats.
The story has antigravity, faster-than-light travel, force-shield projectors you can wear as a belt buckle and you're okay with the unrealistic physics, but you dismiss the entire series because you don't like the abstractly-defined maths in the first book?
If you thought Asimov was unaware of chaos theory, then you haven't read past the first book, and you also don't know the author's other works.
"All employees are required to register with Google Fit. Employees who are not healthy are inefficient, and their salary will be adjusted accordingly to the value they are withholding from this company by being insufficiently healthy."
Just like when employers demand the social networking data of every employee, sometimes even requiring Facebook passwords.
> Thorium 232 + a neutron -> Uranium 233.
I thought it was the number of protons that determined which element an atom belonged to, and different neutron counts were isotopes. Would Carbon 12 + two neutrons = Nitrogen 14 ? or Carbon 14 ?
The only change they've made that bothered me was when Google Hangouts was integrated. Now when I use IMAPS to pick up my email, I get mismatches between the new message count and the actual number of unread messages in the Inbox; the "missing" unread messages are the short notes someone's sent to me via their fork of Jabber XMPP, which appear in the webmail interface but not in the IMAPS (and I would assume POP3S) interfaces.
Isn't this what Aaron Swartz did? Is the US Government going to "make an example" of McAfee too?
"Somewhere along the way, however, we tricked ourselves into thinking..."
So: when a good idea is implemented poorly, then bad things happen. Why is this news?
'DevOps' isn't killing the developer; people who are abusing developers are killing developers and using [place idea here] as an excuse. If you focus on 'DevOps', then you're going to throw out an idea and do nothing to prevent people abusing developers and using [idea n+1] as an excuse.
"60 hours a week? Don't be daft."
All my technical problems are fixed in less than 30 hours a week. The other 30+ hours a week are fixing problems caused by users; either because QA is toothless, or people not following instructions, or employees who need to be bailed out.
Any sufficiently advanced bug is indistinguishable from a feature. -- Rich Kulawiec


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Pamper Package - Choice of 3 Treatments! £15 instead of up to £45.50 for a pamper package inc. 3 treatments at Serenity Seven, Nottingham - save up to 67%
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Loving v. Virginia
Need Professional Help? Talk to a Lawyer.
In 1958, Richard Loving, a white man, married Mildred Jeter, a black woman, in the District of Columbia. They then returned to their home in Virginia, where they were eventually convicted of violating the state's antimiscegenation statute banning interracial marriages.
Prior to the Loving case, the Court had been reluctant to tackle such laws. The issue was believed to be too controversial and would only inflame resistance to civil rights in the South, especially on the heels of the Court's decision in Brown v. Board of Education.
In this case, however, the Court felt the time had come to address the issue. In a unanimous decision, the Court struck down Virginias law. It rejected the states claim that the law was constitutional because it applied equally to blacks and whites. The Court called race distinctions "odious to a free people" and said, Under our Constitution, the freedom to marry, or not marry, a person of another race resides with the individual and cannot be infringed by the State.
Virginia's statutory scheme to prevent marriages between persons solely on the basis of racial classifications held to violate the Equal Protection and Due Process Clauses of the Fourteenth Amendment. Pp. 388 U. S. 4-12.
206 Va. 924, 147 S.E.2d 78, reversed.
To read the rest of the opinion in Loving v. Virginia, go to Nolos US Supreme Court Center.
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BB10 saving pics/music -help
hopefully someone can point me in the wrong direction, when i take a picture on the camera it's not saving in the pic app but instead in the file manager, so when i go to view pics in the pic app, nothing shows up.....
same thing when i'm syncing music, it's being saved in the file management folder under the media device
was hoping to try the Story Maker app but since the music and pics are not saving under the music & pic apps it is saying i don't have any music or pictures
i hope i make sense with my question
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This plugin enables you to have multiple sidebars for Buddypress. Create new sidebars that are unique to each page.
buddypress-sidebar to the
/wp-content/plugins/ directory
Activate the plugin through the 'Plugins' menu in WordPress
Note: This plugin is for extending the functionality of Buddypress. Buddypress must be installed.
Install the plugin
From the WordPress dashboard navigate to the plugin settings via the Buddypress sidebar link/icon. Then click on BP Sidebar.
Use the default sidebars or enter a comma separated list of your own.
Chose the option 'Display below the default Buddypress Sidebar widget' to show your sidebars under instead of above the default 'Buddypress Sidebar Widget'.
You can create a page in WordPress and then create a new 'BP Sidebar' with the same name. This will enable you to have a unique sidebar on that one page.
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[YOUTUBE="Cmgm8HWrYPE"]Rue de Cascades[/YOUTUBE]
[YOUTUBE="Cmgm8HWrYPE"]Rue de Cascades[/YOUTUBE]
Artes, Scientia, Veritasiness
One of the best rock songs of the 90s.
[YOUTUBE="qjXfFZmkwcg"]The Smashing Pumpkins - Mayonaise[/YOUTUBE]
[YOUTUBE="http://www.youtube.com/watch?v=Su1wK7iCQfQ"]Gold Panda - You[/YOUTUBE]
For all that we have done, as a civilization, as individuals, the universe is not stable, and nor is any single thing within it. Stars consume themselves, the universe itself rushes apart, and we ourselves are composed of matter in constant flux. Colonies of cells in temporary alliance, replicating and decaying and housed within, an incandescent cloud of electrical impulses. This is reality, this is self knowledge, and the perception of it will, of course, make you dizzy.
Let your bones crack. Your back pop...
was the one
who was lost
and found in
my own thoughts
I've laid bare
and laid there
that I
can't care
yeah I
can't care
no I
is it me or is it you
can't find
give me reason to...
..Romanian song I randomly found.


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Holy Mass
May 15, 2014 by Dan Burke
Filed under Carmelite Spirituality, Dan Burke, Divine Intimacy, Liturgy, Mass
Holy Mass Presence of God – Give me, O Lord, a better understanding of the value and meaning of Your Eucharistic Sacrifice. MEDITATION The heart of liturgical worship is the Mass. Just as the redemptive work of Jesus reached its culminating point on Calvary by His death on the Cross, so too, the liturgical action, which continues His work in the world, has its climax in the Mass, which... Read More


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Operator: Good day, ladies and gentlemen, and welcome to Fourth Quarter 2010 Cardinal Health's Conference Call. My name is Noelia and I'll be your coordinator for today. At this time, all participants are in a listen-only mode. We'll be facilitating a question-and-answer session towards the end of this conference. (Operator Instructions). As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the presentation over to your host for today's call, Sally Curley, Senior Vice President of Investor Relations. Please proceed.
Sally J. Curley - SVP, IR: Thank you, Noelia, and welcome to our conference call today. Because we will be reviewing our fiscal fourth quarter and year end results as well as our fiscal 2011 outlook on today's call, our prepared comments may be a little longer than usual. Therefore, we plan to extend the call to end at 9.45 am Eastern to allow plenty of time for Q&A.
Also, today we will be making forward-looking statements. The matters addressed in these statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected or implied. Please refer to our SEC filings and the forward-looking statements slide at the beginning of our presentation found on our Investor page on cardinal-health.com for a description of those risks and uncertainties. In addition, we will reference non-GAAP financial measures and information about these measures is included at the end of the slide.
Before I turn the call over to our Chairman and CEO, George Barrett, I would like to remind you of a few upcoming investor conferences in which we will be participating and webcasting, notably the Morgan Stanley Global Healthcare Conference on September 13 in New York, the Robert Baird's Healthcare Conference on September 14 in New York and the Stifel Nicolaus Healthcare Conference on September 15 in Boston.
The details of these events are or will be posted on the IR section of our website, so please be sure to visit that site often for updated information. We look forward to seeing you on these or other upcoming events.
Now, I'd like to turn the call over to George.
George S. Barrett - Chairman and CEO: Thanks, Sally. Good morning, everyone. This morning's call offers me the opportunity to reflect on our first year as what I described for the last time as a new Cardinal Health. It has been an important year for us in many ways. This morning, I'll give you my observations about the year we just completed as well as my perspective on year in front of us. I'll devote most of my commentary to the state of our transformation and our overall positioning, and let Jeff cover in detail the numbers for the quarter and for the full year. I will, however, start with a few numbers.
We ended fiscal 2010 with non-GAAP EPS of $2.22, down slightly versus fiscal 2009 and considerably better than we anticipated back in August of last year. Full year revenue was up 3% to $98.5 billion. Our organization did an outstanding job managing our working capital, and we generated $2.1 billion in cash from operations. Overall, these were significant accomplishments given the considerable strategic changes and investments we made in the business.
Some of you have asked me during the course of the year, how I feel about the extent and rate of our progress. As you know, we entered the fiscal year with a commitment to take action to improve our performance, our strategic positioning, our internal culture to shift our center of gravity more decisively out to the customer, and of course our trajectory. We also knew there were some systemic issues that we would have to weather, some mechanical challenges like the large year-over-year negative comp in generic launches.
Having said all that, if you'd ask me a year ago whether or not I would be pleased with where we are today, the answer would clearly be yes. We've made enormous progress on our road to position the Company for renewed growth, and we've moved the needle considerably faster than we had anticipated. This is still a journey, but I believe we have a lot to be excited about.
Certainly, it was not a year of perfection. We hate to lose a single customer and we lost very few, but in the earlier part of the year we did fail to renew a few key customers in the hospital side as well as one in the retail chains side and that was disappointing. We stabilized our margin rate in Hospital Supply. However, we would have liked to have seen it moving up and while we made enormous progress in our efforts to simplify the lives of our customers, we know we can do even better.
Nonetheless, our customers are telling us that we are on the right path. Our employees are telling us that as well, but they believe in where we are going and they are energized by the journey.
As we told you at the beginning of the fiscal year, our focus in FY '10 was on strengthening the core of our business and we have done just that. In our Pharmaceutical segment, we renewed many of our largest chain customer contracts well into fiscal 2012. We also renewed and entered in some new agreements with a number of very important large branded manufacturer partners. All of this is critical to stabilizing our Pharmaceutical segment base and putting us in a position to move margin in the right direction.
Pharmaceutical segment profit declined 3% for the full year. This performance was considerably better than we anticipated driven by strong execution on key initiatives, some of which I'll cover in a moment, disciplined cost management and aided somewhat by the positive impact from some unplanned generic launches. We placed a great deal of emphasis on our retail independent pharmacy channel and after a patchy couple of years, we returned this part of the business to full year growth for the first time since fiscal 2008.
Just a couple of weeks ago, we held our 20th Annual and largest ever retail business conference for our retail independent pharmacy customers. Well over 4,000 stores were represented at the event in Denver. We launched a number of offerings designed to help pharmacists run their businesses more efficiently, including Order Express, which provides retail pharmacies with a more convenient and user-friendly online buying experience. Feedback from customers has been very positive.
We made great strides in our generic sourcing initiative, and we developed a highly attractive generic offering for our customers. As a result, we exceeded our full year improvement target of 10% in generic penetration or what we refer to as share of wallet and our focus on driving sales force effectiveness through initiatives like our sales college has provided us with additional traction and speed. We recognize that our sales reps are crucial to delivering an even higher level of service for our customers and we continue to invest in their ongoing training and skill development.
We also revaluated our Pharmaceutical segment portfolio and made a number of key decisions. We felt that the Medicine Shoppe network could be enhanced by providing an alternative model for our franchisees that moves them from a royalty-centric model to more flexible fee-based model. We decided to divest SpecialtyScripts and Martindale and we made a meaningful move in the fast-growing area of Specialty Pharmaceutical Services.
As we discussed previously, our goal was to enter the specialty service area in a differentiated way and we're convinced that the acquisition of HealthCare Solutions or P4, as it is known in the oncology community, provides us with that platform. The commercial activities within HealthCare Solutions serve key participants across the chain of specialty care, including physicians, pharmaceutical companies and payors by providing essential tools, services and data to help improve patient outcomes and increase efficiency in the delivery of health care.
While this acquisition will have only a modest impact on FY '11, it positions us to participate in the growth of specialty category going forward. We're very excited about the growth potential in specialty and about the enthusiasm of the HealthCare Solutions leadership team to help us achieve our goals in this area and also about how they are working with us to integrate these activities into Cardinal Health. We expect the integration to be substantially complete by the end of the second quarter of FY '11.
We also made investments in our relatively small but growing positron emission tomography unit and are well positioned through the manufacturing, dispensing and distribution of PET imaging agents and the key role we play in supporting clinical trials. In the face of exceedingly difficult raw material shortages, our Nuclear Pharmacy organization performed extremely well in FY '10.
I'm very proud of this group and how they work so closely with our customers to ensure the needs of patients were met. We are looking forward to return to more normalized levels of supply in the September timeframe from both the Chalk River Reactor in Canada and the Petten Reactor in the Netherlands.
Our Medical segment had a busy and successful year. We finished the fourth quarter up 22% over prior year in segment profit and up 11% for the year. Additionally, we achieved a number of key goals and moved forward with several important transformational initiatives. We developed our segment strategy around channel and category management, which we believe will better align with our customers need and enhance our ability to apply our core capabilities.
We completely rebuilt our sourcing model for medical products expanding our global sourcing capabilities and our leadership there. I believe this will be an increasingly important asset for us and for our customers.
We made good progress on our substantial commitment to simplifying the customer experience and made critical investments in IT and customer-facing activities. In particular, we began the Medical Business Transformation work to enhance our technology platform and processes and we are progressing well against our critical milestones.
We returned our Presource kitting unit back to positive growth trajectory, enabled by our lean Six Sigma and operational excellence initiatives and our expanded presence in surgery centers.
We made investments focused on growing our ambulatory footprint and we expanded our sales organization, while at the same time enhancing our Web ordering capabilities to better meet the needs of this channel. We also established a cross-selling effort with the Pharmaceutical segment, which is off to a good start.
Our lab channel grew both revenue and profit by mid single digits for the year, helped by demand for flu-related products in the first half. Canada had an exceptional year with double-digit revenue and profit growth, also helped by the demand for flu-related products, along with some upside from foreign exchange.
In all, Medical segment revenue was up 3% in the quarter and up 7.2% for the full year. I should say something here about demand as a number of companies have noted the softness in the hospital and physician office channels. We commented in last quarter's call that demand was somewhat soft there. We can report that we saw no real improvement from a macro standpoint in our June quarter.
At the Cardinal Health enterprise level, in addition to our effort to strengthen our strategic positioning, drive performance management and revitalize our culture, I'm particularly proud of how we managed our capital in an extraordinary environment. During this past year, we were able to raise our dividend as well as do some share repurchases, as Jeff will discuss. We've invested in areas of our business critical to supporting our customers and driving future positioning, and we've used capital opportunistically to make moves that enhance our strategic positioning and shareholder value.
We entered 2011 with a very strong balance sheet, which gives us excellent financial flexibility. In keeping with our commitment to drive shareholder value, we launched total shareholder return or TSR internally as a capstone metric for measuring our performance. I'm really pleased that our organization is rallying around this concept. We've been setting internal goals around this metric, and I'm sure you'll hear us reference that in the future.
Following the spin-off we took the opportunity to recruit four outstanding new independent Board members with exceptional health care and consumer backgrounds. These individuals have been terrific addition to our Board of Directors. Additionally, we've bolstered our management team with several important additions. At the corporate level, we added Mark Blake, EVP of Strategy and Corporate Development, Patty Morrison, CIO and Gilberto Quintero, Senior Vice President of Quality and Regulatory Compliance.
In the Pharmaceutical segment, we added Tim McFadden, EVP of Sales and Marketing and most recently, in the Medical segment, Lisa Ashby who had successfully run our lab business for several years was promoted to President of Category Management. We did all this while successfully managing the CareFusion's transition and this was no small feat.
Let me discuss our guidance for fiscal 2011. Jeff will cover our specific assumptions in some detail in a moment. As you know, we provided a preliminary outlook for our fiscal 2011 three months ago when we announced our third quarter results. Since that time, we have finalized our budget and we have been able to get more clarity on several key variables like the availability of raw material for our nuclear pharmacy lab.
Of course, one of the variables which is hard to model is the rate of recovery at U.S. economy. Although over the years, health care has been relatively insulated from fluctuations in the economy, it is not immune. We've seen consumers alter their behavior regarding their own health care consumption based on their personal economic and employment status. So although we projected a relatively modest low single-digit growth rate on the revenue side, we do feel that we come out of fiscal 2010 with some momentum.
In the Pharmaceutical segment, we entered 2011 with relative stability in our customer base where many of our strategic initiatives are beginning to take hold and with Pharmaceutical supply agreements on terms which feel are right for us and for our business partners.
We built the momentum in our retail independent pharmacy channel and with our generic programs across all customers segments and in FY '11 we will continue to focus on increasing generic penetration. Additionally, we will more effectively utilize all the tools in our tool chest including the expertise and the resources we have in our Pharmacy Solution business to improve the customer experience and provide incremental value, and while we are not expecting the acquisition of Healthcare Solutions to have big economic impact on the fiscal 2011, we are very excited about the new platform it gives us in Specialty Pharmaceutical Services.
In the Medical segment, we expect that our new folks on category management will enable accelerated growth of our preferred products and private brand program, enhance our ability to provide additional value to our customers and offer potential for margin enhancement. We have continued to invest in our Medical Segment Transformation and drive our timelines aggressively because it's essential to our repositioning in the industry and to delivering on our commitment to our customers. We will also focus on the ambulatory channels as we continue to see health care services move to smaller and more disease-specific unit for care.
We'll remain an active partner with all players in the system as we help to improve the cost effectiveness of health care and we'll make sure that our voice is heard in Washington and at the state level as Health Care Reform enters the implementation phase. We'll also continue to look for opportunities to complement our capabilities and grow our strategic position. Finally, we will hold ourselves to ambitious goals on those things we control while modeling more cautiously on those events we don't control. So taking into account all of the known factors at this point and balancing this with some remaining market uncertainty, we are raising our initial outlook and providing an FY '11 non-GAAP EPS guidance range of $2.38 to $2.48.
We are building momentum and feel good about our progress. As we move through the year, we'll talk about our initiatives on theses quarterly calls and also be sure to comment on the environmental factors that are important for you to understand. I am very proud of the work that we began in FY '10 and look forward to continued progress in FY '11 and beyond.
Now, I'll hand the call over to Jeff to provide more details on the quarter and the full year and our fiscal 2011 guidance assumptions. Jeff?
Jeff Henderson - CFO: Thanks, George. Good morning, everyone. Thanks for joining our call today. Let me expand on our Q4 and fiscal 2010 performance for a few moments. Then, I will add more color around our FY '11 guidance, including our assumptions from both the corporate and segment standpoint.
Rather than re-peel the numbers that are in our earnings release and slide presentation, I'll try to focus more on some of the underlying financial trends and drivers. Let me start with a few comments on segment performance in Q4, referring primarily to slides 10, 11 and starting with the Pharma segment.
As George said, we are pleased with the business progress and financial results in Pharma. Although as we alluded to back in our April call, the year-on-year segment profit trend is a bit of an anomaly in Q4 due to some timing and other unique issues, more on this in a few moments.
Pharma segment revenue increased by 0.2%, with non-bulk growing considerably faster than bulk. For the quarter, non-bulk sales rose to 52% of total segment revenues. As previously mentioned on earlier calls, the ending of a relationship with two customers in the first half of fiscal '10 has dampened sales growth throughout the second half of the year.
The impact from those two terminations was approximately 1.5 percentage points in Q4. We will begin to lap losses by mid fiscal 2011. Importantly, revenues from retail independents grew 3.3%, a rate which was above the overall market and overall generics growth was 10%, driven by close to 20% growth in our generic source program for the quarter.
From a profit perspective, the segment decline can be attributed to a few expected but somewhat notable factors beyond the drivers and trends you would normally see. As anticipated, we did not see the same level of branded price inflation from our remaining contingent vendors as we experienced in Q4 of FY '09.
We continue to face headwinds from the Medicine Shoppe transition and the timing impact of a large vendor DSA transition, both of which flowed through, as anticipated, and are worth about $20 million of downside in total for the quarter.
The ongoing severe global supply shortage in our Nuclear business also had a significant negative impact. In fact, the loss of moly isotope availability for much of the quarter was by itself worth about $28 million, although we were able to offset a portion of this in our Nuclear Pharmacy unit through the use of alternative imaging isotopes and cost efficiencies. On the positive side, we continue to benefit from the strong performance of our generic programs.
Our Medical segment had another strong quarter, posting a segment profit increase of 22% to $102.5 million. This increase was driven by volume growth with existing customers and solid expense management.
We also had a few notable items in our cost of goods sold, which worked in opposite directions; a one-time vendor adjustment, which negatively impacted last year's Q4 by about $5 million, and thus benefited the year-on-year compare by that amount; and a negative impact of commodities worth a little less than $5 million of downside in the quarter versus last year.
I point out the commodity downside as it represents the distinct reversal from the benefit we are seeing in the first half of the year.
Let me now cover a few items at the consolidated level. Non-GAAP operating expenses were flat for the quarter versus last year with strong expense controls and bad debt accrual reductions offsetting an increase in investment spend and incentive compensation.
Our non-GAAP tax rate for the quarter was 37.7% versus 32.6% last year. The higher rate in the current quarter was attributable to changes in income mix and some discrete items both this year and last. Specifically, this quarter's discrete items include adjustments to our FIN 48 reserves, a reduction in the deferred tax asset valuation allowance related to our business in Puerto Rico and a provision true-up related to our state tax returns.
The net of discreet items was worth about $4 million of additional tax expense for the quarter. In FY '09, our effective tax rate benefited from a one-time state tax settlement.
So, with those comments behind us, let me reprise the EPS walk-down that I did for you in April where I tried to explain the drivers of our year-over-year decline in Q4. I'll use most of the same categories I referred to then. Where appropriate, I'll indicate where they may differ from what we had anticipated three months ago, but in most cases, they are quite consistent.
The Medicine Shoppe and the pharma vendor DSA transitions were together worth $0.03 of downside. A decline in other contingent brand inflation was worth $0.04. Generic launches turned out to have about a neutral impact year-on-year in the quarter, slightly better than the expected $0.01 to $0.02 of downside we had called out previously.
The impact of a nuclear supply shortage was as much as $0.04, a little higher than the $0.02 to $0.03 impact we envisioned really because our supply situation was made even worse by certain air travel restrictions from Europe during the quarter. The Q4 tax rate resulted in $0.04 of impact compared to last year's unusually low rate, an increased investment spend, it was worth about $0.02.
Generally speaking, the rest of the business performed better than our forecast and our expense controls remained very tight. So we were able to deliver a final Q4 EPS slightly above the range we had projected in April. Lots of detail I know, but hopefully, that closes the loop on what was a somewhat unusual Q4 from an earnings standpoint.
Now shifting gears slightly, let's talk about cash and balance sheet management. Earnings and continued focus on working capital efficiency drove an additional $324 million of operating cash flow in Q4. Of note, we finished Q4 with 21 days in inventory on hand versus 23 last year. I might add that this level of inventory is a little lower than even we had expected and probably represents a pull ahead of some operating cash flows from Q1 of FY '11.
Our days receivable improved to 18.6 from 19.1. Importantly, our account delinquencies reduced by more than $75 million year-on-year despite the continuing tough climate for many of our customers.
I'd also like to mention a few other items of note that occurred during the quarter. With the Q4 sale of our Martindale business in the U.K., along with the earlier divestitures of SpecialtyScripts, we completed the portfolio rationalization activity that we had projected for this fiscal year. We did not sell any of our CareFusion stake in Q4.
Finally, I won't go through the detailed GAAP to non-GAAP reconciliation that appears on Slide 7. I will highlight that the most notable item this quarter is approximately $41 million pre-tax of litigation income related to an antitrust settlement. As per our usual practice, this type of item has been excluded from our non-GAAP earnings.
Now, let me take a few moments to comment on FY '10 in total, starting with the personal reflection that I am extremely proud of the progress we made during the year particularly given some of the headwinds, both environmental and the result of some conscious positioning and investment decisions that we knew we'd face when the year began.
Before the start of this year, we identified a few key financial metrics on which we needed to focus to win; specifically, margin and working capital improvements. Driven by a number of the performance initiatives that George already referenced, we have made great progress in these areas.
First, on margin rates, although we did see a decline in overall consolidated operating margin versus last year, we performed considerably better than we expected heading into 2010. Let me comment on two key areas in this regard.
First, our Medical segment expanded its segment profit margin by 17 basis points for the full year. Contributors to this was a mix impact of the relative growth of our ambulatory, Canadian and lab businesses, the recovery of the Presource kitting operations and a continued growth of our preferred products. We also benefit from a positive impact of commodity prices, although that benefit was primarily limited to the first half of the year.
Within the Pharma segment, although segment profit margin was down by 6 basis points, this really was driven by our bulk business. In fact, non-bulk Pharma profit margins remained relatively flat for the full year at 1.94% for FY '10 versus last year's 1.95%.
Regarding working capital, I view this as a tremendous success, as we have continued to see the hard work of our employees bear fruit. In every quarter of the year, our inventory levels and days receivable were favorable with FY '09. In fact, changes in net working capital contribute almost $1 billion to operating cash flow for the year. Overall, we finished the year with very strong cash flow and a robust balance sheet. Total operating cash flow for the full year was over $2.1 billion. In addition, we sold $271 million of CareFusion shares during the year and generated over $150 million incremental from other asset divestitures.
A good portion of this cash flow was invested back into business as a way of capital expenditures of about $260 million, mostly an information technology-related projects. We're committed to our acquisition of Healthcare Solutions for which we made a payment of $517 million in July.
We also returned cash of over $500 million to shareholders reflecting dividends of $253 million and share repurchases totaling $250 million, including the $200 million we executed in June. By the way, in case you're wondering why our statement of cash flows was $230 million of share repo for the year is because $20 million of it actually settled after June month end.
Our total cash position was about $2.8 billion at year end of which approximately $400 million is held overseas. Further, our CareFusion stake was valued approximately $700 million as of June 30. We remain committed to monetizing the stake in the coming periods, although the specific timing will depend on market conditions and other factors. Our June 30 long-term deposition was $2.1 billion which is effectively our target level at this time.
So we end our fiscal 2011 with a fair degree of balance sheet flexibility. We intend to use it widely in a balanced and prudent manner to maximize shareholder value for the longer term.
Now, let's turn to slides 13 to 16 and a look at our FY '11 guidance. Not only we completed our planning processes and have better visibility into the year, we are updating the preliminary outlook we shared three months ago. As a background for a revised non-GAAP EPS range of $2.38 to $2.48, let me expand on some of the information that we had provided back in April, starting with overall Company expectations.
The revenue expectation is for low single-digit growth on a consolidated basis, reflecting our somewhat cautious view of the overall market dynamics. Our focus on expense management will continue. Organic operating expense will be close to flat for the year, but the addition of our Healthcare Solutions business and its expenses related to both the amortization of intangibles and the cost of its primarily customer-focused resources will boost the SG&A growth rate moderately. We are expecting an annual non-GAAP effective tax rate of approximately 37%, a little lower than FY '10, although it will no doubt fluctuate on a quarterly basis.
Our diluted weighted average shares outstanding should be in the range of 355 to 357 million reflecting total FY '11 share repurchases, which we currently anticipate will approximate our FY '10 levels. In this regard, I should note that we did execute $150 million of repo in July leaving us $100 million left on our outstanding Board authorization.
As you know, the actual diluted shares outstanding will average for FY '11 will depend on few factors including the timing and size of completing any additional repurchases and the impact of share price and the diluted impact of employee stock options.
Finally, our guidance includes no new significant strategic initiatives, either acquisitions or divestitures beyond our Healthcare Solutions acquisition.
Now, let's spend a few minutes going through some of the segment-specific assumptions in more detail.
On slide 17, you can see the Pharmaceutical segment assumptions. Let me hit on a few highlights. Importantly, our FY '11 guidance assumes the renewal of key customer contracts. We expect to rate a brand inflation to be similar to FY'10.
We also expect mutual earnings effect from generic launches versus FY '10. We have a risk-adjusted basket of potential at-risk launches in FY '11 to come up with our forecast. We do expect continued benefit from our generic sales and sourcing programs which gained momentum last year.
In the nuclear business, we expect moly supply levels to stabilize by the end of Q1. In this respect, let me comment briefly on the latest news of Canada. Repairs at the Chalk River reactor are complete. However, the reactor has experienced some temporary delays in the start-up process related to instrumentation.
We understand that this is being sorted out in the next couple of weeks. So, at this point, we believe our assumption for a resumption of normal supply remain reasonable. We will keep our unrelenting focus on lean operational excellence initiatives to improve supply chain efficiency and working capital.
However, I anticipate improvements in net working capital at this stage to be much less than what we experienced in FY '10, particularly given the quite low inventory levels we achieved at June end.
Now, let's take a look at slide 16 and the Medical segment. We do anticipate a negative impact on cost of goods sold from commodity price movements. For the full year, we currently estimate that it could be more than $40 million. About half of this relates to oil price movements with the remainder driven by latex and other commodities, most of which have experienced some pretty significant price increases in the recent past.
We expect the benefit from both customer and product mix shifts including the growth of our higher margin ambulatory care business and increased sales of preferred products.
We do not anticipate the extraordinary demand from a pandemic flu season as we saw in the first half of fiscal '10. Our transformational initiative expense will continue at a similar level to FY '10, as we continue to position our Medical segment for long-term growth.
Lastly, I did want to touch specifically on Medical's Q1, as it is a somewhat unusual quarter from an earnings standpoint. We do expect a significant first quarter segment profit decline due to a tough compare related to unique fiscal '10 Q1 events; namely, the early extreme flu season and $14 million of income recognition accelerated by the CareFusion spin as well as a year-on-year negative impact of commodity prices.
So, in summary, as I look forward towards the remainder of fiscal 2011, I'm confident of our ability to execute in our priorities and continue the momentum we began in 2010. There are clearly still uncertainties related to items largely outside of our control, such as the impact of the economy on the health care consumer behaviors and the ongoing movement of commodity prices. But I feel very positive about our organization's ability to respond and deliver as the year unfolds.
Let me make one final administrative comment before we turn to questions. In a further effort to make our SEC filings more user friendly, we've undertaken a review to streamline our reporting. With input from a number of sources, we've made an effort to make the upcoming 10-K a little more reader friendly. Hopefully, you noted the difference.
We've also decided that it would be more meaningful going forward to report Pharma bulk and non-bulk margins on an annual basis rather than quarterly. If there are unusual or significant trends, we will clearly call those out to you. Periodic fluctuations have rendered these metrics fairly volatile on a quarterly basis and not necessarily representative of longer-term trends. We believe that the annualized rate is more indicative of the Company's progress. We'll begin the annualized reporting process in fiscal '11.
With that, let me turn it over to our operator to begin the Q&A session.
Operator: Tom Gallucci, Lazard Capital.
Thomas Gallucci - Lazard Capital: Jeff, just curious, piggybacking on your last statements there, is there anything else that you can say about the seasonality that we should see or the quarterly progression in fiscal '11? Obviously, a lot of moving parts last year and this year over and above the med/surg that you mentioned at the end?
Jeff Henderson - CFO: As you know, Tom, we generally don't give quarterly guidance. We focus more on the annual EPS and drivers. But let me provide a little more cover or color in addition to the comments I made about the Q1 for the Medical segment. Thinking about a revenue standpoint, revenue growth will be a little bit more backend loaded. As a reminder, as I've said earlier, we're still lapping the termination of two large customers that occurred in Q1 and Q2 of FY '10. So that will tend to slightly depress our revenue growth below market rates in the first half of the year. Also, in the second half of the year we're expecting at least one additional customer to join us. We'll also begin to see some of the revenue impact of our Healthcare Solutions acquisition as well. So thinking about a revenue standpoint, again, those factors will tend to make the backend a little bit more revenue intensive than the first half. From an earnings perspective, I don't want to comment more than what I've already said about the somewhat unusual compare in Q1 for the Medical segment.
Thomas Gallucci - Lazard Capital: George, you mentioned sort of proactively volume trends in the med/surg business, doc offices and hospitals. I guess we've heard a little bit that it was a little softer in June and maybe the rest of the quarter and continued to be weaker in July. Are those trends consistent with what you've seen?
George S. Barrett - Chairman and CEO: I'm not sure that I would necessarily validate that monthly description, Tom. I think largely what we saw in Q3 carried into Q4 just a general sluggishness. The month-to-month variation for us, I'm not sure that the data is all that sensitive to draw a conclusion from that, Tom. I certainly didn't see an improvement in Q4 versus Q3.
Operator: Lisa Gill, JPMorgan.
Lisa Gill - JPMorgan: Jeff, could you maybe talk about what your expectations are for generic contributions in '11 versus '10? I know there's a lot of debate around timing of things. If I recall correctly, there's a number of drugs that are coming in the back of calendar 2010, which should be good for your fiscal year. That will have exclusivity. Maybe if you could just give us any color around that?
Jeff Henderson - CFO: I'll repeat some of the comments that I gave in my prepared remarks. Generally, I think the impact of generic launches FY '11 versus FY '10 will be about neutral, plus or minus a reasonable range. I won't comment specifically on quarterly trends but I would expect our general expectations are in line with what some of our peers are observing. I will say, however, that the momentum we gained in some of our generic programs in FY '10, both sales and sourcing, despite the very strong performance we saw from those in FY '10, we expect continued benefit from those heading into FY '11.
Lisa Gill - JPMorgan: But if I compare '11 versus '10, it looks like there will be more drugs that will have some exclusive period. If I remember correctly, isn't that better for you, so shouldn't we – even though maybe it equals to the number of drugs that will come to the market in your fiscal year. Shouldn't that be better profitability for you in 2011 versus '10 or am I thinking about that incorrectly?
George S. Barrett - Chairman and CEO: Let me jump in for a second on this. This is actually not necessarily the case. I think it varies product-by-product and so, particularly when there are exclusive launches, you have to look at the market characteristics of those launches. So, for example, there's just been an approval recently well known out there of LOVENOX. This is a drug with really unusual characteristics. It is a compound with heavy institutional presence but also a meaningful retail presence. A single source launch particularly because it has an – such and large institutional presence. The competitive behavior between the brand of generic has quite different. Again, in this case, because there is one generic approval, you are very dependent on the design of any company's plans for how to launch that product, their own launch strategy. So I guess what I'd suggest to you is the economics of a single source launch can actually be quite variable depending on the characteristics of that drugs, its channel, the nature of the launch, how much supply is in the system and the innovative response. So, I know that's a long answer but I would just say, exercise some caution on assumptions on single source launches, they can vary quite dramatically. I think when you get into a two or three player launch actually the characteristic can change and tend to be more favorable, but again my advice would be exercise caution in a general sense. I think Jeff's observations are right on a year-over-year basis. I would say relatively comparable and at least of course the part that we don't know exactly as what will happen in some of the at-risk launches. So, our approach is to model with the risk adjustment and then if all goes well, we've modeled too cautiously but I think it's the right way to approach this.
Lisa Gill - JPMorgan: Just secondly, as we think about some of our guidance around revenue being low single-digit, can you maybe help us understand is that based on what you see, George, as far as that the market growth rate, especially if we have more generic coming in on the Pharmaceutical side, how should we be thinking about that in context of where Cardinal is versus the industry?
George S. Barrett - Chairman and CEO: Let me just make a quick comment and then I will turn it for Jeff. Actually, where we are relative to the industry, I feel pretty good about. So, I think for us the primary variable will be what is happening with overall demand. I think our positioning has improved and we like that. Of course, to some extent, our revenues are tied to the performance of some large customers as well and so there is always sort of a second order effect there, but Jeff, do you want to add to that?
Jeff Henderson - CFO: Let me then start by giving you a little bit more detail about what we mean by the low. In our view, FY '11 revenue will likely be less than 4%, just to be a little bit more granular on that guidance. Implicit in that revenue number are probably four or five key inputs. First one, George already referenced. It reflects a relatively cautious view of the overall market growth, given what we're seeing right now in the economy. Secondly, as I indicated previously, it does assume the resumption of our key contracts continuing into FY '11 with the exceptions being again those two large contracts that were terminated towards the beginning of FY '10. It also reflects any known customer adds that we're aware of at this point and then finally, it includes the add-in of our Healthcare Solutions acquisition and the revenue that it will bring as the year progresses. So, those are the key inputs that go into that revenue guidance.
Operator: Richard Close, Jefferies.
Richard Close - Jefferies: With respect to, you mentioned exceeding the 10% improvement target for penetration on the generics. Can you talk a little bit about what your expectations are, maybe set a number out there for the coming fiscal year? Jeff, I think you stated that you expect the momentum to continue.
Jeff Henderson - CFO: I think our expectation is that we will target the same percentage growth. Obviously, as you get higher up, it's little hard to make that happen, but we feel like we've got momentum. So, the percentage growth that we targeted for this past year, which was 10%, is pretty reasonable assumption that we'll try target a similar growth rate, but we're making really good progress there.
Richard Close - Jefferies: Another point as a follow-up to your comments. George, you mentioned cross-sell between Pharma and Medical and some initiatives you are doing on that front. Can you give us a little bit more clarity or an update on how that's progressing and what stage we're in?
George S. Barrett - Chairman and CEO: We're very early stage. We really just began this activity probably in the last three months or so. What we are seeing, of course, and it's a general trend, is that there's a confluence of where care is delivered and how it's delivered. I said this to some of you before what used to be quite a bright line between what was institution or hospital business and what was retail business. It seems to be disappearing and the world seems to be converging in many ways. So we're trying to make sure that when we are in ambulatory settings, whether that's a surgery center or s physician's office, to the extent that their needs that exist both for medical/surgical lab products and drug products that we're able to deliver that. So that is an early stage project, but our teams are working really well together and we're excited about it.
Richard Close - Jefferies: I just have one final one here. We were on a conference call last night with MedAssets and they talked about not really seeing a decline in, I guess, utilization or volumes. They mentioned hospitals are going direct to manufacturers for some of the medical supplies. Are you seeing that at all, maybe an increase of the hospitals going direct to the manufacturers?
George S. Barrett - Chairman and CEO: It's a two-part question, so let me try to address the first very generally. I think the data systemically – let's forget about Cardinal-specific data, I think the data systemically is relatively clear. You can look at data at admissions and discharges. It suggests that there has been a bit of flatness in the market. From the standpoint of manufacturer behavior, I wouldn't describe any particular change in behavior actually. I think our value proposition to work with our manufacturers is really clear. We feel better and better about it. I hope they do as well. So we're not seeing – I would not describe a systemic change there.
Operator: Robert Jones, Goldman Sachs.
Robert Jones - Goldman Sachs: Actually, Jeff, just one point of clarification on a few moving pieces in the quarter and you mentioned the litigation settlement. If we look at this segment performance, so the $1.02 of operating margin in Pharma and the $4.75 in Medical, is that adjusted for that and the other one-time items in the quarter?
Jeff Henderson - CFO: Any of the items that we exclude from our non-GAAP financials are not pushed down to the segment. So the segment numbers and growth rates that you see reported are consistent with the non-GAAP numbers we report on a consolidated basis. So that's a long way of saying that the litigation income both this quarter and any litigation effects that we ever see are held at the corporate level and don't impact the segment growth rates.
Robert Jones - Goldman Sachs: George, just a big picture question on looking at the $2.38 to $2.48 range. I know there is a lot of detail and a lot of ins and out, but could you maybe talk about – boil it down to some of the major pushes and pulls you see around that guidance. Is it generic pricing, is it surprised launches? How should we think about what could you push you towards the top end or the bottom end of that range in fiscal '11?
George S. Barrett - Chairman and CEO: Let me give you a general description of the puts and takes. I can't quantify each of them, but just sort of give you a quick sense. So I would say on the challenge side, we've got the impact of year-over-year re-pricings, as Jeff mentioned, until we re-lap some of these in the second half fiscal '11. Commodity price is clearly one that Jeff commented on and actually gave some sense of economics on. We had the CareFusion revenue recognition, and I would say that flu, although not a dramatic impact on us, clearly was unusual last year. In the positive sense for us, generic programs, I would say, across the Board on the selling and sourcing side. I'm really feeling encouraged there. Growth in Nuclear, we are hopeful, and at this point, confident that we'll get some material back into normal status and be able to work at more traditional way with our customers. We're really looking forward to that moment. Growth and performance really across all of our businesses, frankly, a good progress. The Healthcare Solutions acquisition, I would say, is neutral to slightly positive. On the generally neutral side, I would put year-over-year generic launches. Again, that can vary depending on what happens particularly on at-risk launches or settlement. Then I would say, from the spending standpoint, med trends is probably a year-over-year neutral. It's probably no change. So those would be the big moving parts. I mentioned in my comments, we feel very, very good about the things that we control. So we've got very targeted initiative to drive the performance of this Company. I think the parts that we're just going to have to watch carefully are the things that are little bit out of our control, particularly related to the economic environment and demand.
Operator: Steve Valiquette, UBS.
Steven Valiquette - UBS: Two questions here, first on med/surg. You guys mentioned that growth was driven by existing customers, but given how much you outgrew the industry, you don't think you're taking any market share at all, just curious to get your thoughts on that.
George S. Barrett - Chairman and CEO: I do think that we're making some progress in market share but I would also say probably as I mentioned in the early year, we probably had a couple of disappointing losses. So, what I would say is that in probably last six or eight months we have a general sense that our priorities are clear, our value proposition to our customers is better understood and we think we'll be making some progress there. But part of it is again expanding our footprint as I mentioned earlier just even on something like Presource, expanding our ability to drive value into surgery centers which was a new market for us. So, we're trying to grow in all dimensions, expanding markets, expanding with existing customers and where we think we can create value through services and market share as well.
Steven Valiquette - UBS: Then just on the generic profits as we were – I'm tracking this all year, with your guidance, first down over $100 million, and $75 million and $50 million, just had a curiosity where did you end the year on the generic profit for fiscal 10, just curious where that number ended up.
Jeff Henderson - CFO: As I said our, Q4 was a little bit better from a generic launch standpoint that we anticipated. So, the $50 million down year-on-year number that we quoted three months ago is probably closer to a $40 million to $45 million negative comparison versus FY '09.
Operator: Larry Marsh, Barclays Capital.
Lawrence Marsh - Barclays Capital: Let me clarify a couple of things and maybe a question for George. First, just on the clarification to the extent you can comment Jeff, you alluded to the addition of one customer I guess of some size later on the year, has that been publicly disclosed and I know in the past, you've talked about renewing Kroger and Kmart, I think you've already renewed Kroger and the illusion was you suggested Kmart was closed, has that been done at the this point?
George S. Barrett - Chairman and CEO: Yes, we did in fact renew Kmart and we're excited to continue that very solid relationship. Since I think at this point it is in the public domain, what we will add into our business is doing re-business. As you know, that was a acquisition completed by Walgreens. So, that's affective at about January 1, we'll begin to pick up that business through our relationship with Walgreen.
Lawrence Marsh - Barclays Capital: And then just staying on sort of the Medical business, I think you're calling out a couple of things, obviously a $40 million negative on commodity prices, I assume that would roll in pretty evenly throughout the year. I think it was another push back of $14 million. So, if I was doing my numbers correctly, it seems like you maybe be down in mid teens year-over-year in Medical, is that the right ballpark? And I know you don't guide to quarters but if you filter that through without a big offset in drug, Nuclear is not going to be a good guide or this quarter. It seems, we get maybe flat to slightly up in EPS in the first quarter, is that basic directionally right?
Jeff Henderson - CFO: Yeah, let me tackle the Q1 issue for Medical a little bit more without giving any specific growth rate. I'll put a little bit more color around the three drivers. First of all, we accelerate CareFusion income related to the spin that was worth about $14 million, the stronger than normal flu season in Q1 of FY'10 was in the $6 million. And then I would say that commodity impact although it's slightly above $40 million for the full year that impact will be a little bit more front-end loaded, because some of the price increases began creeping into our cost of goods sold in the second half of the year, but they were quite favorable in the first half of FY '10. So I expect that comparison to be a little bit tougher in Q1 and Q2 for Medical.
Lawrence Marsh - Barclays Capital: That's all you're going to say about the actual quarter at this point, Jeff?
Jeff Henderson - CFO: Yeah. Other than repeating, we expect the Medical segment profit to be down significantly.
Lawrence Marsh - Barclays Capital: Got it. That's more than the teens. Then, George, just (I wish I know), we've beaten this a bit on this call but Med Trans, you've talked very excitedly about the opportunity in that business under Mike's leadership, your leadership, the coordination to the IT and such, and I think the message is you can really grow your margins meaningfully over a period of time and that's a bullish indicator of your business. This year you're fighting against I guess a commodities negative. So, how do we think of that longer-term opportunities there, when do we really start to see the margin expansion for Medical because it doesn't look like it's going to be this year? Do we really think of that as fiscal '12 and '13 in your mind?
George S. Barrett - Chairman and CEO: Let me start and then I'm actually going to turn it to Jeff a little bit, but sometimes it's hard to describe this project. It is so deeply embedded in that Medical segment if that's the point. It's really about taking what I think are just enormously valuable assets that we have, making sure that we can deploy them in the most efficient and simple way, and there are times that the sheer magnitude of what we have to offer actually gets in our own way and partly what we try to do is to make sure that we are sort of rebuilding our processes and the IT platform to simplify our business internally, but more importantly to make the experience for the customers extremely easy. This is really what's it's about and I think we'll be able to not only bring efficiencies to the way we operate, but I think we'll be able to deploy our tools more effectively to bring efficiencies to the customer by these initiatives. So we're excited about it. But as I said, it's a pretty heavy investment, which we have observed this year and will continue next year. Let me turn it to Jeff to give you a little sense of how we see the timing and the value.
Jeff Henderson - CFO: The Medical Transformation, at least the biggest bolus of it, we expect to be completed in FY '12 and some incremental significant benefits related to that we'll begin to accrue in FY '12 and beyond. That all said, we are striving for margin expansion in Medical every year and we're not waiting for Medical Transformation to necessarily be complete. That will definitely facilitate an acceleration of some of the initiatives that we already have underway. As I said, we expanded the margins this year and that will be an ongoing goal of ours through increased growth in our ambulatory business, which we continue to invest in, through continuing to sell more preferred products, through offering additional services, value-added services to our customers. The Medical Transformation will help accelerate some of those things and make them easier, but many of those things are already underway and accelerating as we speak.
Lawrence Marsh - Barclays Capital: Just to be clear, you said most of the spending would be completed – I think you said by fiscal '12, do you mean by the end of fiscal '11 or is that going to continue to roll over in cost in fiscal '12?
Jeff Henderson - CFO: By far the biggest bolus of spend is in FY'11. The spend will begin to ramp down in FY'12 and we'll have completed implementation of a good chunk of our distribution network by that point.
Operator: John Kreger, William Blair.
John Kreger - William Blair: George, a question about key customer renewals. Should we think about that as being fairly evenly spread for you from year-to-year, and if not, how does fiscal '11 and '12 look relative to '11?
George S. Barrett - Chairman and CEO: It's probably not that evenly spread. It can be a bit lumpy, John. Here is what I would say. Now that we have a number behind us, I would say fiscal '11 would be a year of relatively minimal new renewals that you are unaware of. I think we've really worked our way through most of that. I would say at this point '12 is not a year of tremendous renewal activity. It's more lumpy on the Pharmaceutical side than Medical side, which is almost a constant process – so many different hospital systems, there's almost a constant renewal process of those. I would say among the big pharmacy customers, that tends to be a little bit more uneven, but I would say the next couple of years we feel pretty solid of that.
John Kreger - William Blair: How do you feel about the competitive pressures out there at this point as you go through renewals and new client win? Do you feel like competitive pressures are increasing or pretty stable?
George S. Barrett - Chairman and CEO: It's really hard to say. They tend to be episodic. Every renewal has its own story. So I wouldn't point to any particular change in competitive behavior right now. This is certainly a pretty competitive market, but I would not highlight any particular unusual behavior or pattern right now. Certainly each renewal is sort of its own story. It's like its own little mini market and that's the way it tends to work.
Operator: Robert Willoughby, Bank of America.
Robert Willoughby - Bank of America: George, at the time of the CareFusion spin, you broke out some cost that you expected to incur in year one, year two, as you grew into that CareFusion hole. Can you review what those numbers were, how you think you did year one and what that expectation for year two is? Are you ahead of plan or pretty much on track still there?
George S. Barrett - Chairman and CEO: Bob, let me point this to Jeff to take that question.
Jeff Henderson - CFO: Great question. Actually I haven't gotten that one for a while. The fixed cost that got reallocated back to Cardinal Health after the spin, which we have referred to in the past as negative synergies, we've more than offset those in FY '10 to our infrastructure cost reduction efforts. So they really didn't appear anywhere in FY '10. As you probably know, I didn't call them out as a driver at any point in the year because we were able to more than offset them to reducing infrastructure in the remaining Cardinal business. In FY '11 I'd say, likewise, you'll see a relatively minimal impact, if any, from that. To begin, we've been able to hold and reduce cost related to our infrastructure. I would say the final potential period there is FY '12 because that is when the final IT transition services agreement is expected to expire – actually it expires in the summer at the start of FY '12. So there is a slight potential there for some fixed cost overhang in the Cardinal Health business. Again, our goal is to work to offset – bolster all of that. So my objective is that I will never call that out as a negative driver here because we're starting to offset it. So I would say, a long answer to your question, but I would say the progress has been great in terms in terms of making sure those don't materialize. By the way, before you go out, I want to complete my answer to Larry of a couple of calls ago related to the Medical Transformation just so there is no lack of clarity. When I refer to the (balls) of spend in fiscal '11, I was referring to capital expenditures and this will be highest year for capital expenditures related to the medical transformation. But from an expense standpoint, actually FY '11 versus FY '10 is completely neutral, just to be clear.
Operator: John Ransom, Raymond James.
John Ransom - Raymond James: Just wanted to go back and revisit for a minute the P4 acquisitions. First of all, what is the effect this year on – remind me of the effect on amortization expense from that deal or has that been figured out yet?
George S. Barrett - Chairman and CEO: We're still having an outside firm complete that analysis but when we announced the deal, I alluded to the fact it could be as much as $30 million to $35 million of annual amortization and that's the assumption we're continuing to work with until the outside accounting firm completes its evaluation but I think that's a reasonably safe number.
John Ransom - Raymond James: Now, is that a – I think I tried to figure this out last quarter and I remember that didn't circle back. Is that tax deductible amortization or not?
George S. Barrett - Chairman and CEO: Yes, it is. For tax purposes, because of the way we structured the deal, the entire step-up in the basis of the Company is tax deductible over an extended period. So yes, it is tax deductible.
John Ransom - Raymond James: And just getting the real question then, what is the ETS effect of that deal in Fiscal '11, could you remind us of that please?
George S. Barrett - Chairman and CEO: Yeah, we said neutral to modestly accretive.
John Ransom - Raymond James: And you still think that's the case.
Jeff Henderson - CFO: Yeah, we remain very on track on with all of our, both quantifiable and non-quantifiable goals and milestones for that. Everything I would say that the integration of that team into the Cardinal family has gone extremely well and we continue to make great progress in that business and combine that business with the Pharma, the existing Pharma businesses.
John Ransom - Raymond James: I remember working through their business plan online and talking to George about it, but it still is a little bit – could you may be use very small word and speak really slowly and explain exactly what they do to make money. I wasn't it didn't register the first time around and they do a bunch of different things but it wasn't clear where the money is being made.
George S. Barrett - Chairman and CEO: There are largely three sources of income. Again this is not rank order, nor weighted particularly but the people of business as we call it helped the solutions to reside in the space that connects the provider and the payors and the pharmaceutical companies and those are essentially the sources of income. So, we provide services, tools, software to our particularly oncology practices today that's the source of income. We provide marketing tools and services for pharmaceutical companies and biotech companies and we do some work in providing data to payors to help them manage their portfolio and their spend. So, these are all the components of it. Think of it again as a service offering is a business that works to provide services to each of those components and does some work in, what I'd say, aligning the interest of those three players in the system to create more value. It's really about they are having the data from and the network of physicians who really work closely with us and that sort of at the heart of it.
John Ransom - Raymond James: Would you have to pick up additional distribution business in oncology to really make this homerun or you think that's not really built into your expectation?
George S. Barrett - Chairman and CEO: We certainly intend to integrate that with our activity and we feel very confident that our increasing presence in the community of providers given a basket of services will make our distribution offering more attractive and more logical, but the business model in and of itself is attractive to us. But we certainly – the part of reason Jeff talked about the integration is we certainly think of this not a standalone activity but as something that was very much linked to our overall Pharmaceutical strategy. So think of this as linked, but we built very modest expectations into our economics as it relates to a distribution today.
Operator: Ricky Goldwasser, Morgan Stanley.
Ricky Goldwasser - Morgan Stanley: Some follow-up questions here. First of all, on the generic contribution in fiscal year '11, what would have been the impact of generics without the operating efficiencies and the improved share of the wallet? So we're just trying to understand what's like – what's coming really from the product versus your success in improving compliance rates?
George S. Barrett - Chairman and CEO: Ricky, it's probably going to be very difficult to disaggregate the contribution of components of our system. I think, on a general standpoint, I'll give you some observations. The system is generally growing. As you know, generic penetration continues to increase. We also know that as we model the rate of deflation, the older generic products were not noticing or seeing any particular trend one way or the other, so that looks like it's fairly typical. We hope to continue to grow our position with every one of our customers as well as picking up new customers. So picking apart the components of that is probably not something I'm comfortable doing. The value that you get for making sure you do a very effective launch for your customers contributes to your overall positioning, Ricky. So you have to think of it more as an integrated program and that's one of the reasons why we don't spend a lot of time highlighting individual products. So I think it's all contributing, but I don't think I could you give the components of that and weigh each one.
Ricky Goldwasser - Morgan Stanley: Would you say that if your generic compliance was held constant, right, and it was just all the other things, would the contribution from generics be lower in fiscal year '11?
George S. Barrett - Chairman and CEO: Let me just say this very generally, okay, because, again, I can't answer the question exactly as you are asking, but let me give some help. There is always some deflation in the generic system. So part of the key to the generics, in general, is the flow of new products. Obviously, for us there is another component, which is we want to add more customers and we want to add as high a share of wallet as we can, we want all of our customers to source all their generics from us. Those are the moving parts. So there is always some, let's call, base rate of deflation in the pricing. It's the nature of that business, as you know, quite competitive, but the flow of new products is a very important part of that stream.
Ricky Goldwasser - Morgan Stanley: On the inventory, inventories were down about 12% sequentially. Is this a new level or is this related to some specific manufacturers?
Jeff Henderson - CFO: Yes. Our inventory level at our fiscal year-end is always very low. It's generally the lowest it will be during the year. I would say there were no specific vendors that drove this. It was just the hard work within our distribution centers to optimize the efficiency of those centers, and at the same time, ensuring we have great service to our customers. I will say it was a little bit lower than we expected, and like I said, it probably was a bit of a pull ahead from some gains we had otherwise expected to get in FY '11. I think generally it was a good level and we're proud of the progress we made this year with respect to inventory.
Operator: Eric Coldwell, Robert W. Baird.
Eric Coldwell - Robert W. Baird: For the sake of time, I'll take most of mine offline, but just a quick clarification on Duane Reade. Amerisource had previously talked about that as being a $500 million to $600 million account and not expecting to renew it after December 31. Should we assume a similar run rate for Cardinal beginning in the March quarter of '11 and is that a fair statement?
Jeff Henderson - CFO: Eric, I think it's probably fair.
Operator: (Jaimin Patel), Greenlight Capital.
Vinit Sethi - Greenlight Capital: This is actually (Vinit Sethi). Two questions. One is you commented on flat generic launch impact to profitability in fiscal 2011. We are wondering what your early thoughts were on the impact from generic launches in fiscal 2012? Second, you guided to about $115 million of net interest expense in fiscal 2011 and we are starting the year with $2.1 billion in debt and little over $2.7 billion in cash. So, we wanted to better understand why there is such large interest expense assumption against the net cash position?
George S. Barrett - Chairman and CEO: The first question again was about generic.
Vinit Sethi - Greenlight Capital: The impact from generic launches in fiscal 2011?
George S. Barrett - Chairman and CEO: I'll take that and I will let Jeff handle the second question. Again, I think we should assume without quantifying it today that fiscal '12 we would model this point to be a more robust year for generic launches. So, we would expect that to be an uptick in '12. Jeff, do you want take the second part?
Jeff Henderson - CFO: Sure. That number that you quoted is our interest expense and other. I think that the primary variation year-on-year actually relates to the other, not the interest expense itself. Our debt levels will be about the same in FY '11 as they were in '10, and although we'll be carrying a higher cash balance as you know, the earnings we're getting on that cash right now is relatively small. So it's not a significant driver. What is changing year-on-year is the other piece and that really is the result of some positive other that we got in FY '10, including some foreign exchange gains as well as some deferred comp gains. So those tended to drive other positive in FY'10 and we are not assuming that same level of benefit in FY'11.
Vinit Sethi - Greenlight Capital: The other is going from what to what?
Jeff Henderson - CFO: I would say the other is increasing in the range of $15 million to $20 million.
Vinit Sethi - Greenlight Capital: So the rest of the interest expense assumption is based on the starting debt balance offset by interest income from the current cash balance?
George S. Barrett - Chairman and CEO: Exactly. And as I said, the interest income assumption is relatively modest given the money market rates we're seeing currently.
Operator: Garen Sarafian, Citigroup.
Garen Sarafian - Citigroup: Couple of questions. One is, I guess a follow-up to nearly a question regarding your recent HSH acquisition. I know it's only been a few weeks since the deal closed, but if it's not too early, can you point to any help that that's given you in winning new clients as a result of having this. So, essentially what your targeted list of clients have said regarding this acquisition?
George S. Barrett - Chairman and CEO: Garen, yeah, I'll try. It is of course very early. We literally just closed this deal a couple of weeks ago. So, I would not point to any things that we can say, put in the bank, it already happened. What I can tell you is that the business that they are running is increasing its reach. It's having wonderful client meetings, continues to serve its customers well and as Jeff mentioned, the integration work into Cardinal is going exceedingly well. But it is way too early for me to declare any victories here. Obviously, we will let you know as we're making progress and as we expect to. What was the second part of your question?
Garen Sarafian - Citigroup: The second part was just the feedback back from clients as well as equally importantly just from the drug manufacturers, what's the feedback been and how is that going to help deepen the relationships?
George S. Barrett - Chairman and CEO: Yeah, it's really positive. Anything that we do, we have very close relationships with our manufacture partners. What this does it broadens our offering to them. If you think about our relationship upstream, it brings in more biotech players with whom we already have good relationships but now gives us another avenue of value creation for them. So, this is part of the excitement for us. It's not just about the business model in and of itself but, it's the ability to enhance our value proposition through the entire pharmaceutical channel and with all partners. So, I'm really excited about that. We've gotten very good feedbacks from providers, really good commentary from our manufacturers, a number of whom I've met with on this, so we're really encouraged about it.
Garen Sarafian - Citigroup: Then a quick follow-up, maybe I just missed this in the prepared remarks, but one of your competitors recently stated signing fee-for-service contract with major branded manufacturer which they didn't have on previously. So wondering, have you done the same and how will that impact seasonality compared to…
George S. Barrett - Chairman and CEO: Without calling at individual companies, I think you can assume that we have likewise renewed all the key manufacturing relationships that we needed to do and so assume that, and I don't know what else it will affect you?
Jeff Henderson - CFO: I would say, anytime that we make the greater proportion of our branded pharma agreements more DSA-based that tends to take a little bit more of incremental seasonality out of our business. That all said, keep in mind that about 20% of our branded pharma income still is contingent base. And I would say even agreements that are largely DSA-based sometimes still have a certain contingent element to them. So you could still see some seasonality from those contracts due to certain price increases that happen over the course of the year. So, in summary, I still expect to see the general pattern of quarterly seasonality that we've seen in the past, but I think each year that goes by, it probably gets muted a little bit more.
Sally J. Curley - SVP, IR: Operator, I think we've come up on the time. I don't know if there is anybody else in queue. If we can maybe take one more question and then anybody that we've left in queue, please feel free to call my office.
Operator: Helene Wolk, Sanford Bernstein.
Helene Wolk - Sanford Bernstein: Two quick questions. First on Medicine Shoppe, can you give us a little bit of an update around your outlook for, does it become positive contributor in '11 or should we begin thinking about that?
Jeff Henderson - CFO: Yeah. I would say that the transition that we had planned for FY '10, although I expect there will still be some ongoing transition that will happen in FY '11 and beyond. I would say it's largely complete now. So we of reestablished a new base and I expect that we'll grow modestly from that base in FY '11 and beyond.
Helene Wolk - Sanford Bernstein: Then, I guess, the second question, any update on (longs) and conversations there and presumably it's not included in your guidance, is that correct?
Jeff Henderson - CFO: Yeah. There will be no update to that, Helene.
Operator: Ladies and gentlemen, this concludes your question-and-answer session. I'd like to hand the call over to Mr. George Barrett, CEO, for closing remarks.
George S. Barrett - Chairman and CEO: Thank you so much. Thanks everybody. I know this was an unusually long call, but the end of a very important year for us, so my apologies if we went so long but I appreciate all the great questions. And as you know, we're here to the extent that people have follow-up. So, thank you again. We're really pleased about where we are coming out of this first year after the spin-off and we look forward to 2011 and thanks for your time everyone.
Operator: Thank you for your participation in today's conference. This concludes your presentation and you may now disconnect. Have a great day.


text:
Author has written 2 stories for Naruto.
Hello everyone!
I'm Shiroi Ichigo :D
For anyone that is interested, I have rewritten the first chapter of someone who cares, because (I feel like) I have improved my writing compared to four years ago. The rewrite will be posted on AO3 under my penname Oriano (yay for consistency) http:// archiveofourown. org /works/7211900 /chapters/16364828
The stories, characters and works I draw from for my stories do not belong to me, but my work does. Everyone is welcome to share it so long as they give credit to both the owners of the original copyrighted material and to me. No editing of my work is allowed without my express written permission. I make these stories without the expectation of profit under fair use law.
Anime I like
In no particular order: Naruto, Bleach, Fullmetal Alchemist, Code Geass, Steins;Gate, Fairy Tail, Sword Art Online, K-on!, Natsume Yuujinchou, Kamisama no Memo-chou, and many more :P
Currently Obsessed with Kuroko no Basket and Shingeki no Kyoujin.
I just finished watching Naruto Shippuden's Road to Ninja and to be honest, I bawled my eyes out. That bastard Madara, if I could I would go and smash a nice rasengan right in his face! I'm depressed now. *Eats some chocolate* Even though the movie ended on a happy note, I still feel down. *Sniffs* I should probably go and study for that presentation I have tomorrow...
Dramas I love
Again, in no particular order: Gokusen, Hana Yori Dango, Bloody Monday, Code Blue, Liar Game, Love Shuffle, Hana Kimi, Voice, Yamato Nadeshiko Shichi Henge, Nodame Cantabile, Rich man, poor woman and so many more...
Besides loving everything about Japan, I love candy and chocolate cupcakes. I can be kind of an idiot sometimes, but you get used to it =3 Mehehehe.
If you want to talk, you can always PM me! Leaving a review on my story will make a very happy person, so please don't hold back! :D
I'll probably update my story every two/three weeks. I'll do my best to be on time and I'll apologize if I'm not. College sucks. Big Time...
31/03/2013 I'm looking for a beta reader right now, I'm not liking Chapter 4 of SWC so I'm rewriting it (again)... Sorry for the delay!
19/04/2013 I found a beta, so chapter 4 will be up as soon as she gives the Ok!
30/04/2013 It's about midnight and I randomly started reading my own story. I read the first chapter and stopped. It was bad, really, really bad. I'll probably rewrite this. Still no word from my beta, though.
04/05/2013 Chapter four will probably be up tomorrow! Hurraaaay! Sorry for the delay people!
07/05/2013 I just realized that Kurenai's and Anko's ages don't match up! I thought Kurenai would be 15, while Anko was 14; both younger than Miu who would be 16. But Kurenai is older (She's 27 in Canon! Which makes her 20 in SWC! She's older than Kakashi!)! And Anko is 16 too! No wait! If the series started when Anko just turned 21, then in my story where it's still earlier in October, she would still be 15! Man, what a stupid mistake! *bangs head against the wall* Well, at least I got Kakashi's age right (He would be 19).
18/05/2013 I'll be updating tomorrow! But then I'll be on a short break; Exams are coming up *Goes and cries in a corner*. Ugh, I hate studying. I'd rather be reading fanfiction or out eating something, but alas it was not meant to be! Oh well.
02/07/2013 I'll be updating next Monday!
21/07/2013 Everyone I'm really sorry for being so late with my updates. There's a problem with my laptop and I can't get to my files. My laptop will be fixed on Monday, so I'll probably be updating a week after that. Sorry for the delay!
30/07/2013 I'm really sorry for being late people. I'm gonna be honest, this chapter is proving a hell to write. I'm kinda short on time, since we have family over from Italy, and keeping the characters (Team 7) in character is so damn hard. I'm really, really doing my best. So please, bear with me for a bit!
21/09/2013 *guiltily stares at the date of her previous announcement* Uh... Hey guys? *Smiles nervously* No, wait, seriously! I'm sorry, okay! RL has been really busy, like really, really, reaaaally busy. And yeah. I'm working on the chapter now, and hopefully it'll be done in a few days. BUT, I'm not promising anything. I hope you've all been doing well. I'll see you guys soooon!
26/09/2013 I finally finished my chapter! Omgthatwassohardihopeineverhavewritersblockagain! Anywaaay, As soon as my beta is finished, I'll upload it! ;D
31/10/2013 I can't believe I forgot to add this in the AN. I have exams next week, so I haven't been writing at all. Hopefully I'll update in two weeks! Thanks for your patience guys! :D
30/12/2013 Currently taking a break from an all-nighter. I have exams and that sucks. I wish I didn't, then I could write all I wanted. *sobs* Well, I just wanted to say that I'm still alive and that I would rather be writing than studying, but sadly life doesn't work that way. As soon as exams are done, I'll start working on the chapters again and update! Thanks for all your support guys! I love youuuuuu /shot
12/02/2014 I'm very sorry to say that I probably won't be updating for a while. College has been keeping me so busy, I can't even think about writing. I'll be taking a short break, and let you know as soon as the chapter is done! Thanks for all your support!
15/04/2014 Chapter 10 is done and has been sent to my beta. It'll be up next monday!
1/12/2014 Chapter 12 is done and is currently being beta'ed. I am so sorry that it's taken me this long to update. I'll do my best so that it won't happen again.
28/06/2015 I shouldn't promise anything anymore. Sorry, it's been so long, guys. College has been hell. Now that finals are finally done, I can concentrate on writing again. Chapter 13 is almost done, save for some editing. After it's been checked by my beta, I'll have it up. Thanks for being so patient! :D
27/05/2016 I am trash - for the people that actually bother reading this (hahahaha - *crickets chirp*),I just finished my four month internship in London! WHOOOP! Work was insanely busy, so I barely had time to breathe, let alone write. I'll be starting again when I finish my report that's due in a week *cries* All of the love for you guys!
30/10/2016 - This story is not abandoned. I am still writing, but I've started my masters at uni and I've moved to England, so RL has me in somewhat of a chokehold. Thank you to everyone that keeps reading/reviewing/favouriting/following SWC, I'll upload the next chapter as soon as I can. *sends all the virtual hugs*
Have an awesome day! :3
Writing right now:
- Someone who cares (OC-centric). Currently working on chapter 13 (Chapter 12 will be up as soon as my beta is done with it)
- Title undecided. (Naruto-centric). It'll be a timetravel fic :D (Credit for the idea goes to soprano-in-waiting)
- Title undecided. (Kakashi-centric). What if Sakumo Hatake didn't fail his mission? (Again credit for the idea goes to soprano-in-waiting)
Psychic Detective Yakumo
- Oneshot (Yakumo-centric)
Kuroko no Basket (various one shots)
Fullmetal Alchemist (I need a beta for this...)
- A Cruel Illusion (Naruto-centric): Oneshot about Naruto's feelings during "Road to Ninja".
Well that's it for now! ( ・ω・)
For the people that are interested, I have a Tumblr now:
General disclaimer: I don't own Naruto


text:
Is it possible to get a taxi from Hong Kong Airport to Shenzhen via the border crossing???
Taxis can't cross the border! You could get a taxi TO the border, walk across & get a SZ taxi on the other side, although coach or train would be a lot cheaper.
Don't take a taxi to the border. This would not be very useful.
There are many better options available and a lot of choice.
Cross border bus service, cross border mini van service, cross border limousine service, ferry, airport bus + MTR and more.
Where do you want to go exactly? Will you have a China visa already?
Hi all,
Is there an airport shuttle service from hong kong international airport to shenzhen north.
yes. follow than mainland transport signs and tell the guys at the counters where to in the "north".
I'm not aware of any coach station at SZ North (Bei Zhan). it is a useless station in the middle of nowhere at present although transport routes often take some time to catch up with the rapid development of rail routes in China
The Skylimo (mini bus) service works best for me. The most direct route is Shenzhen Bay (open 06:30 - 23:30) the new crossing at the end of the long bridge in Shekou, and you don't have to get out of the car. Costed 150rmb the beginning of the year.
Certain lines run to different hotels, it may be best to check with the hotel you are staying at. I take the San Tong Company mini bus at the airport C05 which goes to a cafe place and transfers to the Langshan Hotel.
If you do not speak Chinese, it would be a good idea to have common phrases, your destination and hotel written in Chinese characters if you need to take a taxi the rest of the way.
Image - http://i40.tinypic.com/3169s7c.jpg
Map - 2f.com.cn/e/…MainlandCoachMap.jpg
Crossings - startinchina.com/shenzhen/transport/shenzhen…
Hi. While arriving to HK airport, what must I do in order to find a mini van service to Shenzhen LuoHu?
I tried before Bus, but at the cross border they use to be a very long cues, so while traveling with heavy luggage is not convenient.
Can you please help me?
You can get some links from the Hong Kong Airport website:
thank you very much


text:
BMC Test-Drives New Dashboard
The company bolsters its IT management analysis capabilities.BMC software is promising to bring users another step closer to the holy grail of IT management: managing infrastructure from the business perspective. BMC on May 15 is releasing new deliverables in its BSM (Business Service Management) initiative, including the second generation of both its Atrium CMDB (Configuration Management Database) and its Automated Discovery. In addition, the company is introducing a new dashboard and the first of several planned analytics capabilities that provide business metrics and trending information.
Click here to read about why change management database systems are gaining traction.
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text:
I'm looking for a JDS Labs C5 portable amp. Cosmetics not important, only operation. I can pay $120 total (including shipping and PP). I'm in the Bay Area, CA.
Edited by Darner - 5/31/14 at 9:45am
Hey I have a C5 for sale.
I don't see an ad...? Just the other stuff you have going for sale.


text:
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text:
Yummy Eggnog
|Egg yolk
|Egg yolks
|1⁄4 Cup (4 tbs)
|1 Pinch
|2 Cup (32 tbs)
|2 Tablespoon
|Whipping cream
|1⁄2 Cup (8 tbs)
|1 Teaspoon, freshly grated
|Freshly grated nutmeg
|1 Teaspoon
Beat egg yolks, sugar, and salt in top of a double boiler.
Add milk and mix well.
Cook over hot water until mixture coats a metal spoon.
Stir frequently.
Add rum and stir.
Fold in stiffly beaten whipped cream.
Pour immediately into glasses, and top with a little grated nutmeg.
Recipe Summary
Rate It
Nutrition Rank
Nutrition Facts
Serving size: Complete recipe
Calories 1208 Calories from Fat 664
% Daily Value*
Total Fat 74 g113.9%
Saturated Fat 43.3 g216.3%
Trans Fat 0 g
Cholesterol 951.3 mg317.1%
Sodium 500.4 mg20.9%
Total Carbohydrates 87 g29.2%
Dietary Fiber 2.1 g8.3%
Sugars 83.5 g
Protein 25 g49.3%
Vitamin A 26.7% Vitamin C 0.5%
Calcium 67.3% Iron 11.8%
*Based on a 2000 Calorie diet