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Spansion, Inc. (SPSN)
Q4 2005 Earnings Conference Call
January 18th 2006, 1:30 PM.
Bob Okunski, Director of Investor Relations
Bertrand Cambou, Chief Executive Officer
Steve Geiser, Chief Financial Officer
Shawn Webster, J.P. Morgan.
Ling Yen, City Group Investments
Erin Lynch, Deutsche Bank
Randy Abrams, CSFB
Joe Osha, Merrill Lynch
Good day and welcome everyone to Spansion Fourth Quarter 2005 Financial Conference Call. This call is being recorded. At this time, I will turn the conference to Mr. Bob Okunski, Director of Investor Relations, please go ahead.
Bob Okunski, Director of Investor Relations
Thanks Justin, good afternoon everyone and welcome to Spansion's fourth quarter and year end 2005 earnings conference call. Joining me are Bertrand Cambou CEO and Steve Geiser CFO. As per procedure on this call Bertrand will start out with the high level view the quarter followed by the Steve who will give some additional color on our performance and turn it to back to Bertrand for guidance. We will then open up the call for questions.
Before beginning today's discussions, I need to spend a few minutes reminding you of the Safe Harbor limitations in our discussions. During this call we will make forward looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements regarding future deployment of MirrorBit technology, expected declines in first quarter sales, increases in sales of MirrorBit based products as a percentage of total net sales and the company's expectations to accelerate penetration of MirrorBit into the high end wireless phone segment.
Investors are cautioned that the overlooking statement in this release and presentation involve risks and uncertainties that could cause actual results to differ materially from the company's current expectations. Risks that the company considers to be important factors that could cause actual results to different materially from those set forth in the forward looking statements includes the possibility that demand for the company's Flash memory products will be lower than the currently expected that OEMs will increasingly choose NAND based Flash memory products over NOR and ORNAND based Flash memory products for their application. The customers acceptance to MirrorBit Technology will not continue to increase, that there will be a lack of customers acceptance of ORNAND based Flash memory products that competitors may introduce new technologies that may make the company's Flash memory products uncompetitive or obsolete and that the company may not achieve it current product and technology introduction or implementation schedule, that the company is book-to-bill ratio may not be an accurate indicator of future sales and that the company will not be able to raise sufficient capital to enable it establish its capacity to leading edge capacity to meet product demand and maintain share.
The company urges investors can review in detail the risks and uncertainties in the company's Securities and Exchange Commission filings including but not limited to the company's legislation statement on Form S1. Finally this call is being recorded for replay purposes and can be accessed on our investor relation website at www.spansion.com. A telephone replay will be available for seven days following this call and can be heard by dialing 888-203-1112 with the pass code 4676888. Now let me turn the call over to Bertrand Cambou Spansion's President and CEO.
Bertrand Cambou, President and CEO
Thank you, Bob. Good afternoon and thank you for joining us. We are glad to be here to describe our results. For those of you, who may not, who may be new to our story, I am going to give you some background on our business before discussing our Q4 results. After my comments Steve will go to the next level of financial details. Spansion is the largest public cooperation exclusively dedicated to flash and supplies products to the top 10 handset makers, top 10 consumer electronic OEMs and top 10 auto electronic manufacturer.
Overall our flash memory remains the critical component in many of today's technology products from cellular handsets to automotive navigation systems. Within the flash space there are two distinct categories, integrated and removable. Spansion's focus is on the fast growing integrated space where the Flash is designed into the electronic device such as cellular phone, consumer electronic and automotive electronic.
In the last several years we've been ardently investing for the future in two different directions. High-density, high performance neural that defined an exciting business and the new architecture of course, MirrorBit ORNAND announced today to differentiated NAND offering optimized for the wireless market. Both architectures are based on a proprietary MirrorBit technology that is simpler to produce and has higher performance then the standard technology commonly used today.
Specifically it offers lower manufacturing cost, 40% fewer critical steps, smaller die bit size, high scale ability, higher density and better yield compared to standard technology used today. With MirrorBit we can focus our effort on one technology and bring differentiated NOR and NAND solutions to market in the same factories which provide us great leverage. We have had significant success with MirrorBit. MirrorBit based revenues as a percent of total net revenues were 30% in Q4 up from 24% in Q3, 20% in Q2 and 14% in Q1.
2005 was a year of investment for Spansion as we prepare our factories for future growth and redirected more than the half of our engineering resources to ORNAND. During 2005 we also restricted all the public cooperation and formally combined Indian Fujitsu Flash team into a single effective entity delivering improved operating efficiencies and giving us the ability to focus our effort solely on the flash market.
Q4 represented the third consecutive quarter of improvement for Spansion and we have begun to show the sequential progress in all our key financial indices. For example, net sales grew again to almost 600 NAND and based on our early assessment we significantly out grew our largest competitor. This was due to the strength in MirrorBit shipment and further penetration of our handset customer as well as new customer wins and solid performance from our automotive and general consumer electronic customers. All other key financial metrics improved such as gross margin and operating margin resulting in a reduced net loss. Steve will detail in a minute for you our financial results.
In Q4 we also completed our IPO. All together between a successful IPO, improved operational efficiencies and prudent management of cash or cash equivalent in short term, investment at the end of Q4 rose to more than $700 million up from 119 in Q3. As a result of our cash positions we believe that we are on a properly capitalize to meet our corporate objectives and fulfill our vision of making Spansion the finest flash corporation in the market. I would like to take this opportunity to thank our investor for believing in us.
Q4 was also remarkable quarter for new products. Second generation MirrorBit has been designed across the board into a high end cellular phone and that has grown last three quarters as a percentage of mixed revenues. We have also sampled third generation MirrorBit against 90 nanometer vis-à-vis from three different MirrorBit product families.
The one gig NOR device targeted at the entire integrated market which is the only monolithic NOR one gigabit available today. We also have produced high performance 90 nanometer 512 megabit NOR device optimized for wireless applications. Announced today, it is the first member of the 90 nanometer MirrorBit wireless family that we will deliver to the highest performance on the market.
And third the one gigabit ORNAND device for wireless application, Spansion's entry into the NAND portions of the cell phone market. By combining MirrorBit NOR for core execution with MirrorBit ORNAND for data storage the solution deliver a complete memory subsystems for a range of phone that enable DVD quality video, CD quality audio and up to 5 mega pixel photo on wireless handset.
In closing, I would like to say that we accomplished three main goals in Q4. First improved the financials for the third straight quarter. Second we saw continued acceptance for MirrorBit, and third we completed a successful IPO. With that I would like now to turn the call over to Steve Geiser our Chief Financial Officer to discuss our financial performance, Steve.
Steve Geiser, Chief Financial Officer
Thanks Bertrand and good afternoon everyone. Thank you for joining us today. Before I start discussing the financials, I would like to briefly review our recently completed capital market transaction. On December 21st 2005 we closed our initial public offering of 47.264 million shares of our Class A common stock at $12 per share, including approximately 5 million shares due to the exercise that be over allotment option.
Total proceed for the company from this offering net of seasonal expenses was $526 million. In current with the IPO, we closed the private placement of our senior unsecured and senior subordinated notes offering. We placed an aggregate principle amount of $175 million face value of 12 and 3 quarters senior subordinated notes due April 15, 2016 to advance Micro Devices, Inc. and an aggregated principle amount of $250million face amount of 11 ¼ senior notes due January 15, 2016 to qualified investors. Total net proceeds from these debt offering was $375 million.
I would like to review our financial performance for the quarter. Q4 total net sales were strong as we recorded sequential and year-over-year growth. Specifically net sales for the quarter were $592 million, up 15% or $76 million versus Q3 and up 21% compared to the same quarter last year.
Geographically we saw continued strength in the Far East with China showing the largest growth in the quarter, Europe was also strong. This was consistent with the prior period and further emphasizes our success in delivering into these two strategic region.
On the booking front, booking were greater than bills for the fourth quarter in a row, as a result we entered the first quarter in a relatively strong backlog position. This is some what better than our typical seasonal pattern. Blended ASP for the quarter was up 7% compared with last quarter as we shipped the larger percentage of high density, higher value MirrorBit products.
Gross margin rose for the third straight quarter to16% compared with the 14% in Q3 as we recorded higher sales of MirrorBit, saw larger percentage of sales in the higher margin, high density product line and shipped a lower volume of low density products. Included in cost for Q4 was the one time charge of several million dollars related to the relocation our Japan administrative offices from Sinjuku to Kawasaki. The move of our Japan offices to a substantially lower rent area was executed primarily in order to achieve reduced expenditure going forward.
Research and Development expenses of $76 million were essentially flat with Q3. As a percentage of total revenue R&D expenses were down to 13% in Q4 from 14% in Q3. Q4 sales marketing, General and Administrative expenses were $55 million up from $45 million in the previous quarter.
The increase in SG&A was due to a number of factors including an increase in variable sales and marketing expenses and an increase in IT and legal related to us becoming an independent entity among other cost. As a percentage of total revenue SG&A was relatively flat with Q3 at approximately 9% of sales.
Our Q4 operating loss decreased sequentially by $12 million or 25% to $37 million. Net interest expense for the quarter was $11million flat with the Q3. We do anticipate that the net interest expense for Q1 will be in the $16 million to$18 million range with the increase driven by the senior unsecured and subordinated note offering which we closed concurrent with our IPO.
Q4 net loss of $48 million compared with $62 million in Q3 of 2005. Q4 loss per share for the fourth quarter was $0.63 versus $0.85 per share loss in the third quarter, a 26% improvement. The Q4 earnings per share figure is based on weighted average shares outstanding of 75.6 million. Total shares outstanding at the end of Q4 was 128.1 million and at the end of Q3 was 72.5 million.
Turning to the balance sheet, as of December 25, our cash and short term investment balances were $726 million and include the proceeds of our equity and notes offerings which we closed on December 21, as well as short term equity related investment such as our investment in Taiwan (ph). Going forward we anticipate that our cash level will decline in the first quarter due to previously disclose one-time expenditures.
DSO for the quarter was 64 days down from 69 last quarter. Days payable for the fourth quarter was 87 days down from 95 in Q3 and inventory turns improved to 4.3 times annually up from 3.7 times in Q3.
Finally Q4 capital expenditures were approximately $110 million down from our forecast for approximately $190 million as we improved the management of our capital during the quarter. This was result of a more efficient use of current assets and improvement in the ramp of our new technology primarily stronger efficiency in MirrorBit production. Given the progress we have made and expect to make throughout the year we are now anticipating capital expenditures for 2006 to be in the range of $650 million to $800 million. Now I would like to turn over to Bertrand to discuss our expectation for Q1.
Bertrand Cambou, President and CEO
Thank you Steve, under normal circumstances the first half of the year tends to be seasonally down compared with the Q4 due to the end of the holiday season and certain price concessions for big OEMs during the yearly price negotiation. We expect the overall industry to see similar seasonal pattern this year partially offset however, by a more stable price environment.
Spansion is starting 2006 with a stronger portfolio at high density and we are getting in interaction with MirrorBit into higher end cellular phone and high density consumer applications. We anticipate further penetration of MirrorBit in Q1 as a percent of total net revenues compared with Q4 and crossing the 50% mark sometime this year. We also making forward in controlling our expense and further optimizing our enterprise worldwide. In particular keeping our capital expenses between $660 and $800 million per year, which is a number lower than the previously discussed.
Despite an anticipated MirrorBit described (ph) in our revenues in Q1 we expect relatively stable financial performance for the first half of 2006. Also capitalizing on the seasonal rebound in the second half and the ramp up of our high performance 90 nanometer production NOR device, NOR NAND in the cellular space our goal is to achieve of profitability sometime during the second half of 2006.
Spansion continues its momentum. We saw a third consecutive quarter of increased revenues, improved gross margin and reduced losses. Our determination to deliver a market leading product and technology increased penetration of MirrorBit and NOR ORNAND, and keep our overall cost to low is paying off. In addition with the completion of a capital market transactions we are now appropriately capitalized to meet our business objectives. These factors combined with our intense focus on serving our customer make us confident in our ability to continue these momentums through 2006. Thank you and with that we would like to open the call for questions.
Question-and-Answer Session
Operator Instructions The first question comes from Joe Osha, Merrill Lynch.
Q - Joe Osha
Hi folks, congratulations on your first quarter outlook. I've got couple of housekeeping questions, first can you tell me what your Q4 operating cash flow was and while we are on that just try and untangle the numbers if you can tell me what the total the net proceeds from the debt and equity issue as well. I just want to make sure, I have got that right in cash flow model.
A - Bertrand Cambou
Joe, I want to ask Steve to take that one.
A – Steve Geiser
We have not delivered yet cash flow statement but that said cash flow from operations was north of $80 million for the quarter.
Q - Joe Osha
Okay and then you can net out all of them particularly that the equity side was barely clear, you got sort of repayments if you can net for me your proceeds from the debt activity, I have to make sure I got the right number, that would be great.
A – Steve Geiser
The total net proceeds from both the senior subordinated notes with AMD as well as the senior unsecured notes that were sold to the public the net proceeds were $375 million.
Q - Joe Osha
Okay Bertrand would you care take us the average first quarter gross margin, do I hear... that sounds like it's probably roughly equivalent with Q4?
A – Bertrand Cambou
Yeah exactly like we say, we see the financials significantly equivalent to what we did in Q4 as you know we have to be prudent because there are lot of things that are to achieved, we have the opportunity do to better and we have an opportunity to meet little bit but we think that like what is the seasonal pattern where Q1 is as you know in this industry it is tough, we think that the momentum that we have in MirrorBit and increasing the percentage of MirrorBit continuously as well as being proving that we are capable of doing in the past, is going to essentially the keep aligning us to achieve this improvement compared with the seasonal pattern.
Q - Joe Osha
Okay that's great and then two quickies, first again Steve, we are showing options compensation that have about 18, 20 million of quarter if I can confirm that and Bertrand when should we expect see your MirrorBit base ORNAND products perhaps shipping for revenue, I apologize if you had said that by mistake.
A – Steve Geiser
Joe we are still working our way through the equity compensation for 2006 and we will have to get back with you as to the guidance on that, you may be in the right time zone but let us get back to you with that number.
A – Bertrand Cambou
As far as the ORNAND ramp up as far as revenues is going to be sooner than that the manufacturing with Testors (ph) revenues is going to be between the end of march or early April as a function of how quickly we can turn around all of that. We currently have a very, very and there is press announcement that is done today and we are very, very enthusiastic by the quality of the player that is jumping on end key OEM, key partner cheap set (ph), this is a kind of an industry ride year around or solutions and we are currently preparing very, very hard entry here on that space. And again end of March early April, is the type of schedule we currently have in our schedule for bill for revenue. We are going to start production sooner than that.
Q - Joe Osha
Okay understood, thank you very much.
A - Bertrand Cambou
You are welcome thanks for the question.
The next question comes from Randy Abrams, CSFB.
Q – Randy Abrams
Yes good afternoon guys, let me start by talking about the capital spending you vision maybe talk about the lower forecast where the reduced spending is coming from, and maybe it prints on 300 mm like how they stand where you expect a fab to be as we look out 12 months may be even 24 months out on 300 mm?
A - Bertrand Cambou
I am going to take that question here, as far as capital, obviously we are very, very happy with the fact that we have a lot of efficiency in the organization. And quite frankly one of the surprises we've had as being a test engineer will be walking on the some kind of breakthrough technique to enhance to productivity of product test equipment and these alone is reducing our need for our appetite for capital. And the other piece is MirrorBit technologies that is much simpler to use, and actually throughput that we are getting on the line is actually outstanding which we had the fact that we revised capital to down level here, in no mind is unchanging as a business model as far as the penetrations and serving the market, which means that the reduction of 90 nanometer in Q4 which is obviously very significant number and essentially the 150 million that we are taking away from our capital in '06, all of that massive saving that trends to the productivity of the organization. Like we publicly said in the past we are going to use a 200 mm factories for 90 nanometer for the 65 nanometer and then we are going to switch to 300mm for 45 nanometer node and the timing of those transitions is enhanced and all development right now is running exactly on time, with very hard transition to 90 nanometer in '06.
Q - Randy Abrams
Then if you could talk a little bit about your 90 nanometer, I think you announced the product today. Maybe talk about timeframe for the ramp of the 90 nanometer MirrorBit and how you feel it fares relative to Intel StrataFlash -- they have started to ramp over the last couple months?
A - Bertrand Cambou
The thing which is a starter for strategy and this is the first time our Company has been doing is, we are bringing concurrently three architectures to the market. What Intel is doing, they are bringing their architecture, which is essentially -- and they're just starting as well. They were about neck to neck on that one here.
What Spansion has been doing right now concurrently, we are starting those three architectures. The highest NOR density in the industry that we're the only one to do, which is a 1 gig monolithic NOR, is going to be -- actually is already shipping as we speak. We're already out billing. It is a Q4 -- Q1 is going to be -- is a rarity right now. We are there. We're been kind of announcing that one in September, and again this is the only 1 gigabit NOR available around.
Now the second architecture that we are announcing today is the ultra, leading-edge, high-speed NOR architecture for wireless phone. And that is we're talking about a technology that is in excess of 108 megahertz I believe, which is the ultrahigh performance for the high end of the cellular telephones. This one here, the current plan is we are already -- actually our first initial sampling is being achieved, and we are planning to be in production in the second quarter, first half of '06, second quarter here.
In ORNAND, we just talked about that, which is a third architecture. All the three architectures and that's what is exciting in our methodology here is using the same fab, Fab 25; the same flow and essentially the same team, which in one team three architectures -- and that is going to mean we have an opportunity to ramp up 90 nanometer very fast, much more so than just one architecture will allow you to do.
But the other piece, which is also very exciting for us on the high-end phone, is the opportunity to do combo, which is essentially to put for the wireless phone a NOR and an ORNAND together. Basically, that architecture is something that is receiving a lot of interest. We are going to have here an opportunity to have a great differentiation in the space we're in, which we're not in now. To make a long story short here, we are planning here multiple architecture and to switch very hard.
Q - Randy Abrams
I think, sounds good. And then just a final question is on the first quarter outlook, could you talk about you had some tax constraints through the fourth quarter, may be talk about the expense that you still have any capacity limitations on the back end and then implied in your number, could you talk about your pricing trending up for this past quarter on a blended basis, may be talk about what kind of trends you see looking out in the first quarter.
A – Bertrand Cambou
On the test issues, we already discussed on Q4 the capacity constraint, and that was essentially like we discussed the mix issues, we brought subcontracter, we brought more capacity in-house, we had improvement across the Board and now we are getting a way out of it. Definitely Q1 we should have much less of a mismatch and then we are watching very carefully the mix to be sure that we don't have any more chance, so far so good it seems that the Q1 we are in better shape than Q4. On the ASP issues as Steve was quoting a 7% blended ASP, Steve do you want give us some more on that one.
A - Steve Geiser
Yeah I guess broadly we would say that we see more rational pricing environment on a device by device basis, we certainly anticipate continued decline throughout 2006 offsetting that is of course as we do anticipate shipping a richer mix of products and there are third party estimates that suggest the overall NOR pricing would trend up in 2006, I think internally we plan it to little more conservative and see them roughly flat.
The next question from Erin Lynch, Deutsche Bank.
Q – Erin Lynch
Yeah Hi congratulation as you have to go through this process eventually of the company and analyst write about you and everything, just couple of questions, you have covered a lot of ground already, any comments you would vis-a-vis the big cash bond expectations for Q1. you just alluded there will be some increase but I am just trying-.
A – Bertrand Cambou
That's a good question. Let me start to give some high level comments and Steve is going address the very important, all that we have to clarify. Clearly as you can see you know capital, we are spending more capital, we are highly motivated, if I say the least here, that we improved the cash situation here and to challenge any type of expenditure as much as we can. That being said we had path for restructuring as public companies some essentially, some trading obligations to Q1 which was what Steve was describing and I am going to let him to give you some details here.
A - Steve Geiser
As was discussed both in the road show and in the S1 we did have an outstanding that was Japanese lending institution which came due December 31st and we were unsuccessful negotiating the terms of that instrument and paid off that outstanding balance which stood approximately 8 billion Yen $70 or $75 million of the end of the year. In addition to that we do have a some payables due to AMD associated with services that were provided to us during the fiscal year '05 and would expect that these amounts would be settled in Q1 or set differently, we would expect our days payable to trend down slightly in Q1. Not prepared to give you specific cash balance guidance that is a little bit color as to some of the items impacting it, obviously both of those being onetime in nature and not impacting our ongoing cash flow for the business.
Q – Erin Lynch
And in terms of the sort of profile of the full year CapEx you know that inverse of last year more backend loaded. How should we think about that?
A – Bertrand Cambou
Yeah! Obviously the number that we are quoting here the ramp, 650 to 800 there is ramp here and this is essentially backend loaded and here we are carefully watching needs capacity needs for our new expansions and obviously the business is stronger, we will expand sooner, is a business is the softer, we will deliver a bid, we have flexibility in more than year and that is really are going to essentially, keep it the size of Portugal, inline with our ability to serve the markets.
Q – Erin Lynch
Assuming it was that 650 number sort of linear to the year than it certainly be extra 150 that is swing factor for the second half?
A – Bertrand Cambou
Yeah! That is a good way to say.
Q – Erin Lynch
In terms of the overall NOR supply picture was tight in Q4. in terms of business grew 5% or something like that, we don't know but it is two micro yet, but clearly we think there may be frustration with customers not being able to get all the parts that they wanted. Is this something which is in the rearview mirror or are you going to open the door little bit to some of the other guys assuming day they have oncoming capacity.
A – Bertrand Cambou
Well, it is hard to comment as you know, because we know Intel, definitively grew at a much much slower rate than we did, you were talking about the 5% we grew 15%, with significantly have good pace, we don't have yet information for the entire industry but in our case definitively the grow done into more of the high end spaces of market, Steve has been quoting blended, and that being the result of naturally for us more and more participation to space, we are participating in the past. This is the pure market share gain for us and I can guarantee you that this piece of the business that we wanted to serve, we want to serve perfectly here. And going forward this is the strategy and we think that we are, like we told here in our earlier comment here we going to stick to longer term penetration of MirrorBit as articulated here.
Q – Erin Lynch
Right thank you very much.
A – Steve Geiser
We don't think that the material bleed over effect.
Moving on to Ling Yen City Group Investments
Q -Ling Yen
As we think about your mix of products for the quarter, for that matter any quarter. Is there some kind metric that will tell us this much we would consider high density or your high mix business versus low mix business and can you give me data for that kind of metrics.
A – Steve Geiser
I think one of the good metrics here is look at the blended ASP to one certain degree because the blended ASP would be kind of a result of not too high price erosions, that is showing constant low and of course that will be evaluated bit as a function of business conditions here but that is kind of once single merit. I don't think that it is web publishing anything else to help you on the drawing in bit.
Q -Ling Yen
Forgive me if you have answered this, it has been on and on, obviously you have talked about change in CapEx plans for '06. Has there any change in your plans with respective your relationship with the foundry.
A –Bertrand Cambou
Absolutely not. We actually have one other of relationship which is DSMT, as far as the fab is concerned that relationship is progressing extremely well which best essentially use them next quarter. In the final manufacturing area on the other hand you don't conduct foundry but this is subcontractor and in these case definitely we have signed up more subcontractor in Q4 to give us more flexibility to response to business site.
Q -Ling Yen
I am just trying to clear, when you said you use foundries in the next quarter do you mean Q1or Q2?
A – Bertrand Cambou
Q -Ling Yen
Okay thanks and then a just a question on variable cost, think per wafer cost have you had any sense now we are beginning a new year, I am guessing you are going to take good looking at your material cost going in, and any sense material cost may be rise and fall for you this year.
A – Bertrand Cambou
Steve any comments on that one?
A – Steve Geiser
We have negotiated already very aggressive, we have what we believe to be competitive variable cost, of course we continue to look for opportunities to continue to improve that but I don't see a material change for 2006.
A – Bertrand Cambou
There is something that is worth not to seeing is the Spansion substrate, is actually a very simple scheme we don't choose like all those we are going to use complete scheme like Epitaxy Silicon wafers that are very specific specs that may you require some value added dispansion as on the contrary as a mainstream Silicon, here which is kind how much commodity as you can get.
Q -Ling Yen
And then obviously we look at the fourth quarter and you got just within a hair of updating the number one spot in NOR, it was always hard to tell, just anything that depends on the results of your major competitors, when you look at design activity that you see over the next three or six months, any sense that you can regain the number one market share position in the near term if you make likely scenario to you.
A – Bertrand Cambou
As you know as a company we expect competitions and we don't take them lightly and the way out for us is very very simple to stick to a strategy we have extremely strong technology right now. The first time that we are launching 90 nanometer essentially on three architecture at the same time. A very powerful NOR versus NAND, high performance and that's yet, that strategy we aer going to keep advancing, we have the manufacturing in place for that, sub-25 is ready for the conversions here and we are not going to bring if I can say and go straight line and we get this sub market share.
Q -Ling Yen
One last question is just speaking about the market you sell into the handset market predominantly. Have you any sense to what trends you are seeing may be with a forth and expectations for the first quarter in terms of NOR content per phone if you were to blend that across all types of forms that are being sold.
A – Bertrand Cambou
Actually interesting enough there have been some debate NAND taking over NOR socket and that type of common here what we can tell you here is this is not what we observe, what you currently have right know you have three type of architecture on the phone. The phone that is used pure NOR, and these are the mainstream form, and they are doing extreme, they are sitting very very hot right, they trend to be some lower end to I would say mid high end, then we have niche of part which is, today this 90% to things in prospect 90% every phone are using NOR only architecture. Then you have 10% architecture that are using NAND and what has happened here is actually these percentage that here is not increasing as we speak and you saying that there is third architecture that is gaining lot of tractions, this is what the industry call three die stock which is actually a combination of the NOR of the NAND and an SD RAM or PS RAM. And this is the phone that seems to today explode and that's why we believe this is an area, where we are going to leverage fully architecture and advisory we have renewed on NAND architecture we are play on the three architecture, we are going to have the NOR space, we are going to grow, and displace NAND into the high end niche and then we are beat of agent of change and providing the third newcomer which is a combination that is NOR for code and NAND for media rich applications here. Which means in similar ways in fact the 2006 views we see NOR going up and essentially the new combos exploding.
Q -Ling Yen
Actually thank you and just one last question, I knew you have already made some comments on where you are in terms of back end capacity, I wonder if you are seeing constraints still, is it test or is it packaging. And I know that you have signed up more I am thinking about any given OSAT for example where it will go, obviously you have seen constraints. Are you still having to sign up more backend companies because each of those companies is still, how do you know, you find out there have insufficient capacity if you just look around enough?
A – Bertrand Cambou
I think that we are much much better shape in Q1, Q4 now it is hard for me to do this as already this is an industry or you just management for manufacturing team signing up dedicated partner. It is hard for me to say that it is an industry trend versus expansion specific but that said I will classify it here. We don't see Q1 being nearly as painful we Q4, on that area here.
Q -Ling Yen
Okay. Thank you very much.
Bob Okunski, Director of Investor Relations
Operator we have got time for one more question please.
Next question comes from Shawn Webster with J.P. Morgan.
Q – Shawn Webster
Good afternoon, you have given some book to bill guidance in the past and more in a more quantitative way, I think it was one Q2 it was 1.4 in Q3 can you tell with book to bill ratio in Q4.
A – Bertrand Cambou
The thing which was very significant obviously book to bill was higher than one and this is obviously very significant, because typically this quarter where you have you, you must start your billing and you don't book as much. Now as we are looking at the fresh year we are kind of questioning among ourselves, how many indices you want to discuss at every call rather than that creeping up here, which means that we are looking at all sets, you did the metrics that is already useful because as you know this is a kind of loose relationship between the book to bill and production tool and we kind of also wondering if the value brining too many matrix on this type of gross.
Q – Shawn Webster
Okay and can you comment on lead times, can you comment on how your lead times expanded or contracted or stayed the same in Q4 and what you expect for Q1.
A –Bertrand Cambou
Steve was quoting about inventory turn improving from 3.7 in Q3 going to 4.3 which indicates obviously that we are making progress and that is 10 point here, as far as the basic manufacturing cycle here, this is - there is no much changes here.
Q – Shawn Webster
They are pretty constant Lead times.
A - Steve Geiser
Q – Shawn Webster
And on the utilization rates can you comment on what they did as far as going up down flaring and Q4 what you expect me to do Q1 and Q2?
A – Bertrand Cambou
I am going to ask Steve take that one before he is a giving you the detail, let me give the opportunity that we have as we are switching harder to MirrorBit and to 90 nanometer we have the opportunity obviously to produce more with the existing asset. And in the 2006 time frame we will be seeing great positions to response to the market and getting market share with the dignity that we are bringing. Steve do you have more specifics for us?
A - Steve Geiser
Well I think as we said previously we found ourselves in the unfortunate situation of being somewhat constrained in terms final manufacturing in the 4th quarter, so we obviously steps to improve that balance between front end and final manufacturing and as Bertrand said anticipate that there is opportunity with continued learning on 110 nanometer and the transition to 90 nanometer to improve and increase our productive capacity going forward. That is what we are prepared to say, I think.
Q – Shawn Webster
Okay. Thanks.
That concludes the question and answer session. I will turn the conference back over to you.
Bertrand Cambou, President and CEO
I just like to thank you again for your time, it has been a pleasure and we appreciate the questions and thank you very much bye, bye.
Thank you and that concludes today's conference call, thank you for your participation.
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text:
Bleu Cheese-Celery Salad
READY IN: 10mins
Recipe by dawnie2u
This super easy salad is so rich. I like to serve this with a nice gazpacho, and crunchy baguette for an easy summer meal, when it is too hot out to heat up the kitchen. I found this recipe at Saveur and sold it at my Farmer's Market. Delish!
Top Review by Vicki in CT
Hubby loved veggies??? Yes, absolutely when you combine it with blue cheese. Excellent cool summer salad. Thanks for posting.
See Discussion:1 Review
Ingredients Nutrition
- 8 celery ribs, cut into 1/2-inch slices
- 4 ounces blue cheese
- 2 tablespoons extra virgin olive oil
- salt and pepper, to taste
Directions See How It's Made
- In a bowl, gently toss celery, bleu cheese, olive oil, salt and pepper.
- Refrigerate at least 4 hours, or until well-chilled.

subset: commoncrawl


text:
- About
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Data from: Sex-specific genotype-by-environment interactions for cuticular hydrocarbon expression in decorated crickets, Gryllodes sigillatus: implications for the evolution of signal reliability
Date Published: July 10, 2012
DOI: http://dx.doi.org/10.5061/dryad.5167t
Content in the Dryad Digital Repository is offered "as is." By downloading files, you agree to the Dryad Terms of Service. To the extent possible under law, the authors have waived all copyright and related or neighboring rights to this data.
|Weddle et al
|101 times
|Gas chromatographic analysis of CHCs of male and female decorated crickets, Gryllodes sigillatus from 9 inbred genetic lines reared on two different diet qualities. | Diet 1 = high-quality diet | Diet 2 = low-quality diet | Data represent raw peak areas for each of the 15 hydrocarbon peaks identified (Peak 1 - 15) by GC, and includes the raw peak area for the dodecane internal standard used in all samples.
|Weddle et al.xls (173.5 Kb)
|README.doc (26.11 Kb)
|View File Details
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text: 11/26/16 5/19/13 POPSUGAR Celebrity Selena Gomez Selena Gomez at the 2013 Billboard Awards in Las Vegas Selena Gomez Says "Come and Get It" to Bieber Billboard Reunion May 19, 2013 by Meghan Rooney 23 Shares Chat with us on Facebook Messenger. Learn what's trending across POPSUGAR. View on One Page Photo 2 of 14 Start Slideshow ADVERTISEMENT () Share This Link Copy What's Your Reaction? Thanks for your reaction Don't forget to share this with your friends! ← Use Arrows Keys → 2 Previous Next Selena GomezBillboard Music Awards


text:
is it possible to have service status alerts work in a similar way to the online/offline alerts i.e. near real time?
I have setup an alert on the spooler service just for testing, with the scan interval set to 30 mins it took 1 hour 26 mins for the email alert to come through - this is too long, is there a solution?
2 Replies
Nov 1, 2007 at 9:33 UTC
Sam IT is an IT service provider.
Chances are that the reason it took so long is because while you have a scan set up to work every 30 minutes, it may take 45 - an hour for it to get through everything. I'm not sure that it is possible to have it run like other alerts, however someone could easily prove me wrong. This may be a good feature request, however, to have this added so it checks every, say, 2 minutes.
Aug 16, 2010 at 11:31 UTC
Niagara Technology Group (NTG) is an IT service provider.
SpiceWorks is not a real time scanner. As Mike points out, between the scanning interval and the time of the scan process itself and then the alerting process it will take quite some time to receive alerts. If you need real time alerts please investigate Nagios.
This discussion has been inactive for over a year.
You may get a better answer to your question by starting a new discussion.


text:
Universal Protective PU Leather + Plastic Case w/ Stand for 8 inch Tablet
If you think the price is too high, please click to apply for lower price
|1 piece
|Form Color
|Deep Pink
|PU Leather + Plastic
|Compatible Model
|compatible with 8 inch tablets, such as Samsung Galaxy Tab S2 8.0 T715 / T710, Cube U16GT, ONDA Vi30W, Teclast P86, and so on.
|Compatible Brand
|IBM , Asus , Thinkpad , Huawei , Google , Dell , HP , Toshiba , Acer , Lenovo , Samsung , MSI , Sony
|Cases with Stand , Leather Cases , Full Body Cases
|Business , Casual , Fashion , Contemporary
|Compatible Size
|8 inch
|Dimensions & Weight
|9.06 in x 6.93 in x 0.98 in (23 cm x 17.6 cm x 2.5 cm)
|7.05 oz (200 g)
|Packing List
|1 * Protective case
All packages from DX.com are sent without DX logo or any information indicating DX.com. Due to package variations from suppliers, the product packaging customers receive may be different from the images displayed.
To enable volume discounts on this site, use coupon code: BULKRATE during checkout. You will see a discount applied at the bottom of the shopping cart. Competitive pricing is available. Contact us for details.
|3+ units
|5+ units
|10+ units
|US$6.99 shipped
|US$6.96 shipped
|US$6.94 shipped
What is Bulk Rate? BulkRate is a semi-wholesale system with items priced separately from retail. When you use bulk rates, a flat $1.70 registered air mail fee will automatically be added to your cart to ensure delivery of package. While BulkRate's intention is to offer cheaper prices when you buy in bulk, because it is priced separately it on occassions show a higher than retail price. That's why we ask you to enter BULKRATE as a coupon code to manually activate the rates. You can always opt not to use the bulk rates. If you are looking for wholesale prices please feel free to contact us.
Share your reviews, photos and videos here!Review Program
Please note that DealExtreme Forums are not a sales or product support board. For support questions, please contact us via support ticket at http://cs.dx.com/ for a guaranteed response. We make every effort to make the quickest replies.


text:
whether you race or track ride for fun having your number on your bike is a great idea. There are a lot of people out there taking pictures to and there's no better way of finding yourself. The tough material sure helps keep your plastics fresh.
Factory Effex DX1 Backgrounds Pro - KTM
4.70 5 2
DescriptionItem #FXX00CD
Read More
2 Reviews
5 Star 2 4 Star 1 3 Star 0 2 Star 0 1 Star 0
Write a Review
Write your review and you'll automatically be entered in our monthly drawing. Include an image or video to DOUBLE your chances to win!Write Your Review
All Reviews
2 years 6 months ago Bonney Lake, WA, USA
Clean look!
Over 7 years ago
these are really good for the price. and looks good. it is very easy to apply.
4 Questions
Answered: 4
Not Yet: 0
Q: Does it come with radiators side panels?
1 year 10 months ago
MotoSport Staff Expert1 year 10 months ago
A: No. This would be for customized number plate backgrounds only.
Q: Can the numbers be letters instead?
2 years ago
Expert MotoSport Staff2 years ago
A: Yes you can have letters printed on your backgrounds.
Q: How do I view this?
2 years 7 months ago
Is there any way to look at this before I purchase?
MotoSport Staff Expert2 years 7 months ago
A: No Unfortunately there is not a way to preview the backgrounds with your chosen personal options.
Location: Davisburg, Springfield Township, MI 48350, USA
Q: Stock Headlight Mask Graphics?
Over 3 years ago
Can I get custom number plate graphics for a stock headlight mask on a 2008 KTM 450EXC?
MotoSport StaffOver 3 years ago Location: Portland, OR, USA
A: As long as you profile your 2008 KTM450EXC properly, the graphics will be cut correctly for the stock headlight/number plate. .
1-4 of 4
See all bikes that this part fits...
See Fitments


text:
|Home > Nic
♀ Nic (girl)
What does Nic mean?
Nic [nic] as a girls' name (also used as boys' name Nic) is of Greek derivation, and the name Nic means "people of victory". Nic is a variant form of Nicole (Greek): from Nikola.
RELATED FORMS VIA NICOLE Nichol, Nicia, Nickol, Nicky, Nickye, Nico, Nicol, Nicola, Niki, Nikia, Nikki▼, Nikky, Niko, Nikol, NykiaCREATIVE FORMS
(female) Nica, Nine, ..
(male) Nen, Ni, .. MIDDLE NAME PAIRINGS
Nic Anisa (N.A.), ..
How popular is Nic?
Nic is an unusual first name for females. Nic is an equally uncommon surname for both adults and children. (2000 U.S. DEMOGRAPHICS)
Which version is better?with its source form and related girl names. Nicole (#152 FROM CURRENT RECORDS), Nikki (#1609), Nykia, Nikia, Niki, Nicola, Nichol and Nicol are the prominent alternative forms of Nic (UNLISTED) listed in the Top 2000. These forms of Nic were at the apex of their popularity in the 1980s (ADOPTION OF 1.8%) and are now significantly less conventional (ADOPTION 0.1%, 91.8% LESS), with versions like Nikki going out of style. (2015 BIRTH STATISTICS)
Similar Names
Nic is alike in pronunciation to Neck. Other recommended names are Nia▲, Nis, Nix and Vic. These names tend to be more commonly used than Nic.See names in meaning and etymology.


text:
Rosie's Rainy Day
by Jasmine Angell
About the Book
Rosie and Charlie are best friends. They do everything together.
But one day, on a walk Charlie gets lost!... Follow Rosie's story to see what happens next.
See More
About the Creator
Jasmine Angell
Bristol, UK
I am an art and design student currently studying at Bristol School of Art, although I will soon be off to Gloucestershire University to study Illustration. I have always been interested in Art and recently found my place in children's illustration. Currently I have two books available to buy on blurb.com: 'Rosie's Rainy Day' and 'Sing a Song of Blackbeard' Thank you for taking the time to visit my profile.
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text:
Dental assistants have numerous office and patient-care responsibilities. They may take patient histories and update records, schedule and confirm appointments, organize billing, take inventory and order supplies for the office. Assistants prepare patients for dental work by sterilizing equipment, placing dental dams and administering topical anesthetics. During procedures, dental assistants keep a patient's mouth dry and clean and pass instruments to the dentist. They also often instruct patients regarding proper oral care. The Bureau of Labor Statistics (BLS) indicates that many assistants today obtain schooling, but formal education is not required to become a Registered Dental Assistant (RDA).
Things You'll Need
- High school diploma or GED
- Dental Assisting National Board (DANB) Employer Work Experience Statement
- CPR certificate from a DANB-approved provider
Check with your state's board of dentistry regarding requirements since regulations differ from state to state. Not all states require credentialing and some insist upon specialized training for certain procedures. For example, in order to operate X-rays and similar equipment, some assistants must obtain radiology certification.
Finish high school. You will need a minimum of a high school diploma or GED to get certification through the Dental Assisting National Board (DANB), the agency that administers the credential needed for RDA status.
Get a job in a dentist's office that offers hands-on training for someone with no formal dental schooling. According to the BLS, while states typically dictate the activities a dental assistant may carry out based upon certification, others allow them to perform any duties the dentist requests. The DANB requires applicants without higher education or training to document 3,500 hours of dental assistant work experience within a four-year period in lieu of schooling.
Obtain CPR training from an organization such as the American Heart Association or the American Red Cross. The DANB requires current certification as part of the application process for RDA.
Review for the RDA certification exam. The DANB exam application lists references including study materials and websites that can help you learn the information and review test-taking strategies.
Register and take the RDA exam. The organization mails out results approximately four weeks after the exam.
Apply for registration through your state. Passing the DANB exam may not be enough in itself to allow you to work as an RDA. In Tennessee, for instance, you then need to supply the state dental board with documentation of the DANB certification.
Tips & Warnings
- Many states require some sort of schooling for RDA certification since not all states recognize DANB credentials. In California, for instance, applicants must pass a written exam, demonstrate basic skills in a practical exam, take a law and ethics test and complete coursework in coronal polishing, radiation safety, infection control and basic dental practices.
- Not all states offer reciprocity, so certification in one state does not guarantee that applicants can work in another state without taking further coursework.
Related Searches
- Photo Credit Jupiterimages/Goodshoot/Getty Images
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text:
-Submitted by Dahlia on 10th Dec 2007
Pachadi is a common dish in India's southern states of Tamilnadu and Kerala. Pachadi is very similar to north Indian raita except that the vegetable is cooked and coconut is added to it. In Andra, pachadis are different compared to the ones made in Tamilnadu and Kerala. It is the name given to a preparation made with any vegetable that is sauteed in oil with some spices and then coarsely ground. It is served like a pickle with rice or with tiffin varieties.
Coming to today's recipe, we are talking about the famous Kerala Pachadi. Kerala Pachadi can be made with different vegetables by cooking it with coconut-chilli paste, tempering it with mustard seeds and curry leaves and finally adding curd. There is another variation from Kerala which is called Kichadi. I have not yet been able to figure out the clear difference between Kerala Pachadi and Kichadi. I asked all my Malayalee relatives and friends about this and these are some of their replies :
Well, I am not sure if I have made the difference clear but both the dishes are very closely related and very tasty. Pachadi and Kichadi are both usually served with rice and some curry. It can also be served with chapatti too. The other vegetables with which I have made pachadi (or Kitchadi) are yellow squash, radish, zucchini, bottle gourd, raw mango pachadi, pumpkin and ash gourd.
Today, I would like to share the recipe of the most commonly made pachadi i.e. cucumber pachadi. It is made with the big variety of cucumber. In Tamilnadu, it is available as golden cucumber or sambar cucumber.
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