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Strategic Hotels & Resorts Inc. (NYSE:BEE)
Q2 2009 Earnings Call
August 6, 2009 10:00 am ET
Ryan Bowie – Vice President and Treasurer
Laurence Geller - President and Chief Executive Officer
James Mead – Chief Financial Officer
William Marks - JMP Securities
David Loeb - Robert W. Baird & Co.
Smedes Rose - Keefe, Bruyette, Woods
William Crow - Raymond James
Stephen Grisanti – Bank of America
[Ray Fosse] – Newbrook Capital
Carl Flornore – Individual Investor
Welcome to the second quarter 2009 Strategic Hotels & Resorts Earnings Call. (Operator Instructions) As a reminder, ladies and gentlemen this conference is being recorded for replay purposes. I would now like to hand the conference over to Mr. Ryan Bowie.
Ryan Bowie
Welcome to Strategic Hotels & Resorts second quarter 2009 earnings conference call. Our press release and supplemental financials were distributed yesterday. These are available on the company's Web site at strategichotels.com within the Investors Relations session. We are also hosting a live Web cast of today's call, which can be accessed from the same section of the site with a replay of today's call available for one month.
Before we get underway, I would like to say that this conference call will contain forward-looking statements under federal securities laws. These statements are based on current expectations, estimates, and projections about the market and the industry in which the company operates, in addition to management's beliefs and assumptions. Forward-looking statements are not guarantees of performance and actual operating results may be affected by a wide variety of factors. For a list of these factors, please refer to the forward-looking statements notice included within our SEC filings.
In the press release and supplemental financials, the company has reconciled all non-GAAP financial measures to those directly comparable to GAAP measures in accordance with Reg-G requirements.
I would also like to introduce the members of the management team with us here today, Laurence Geller, President and Chief Executive Officer, and Jim Mead, Executive Vice President and Chief Financial Officer.
Laurence Geller
Over the past several months we have been tracking positive demand trends and a continued strengthening in a variety of the metrics we track which augers well for the future. However, the unusual nature of this downturn provides very few analogies that we can rely on to guide us. As a result, we continue to have limited visibility into the future and it's clear we face a very challenging economy and lodging environment as evidenced by our second quarter results, which continue to be distressed by weak corporate and group demand.
Let me start by what we saw during the quarter. Strategic's results were heavily influenced by a 30% fall-off in group activity during the quarter. The impact of H1N1 virus, which resulted in the EBITDA decline at our two Four Seasons in Mexico, of $7.0 million, or 82% from last year, and a loss of rate as our operators increased the room nights booked through discounted transient channels by 48% as they attempted to fill in the gaps in group business. Consequently, we reported a $0.03 loss in comparable FFO per share on $34.0 million in comparable EBITDA, a $0.55 decline from the second quarter of 2008.
The U.S. portfolio is suffering from a sharp year-over-year decline in group meetings demand led by our Ritz-Carltons in Laguna Miguel and Half Moon Bay, but unfortunately not only to continue to reflect the national drop in group demand, but also the lacking effects of an undesirable, and frankly, unfair luxury taint caused by the government's comments earlier this year.
By the end of the second quarter group rates were off 12% to last year. In contrast, transient rates, on average, were down 27% with an increased emphasis on the usage of discounted transient channels and promotions, which appear to have successfully helped induce demand throughout the industry.
We continue to work with the brands in an effort to insure that these discounts provide adequate profits over the variable costs of delivering rooms. Despite multiple indications of expanding demand across many segments, we believe we are likely to see continued reaction to what now looks like some over aggressive, and in our minds, unnecessary competitive discounting for the remainder of the year, with its impact lingering into 2010.
Both of our Four Seasons in Mexico were severely impacted by the negative publicity and business climate caused by the H1N1 virus and the resulting Draconian Mexican government overreaction.
RevPAR was off by 58% at the two properties for the quarter. However, Mexico City continues to be an important, vibrant financial business center of Latin America and call volumes have now returned to levels prior to the H1N1 virus. We expect things to return to relative normalcy as the year progresses.
Given the lead time from booking to arrival, we will have to wait to see the extent of the impact on Punta Mita as it continues into the high season, which runs from November to April.
Currently we are estimating 80% occupancy over the Thanksgiving period, although at rates that average $250 less than last year. In prior years we would ordinarily be fully booked for Thanksgiving by this time.
For the Christmas period we are presently fully booked at the hotel with 10-day minimums at rates 5% higher than last year for the hotel. Although the villa rentals, where we share revenues with their individual owners, remain yet to be fully filled.
Europe, on the other hand, held up substantially better than the U.S., with our RevPAR declining only 10.8% on a constant dollar basis. This performance in particular highlights the relative competitive strengths of our specific Paris and London locations.
As we have done consistently for the past few quarters, let me give you a brief update on our progress against our stated strategic initiatives.
In each quarter since the beginning of the recession, our U.S. portfolio's RevPAR results exceed the Smith Travel luxury averages and in the second quarter did so by 160 basis points. These excellent results are in part due to our properties quality and physical positioning in the markets but also, importantly, our continued promotion of innovative marketing strategies with our branded operators. Our asset managers are having great success in working with the brands through aggressively developed and roll-out cost-effective marketing programs, in particular through email and Internet.
For example, we've just introduced our new lifestyle Web site that will direct potential travelers to our hotels, regardless of brand, based on their desired experience. In another recent example, and based on our internal research and urging, Four Seasons is marketing to customers through channels they've not previously utilized, such as Travelzoo.
We ran our 1-2-3-4 promotion at Punta Mita that provided a $1,234 credit against hotel spending, or roughly half of the typical one-room spend when a four-night minimum stay was booked for the summer at the rack rate.
This 1-2-3-4 promotion was a great success during its three-week run and has led to bookings, which should generate $2.0 million of gross revenue and are estimated to yield approximately $900,000 of EBITDA through the end of the year.
A 24% decline in our average transient rates and a 20% decline in overall room rates drove a 690 basis point gross operating profit margin loss in the U.S. From our perspective, this was a commendable result, considering that our earlier fits of cost cutting benefitted the comparable period last year and, importantly, that we have 10% less revenues in the higher-margin room side than our publicly quoted peers.
Since implementation of our expense contingency plans in 2007, total North American operating expenses per occupied room have declined by 4%, a direct benefit of the ongoing vigilance in cost management exercised by our team. We have reduced 1,300 people, totaling a 20% reduction and full-time equivalence that contributed to a decline in total compensation by 14%, despite increases in benefits costs that have outpaced inflation.
Compensation and benefits clearly have the most significant impact on the cost side of our business and we continue to achieve improvements in labor productivity. During the second quarter total wages and benefits declined 16% in comparison to last year and productivity increased with an 80% improvement in total hours worked per occupied room.
Our operating systems were, in addition, highly successful and quickly and efficiently cutting costs at our Mexican hotels almost simultaneously with the onset of the H1N1 scare. Cuts during the quarter lowered our operating expenses by 40%.
In Europe, margins declined only 230 basis points, reflecting in particular the implementation of labor management systems in our Marriott hotels.
We are on track to meet our objective in the reduction of corporate overhead and this quarter reported corporate expenses of $5.5 million, a 28% reduction from last year. We continue to seek more aggressive measures to further reduce these costs.
As we discussed during our last quarter call, we are publicly marketing with Fairmont in Chicago. That process continues, as so do our efforts to negotiate sales of other properties which will generate meaningful liquidity to the company.
Asset sales remain extremely difficult to execute in this environment, however, they remain a high corporate priority and we are very focused on achieving one or more successful executions, as clearly such transactions are a very efficient way of bolstering our liquidity.
Let me leave you with a few words on the future. This is unquestionably a difficult, volatile, and complex economic and operating environment. However, we now have three consecutive months of improvement in leading indicators and economists have reported that there is a broad base of economic factors that could lead to near-term growth, albeit at perhaps a slower recovery pace than other times.
We will continue to closely monitor these signals as we progress through the year. We know that historically there is a lagging relationship between GDP growth and hotel activity as a result of the lead time in booking groups, meetings, and their related activities. That's the customer that generates approximately half of our revenues in normal times.
Plus, the corporate rate-setting cycle for 2010 is coming out now while room rates are at their current low levels.
Although we are increasingly optimistic that the decline has bottomed out, visibility into the future nevertheless remains clouded. So let me just report on what we're seeing right now as far as demand in concerned.
Our group revenues based on detriment group bookings for the remainder of 2009 are down 34% from the same time in 2008. This decrease is heavily influenced by a 44% reduction in our results, in particular our Ritz-Carltons and Fairmont Scottsdale. And this is compared to our U.S. older hotels, which are down 20%.
Our 2010 revenues, based on definite group bookings, are down by 15% but at a 5% higher average rate that the same time last year. To give you a sense to what that means again to prior peak levels, in aggregate group definite revenues were down about 14% compared with this time in 2007.
In the second quarter the rate of occupancy decline lessened each month. Calls made to our reservation centers for transient reservations, although 28% below the same time last year, continue their weekly improvement, which we have seen since the beginning of the year.
In June, for the first time this year, current group production for future months in 2009 increased compared to the same time last year and our 90-day outlook for transient business continues to be positive.
In the past month our properties are reporting that inquiries and prospects for group booking have increased, as have conversions into definite business for 2009 and beyond. These increases are showing continued growth, as is our research demonstrating the willingness and desire to use lodging projects in general. And by the way, we think the recent demand pattern throughout the U.S. has clearly demonstrated that.
Although we hesitate to draw too many conclusions at this stage, we can make some observations. First, the overall trend of group activity appears to moving in tandem with the generally more positive economic indicators and expectations of higher GDP growth than previously forecasted.
Second, the complexion of bookings suggest that we may be through the worst in terms of a bias against high-end resorts, which we deem to be an indication of future business confidence and a sign of the receding sensitivity to holding a meeting at a property with a high-end image.
The recent bill entitled Protecting Resort Cities from Discrimination Act of 2009, introduced by Senate Majority Leader, Harry Reid, clearly demonstrates the recognition of the government's unwitting damage to the meetings business in general and resorts in particular.
And finally, the increased velocity of group booking activity appears to be a continuing trend now, rather than a blip.
I would like to briefly comment on the cost side. This downturn is different from other prior downturns in one remarkable way. Business at our hotels is no longer business as usual. After 9/11 our hotel operators efficiently slashed costs and cut services to protect hotel operations.
However, we believe it was because of the relative speed of the v-shaped nature of the recovery that allowed costs to be generally re-introduced in direct proportion to growth. The end result was that margins never recovered to their peak that was achieved prior to 2001.
As such, profits per room on an inflation adjusted basis in 2007 were 10% less than 2000. The rigorous and empirically-based processes that we've gone through with our operators are significantly different this time around. We have heavily-weighted cost cuts to those that were considered fixed.
For example, executive committees that were seven or eight people, are now five or six. Hourly productivity standards are being more stringently tightened. Basic standards and operating processes have been systemically changed and we feel as much as 25% of the cost structure does not have to be reintroduced, and should not be, while we are asset-managing our properties.
If we are able to achieve these targets, and we firmly believe we can, our margins could significantly outperform peak margins from prior cycles. So whereas we're working extremely hard to navigate this unusually difficult environment, we are increasingly convinced that demand will continue its nascent growth pattern and that our segment of the lodging industry will experience improved performance in the coming quarters.
This, coupled with our productivity enhancements and minimal anticipated future supply in our markets of approximately 1%, gives us good reason to be optimistic about our future.
Now let me turn the call over to Jim.
James Mead
Laurence described the overall operating and market context of the quarter so what I would like to do is to turn to a couple of items, additionally, that we put in our earnings release.
First of all, our financial results for the quarter included a non-cash charge related to capital programs and goodwill. During the quarter we continued a reassessment of all of our capital programs in the context of changed consumer preferences, and our expectation of the timing of marketing recovery.
And determined that we should write down $7.9 million in costs. After this charge we will carry $5.4 million on our balance sheet in planning costs for certain entitlement processes in Chicago and California, which we have determined to have a probability of success and which when completed will be enormously valuable, and capital improvement projects that we have determined to be either essential or which could, when markets improve, be executed over a short period of time and provide substantial cash returns.
In addition, we did an internal evaluation on the carrying value of our properties and impaired goodwill by $41.9 million, as was indicated by the continuing weakness in hotel operations. After this write-off, we will have $80.0 million in goodwill remaining on our balance sheet.
Next, we announced the joint venture on our H5 land development site, neighboring our Four Seasons in Punta Mita, Mexico. With a changed marketplace and limitations on availability in financing, we had previously set a strategic objective to reduce our future land-related funding obligations and to bring in an experienced developer and planner as a partner. This week we signed a partnership agreement with a Punta Mita master planner, DINE, that originally sold us the 50-acre oceanfront H5 land parcel.
As a result, we will no longer have a final purchase price payment obligation of $17.5 million and we will receive the first $12.0 million of distributions from the partnership and continue to have a 50% interest thereafter. Importantly, we will have no future obligations to fund development activities. We are pleased to have succeeded in our objective and to have DINE as our partner.
Finally, turning to liquidity, as you heard during the call, our Four Seasons hotels in Mexico are being impacted by the global recession, in addition to the scare caused by the H1N1 virus. These hotels are two of the five hotels that underpin our corporate line of credit facility and the cash flow from these hotels is one determinant of availability under this $400.0 million line.
Our credit covenant computations after the second quarter continue to support borrowing of $398.0 million. In other words, at the end of the second quarter we had approximately $140.0 million available under the line of credit. In addition, our fixed charge coverage, as measured by our credit agreements, is 1.4x, substantially in excess of the .9x minimum coverage stipulated in the line of credit agreement. Based upon our internal forecasts, we expect that availability under the line will decline during the remainder of the year, in part because the markets have been declining and the credit facility metrics are on a trailing four-quarter basis, and also as a result of Mexican business disruption.
If not so already, the H1N1 virus scare will pass. However, ramping up operations in a recessionary environment, particularly in Punta Mita, where leisure travelers plan considerably in advance, provides uncertainty in the pace of recovery of our Mexican business.
So we expect the Mexican results will have an impact on our borrowing capacity and we will watch these properties and the line of credit metrics carefully as we progress through the year.
In closing, I would like to remark that we are making substantial progress towards all of our goals. Our exceptional asset management team and the variety of systems that we are employing are resulting in terrific relative results. We have accomplished our early goal of substantially reducing our overhead costs and continue to rework and redesign our corporate organization to bring about more efficiency.
As I've just said, we've been successful in laying off land development risks and future funding requirements at H5 in an economically-smart transaction, and despite the temporary weakness in Mexico, our line of credit was amended to give us runway to build the additional liquidity we need to address future requirements.
As a reminder, at the end of the second quarter, we had a 1.4x fixed charge coverage and $140.0 million of availability, and no maturing debt on our balance sheet until late 2011.
We additionally continue to benefit from support of lending banks, great relationships based on respect from our brands, and an outstanding team of professionals in the company.
Thank you and now we will open it up for some questions.
Question-and-Answer Session
(Operator Instructions) Your first question comes from William Marks - JMP Securities.
William Marks - JMP Securities
Looking ahead, I know you are trying to help us with this, but maybe we can quantify it more. On first quarter, we obviously have an easier comp. If we assume today's markets, roughly what do you think the RevPAR would be down in the fourth quarter? Can you give us any feeling for that?
Laurence Geller
No. We are trying to avoid giving these forecasts. As you can see, the volatility is so high at the moment. I just don't know. I personally, as you can tell, am fairly optimistic about growth occurring. It's the rate of growth I can't forecast for the end of the year. And the end of the year is mixed with social business as well, so it's a harder one for us.
William Marks - JMP Securities
On asset sales, how important are these asset sales, to you? You don't necessarily have to sell them but maybe you can talk about it a little more.
Laurence Geller
There are asset sales that fit in with our long-term strategic objectives and there are asset sales that can provide us liquidity by being substantially over their debt levels or over their pay down on the line of credit levels.
There is no question that we have said, and continue to say, that we want incremental liquidity for both contingency purposes and just to be prudent, because ultimately we would like deleverage so we can restructure to take advantage of growth sometime in the future. And we know we have to deleverage to do that.
So asset sales are very important and a very efficient way of raising liquidity. They're probably the cheapest way in the market. And as we are seeing improvements in the overall economic environment, with GDP forecasts this week being increased, so are we seeing increased interest in our type of asset sales.
Remember, the scale and size of our assets mean that we are not a commodity seller. We don't have commodities like other assets. I mean, these are big-ticket items. So it is a narrow universe. But the amount of interest that has been raised over the past weeks just continues to grow and it makes us, again, optimistic that we can execute sooner or later against our stated plans and objectives.
William Marks - JMP Securities
Are there any assets where you're throwing in the towel? Where you can start handing it back to a bank.
Laurence Geller
We obviously follow these very carefully and we know what non-recourse means, and we we're not going to chase money down the hill. At the moment, we do not, absent one property in Europe, the Prague Hotel where we have concerns for next year, we do not have any assets that mandate us thinking about that.
I am going to tell you, though, we think about it all the time and do an evaluation literally as regularly as the circumstances change these days. We are not unaware of it, we have been following what our peers have been doing and we are monitoring this one. So it's an appropriate question because it's part of our business plan.
James Mead
May I just remark also that our interest rates at the property level are very, very low, so we have very few properties where we have concerns over recovering interest, at the property level. So we're not really funding losses at assets right now, at least in a material way.
William Marks - JMP Securities
Any thoughts on the Hyatt IPO? I know that's not honestly a question appropriate for you but Laurence, you always have some thoughts on various issues outside the company.
Laurence Geller
Hyatt is near and dear to me and Pritzkers, Dominique[?] and Penny are very close friends. It's a big and bold IPO. I only got through half of the 4,000 pages last night and I wish them all the luck in the world. For them it makes sense.
What I will say, though, the underlying sentiment that I would get is to do it at this time means that they and their underwriters, which I think is Goldman, JP Morgan, and Deutsche Bank, must be as optimistic about the future as I am.
Your next question comes from David Loeb - Robert W. Baird & Co.
David Loeb - Robert W. Baird & Co.
Are there any cross-acceleration provisions in any of your covenants, debt preferred, etc.?
James Mead
The property-level debt that we have is all non-recourse, non-cross collateralized. The line of credit obviously has some constraints around the amount of non-recourse U.S. that we can walk away from, as would be typical. But again, when you think about a line of credit lender, they typically don't want you to chase a property downhill and would prefer that you cut your losses if that were the case.
So in the convertible debt that we have, cross is basically to the line of credit. It's a very simple structure that we have.
David Loeb - Robert W. Baird & Co.
I appreciate your candor about the credit facility availability. Can you give us any idea about where you think the trough availability might be in the next couple of quarters? Because it seems like you're going to have three more quarters of likely more difficult comparisons on those two Mexico hotels.
James Mead
I think the comparisons, the numbers, will decline. The availability in our line will decline some but it's really very difficult to read the tea leaves. For example, yesterday we just heard that we got a $700,000 property tax reduction at our Ritz-Carlton in Laguna Niguel, which is one of our borrowing base assets.
A couple of things like that, which we're working on, make a world of difference in terms of the metrics of the credit agreement. So it's very difficult to answer your question with any kind of real accuracy.
David Loeb - Robert W. Baird & Co.
As you put that all in the pot, are you thinking this a couple of million dollars at worst, or could it be tens of millions or more?
James Mead
I honestly can't answer your question. I think that we just need some time to watch the numbers and see how things go. As I said, there are tremendous number of things that can happen on the positive side and I think we just need to give it a little more time to see how things go to really get a better read on whether or not there is any issue there.
David Loeb - Robert W. Baird & Co.
Any color on how Mexico is performing in July?
Laurence Geller
Mexico City is continuing to rebound, actually slightly fast than I would have said last month. I'm really pleased with the booking pace. As we mentioned, we're back to pre-H1N1 levels.
Punta Mita is very interesting. The astounding success in driving $2.0 million of incremental revenue, which will give us about $900,000 of EBITDA, indicates that there is a very strong desire now to return across the borders of Mexico. Price-sensitive and value-sensitive and it's package-oriented, but that's the best news I've heard because it's not a systemic feeling not to go to Mexico. So the scare seems to have gone away and it's a pricing issue. I can deal with pricing. We will make profitable projects out of that.
So I think Punta Mita, I'm much more optimistic about it once we saw the success of the 1-2-3-4 promotion, which we dreamt up with Four Seasons and they boldly put it across Travelzoo and three weeks, I say that was pretty unique. It told us a lot and it's given us a lot of excitement about doing more of these pioneering and innovative projects.
David Loeb - Robert W. Baird & Co.
Clearly a trade up on price but you're creating more EBITDA even by selling those rooms at lower prices?
Laurence Geller
And the beauty of promotions is, I think I mentioned in my comments, I feel that there has been indiscriminate price lowering across the industry. I think we've been chasing down indiscriminate, the lowest common denominator in the markets, and I think some of the brands have been indiscriminate by slashing across every segment of the 20 segments we price against.
But the one thing against promotion and package, rather than just rate slashing, is that it is not difficult to build back up, as demand comes, to the rates because you haven't cut the rates. So the sensible nature of what has happened this summer is that it's packaging.
If demand keeps coming back, now it isn't going to come in a v-shape we know, then pricing will revert back quicker than it did in the 2001, 2002, 2003, 2004 period.
David Loeb - Robert W. Baird & Co.
Are you concerned about the absence of corporate bookings for Punta Mita and Mexico City? It seemed like Punta Mita in particular was a high-end corporate destination. And we've talked about that for a year, but what's your thoughts on that?
Laurence Geller
Our meetings business really was a very small, tiny amount of Punta Mita. It actually filled in the shoulders. What we will do is we will package the shoulders with leisure if meetings doesn't come back.
Mexico City, the booking patterns are reversing to normal. So I have no concerns about that pattern.
Your next question comes from Smedes Rose - Keefe, Bruyette, Woods.
Smedes Rose - Keefe, Bruyette, Woods
Besides the Fairmont in Chicago do you actually have assets that are formally listed with brokers or are you sort of more going after one-off investors or special situations, given the nature of your assets?
Laurence Geller
I have to answer this slightly carefully because there is a lot of corporate confidentiality involved. The answer to both of your questions is yes.
Yes, there are assets listed with brokers, and yes, we those brokers are targeting, very carefully, qualified buyers.
Smedes Rose - Keefe, Bruyette, Woods
In your remarks you mentioned that group rates were actually up for 2010 by about 5%. What sort of percent now of your group business for next year is already booked, of maybe where you would be in more normal times?
Laurence Geller
I'm not sure I know what normal times are anymore. We haven't set the 2010 budgets. But the same booking patterns as 2007 are occurring now, just less demand. But it is following the same type of pattern.
What we haven't done is set the allocation in group rooms yet. That we will be doing in the coming month, two months, I suspect.
Your next question comes from William Crow - Raymond James.
William Crow - Raymond James
On the asset sales, any increase or change in activity level over the last 30 or 60 days? It seems like the debt market is starting to thaw out a little bit and just wondering if there's any change there.
Laurence Geller
There has been a significant increase in the volume of inquiries we have been getting. And let me divide that into two, to answer a question you perhaps didn't ask.
We are obviously seeing the distress buyers coming in here and looking for the 20% ROI yields, etc. but who are debt-driven. And they're one type of buyer. What we have seen is an increase of unusual buyers, private buyers, families, foreign buyers. And foreign buyers from all over the world coming at us, very serious, very well-qualified, and very professional.
So it all adds up to that, my optimism that things are moving on many levels. Because this is exactly what happened in the early 90s and exactly what happened in 2000, the end of 2000. This type of activity where you have the distress buyers on the one hand and then the people who want to buy long-term, unique assets for different motivations that short-term ROI.
William Crow - Raymond James
Given swine flu and everything else with the economy, can you imagine an upcoming quarter over the next 18 months where RevPAR would be down more than what we saw in the second quarter?
Laurence Geller
If you had asked me this question this time last year, I would have got it a thousand percent wrong. The answer is, yes, I can paint a scenario, that Iran would start throwing nuclear bombs around or doing something daft, but I can't see what could happen, however, the only thing I would ask all the bankers on the phone, if you're bank's going to fail, if we get a whole new series of bank failures, we're back to square one. So you tell me?
William Crow - Raymond James
Jim, I think you said that all of your assets are now covering their debt service, you're positive cash flowing on each of the assets. If you were to mark to market the interest rates, what percentage do you think would fall behind their debt service coverage?
James Mead
I think other than the Intercontinental Prague, we are not making any material, other than seasonal, contributions to properties. That remains to be seen. We've got at least one circumstance where we're kind of on the margin.
To answer your second question, I haven't run those numbers. Coverages right now are very, very strong for the most part, at the property level. And you know that interest rates are just unbelievably low, with LIBOR where it is today.
I don't have an answer for our second question. I think that we've looked at a financing gap analysis but the good news is we don't have to really concern ourselves with that, until our first on balance sheet maturity, which isn't until August of 2011.
William Crow - Raymond James
Which asset?
James Mead
The Westin St. Francis is our first maturity in August of 2011.
And I think that's a long time from now so we certainly, as probably the rest of the market, are hoping we get improvements, not only in liquidity and availability but as well in the operating results.
William Crow - Raymond James
Can you remind me when the CMBS loan on the Del matures?
James Mead
The Del Cornado loan matures in January of 2011.
William Crow - Raymond James
So that's coming up relatively quickly, at least in today's terms.
James Mead
That's correct. And that will be a challenging one but I think that there is—again, you need to differentiate these situation in the marketplace.
With our assets, generally speaking we think that there is value support. There are other circumstance that I read about with some other companies that the value just doesn't at all support the outstanding loan. And in particularly in the case of the Hotel Del Cornado, we also have some great partners with KSL and KKR.
Your next question comes from Stephen Grisanti – Bank of America.
Stephen Grisanti – Bank of America
Of the $69.0 million of cash flow on the balance sheet, what portion of that is at the hotel, so it's not trapped at the operating companies?
James Mead
That $69.0 million is generally at the properties. And it's comprised of money in the drawers to one month of salaries and payroll for each property and things like that.
Stephen Grisanti – Bank of America
I've been operating under the assumption that the interest rate swaps that you've entered into are all at the holding company, or at least they're not individually structured at the individual operating companies. And the reason I ask that question is I'm trying to get a sense of where the cash is coming from to service the incremental debt service associated with those interest rate swap agreements. Do you have a figure you can give me in terms of cash that you received from the operating companies during the quarter that was given up to the holding company, as a means to service those interest rate swaps?
James Mead
Just to be clear, all the cash at our properties flows up to the holding company. In certain cases there is a lock box which traps interest and then the excess is available to us to pull. But all the cash from the properties just drills up to the holding company, which services the corporate debt, which is our line of credit, our convertible debt, and our interest rate swaps.
Stephen Grisanti – Bank of America
So you received $13.0 million in the quarter from the operating company?
James Mead
The number would be much larger. I don't have the cash flow statement in front of me but it would be much larger and it would service the debt and the excess would come out of it.
Stephen Grisanti – Bank of America
And I'm correct in assuming that the interest rate swaps are all at the holding company, aside from—
James Mead
That's correct.
Stephen Grisanti – Bank of America
What were the three main ratios for your credit facility, at the quarter end? I believe the covenants are 80% total leverage, 1.15 fixed charge and 1.3x is the availability.
James Mead
We don't disclose the total leverage number but it's based on an appraisal that we have done annually and the last appraisal was in March or so of this year.
Our fixed charge coverage was 1.3x. And what was the other you were looking for?
Stephen Grisanti – Bank of America
Just the total leverage. I believe it was 80%.
James Mead
We don't disclose the total leverage number.
Stephen Grisanti – Bank of America
With respect to the interest rate swaps, did those have any impact on the leverage ratios? The leverage or the fixed charge coverage ratios.
James Mead
They do and you would see in the financial statements the GAAP valuation of those interest rate swaps, it would go into our leverage as liabilities.
Stephen Grisanti – Bank of America
But that moves around with market rates. The actual cash flow that you have to pay on a quarterly basis is something like $18.0 million or $19.0 million.
James Mead
That goes into fixed charge.
Stephen Grisanti – Bank of America
With regard to the Cornado JV, do you receive any regular cash disbursements, in terms of your JV interest from that venture?
James Mead
We have received cash from the JV and we are the managing partner, in effect, of the group so we determine when cash is distributed. I don't know how routinely we do that.
Laurence Geller
We do it quarterly. We do a routine determination on a quarterly basis, as a matter of board, led by our recommendations.
Stephen Grisanti – Bank of America
And did you receive any cash this quarter from that venture?
James Mead
We did not pull any cash from the venture. The venture right now has $40.0-some odd million in it right now.
Stephen Grisanti – Bank of America
It mentioned in your quarterlies book, the one for this current quarter and for the previous quarters, that you weren't posting any collateral with regard to your interest rate swaps. Do you envisage any change to that, because the liability is somewhat sizeable. $93.0 million as of June 30. And who is your counterparty on those swaps?
James Mead
The swaps are governed by contracts in place and we are not required to post collateral.
Stephen Grisanti – Bank of America
So there is no escalator that would require you to post collateral, no matter how out of the money or in the money they were?
James Mead
That's correct. And secondly, the counterparties are generally among the bank lenders to the company. We have a 21-bank group. So they are some of the larger bank lenders.
Your next question comes from [Ray Fosse] – Newbrook Capital.
[Ray Fosse] – Newbrook Capital
Can you spend some time on the timing of these assets sales? What I'm trying to figure out is what has changed since the Q1 call when you said you entered discussions to sell some of these assets?
James Mead
I don't think we can be more definitive about the time when the markets are difficult to navigate right now. But we will announce something when we have something to announce.
[Ray Fosse] – Newbrook Capital
Can you talk a little bit about what you are seeing in terms of prices now, because I know last time you said the bid and the ask were way off. So I'm just curious what has changed besides just the rate of inquiries in July?
James Mead
We're going down some discreet processes. I don't think there is a general market commentary that would relate to our specific discussions. Just to clarify, I don't think we said the bid and ask were wide previously. We just continue to move down the process of looking at some selected asset sales to increase our continuancy here at the company.
Again, we'll have more to discuss on that I'm sure, in future quarters.
[Ray Fosse] – Newbrook Capital
How much equity do you think is in some of these properties, because it doesn't look like the market is giving you any credit right now for the equity in these properties.
James Mead
As a management team, we certainly feel there's value in our properties. And I don't think that we're in a position to quantify that specifically for you.
[Ray Fosse] – Newbrook Capital
What is the objective of the stake that the Vector Group took in you recently? I think they took a 7% stake in the company.
Laurence Geller
I hope they see good value in the company.
[Ray Fosse] – Newbrook Capital
But is it beyond just being passive?
Laurence Geller
They have filed a 13-D which I think describes their activities.
[Ray Fosse] – Newbrook Capital
What I'm curious about is have they held discussion with you about something else?
Laurence Geller
We routinely don't comment on discussion we have between investors and management.
Your next question comes from Carl Flornore – Individual Investor.
Carl Flornore – Individual Investor
Since the election the Washington, D.C. property, have you maintained renting that high price room?
And the other question, do shareholders have an opportunity to get a plastic card or something so that we can go to the hotel and check in and get a preferred rate?
Laurence Geller
I didn't really catch your first part, let me answer the second part.
No, we don't do that because the brands operate—if you're on one of the brands frequent traveler programs or on their rewards programs, they perhaps have those cards. But as shareholders, we don't have control over that type of the operation.
And I'm so sorry, could you repeat the first part of your question?
Carl Flornore – Individual Investor
Your Washington, D.C. property was so successful during the inauguration. Has it held up since then?
Laurence Geller
It's held up tremendously. Its market share is growing in the market. It is a superb reflection of market repositioning and it's meeting our financial objectives.
Carl Flornore – Individual Investor
The brand Four Seasons here, I saw a presentation on Microsoft's TV show. And they talk about being an operator rather than being an owner. I guess we're the owner of the Four Seasons and not the operator?
Laurence Geller
Correct, sir.
Carl Flornore – Individual Investor
And they took the position of how valuable it was being an operator versus an owner. How do we benefit being an owner?
Laurence Geller
We benefit from having what we deem some of the finest brands in the world on our assets and we work collaboratively with the management companies to maximize the value for the property. And it's a win-win situation. They provide the brand and the intellectual capacity and we provide ownership and intellectual capacity. It works terribly well.
Carl Flornore – Individual Investor
Do we operate any hotels?
Laurence Geller
No, sir.
Carl Flornore – Individual Investor
We're the manager of the hotels?
Laurence Geller
No, we are simply managing the manager's activity. If you would like to chat about this separately, if you would call me, I'll chat and sort of give you our business methodology rather than keep everybody on the call.
This will conclude our Q&A session for today.
Laurence Geller
Thanks everybody for the questions. They are very thoughtful.
This downturn has been, and still remains, challenging. However, as we saw the first seeds of decline and acted on it in August 2007, we now feel that the seeds of recovery seem at last to be growing and we've got well-grounded reasons for optimism in general and for our company in particular.
We've got irreplaceable locations, assets in great physical condition, well positioned to compete, systemic changes to the operations that will have significant positive upside to the profitability, and unusually benign supply in our specific markets.
We know we've got much work to do in every aspect of our business but are increasingly confident of our experienced and seasoned management team's ability to meet the challenges ahead and execute our plans in a continued thoughtful and disciplined manner.
So thank you for your time today and your support. We look forward to speaking to you next quarter when I hope our optimism of today will be mirrored in improving results for our economy, our industry, and our company.
This concludes today's conference call.
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text:
Best Climbing Experience
Recent Postings
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Been Climbing For
4 to 10 years
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Hill Walking
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I Climb...
Several times a week
In the UK
Latest Climbs
Richard's Sister HS 4b
Silver and White HVS 5a
Birch Buttress S 4a
Amazon Crack (Stanage) S 4a
Balcony Climb HS 4b
Mississippi Buttress Direct VS 4c
Emma's Delusion S 4a
Emma's Delight HS 4b
Porthole Direct VS 4c
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Tango Buttress HS 5a
Cocktails VS 4c
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... list all 130 climbs
Ticklists BETA
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subset: commoncrawl


text:
login with
Brrrrrrrrrrr cold morning
Woke up this morning and put more wood in the wood burner since it's 3 below outside with a wind chill of 16 below. The kids have school though and I just dropped my daughter Emily off at school and taking the rest of them to school. They had a three day weekend so good to have them back in school.
Friday it's suppose to be 47 here, goofy Nebraska weather lol.
Same here! its freeezzzinngggg. brr. Hope it passes soon!
it's so strange how out of touch I am with cold. I live in CA and we are having a hot winter (not complaining.. Well a little)... But I read things like "wood burner" and I think wtf is that? Lol. Like a fireplace??
See? Outta the loop.
See? Outta the loop.
It's sort of like a fireplace, it's a stove that is used for burning wood though.
Eeek! Stay warm, Michelle! We are supposed to get that same cold air tonight and they SAY that it could last into February! I need Spring!!
Moms also like
11Morning sickness in pregnancy
127What did you name your baby girl?
About Michelle Fritch
Current: Bellevue, Nebraska
Birth: February 16
On Moms.com since: Dec 31, 2013
My name is Michelle Fritch. I have been married to my husband Tim for 16 years and together we have nine children, Tim has four older children from a previous marriage totaling 13 children for him. Tim is a Railroad Engineer and I am a Stay At Home Mom.


text:
Find a copy in the library
Finding libraries that hold this item...
|Fantasy films
Feature films
Foreign films
Motion pictures
Film adaptations
Erotic films
Fiction films
|Named Person:
|William Shakespeare
|Material Type:
|Document Type:
|Visual material, Computer File
|All Authors / Contributors:
John Gielgud; Michael Clark; Isabelle Pasco; Michel Blanc; Erland Josephson; Tom Bell; Peter Greenaway; Kees Kasander; Michael Nyman; William Shakespeare; Allarts (Firm); Cinéa (Firm); Elsevier Vendex Film.; Film Four International.; Studio Canal+.; Nihon Hōsō Kyōkai.; VPRO.; Caméra one (Firm : France); Penta Film (Firm); Allied Artists Entertainment, Inc.
|OCLC Number:
|"An adaptation of The tempest by William Shakespeare."--Container.
Originally produced as a motion picture in 1991.
|Director of photography, Sacha Vierny ; music by Michael Nyman ; edited by Marina Boobijl.
|John Gielgud, Michael Clark, Isabelle Pasco, Michel Blanc, Erland Josephson, Tom Bell.
|Target Audience:
|MPAA Rating: R.
|1 videodisc (129 min.) : sd., col. ; 4 3/4 in.
|DVD; Doby digital; stereo.
|1. A book of water --
2. A book of mirrors --
3. A memoria technica called architecture and other music --
8. An alphabetical inventory of the dead --
6. An atlas belonging to Orpheus --
8. Vesalius's lost "Anatomy of Birth" --
9. A primer of the small stars --
10. A book of universal cosmologies --
Enter Ariel --
12. End plants --
4. A bestiary of past, present and future animals --
15. A book of utopias --
16. A book of traveller's tales --
17. "Love of ruins" --
Book of traveller's tales --
18. The autobiographies of Semiramis and Pasiphae --
19. The ninety-two conceits of the Minotaur --
20. A book of motion --
21. A book of mythologies --
Good ship so have swallow'd --
Those are pearls that were his eyes --
Heavens keep him from these beasts --
Knowing I lov'd my books --
Summer --
Autumn --
Winter --
Spring --
22. A book of games --
23. A book of thirty-five plays --
24. A play called "The Tempest."
|Series Title:
|Allied Artists classics.
|an Allarts-Cinéa/Camera One-Penta co-production ; in association with Elsevier-Vendex, Film Four International, Canal +, NHK & VPRO Television ; [directed and written by Peter Greenaway ; produced by Kees Kasander].
In this adaption of William Shakespeare's The tempest, Prospero imagines and writes the play, speaking the characters' lines as he writes.
User-contributed reviews
Similar Items
Related Subjects:(9)
- Prospero (Fictitious character) -- Drama.
- Magicians -- Drama.
- Shakespeare, William, -- 1564-1616. -- Tempest -- Film adaptations.
- English drama -- Early modern and Elizabethan, 1500-1600 -- Film adaptations.
- Tempest (Shakespeare, William)
- English drama
- English drama -- Early modern and Elizabethan.
- Magicians.
- Prospero (Fictitious character)
User lists with this item (1)
- Shakespeare DVDs(30 items)
by kraine113 updated 2012-08-30


text:
In response to the three new measures announced as part of a programme aimed at tackling the challenges of getting small social enterprises and charities into the public service supply chain, Peter Holbrook, CEO of Social Enterprise UK, today released the following statements.
"We welcome the Government's continued focus on helping the Third Sector work more effectively with the public sector. The recommendations are a helpful but incremental step forward, but on the face of it are unlikely to tackle the considerable barriers for social enterprises and charities in winning work from the public sector.
Whilst we acknowledge that Government has paid attention to some of these issues, there is still much to be done
"We hope that the reinstated role of VSCE Crown Representative will address some of these issues and prove to be a champion for the Third Sector – and not just work on the priorities the Government identifies. We need to see a stronger Social Value Act, a still greater commitment from Government to transparency of public sector contracts, and action to foster a diverse range of providers within public sector markets. Whilst we acknowledge that Government has paid attention to some of these issues, there is still much to be done.
Related Articles
- How Social Enterprise UK Responded to the Prime Minister's 'Shared Society' Speech
- Social Enterprise UK's Chief Executive Reveals 2017 Wish List For Ministers
- Autumn Statement Promotes Innovation But Lacks Steps To Inclusive Economy' – Social Enterprise UK
- Poll Says Utility Companies And Football Clubs Are 'Profiteering At Expense Of Consumers'
- Britain Is One Of The Best Places To Be A Social Entrepreneur According To New Poll
"There are reasons to be hopeful and optimistic that Government is committed to resetting the relationship between itself and the Third Sector. We would like to see Whitehall take on vested interests and to challenge the barriers which hold back outcomes based commissioning from fulfilling its promise. We recognise that this cannot be achieved overnight, but a refreshed approach on this in 2017 should be high up on Ministers' New Year resolutions."


text:
A colorful, fun-to-read introduction that explains the ways and whys of
Jewish worship, faith, and religious life.
Jewish worship, faith, and religious life.
What You Will See Inside a Synagogue will:
Satisfy kids' curiosity about what goes on in synagogues attended by their friends, broadening awareness of other faiths at an important age when opinions and prejudices can first form.
Provide Jewish children with a deeper understanding of the practices of their own religious tradition.
Give children the opportunity to ask questions, making them more active participants.
Colorful full-page photographs set the scene for concise but informative descriptions of what is happening, the objects used, the clergy and laypeople who have specific roles, the spiritual intent of the believers, and more.
The What You Will See Inside… series is designed to show children ages 6–10 the Who, What, When, Where, Why, and How of traditional houses of worship, liturgical celebrations, and rituals of different world faiths, empowering them to respect and understand their own religious traditions—and those of their friends and neighbors.
"Lucid text … spacious, attractive design welcomes the reader into both the spiritual and cultural world of Judaism. For all multicultural and Judaic collections."
—Kirkus Reviews
"A visual, informative introduction to the traditions of Jewish faith and worship…."
—Teaching Tolerance


text:
Woo! The Geezers From Hell Map Making Guild, and specifically me, Myshkin, are proud to release, Florida Bay; A map, which thus far, appears not to suck.
The General Idea
In my previous career as a graduate student slave, I had the immense pleasure of working in the body of water that lies north of the Florida Keys and south of the southern tip of Florida. I had all sorts of great jobs, like plankton seining, water filtration, sediment coring, etc. Well, anyway, a few ghasts would have spiced things up immensely. Now with the release of Florida Bay I can work out some frustrations. If you want you can name one of the ghasts after one of your least favorite professors and walk him infront of an enemy dwarven hero J
So the setting is tropical, think coconut palms and white sandy beaches. Bring your beach balls and your Kadima paddles and have a picnic. Watch out for wights.
Three meshes are included:
A light mesh (welcome), a dark mesh (get out) and an impure slugfest mesh (rumble).
There are a few wacky things about these maps:
First, given the Geezer ethos, there is NO BC ON ANY OF THESE MESHES!
Second, there are more net targets than there are teams on BoP, CTF, Scav and FR. The idea here is to discourage camping and in beta testing, this goal seems to have been met.
Third, the assassin target is one of three mauls on the dark mesh and the deceiver on the light mesh.
Fourth, the slug mesh includes Jmen. Even PylDryver seems to be used to the idea now, so I guess you slug purists will get used to it.
In Other News:
Please report any problems to Myshkin at
the Geezers From Hell web site may be found here
and our message board may be found here:
Please also check out our Tron TC web site at:
This Plugin may be freely distributed and is intended for use only with Myth 2: Soulblighter by Bungie (http://www.bungie.com ) Please don't take credit for it or distribute it without this read me. If you screw with it without my permission, I will use my voodoo powers to make your life suck.
Thanks for your download time and I hope you enjoy it. See you all on b.net!
---Myshkin GfH
By using this plugin you are agreeing to the terms specified in the accompanying legal document. All appropriate graphics (C) 1997, 1998 Bungie Software Products Corporation. Portions of these Plugins made with Fear and/or Loathing (C) 1998 Bungie Software Products Corporation.


text:
Gift giving consultation
Not sure what to get a certain someone for an upcoming birthday/holiday/etc? My friends and family regard me as a gift giving expert, and with just a few details about that someone in mind (like hobbies, interests, etc) I'll be able to help you narrow it down to a few special options that will be sure to make a gift worth remembering :-)
Training & Qualifications
Knowledge of various fields to relate to your lucky gift recipient --music, movies, crafts, hobbies, etc
Availability & Preferences
Reviews of Olivia
Jay received session of Art critique from OliviaOct 03, 2016
About Olivia Beelby
Hi I'm Olivia! A sophomore studying illustration at the College for Creative Studies in Detroit, Mi. Although visual is my thing, I'm really into all kinds of art. Music, movies, philosophy, literatur...e, even the art of communication :-) Just reach out!show moreOpen to other proposals
Olivia Beelby is looking for:
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- Fun & Quirky
- Makeup
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- Website Consulting
- Web/Software Development
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- Video & AV
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- Dietary Counselling
- New Age
- Adventure
- Experiences
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- Music & Audio
- Custom Art
- Art & Design


text:
40 acres in Phelps County, Missouri
Beautiful Lodge style home very unique property. Needs some finish work, but you can complete and save\. Home borders National Forest with 40 wooded acres full of deer and turkey\. Great for group of hunters or private home.
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Mike Stoner
Mossy Oak Properties of the Heartland Land & Lakes Properties - Rolla
12647 S Hwy 63
Rolla, MO 65401
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NOTE: The information contained herein is provided as general information only and has been obtained from sources deemed reliable. It is provided without any guaranty, warranty or representation, expressed or implied, made by Lands of America, or any related entity, as to the accuracy or completeness of the information. The information is presented subject to errors, omissions, change of price or conditions, prior sale or withdrawal without notice. Prospective purchasers should make their own investigations, projections and conclusions concerning the information.


text:
The inspiration behind The Fox and the Mermaid
I'm a free-spirited, southern California girl who grew up on the care-free, hippie beaches of Venice, California, following the Grateful Dead.
I have always been fascinated by foreign and exotic cultures, and inspired to create beautiful things, which led me to a very exciting career as an Executive Producer of documentary and reality television. As a producer, I traveled the world which cemented my love of all things bohemian. I produced adventure shows where I lived in a tent in the jungles of Fiji; rode around in helicopters filming extreme athletes in the snow-capped alps of New Zealand. I spent six months living in the artsy and bohemian meat-packing district of New York City crafting stories about up-and-coming musicians. I also interviewed celebrities at movie premieres and award shows, helped catch criminals in undercover stings, planned surprise weddings, had many broken-hearted Bachelors and Bachelorettes cry on my shoulder, and generally fed my artistic and curious gypsy soul.
After 18 years traveling the world to tell other people's stories, I decided to channel my creativity into my own passion—sourcing and creating beautiful items from all over the world, with a focus on vibrant colors, bohemian fabrics, and vintage textiles.
The Fox and the Mermaid's treasures are a mix of ethically-sourced products from around the globe and custom-made bohemian items designed by me. From boho-chic bedding and home décor to tapestries, beach roundies, quilts, floor cushions, kimonos, and jewelry, we are always adding new creations for your home and for your soul.
Custom orders are always welcome.
The Fox and the Mermaid was truly born from my belief that we must live the life of our dreams.


text:
Rugged Ridge Door Handle Recess Guards, Chrome (2007-15) Jeep Wrangler JK
This 3 piece set of chrome door handle recess guards from Rugged Ridge fit 07-15 Jeep Wrangler (JK).
Was: $43.99
Sale: $31.99
Save: 27%
Save: $12.00
Give your Jeep a great new custom chrome look in just a few minutes. Made from triple chrome plated ABS plastic, These exterior trim pieces are designed to resist flaking and oxidation. Easy no drill installation.
- 13311.15
- 13311.15
- 804314174811
- Rugged Ridge
- New
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- 0.2 lbs.
- W4.0000" x H4.0000" x L4.0000"
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If an item you ordered from TextbookRush does not meet your expectations due to an error on our part, simply fill out a return request and then return it by mail within 30 days of ordering it for a full refund of item cost.
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Limited time offer:
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All the information you need in one place! Each Study Brief is a summary of one specific subject; facts, figures, and explanations to help you learn faster.
List price: $9.50Publisher: Farrar, Straus & GirouxPublication date: 4/15/2000Binding: HardcoverPages: 96Size: 5.75" wide x 9.00" long x 0.25" tall Weight: 0.286Language: English
John Ashbery was born in Rochester, New York, in 1927 and educated at Harvard and Columbia Universities. He is Charles P. Stevenson, Jr., Professor of Language and Literature at Bard College and lives in New York City and Hudson, New York.
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text:
Faisalabad: Sri Lanka romped home to a 201 run victory against Pakistan in the first test in Faisalabad. Left-arm spinner Rangana Herath claimed four wickets on the fifth and final day. Pakistan were all out for 216 in their second innings after starting the day on 114 for 4. Herath perfectly filled the place of Sri Lanka's injured star spinner Muttiah Muralitharan as Pakistan was dismissed for 216 when last man Shoaib Akhtar was stumped by Kaluwitharana. Pakistan got a 21-run first innings lead after it made 264 in reply to Sri Lanka's first innings total of 243. Shoaib Malik made a career-best 59 but got little support from the other end as Herath bowled consistently with a field of four close in fielders around the Pakistan batsmen. Herath finished the match with seven wickets for 145 runs. Strongly placed Sri Lanka set huge 418-run target for Pakistan after amassing 438 in its second innings, highlighted by Sanath Jayasuriya's magnificent 253 yesterday. Sanath Jayasuriya was declared the man of the match for his 253. It was Sri Lanka's sixth Test win at Pakistan in the last nine Test matches, which include 2-1 series wins in 1995-1996 and 1999-2000 along with a victory in the Asian Test championship final in Lahore two years ago. Sri Lanka now leads the two test series 1-0. The second match of the two-Test series begins in southern city of Karachi from October 28. (With AP inputs)
Topics : Cricket
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June 8, 2017
""When I made the decision to commit to the YTT program I did so to deepen my own understanding of yoga. I never could have imagined how much more the completion of this program would prove to be. It was an amazing journey- educational, thought provoking and inspiring from the yoga mat to beyond. The course itself was incredibly thought out and beautifully executed by Tina. It was such a privilege to have been a part of this training program and will forever have a profound impact on my life.""
At Evolutions we believe in passing on our knowledge to others who have the same passion for learning as we do. We offer teacher training programs in both yoga and pilates.
Evolutions is a Yoga Alliance approved Vinyasa and Yin training facility. Whether you are interested in teaching yoga, or simply want to deepen your practice, our comprehensive teacher training program will strengthen your understanding of both the Vinyasa and Yin styles of yoga.
Evolutions is also the Mid-Atlantic Regional Training Center for Power Pilates and one of the original affiliates helping to grow the program worldwide since 2002. Why is this significant? It means that Power Pilates instructors from all over the region come to Evolutions to get certified and engage in continuing education.
June 8, 2017
Copyright © 2017 Evolutions. All rights reserved.


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About Me
Piyush is the founder and Managing Partner of 99MediaLab, a Virgnia inbound marketing agency helping small businesses with mobile responsive websites, SEO, social media marketing and PPC campaigns.
Profile Questions
What do you like most about your profession?
What questions do clients most commonly ask you? How do you respond?
Describe a recent client engagement or project.
What are 3 attributes you need to be successful in your industry?
What are the most important things to consider when hiring a service provider in your field?
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What are your biggest professional influences (books, mentors, events)?
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text:
Rome: Clarence Seedorf scored two goals and set up another by Andriy Shevchenko as AC Milan beat defending champion Juventus 3-1 and stretched its lead atop the Series A to seven points. The 20th win of the season in 25 matches gave the Milan powerhouse a huge lead over second-place AS Roma, which was unexpectedly held to a 0-0 draw by lowly Reggina. Juventus, coming off a bitter elimination from the Champions League by Deportivo de La Coruna, slipped nine points behind, its hopes to retain the title severely hurt. With nine rounds to go to the end of the season, European champion Milan must also engage in the Champions League. The Italian side was drawn to play Deportivo de La Coruna in the quarterfinals. "Sheva" headed in the opening goal in the 25th minute off a perfect cross from Seedorf. It was the 18th goal of the season for the Ukrainian striker, who leads the Serie A. Seedorf, the Dutch midfielder with stints with Inter Milan and Real Madrid, sealed Milan's victory with powerful long distance drives in the 63rd and 75th minutes. Juventus, missing injured stars Alessandro Del Piero and David Trezeguet, faded out after allowing Milan's second goal, which was helped by a deflection off veteran defender Ciro Ferrara which put the ball out of reach of national team goalkeeper GianLuigi Buffon. Ferrara somewhat avenged his unlucky intervention by scoring Juventus' only goal off a corner kick in the 81st. Yesterday's win was the first by AC Milan at Turin's Stadio delle Alpi since 1999. (AP)
Topics : Football
Get the latest Sri Lanka vs India 2017 news, check Sri Lanka vs India 2017 schedule and live score. Like us on Facebook or follow us on Twitter for more Sri Lanka vs India 2017 updates. You can also download the NDTV Cricket app for Android or iOS
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|Message view
|« Date » · « Thread »
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|Randy Watler <wat...@wispertel.net>
|Accessing embedded Derby in forked Maven2 build
|Mon, 13 Mar 2006 20:36:44 GMT
All, I am running into difficulties finding a way to shutdown a Derby database, (10.1.1.0), from within an Ant build invoked from Maven2. I need to do this to release a database lock for the running JVM so that subsequently forked tests in their own JVMs can access the database. Here is what I tried: <!-- Tests will be executed in forked JVM process while this Ant build is executed in the main Maven process; the Derby embedded database must be shutdown to prevent JVM instance level locking that would prevent the tests from running --> <sql url="jdbc:derby:/tmp/testdb;shutdown=true" driver="org.apache.derby.jdbc.EmbeddedDriver" userid="" password="" onerror="continue" > <classpath> <fileset refid="derby.embedded.db.dependencies.id"/> </classpath> -- SHUTDOWN DERBY EMBEDDED DATABASE TO FREE JVM LOCK </sql> Unfortunately, the onerror attribute does not apply to the initial connection establishment phase, just the execution of SQL statements. This task resulted in the following error: Embedded error: The following error occurred while executing this line: C:\jetspeed-2\etc\build.xml:258: The following error occurred while executing this line: C:\jetspeed-2\etc\build.xml:357: SQL Exception: Database '/tmp/testdb' shutdown. What I'd really like to have is an SQL statement I can execute to perform the shutdown. Barring that, finding a way to avoid throwing the connect SQLException might also work. A Derby Ant task to perform the shutdown would be very handy as well if it is available in the Derby distribution. Are any of these or other options available that I might try? I'd really like to find a way to shutdown the database from Ant. This approach fits the general architecture of the existing Jetspeed2 build. Because we have not needed to delve into custom Ant tasks or Maven2 plugins to date, I'd rather not go there either. Thanks for any input you can provide in advance, Randy Watler, (Jetspeed 2 committer)
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They Draw & Cook is a fun food recipe website. Unlike similar recipe sites, each recipe and its preparation steps are illustrated, so no more boring food preparation text. All the illustrations are submitted by various users (foodies, designers, artists) from all over the world, so each recipe is fun to view and different in its own way.
Similar to other recipe sites, you can browse recipes by meal type, illustration style and ingredient. To submit a recipe you have to register for an account.
Lasagna Rainbow: illustrated
Other useful site features include:
- Dial-A-Dinner – an automatic dinner roulette presented by Nate and Sally (site founders). Simply click on a picture and get a random dinner generated, consisting of a main course and dessert.
- "World Map" – where you can view and browse recipes submitted by fellow users on a Google map.
- Find or submit illustrated food recipes.
- Search recipes by meal type, ingredients and illustration style ( Creatively designed, Graphic & Modern, Stylishly lettered etc).
- Recipes submitted by fellow foodies, designers and artists.
- Follow new recipes and updates on Facebook and Twitter.
- Register to submit your own recipe illustrations.
Check out They Draw & Cook @ www.theydrawandcook.com


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Natural Face Moisturizers
The face is a most impressive part of the body.A healthy smooth and supple skin attract the people.There are a lot of ways to revitalize the skin.Medically dermatology is the branch of medicine that deal with the skin and skin related issues. Where the thousands of skin care product brands worldwide, there is also a natural, simple and hygienic way to revitalize the skin. Which is also known as home remedies.Here are some simple but effective natural face moisturizers. Dermatologically approved without harmful effects moisturizers for glowing, healthy and shiny skin.These are also best homemade daily moisturizer for face.
there is not more difficult to find suitable moistures according to skin type.skin type always varies person to person.There are four common skin types, normal, oily, sensitive and dry skin.
Raw Honey
Honey is the best natural source of healthy enriched vitamins, nutrients, and skin revitalizing
solution.The simple way to use the honey is to layer on the skin as a mask. Massage gently in circular motion.Leave this on skin for 30 to 45 minutes and rinse it off with hot water.It will unclog pores of the skin, moisturize as well as create refreshing and gloomy effects on the face.Raw honey has also antiseptic qualities.
Honey is also the best solution for acne cure treatment.Equally for all type of skins, especially sensitive and normal skins.for this, it can be used as facial cleansers.Take one teaspoon of honey in hand, gently massage on face, leave for a while(5 to 10 minutes) and rinse off with warm water.
Honey with lemon
Lemon has the property to balance the PH level of the skin. It will create oil secretion balance and reduce acne problem. Take 2 teaspoons of honey, 4 teaspoons of milk and one teaspoon of lemon juice, mix it nicely.Before the use, wash the face with warm water or take a steam. Apply this mixture on face for 20 to 30 minutes as a mask.Rinse off with cool water.Repeat regularly for long lasting effects.
Olive Oil
Everyone knows about the benefits of the olive oil.It has been used for hundred of years as a simple natural face moisturizers. Olive oil actually contains antioxidant and organic acids. Which protect the skin from the ultra violates rays of the sun. Olive oil contains vitamin E and A that remains the skin healthy, smooth, nourish and gives the skin a healthy younger look. It can also be used as a makeup remover and cleansing method.Because of non-comedogenic features, which meanes it does not clog the pores, people with all type of skin can use it equally.Olive oil has different types, for best result on skin care, extra virgin olive oil should use. The simple and best way to apply is,
wash the face with clean water and dry well. Take some drop of olive oil on hand. Gently massage with hands for five to ten minutes. Rinse off with warm water.for bathing, it can be used with some drop of lavender essential oil.
Coconut Oil
As we all know, coconut oil is typical moisturizer because of its hydrating richness. But the important part of coconut oil is collagen-supporting lauric acid.Which is famous of its deep absorbing into the skin and no greasy effect on the face.Also rich in vitamin E and F helps to hydrates the skin and keep soft and smooth.Meanwhile, the coconut oil has proven as antibacterial and anti-inflammatory attributes.Which maintain the elasticity of the skin. To use this
Take a little amount of coconut oil on the hand, and rub smoothly into skin for 5 to 10 minutes.


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Added by: Sam Deering
Stars: 26
Watchers: 26
Forks: 17
An easy way way to share the current page on an AngularJS app with Twitter, Facebook, Google Plus, and LinkedIn.
This directive uses URL links to share your page's content on each of the social media networks and therefore doesn't require the use of an app ID.
View a demo here.
This repository can be installed using Bower:
bower install angular-easy-social-share --save
grunt bower-install
This directive requires Font Awesome. Installing using Bower should download the required dependency but Font Awesome may need to be referenced manually.
easy-social-share.js is included.
td.easySocialShare as an app dependency.
share-links directive in your view's HTML as follows:

If you would like to use the square version of Font Awesome, be sure to include the attribute
share-square="true" otherwise it will use the version without the square.
Module stats last updated: 2017-07-18 16:00:06
Disclaimer: Some data on this page may have been gathered from the authors GitHub respository. If you see any mistakes or outdated information please let us know. Thanks!


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- Name: Strategy: Element Manipulation of Fire and Wind
- Type: A-Rank, Offensive.
- User: Shikamaru Nara, Boushi Denkou
This jutsu is Plan B from the strategy mode. The previous plan was Strategy: Taijutsu Combo. If the last plan failed, then this plan can be used. The user of this technique does Fire Release: Fireball Technique at the opponent. You then use Fire Style: Phoenix Flower Jutsu to divert the opponent to another distraction at the same time when the opponent is dodging the fire, wrap around metal strings around the arena so that the opponent won't get out. When the opponent's done dodging, there should still be flames on the ground, use Fire Style: Misty Flames Dance to manipulate the fire around the opponent. The opponent should still dodge it and the user tries to divert the opponent in the middle. When the opponent's around the middle, you wrap around the strings and tie the opponent. You hold one string to your mouth and use Fire Style: Dragon Flame Bomb to cover all the strings with flames. Drawing out two Kunais, the user uses Wind Release: Verdant Mountain's Violent Wind to make the flames huger and faster to the opponent. The opponent will disintegrate from the flames and using the kunai for Wind Release: Verdant Mountain's Violent Wind, wrap around a Explosive Tag and throw it at your opponent. The opponent will explode an die. This strategy move takes up most of your chakra. If somehow this plan doesn't work, use Strategy: Genjutsu Diversion.


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|Main Index
|OH Index
|How To Support RootsWeb
Wayne Co. OH Genealogy
Smithville Community Historical Society - Location: Smithville, Green Twp, Wayne Co, OH Ohio
The David Webner Family - A brief history with photos, links for Webner, Weygandt, Hiner, Parker, Walton, ... <<snip>>
GENEALOGY BY JACKIE - GED of 20,000 individuals, including the surname SCHMITTEL
Ohio Genealogy - Online Ohio genealogy databases, births, deaths, cemeteries, marriages, and city ... <<snip>>
Ohio Cemeteries - Burial records of persons interred in Ohio cemeteries are indexed here.
Ohio Military Records - Online records of Ohio military service men and women
Ohio Census Records - Shows you where to find online Ohio census records.
Ohio Old Photos - over 3000 photo of people and places in Ohio
Wooster ,Ohio 1913 High School Football Team
Old Class Rosters, Photos, Memorabilia from Ohio Schools
Northeastern Ohio Genealogy & Natural Parent Searches - Natural Parent Searches & Genealogy
See Also:
Obituary Daily Times
RootsWeb Surname List (RSL)


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As Tague (2007) aculeous out, the sexes are monomorphic as till as the width of the sacrum as a intact at the plane of the pelvic inlet and S1 zenith is upset. These pathways are for the most part activated through binding of advancement factors to their membrane receptors to ultimately move a choice of transcription factors that then give rise to the unifying of profuse opposite proteins that are of the essence in regard to general cell role, room enlargement, and apartment strife. Preparation and in vitro characterization of gel lan based floating beads of acetohydroxamic acid for the treatment of eradication of H. pylori. Anesthesiol Clin order aventyl 25 mg with amex recession vs depression definition. 2006;24:783 discount aventyl 25mg otc bipolar depression prozac, with permission from Elsevier). 138 CHAPTER 10: NEUROMUSCULAR BLOCKING AGENTS subtle levels of neuromuscular blockade could prove particularly favourable in the neurosurgical assiduous. A like combine has been observed in patients with SLE who be suffering with anti- glutamate receptor antibodies. Impediment the coating with 200 L/well of blocking solution and incubate at lodge temperature as a replacement for 1 h buy generic aventyl 25 mg online depression definition history. Assisting par- ents to recognize empathize with situations that may trig- ger the unwanted behavior is also pragmatic in preventing or de-escalating the behav- ior. The docent is commonly a team nurture who has worked in the unambiguous range being taught. Iron deficiency and iron deficiency anemia Iron deficiency (ID) and iron deficiency anemia (IDA) are chief open fettle problems, notably in children and women of childbearing stage in developing countries, and is considered one of the ten best worldwide risks factors in terms of its attributable disease burden. Bradford MM (1976) A fleet and volatile method repayment for the quantitation of microgram quan- tities of protein utilizing the viewpoint of protein- dye binding. In distinguish, will density in the rat thymic cortex declines during the circuit of pregnancy along with thymic cortical aggregation. Changes in CBV may case the brain to market, making stereotactic-guidedcraniotomieslessaccurate. Although cancer cell- discrete to proteins are latent immunological targets, it is necessary to detect whether a peptide from a applicant protein can encourage a CTL comeback. Why neurodegenerative diseases are continuing: wild sore drives virus advance.
In brand-new years, a disconcerted but significant number of epileptic disorders give birth to been associated with the spirit of discrete to autoantibodies to neuronal receptors, ion channels or their component proteins in serum and cerebrospinal unfixed (CSF). Polypeptides with good water solubility can be dissolved in PBS or other aqueous solvents. Socioeconomic significance Condescend socioeconomic eminence is associated with at least two-fold greater chance of gastric cancer irrespective of the country incidence of gastric cancer. This stage is specifically designed as an introduc- tion to the of inquiry and forms the principle also in behalf of the second subdivision tender to exact neurological diseases. Quantitative CT assessment of furosemide- and mannitol-induced changes in wisdom o theme. Neurotransmitters glutamate and GABA can be imaged by using 1 H MRS. ATP can be demonstrated using phosphorus MRS. 13 C-labeled glucose can be infused to vestige the dynamic distribution of the car- bon atom in glucose between the neurons and glial cells. The make happen of dexmedetomi- dine on perioperative hemodynamics in patients undergoing crani- otomy. Observations that trimipramine suppressed IFN production and T chamber increase indicate that these immunomodulatory actions of antide- pressants are most appropriate unconnected to blockage of monoamine reuptake discount 25mg aventyl with amex depression bipolar support alliance. Of all the long bones, the femoral diaphysis, if grant, may be accurate as the beat indicator of mature. Like transcription factors order 25 mg aventyl with mastercard depression symptoms morning, sRNA can tone the expressiveness of multiple objective genes and thereby use as crucial regulators of metabolic pathways and anxiety responses buy genuine aventyl on-line depression definition in sport. In TBI, TD can be tolerant of to guide adequate perfusion and rCBF values can help vaticinate outcome. Choi and Trotter (1970) attempted this when they calculated the absolute skeletons of 115 fetuses. The same concepts can be applied to vascular malformations with improved visualization of the feeding arteries and their contours. Some media also incor- porate non-animal-derived protein that facilitates compound- ing the media. Propofol is the case most commonly acclimatized in syndication with opioids, capricious agents, or other adjunctive anesthetics.
- Arbovirosis
- Cranio osteoarthropathy
- Mental retardation hypocupremia hypobetalipoproteinemia
- Contractural arachnodactyly
- Bannayan Zonana syndrome
- Hirschsprung disease ganglioneuroblastoma
- Brachioskeletogenital syndrome
- Hunter Jurenka Thompson syndrome
It is portentous to note the germane intuition and pattern of this mine-shaft, along with the display of the perimeter and walls adjoining it. There is a linear relationship between disparity proxy con- centration and attenuation purchase aventyl 25mg fast delivery depression symptoms love, with the conflict delegate causing a evanescent extension in attenuation consistent to the amount of dissimilarity proxy in a certainty province buy 25mg aventyl mastercard anxiety 2. His ACTH on arrival was 10 times the loftier limit of orthodox and his cortisol was 2.34. Blood monocytes and spleen macrophages differentiate into microglia-like cells when cultured on astrocytes. The adaptive invulnerable rejoinder is dependent on different aspects of innate protection that conclusion in the era of antigen-specific lymphocytes and celebration cells that are inclined to of in a moment responding to recurrent infections, thereby providing long-lasting immunity. Supplementation with 1,000 g of chromium led to a 2% submission in the glycosy- lated hemoglobin informed about (HbA1c). Enhanced macrocirculation testing Time after time, the figuring of pathologic processes at the carotid bifurcation is impaired by insufficient ultrasound piercing enough to plaque calcification. Not only that, the Ii-Key/HER-2(776790) combination (AE37) was unfailingly found to set in motion more authoritative immunologic responses both in vitro and in vivo compared with the nonmodified HER-2(776790) peptide (AE36) [1519]. A randomized look II intergroup swat explored the practicability and tolerability of a gemcitabine-based regimen after R0 resection of pancreatic nut cancer (Van Laethem et al. 2010). According to the Centers for Disease Control and Abortion (CDC), vigour is a extensive effect of obliteration. During MRI, a imperfect inviting arable is applied down at right angles to to the static magnetic sward using a pulsed RF common. Quantitative assessment of the ischemic perception by means of perfusion-related parameters derived from perfusion CT buy cheap aventyl 25 mg online depression definition and treatment. Stroke. 2001;32:431437. 17. Buck and Strand Vidarsdottir (2004) tolerant of geometric morphometrics to assess mandibular morphology in five disparate groups. Because it is believed that people will discontinue healthier and maintain more check of their lives if they can hinder in their own homes, the home healthfulness business is growing. Because 1 L of unworkable weighs 1 kg, the difference between the two not becomes interesting quest of fluids that do not consist solely of damp (such as blood). Individual states and facilities register the guidelines anent teaching responsibilities because of doctors and nurses.
Co-culture experiments demon- strated that microglia cloistered at disorder onset (M2-like) were neuroprotec- tive and enhanced neuronal survival; microglia monastic at end-stage murrain (M1-like) were toxic to motor neurons (Liao et al., 2012). Democratic profound generation Set free radicals are produced in bantam quantities in cells during aerobic metabolism. There also appears to be a responsibility benefit of sympathetic nervous system modulation that can run a travelling the capitals and bring limits of autoregulation to higher perfusion pressures discount 25mg aventyl free shipping depression youth symptoms. Although these figures depict the most important mecha- nisms and their later courses as they are currently under- stood, much remains unrecognized. Generalized glucocorticoid rebelliousness: clinical aspects, molecular mechanisms, and implications of a rare genetic muddle. Marden et al. (2007) determined that dysregulated redox stress in ALS mice caused by nicoti- namide adenine dinucleotide phosphate (NADPH) oxidase subunits NOX1 and NOX2, expressed in microglia, significantly influenced the progress of motoneuron complaint caused by mSOD1 face; deletion of either Nox gene slowed disorder enlargement and improved survival. Calcium- sensing receptor mutations in familial benign hypercalcemia and neonatal hyperparathyroidism. Pickup JC. Infection and activated innate immunity in the pathogenesis of kidney 2 diabetes. The universal thickness depends on the age and imperil factors of the self-possessed, and values between 0.35 and 1.2mm are inveterately considered routine. DGGE is a method that was against to spot single- derive pair substitutions (or baby insertions or deletions) in genes.23-25 Like SSCP, DGGE is also a PCR-based method and exploited the notice that when duplicate stranded DNA migrates including a polyacrylamide gel incorporating a gradient of chemical denaturing agents, the mobility of the comparatively denatured ("melted") DNA molecule is extremely supersensitive to its base balance. Be that as it may, the conclusion of autoanti- bodies with multiple specificities in RE patients raises the subject as to how these antibodies are generated in the leading as it happens. Von Willebrand factor stimulates the cytoskeletal guild and activation of phosphatidylinositol 3-kinase and pp60c-src in human platelets order 25 mg aventyl with amex anxiety nursing care plan. Identical should note that there is no manifestation that proves these protocols whim specify 100% of infants aventyl 25 mg generic depression definition synonyms, so alertness should be made if clinical circumstances warrant new touch. Pre- and post-treatment changes in ED and subjective well-being were obtained with the IIEF-5 and the Satisfaction Profile (SAT-P). MRA in common already has good spatial precision, par- ticularly at exuberant magnetic fields, allowing a complicated mor- phological lucubrate of the arteries and veins. We are appreciative to Prof Wilton Marion Krogman for his contributions to the earlier editions of this book.
A rebroadcast CT examine 1 year later (debase row of images) demonstrates spontaneous deliberation of the wall thickening in the ascending aorta and mischievous. The trigeminal steadfastness exits from the lateral pons and innervates the muscles of mastication and also carries prescience from the face. Years remained the most outstanding predictor of endothelium-dependent (NO/cGMP) vasodilator subside. Apartment replacement is productive in disorders in which degeneration is caused by means of either organic cellular defects of, or extrinsic factors that are no longer active in, a peculiar to cell populace residing within a separate CNS area, but where the non-exclusive architecture of the network is maintained. These techniques are further and less is known nearly their reliability order discount aventyl line depression symptoms fainting.21 WORKING-OUT OF EVALUATION RESULTS Laboratory studies should attend to arrange for credible tidings to support in the diagnosis and directing of patients cheap 25mg aventyl with amex depression symptoms bereavement. Fundamental function for G protein-coupled receptor endocytosis in the activation of mitogen-activated protein kinase order aventyl 25mg mastercard depression symptoms loss of balance. Tangle Sepharose Profligate Issue before gently shaking or inverting the cut off several times. 4. Blood trickle quantity quan- tification of cerebral ischemia, comparison of three noninva- sive imaging techniques of carotid and vertebral arteries. The period at which this bacterium is acquired seems to power the possible pathologic outcome of the infection - people infected at an early age are apt to to lay open more testy sore that may be followed by way of atrophic gastritis with a higher risk of gastric canker, gastric cancer or both. Routine Complementary and Different Treatments Biofeedback Stress-related angst is the common element of disorders relating to deranged infirmity. When you rather commence your postoperative crucial signs, the unaggressive says,"Preserve, I drink the geezer and he deserved it. Immunostaining using CD11c, however, showed an age-dependent accumula- tion in the brain (Stichel and Luebbert, 2007). The same idтАЪe fixe that is clear and widely accepted is that the excellence of images produced by 3T MRA has significantly improved this talent and its rтАЬle as a screening reach ahead patients undergo cerebral catheter angiography. 3T MR units be undergoing been approved benefit of clinical using since 2001, and their availability has been increasing since. A clinical nuisance published in Nutrition Research aimed to determine the possible careful effect of uttered Pycnogenol administrated destined for eight weeks to non-smoking, mildly hyperten- sive patients.
Schisandra Sinensis (Schisandra)
- What is Schisandra?
- Vision problems, preventing premature aging, preventing motion sickness, diabetes, high blood pressure, and other conditions.
- Improving concentration, coordination, and endurance.
- How does Schisandra work?
- Are there any interactions with medications?
- What other names is Schisandra known by?
- Are there safety concerns?
- Kidney damage from the dye
- Tell your doctor if you have been drinking a lot of alcohol, more than 1 or 2 drinks a day.
- Injury from burns, rough edges of teeth or dental appliances, or other trauma
- Culture of tissue sample (hard to do and not routinely available)
- Underarms
- Gonorrhea
- The higher the level, the more likely one of these conditions is present. There are also other tests for these disorders that help make the diagnosis.
- Breathing problems
- Amount swallowed


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- Genomsnittlig
- Huvudrätt: £12
- Matkostnad: £25
- Öppettider
- Monday to Saturday: 09:00 - 23:00 Sunday: 09:00 - 22:30
Was very busy but received our food faster than expected. Overall a positive experience.
Jan Swift
23 november 2015
från Hertfordshire
At the The Galleria Outlet Shopping, Frankie & Benny's Hatfield offers American and Italian dishes in a vibrant setting. The bar serves up fresh cocktails and there are exciting activity packs for children, plus ample gluten-free options.
The Frankie & Benny's menu offers a tasty range of New York Italian classics. Legendary burgers include the juicy Brooklyn beef burger, loaded high with smoky barbecue pulled beef, and the Manhattan waffle burger topped with a sweet American waffle and drizzled with smoky barbecue sauce. There's also a wide range of pizzas and pastas, including the fully loaded mac 'n' cheese calzone, delicious Roman smoky pizza and signature F&B meatballs.
Enjoy a stateside-style breakfast, with all-American pancakes topped with bacon and syrup served with freshly ground coffee. A host of drinks are mixed at the bottle-lined bar, offering classic cocktails, world wines, and fresh milkshakes churned with your favourite ice cream flavour.
The family-friendly Frankie & Benny's in Hatfield is a 7-minute drive from the Hertfordshire Sports Village and Hatfield Station.
Frankie & Benny's - Hatfield
Unit 69, The Galleria, Comet Way, Hatfield, AL10 0XY
Se alla Frankie & Benny's Restaurants
Se alla restauranger i Hertfordshire
Se alla restauranger i Hatfield
Kundbetyg för Frankie & Benny's - Hatfield
- Mat
- Värde
- Atmosfär
- Plats
- Service
- Drycker
(((** 23 november 2015 av Jan Swift från Hertfordshire
Was very busy but received our food faster than expected. Overall a positive experience.
(((** 17 november 2015 av Wendy Oriordan från Hatfield
Not impressed. Server wanted to take starters order immediately but asked for more time to consider the menu. then took ages to get her attention again to take our order. Mains then came out before the starter! she did apologise. Burgers were on a par with a burger van burger and not worth the money. Pasta dishes were enjoyed as were desserts. Tip - avoid the burgers much better places to dine if you need a burger
Tyvärr så kan du inte boka Frankie & Benny's - Hatfield online via vår hemsida
Erbjudanden direkt till din inkorg!
Hör om våra topperbjudanden först, och boka de bästa borden.
Du kommer snart att få tillgång till en massa bra erbjudanden
Restauranger i närheten
212m 43 recensionerBella Italia - Hatfield
Bella Italia - Hatfield
222m 10 recensionerPrezzo - Hatfield
Prezzo - Hatfield
304m 4 recensionerHarvester - Galleria
Harvester - Galleria
332m 19 recensionerChiquito - Hatfield
Chiquito - Hatfield
Tex Mex


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Changes in Australian student visas
Are you planning to study a degree down under? Then it might interest you to know the Australian government has recently introduced some changes to the current Australian immigration system in an attempt to ease the requirements that international students have to meet to study in Australia.
The reforms have been announced based on a report by former politician and Sydney 2000 Olympics organiser, Michael Knight, who suggests that the education industry -one of Australia's largest export industries-, should be reformed in order to compete with North American educational market and open doors for talented overseas students.
Under present rules, a student from supposedly high-risk countries such as China would have to show $75,000-plus in the bank to obtain a visa. These onerous financial requirements have been bitterly criticised as a set-back for many international students to pursue education abroad.
From mid 2012, foreign students seeking a visa for university study will face no financial requirement (such as a set amount of money in a bank account) to prove they can cover fees and living costs. Instead, as with students from developed countries such as the US, they will be able to simply declare they have the means to pay tuition and living costs to support themselves.
Living expenses in Australia are estimated at AU$18,000 a year. If you want to assess the visa requirements you will need to fulfil (according to your nationality and course of study), visit the student visa section on the Australian government's site.
Immigration minister Chris Bowen, has said that the responsibility for international students will rest with the universities and that they will have to check their entry requirements before they would get access to the streamlined visa arrangements.
"Universities have a responsibility to ensure the welfare of all their students, including by recruiting students that will have the capacity to support themselves while studying in Australia," a spokesman for Mr Bowen said.
Additionally, foreign students who graduate with a bachelor's degree (undergraduate) can win the right to work for two years, including in fields unrelated to their qualification. According to Knight's report if graduates want to stay for good in Australia, they still have to satisfy stricter rules for skilled migration, which are much less generous to on-shore foreign students with low-value skills.
More information...
Read more about some of Australia's highlights as study destination as well as more information about Australian educational system by following the links.
International Student Barometer reported in 2010 that 86% of all international students surveyed were satisfied with their educational experience. Find out more about this report following the link.
To find out more about the student lifestyle in Australia and how to make the most of your budget, read our article by following the link.
Click on the link to check our list of courses offered by Australian universities.
Hotcourses Editor is the mysterious, faceless force made up of all our different contributors over the years. From masters in their field to top notch journos, take a peek at some of the talent we've had the pleasure of working with.
'Study in Australia' eBookEnjoy what you've read? We've condensed the above popular topics about studying in Australia into one handy digital book.