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Quotes & Info
CHH > SEC Filings for CHH > Form 10-K on 28-Feb-2013 | All Recent SEC Filings |
Annual Report
The following Management's Discussion and Analysis ("MD&A") is intended to help the reader understand Choice Hotels International, Inc. and its subsidiaries (together the "Company"). MD&A is provided as a supplement to-and should be read in conjunction with-our consolidated financial statements and the accompanying notes.
We are a hotel franchisor with franchise agreements representing 6,243 hotels
open and 482 hotels under construction, awaiting conversion or approved for
development as of December 31, 2012, with 499,253 rooms and 38,969 rooms,
respectively, in 49 states, the District of Columbia and over 35 countries and
territories outside the United States. Our brand names include Comfort Inn,
Comfort Suites, Quality, Clarion, Ascend Collection, Sleep Inn, Econo Lodge,
Rodeway Inn, MainStay Suites, Suburban Extended Stay Hotel and Cambria Suites
(collectively, the "Choice brands").
The Company's domestic franchising operations are conducted through direct
franchising relationships while its international franchise operations are
conducted through a combination of direct franchising and master franchising
relationships. Master franchising relationships are governed by master
franchising agreements which generally provide the master franchisee with the
right to use our brands and sub-license the use of our brands in a specific
geographic region, usually for a fee.
Our business philosophy has been to conduct direct franchising in those
international markets where both franchising is an accepted business model and
we believe our brands can achieve significant distribution. We elect to enter
into master franchise agreements in those markets where direct franchising is
currently not a prevalent or viable business model. When entering into master
franchising relationships, we strive to select partners that have professional
hotel and asset management capabilities together with the financial capacity to
invest in building the Choice brands in their respective markets. Master
franchising relationships typically provide lower revenues to the Company as the
master franchisees are responsible for managing certain necessary services (such
as training, quality assurance, reservations and marketing) to support the
franchised hotels in the master franchise area and therefore retain a larger
percentage of the hotel franchise fees to cover their expenses. In certain
circumstances, the Company has and may continue to make equity investments in
our master franchisees.
As a result of our use of master franchising relationships and international
market conditions, revenues from international franchising operations comprised
8% and 9% of our total revenues in 2012 and 2011, respectively while
representing approximately 19% of our franchise system hotels open at both
December 31, 2012 and 2011. Therefore, our description of the franchise system
is primarily focused on the domestic operations.
The Company previously had a 40% equity interest in Choice Hospitality (India)
Ltd. ("CHN") which it accounted for under the equity method of accounting. On
January 8, 2010, the Company purchased the remaining 60% of CHN at which time it
became a wholly-owned subsidiary. The pro forma results of operations as if CHN
had been combined at the beginning of all periods presented, would not be
materially different from the Company's reported results for those periods. This
transaction enabled Choice to continue its strategy of more closely directing
the growth of our international franchise operations.
Our Company generates revenues, income and cash flows primarily from initial,
relicensing and continuing royalty fees attributable to our franchise
agreements. Revenues are also generated from qualified vendor arrangements,
hotel operations and other sources. The hotel industry is seasonal in nature.
For most hotels, demand is lower in December through March than during the
remainder of the year. Our principal source of revenues is franchise fees based
on the gross room revenues of our franchised properties. The Company's franchise
fee revenues and operating income reflect the industry's seasonality and
historically have been lower in the first quarter than in the second, third or
fourth quarters.
With a focus on hotel franchising instead of ownership, we benefit from the
economies of scale inherent in the franchising business. The fee and cost
structure of our business provides opportunities to improve operating results by
increasing the number of franchised hotel rooms and effective royalty rates of
our franchise contracts resulting in increased initial and relicensing fee
revenue; ongoing royalty fees and procurement services revenues. In addition,
our operating results can also be improved through our company-wide efforts
related to improving property level performance. At December 31, 2012, the
Company estimates, based on its current domestic portfolio of hotels under
franchise, that a 1% change in revenue per available room ("RevPAR") or rooms
under franchise would increase or decrease royalty revenues by approximately
$2.5 million and a 1 basis point change in the Company's effective royalty rate
would increase or decrease domestic royalties by approximately $0.6 million. In
addition to these revenues, we also collect marketing and reservation system
fees to support centralized marketing and reservation activities for the
franchise system. As a lodging franchisor, Choice currently has relatively low
capital expenditure requirements.
The principal factors that affect the Company's results are: the number and
relative mix of franchised hotel rooms in the various hotel lodging price
categories; growth in the number of hotel rooms under franchise; occupancy and
room rates achieved by the hotels under franchise; the effective royalty rate
achieved; the level of franchise sales and relicensing activity; and our ability
to manage costs. The number of rooms at franchised properties and occupancy and
room rates at those properties significantly affect the Company's results
because our fees are based upon room revenues at franchised hotels. The key
industry standard for measuring hotel-operating performance is RevPAR, which is
calculated by multiplying the percentage of occupied rooms by the average daily
room rate realized. Our variable overhead costs associated with franchise system
growth of our established brands have historically been less than incremental
royalty fees generated from new franchises. Accordingly, continued growth of our
franchise business should enable us to realize benefits from the operating
leverage in place and improve operating results.
We are required by our franchise agreements to use the marketing and reservation
system fees we collect for system-wide marketing and reservation activities.
These expenditures, which include advertising costs and costs to maintain our
central reservations system, help to enhance awareness and increase consumer
preference for our brands. Greater awareness and preference promotes long-term
growth in business delivery to our franchisees, which ultimately increases
franchise fees earned by the Company.
Our Company articulates its mission as a commitment to our franchisees'
profitability by providing our franchisees with hotel franchises that strive to
generate the highest return on investment of any hotel franchise. We have
developed an operating system dedicated to our franchisees' success that focuses
on delivering guests to our franchised hotels and reducing costs for our hotel
We believe that executing our strategic priorities creates value for our
shareholders. Our Company focuses on two key value drivers:
Profitable Growth. Our success is dependent on improving the performance of our
hotels, increasing our system size by selling additional hotel franchises,
effective royalty rate improvement and maintaining a disciplined cost structure.
We attempt to improve our franchisees' revenues and overall profitability by
providing a variety of products and services designed to increase business
delivery to and/or reduce operating and development costs for our franchisees.
These products and services include national marketing campaigns, a central
reservation system, property and yield management systems, quality assurance
standards and qualified vendor relationships. We believe that healthy brands,
which deliver a compelling return on investment for franchisees, will enable us
to sell additional hotel franchises and raise royalty rates. We have established
multiple brands that meet the needs of many types of guests, and can be
developed at various price points and applied to both new and existing hotels.
This ensures that we have brands suitable for creating growth in a variety of
market conditions. Improving the performance of the hotels under franchise,
growing the system through additional franchise sales and improving franchise
agreement pricing while maintaining a disciplined cost structure are the keys to
profitable growth.
Maximizing Financial Returns and Creating Value for Shareholders. Our capital
allocation decisions, including capital structure and uses of capital, are
intended to maximize our return on invested capital and create value for our
shareholders. We believe our strong and predictable cash flows create a strong
financial position that provides us a competitive advantage. Currently, our
business does not require significant capital to operate and grow. Therefore, we
can maintain a capital structure that generates high financial returns and use
our excess cash flow to increase returns to our shareholders.
Historically, we have returned value to our shareholders in two primary ways:
share repurchases and dividends. In 1998, we instituted a share repurchase
program which has generated substantial value for our shareholders. During the
year ended December 31, 2012, the Company purchased 0.5 million shares of its
common stock under the share repurchase program at an average price of $37.02
for a total cost of $19.9 million. Since the program's inception through
December 31, 2012, we have repurchased 45.3 million shares (including
33.0 million prior to the two-for-one stock split effected in October 2005) of
common stock at a total cost of $1.1 billion. Considering the effect of the
two-for-one stock split, the Company has repurchased 78.3 million shares at an
average price of $13.89 per share. We currently believe that our cash flows from
operations will support our ability to complete the current board of directors
repurchase authorization of approximately 1.4 million shares remaining as of
December 31, 2012. Upon completion of the current authorization, our board of
directors will evaluate the advisability of additional share repurchases.
The Company currently maintains the payment of a quarterly dividend on its
common shares outstanding of $0.185 per share, however the declaration of future
dividends are subject to the discretion of the board of directors. During the
year ended December 31, 2012, the Company's board of directors elected to pay
the four regular quarterly dividends as well as the regular quarterly dividend
initially scheduled to be paid in the first quarter of 2013. As a result, the
regular quarterly dividends paid during 2012 reflect five quarterly payments and
totaled approximately $53.4 million.
On July 26, 2012, the Company's board of directors declared a special cash
dividend in the amount of $10.41 per share or approximately $600.7 million in
the aggregate, which was paid on August 23, 2012. The special cash dividend was
paid with the proceeds from the Company's recent offering of the unsecured
senior notes in the principal amount of $400 million and our new senior secured
credit facility. The Company entered into a senior secured credit facility
consisting of a $200 million revolving credit tranche and a $150 million term
loan tranche, with a four year term. The Company utilized the proceeds from the
term loan as well as borrowings under the revolving credit tranche to fund in
part the special dividend. As a result of entering into the new senior credit
facility, the Company's previous $300 million senior unsecured revolving credit
facility was terminated.
We expect to continue to pay dividends in the future, subject to future business
performance, economic conditions, changes in income tax regulations and other
factors. Based on our present dividend rate and outstanding share count, we
expect that aggregate annual regular dividends for 2013, excluding the first
quarter payment which was paid to shareholders in December 2012, would be
approximately $32.1 million.
Our board of directors previously authorized us to enter into programs which
permit us to offer investment, financing and guaranty support to qualified
franchisees as well as acquire and resell real estate to incent franchise
development for certain brands in strategic markets. Recent market conditions
have resulted in an increase in opportunities to incentivize development under
these programs and as a result over the next several years, we expect to deploy
capital opportunistically pursuant to these programs to promote growth of our
emerging brands. The amount and timing of the investment in these programs will
be dependent on market and other conditions. Our current expectation is that our
annual investment in these programs will range from $20 million to $40 million.
Notwithstanding these programs, the Company expects to continue to return value
to its shareholders through a combination of share repurchases and dividends,
subject to business performance, economic conditions, changes in income tax
regulations and other factors.
We believe these value drivers, when properly implemented, will enhance our
profitability, maximize our financial returns and continue to generate value for
our shareholders. The ultimate measure of our success will be reflected in the
items below.
Results of Operation: Royalty fees, operating income, net income and diluted
earnings per share ("EPS") represent key measurements of these value drivers. In
2012, royalty fees revenue totaled approximately $260.8 million, a 6% increase
from 2011. Operating income totaled $193.1 million for the year ended
December 31, 2012, a 12% increase from 2011. Net income for the year ended
December 31, 2012 increased $10.3 million to $120.7 million and diluted EPS were
$2.07 compared to $1.85 for the year ended December 31, 2011. These measurements
will continue to be a key management focus in 2013 and beyond.
Refer to MD&A heading "Operations Review" for additional analysis of our
Liquidity and Capital Resources: Historically, the Company has generated
significant cash flows from operations. In 2012 and 2011, net cash provided by
operating activities was $161.0 million and $134.8 million, respectively. Since
our business does not currently require significant reinvestment of capital, we
typically utilize cash in ways that management believes provide the greatest
returns to our shareholders which include share repurchases and dividends.
However, we may determine to utilize cash for acquisitions and other investments
in the future. We believe the Company's cash flow from operations and available
financing capacity is sufficient to meet the expected future operating,
investing and financing needs of the business.
Refer to MD&A heading "Liquidity and Capital Resources" for additional analysis.
Inflation: Inflation has been moderate in recent years and has not had a
significant impact on our business.
Operations Review
Comparison of 2012 and 2011 Operating Results
The Company recorded net income of $120.7 million for the year ended
December 31, 2012, a $10.3 million or 9% increase from the year ended
December 31, 2011. The increase in net income for the year ended December 31,
2012 is primarily attributable to a $21.3 million or 12% increase in operating
income and a lower effective income tax rate than the prior year. Net income was
further increased by a $4.4 million decline in other (gains) and losses. The
decline in other (gains) and losses was due to a $2.0 million appreciation in
the fair value of investments held in the Company's non-qualified benefit plans
compared to a decline of $0.6 million in the fair value of these investments in
the prior year and a $1.8 million loss on assets held for sale incurred in the
prior year. These items were partially offset by a $14.3 million increase in
interest expense resulting from the issuance of debt to finance the Company's
$600.7 million special dividend paid on August 23, 2012 and a
$0.5 million loss on extinguishment of debt incurred as a result of refinancing the Company's $300 million revolving credit facility which was scheduled to mature in February 2016.
Summarized financial results for the years ended December 31, 2012 and 2011 are
as follows:
Royalty fees $ 260,782 $ 245,426 Initial franchise and relicensing fees 14,203 14,052 Procurement services 17,962 18,111 Marketing and reservation 384,784 349,036 Hotel operations 4,573 4,356 Other 9,205 7,812 Total revenues 691,509 638,793 OPERATING EXPENSES: Selling, general and administrative 101,852 106,404 Depreciation and amortization 8,226 8,024 Marketing and reservation 384,784 349,036 Hotel operations 3,505 3,466 Total operating expenses 498,367 466,930 Operating income 193,142 171,863 OTHER INCOME AND EXPENSES, NET: Interest expense 27,189 12,939 Interest income (1,540 ) (1,306 ) Loss on extinguishment of debt 526 - Other (gains) and losses (1,989 ) 2,442 Equity in net income of affiliates (212 ) (269 ) Other income and expenses, net 23,974 13,806 Income before income taxes 169,168 158,057 Income taxes 48,481 47,661 Net income $ 120,687 $ 110,396 Diluted earnings per share $ 2.07 $ 1.85 |
The Company utilizes certain measures such as adjusted net income, adjusted
diluted EPS, adjusted selling, general and administrative ("SG&A"), earnings
before interest, taxes and depreciation and amortization ("EBITDA"), adjusted
EBITDA and franchising revenues which do not conform to generally accepted
accounting principles accepted in the United States ("GAAP") when analyzing and
discussing its results with the investment community. This information should
not be considered as an alternative to any measure of performance as promulgated
under GAAP, such as net income, diluted EPS, SG&A, operating income and total
revenues. The Company's calculation of these measurements may be different from
the calculations used by other companies and therefore comparability may be
limited. We have included a reconciliation of these measures to the comparable
GAAP measurement below as well as our reasons for reporting these non-GAAP
Franchising Revenues: The Company utilizes franchising revenues, which exclude
marketing and reservation system revenues and hotel operations, rather than
total revenues when analyzing the performance of the business. Revenues from
marketing and reservation activities are excluded because the Company is
contractually required by its franchise agreements to use these revenues for
marketing and reservation activities; as such, no income or loss to the Company
is generated. Cumulative marketing and reservation system fees not expended are
recorded as a payable on the Company's financial statements and are carried over
to the next fiscal year and expended in accordance with the franchise
agreements. Cumulative marketing and reservation expenditures in excess of fees
collected for marketing and reservation activities are recorded as a receivable
on the Company's financial statements. Revenues from hotel operations are
excluded because they do not reflect the
most accurate measure of the Company's core franchising business. This non-GAAP measure is a commonly used measure of performance in our industry and facilitates comparisons between the Company and its competitors.
Calculation of Franchising Revenues Year Ended December 31, ($ amounts in thousands) 2012 2011 Total Revenues $ 691,509 $ 638,793 Less Adjustments: Marketing and reservation system revenues (384,784 ) (349,036 ) Hotel operations (4,573 ) (4,356 ) Franchising Revenues $ 302,152 $ 285,401 |
EBITDA: We also utilize EBITDA to analyze our results which reflects earnings
excluding the impact of interest expense, provision for income taxes,
depreciation and amortization. We consider EBITDA to be an indicator of
operating performance because we use it to measure our ability to service debt,
fund capital expenditures, and expand our business. We also use EBITDA, as do
analysts, lenders, investors and others, to evaluate companies because it
excludes certain items that can vary widely across different industries or among
companies within the same industry. For example, interest expense can be
dependent on a company's capital structure, debt levels and credit ratings.
Accordingly, the impact of interest expense on earnings can vary significantly
among companies. The tax positions of companies can also vary because of their
differing abilities to take advantage of tax benefits and because of the tax
policies of the jurisdictions in which they operate. As a result, effective tax
rates and provision for income taxes can vary considerably among companies.
EBITDA also excludes depreciation and amortization because companies utilize
productive assets of different ages and use different methods of both acquiring
and depreciating productive assets. These differences can result in considerable
variability in the relative costs of productive assets and the depreciation and
amortization expense among companies.
Adjusted Net Income, Adjusted Diluted EPS, Adjusted SG&A and Adjusted EBTIDA: We
also use adjusted SG&A and adjusted EBITDA which exclude employee termination
benefits and a loss on the settlement of a pension plan for the year ended
December 31, 2012 and employee termination benefits for the year ended
December 31, 2011. Adjusted net income and adjusted diluted EPS also exclude
these items as well as a loss on extinguishment of debt for the year ended
December 31, 2012 totaling $0.5 million and a loss on a parcel of land held for
sale during the year ended December 31, 2011 totaling $1.8 million. The loss on
settlement of the pension plan primarily consisted of the recognition of
previously unrecognized actuarial losses which had been recorded as a component
of the Company's accumulated other comprehensive loss on the Company's
consolidated balance sheets. The loss on extinguishment of debt during the year
ended December 31, 2012 was incurred in conjunction with the refinancing of the
Company's $300 million revolving credit facility, which was scheduled to mature
in February 2016. These items have been excluded since they do not reflect
on-going operations. The Company utilizes these non-GAAP measures to enable
investors to perform meaningful comparisons of past, present and future
operating results and as a means to emphasize the results of on-going
Calculation of EBITDA and Adjusted EBITDA Year Ended December 31, ($ amounts in thousands) 2012 2011 Net Income $ 120,687 $ 110,396 Income taxes 48,481 47,661 Interest expense 27,189 12,939 Interest income (1,540 ) (1,306 ) Loss on extinguishment of debt 526 - Other (gains) and losses (1,989 ) 2,442 Equity in net income of affiliates (212 ) (269 ) Depreciation and amortization 8,226 8,024 EBITDA 201,368 179,887 Adjustments: Employee termination benefits 491 4,444 Loss on settlement of pension plan 1,818 - Adjusted EBITDA $ 203,677 $ 184,331 Calculation of Adjusted SG&A Year Ended December 31, ($ amounts in thousands) 2012 2011 SG&A $ 101,852 $ 106,404 Adjustments: Employee termination benefits (491 ) (4,444 ) Loss on settlement of pension plan (1,818 ) - Adjusted SG&A $ 99,543 $ 101,960 |
Calculation of Adjusted Net Income and Adjusted Diluted EPS Year Ended December 31, (In thousands, except per share amounts) 2012 2011 Net Income $ 120,687 $ 110,396 Adjustments, net of tax: Employee termination benefits 312 2,813 Loss on settlement of pension plan 1,774 - Loss on extinguishment of debt 334 - Loss on land held for sale - 1,119 Adjusted Net Income $ 123,107 $ 114,328 Weighted average shares outstanding-diluted 58,265 59,525 Diluted EPS $ 2.07 $ 1.85 Adjustments: Employee termination benefits - 0.05 Loss on settlement of pension plan 0.03 - Loss on extinguishment of debt 0.01 - Loss on land held for sale - 0.02 Adjusted Diluted EPS $ 2.11 $ 1.92 |
The Company recorded adjusted net income of $123.1 million for the year ended . . .


text:
COLUMBIA — Last-minute studying is nothing new for high school students. But when Rock Bridge junior Jace Neville was cramming last week, it wasn't algebra or calculus. It was Xs and Os.
Rock Bridge football turns to pair of new offensive linemen
Friday, September 14, 2012 | 6:00 a.m. CDT
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subset: commoncrawl


text:
Agkistrodon piscivorus conanti
Behold! A juvenile Florida cottonmouth! Yes, yes, they *are* venomous snakes and yes, yes, they should be treated with extreme caution and respect -- but folks, you don't need to fear them. Just respect these snakes and keep your distance. Cottonmouths are simply trying to scratch out a living in a far-too-often harsh and indifferent world, just like the rest of us. They're not actually aggressive to people and they'd rather conserve their energy to stay alive than to chase you down. Cottonmouths aren't demons and they're not monsters. They're simply well-adapted animals doing their best to stay alive and to make little babies. This is in stark contrast to people, who often kill for no apparent reason whatsoever and are far too often consumed by irrational, manic fear. [jansonjones http://dusttracks.com]
Also, snakes aren't "slimy". Heh.
Lat: 29.17, Long: -81.18
Spotted on Apr 30, 2006
Submitted on Feb 24, 2012


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An adult 21 years or over must be present to sign for delivery of alcoholic beverages. Order tracking numbers will be emailed to you upon shipment, so you'll know when to expect delivery. We offer the following options for your convenience:
Ground: Delivery generally between 1 and 7 business days once the package leaves our warehouse.
3 Day: Delivery to businesses by 4:30 pm and to residences by 7:00 pm in 3 business days once the package leaves our warehouse.
2 Day: Delivery to businesses by 4:30 pm and to residences by 7:00 pm in 2 business days to most areas once the package leaves our warehouse.
Overnight p.m.: Next business day delivery by 3:00 pm to most U.S. addresses ( by 4:30 p.m. to rural areas) once the package leaves our warehouse.
Overnight a.m.: Next business day delivery by 10:30 am to most U.S. addresses once the package leaves our warehouse; Remote areas by noon, 4:30 pm or 5:00 pm; Saturdays by noon, 1:30 pm or 4:30 pm. In extreme heat, ice-packs will be added.
Note: Saturday delivery available to most locations. Please click to change "delivery method" and check the adjacent calendar to see if Saturday shipping is available.
To perform a search, enter a keyword, phrase or item number in the search field and click "search."
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Red wines that are more fruit-forward and lighter in tannin and body.
Medium bodied reds that go down easy, with smooth tannins and supple fruit.
Wines where earthy and/or spicy dominate the flavors – typically medium to full body.
Full bodied wines that have concentrated fruit and are higher in alcohol and/or tannins. Some need age.
Intense, dark ruby color with enticing aromas of ripe, black plums and black currants. The richly textured plum and currant flavors are joined by accents of dark chocolate and some vanilla-scented oak. The ripe, vibrant tannins give the wine beautiful structure and an amazingly long finish. This is a big wine for just a little money. Drink it now or over the next few years to enjoy the fruit flavors at their best. It will pair well with traditional Cabernet-friendly foods like grilled or roasted meats.
"Medium ruby-red. Aromas of cassis, licorice and dried herbs accented by a peppery element. Moderately sweet and nicely creamy in the mouth, with a saline complexity to the chewy plum and currant flavors. Very suave cabernet sauvignon for the price range, finishing with fine-grained tannins that reach the front teeth and lingering notes of currant, plum, flowers, spices and licorice. (A second sample, which I rated 88 points, was a bit more medicinal and showed a stronger herbal element that gave the finish a slight dryness.)" 89 Points International Wine Cellar
"The 2010 Cabernet Sauvignon contains 5% Malbec in its blend. It was aged for 9 months in seasoned French and American oak before bottling without fining or filtration. Notions of Asian spices, incense, violets, black currant, and blackberry set the stage for a slightly lean, savory, flavorful Cabernet meant for drinking over the next 3-4 years." 87 Points The Wine Advocate
After 22 years of winemaking, Susana Balbo has a strong sense of what she wants from her wines. From every harvest, she creates the grandest possible wines under her Susana Balbo label. To achieve this, she makes a rigorous selection of the finest barrels prior to making her final blends, dividing them into the parents (reserve level wines) and offspring or crios. Wines under...Read More About Crios de Susana Balbo
(ahr-jen-TEE-nah) Now fifth in the world for wine production, Argentina is catching up in the quality wine sector. A long time wine producer, Argentina used to make wine in order to drink it, not export it. And so the wines produced were quaffable and rustic and made for the local's everyday dinner. Yet it's hard not to get caught up in the wine market of the world and some...Read More About Argentina
(cab-uhr-NAY sow-veeh-yawn) King of Red Many refer to Cabernet Sauvignon as the king of red grapes. Perhaps that title is due to its ability to grow worldwide in a number of climates, or to the fact that it produces wine with such character yet such diversity. Either way, this grape is responsible, as a whole or a partner, for some of the greatest wines in the world. In Bordeaux,...Read More About Cabernet Sauvignon
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mooTwits 1.0
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text: Flown limited edition commemorative cover, 9.25 x 4, with a cachet honoring the X-15 rocket pilots, 247/1500, flown over Edwards Air Force Base by Joe Engle, signed in pencil by Bill Dana, Joe Engle, Scott Crossfield, and William 'Pete' Knight. In very fine condition. Pre-certified Steve Zarelli and RR Auction COA.


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New Survey Suggests Cultural Ambivalence to Allergies Leaves Many Suffering Needlessly
... . About Allergic Rhinitis Allergic rhinitis affects more than 50 million people in the ... seasonal and perennial. Seasonal allergic rhinitis (often referred to as "hay-fever") occurs ... grass and weed pollen. Perennial allergic rhinitis can occur throughout the year and is caused by ...New Data Shows Veramyst Effectively Treats Symptoms of Perennial Allergic Rhinitis
... ocular allergy symptoms of perennial allergic rhinitis (PAR) in patients 12 years of age and older, ... of symptoms of seasonal and perennial allergic rhinitis in adults and in children age two years and ... 12 years of age and older with perennial allergic rhinitis who were treated with Veramyst 110 mcg once daily ...Morria Biopharmaceuticals Plc Initiates Phase I Clinical Study of MRX-4 in Allergic Rhinitis
... scientific advisory board member. ABOUT ALLERGIC rhinitis Allergic rhinitis is a common condition that affects nearly 59 ... with a market of nearly $4 billion. Allergic rhinitis is characterized by inflammation of the nasal ...STALLERGENES: Oralair(R) Grasses Obtains a Pediatric MA(1) in Germany
... grass pollens, the allergen that causes rhinoconjunctivitis and allergic rhinitis in more than 50% of patients in Europe. With a safe and easy-to-use ... Nearly 15 to 20% of these patients suffer from moderate to severe allergic rhinitis and rhinoconjunctivitis, not controlled by their usual medical treatment. ...Circassia Initiates Further Phase II Clinical Study of Toleromune(R) Anti-Allergy Technology
... treatment, and will then complete a questionnaire to score their allergic rhinitis symptoms. This will allow investigators to evaluate the impact of the ... market opportunities. Over 150 million people suffer from allergic rhinitis in the US and Europe and the market for current treatments is ...Dynavax Presents New Analysis of TOLAMBA(TM) Data at ACAAI Meeting
... analysis of patients in the Midwest showed a correlation between higher rhinitis symptoms in the placebo group and measurable efficacy in the ... group overall did not demonstrate sufficient levels of ragweed allergic rhinitis and as a result, no meaningful clinical effect could be measured. ...Circassia Begins Phase II Clinical Trial With Ragweed Allergy Therapy
... benefits compared with existing therapies, and consequently have significant market opportunities. Over 150 million people suffer from allergic rhinitis in the US and Europe, and the current treatment market is approximately $12 billion per year. ToleroMune technology has additional potential ...Circassia's Allergy Therapy Begins Phase II Clinical Trial in Asthma Patients
... benefits compared with existing therapies, and consequently have significant market opportunities. Over 150 million people suffer from allergic rhinitis in the US and Europe, and the market for current treatments is approximately $12 billion per year. The prevalence of cat allergies is also high, with ...Circassia Achieves Successful Phase II Clinical Results With Toleromune(R) Anti-Allergy Technology
... benefits, Circassia's anti-allergy products would have significant market opportunities. Currently, over 150 million people suffer from allergic rhinitis in the US and Europe and the market for current treatments, despite their limitations, is approximately $12 billion per year. The prevalence ...ISTA Pharmaceuticals Announces New Phase III Clinical Findings to Support Bepreve NDA Filing
... the signs and symptoms of allergic conjunctivitis. Bepotastine was approved in Japan for use as a systemic drug in the treatment of allergic rhinitis and urticaria/pruritus in July 2000 and January 2002, respectively, and is marketed by Mitsubishi Tanabe Pharma Corporation (formerly Tanabe Seiyaku ...Study Says Allergy Shots Help Children, Reduce Health Care Costs
... reduces health care costs, even when the appropriate course of treatment is not completed. The study of 520 low-income Florida children with allergic rhinitis found that IT was associated with significant savings across all aspects of the health care system -- inpatient, outpatient and medication treatments ...Pacgen Announces Positive Results from Phase I/II Trial of Novel Antifungal Drug
... with cellular immune deficiency states, such as HIV and AIDS. Patients with xerostomia and those treated with inhaled corticosteroids for asthma or rhinitis are also at risk. Oropharyngeal candidiasis infection can cause great discomfort, and if not treated, can spread from the primary site of ...Inspire Announces Presentations at Two European Scientific Conferences
... Poster and brief oral presentation on Tuesday, June 12, 2007 -- Treatment with Bilastine Improves Symptoms in Patients with Seasonal Allergic rhinitis (Phase 3 Study Comparing the Efficacy and Safety of Once Daily Bilastine with Desloratadine and Placebo for the Treatment of Seasonal ...


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Patient Information(937) 440-4000
Patient Financial Services(937) 440-7807Monday-Friday, 8:00 am - 4:30 pm
Medical Records Department(937) 440-4650 or (937) 440-4651Monday-Friday, 8:00 am - 4:00 pm
3130 N. County Rd. 25-A Troy, OH 45373 (937) 440-4000
Sports Medicine Services Video
The Upper Valley Medical Center (UVMC) Center for Sports Medicine has been helping active individuals enhance their athletic performance for over two decades.
Click play to watch the video or read the transcript.


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Read our Riga city guide for information about eating out, things to do and much more.
View Riga Guide »The recently opened Riga Style Hostel is located in the very city centre close to the Railway station/Central Bus... More Info »
Voted best hostel Riga 2008. Mostly Private Rooms. Top notch kitchen. Large Lounge area Free Internet.Quiet sleeping... More Info »
Voted No.1 hostel in Latvia 2012, 2011, 2010 & 2009. Aussie owned backpackers in the heart of the old town. Only... More Info »
Ideally located in the historical and most beautiful area of Old Town Riga that even Bus 22 will take you all the way... More Info »
Your Riga home, cosy & cute. Good for safe play, very good for happy nap. Superbly located in the very heart of Old... More Info »
Located in Riga city center, Central Hostel offers relaxed ambient, free breakfast till midday, free shisha, book... More Info »
Fun, cheap comfortable! Right in a middle of old town, great staff and free breakfast for good start of your day.... More Info »
Dome Pearl Hostel building is the pearl of the Old Riga. It is an amazing Jugendstyle building just near the Dome... More Info »
The four-star Motel Autosole in Riga offers its guests a selection of exclusive modern rooms, which are designed... More Info »
Cinnamon Sally is a Backpackers Hostel. Featuring max 38 beds it's the right size for small groups and individual... More Info »
Welcome to Mr. Hostel! Our hostel is located in the center of Riga in the historical nouveau style building. We... More Info »
Small and cozy hotel&hostel for travellers that love special atmosphere. The original wooden building dates back to... More Info »
The price includes breakfast. You can choose between simple take-away breakfast at the venue or delicious Latvian... More Info »
Brand new hostel in the most central location in Riga - next to Town Hall square. Fresh interior, free Wi-Fi, new... More Info »
"Knights Court" is located in a quiet surroundings, close to Riga's city centre and it is housed in a building from... More Info »
Just opened in November 2013, fresh and brand new Wellton Centrum Hotel & Spa is located in the heart of Riga's Old... More Info »
Unimars Hotel Riga features modern accommodation and beauty treatments in its Unimarine Spa, with a visit included in... More Info »
A small and comfortable private hotel in the center of the city offers light and clean rooms of nice interior and the... More Info »
Riga is the capital of Latvia. The perfect place for both leisure and business trips. The new hostel "AltA HosteL"... More Info »
City Hotel Teater is an elegant 3* hotel in a classic 1905 Art Nouveau building on the outskirts of Riga centre.... More Info »
Video guides, travel podcasts, city maps & free city guides. What to eat, where to stay and things to do and see - our travel guides have it all.
Find a guide »One early morning, accompanied with a semi-hot cappuccino and croissant eaten like a true Roman - standing up and in a hurry - I was off on the Metro to the Vatican.
Read more »We offer the most comprehensive selection of hostels on the internet with over 35,000 great places to stay in 180 countries. The ultimate online resource for hostels everywhere.
Find great value hostels »


text: I know we lost to okie state on the road this week (who keep in mind knocked off ku in phog). And the game was one that we should have won (won't go into detail on my frustration), but we beat baylor to finish with a decent week. Did we really lose all of our votes in both polls because of another loss? I see other teams with 6 losses getting votes who in my opinion are nowhere near the caliber of this team that is a 6 loss team. I just hope by the end of the month the voters see how this team does deserve to be a top 30 team.


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Waratahs defeat Brumbies
Saturday April 24, 2010
The NSW Waratahs' second largest regular season crowd in Super Rugby history turned out at ANZ Stadium tonight to see the Tahs record a 19-12 victory over the Brumbies.
A crowd of 40,271 witnessed the important win, with captain Phil Waugh continuing his great form to be awarded Man of the Match in a game where NSW never trailed on the scoreboard.
A deluge 90 minutes before kick-off did nothing to help the handling of either team, with greasy conditions ensuring this local derby would be a typically hard-fought affair.
The Tahs took an early lead when a charge down soon after kick-off was followed by back-to-back penalties, the second of which Daniel Halangahu potted from in front.
Giteau missed a chance to even it up soon after, and Halangahu doubled the lead in the 17th minute after Steve Walsh marched the Brumbies 10m from a penalty to take bring the mark into kicking range.
Halangahu kicked a third penalty in the 24th minute before Giteau put the Brumbies on the board three minutes later.
The visitors were denied what looked to be a first phase try to Adam Ashley-Cooper in the 29th minute with the winger penalised for crawling to the line after he was ruled to be tackled. Territory remained in the Brumbies favour, however, and Giteau slotted a second penalty in the 32nd minute.
The Brumbies added another after the half-time siren, and on resumption had the opportunity to put the visitors in front for the first time but the attempt drifted wide. Halangahu then had an attempt of his own shortly after from 40m out, 5m in from touch and was successful in restoring a three-point lead to the home team.
A breakout from Kurtley Beale in the 49th minute saw the fullback kick ahead twice but Adam Ashley-Cooper raced from the far side of the field to win the race to the ball.
It was not long however before the Tahs were back on the attack, and after pushing the defensive line back for a few phases, Berrick Barnes kicked for space behind the line with Lachie Turner pulling the ball in just inside the touchline then improving the position to score under the posts. Halangahu's conversion – his fifth successful kick from as many attempts – opened up a 19-9 lead.
Giteau brought the margin back within a converted try with his fourth penalty of the night in the 62nd minute, however while both teams continued to enjoy periods of dominance in the final quarter the scorers weren't troubled again.
The victory moves the Tahs to within one competition point of the top four on 33 competition points, while the Brumbies earned a bonus point in the seven-point loss.
The Waratahs will travel to Invercargill on Wednesday ahead of Friday night's clash with the Highlanders.
2010 Rugby Super 14 Season - Round 11:
NSW Waratahs - 19
Tries: Lachie Turner
Conversions: Daniel Halangahu 1/1
Penalty Goals: Daniel Halangahu 4/4
Drop Goals: Nil
Brumbies - 12
Tries: Nil
Conversions: Nil
Penalty Goals: Matt Giteau 4/6
Drop Goals: Nil
Crowd: 40,271 @ ANZ Stadium, Sydney Olympic Park
Referee: Steve Walsh (AUS)
Half Time: 9-all
Man of the Match: Phil Waugh (Waratahs).
• Have a view on this story? Send us your feedback!
Brumbies band together for easy win
Wallabies win Cardiff thriller
Berisha strike seals Glory
No victory for Mariners or Melbourne
Turnbull completes tenure with Mariners
Cooper to play milestone 50th Test
Wallabies to tackle France in June series
Heat gain full strength Vettori
Melbourne Victory returns to Asian Champions League


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"Diverted Travels", the third ECM album by the pan-Scandinavian Magnetic North Orchestra, extends the radius of the work already documented on "Further" (recorded 1993) and "Kyanos" (recorded 2001) and confirms once again that Jon Balke is one of the most unique writer-arrangers in contemporary jazz. Diverted Travels features a radically revised line-up – only the leader and trumpeter Per Jorgensen remain from the original band, but the music, which continues to move in mysterious ways, with ever-arresting harmonic variety and textural differentiation, and a delicate equilibrium between the composed and the free, is unmistakably Balke's.
The eight members of Jon Balke's Magnetic North Orchestra include bass and two percussionists, but add trumpet, sax, two violins and Balke's keyboards, and there's an ensemble with a surely unique sound. Woodsy textures and the thrumming of palms and fingers on drumskins are blended with the sharp chatter of horns, the leader's needle-fine piano commentaries and a faint background burble of electronics. As the album's title suggests, the 14 pieces make up a fascinating journey.Richard Cook, BBC Music Magazine


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Product Type: Altec Lansing in PC Speakers
Newest Review: ... and admittedly the quality from these newer ones is slightly better than the Altec Lansing ones, but with 4 years worth of technology adv... more
Reliable sound
Altec Lansing inMotion Portable iPod Speakers
Member Name: NotMyToothbrush
Altec Lansing inMotion Portable iPod Speakers
Date: 14/01/13
Advantages: Small and compact, great sound quality for its size
Disadvantages: Plasticy feel
I was bought these speakers when I bought my iPod 4th Generation about 4 years ago. This set of speakers is still in my room and I still occasionally use them. Despite having them for a fairly long period of time and considering that speakers notoriously break or degrade in sound quality over year, I am very impressed with how the sound is as good as the day I got the speakers.
I do use other speakers now and admittedly the quality from these newer ones is slightly better than the Altec Lansing ones, but with 4 years worth of technology advances, I would expect them to be.
The build quality of the speakers is pretty good. it is solid enough fro me to take pretty much anywhere without fear of them breaking, however it does feel a little plasticy and cheap tot he touch. In my opinion the placticy feel is irrelevant as I only really care about the sound - they are speakers after all!
The bottom of the speakers is slightly rubberised to prevent slipping - I say slightly as it is not rubber, it isn't quite that good, but it does have some sort of material what does enhance the coefficient of friction between surfaces. It has prevented me smashing it to pieces on numerous occasions.
The main advantage of these speakers is the portability, the speakers, for their sound quality, are surprisingly small compact. This means that you can take it with you on long trips without it being hassle to pack into your bags. I used to frequently take it with me on trips to Wales (I live in England).
Summary: A great, cheap, set of speakers which excels in portability
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Items by Amy Whitcomb — 3 items
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Identifying 'killer trees' in Sequoia National Park
A forestry technician tries to keep visitors safe from hazardous dead trees.
by Amy Whitcomb, Aug 13, 2013 -
Killing for conservation in national parks
Getting weeds out of the national parks is an endless war that can never be won, but many Park Service employees are willing - and happy - warriors.
by Amy Whitcomb, Oct 16, 2011 -
Managing complexity
by Amy Whitcomb, Mar 31, 2008