text:
PCTEL, Inc. (NASDAQ:PCTI)
Q3 2008 Earnings Call
October 27, 2008 5:15 pm ET
Marty Singer - Chairman and CEO
Jack Seller - Director of Marketing
John Schoen - CFO
Michael Coady - B. Riley & Company, Inc.
Ken Muth - Robert W. Baird
Eric Kainer - ThinkEquity
Brian Horey - Aurelian Management
Shou Wang - Lotus
Good day, everyone, and welcome to today's PCTEL Incorporated third quarter 2008 earnings conference call. Today's call is being recorded.
At this time, I would like to turn the call over to the Chairman and Chief Executive Officer, Mr. Marty Singer. Please go ahead, sir.
Marty Singer
Thank you, Jennifer. Good afternoon, and thank you for joining us for our third quarter earnings conference call. With me today are Jack Seller, our Director of Marketing, and John Schoen, PCTEL's CFO. Jack will review the Safe Harbor statement, John will discuss our results and our financial performance in some detail, and I will comment on our progress over the past quarter and what we see in the future.
With that as introduction, I will turn the call over to Jack Seller, who will read our Safe Harbor statement.
Jack Seller
Today's call will contain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Specifically the statements regarding PCTEL's future financial performance and our expectations, opportunities and risks regarding growth in 2009 are forward-looking statements within the meaning of the Safe Harbor.
These statements are based on management's current expectations, and actual results may differ materially from those projected as a result of certain risks and uncertainties, including the ability to successfully grow the wireless product business and the ability to implement new technologies and obtain protection for the related intellectual property.
These and other risks and uncertainties are detailed in PCTEL's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and PCTEL disclaims any obligation to update or revise the information contained in any forward-looking statement whether as a result of new information, future events, or otherwise.
I would now like to turn the conference call over to John Schoen, who will provide you with the financial details of the quarter.
John Schoen
Thank you, Jack, and good afternoon or evening to everyone. Our investors will note that the company presents non-GAAP financial information in its earnings releases. The company believes that presentation of operating profit excluding restructuring charges, gain or loss on sale or impairment of assets, non-cash based expense, including stock and stock option based compensation, amortization and impairment of intangible assets and goodwill related to the company's acquisitions, and presentation of net income, excluding these charges as well as non-cash-based income expense, provide meaningful supplemental information to both management and investors.
The non-GAAP financial analysis reflects the company's core results and facilitates comparisons across reporting periods. For more information on our non-GAAP financial results and reconciliation to GAAP measures, please refer to our earnings release that has been filed under Form 8-K with the SEC. The release can also be found on our website under Investor Relations. My discussion of results will be based on our non-GAAP financial results.
As a reminder, the company closed the sale of its Mobility Solutions Software Group, or MSG, to Smith Micro in January of this year. The company's financial statements have been revised to reflect MSG as a discontinued operation. My discussion of the financial results will address continuing operations.
Let's start with revenue. Third quarter 2008 revenue from continuing ops was $20.1 million, compared to $17.6 million in the third quarter of 2007, an increase of 14%. Revenue for both scanning receivers and antenna products grew at approximately the same rate versus the third quarter last year.
Scanning receiver revenue was up on the strength of UMTS deployments. Antenna revenue growth from the same period last year was split about half from the acquisition of Bluewave earlier this year and half from organic growth.
Non-GAAP gross profit margin from continuing operations for the third quarter was 48%, versus 45% in the same period last year. Both scanning receiver products and antenna products experienced improved margins as a result of favorable product mix and leveraging fixed costs over higher volume.
Third quarter non-GAAP R&D and SG&A from continuing operations were $6.9 million, down $300,000 from the same quarter last year. R&D expense was higher by $400,000 on engineering investments, at both scanning receivers and antennas. For example, this is the first full quarter of expenses related to our new antenna design team in China.
SG&A is $700,000 lower through efficiencies resulting from our decision to divest our software business, and better control of our sales and marketing expenses. The connection royalty was lower than last year by $50,000, as the contractual quarterly cap is lower in 2008.
Non-GAAP operating income from continuing operations in the third quarter was $2.9 million, or 15% of revenue, compared to $1 million, or 6% of revenue, in the same period last year. The results reflect improved gross profit on higher revenue and lower operating expenses. In two of the last four quarters, we have achieved our long-term goal of sustaining a 15% operating profit.
Other income was $100,000 in the third quarter, compared to $820,000 a year ago. There are two factors contributing to the decline. As I will outline in more detail in the balance sheet review, we are heavily invested in Federal Government agency paper for safety. The yields on that are very low compared to the commercial paper we were invested in a year ago before the credit market turmoil.
Secondly, the company experienced a $250,000 mark-to-market loss recorded in the quarter, from the company's remaining investment in the Columbia Strategic Asset Portfolio, an enhanced cash fund. I will discuss the Columbia fund in more detail during my review of the balance sheet and income statement guidance.
With regard to non-GAAP income taxes, the non-GAAP income tax rate is 16% and we expected to remain at that level for the full year 2008. With regards to earnings, non-GAAP net income from continuing ops for the third quarter 2008 was $2.6 million, or $0.14 per diluted share. This compares to non-GAAP net income of $1.8 million or $0.09 per diluted share in the third quarter of 2007.
To summarize the differences, net income from continuing operations was higher from increased gross profit on higher revenue and lower operating costs, which was partially offset by lower interest and a higher tax rate in 2008.
Now let's turn to the balance sheet. Cash and investments ended the quarter at $80 million, of which $67 million is classified as short-term and $13 million is classified as long-term. This is a sequential decrease of $5 million from the second quarter this year. The largest contributing factor to the change was the company's market repurchase of 503,000 shares of its common stock during the quarter for approximately $5 million.
After the third quarter ended, we completed our authorized stock buyback, with an additional 490,000 shares purchased for $4.5 million, leaving our cash and investments as of today's date at approximately $75 million. Of the roughly $80 million in cash and investments on hand at the end of the third quarter, the company had approximately $1 million in operating bank accounts, $52 million in AAA money market funds, which are in turn invested 100% in short-term US Federal Government agency securities, or bank repurchase agreements collateralized by the same, $14 million in the Columbia Strategic Cash Portfolio Fund, an enhanced cash money market fund, and $13 million in tax-exempt pre-refunded municipal notes.
Now let's turn to our income statement guidance for the fourth quarter 2008. Marty will discuss guidance as well in his prepared remarks. We anticipate revenue for the fourth quarter to be in a range of $17.5 million to $18.5 million, versus revenue of $19.1 million in the same quarter last year. The company is seeing weaker order booking rates than the fourth quarter last year and the quarter just completed.
Non-GAAP gross profit percent for the fourth quarter is expected to be in a range of 45% to 46%, down from the 48% in the third quarter. The mix of antenna product orders we are seeing so far in the fourth quarter are of lower margin than experienced in the last quarter. Additionally, at lower volumes, we will not experience the same level of fixed cost leverage.
Non-GAAP, R&D, and SG&A from continuing ops are expected to be between $6.9 million and $7.1 million for the fourth quarter, reflecting higher investment than last quarter in R&D, as well as a seasonal SG&A spending spike that we normally see in the fourth quarter. The connection royalty is expected to be 200,000, consistent with the quarter just ended.
Other income and expense is expected to be a net expense of $100,000 in the fourth quarter. The most recent round of turmoil in the credit markets is driving mark-to-market losses in the company's remaining $14 million investment in the Columbia Strategic Asset Fund that are expected to more than offset the interest earned on the rest of the company's investments during the fourth quarter.
As a reminder, the Columbia fund is in the process of liquidating. We originally started last year with just over $43 million in the fund, and our balance is just down to under $14 million. Additionally, the fund has announced another $2 million liquidation payment payable this week, which will bring the balance to $12 million.
While the fund manager will have been successful in liquidating over 70% of the original balance by October end, we are not in a position to predict the ultimate outcome of the liquidation. The non-GAAP effective income tax rate remains unchanged at 16%.
I would like to turn to the guidance for the full year 2009. Marty will comment in more detail during his prepared remarks, but we are cautious about our outlook for 2009, given the recent trends in order flow and the overall worldwide economic outlook.
We are offering the following guidance for the full year 2009. Revenue is expected to be in a range of $80 million to $84 million, which at its midpoint represents approximately 7% organic growth over 2008. We have not included the potential for acquisitions in the guidance offered.
Non-GAAP gross profit percent is expected to be in a range of 46% to 48%, which is the same range as 2008. Non-GAAP R&D and SG&A are expected to be in a range of $29 million to $30 million.
The connection royalty is expected to be $400,000 for the year, which is $200,000 per quarter through the first two quarters. There are no more payments due under their license after the second quarter.
Other income, which is primarily interest income on our invested cash, is expected to be approximately $1 to $1.2 million next year, based on our intention to concentrate our investments in short-term duration US Federal government agency paper, as well as our expectation that our remaining investment in the Columbia Strategic Asset Fund will continue with a net yield of zero to slightly negative.
We remain exposed to mark-to-market losses with the Columbia fund until the liquidation is complete. The non-GAAP income tax rate is expected to be between 16% and 18%.
That concludes the financial review. I would like to turn the call over to Marty for summary comments.
Marty Singer
Thank you, John, and thank you, Jeff. My remarks this evening will focus on four areas: trends in our business environments which are impacting PCTEL, operational and sales progress, guidance for the fourth quarter and the 2009 year, and our M&A efforts. As we mentioned at the outset, we have set aside 30 minutes for your questions.
Let me talk about the trends first. As we have explained at various investor presentations, our antenna and scanning receiver businesses are exposed to different markets. Over 90% of our antenna business is focused on the enterprise space. Our definition of enterprise includes public safety as well as business operations. Within the enterprise space, we focus on vertical markets, such as in-building wireless, SCADA, fleet management, dispatch, military applications, and wireless LANs.
We compete in the carrier antenna space on an exception basis only. GPS timing antennas and WiMAX antennas are two product lines with exposure to the carrier antenna space.
Our scanning receiver product line focuses on the carrier market and derives limited revenue from private, in this case military, networks. Our scanning receivers are integrated into third-party test and measurement systems, and then distributed to the carriers worldwide.
Both businesses take advantage of a leveraged sales model. In our antenna business, we sell to distributors and OEM suppliers of wireless equipment. In our scanning receiver business, a significant portion of our sales are made to OEM vendors of wireless test and measurement equipment.
The differences between the two product lines expose us to different risks and opportunities. As John has already summarized, we have been able to navigate through a very challenging economic time for carriers because most of our antenna sales are to the enterprise, and demand for our scanning receivers is consistent with reduced carrier CapEx investment.
We are currently being helped by a few trends. More businesses are converting their operations from wire to wireless networks. This is helpful to our antenna business as enterprise solutions utilize VHF and UHF radio frequencies. Demand for greater bandwidth over wireless network also helps drive our business, as does the wireless growth in developing economies.
Our scanning receivers are, for example, being deployed in China and India. These positive trends explain, in part, why we have been able to continue to grow revenues despite a difficult economic environment.
There are unhelpful trends as well. WiMAX is clearly being deployed at a far less aggressive rate than initially anticipated. Most deployments are dominantly last mile fixed wireless offerings.
Mobile WiMAX is still limited to trial status. More importantly, the general business environment characterized by a lack of liquidity is likely to impact negatively our Land Mobile Radio and our in-building growth opportunities among others.
With these potential risks, we believe our attention to our cost structure has already enabled us to do more with less. As John's financial review indicates, we have made progress in leveraging our underlying cost structure. Efficiencies in SG&A have more than offset our increased investment in R&D.
We must continue to develop our highly leveraged sales model, OEM and distributor channels. We believe that over time we will achieve a financial model with OpEx at 30% of revenue. It is our long-term goal to achieve a sustainable operating profit of 15%. We have been successful in achieving this model in two of the past four quarters, we are committed to this goal and we'll take appropriate action to manage our OpEx in response to slower growth.
On the sales front, we released four new antenna products and two new scanning receiver products during the third quarter. In addition to enhancing performance of our SeeGull EX platform, we released a new EX WiMAX scanning receiver that operates at the 3.5 gigahertz frequency band. This will enhance our ability to market our products in Europe and elsewhere.
With respect to our antenna product line, we continue to roll out our new Multi-band GPS Antenna that is compatible with the three major satellite services GPS, Galileo, and Glonass. We also released an integrated GPS timing antenna and receiver that substantially reduces costs for our customers. We continue to build upon our in-building presence with the introduction of a new 700-megahertz antenna for public safety applications.
Finally, we have made some promising inroads into defense applications, specifically ICOM in Iraq, with new wideband UHF mobile antennas. We have been very pleased with several developments in marketing and sales. Although as I will discuss later there is softness in the fully mobile WiMAX market, we're beginning to see reasonable results in the point-to-point and multi endpoint to multi-point WiMAX market.
We shipped 2500 WiMAX sector panels to a major OEM vendor during the quarter, and we are now sole source for several SKUs with another OEM vendor. During the quarter, we also received certification in Russia for our WiMAX antenna product line. We have also witnessed continued growth in Canopy antenna sales into Motorola, which is a proprietary precursor to WiMAX that has benefited from the slower WiMAX deployment.
We had four strong sales events in China. We received our first GPS timing antenna order from a major OEM for an application in China and our first significant CDMA scanning receiver order for deployment in China's CDMA networks. We also secured two new CLARIFY contracts in that country, directly from large carriers, and we sold our GPS antenna for a military application as well.
We continue to grow our presence in Latin America. During the third quarter, we secured our first CLARIFY contract in Chile, and our first scanning receiver order from Nextel International in Brazil. The latter reflects our decision to enter into a licensing agreement with Motorola a few years ago, and to meet the long-term international market requirement to support item-based networks with solid test and measurement tools.
John has already talked about guidance, but I just wanted to add a few comments. While we were pleased that we were able to grow revenue and gross profit margin for the third quarter, it has become clear that the market has softened for at least some of the reasons just discussed. Before I discuss the revenue guidance in more detail, let me briefly summarize these factors.
As we have already mentioned, we expect the business environment will be challenging. Indeed, in the WiMAX space, network operators who intended to offer data-only services have revised their business plans. It is clear that they need to offer a double play of voice and data to realize a reasonable return on their investment. We anticipated $2 million in the WiMAX antenna sales in the fourth quarter that will not materialize this year because of these delays.
We had also anticipated a small bump for our new WiMAX scanning receivers. These orders first moved out of the second quarter, then out of the third quarter, and we now no longer anticipate but now receiving them in 2008. We do, however, believe that we will capture this revenue in 2009. We also reported earlier that we have sold off the remaining antenna products from our Irish operation. While the revenue was small and of relatively low margin, we had some in the forecast for the second half of the year that we will not be able to replace in 2008.
These factors, along with a generally deteriorating economic environment, will result in lower fourth quarter revenue than we originally anticipated. As John indicated, we believe we'll generate between $17.5 million and $18.5 million in revenue in the fourth quarter. As a result, we anticipate revenues of $76 million to $77 million for the year.
We believe that we can achieve the 2009 revenue guidance that John discussed based on new technology deployments that will require our scanning receivers and the pressure on network engineers to squeeze more capacity out of the same infrastructure. We expect our scanning receiver business to grow no less than 10% on a year-over-year basis.
While we expect LMR and public safety business will be flat year-over-year in 2009, we expect 10% to 20% growth in our GPS product line and significant growth in our WiMAX sales, despite the slow rollout of the mobile application for WiMAX, I've already discussed.
Regionally, we still expect strong growth in China and South America. In total, we are forecasting a 3% to 5% growth in antenna revenue.
One area that you all have expressed interest in is our M&A activities. Perhaps some of you saw Jack Welch on CNBC's Morning Call program a few weeks ago. He pointed out that in times such as these you attempt to bury or buy your competitors.
Looking back we are pleased about several decisions that we have made that put us in a reasonably strong position to not only weather but to perhaps thrive in these challenging times.
You will recall that we divested our software group for approximately $64 million, a $62 million gain on our initial investment. You may also recall that we divested the remaining Sigma assets and realized an additional $9 million tax benefit that helped us protect this gain.
While we returned much of this money to the shareholders in the form of a 4 million share buyback for $34.2 million that was completed in October, and a $10.5 million special dividend, we have held on to that asset anticipating that we would soon be in a buyers market.
As of today, we have $75 million in cash and investments, $13 million of which is considered long-term and that John has already reviewed, and we believe that this asset will be extremely valuable to us in this recessionary market as the price of various assets in the industry continues to decline.
We believe that there are many strong candidates for acquisition, and that those targets have limited alternatives in the current environment. We are currently evaluating several of these target companies. Again we plan on making only neutral to accretive acquisitions, and we will focus on relatively small companies, $2 million to 15 million in revenue.
Based on our experience, we are best at integrating operations with those size characteristics. We believe that we have extremely good opportunities to invest a portion of the remaining $75 million.
Despite the current economic challenges, we met or exceeded our objectives for the third quarter. We are extremely pleased to report on our progress and delivering new products, penetrating new markets, and controlling our costs.
We continue to be shareholder focused. This past year, we declared a special dividend, maintained our gross margins during a period of significant cost increases, and continued to support our stock through stock buybacks. We believe that all of these actions have and will continue to lead to increase shareholder value.
While we need to acknowledge the severity of the current economic outlook and its potential impact on our business, we need to remind investors of the positive trends that we are seeing that will contribute to our growth longer-term.
These factors are, more businesses are converting their operations from wire to wireless networks. This is helpful to our antenna business, as enterprise solutions utilize VHF and UHF radio frequencies.
Again, demand for greater bandwidth over wireless networks also helps drive our business as does the wireless growth in developing economies. Our scanning receivers are being deployed in China and India.
Finally, we have a solid balance sheet with sufficient cash to fund working capital, take advantage of acquisition opportunities, and return value to shareholders where we feel it is appropriate.
That concludes my prepared comments and we'll now open the call to take your questions. We have set aside 30 minutes for this portion of the conference call. Jennifer?
Question-and-Answer Session
(Operator Instructions). We will take our first question from Michael Coady with B. Riley.
Michael Coady - B. Riley & Company, Inc.
Thanks. Good afternoon, Marty and John.
Marty Singer
Hi, Michael.
Michael Coady - B. Riley & Company, Inc.
Marty, could you describe the trend of order bookings in September and then through October? It seems as though we've heard pretty consistently that it was in the last two weeks of September that things fell off. However, different companies, different managements are saying that things actually stabilized after that, although the environment is still uncertain. How would you classify it just in general over the last couple of months?
Marty Singer
You're asking that question for both businesses; the antenna business or the scanning receiver business?
Michael Coady - B. Riley & Company, Inc.
I'll take all detail that you'll provide.
Marty Singer
Well, just by its nature, our scanning receiver business is very, very lumpy. We tend to get large orders from the OEMs, and the timing is never really the kind of timing that allows you get a lot of visibility or to give a clear view on backlog. And our third quarter in scanning receivers actually did not really slow down. It was at a more normal run rate.
You may recall in the last quarter we warned everybody that we had an unusually strong quarter for scanning receivers and there was a particular customer who wanted shipments in the second quarter that normally would have been in the third and even in the fourth quarter. So in terms of the scanners, we're running at about our normal run rate.
In the antenna business, I would say that what we've seen is some softness and what we traditionally refer to as our project business. We have large OEMs that have, let's say, a GPS project for fleet management or so on, and it's been difficult. Here's how we would describe the difficulty. The difficulty is in actively replacing new projects for some of the projects that are turning down. We are replacing them but at a slower rate than we have replaced them in the past.
I wouldn't describe it as a dramatic fall-off in the visibility of our orders but rather the speed with which we can replace the project business. The other answer I would give to you is that a couple of our distributors showed very strong order placement in the third quarter, but we've seen a couple distributors that seem to have a more general problem. I think there's consolidation going on there, and so we've seen a shifting around and a decrease in the volume of business coming from some of our traditional distributors.
I think also that the spike in costs that everybody experienced in the second and third quarter with transportation slowed down business. Independent of anything else you heard about business, liquidity factors and so on, people were placing premiums for freight and transportation. And I think that that people have so much to spend, and if they have to spend it on transportation, the number of units they order goes down. So those were the type of trends we saw, Michael.
Michael Coady - B. Riley & Company, Inc.
Okay. Thanks. I appreciate that level of detail. In terms of the M&A pipeline, you mentioned that you've been active there. Would you characterize anything, I obviously can't say too much, but some near-term opportunities? Are you waiting for price to reach a certain point?
Marty Singer
I don't think we're waiting for the price to reach at certain point. I think, in all these cases, we have pretty frank discussions. I think it's a matter of completing the due diligence.
Michael Coady - B. Riley & Company, Inc.
Okay. John, what do you expect share count to be in Q4?
John Schoen
Expect it to be about 18.5 million.
Michael Coady - B. Riley & Company, Inc.
Okay. Do you have a geographic breakdown of revenues in the third quarter?
John Shane
Typically that's something we do for the Q.
Michael Coady - B. Riley & Company, Inc.
Okay. Thanks for answering my questions. Good luck in the fourth quarter, and good job handling the economic environment.
John Shane
We will take our next question from Ken Muth with Robert Baird.
Marty Singer
Hi, Ken.
Ken Muth - Robert W. Baird
Hi. On guidance you seem to be talking about a low end of $80 million to $82 million, how confident are you? I know we don't have a ton of visibility, but do you feel that that's your low end, or is that still somewhat of an aggressive guidance?
John Schoen
The range contemplates that we see a first half slightly higher than the guidance that we gave for the fourth quarter. We gave a guidance of 17.5 to 18.5. We see the trend, at least in the first half, as the economy goes through its recessionary throws, to be in the $18 million to $19 million a quarter, which is slightly above where we're at today. These numbers contemplate that there are going to be some things that we see happening in the second half of next year. So I think we're pretty confident that $80 million is a low number.
Ken Muth - Robert W. Baird
Marty Singer
And the range, I think, was $80 million to $84 million.
Ken Muth - Robert W. Baird
He is quoting midpoint.
Marty Singer
Yes, midpoint, right.
Ken Muth - Robert W. Baird
And then it seems actually you've done a nice job, even at that lower number your gross margin guidance was 46 to 48. That still seems sufficiently high actually given that the revenues are a little bit lower. Are you doing anything there on additional cost savings, or how are you able to keep the margins at that level?
Marty Singer
One of the comments I made in my remarks, Ken, was that we are really pushing the leverage sales model. I think today we stand at 20 people in the field, and that includes everybody. Not too long ago, it was 25 and we had a whole group of manufacturers reps. Now that we brought Bob Suastegui in about a year and a half ago, and since that time, we've actually strengthened our sales and our sales expense has gone down, and you are going to see some positive results of that in the fourth quarter, full benefit of some of the actions we took in the third quarter.
Those will be rolled forward into next year. We are also going to be making some decisions, Ken, about the allocation of our sales dollars to different regions in the world, perhaps cutting back on some of the more expensive areas and reallocating a portion of those expenses to regions where we feel we can get a better return.
G&A continues to decline. John has done an outstanding job in reducing expenses in IT, in human resources, in treasury, in corporate governance and so on. I will mention that, as you know, I think this past year my salary was frozen. And as we evaluate what our expense structure is for 2009, I think it's quite likely that you will see salary reductions or salary freezes across the entire executive team, reaching down maybe to the top 20 people, so that we can avoid taking some harder losses within, let's say, the factory and we can hit our OpEx target.
I think as we've mentioned now at the last few conferences, and if you go on to our website, our longer-term goal was to get this consistent 45% to 48% gross margin, to get down to 30% operating expenses by 2011 and to become a consistent 15% to 16% operating profit company.
I think we're actually ahead of our schedule. In two out of the last four quarters we've been a 15% operating company. We've been able to keep our margins up above 45%, 46%, and I think by the beginning of 2010 you are going to start to see us at a 30% operating expense company. And that's our goal. Go ahead, John.
John Schoen
Specifically to your question on gross margin, yes, your math would be correct. The closer you get to the low end of the range, the lower you'd also be in the range of the gross margin percent.
Marty Singer
John Schoen
With respect to leveraging, 46% goes with 80, and 48% goes with 84.
Ken Muth - Robert W. Baird
Okay. And what about the tax rate quickly, John, for '09?
Marty Singer
16% to 18%.
John Schoen
Yes, 16% to 18%. We are going see a slight bump in that tax rate, and the reason is because I was able to, with the disposition of the remaining Sigma product lines, I have less goodwill tax deduction going forward, which I should get on my tax return. So, it's supposed to 16 point but I would model somewhere closer to 17, maybe 17.5, in that range is most likely.
Ken Muth - Robert W. Baird
Great, thank you.
John Schoen
(Operator Instructions). We will take our next question from Eric Kainer with ThinkEquity.
Eric Kainer - ThinkEquity
Thank you very much for taking may call, and congratulations on a very fine quarter.
Marty Singer
Thanks, Eric.
Eric Kainer - ThinkEquity
We all wish that we had a better environment as we were moving forward, but that's just not the reality of the situation. I wonder if you can talk more specifically, especially to the public sector spending, where you're selling a lot of your antennas. Both domestically and to the extent that you have overseas sales there, what might you be expecting or what might be implicit in your thinking as we roll that forward into 2009?
Marty Singer
Yes. I've been thinking quite a bit about this and trying to align our forecast with reality here, and on the downside, as you know, tax receipts are down, and tax receipts are used for building out public networks. On the other hand, there are not a lot of governors or mayors or other public officials when you look at the TSA or any other part of the Federal Government that has networks that are anxious to be in a position of not replacing antennas when they bend in the wind or not building out those networks that are central to public safety.
So I do anticipate, that the lack of tax receipts are going to mean fewer police cars that are deployed, fewer new fire engines, maybe a slower rate of growth, but that's sort of the blessing and the curse of Land Mobile Radio.
In a great year, it grows 8%, in a bad year it grows 3%. And so maybe a really bad year, it's flat. So I think if you look at half of our antenna business, it's 0 to 3% growth. And that's how we're viewing it. Now, the more promising aspect of that is that the same type of antenna is used for public safety are used in Land Mobile Radio networks, applied to enterprise, for example, SCADA, supervisory control and data acquisition and there is manufacturing operations.
Well, all of those networks are moving from wired to wireless and we'll see a benefit from that. Now, it could be the case that we are going to see some retrenching of spending plans. On the other hand, all of that spending is going to be on wireless and not on the wire. So if you're looking for a part of the market that might not be impacted quite as negatively as all this telecom, I would maintain that we would be in that part of the market that we're likely to see less of a dramatic downturn than other areas.
We're really exploring some interesting opportunities outside the US, in, military networks or the military entities of other countries. And I think that we have some good opportunities there that will be entirely new. So on the downside, Eric, you have tax receipts that are down, leading to less spending. We're not going to be immune to that.
On the enterprise side, for the LMR public safety type of antennas, you have difficulty in getting credit, people spending less, but on the positive side, these are the type of networks that still have go up, still have to be maintained, still have to be refreshed, and again, I don't know a lot of mayors and governors and other government officials that want to see the public safety network degrade.
I'll mention one other element here. I was just in Israel and I won't tell which you company, but there's a company already building base stations for the TV white spaces. As you know, the FCC has taken a pretty aggressive posture here and said all those white spaces at 700 meg can be used for a national public safety network.
And all the people who were complaining that we're in the microphone business or the speaker business, broadcasting within theaters for example, and they've said, it's a bad complaint that it might interfere with your microphones. But we still would like to see these networks used for public safety. Well, that's an entirely new network and I believe that those networks are going to be deployed and that would be very positive for our products.
Eric Kainer - ThinkEquity
You mentioned in your answer there SCADA which is always intriguing to me. How exposed are you to the oil and gas industry and might that provide potentially a little bit of surprise on the upside as we look into 2009?
Marty Singer
Well, that's a pretty good observation, and your question makes me think that I should have mentioned that in our prepared comments. As you know, we made the acquisition of the Bluewave product line back in April. And we're anticipating doing a little less than a million dollars a quarter, and we're actually doing a little better than that. And those are ruggedized jogging antennas that can be used for any number of purposes, but specifically are used quite widely in oil and gas industry.
And for the first time, PCTEL is now attending conferences and exhibitions in that space. And our product, the Bluewave product line has great brand recognition and now with the financial strength that we have, we see a lot more confidence in those buying these products. And I think we could see an upside in that area next year.
Eric Kainer - ThinkEquity
Okay. Thank you very much and good luck as we go forward.
Marty Singer
Thanks a lot, Eric.
We will go next to Brian Horey with Aurelian Management.
Brian Horey - Aurelian Management
Thanks for taking my question.
Marty Singer
Brian Horey - Aurelian Management
I wondered, if you could estimate for us what share of the growth for this upcoming year will come out of emerging markets?
Marty Singer
That's hard to say. The way I look at it is that, right now on the scanning receiver market, about 60% of our business, as best we can tell, is coming from outside the United States. But we have to rely on our OEMs to give us essentially point of sale information, which is something we only get update every six months or so. Of that, 60%, I would say about a third is coming from emerging markets, China, India, Eastern Europe, Russia, other parts of Asia.
Concerning antennas, I think it's safe to say that almost none of our sales comes from emerging markets. The bulk of our antenna sales, over 80%, are in the US and in South America. We have some antenna sales that are made outside of the United States, the other 20%. But once again it's difficult to tell you where those products end up. I'll give you an example. Right now, we're designing an embedded antenna for an OEM base station provider for the WiMAX technology in Israel.
That antenna is embedded and is shipped to some placed around the world. Now, some of those are likely to go to emerging economies, but we can't tell you exactly how many of those are being shipped there, but some are. But in terms of direct sales, the answer would be zero. And then there would be a percentage of our sales in WiMAX, where we're embedding our antennas that we're essentially leveraging an OEM to ship to other places.
Brian Horey - Aurelian Management
Okay. On the list of your worries for next year, there are a lot of different scenarios out there now for what might happen to the emerging markets; they're lagging us in terms of the downturn of the cycle, and things have gotten, depending on the market you're looking at, a lot more dislocated in the last few weeks. On that list of worries, where does a more pronounced downturn in growth in places like China and Russia and India; where does that rank on the list of things that keep you guys up at night?
Marty Singer
I would say, interestingly enough, that is maybe number 10 on my list of things to worry about. And I'll tell you why. If I look at the numbers that John has given you, I break my business almost mentally into a third, a third, and a third. A third for Land Mobile Radio antennas, a third for all other antennas, and a third for scanning receivers.
And if I look at Land Mobile Radio antennas, most of that business is right here in the US, some of it is elsewhere, but a very small amount. If I look at all my other third, WiMAX, WiFi, GPS, the type of business I have there were not terribly exposed to deployment.
We are in WiMAX, but if you look at the whole constellation of our sales, it's still a relatively small percentage. The type of antenna that we have that we'll get great margin for, like a GPS antenna, is used in timing applications or other cellular networks, usually not in emerging countries.
So the first third; LMR, not at all. For the second third; all the other antennas, not at all. Now if I go to scanning receivers, I would say I worry a little there, because some of the scanning receivers are finding their way into China and India, a little bit into Russia, but out of that amount, that $27 million, a third, just broad strokes, not a huge exposure. It's really an upside. Does that help you?
Brian Horey - Aurelian Management
Yeah. That's very helpful color. Thank you.
Marty Singer
We will take our final question from [Shou Wang with Lotus].
Marty Singer
Hi, Shou. It's been a while.
Shou Wang - Lotus
Hi, good afternoon. Thanks for taking my call.
Marty Singer
Shou Wang - Lotus
Do you have a head count number at the end of the September quarter?
Marty Singer
330 with contractors.
Shou Wang - Lotus
With contractors?
Marty Singer
By the way, the fastest growing area of headcount for us has been in Tianjin where we've picked up some of our own antenna projection. Now it's about 40 to 45 people, but 330, 335 with contractors, and our headcount is actually down slightly second quarter to third quarter.
Shou Wang - Lotus
It may be a little bit early. As you are going through the budgeting process, do you have a sense as to what that might be, say at the end of 2009?
Marty Singer
What I said is, I'm not anticipating right now layoffs, or reduction in staff. I think that we're going to be able to deliver what we need to deliver in terms of earnings and profit. Taking the actions that I discussed in my earlier comments, we continue to work on delivering a more highly leveraged sales model, better gross margin performance, and we plan to first tax those who can afford the tax in our company. John, I , and other executives, are looking at either a freeze or salary reduction, and then a broader freeze in some areas of our business.
And then as I said, continued focus on G&A expenses, continued focus on sales. So right now we're not anticipating dramatic actions there. We're certainly looking at it carefully, but we think we can achieve our model with the current budget that we're laying out.
Shou Wang - Lotus
On the interference detection patent issue, could you provide a little color on what you think the legal expenses associated with that, or is it not that large?
Marty Singer
Right now they are immaterial. And the first thing we're trying to do is to make sure that we're dealing with others who have legitimate patents. And we believe that in this particular case, the intellectual property that has been proposed is legitimate. We've been proven right the first time. All 13 claims were eliminated and we are very confident of our current appeal on a second patent. And after we have a correct understanding of the intellectual property strength of these industry participants, then we'll assess where we want to go with that.
But right now, asking for reexamination in front of the USPTO, is perhaps one of the most cost-effective things we can do in the IP world. It's not litigation, it's an administrative procedure.
John Schoen
And just to be clear, these are people that are using our intellectual property, not the other way around.
Shou Wang - Lotus
I understood.
Marty Singer
Yes. I think he knows what is in the press releases.
Shou Wang - Lotus
If I think about, if this goes the way you think it would go, could we see an increase on the G&A line for litigation expense around three or four quarters out?
Marty Singer
I wouldn't comment on that because, for two reasons. Let me just say I don't know, and the third, anything I would say in the conference call like this is going to be reviewed by parties on the other side, and I don't want to discuss what my actions are going to be at this time.
Shou Wang - Lotus
Thank you.
Marty Singer
Okay. Jennifer, are there any other questions in queue?
That was the final question.
Marty Singer
Okay. Well, I thank all of you for your participation in our call, and we look forward to discussing our results at our next earnings release call. Thank you.
Ladies and gentlemen, a replay of today's conference will be made available beginning at 8:15 PM Central Standard Time running through October 31, 2008, at 8:15 PM Central Standard Time. You may access the replay by dialing 719-457-0820, or toll-free 888-203-1112, and entering passcode 7490917.
This does conclude today's conference. We thank you for your participation. You may now disconnect.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
If you have any additional questions about our online transcripts, please contact us at: firstname.lastname@example.com. Thank you!


text:
This item from Alley Cat Lane Antiques and Collectibles is now in the Shop Backroom.
More from Alley Cat Lane Antiques and Collectibles
Jonathan & David Precious Moments 'Walking by Faith' figurine
This large porcelain figurine is of a young man pulling a cart with his young lady and all their household belongings, including the Holy Bible and a sign "Home Sweet Home." The figurine is marked Jonathan & David, "Walking by Faith", copyright 1979, Jonathan & David, Lic. Enesco Imports, E-3117.
Jonathan & David was the original company name when Enesco bought the rights from Sam Butcher and Bill Biel (Jonathan & David) to produce their greeting card art in three dimensional form. The line later became known as Precious Moments.
This retired figurine is incised with a treble clef mark and has a sticker stating Thailand. It is model number E-3117. The figurine measures about 7.5" tall and is 3.5" across the base. No damage, no box.
Trend Value is $109 according to the "Price Guide to Contemporary Collectibles and Limited Editions." I purchased a number of Precious Moments figurines at an estate auction, so I am passing on the savings to you.
If you were the pending buyer of this item, go to My Account to view, track and check payment for this item.
Alley Cat Lane Antiques and Collectibles
Carolyn Martin, Tallahassee, FL
Great collectibles, friendly service, careful packing and quick shipping. Purrfect!!

subset: commoncrawl


text: Casa de Grillos is a bit of a walk up from the Calafate bus station and main street (~15-20 minutes), closer to the Nimez Lagoon. Our room was basic and not luxurious, but roomy enough and comfortable. Mostly we enjoyed the very hospitable reception from Analia and her daughter, including celebrating New Year's 2014 with them over an excellent lamb... More


text: Obituaries 7-30-2014: Charlotte Smith Posted on July 30, 2014 by webmasterJuly 30, 2014 Charlotte Smith Charlotte Darlene Smith, 81, died Saturday July 19, 2014 in UK Medical Center in Kentucky. Burial was in Keller Cemetery in Lovington. Login or Subscribe to read the rest of this story. Share this:EmailFacebookTwitterGoogleTumblrReddit Related


text:
1 - 0 of 0
Did you mean?Try your search again
Can I get a bus from Malaga to Faro, know I will have to go via Seville
Sponsored Links
The small city of Cadiz right on the ocean is quite appealing and it's one of Spain's oldest settlements. Am not sure... more
I hope they still rent flats there. I went to Faro long ago. more
In Portugal young people start drinking alcohol very early. Most of them start hanging out in bars and drinking at... more
Sponsored Listings
VirtualTourist®© 1994-2016 VirtualTourist.com, Inc. All Rights Reserved.Back to Top
|All reports are strictly confidential. Please explain why you are reporting this:


text:
Electrical Engineering, MS
The headphones around your neck, the turn signal in your car, the web cam above your screen — each of these was made possible by an electrical engineer. In fact, all electronics devices receive the patient attention, the thoughtful design, and the creative input of electrical engineers.
As a student in the MS in Electrical Engineering program, you'll use what you've already learned about physics, chemistry, and mathematics to help redesign or introduce the products of tomorrow. Doing so puts our i2e philosophy — invention, innovation, and entrepreneurship — into action. We support this kind of initiative by providing top-flight laboratories — home to developments in microwaves, VLSI design, and robotics — as well as a faculty dedicated to advanced research.
The program will prepare you for a professional career as an entrepreneur, a practicing engineer in industry, business or government at an advanced level, or to pursue a PhD degree in electrical engineering. Three core courses, two 1-year sequences, and electives provide breadth and depth across a number of electrical engineering sub-disciplines. We also give our students the freedom to structure their curriculum. You can choose a concentration from a number of stimulating fields, including the following:
- computer engineering
- telecommunications and networking
- signal processing
- image and video processing
- systems and control
- electronics and VLSI
- fields and waves
- plasma and atmospheric physics
- power systems and energy conversion


text:
With Instructables you can share what you make with the world, and tap into an ever-growing community of creative experts.
Take one of the locker shelves, open it and position it where you would like it in your room. You can tape it down like I did with ...
Take your second locker shelf and align it with the top of the bottom shelf. Tape down the legs of the top shelf with the top of the ...
I hope you enjoyed this short and simple DIY, and I hope you decide to make it :) Thanks for reading this instructable!
DIY Hydroponic Growing Container Boxby Lim San
Carleyys Blog Round Up - September 20thby Carleyy
Easy Magnetic Locker Shelfby Renard_Bleu
Join 2 million + to receive instant DIY inspiration in your inbox.
Download our apps!
© 2016 Autodesk, Inc.


text:
Cool Wallpaper 2014Free
Awesome Cool Wallpaper 2014! Awesome Features: => Easy to use! => Suitable for any device! => Compatible with all Android versions from v1.6 onwards! => Intuitive and fast navigation through a beautiful gallery! => Save Wallpapers to Gallery! => Share wallpapers via Facebook, Twitter etc! => FREE! How to use: => Choose your awesome wallpaper! => Set as Wallpaper! Rate Cool Wallpaper 2014 5 stars in the Apps Market, so we can continue enhancing Cool Wallpaper 2014 and make more Wallpapers apps for you! Categories: Cool Wallpaper 2014, 3D, Abstract, Animal, Animals, Anime, Animes, Architecture, Architectures, Artistic, Artistics, Baby, Babies, Car, Cars, Color, Colors, Comedy, Humor, Humors, Cute, Cuter, Fantasy, Fantasies, Festival, Festivals, Flag, Flags, Food, Foods, Graffiti, Holiday, Holidays, Horoscope, Horoscopes, Insect, Insects, Landscape, Landscapes, Miscellaneous, Music, Nature, Pattern, Patterns, People, Plants, Plants, Quote, Quotes, Religion, Religions,
Downloads: 102+Report app for spam or abuse!
Wallpaper for Android
Recommended apps
Sea Wave 3D Live Wallpaper Free
Enjoy the beautiful sight of crystal clear sea waves lapping against the shore on your new phone!
Christmas Lights Wallpapers Free
A collection of festive Christmas lights images for Android wallpapers.
Lavender Field Live Wallpaper Free
Decorate your phone screen with stunning lavender flowers in lilac and blue colors!
Love Hearts 3D Live Wallpaper Free
With the Love Hearts 3D Live Wallpaper you will finally find your true love!


text:
remedio aldactone
ORDER Aldactone >>>> Click Here !<<<<
Click Image >>>>> >>>> Click Here <<<< ORDER Aldactone
how much is aldactone, , 25mg - 180 pills, El Salvador.
aldactone 100, , 25mg - 180 pills, Uganda.
aldactone hair loss, , 25mg - 30 pills, Angola.
buy cheap aldactone pills, , 25mg - 30 pills, Australia.
buy aldactone without rx, , 25mg - 360 pills, Latvia.
aldactone 25, , 25mg - 60 pills, Chile.
aldactone and pregnancy, , 25mg - 360 pills, Slovenia.
aldactone hair loss, , 25mg - 360 pills, Fiji.
medicamento aldactone, , 25mg - 360 pills, Hungary.
aldactone 100mg, , 25mg - 360 pills, New Zealand.
how much is aldactone, , 25mg - 90 pills, Germany.
buy cheap aldactone pills, , 25mg - 30 pills, Curacao.
remedio aldactone, , 25mg - 30 pills, Guatemala.
buy aldactone without rx, , 25mg - 180 pills, Latvia.
buy cheap aldactone pills, , 25mg - 30 pills, Paraguay.
If any of the following symptoms of overdose surface while enchanting spironolactone, contrive predicament avoid straight away:cialis online pharmacy australia cheap cialis no prescription Symptoms of overdoseBizarre heartbeatnervousness bactrim crema cheap effexor numbness or tingling in the hands, feet, or lips cheap viagra from pfizer avodart hair growth madcap with furnished room lesions or measly raised lesions on the crustreddened striponline prescriptions for cialis buy clomid online weakness or heaviness of the legsSome of the side effects that can manifest itself with spironolactone may not need medical attention. As your association adjusts to the medicine during treatment these side effects may fail away. Your health care proficient may also be expert to portray you to ways to bust or foil some of these side effects. If any of the following side effects be prolonged, are bothersome or if you drink any questions hither them, go b investigate with your salubrity circumspection proficient: psychology online degree cialis second dose of diflucan MetabolicOne of the most quarrelsome and quickest tests for hyperkalemia is the electrocardiogram (ECG), which generally speaking demonstrates out-and-out, "tented", or "peaked" T-waves, if not QRS widening. The in the first place line of treatment for hyperkalemia with ECG changes is intravenous calcium. A another stock psychotherapy is prompt treatment with intravenous glucose 20% to 50% and straight insulin 0.25 to 0.50 units for every gram of glucose given. Alleviate hyperkalemia can every so often be successfully treated with sodium polystyrene sulfonate trade resin.Results of a case-controlled look revealed that sensibility breakdown patients who originate hyperkalemia while receiving spironolactone (the brisk ingredient contained in Aldactone) look after to be older, fitting to clothed diabetes, take higher baseline potassium levels, and are receiving a beta-blocker. In this weigh, hyperkalemia requiring discontinuation of remedial programme occurred in 3.6% of patients and the kind of grave hyperkalemia (i.e., greater than 6.0 mEq/L) was 1.6%. In distinguish, another swotting reported that 24% of their heart breakdown patients developed hyperkalemia and 12% developed serious hyperkalemia while receiving spironolactone. Also, 31% of patients developed hyponatremia.is there a generic for celebrex celebrex uses buy celebrex cheap pill vioxx Hyperchloremic metabolic acidosis is associated with spironolactone therapy in patients with liver disease and/or iron-handed renal dysfunction.[Ref]Metabolic side effects celebrex class action lawsuit contain been the most tired side effects of spironolactone. Hyperkalemia has been reported in roughly 10% of patients, which has caused intermittent muscle paralysis and dying in rare cases. Hyperkalemia is expressly acceptable in patients with renal dysfunction. Hyponatremia has been reported in 12% of patients, and may be more conceivable in patients with liver disease due to the nonosmotic set of antidiuretic hormone (ADH). Electrolyte disturbances experience been reported postmarketing.[Ref]EndocrineEndocrinologic side effects have been rightful to the antiandrogenic properties of spironolactone (the strenuous ingredient contained in Aldactone) Five percent to 30% of male patients complained of gynecomastia, inefficacy or diminished libido. Female patients reported hirsutism, oligomenorrhea, amenorrhea, menorrhagia, and breast tenderness. These side effects appeared to be dose-related, and were more able during long-term therapy. Gynecomastia may be more suitable in some male patients with liver ailment due to the increased conversion of androgens to estrogens in ascetic liver disease.[Ref]Spironolactone interferes with 17-hydroxylase activity, buy celebrex drug which causes a cut down in testosterone synthesis. It also inhibits the intracellular binding of dihydrotestosterone to its receptor.Rare cases of uninitiated women with liver infection who developed menarche contrariwise after spironolactone was discontinued are reported. Since estradiol compounding is wholly dependent on testosterone mixture, spironolactone may basis pinnacle or secondary amenorrhea in adolescents.Renal attack celebrex heart celebrex dosage celebrex 200 Results of a case-controlled study evince that heart collapse patients who developed renal insufficiency while receiving spironolactone (the occupied ingredient contained in Aldactone) tended to have a modulate baseline committee weight, a higher baseline serum creatinine, required higher doses of eyelet diuretics, and were also suitable to be receiving a thiazide diuretic. In this think over, the incidence of renal insufficiency requiring discontinuation of psychoanalysis was 3.7%. In contrast, another memorize reported that 25% of their bravery also-ran patients developed renal insufficiency while receiving spironolactone.[Ref]How should this physic be used?Spironolactone comes as a memorial to shoplift by mouth. It usually is enchanted then or twice a day. To refrain from you reminisce over to crook spironolactone, take it wide the same epoch(s) every day. Take spironolactone at about the uniform circumstance(s) every day. Next the directions on your remedy docket carefully, and seek from your doctor or rather to resolve any be involved in you do not understand. Take spironolactone undeniably as directed. Do not interpret more or less of it or flee to it more often than prescribed by your doctor.celebrex generic names celebrex prescription mobic celebrex Your doctor may start you on a low amount of spironolactone and gradatim alumnae broaden your dose.Spironolactone controls celebrex taken off maximum blood oppression, edema, heartlessness failure, and hyperaldosteronism, but does not cure these conditions. It may call for encircling 2 weeks or longer up front the all-inclusive effect of spironolactone occurs. Go on with to get spironolactone in spite of if you caress well. Do not quit taking spironolactone without talking to your doctor.


text:
What is included with this book?
Winner of the American Library Association's W. Y. Boyd Award for Excellence in Military Fiction
Two mighty armies blunder toward each other, one led by confident, beloved Robert E. Lee and the other by dour George Meade. They'll meet in a Pennsylvania crossroads town where no one planned to fight.
In this sweeping, savagely realistic novel, the greatest battle ever fought on American soil explodes into life at Gettysburg. As generals squabble, staffs err. Tragedy unfolds for immigrants in blue and barefoot Rebels alike. The fate of our nation will be decided in a few square miles of fields.
Following a tough Confederate sergeant from the Blue Ridge, a bitter Irish survivor of the Great Famine, a German political refugee, and gun crews in blue and gray, Cain at Gettysburg is as grand in scale as its depictions of Civil War combat are unflinching.
For three days, battle rages. Through it all, James Longstreet is haunted by a vision of war that leads to a fateful feud with Robert E. Lee. Scheming Dan Sickles nearly destroys his own army. Gallant John Reynolds and obstreperous Win Hancock, fiery William Barksdale and dashing James Johnston Pettigrew, gallop toward their fates .
There are no marble statues on this battlefield, only men of flesh and blood, imperfect and courageous. From New York Times bestselling author and former U.S. Army officer Ralph Peters, Cain at Gettysburg is bound to become a classic of men at war.
RALPH PETERS, New York Times bestselling author of The War After Armageddon, is a retired U.S. Army officer; a controversial strategist and veteran of the intelligence world; a journalist who appears frequently in the broadcast media; and a lifelong traveler with experience in over seventy countries on six continents. Peters has studied the Battle of Gettysburg since childhood, when his parents took him on annual pilgrimages to that hallowed ground. Combining years of walking those fields and painstaking research with insight into the souls of generals and privates gleaned from his own military career, Ralph Peters tells this great American tale in a masterful style.


text:
NCAA (National Collegiate Athletic Association)
Baccalaureate Colleges--Liberal Arts: These institutions are primarily undergraduate colleges with major emphasis on baccalaureate programs. They award at least half of their baccalaureate degrees in liberal arts fields.
ROTC: Army Study abroad Teacher certification: Students can complete their preparation in certain areas of specialization Teacher certification: Approved by the state for initial certifcation or licensure of teachers
0615 S W Palatine Hill Rd, Portland, OR, 97219-7899
(503) 768-7000
The mission of Lewis & Clark College is to know the traditions of the liberal arts, to test their boundaries through ongoing exploration, and to hand on to successive generations the tools and discoveries of this quest. By these means the College pursues the aims of all liberal learning: to seek knowledge for its own sake and to prepare for civic leadership.
The College carries out this mission through undergraduate programs in the arts and sciences and postgraduate programs in the closely related professions of education, counseling, and law. The College mounts these programs as both separately valid and mutually supportive enterprises. In all its endeavors it seeks to be a community of scholars who are alive to inquiry, open to diversity, and disciplined to work in an interdependent world.
Private not-for-profit, 4-year or above
Bachelor's Master's First Professional
Academic/career counseling service Employment services for students Placement services for completers
Dual credit Advanced placement (AP) credits
Scholarships.com may have scholarship and grant opportunities in our online database for students attending Lewis & Clark College, whether offered by the school, a private organization or a local or national philanthropic entity. To discover any available opportunities, please conduct a free, college scholarship search.Scholarships.com can help you find Private Student Loans for most schools, and offers Student Loan Consolidation solutions for Lewis & Clark College. We can also assist you in your search for Federal PLUS Loans, Undergraduate Stafford Loans and Graduate Stafford Loans.
Share your thoughts and perhaps thousands of students will benefit from your unique insight on the subject!
Copyright © 1998 - 2016 Scholarships.com,
Scholarships.comTM All Rights Reserved
Scholarships.com, LLC, Publisher


text:
A global layoff that will claim thousands of IBM jobs continues the contraction of the technology heavyweight's campus in Rochester.
While IBM isn't saying how many of the latest cuts will come from the development and manufacturing plant, which dates back to 1956, the workforce there has steadily declined for the last 20 years.
"It's hard to tell for certain what is going on," said Thomas Misa, director of the University of Minnesota's computer industry history project, the Charles Babbage Institute. "Since 1993, IBM has shifted its corporate strategy and its corporate accounting to emphasize global services. It's tough to show profits for units like Rochester that have great track records in building hardware and software."
Now IBM Rochester, with its blue-colored buildings that emphasized the parent firm's nickname, Big Blue, is caught up in a worldwide layoff that could claim 6,000 to 8,000 jobs.
The world's largest computer-services provider began cutting U.S. jobs Wednesday as part of a global restructuring plan announced in April. The reduction targets employees with a range of seniority from rank-and-file staff to executives, a source told Bloomberg News.
So far, 1,600 jobs have been cut, including some in Rochester, according to a union group called Alliance@IBM, which is run by Communications Workers of America Local 1701 in Binghamton, N.Y.
"Some level of workforce remix is a constant requirement for our business," IBM said in a statement. "Given the competitive nature of our industry, we do not publicly discuss the details of staffing plans."
A blow to community
In Rochester, a city of 109,000, the latest layoff is still a blow, said Gary Smith, president of Rochester Area Economic Development Inc., and everyone seems to know someone whose family will be affected.
"It's not news we like to hear," said Smith.
But with the Mayo Clinic getting $400 million from the state to back its ambitious medical development plan, Smith believes the long-term effect on the economy may be minimal.
"It's bad news for people in the community," he said, "but there may be other opportunities for those workers to transition into something new, with [Mayo's] Destination Medical Center and other industry sectors growing."
Rochester and the southeastern Minnesota region have a diverse mix of industries, with lower unemployment than the rest of the state, said Brent Pearson, a state regional labor market analyst based in Mankato.
Unemployment in 2012 was 4.8 percent, close to prerecession levels, compared with the statewide average of 5.3 percent. With the Mayo Clinic headquartered in Rochester and other health care-related industries playing a supporting role, one in three jobs in the area are in the education and health care services fields, Pearson said.
"We're starting to look at recovery … but we're not back there yet," Pearson said.
For the past 15 years, IBM Rochester has been transforming from a manufacturing facility to one more focused on engineering, particularly in the health care and financial services areas.
The Rochester plant may be the only IBM facility with FDA certification, and the company has worked with the Mayo Clinic and some medical device firms.
IBM Rochester's employment peaked at 8,100 in 1991, but has since plummeted to an estimated 2,500. The exact count isn't known, as IBM quit giving out Rochester employment numbers five years ago.
Company officials didn't respond to requests Thursday by the Star Tribune for comment.
Tradition of innovation
The Rochester plant has a long history of innovation, such as the immensely successful AS/400 midrange computer that garnered the coveted Malcolm Baldrige National Quality Award, presented by President George H.W. Bush.
Besides the award, the AS/400 had enormous consequences for IBM's computer business. It was the result of a secret IBM Rochester effort, code-named the Silverlake Project, that turned IBM's computer business strategy on its head.
In the 1992 book "The Silverlake Project: Transformation at IBM," three project participants and their co-author describe how before AS/400, Rochester's market share of midrange computers plummeted. But rather than lay down and die, Rochester initiated the most radical cultural change in IBM's history, switching from a product-driven to a market-driven approach to doing business.
There have been more recent Rochester advances, such as helping build the Blue Gene supercomputer. In 2011, the latest version of Blue Gene, the "Watson" supercomputer, bested two human champions to win the "Jeopardy!" TV show — a challenge that required encyclopedic knowledge and split-second answers.
But that was only part of the story. Watson was designed to be the world's most efficient doctor's assistant — it listened to patients, asked a few questions and read 100 million pages of related medical material per second.
In March, however, IBM said it would move the bulk of its computer manufacturing from IBM Rochester to other IBM locations in Guadalajara, Mexico, and Poughkeepsie, N.Y., beginning this year.
IBM Rochester would retain only minor manufacturing responsibility, such as prototyping new products and final assembly of Blue Gene supercomputers.
StarTribune.com welcomes and encourages readers to comment and engage in substantive, mutually respectful exchanges over news topics. Commenters must follow our Terms of Use.
- Keep it civil and stay on topic.
- No profanity, vulgarity, racial slurs or personal attacks.
- Comments with web links are not permitted.
- Comments that violate the above will be removed. Repeat violators may lose their commenting privileges on StarTribune.com.
Comments will be reviewed before being published.
- 3M is building on success in appealing to millennial workers
- Minnesota loses 1,900 jobs in May, unemployment rate holds at 3.8%
- Lee Schafer: Cliffs' deal with steel giant looks like Essar's last loss
- MN to help train 405 workers at Fast Global Solutions
- Capella buys Hackbright Academy, firm that trains women in high tech, for $18 million


text:
Labor Search and Matching in Macroeconomics
The labor search and matching model plays a growing role in macroeconomic analysis. This paper provides a critical, selective survey of the literature. Four fundamental questions are explored: how are unemployment, job vacancies, and employment determined as equilibrium phenomena? What determines worker flows and transition rates from one labor market state to another? How are wages determined? What role do labor market dynamics play in explaining business cycles and growth? The survey describes the basic model, reviews its theoretical extensions, and discusses its empirical applications in macroeconomics. The model has developed against the background of difficulties with the use of the neoclassical, frictionless model of the labor market in macroeconomics. Its success includes the modelling of labor market outcomes as equilibrium phenomena, the reasonable fit of the data, and – when inserted into business cycle models – improved performance of more general macroeconomic models. At the same time, there is evidence against the Nash solution used for wage setting and an active debate as to the ability of the model to account for some of the cyclical facts.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
|65 pages
|Date of creation:
|Apr 2007
|Date of revision:
|Publication status:
|published in: European Economic Review, 2007, 51 (8), 1859-1895
|Contact details of provider:
| Postal: IZA, P.O. Box 7240, D-53072 Bonn, Germany
Phone: +49 228 3894 223
Fax: +49 228 3894 180
Web page: http://www.iza.org
|Order Information:
| Postal: IZA, Margard Ody, P.O. Box 7240, D-53072 Bonn, Germany
No references listed on IDEAS
You can help add them by filling out this form.
This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.
When requesting a correction, please mention this item's handle: RePEc:iza:izadps:dp2743. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mark Fallak)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.


text:
This is a must-have women printed scrub top from Cherokee Uniforms. It's a fashion scrub top that is innovative in style because of its hidden pockets which are spacious enough for you to keep all your important paraphernalia in and other items. It shapes the body with its soft and stretchy side panels in Black contrast knit that creates a slimming illusion when worn. It also features a v-neckline, short set-in sleeves, and front and back yoke for added shaping. Center back length is 25 inches and the fabric used for this scrub top is 100% cotton.
How to Measure: Determining the accurate size for your body is half the struggle. A perfect fit scrub does not only look smart and professional but also keeps you comfortable for thise long tiring days. Grab a measuring tape and get started. Make sure you grab the tape straight and snug not tight to your body.


text:
Perks of the Nonprofit World
By: McKennah Robinson, @kennmilli When looking for internships, narrowing down your choices often doesn't come until you have a solid list of places to apply to. The questions we all ask is 'What will be the most beneficial?' I'm willing to bet that most of us would say corporate or a PR agency. Not as many of us look at the world of nonprofits as being a great place for interns to go. But, there are many perks that can make saying 'yes' to a nonprofit worth your while. Perk #1: We generally don't know a whole lot about the non-profit … Continue reading Perks of the Nonprofit World


text:
We're sorry, but eCampus.com doesn't work properly without JavaScript.
Need help? Call 1-855-252-4222
by Rushing,Janice Hocker
by University of Salford;
by Temple, John
by Candal, Cara Stillings
by Kinsey, Alfred C.; Kinsey, Alfred; Institute for Sex Research
by Bowen, William G.; Bok, Derek C.; Bok, Derek Curtis
by Hargrove, Erwin C.
by Loevinger, Jane; Hy, Le Xuan
by Chidester, David
by Duderstadt, James J.
Need Help? Copyright © 1999-2016


text:
☗ Dining Room. If you just built a new house or revamped your dining room, you must be looking for dining room lighting and wondering how to choose dining room lighting that is perfect for the room and for you and your family. The two main things to
Latest Inspiration


text:
Gang of Eight: Never Have So Few Told So Many Lies
For three more weeks, the Senate Judiciary Committee will debate the Border Security, Economic Opportunity and Immigration Modernization Act, S. 744. During the 45 years I've studied Washington politics, including 25 years of editorializing on the dreary subject, I can say without hesitation that no more anti-American legislation has ever been introduced.
I've watched most of the committee's hearings and listened to its members as well as its supporters lie-sorry, no softer, politically correct synonym applies-about the bill's devastating consequences to Americans.
Most know the broad strokes. Eleven million aliens would immediately be granted provisional permanent residency and, eventually, the opportunity to apply for citizenship. With legal status secured, all eleven million will receive work authorization and compete in the labor market where 20 million Americans can't find a job or are under-employed. Even recent college graduates are mired in unemployment quicksand. According to the Bureau of Labor Statistics, from the 2011 class, 14 percent are unemployed. The so-called "Generation Jobless" is on the verge of becoming the "Generation Hopeless."
Since the committee shot down every enforcement amendment, continued waves of illegal immigration are assured. Since the 1986 Immigration Reform and Control Act and today, the U.S. illegal alien population quadrupled. If it increases at the same rate over the next quarter of a century, the U.S. would have a 44 million illegal immigrant population.
S. 744 also proposes to issue hundreds of thousands of worker visas that, in the bill's first decade, might mean as many as 33 million more low and high skilled immigrants flooding the already saturated market.
Among the bill's many hurtful features is the creation of a new visa, the "W." Under the "W" visa, 200,000 low-skilled workers would be allowed to work, have the right to petition for permanent residency and then citizenship. These visas would be used in the hospitality industry-hotels, restaurants and resorts. For long-term unemployed American minorities or high school drop outs that, given the opportunity, would be happy to wait tables or cook short order, the "W" makes their challenges greater.
Running neck and neck with the "W" visa for most audacious is a provision that would give employers a $3,000 tax credit to hire a newly legalized worker instead of an American citizen. Yes, you read that correctly!
The Gang's gall is boundless. Chuck Schumer, S. 744's sponsor, insists that despite adding millions of new workers, American wages will increase once the bill passes. On its face, Schumer's claim is ludicrous. But when you realize that Schumer sits on the Senate Finance Committee and must therefore know how to crunch numbers, the only conclusion is that-he's lying.
What's good for American workers, as the Gang knows, are tight labor markets. Nevertheless, the Senate legislation loosens labor markets, and will keep them slack for decades. That's not a bug in S. 744 but rather its raison d'être. S. 744 will legalize the formerly illegal, and will also hugely increase future immigration flows of both permanent and temporary workers: agriculture, restaurant technology and even ski instructors.
The labor market is subject to supply and demand laws. When supply is dramatically increased at a time when demand is already low, wages will fall steeply. No matter what the lying Gang says, the S. 744's intention is to cut wages to benefit the corporate sector at the expense of struggling Americans.
Also see,
Senate to Rush Immigration Bill Before Unsuspecting Americans Wake Up
Also see...
Even though my father, brother, uncles and grandfather were in the military, I seldom handled guns growing up. That's because unlike many of the other people in my family, I've...Read More
Joe Guzzardi
Related Articles
Your Mother Was Right About Unilateralism
When you were a kid, do you ever remember your mother asking you, "if your friends jumped off a bridge,
Our Congress Wobbles And It May Fall Down
Yesterday, I ran across an article in USA Today that should have created a firestorm of controversy. Apparently, Congress has
Putting A Pastor To Death For Being Christian?
Every decent person should speak out against this kind of behavior. An Iranian pastor who has refused to renounce his


text:
realmagick.com The shrine of knowledge.
Evelyn Waugh Novels
A selection of articles related to evelyn waugh novels.
Original articles from our library related to the Evelyn Waugh Novels. See Table of Contents for further available material (downloadable resources) on Evelyn Waugh Novels.
- Tarot Cards Overview
- Tarot is made up of four suites of regular playing cards, each having 14 pieces of cards. What distinguishes a deck of tarot cards from conventional playing cards is a single card called the Fool.
Divination >> Tarot Cards
- Hypnosis: A Selected Bibliography
- Index of bibliography sections Selected Periodicals (14 entries) Edited Overviews of General Theories of Hypnosis (5 entries) Specific Topics Related to Research into Hypnosis. General single-author overviews, non-special-state views, social andexperimental...
Parapsychology >> Hypnosis
Evelyn Waugh Novels is described in multiple online sources, as addition to our editors' articles, see section below for printable documents, Evelyn Waugh Novels books and related discussion.
Suggested News Resources
- Today's Evelyn Waugh would have had her novel Vile Bodies forced into pink
- When Evelyn Waugh was listed recently among Time magazine's top 100 female writers, it made me wonder how Evelyn's books would be reviewed and marketed if she had written them now. In 1928, Decline and Fall was lauded as a viciously funny social ...
- Evelyn Waugh: 'Time' Names Male Writer In List Of '100 Most Read Female Authors'
- Throughout his career, Evelyn Waugh wrote numerous articles, novels, short stories, and travel anthologies. However, he will always be remembered for his novel Brideshead Revisited, The Sacred & Profane Memories of Captain Charles Ryder which was ...
- At home with Deborah Devonshire and her set: photographs by Cecil Beaton
- The late Duchess's circle included everyone from Fred Astaire to Evelyn Waugh – and Cecil Beaton was on hand to capture them all. ... She goes on to recount, in delicious detail, a lunch with Beaton and her sister, the novelist Nancy Mitford.
- Evelyn Waugh's Brideshead Revisited to Premiere at UK's York Theatre Royal
- Evelyn Waugh's novel Brideshead Revisited is to be revisited for its first-ever large-scale stage production, adapted by playwright Bryony Lavery.
Great care has been taken to prepare the information on this page. Elements of the content come from factual and lexical knowledge databases, realmagick.com library and third-party sources. We appreciate your suggestions and comments on further improvements of the site.
Evelyn Waugh Novels Topics
Related searchesal-razi biography
big dipper
2004 south asian tsumani
marsupial herbivores
dream dictionary boss
claus von stauffenberg execution
vitality curve
Related books
About - Contact - Advertising
© 2000 - 2016 Realmagick.com, All Rights Reserved.
© 2000 - 2016 Realmagick.com, All Rights Reserved.


text:
realmagick.com The shrine of knowledge.
Neorealism Theory
A selection of articles related to neorealism theory.
Original articles from our library related to the Neorealism Theory. See Table of Contents for further available material (downloadable resources) on Neorealism Theory.
- Hyperspace Reality
- Despite the fact that the 'new' physics, a godchild of the Einsteinian revolution has taught us that the Universe we perceive is a mere shadow of a vastly more unpredictable one, most of us still view the world in a distinctly materialistic way. A world where...
Modern Science >> New Physics
- Bringing it Down to Earth: A Fractal Approach
- 'Clouds are not spheres, mountains are not cones, coastlines are not circles, and bark is not smooth, nor does lightning travel in a straight line.' B. Mandelbrot W e want to think about the future - it's our nature. Unlike other creatures, humans possess an...
Mystic Sciences >> Astrology
- What is hypnotic trance? Does it provide unusual physical or mental capacities?
- 2.1 'Trance;' descriptive or misleading? Most of the classical notions of hypnosis have long held that hypnosis was special in some way from other types of interpersonal communication and that an induction (preparatory process considered by some to be...
Parapsychology >> Hypnosis
- OBE, Understandability & Memory Download Problems
- The mind boggles at the potential complexities of interdimensional subtle-body relationships and energetic conflicts created during OBE; most especially during wake-induced OBE. Consider the memory compatibility problems that could arise between different...
Astral Projection >> Out of Body Experiences
- Question the Premises of Society and Science
- Question the ultimate validity of the basic premises of society, in particular, scientific theory. Do not accept concepts or statements as truthful simply due to weight of tradition or learned opinion. The synthesis of these statements is a healthy skepticism...
Religion & Philosophy >> Philosophy
- Hypnosis, volition, and mind control.
- 5.1. Is the hypnotist in control of me? The exact nature of what we experience as 'will' or volition is anage-old philosophical problem that has yet to be resolved by brain scientistsor psychologists. Some aspects of hypnotic responding point out weaknesses...
Parapsychology >> Hypnosis
Neorealism Theory is described in multiple online sources, as addition to our editors' articles, see section below for printable documents, Neorealism Theory books and related discussion.
Suggested News Resources
- Review: New films put spotlight on iconic actresses Maggie Smith and Ingrid
- It's suggested in the film that her entire life on camera was an attempt to please, delight and even seduce her dad (a psychologically plausible if unsettling theory). That initial ...
- LSE Lit Fest 2016 Book Review: The Silk Roads: A New History of the World by
- In achieving this non-Eurocentric end, Frankopan consistently rejects the novelty thesis of globalisation, a theory which claims that the process of meaningful cross-border interaction is a relatively modern development.
- Inside Miuccia Prada's Process
- The staff dutifully started compiling bar scenes from old neorealist movies. "Miuccia said, 'Wait a ... But by the mid-'70s, she was back safe in the family business, which she has said she hated in theory and adored in practice.
Great care has been taken to prepare the information on this page. Elements of the content come from factual and lexical knowledge databases, realmagick.com library and third-party sources. We appreciate your suggestions and comments on further improvements of the site.
Neorealism Theory Topics
Related searcheshobes
About - Contact - Advertising
© 2000 - 2016 Realmagick.com, All Rights Reserved.
© 2000 - 2016 Realmagick.com, All Rights Reserved.


text:
It all started Friday night after the big firework show at
"Two of our officers responded, contacted the residents there…" said Lt. Carl Merino with the Salt Lake City Police.
But these people are not your typical residents.
"Apparently, there are some gang members that live at that house. The incident went bad. The officers were confronted by 10-12 people, assaulting them," explained Merino.
The officers called for help. More policemen rushed in to assist them, but these gang members did not go down without a fight.
"The officer who was stabbed during the fight didn't realize he was stabbed," said Merino. "Another officer found the knife actually sticking out of his back below the vest," he said.
Two officers went straight to the hospital—one for knife wounds and the other for head and neck injuries.
"People at the scene that were involved in assaulting our officers were using their cell phones to record it, so we're going to be able to use those cell phones to show who was assaulting our officers," said Merino.Police were still investigating Saturday afternoon, but at least six people were already in custody. The two officers were released from the hospital Saturday morning.
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


text:
- 1 pound Maytag Blue Cheese, crumbled
- 1 cup toasted walnut pieces
- 1/4 cup heavy cream
- Salt
- Freshly ground white pepper
- 2 tablespoons olive oil
- 1 cup thinly sliced onions
- 1 cup julienne Granny Smith apples
- Rice wine vinegar, to taste
- 24 rounds of french bread (2 inches by 1/4 inch), toasted
In a food processor, fitted with a metal blade, combine the cheese, walnuts and cream. Puree until smooth. Season with salt and pepper.
In a small sauté pan, over medium heat, add the oil. When the oil is hot, add the onions and apples. Season with salt and pepper. Sauté until caramelized, about 6 to 8 minutes. Remove from the heat. Stir in the vinegar to taste and cool completely.
Spread a heaping spoonful of the cheese mixture over each toasted round of French bread. Garnish with a small pile of the apple-onion mixture and a sprinkling of parsley.
Yields: 24 servings
Similar Recipes
Arugula, Radicchio, Endive, Roasted Walnut and Maytag Blue Cheese Salad
Stack Salad Of Creole Tomatoes And Vidalia Onions With A Maytag Blue Cheese Dressing
Blue Cheese Polenta Cakes With Arugula, Caramelized Onions And Walnuts
Poached Pears Stuffed With Maytag Blue Cheese And Roasted Walnuts Wrapped In Puff Pastry With Port Wine Reduction Sauce
Savory Leek And Apple Wood Bacon Tartlets
Fresh Tuna and Butter-Lettuce Wraps with Crispy Wonton Threads, Shaved Jalapeno and Basil Oil
Brie En Croute With Caramel And Walnuts
Baby Arugula with Smithfield Ham, Maytag Blue Cheese and Fresh Fig Vinaigrette
Braised Green Beans with Pancetta and Caramelized Onions
Arugula And Prosciutto Salad With Pears, Blue Cheese And Pecans


text:
Isuzu Wreckers Christchurch aim is to supply you the Isuzu 4wd & trucks part that you require. If we do not have a quality used part in stock in our extensive warehouse then we will either find out who can supply you through our New Zealand network of Isuzu & 4WD wreckers or we will obtain a new part at our discounted prices.
Isuzu Wreckers Christchurch has a network of salvage yards throughout Canterbury who pay cash for unwanted Isuzu cars, 4WDs, wrecked, damaged, or just plain worn out old vehicles as well as trucks and SUVs. They don't have to be running for you to get good cash. Our tow drivers cover every corner of Canterbury – Removal is always reliable, fast & FREE.
|If you have to spend money on your Isuzu 4×4 it is important that you save money and that you don't spend your hard earned dollars on overpriced new parts, our used Isuzu parts are so much cheaper, and remember used Isuzu parts are also reliable Isuzu spares.Located in Hornby Christchurch, Isuzu Wreckers Christchurch supply quality used parts for Isuzu Bighorn, Isuzu MU, Isuzu Rodeo, Isuzu Dmax, Isuzu Trooper all years.Our used Isuzu parts and spares are good value for money, and most of our Isuzu parts are covered by our 1-month warranty.Isuzu Wreckers Christchurch can arrange to have our Isuzu parts and spares delivered any where in New Zealand.. we are able to quote you a price for your Isuzu parts delivered either to your door or your business.You are also more than welcome to ring our Hornby Wrecking Yard during business hours to collect your Isuzu parts directly from us.
One of our Isuzu Wreckers Christchurch towers will come to the location of your vehicle, pay you cash in hand and tow your vehicle free of charge to one of our salvage yards. Cash for Cars pay the most cash for cars in Christchurch and can usually remove the car that same day if you call before 6pm. The amount of cash Isuzu Wreckers Christchurch pay depends on the condition of the vehicle and whether or not we salvage, scrap or simply junk your car. Call Isuzu Truck Wreckers now for a quote, it takes less than 5 minutes, and sell your Isuzu car today.
**You do not have to be present at time of pickup – alternative payment arrangements can be made. Arrangements for Isuzu Wreckers Christchurch, missing keys, registrations and/or titles can usually be accommodated**
Cash for Broken Isuzu Vans Trucks & 4WDs in Christchurch & Canterbury wide.