text:
James Grant - Investor Relations
Douglas J. Treff - Executive Vice President, Chief Administrative Officer
Matthew E. Rubel - President, Chief Executive Officer, Director
Ullrich E. Porzig - Chief Financial Officer, Senior Vice President, Treasurer
Brian McGough - Morgan Stanley
Jeffrey Stein - Keybanc Capital Markets
Claire Gallacher - Caris & Company
Chris Basia - Susquehanna Financial Group
David Mann - Johnson Rice
Ben McKovac - Ribana Capital
Eric Erian - Deutsche Bank
Collective Brands Inc. (PSS) F3Q07 Earnings Call December 4, 2007 5:00 PM ET
Thank you for standing by, ladies and gentlemen and welcome to the Collective Brands third quarter earnings conference call. (Operator Instructions) With that, I would now like to turn the conference over to our host, Mr. James Grant. Please go ahead.
James Grant
Good afternoon and welcome to Collective Brands' conference call for the financial results in the third quarter of fiscal year 2007. I am James Grant, Director of Investor Relations. Our call today will begin with Doug Treff, Executive Vice President and Chief Administrative Officer, following by Matt Rubel, Chief Executive Officer and President. Also with us today for the question-and-answer portion of our call is Rick Porzig, Senior Vice President and Chief Financial Officer. After we complete our prepared remarks, Matt, Doug, and Rick will take your questions.
As mentioned in our earnings release earlier this afternoon, this is the first financial reporting period since the acquisition of Stride Rite. All comparisons and references to last year reflect comparisons and references to Payless ShoeSource only because Collective Brands did not own Stride Rite last year.
Today's remarks will contain non-GAAP financial measures. All these financial measures are non-GAAP because they exclude purchase accounting due to the acquisition of Stride Rite. These measures are net income, diluted earnings per share, gross margin, operating margin, and effective income tax rate.
Management believes that these measures will help you to better understand underlying performance trends in our business. For a reconciliation of these measures to their nearest GAAP measures, please see our press release that was issued earlier today.
Also, our remarks today contain forward-looking statements which are not historical facts and are subject to a number of risks and uncertainties. Actual results may differ materially. Please refer to today's press release for more information on risk factors and other factors that could impact forward-looking statements.
Now I would like to turn the call over to Doug.
Douglas J. Treff
Thank you, James and good afternoon, everyone. The third quarter was a significant one for the company. We closed on the acquisition of Stride Rite and simultaneously renamed the company Collective Brands to better reflect our vision and direction for the future. Our operating results indicated strength in the midst of a difficult business environment.
Collective Brands third quarter 2007 net earnings were $25.5 million, or $0.39 per diluted share, down 12% versus the third quarter of 2006. Excluding the impact of purchase accounting expenses related to the Stride Rite acquisition, net earnings for the third quarter of 2007 would have increased 15% to $33.3 million, or $0.51 per diluted share.
Additionally, third quarter 2007 net income was favorably impacted by a lower annual effective income tax rate, which I'll elaborate on in a few minutes.
Now, I'd like to talk you through the third quarter 2007 financial statements and explain the drivers behind these results.
Let's start with sales. Third quarter sales totaled $831 million, an increase of 18% over the third quarter of 2006 due to the addition of Stride Rite. Comparable store sales were down 3.5% for the third quarter of this year, which reflects the Payless division only.
Unseasonably warm weather and consumer behavior linked to today's economic environment unfavorably impacted our customers' purchasing patterns. This resulted in lower retail traffic and weak sales of boots at Payless stores, resulting in a unit sales decline of 5%.
Payless merchandise assortments were and continue to be in line with customer preferences, as evidenced by good performance in a number of departments other than boots. Payless experienced strong sales in women's casual and canvas footwear. Another favorable factor in the quarter was the 3% increase in average unit retail prices. We continued to take advantage of the pricing white space that exists in the marketplace.
Now on to gross margin. Our gross margin rate for the third quarter of 2007 was 32.2% versus 34.3% in the third quarter of 2006, a reduction of 210 basis points. The gross margin rate for the quarter, excluding purchase accounting, was 35.6%, an increase of 130 basis points over the same period last year.
The purchase accounting impact of the Stride Rite acquisition was $28.6 million in the third quarter, related to the flow through of inventory recorded at fair value and depreciation and amortization of certain other assets.
About 80 basis points of the 130 basis point gross margin increase was driven by the higher gross margin rate of Stride Rite. Approximately 50 basis points of this increase was driven by higher average unit retail prices and more direct sourcing of product in Payless. The rate increase was offset in part by higher product markdowns and occupancy costs.
Third quarter 2007 costs associated with Collective Brands' new distribution infrastructure net of freight savings were $4.3 million pretax, or $0.05 per diluted share. Our estimate on the DC initiatives earnings dilution for the full year of 2007 continues to be approximately $0.20 per diluted share. This investment is intended to increase in-stock positions, reduce replenishment times and costs, and improve scalability, flexibility, and stability.
SG&A -- SG&A as a percent of sales was 28.8% in Q3 2007 versus 28% in the prior year period, an increase of 80 basis points. Approximately 40 basis points of the increase was driven by $3.1 million of acquisition-related expenses. The remainder of the rate increase was driven primarily by lower comparable store sales ad higher advertising expenses, offset in part by lower incentive compensation.
The third quarter 2007 operating margin was 3.3%. Excluding purchase accounting, our operating margin was 6.8%, an increase of 50 basis points over last year's third quarter operating margin of 6.3%.
The higher Collective Brands' operating margin was driven by a 20 basis point increase in the Payless business unit and the acquisition of the higher margin Stride Rite business.
We had net interest expense of $15.2 million in the third quarter of 2007 versus net interest income of $800,000 in the same period last year. The change was due to the acquisitions of Stride Rite and collective licensing. As communicated on August 17, 2007, the company financed a portion of its acquisition of Stride Rite with a $725 million term loan at a variable rate of 8.3% at the time over seven years. On August 24th, the company entered into an interest swap arrangement for $540 million, which provides for a fixed interest of approximately 7.75%, portions of which mature on a series of dates over the next five years.
Income taxes -- the third quarter 2007 income tax benefit was $15.1 million compared to an expense of $13.3 million in the third quarter of 2006. The estimated annual effective income tax rate for full year 2007 is 16.7%.
As of the end of the second quarter of 2007, the company recorded income tax expense at an estimated annual effective tax rate of 32.8%. The lower annual effective tax rate at the third quarter of 2007 compared to that of the second quarter of 2007 was driven principally by lower anticipated annual pretax earnings in high tax jurisdictions, offset by higher pretax earnings estimates in relatively low tax jurisdictions.
Excluding the impact of purchase accounting, the full year 2007 effective income tax rate is expected to be 27.6%. The favorable impact of the reduction in the annual effective tax rate from 32.8% at the second quarter 2007 to 27.6% at the third quarter of 2007 is approximately $8 million less in income tax expense, or $0.12 per diluted share, which was recognized during the third quarter.
Of the $8 million decrease in tax expense, approximately $5 million, or $0.08 per share, relates to the first and second quarter catch-up impact of the effective tax rate and approximately $3 million, or $0.04 per share is due to the tax rate applied to third quarter pretax profit.
Minority interest represents the 40% share of earnings due to Payless joint venture partners in Latin America. Third quarter 2007 minority interest was $2 million compared to $1 million last year. The increase was due to stronger results in our Latin America business.
Now on the balance sheet -- we ended the third quarter of 2007 with $301 million in cash and short-term investments, compared to $472 million at the end of the third quarter of 2006.
Total debt increased to $926 million in the third quarter of 2007 from $203 million in the prior year period. Both the reduction in cash and the increase in debt were due primarily to the 2007 acquisitions of Stride Rite and Collective Licensing. This brought our net debt at the end of the third quarter 2007 to $625 million.
Total inventory was $476 million at the end of the third quarter of 2007, up $127 million compared to the same period last year, due primarily to the added inventory associated with the acquisition of Stride Rite.
Third quarter 2007 inventory of Payless was down $22 million, or 6% compared to last year, due to Payless no longer taking ownership of raw materials throughout the production process.
At the end of the third quarter of 2007, aged inventory at Payless was approximately flat on a unit basis compared to last year. Store inventory in Payless was down 6% per store on average.
Regarding fixed assets, our capital expenditures for the first nine months of fiscal 2007 totaled $128 million, up $39 million from the same period last year. The increase was due primarily to greater investments in the company's supply chain and Payless stores.
Regarding the Collective Brands' financial outlook, given the [recency] of the Stride Rite acquisition and its' relative impact on operating results, including the impact of purchase accounting, we are providing the following additional information to help investors better understand the value inherent in Collective Brands. We are taking this opportunity to provide quarterly guidance at this juncture only.
We anticipate the following for our fourth quarter of 2007; comparable store sales are expected to decrease in the mid single digits. Approximately two percentage points of this decline is related to the shift of one week due to the 53rd week last year. Total sales for Payless will include one less week for the quarter than in 2006. These sales from the 53rd week last year were approximately $36 million.
Gross margin is anticipated to be lower by 500 to 600 basis points. About one-third of the projected decrease is due to lower comparable stores sales and having one less week in the fourth quarter. The balance of the lower gross margin rate is due to purchase accounting expense related primarily to the flow-through of inventory recorded at fair value.
Purchase accounting is anticipated to be dilutive to pretax earnings by approximately $28 million, or $0.41 per diluted share. 2008 purchase accounting expense is anticipated to be approximately $20 million. The company anticipates about $8 million in the first quarter, driven largely by inventory step-up costs. By the end of the first quarter though, stepped up inventory acquired in the Stride Rite acquisition is expected to have flowed through the income statement entirely. Second, third, and fourth quarter purchase accounting is expected to be nearly $4 million in each period due to the depreciation and amortization of certain other assets, primarily customer relationships and trade names.
Excluding purchase accounting, the Stride Rite acquisition is expected to be accretive to earnings per share in 2008 as Stride Rite's operating earnings contribution, including synergies, is expected to exceed the incremental interest expense. Due to the impact of purchase accounting, the Stride Rite acquisition is not expected to be accretive to earnings per share in 2008 on a GAAP basis.
Excluding purchase accounting, the 2006 to 2009 compounded annual growth rate in operating profit is expected to be in the mid to upper teens, assuming a revenue growth rate in the low to mid single digits in 2008 and 2009.
Similarly, including purchase accounting, the 2006 to 2009 compounded annual growth rate and operating profit is expected to be in the low teens on a GAAP basis.
Capital expenditures are expected to total approximately $175 million and $150 million for 2007 and 2008 respectively.
For the next few minutes, I'll direct my comments to the Stride Rite acquisition. The combination of Payless, Collective Licensing, and Stride Rite into Collective Brands is beginning to take shape and we are seeing more clearly the benefits envisioned when we announced each of these acquisitions. Matt will talk further about the strategy and direction of Collective Brands and the future growth opportunities.
Right now, I'll spend the next few minutes addressing the cost synergies related to the Stride Rite integration and the progress we are making.
In the time since we completed the acquisition of Stride Rite, 11 teams of associates from both Stride Rite and Payless have continued their work on integration plans. The plans are designed to build a common Collective Brands approach where there is efficiency and profit advantages to doing so and maintaining distinctness and autonomy where it makes business sense.
The cost synergy opportunities are real and sizable. Let me provide some additional insight.
The most significant cost synergies will come from various supply chain initiatives. Here are some examples. We are consolidating footwear manufacturing into our core factories that are responsible for the largest share of our production. We expect to realize lower pricing and consistent quality by leveraging our key partners. We have combined the Payless and Stride Rite sourcing teams in Asia into a single Collective Brands group. This resulted in reduced staffing levels while streamlining operations. This work is already complete.
Additional cost synergies will be realized in operations and administrative functions. Some examples here include renegotiating insurance, consolidating treasury and cash management functions, leveraging additional volume to achieve freight rate reductions, and realizing joint procurement benefits.
We have moved to one common media buying resource for all of Collective Brands. This applies to print and broadcast, all of our media buying activity, and we have realized savings from eliminating the public company costs of Stride Rite.
As a result, we are slightly updating our guidance regarding our cost synergy expectations for the next three years. These savings figures are net of investments required to achieve the savings.
In 2008, we expect to achieve $5 million or more in pretax synergies over the base year of 2007. This is unchanged from our prior guidance. In 2009, we expect to achieve synergies of $15 million or more versus the base year of 2007. This represents $10 million more in synergies than in 2008.
In 2010, we anticipate synergies of $25 million to $30 million versus the base year of 2007; $10 million to $15 million of this will be incremental over 2009.
Let me explain the timing of the synergy realization, as the pace of savings is tied to managing the business prudently yet moving quickly in a number of areas. The 2008 savings are made up primarily of the elimination of public company costs, consolidation of freight shipments, sourcing raw materials in common, and tax benefits of the combined companies.
Due to the necessary lead times with our factories, previous commitments are already in place for the 2008 spring season footwear production. Therefore, we will be primarily affecting the fall 2008 season.
We are being prudent and deliberate about moving shoe production from one factory to another. We are starting out by changing factories on short production runs to ensure that quality and delivery is up to our expectations and that nothing is compromised in the change. We then intend to follow-up with larger production runs as factories are able to take on the additional volume.
Finally, over the next year we will be converting from Stride Rite contracts to lower cost Payless contracts for raw materials and shipping as the existing Stride Rite contracts expire.
Overall, the operating results generated by Stride Rite are building a stronger Collective Brands and will help fund additional future growth opportunities.
Now I will turn the call over to Matt.
Matthew E. Rubel
Thanks, Doug and it's great to have you on the team. Good afternoon, everyone. In this, our first quarter as Collective Brands, we are already starting to see the long-term benefits created by having a more diversified company. Our hybrid business model offers greater growth potential and flexibility. The acquisitions of Collective Licensing and the Stride Rite company give us multiple platforms to connect with consumers through retail, wholesale, licensing, and e-commerce. We are working to leverage this hybrid model to tap into significant domestic and international growth opportunities. Our 18% growth in top line for the third quarter is positive, even in the face of a challenged U.S. marketplace.
At Collective Brands Inc., our mission is to become the leader in bringing compelling lifestyle, performance and fashion brands for footwear and related accessories to consumers worldwide. Our strategy will have four strategic themes -- consumer connection, touch points, and insights; two, powerful brands; three, operational excellence; and four, growth, organic, synergistic, and acquired.
The financial outcomes from this mission are clear in our planning and should become clear to everyone over time. The model has higher margins, which generate better returns for our company and shareholders. We now have a diversified business that generates revenue and profits from multiple channels and platforms.
The model is less capital intensive, so we improve our return on invested capital. The hybrid model has greater liquidity, greater cash flow, and synergistic opportunities to deploy cash flow more effectively, both from an operating and a tax standpoint.
We have brought together three distinct and powerful business units to establish the unique company that Collective Brands represents. Each business alone has great strength, expertise and heritage. Yet together, we will be more than the sum of each company's individual strengths and together, we have the potential to build even greater market share across a wide spectrum of the footwear industry.
So let's go through our strategies and activities of our business to examine what we are doing to win. I'll start with our Stride Rite business unit. We are even more confident in the prospects for this acquisition today compared to when we first announced the deal. Overall for the third quarter, Stride Rite outperformed our financial expectations. This was due primarily to strength in this very top side or casual business for both men and women; solid growth and continued share gain with Saucony U.S.A.; and our European business, which saw strong sales in Saucony technical footwear and Keds due to new styles.
Other brands within the Stride Rite portfolio performed consistently within our expectations. Doug has already discussed the cost synergy part of the acquisition. Now I'd like to highlight some of the activities surrounding growth, which is what really delivers most of our operating profit projections. Each brand has certain strategies to drive its business around merchandising, channels of distribution, and marketing. And the financial benefits of these growth opportunities are expected to be realized, beginning in the first quarter of next year.
At the Stride Rite children's group, we are focused on building the pre-eminent prestige children's footwear company. The platforms we have currently are clear and strong. The Stride Rite brand is one where we will accelerate and innovate in performance and quality. All of this will be done in a fashionable and fun manner.
Examples of this have already been initiated with this year's launch of Super Ball and next year's introduction of Boogie Board. Robeez continues to grow and has shown promise in new product categories domestically as well as overall internationally.
Our own brands, Sperry, Saucony, and Keds, all show strong growth or potential in the Stride Rite stores, as well as at wholesale. The introduction of Saucony Kids has exceeded plan.
We would like to strengthen the age of reach to six to 10-year olds in our Stride Rite retail stores and with our wholesale accounts. We will do this in part with the introduction of Airwalk Skate in the second quarter.
Today, we are very pleased to announced a multi-year license for Jessica Simpson footwear for girls. This leading fashion brand will give us not only access to a great brand and personality but also the great talent at the Camuto group. We will also continue to evaluate a new children's retail concept.
Keds repositioning is stabilizing the brand in the U.S. and is beginning to show positive and material growth prospects internationally. We have a clear focus this spring on rebuilding the champion. Our deliveries this month of Hampton Sport with new comfort technology is showing strong retail momentum. We have upgraded materials and have shown continued growth in our prestige distribution.
We also launched a wedge package called Kedettes, which is a casual lifestyle collection. Keds will strengthen its distribution by focusing on the premier and mid-market channels, as well as its fast-growing international points of distribution and, like the other Stride Rite business units, Keds expects to improve operational efficiencies by leveraging the collective brand supply chain infrastructure.
Sperry Top-Sider has focused and will continue to focus on life in, on, and around the water -- get wet. Sperry Top-Sider is both our fastest growing and most profitable brand as a percentage of sales. One must congratulate the team at Sperry on a job well done. Growth is coming in all areas of the business -- men's, women's, casual, performance, and lifestyle product. It's particularly gratifying to see the growth in the third and fourth quarter driven by rugged and casual footwear. The brand is extending its women's footwear into dress casual, with a small package designed in collaboration with Collective Brands New York based design team. This will launch in the second quarter and be distributed in a select group of retail accounts, led by Nordstrom's.
We are working on upgrading the image of the brand so it can be marketed both on e-commerce and internationally this spring.
The Saucony brand has been loyal to the sport of running and it's really starting to pay off. With Saucony, we will continue to focus on creating and delivering the most innovative and stylish technical running footwear and growing share in the technical running channel beyond our number three market position.
The team at Saucony is just starting to hit its stride. In the third quarter, Runner's World magazine, the worldwide authority on running, awarded Saucony the international best innovation award for its revolutionary flexion plate, breakthrough technology that helps propel the runner forward.
New products with this technology, such as the Pro Grid Paramount and the Grid Sinister, have sold very well. The Saucony team will also bring to market more products in the future with the flexion plate technical design.
Now I'd like to continue with more remarks on the Payless business unit. Let's review the four components of the Payless strategy and the third quarter accomplishments, beginning with on-trend targeted product.
We were appropriately on-trend and targeted as evidenced by a good performance in back-to-school and in more trend sensitive departments, such as women's casuals. This season's trends, however, have so far been minor variations to last year's hotter trends, which, such as platform dress shoes and ballet flats. This made it difficult for us to anniversary last year's strong comp sales.
We also continue to be in sync with our customer base as measured by our latest attitude and usage survey. The most price sensitive consumer segment is still shopping Payless with generally the same frequency compared to last year.
Additionally, we have not observed a decline in our penetration of the price sensitive segment. We will still target and attract a diverse customer base at Payless stores and we will continue to get more clearly assorted segments across all price zones as we move into next year with compelling values based both on price and on quality.
Moving on to effective brand marketing, third quarter 2007 sales of Payless products were 49% branded versus 33% in the prior year. Our house brand strategy is working and justified as we continue to see significantly higher gross margin dollar productivity out of branded five-foot sections versus those sections that are house labels.
And branded programs continue to gain momentum. Dexter brand footwear is now in over 500 stores with a limited assortment. The Dexter line, for which we are the exclusive retailer, addresses the traditional and updated customer segment in both men's and women's. All stores are expected to carry Dexter brand footwear by the first quarter, when we hard launch the program with significant marketing support.
The spring rollout will include an expanded assortment of tailored to the lifestyle of the Dexter customer.
We are also driving effective brand marketing through customer relationship management and direct marketing efforts. Essentially, CRM, customer relationship management, uses our customer interactions to make even better interactions going forward. By the end of Q3, we had built a database of nearly 9 million customers, up from zero a year ago. With this data, we have executed targeted promotional campaigns and have learned more about where our customers live and shop. This knowledge will help us make real estate decisions.
We intend to build upon and continue using this new, cost-effective tool for marketing and intelligence.
Now on to our strategy component of creating a great shopping experience. During the third quarter, we enhanced our customer shopping experience at Payless in different ways. We continued improving our store environment and building the Payless brand image by adding 59 new Hot Zone stores and seven new Fashion Lab formats during the quarter. This brought us to a total of 392 Hot Zones and 22 Fashion Labs at quarter end.
Virtually all of our Payless store openings are in the Hot Zone format. We have reviewed the performance of our Hot Zone stores and believe that the initial stores we may have removed too much footwear capacity from the store. In those stores, we have added back capacity and seen the sales lift improve.
We have also recently re-engineered the costs of our new and relocated stores, making them more capital efficient compared to new and relocated stores than the first half of 2007.
And in 2008, we expect to substantially reduce store costs compared to this year. The combination of a more enticing design, lower CapEx, and better sales lift is a positive indicator for our plans to refresh the chains.
On the subject of customer satisfaction, for the third quarter of 2007 our CSAT scores were up 80 basis points versus the prior year. However, our customer conversion scores were down for the same period. We believe that this was principally driven by two factors -- reluctance on the part of the customer to buy in this economic environment, and two, a drop in conversion in the western part of the U.S. in the latter part of the quarter when some merchandise distribution issues emerged at our western DC. I'll elaborate on this momentarily.
Also regarding creating a great shopping experience, we have essentially completed our North American rollout of more technically advanced point of sale terminals and inventory scanning devices. We are also still on course to complete the rollout of our new labor scheduling system to all U.S. stores by the end of fiscal year 2007.
Next, I'd like to address our final Payless strategy component, efficient operations. Our new western distribution center continues to be up and running, supporting approximately 1,400 stores. Not surprisingly, we have run into some issues related to the throughput of volumes at levels we need. The issues have been primarily related to software and hardware startup.
Our team is working with its outside vendor partners to bring the DC up to full production. In the meantime, we've reduced the number of stores the western DC will support by about 400 units until all issues are fully resolved.
To mitigate the effect of these issues, some product has been routed through our Topeka distribution center for processing per our contingency plan. We still anticipate the same long-term benefits of our new DC infrastructure through improved speed to market, lower transportation costs, and less vulnerability to business interruption.
We are also supporting our efficient operation strategy by increasing the proportion of our products that are designed, developed, and sourced directly through our own internal sourcing capabilities.
Direct sourcing helps drive our merchandise margin rate. Approximately 65% of our product was sourced directly in the third quarter of 2007. This compares to 54% in the previous year.
While direct sourcing has room to grow, an important part of our business model is to bring creativity not just from internal resources but from external resources as well. We are committed to continuing to work with our network of core third party agents who can help us build our business over time.
As I finish my remarks about Payless, I'd like to discuss some of our international accomplishments at both Payless and Stride Rite. International sales account for approximately 15% of Collective Brands' total sales. Our distribution is diverse and getting more so.
At Payless, our business in Latin America is firing on all cylinders, as you probably recognized from our minority interest line in today's news release. Customers love our products and aspire to our brands. We are making an emotional connection with these customers and our financial results are proving it. Our success in Latin America is why we will continue to grow and have growth efforts that will open 10 stores in Colombia in less than a year.
We are very excited about it. We have a team working very hard to get the market launched and we're extremely confident in our ability to continue to drive shareholder value through business in Latin America.
As for international at Stride Rite, the big focus and big opportunity is building our infrastructure in Europe. During the third quarter, we completed the opening of a new headquarters and distribution center in The Netherlands, replacing an older operation with extremely limited capabilities. We are investing in all our brands in Europe. Until just recently, the focus was almost solely on Saucony, with minimal capabilities for other brands.
From our new offices, we will in time run all European operations, not just The Netherlands, including a new sales force, showrooms, and finance and support functions. Our own new infrastructure will enable us to be much more competitive in the European marketplace long term as we continue to sell through distributors and even more so grow our direct to retail business.
We've also moved management of our distributors to Europe from Lexington, Massachusetts.
Finally, Collective Licensing International continues to expand its licensing partner base with upcoming agreements that ensure the continued expansion and success of its brand portfolio on a global basis. In Q3, Collective Licensing International resolved ownership of its Airwalk marks in China. The assignment to Collective of these marks in China was not planned for and will allow Collective over time to introduce the Airwalk youth lifestyle brand to this fast-growing market. As such, this represents an additional long-term value creation opportunity.
We believe the financial implications of this business combination are very, very promising. Collective Brands was created in order to deliver long-term shareholder value and will do so by capitalizing on key industry growth trends, such as brands, the children market, and casual footwear. We possess several competitive advantages, including: one, channel diversification -- our hybrid operating model through our presence in retail, wholesale and licensing affords us multiple ways to grow to serve customers, to generate cash, and to do so in a capital efficient manner; two, the ability to address a broad range of price points and customer segments with the premium end and mass position products; three, market opportunities available as a result of a strong and growing portfolio of well-known brands; four, a highly efficient supply chain, all supported by significant scale and leverage; and five, the enhanced international growth opportunities.
We are clearly starting to show even in this challenging environment the strength of Collective Brands is powerful and diversified.
The concludes our prepared remarks and now I'll open it up for your questions.
Question-and-Answer Session
(Operator Instructions) Our first question is from the line of Brian McGough with Morgan Stanley. Your line is open, sir.
Brian McGough - Morgan Stanley
Great. Thanks a lot, guys. So things here really appear to be on track. I mean, so you've been investing in all areas of your business while others in the space have really under-invested. Now your investment rate appears to have peaked and is coming off. You've got higher AURs, a better demographic mix, so it seems like we should see a margin pop next year but I guess my question is, even if you guys are gaining share, it's clear that there's something going on out there that's just specific to the footwear space that's more than just a weakened consumer.
Matt, I mean, you've been in this business for a long time. What do you really think is going on out there, just on a macro level? And do you think that you can hit your long-term goals even if the footwear space doesn't improve meaningfully from where it is right now?
Matthew E. Rubel
I think we gave you some guidance in the fourth quarter, we see it as a pretty tough environment domestically going into the fourth quarter. We were also up against some very, very positive comps, so first of all, so that's why we're trying to level set things going into Q4.
But as we head into next year, the consumer is challenged. I mean, there are different opportunities for them to, you know, their purchasing, their discretionary funds on electronics. They've got gas and energy issues, food issues, other things that are going on.
We do have the RMB issue coming out of China, which there is an escalation in what's going on with that and the impact on the importation of price increases, so there are some very material and significant issues.
The footwear space does seem to have had some challenges more than other spaces and you know, businesses go through cycles and so how long those cycles last, they can last 12 months, they can last a little bit longer. But it's not really something that -- you know, I was out looking at -- I'm in New York today and was out looking at some of the things that people are showing for fall. Starting to see some pretty exciting product ideas come through and as soon we as generate that excitement of product, the customer will come back and I think there was a little bit of a pause there. That's the only thing that I can give you other than the base economic thing.
And it's a return to classics right now, which is one of the reasons why both Sperry and Saucony are really accelerating in what we're seeing with them.
Brian McGough - Morgan Stanley
Okay, great. I mean, it seems like regardless of what the trend might be, you've got a full arsenal of brands that you can essentially tackle anything that comes down the pike.
Matthew E. Rubel
Well, I mean that's the strategy that we have been trying to articulate with why we created Collective Brands, to create a diversification strategy. We'll still have some marketplace issues in the U.S. which we're still dominated by, so that's not going to be great in the fourth quarter but beyond that, we're looking into next year. We feel very good. Doug and Rick and the team and I were out at the Stride Rite group last week and spent a very, very strong quality, long session going through brand by brand, line by line and area by area and are headed back out there.
I think they are very well-organized. They've got some great things going and I don't wake up at night worrying about why I bought that company. I feel very, very good about that.
Brian McGough - Morgan Stanley
Great. Thanks a lot, guys.
Thank you. The next question is from the line of Jeff Stein with Keybanc Capital Markets. Your line is open, sir.
Jeffrey Stein - Keybanc Capital Markets
I have a couple of questions. First of all, I'm wondering if you could just break out for us the sales of Stride Rite only for the third quarter. Are you guys going to do segment reporting? And also talk about the condition of your boot inventory as you enter the fourth quarter.
Douglas J. Treff
I'll address the Stride Rite performance in the third quarter. In terms of the sales, if you were to look at the 11-week period during which we owned Stride Rite in the third quarter, we saw a sales increase of mid single digits on a comparable basis. Robeez was acquired and wasn't in the full period last year but what's more important to understand is that when you go down to operating profit, the operating profit in Stride Rite actually increased. And as a result, we saw an operating profit improvement that was double digit.
So that business is very strong, so it was led by the strength in Sperry Top-Sider in terms of sales growth and Saucony, but overall the business improved well. One additional fact I would touch on related to the retail sales in the Stride Rite children's group, it was down about 1.2% for the comparable time period. That's real impressive given the comps that we've seen in the rest of footwear during this timeframe.
Matthew E. Rubel
That's comp stores.
Douglas J. Treff
Comp stores, correct.
Matthew E. Rubel
Because overall, it was --
Jeffrey Stein - Keybanc Capital Markets
-- boot inventory?
Matthew E. Rubel
On boot inventory, if you would have talked to me 60 days ago, I would have probably told you a different picture than I'm telling you today, which is that we were very worried about boot inventories. I mean, as you can see, our inventories overall are very well-managed because we, starting back in July, saw some issues in demand and pulled back.
So as I sit here today with what's happened the last 30 days in boots -- I'm only speaking specifically to boots -- we do not foresee any material issues in our boot inventory. In fact, I wish I had some more casual boots.
Jeffrey Stein - Keybanc Capital Markets
Got it. And one real quick housekeeping question on purchase accounting; the $12 million per year, if you exclude what flows through cost of sales on the step-up in valuation on your inventory, how long with that $12 million run, for how many years? According to the 8-K, it looks to me like eight to ten years.
Matthew E. Rubel
Jeff, it actually gradually declines as it goes out in future years. It's related to the -- it's related to trade names, it's related to customer relationships and so that amount will gradually decline over a seven to ten year period.
Jeffrey Stein - Keybanc Capital Markets
Got it. Thanks.
Thank you. The next question is from the line of Claire Gallacher with Caris & Company.
Claire Gallacher - Caris & Company
Good afternoon. Could you provide maybe a little bit of color by segment within your Payless stores? You talked about the women's trend but if you could maybe touch on the men's and the juniors, how some of the new branded products like Hannah Montana are doing within the stores?
Matthew E. Rubel
Again, we don't break out specific brand performance but I will tell you that Hannah Montana, which we would characterize as a teen or a tween product versus junior, has been outstanding. We have had sell-through rates at or above our expectations and feel very good about that, as well as quite honestly all of our character businesses and you know, we announced over a year ago our DTR relationship, our direct-to-retail relationship, with Disney. That has turned out to be a win for them, a win for us. We have significantly increased our business there and are getting higher margins and delivering better value to the customer because of it.
In the junior category, we continue to see strength in Airwalk and in American Eagle product on an overall basis. More particularly in the casual areas and the dress areas have in -- whether it be in the updated or fashion segments or the junior segments, the dress areas have actually pulled back and are not that strong based on the fact that we did not see any material trends in those areas this fall.
So that is problematic and that is a challenge for us.
Claire Gallacher - Caris & Company
Okay, and then one follow-up; you talked a little bit, I guess this kind of goes with Brian's question earlier, you talked a little bit about traffic being down again in Q3. Are you seeing any kind of change versus Q1 and Q2? I know that traffic has been down for everybody but is there any kind of recovery going on or does it continue to just weaken from past quarters this year?
Matthew E. Rubel
No, I mean, we're in a challenged consumer economy right now and traffic has degraded. It degraded materially in the third quarter during the warm spell of the September/October time period. It came back slightly but the general economy at the consumer level in the mainstream is not vibrant.
Claire Gallacher - Caris & Company
Great. Thank you very much.
Thank you. The next question is from the line of Chris [Basia] with Susquehanna Financial Group.
Chris Basia - Susquehanna Financial Group
Good evening, everyone. A couple of questions; I guess first, I just want to clarify on the inventory position. It looks like it's up 36% year over year and sales were up 18% and I'm wondering if part of that is due to the fact that you didn't have the Stride Rite company for a full quarter and that's causing some of the slip between what's going on in the inventory position. And if there's any particular category, I know you had mentioned that inventories were down at the Payless organization but when you look at the fourth quarter and the gross margin fluctuations, is there anything within the product assortment that you might be a little bit heavy on that might be causing some of that gross margin degradation, just given the fact you've seen nice gross margin gains even in a difficult environment on initial products.
Douglas J. Treff
I'll respond to the inventory question. The inventory is up related to the acquisition of Stride Rite. In addition, the purchase accounting, the stepped up inventory valuation is reflected in that number as well, so there is still about $48 million of step-up left in that inventory.
Chris Basia - Susquehanna Financial Group
Okay, that's helpful. Okay, but there's nothing else within the product assortment, whether it's within Stride Rite itself that gives you any concern at all at this point, whether it's Keds or anything to that effect as you look to the fourth quarter?
Matthew E. Rubel
No, our inventories are well in line. The primary thing I think you have to do is look at purchase accounting and it's really a purchase accounting thing that overstates the inventories.
Chris Basia - Susquehanna Financial Group
Okay, that's helpful and then as you look to --
Matthew E. Rubel
Wait, let Doug clarify. We want to make sure we're precise with that.
Douglas J. Treff
I just want to clarify -- I told you $48 million. It's really $36 million; about $28 million in Q4 and then some more dollars, $8 million in Q1, $8 million to $10 million in Q1.
Chris Basia - Susquehanna Financial Group
Okay, but it's $36 million in Q3?
Douglas J. Treff
It's 28.6 -- it's 26 --
Ullrich E. Porzig
No, it's $25 million in inventory step-up in the third quarter. In total with Stride Rite, inventory was about $149 million, and as we said in the remarks earlier, that we also had reduction in raw materials inventories at Payless of about $21 million.
Chris Basia - Susquehanna Financial Group
Okay. All right. That's helpful. And then as you look to --
Ullrich E. Porzig
-- it was down about 6% at Payless.
Chris Basia - Susquehanna Financial Group
Okay, great. Okay. And then as you look to growth, I was looking in your press release and you talked about in 2008, 2009 you are looking for low to mid single digit revenue growth. Does that also include Stride Rite? I'm just trying to get an understanding because it looks like you are going to obviously benefit in the first half of '08 from layering in the Stride Rite organization. Is that so for the year, you're looking for low to mid single digit rate for the full year?
Matthew E. Rubel
Yes. We're looking for low to mid single digit growth, including both Stride Rite and Payless and Collective Licensing.
Chris Basia - Susquehanna Financial Group
Okay, for the year, so that continues to assume that the Payless organization grows at roughly -- still looking for a positive low single digit increase at Payless and --
Matthew E. Rubel
We're -- the answer is -- yeah. The answer is yes but we're planning it a little more conservatively next year than we had, so that's it. We only have a few more minutes, so I want to go on to the next caller.
Thank you. The next question is from the line of David Mann with Johnson Rice.
David Mann - Johnson Rice
Thank you. In terms of Stride Rite, can you talk about what the wholesale orders have looked like for the spring and whether you've seen, or what the customer reaction has been in general to the acquisition?
Matthew E. Rubel
What I'll tell you is they are up and they are on or above our financial expectations. We have not come to the conclusion on how we are going to break out future orders until we feel comfortable with understanding how they cycle through, because there's so many differences within each brand and it's not like reading futures from other companies that give you futures and wholesale backlog and things like that.
So net net, they are up and above expectations in our current review.
David Mann - Johnson Rice
So versus six months ago when you were buying the company, things have gotten worse in the macro but even with that, Stride Rite orders are looking better and the customer, you haven't really lost any customers because of channel conflict questions?
Matthew E. Rubel
I'm not sure what your macro comment is so I can't -- you know, if you're talking --
David Mann - Johnson Rice
Well, the macro, you've been talking about how things are tougher now so it's tougher for your customers as well.
Matthew E. Rubel
-- in the general economy, they are and therefore, we're facing the inertia of those headwinds so we don't have the wind behind us. The wind is in our face. But at Stride Rite, no, based on our modeling and based on our financial expectations, they are at or above in terms of spring order count.
David Mann - Johnson Rice
Great. And I think you did not mention Tommy Hilfiger at all. How should we think about that playing out going forward with that license coming up?
Matthew E. Rubel
Well, the license as you know is up at the end of next year. It's a short-term license. We expect to sell the Tommy Hilfiger licensed footwear at least through the end of that time. Whether it continues or not, the Tommy program will not have a material impact on our earnings going forward.
David Mann - Johnson Rice
Okay, and one last quick question, housekeeping; the acquisition related expenses, should we expect any of that in Q4?
Matthew E. Rubel
Yes, there will be some acquisition related expenses.
David Mann - Johnson Rice
And any kind of magnitude we should think about? As much as Q3 or --
Matthew E. Rubel
I don't think it will be significantly greater or I don't think it will -- it's in the same neighborhood.
David Mann - Johnson Rice
Very good. Thank you.
James Grant
Let's go on to the next question.
Sure. From the line of Ben [McKovac] with [Ribana] Capital.
Ben McKovac - Ribana Capital
Hey, guys. You have your CapEx guidance for '07 and '08 -- what percent of that is going to be maintenance versus growth?
Ullrich E. Porzig
Typically, a significant portion of our investment goes into stores and those are existing markets, so you could really say that virtually all of our new store and remodel capital investment is really maintenance investment.
If you really wanted to --
Ben McKovac - Ribana Capital
Well, '07 has some of the distribution center cost in it, right?
Ullrich E. Porzig
Yes, it does and so will '08.
Ben McKovac - Ribana Capital
So I guess netting that out, what could we look for?
Ullrich E. Porzig
It would be -- just a second. Let me look that up for you.
Ben McKovac - Ribana Capital
I guess in the meantime --
Ullrich E. Porzig
It would be in the $150 million range, excluding the supply chain.
Ben McKovac - Ribana Capital
Okay, and then your long-term guidance that you guys issued a few months back of operating profit between $326 million and $327 million in 2009, are you still on track for that?
Douglas J. Treff
The guidance that we provided today is consistent with that mid to -- with that compound annual growth rate in the low teens on a GAAP basis and in the mid to upper teens on a --
Matthew E. Rubel
There's no change to our guidance.
Ben McKovac - Ribana Capital
Okay, great. Nice quarter. Thanks.
Matthew E. Rubel
We'll take one or two more questions.
I have been told that there was no time for other questions. Did you want to go ahead and take one?
Matthew E. Rubel
We'll take one more.
Okay. From Eric [Erian] with Deutsche Bank. Please go ahead.
Eric Erian - Deutsche Bank
Just a quick question; what are your plans with the $300 million of cash you have right now and cash going forward? Any thoughts on a share repurchase at these levels?
Matthew E. Rubel
Well, the answer to that is that our covenants would allow us to purchase back stock at this level. As you can see, we have a healthy cash position. We have a very strong balance sheet and we have projected good cash flow, but -- and we have the ability to, should we desire, buy back stock.
But at this point, we're not making any calls on that, as we see what the general overall business environment is.
Eric Erian - Deutsche Bank
Okay. Thanks a lot.
Matthew E. Rubel
Thank you. I think that we'll end the call with that and as you can see with our new company, we believe that we have clearly started to show, even in a challenging environment, that the strength of Collective Brands is powerful and diversified and as we work through some of the challenges over the next quarter and we enter 2008, we believe that our prospects are very solid.
Thank you. Ladies and gentlemen, that does conclude your conference for today and today's conference will be available for replay after 7:30 p.m. Central this evening through January 18th. You may access the replay system at any time by dialing 800-475-6701 and entering the access code 893694. And again, that number is 800-475-6701, using the access code 893694.
Thank you for your participation and you my now disconnect.
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Edgewood Communities will host its second seminar in their Best of Times Series entitled "Preparing for the Big 'M' - Medicare 101." The community is invited to Warner Place, Aldren Avenue, on the Lutheran Campus, Wednesday at 6:30 p.m.
Janell Sluga, certified geriatric care manager for the Senior Life Matters program, will be the presenter. Reservations are not necessary.
The program will begin with the very basics of what Medicare is and how it works and then cover how to wade through all the information to determine what applies and what doesn't.
"People are barraged with information from Medicare and other sources," Mrs. Sluga said. "Some of it is legitimate and some of it isn't. The vocabulary can be very confusing and overwhelming. We'll cover these topics in the seminar."
She suggests that people begin learning about Medicare as early as the age of 60. The seminar will also be helpful for caregivers who are responsible for making Medicare decisions and who need guidance.
"Insurance can be intimidating and scary," Mrs. Sluga added. "There are so many options to choose from that if people don't know the best choice for their situation, it can have a huge financial impact."
Edgewood Communities is part of Lutheran Senior Housing and is located on the Lutheran Campus off Falconer Street in Jamestown. Units include one- and two-bedroom apartments, duplex homes and the new Smartment Building. For more information about the seminar or Lutheran Housing, call 720-9122 or log onto

subset: commoncrawl


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Despite a lean budget, the Delta City Council has agreed to provide financial support for Phase II of the Villas at the Bluff housing project. The city will provide $25,000 in 2014 and another $25,000 in 2015, which matches the city's $50,000 contribution to Phase I of the project in 2008.
Jo Rosenquist, executive director of the Delta Housing Authority, said Phase II consists of 32 apartments, most of which will be one- and two-bedroom units. Four buildings similar in appearance to those already on site will be built on the east end of the property at 15th and Bluff.
"While budget constraints are always at play, the anticipated tap and permit fees generated by this project would exceed $300,000 and would surely be a welcome income source for the city," Rosenquist wrote council members in late October. "So while we are asking for your support financially, we believe we can make the city's support affordable by the revenue we will generate. That does not even take into account the many local workers and subcontractors who will be put to work on this project and the sales tax dollars they will generate. This project is good for Delta!"
Delta Housing Authority was one of six applicants awarded tax credits for affordable workplace housing. The cost of construction is estimated at $6.5 million.
At the council meeting Rosenquist said there are already 37 families on the waiting list for the 32 units. Rent is tied to income and the ability to pay.
Phase I was completed in 2009 and is at 100% occupancy. In November 2012, a housing needs assessment revealed the need for a minimum of an additional 200 affordable housing units over the next five years.
"With that in mind, we determined the need was now here for Phase II of Villas at the Bluff," the letter from Delta Housing Authority explained. It was also signed by Cindy Warren, chair of DHA's board of commissioners.
Rosenquist told council members construction will begin in April 2014 and will be completed in 2015.
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Rihaan started his film career in Melbourne, Australia. In C31, he worked as an actor as well as production assistance. Consequently, he was invited to attend the workshop of Samuel Johnson<
I am a self taught visual artist. Some of my work includes abstract painting and drawings.I have been every since i can remember.Inspired by my mother being a seamstress and interior designer,and my father,being a painter.All of these things taught me color and visual techniques.I started to take
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The Way I See It!
I am an Ultra-Conservative, Alpha-Male, True Authentic Leader, Type "C" Personality, who is very active in my community; whether it is donating time, clothes or money for Project Concern or going to Common Council meetings and voicing my opinions. As a blogger, I intend to provide a different viewpoint "The way I see it!" on various world, national and local issues with a few helpful tips & tidbits sprinkled in.
Cudahy Common Council Approves 2014 Tax Levy @ 1.063%
Tonight (11-19-13) the Cudahy Common Council Approved the 2014 Tax Levy @ 1.063%
Public Hearing Tonight for the Cudahy 2014 Budget
Please come and give your thoughts on the 2014 City of Cudahy Budget tonight @ 7pm at City Hall.
Cudahy Public Hearing for 2014 Budget Tuesday November 19, 2013
Please come and give your thoughts on the 2014 City of Cudahy Budget 7pm Tuesday November 19, 2013 at City Hall.
Cudahy Finance Committee Sets 2014 Tax Levy @ 1.2%
Tonight the Cudahy Finance Committee set the 2014 Tax Levy at 1.2%
Guest Blog - 5 Ways for Making a Travel Trip in Your Budget
5 Ways for Making a Travel Trip in Your Budget
Question To Advocates
Dear people who are advocates (that is a soft fancy politically correct word for lobbyist) of budget cuts to education. Where were the outrages and the recalls here?
E-update From the Desk of Governor Scott Walker
Before I post Governor Walker's E-update I want to quickly answer this question I got in email.
High Featured Dems Support Paul Ryan's Budget
Bill Clinton Says He Likes Paul Ryan's Budget When He Thinks He's in Private.
The City of Cudahy Audit and Budget
Here is an email from a reader and I am hoping the City Accountant can shed some light on this since he reads the blog.
Supervisor Pat Jursik Votes Yes to Waste $65,000 Taxpayer's Dollars
County Board OKs Shakespeare program for youthful offenders
Second Look at the MJS Reporting On Wisconsin Jobs
I am sure many of you have read December 4, 2011 MJS article titled "State jobs figures carried an asterisk". If not please do.
WI Dept. of Justice to cut sexual assault victim grants by 42% thanks to the Doyle Deficit
Vapor Development - In the Hopper/In the Pipeline
Okay Cudahy residents I am just sick and tired of hearing that Cudahy development is "In the Hopper/In the Pipeline". That statement has been the moniker of the McCue administration and is now the Day administration. I don't SEE anything coming of it!
Did You Ever Read The Original Budget Repair Bill?
Here is the link to the original budget repair bill for those that wish to read it.
Plain & Simple - State Budget Misnomer
I have received a few emails from people about why not fix the state budget a few years from now.
Plain & Simple - Budget Deficit Fix Options
The State of Wisconsin has a budget deficit left by Jim Doyle, and that is a fact!
More on the Collective Bargaining Privilege
I think taking some of the power away from the public sector unions is a major part of Governor Walker's plan, has been from the get go. Whether it was directly stated or not doesn't really matter since Governors do many things that they NEVER said during the campaign trail time. It is silly to think otherwise.
Why Did The Scott Walker Repair Bill Need to Be Done Quickly?
There is a refinancing deadline of Friday February 25th (NOT the June 30th deadline) to allow time to refinance state bonds in order to save the money. If not serious cuts will additionally be made.
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Some reflections, observations, and ramblings
Cudahy 2010 City Budget Passes with a 1.679% Tax Levy Increase
Cudahy 2010 city budget passes at a 1.679% tax levy increase in a


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COLLEGE STATION, Texas- The 7th-ranked Texas A&M softball allowed two runs in the third and six in the fourth, all unearned, as it fell to the Houston Cougars 8-1 on Saturday afternoon in the winners' bracket of the NCAA College Station Regional.
With the loss, the Aggies (41-11) will face the winner of the Sam Houston/Louisiana-Lafayette in an elimination game at 5:30 p.m. Houston (44-16) will advance to Sunday's regional championship game at 1 p.m.
A&M's game will be broadcast locally on SportsRadio 1150 The Zone.
"Well obviously it was a disappointing loss for us," A&M head coach Jo Evans said. "We went into the game feeling good about ourselves and it's disappointing in terms of our defensive miscues because when you give up eight unearned runs it's pretty hard to win a ballgame. Our defense has been so solid for us pretty much all year so it's a little surprising for us not to take care of the ball."
Amanda Scarborough (22-8) started the game for A&M and worked three and two-third innings. All eight of Houston's runs came with Scarborough on the mound, but none were earned as two Aggie fielding errors kept the Cougar at-bats alive. The junior from Magnolia, Texas struck out five while walking three.
Senior Laura Durham highlighted the scoring for Houston, belting a two-out grand slam over the right field wall in the fourth. After Angel Shamblin flied out to start the inning and Courtney Spittler struck out, an over throw to first by Scarborough opened the door for Houston to draw a walk and record three hits before the Durham home run.
The Aggies only run of the game came in the third as Sharonda McDonald began the inning with a triple into the right-centerfield gap. The speedster came home on a single by Jamie Hinshaw that scooted into left field.
McDonald ended the game going 2-for-3 at the plate with a run scored and her 33rd stolen base of the season.
"I thought early on we had some really good at-bats," Evans said. "We set the table for ourselves. Sharonda stepped up and got the big triple and then Hinshaw gets an RBI. We're feeling good about ourselves going into that. It was unfortunate that we didn't take care of business in the top of the fourth inning and then after that I felt like the wind went out of our sails and we didn't have the same kind of at-bats we'd had the first three innings."
Megan Gibson finished the game in the circle for the Aggies. She worked three and one-thirds inning allowing just one hit. Gibson walked two and struck out two.
Shamblin (31-7) recorded her first win against the Aggies in four appearances. The junior from Davie, Fla. worked seven complete, surrendering five hits and two walks. She struck out six A&M hitters.
Houston............. 002 600 0 - 8 9 0
Texas A&M........... 001 000 0 - 1 5 2
E - Scarborough(4); Davis(10). DP - HOU 1. LOB - HOU 7; A&M 5. 2B - Morrow(10). 3B - McDonald(1). HR - Durham La.(10). SH -
Grote(12); Raley(13); Wagner(8). SB - Grote(4); H. Valis(4); McDonald(33); Hinshaw(24); Scarborough(2).
Win - Shamblin (31-7). Loss - Scarborough (22-8).


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Release Date: 2009 | Tracklist
streaaaaam http://www.imogenheap.com/ellipse/
Album Rating: 4.0Yeah so I liked this more than you
Will be checking this out soonDigging: Mac DeMarco - Salad Days
Digging: Mac DeMarco - Salad Days
Don't wanna listen to the stream gonna wait till it comes out.
Yeah so I liked this more than you Slightly, I would guess. I find it underwhelming compared to iMegaphone and Speak For Yourself, there are 4 or 5 gems of tracks on her, a lot of solid ones and Bad Body Double is horrrible. Incidentally, I didn't realise 'til today that iMegaphone is an anagram of her name.
Yeah so I liked this more than you
Early Crash Bandicoot loading screen music, I hope she reads this.
cover reminds me of metric
noice review BRO positive'd
Good review as per usual Adam. So put the following in order: Imogen Heap, Bat For Lashes, Florence & The Machine, Regina Spektor, Lisa Mitchell & any other female indie singer I've forgotten...
Album Rating: 4.5 | Sound OffHonestly, I loved it (from what I've heard from the stream... all of it.) 'Bad Body Double' made me laugh, in a good way. I like that the album is very different from her last 3 (including 'Details' during Frou Frou).
Album Rating: 4.0So put the following in order In order of what? Preference? Height? Sounds most like Def Leppard?
So put the following in order
I trust Adam will have the intelligence to understand what I am asking.
I haven't heard Spektor or Mitchell's 2009 yet eek. Florence is better than this is better than BFL though.
Album Rating: 4.0I'll up Lisa Mitchell for you if you want
Album Rating: 4.0And Champ Kind I was just looking for an excuse to be a cunt. It's what I do. Fuck I love being Atavan.
"And Champ Kind I was just looking for an excuse to be a cunt. It's what I do." At least you are honest DavID. I'll give you that.
I'll up Lisa Mitchell for you if you want Thanks but I just found it so it's all cool.
I'll up Lisa Mitchell for you if you want
Hey DavID, you've heard them all, so you put them in order... (Of which you think are the best albums).
Album Rating: 4.0Florence + The Machine, then Lisa, then Regina, then Imogen and then BFL Also need to check out Erin McCarley
Muchos gracias. Pretty consistent with Adam's thoughts.
Bands: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z


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- Publisher: Square Enix
- Release Date: Mar 5, 2013
- Also On: PC, Xbox 360
User Score
Generally favorable reviews- based on 955 Ratings
User score distribution:
Positive: 839 out of 955
Mixed: 42 out of 955
Negative: 74 out of 955
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Mar 15, 2014
Mar 15, 2014
Mar 11, 2014
Feb 28, 2014
Feb 21, 2014This is good games, the graphics are beautiful, the puzzles are stimulating, and the story was thrilling till the end. It was amazing seeing how Lara changed throughout the game.
Feb 7, 2014I was never a big fan of the Tomb Raider series, but this reboot gives not only a origin story to Lara Croft, but adds new dynamic gameplay, which is just so much fun, I'm looking forward to other games.
Jan 25, 2014
Jan 23, 2014
Jan 19, 2014
Jan 18, 2014
Jan 17, 2014Tomb Raider needed to grow up, and I liked what they've done with the character, although the story itself is fairly bland and generic. The pre-rendered cutscene at the games beginning is ugly as well. It's a little too "AAA"-influenced by other games, but I liked the puzzles.
Jan 9, 2014
Jan 1, 2014
Dec 17, 2013Great game, best Tomb Raider so far enjoyed playing this as much as The uncharted games which I've played all 3 and loved them all.Kept playing till I'd got all collectibles and reached 100%, which proves how good it is.
Dec 13, 2013
Dec 7, 2013
Nov 21, 2013
Nov 21, 2013Awesome graphics, a really convincing young Lara Croft and amazing gameplay result in a game you really shouldn't miss. It has a nice story, can be really challenging and comes up with riddles of which some can take their time to get solved. For me, the game was easily fun enough to try getting every relict and so on to complete it 100%.
Nov 20, 2013
Nov 15, 2013
Nov 14, 2013
Nov 2, 2013I was really enjoying this until a part where I had to fight my way through a rusted shanty town near a downed helocopter.Then the game devolved into a standard 3rd person shooter for a while with waves of enemies(on a lost and oh so mysterious isle)and it all went downhill from there and I lost interest within the hour.Maybe it returned to the high points of the adventure but I'll never know.
Nov 1, 2013
Oct 28, 2013The attention to detail put into this game is stunning. The controls are spot-on solid, and I loved watching how Lara reacted to various traversals and environments so exploring was always welcome and wanted. The pacing is excellent and characters believable. One of the most fun games to play and easily recommendable to almost anyone.
Oct 24, 2013
Oct 21, 2013A piece of art. It's a game of adventure and action, and it has some puzzles to test your intelligence.
there are many obstacles that Lara faces witch makes it more interesting. I enjoyed the game a lot! -
Oct 6, 2013
Sep 29, 2013
Sep 29, 2013
Sep 15, 2013
Sep 15, 2013I really enjoyed it, it's a lengthy story, quite adventurous. I liked the characters, and story line was quite interesting, not your average meaningless shooter without any concept, this is definitely different in these terms. The graphics are awesome, and the landscapes are really beautiful. Just a really great game, enjoyable with good ending.
Sep 12, 2013
Aug 30, 2013Its an Awesome game to play it will lead you in to the amazing world full of surprises through out the game you will never going to know what's going to happen next love the graphics and the whole environment and of course the beautifully created cut scenes.I love this game thank you Eidos Interactive and Core Design,Crystal Dynamics for making such a beautiful game love You guys
Aug 29, 2013
Aug 27, 2013as a woman i am appalled that they keep using hot chicks in video games. just kidding! yep she's still hot, the gameplay is still outstanding. the graphics for this title are gorgeous and the plot is actually the best in the entire series. very emotional, not just a suspense-drivel plot. (there is also suspense of course.)
Aug 21, 2013
Aug 18, 2013
Aug 17, 2013Tomb Raider is simply a bunch of fun. The length of the game is satisfyingly long without being exhausting, and side features such as weapon upgrades, collectables, and above all, tombs, improve the quality of gameplay. In addition, the graphics are stunning and the story is certainly engaging.
Aug 16, 2013By far the best PS3 game I've played for a LONG time! If you are a fan of the Uncharted series, then you're gonna love this one too. Great action and platforming with a story a lot like something from Uncharted. Although this is a somewhat dark and (sometimes) creepy game with quite a decent amount of blood and gore it's still an amazing game that's worthy of a replay sometime.
Aug 16, 2013
Aug 8, 2013
Aug 6, 2013I'm currently on 65% to complete 1st walkthrough and I think there is nothing until end which can spoil this score. Game is awesome. Only bad thing is that it's little too easy.
Story, game mechanics and everything else works just fine!
Feels like Tomb Raider meet Far Cry 3 and Uncharted! -
Aug 4, 2013I felt this game was good introduction to the franchise to me. The strong points of this game are the story and the aesthetics. The story was well crafted and engaging, even if you would have liked it to longer, it was enjoyable all the way through. The level design was really well done in this game and the variety make the visual side exciting too.
Aug 3, 2013
Aug 1, 2013
Jul 27, 2013
Jul 26, 2013This isn't a Tomb Raider game. This is more like a Uncharted and Far Cry mixed game. The gameplay, graphics and the story is awesome and Lara looks amazing. But, the game is missing the puzzles and the feeling that old Tomb Raider games. If you love action games you must buy it but if you are and old-school Tomb Raider fan don't expect the same kind of a game.
Jul 24, 2013
Jul 20, 2013
Jul 15, 2013The graphics alone in this game are enough to make it worth playing. The way the story is told in such a dark, mature way makes the experience that much better. I have to say, my only disappointment came from the predictable story-line, but that's just what you get in Tomb Raider games.
Jul 7, 2013This review contains spoilers, click expand to view.
Jul 6, 2013Never played any other Tomb Raider. Figured the this title would be a good starting point. Was a lot like a female version of the Uncharted games. Really enjoyed the story and the survival tactics used in the game.
Jul 4, 2013
Jul 1, 2013I was insanely happy with this game. I like the change in Lara and it makes her, as a character, much more relatable. I'm really glad I bought this game. The game play was different and I like how the puzzles were challenging. It was definitely nice to see this reboot of the series.
I was so thrilled i even cosplayed as her at a local convention! -
Jun 28, 2013
Jun 27, 2013This is the first Tomb Raider game that I've ever played because Lara Croft's character just always seemed too cartoonish for me. This reboot, though, is really amazing. Croft's character is one that you instantly care about and the gameplay is exciting and polished. Also, this game actually makes using a bow fun, unlike other's who have attempted to incorporate the weapon.
Jun 27, 2013
Jun 25, 2013This game is amazing! I can't believe it took me so long to play it! It has the best graphics I've seen in a game. Those graphics are backed by super fun gameplay mechanics and amazing storytelling. If they make a sequel, I'll be in line for a midnight release.
Jun 24, 2013Excellent campaign enjoyed from start to finish, outstanding graphics on the much loved but ageing PS3...campaign is 10/10 only let down by disappointing multiplayer
Jun 24, 2013
Jun 22, 2013
Jun 22, 2013
Jun 21, 2013
Jun 21, 2013
Jun 20, 2013Tomb Raider reboot is pretty fantastic. The gameplay strongly resembles Uncharted, but has much more of an open world type of experience. You can fast travel similar to that in AC. The gameplay is easily the most attractive thing about this game. The story may not be as good as Uncharted and at often times dull but it's essentially pretty interesting.
Jun 19, 2013
Jun 19, 2013This was a really good game. It finally made me like Lara Croft and Tomb Raider games. It had good game-play, a good story, pretty graphics, and a cool island to explore. The only thing i was disappointed with was the fact I wanted it to last longer. I wanted more tombs to raid, more weapons to find and collect, to upgrade, more of everything. Instead of the crappy mulitplayer they gave us.
Jun 18, 2013
Jun 18, 2013
Jun 17, 2013
Jun 16, 2013
Jun 14, 2013mo um fã de Uncharted die-hard eu posso facilmente dizer que este jogo um jogo a ter em conta e para se vangloriar. Crystal Dynamics tem feito um grande trabalho em termos de narrativa e, especialmente, gameplay, com o arco e flecha de ser um prazer de usar. a vez da Naughty Dog agora, espero que se eles liberam Uncharted 4 terão a Tomb Raider normal ter de topo.
Jun 14, 2013
Jun 13, 2013
Jun 9, 2013
Jun 9, 2013The multiplayer of this game is soo poor I want to kill myself, There was so much Lag on Console versions and it was not consistent, it had bugs glitches, the campaign was very short too, it felt too lack lust and i wish it could've been more but the replay value just died as there were many latency and server lagging within the multiplayer!
Jun 6, 2013
Jun 5, 2013
Jun 3, 2013
May 30, 2013
May 30, 2013Entertaining and beautiful. Amazing action pieces and flow. The combat is great mix of stealth and action. Gameplay is similar to uncharted but even better(This is a big plus)! This is one of the best tomb raiders ever! Great way to begin Lara's journey.
May 29, 2013!0 is perfection, and this is as close as it gets. This is the brutal story of Lara Croft, and holy moses it is DIRTY. It's a beautiful action game that really gives you action. The world feels really open, yet it is linnear, but as I said, it feels huge. The best game I've played in at least 2 years.
May 28, 2013
May 25, 2013This game might have it´s moments but so does Unchartad which is much better in my opinion. Tomb Raider has stolen so much game mechanics and level design from Uncharted you could think it´s the same series. How can the reviewers miss that it´s obvious if they ever bothered to play Uncharted.
May 21, 2013
May 21, 2013This is a awesome reboot of Tomb Raider! Now we have a more human Lara, more realistic story context and a great "hero journey"! I'm a Uncharted and Lost die-hard fan, I love mythology, mysteries, puzzles and rpg, so this Tomb Raider is one of the best games I ever played in my life. I hope they make many many sequels!
May 20, 2013
May 19, 2013a complete refresh to the Tomb Raider franchise which was needed in my opinion more user friendly and a spectacular reboot great story gameplay soundtrack and design....... could have done without the multiplayer with a focus on maybe a few more tombs but none the less looking forward to more adventures in the future!!!!
May 18, 2013I tried so hard to like this game but at the end I couldn't. As amazing the graphics are, it couldn't help save the lack luster story, clunky controls, and the game is far too easy even on the hardest difficulty.
May 18, 2013
May 15, 2013
May 12, 2013
May 12, 2013
May 12, 2013
May 12, 2013
May 6, 2013
May 5, 2013
May 5, 2013
May 5, 2013
May 3, 2013
Mar 9, 2013As a die-hard Uncharted fan I can easily say that this game is a game to be reckoned with and to boast about. Crystal Dynamics has done a great job in terms of storytelling and especially gameplay, with the bow and arrow being a pleasure to use. It's Naughty Dog's turn now, hopefully if they release Uncharted 4 they will have the Tomb Raider standard to have to top.
Apr 11, 2013This reboot of the series not only surpassed my expectations, but it is easily one of the best games I have played in a long time. If you're like me and love story driven games that offer a great gaming experience then Tomb Raider is definitely for you.
Apr 3, 2013There's no denying Tomb Raider is a heavily influenced work, both mechanically and aesthetically (its nods to Neil Marshall's The Descent are so happy to be there at one point Lara even re-enacts the "girlrising-out-of-sea-of-blood" scene). While it offers nothing wholly original, its salvaged parts combine to produce an experience that is consistently better than anything its own heroes have produced. [April 2013, p70]
Mar 28, 2013Despite occasional dissonance between narrative and game mechanics, Tomb Raider is a highly polished, highly accomplished reboot. Kudos, Crystal Dynamics. [Issue#235]


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read reviews [4]
Serves 4
You won't believe how incredible this simple combination of crunchy almonds, crisp bacon, and tender asparagus and arugula is. It's a game changer. The arugula will wilt as it sits, though, so serve it right away.
Heat a 12-inch skillet over medium-high heat. Cook the bacon, stirring often, until crisp, about 5 minutes. With a slotted spoon, transfer to a paper-towel-lined plate to drain, leaving the bacon fat in the skillet.
Cook the asparagus in the skillet with the bacon fat, stirring often, until crisp-tender and browned in spots, about 3 minutes. Season with 1/4 tsp. salt and, using a slotted spoon, transfer to the plate with the bacon. Add the vinegar, olive oil, mustard, 1/2 tsp. salt, and a scant 1/4 tsp. pepper to the fat in the skillet and whisk until combined.
In a large bowl, combine the asparagus, bacon, arugula, and almonds and toss with just enough warm vinaigrette to wilt the arugula. Serve immediately.
nutrition information (per serving): Calories (kcal): 210; Fat (g): 15; Fat Calories (kcal): 140; Saturated Fat (g): 3; Protein (g): 12; Monounsaturated Fat (g): 8; Carbohydrates (g): 9; Polyunsaturated Fat (g): 2.5; Sodium (mg): 550; Cholesterol (mg): 20; Fiber (g): 4;
Photo: Scott Phillips
by NC_Designer, 12/16/2012What a fabulous salad recipe. I made this for my annual formal Christmas dinner party and we all gobbled it up. It's easy and so full of flavor. Very unusual salad. I didn't use all the dressing, it didn't need it. I will make this again and again.
by skc921, 8/20/2012My mom has made this salad for dinner an average of twice a week for the last 3 months or so. I'm not even kidding.
by mmeckstr, 6/14/2012This was very good, but the bacon fat in the dressing was a little too heavy for me. Next time I will probably drain the fat from the pan after doing the asparagus, maybe leave just a little.
by judithlks, 3/3/2012Wonderful interplay of tastes and textures and came together very quickly. I used half as much bacon as the recipe called for and it was utterly delicious. I will make this again and again.


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Red wines that are more fruit-forward and lighter in tannin and body.
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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.
The 2008 vintage was warm to hot, with a prolonged heatwave in mid-March. However, grapes picked before the elevated temperatures were delivered to the winery in excellent condition, resulting in good varietal definition and balanced flavors.
Color: Crimson red.
Nose: Rich Christmas cake and summer pudding aromas are obvious on the nose with more subtle cinnamon / spicy oak notes adding complexity on the nose.
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Ahead of their 25-year high school reunion, former classmates come together to make amends with a woman who was taunted for being poor. KNSD-TV's Tony Shin reports.
A woman says a Facebook poem she posted about bullying has brought pleas for forgiveness from former classmates who tormented her at a California high school 25 years ago.
Now, some of those classmates want to make amends and have asked Lynda Frederick, 42, of Rochester, N.Y., to attend her 25th high school reunion in Escondido, Calif., on July 27, compliments of the Orange Glen High School Class of 1987.
"I am nervous," Frederick told msnbc.com on Friday. "I am looking forward to seeing them, even knowing that what has happened has happened. I have forgiven those who have hurt me in the past."
See NBCSanDiego.com's report on Frederick and the Class of 1987
Frederick said she received phone calls, emails and Facebook messages from former classmates after she posted a poem on the Orange Glen High School Class of 1987 Facebook page.
In her poem, she wrote:
that little girl who came to school with the clothes she wore the day before
instead of asking why.. you picked on her
the little girl who had to walk to school while others rode the bus
instead of asking why.. you picked on her
the little girl who had bruises and was dirty
instead of asking why.. you picked on her
the little girl who was always crying
instead of asking why.. you picked on her
"They're all apologizing now for how I was treated," Frederick said. "I had one man call me up and we talked for an hour on the phone. He cried and cried. I kept saying, 'You can't fix yesterday, so let's fix today.'"
Frederick said she posted the poem on the Facebook page as a way to send a message to her peers about how bullying affects victims.
"It never leaves you," Frederick said. "I wanted people to know that for the one who is doing the bullying, it could just be a phase, but for the person who is being bullied, it stays with you all your life."
Lynda Frederick, second from right, says she was bullied 25 years ago in high school. She's pictured with her sons and daughter.
'I cried'
Lisa Wallace was among the Facebook users to read it.
"This poem touched me so bad I could not sleep. I cried," Wallace told NBCSanDiego.com.
Kristi Malone remembered Frederick and how brutal kids had been to the bespectacled brunette.
"Looking at her being bullied horribly and thinking, 'I feel so bad for her,'" Malone told NBCSanDiego.com. "But never thinking in my head that I could stand up for her, and not once did anyone back her up."
Other classmates have read the poem and many have said they feel overwhelmed by guilt.
"Just people in tears, like 'How could we have done this to her,' Malone said. They "were just crying, saying 'Why did I do that?'"
After graduation, Frederick said, she packed up her belongings and headed to New York state to begin anew.
"I needed to get out, to get away," Frederick told msnbc.com.
Watch the Top Videos on msnbc.com
Today, Frederick has three children, 22-year-old Eric, 20-year-old Bryson and 14-year-old Amanda, who is currently dealing with bullying issues at school, she said.
"She's overweight and doesn't wear the trendiest clothes and it's been very difficult," Frederick said. "I tell her to look at the people and say, 'If you don't like what I'm wearing, if you don't like the way I look, then don't look.'"
She said she hopes her daughter's classmates will change their behavior.
Organizers for the Orange Glen High School Class of 1987 reunion have collected more than $800 to Frederick an airline ticket to California for the event.
She has accepted and plans to stay for a week. She said she is looking forward to seeing everyone, no matter what happened in the past.
"She really is my hero because she succeeded through all of this," Wallace said. "I look up to her."
More content from msnbc.com and NBC News:


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Via: Technology Review
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Series: Broadsword Comics Tarot
artist : Jim Balent
scenario : Jim Balent
volume: 11
publisher: BroadSword Comics
publish date: 23-06-2011
product type: digital comic/eComic (Ongoing Series)
Witch of the Black Rose
Tarot's body lies lifeless on a marble slab as her spirit continues to journey through the Tarot deck in her quest to find the Sword of the Black Rose. Now, with time running out on her life, Tarot must confront the Devil herself in order to complete her mission and return to the Mortal plane. Meanwhile, the Skeleton Man battles for his life as he is hunted down on the Witch Island by a blood-thirsty mob of Dragon Witches.


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To the powers that be (assuming Main Roads), thank you for cleaning up the bike path on the last leg into the city.
I did notice that a lot of the encroaching undergrowth was removed prior to Armadale rd and a lot of the tree root damage, line markings and bumps had been sorted out from South st to the city. It was a very nice suprise.
I hope this may be a precursor to relaying some of the tarmac through Como which has got a little ratty.


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