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Alcoa Inc. (NYSE:AA)
Q3 2007 Earnings Call
October 9, 2007 5:00 pm ET
Tony Thene - IR
Alain Belda - Chairman & CEO
Charles McLane - CFO
John Hill - Citigroup
Kuni Chen - Banc of America Securities
John Tumazos - Independent Research
Anthony Rizzuto - Bear Stearns
Charles Bradford - Bradford Research
Michael Gambardella – JP Morgan
Joshua Golden – JP Morgan
David Gagliano - Credit Suisse
Jim Brown – JP Morgan
Welcome to the third quarter 2007 Alcoa earnings conference call. (Operator Instructions) I'd now like to turn the presentation over to your host for today's call, Mr. Tony Thene, Director of Investor Relations. Please proceed.
Tony Thene
Thank you, Sean. Good evening and thank you for attending Alcoa's third quarter 2007 analyst conference. At today's conference, Alain Belda, Chairman and CEO will give an overview of the significant events in the quarter, as well as a view of current market conditions and strategic initiatives. Chuck McLane, Executive Vice President and Chief Financial Officer, will then review the third quarter financial results, as well as current and next quarter's anticipated business conditions.
Before I turn it over to Alain, I would like to remind you that in discussing the company's performance today, we have included some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to future events and expectations and involve known and unknown risks and uncertainties. Alcoa's actual results or actions may differ materially from those projected in the forward-looking statements.
For a summary of the specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements, please refer to Alcoa's Form 10-K for the year ended December 31, 2006, and Forms 10-Q for the quarters ended March 31, 2007 and June 30, 2007 filed with the SEC.
In our discussion today, we have also included some non-GAAP financial measures. You can find our presentation of the most directly comparable GAAP financial measures calculated in accordance with Generally Accepted Accounting Principles and our related reconciliation on our website at www.Alcoa.com under the investors section.
At this point let me turn it over to Alain.
Alain Belda
Thank you, Tony and good evening, everyone. We certainly had a significant amount of activity and challenges in this quarter. We had a seasonal slowdown in Europe and the softening of key markets in the U.S. and continued cost pressures with energy and the U.S. dollar devaluation, as well as lower metal prices.
To offset these external pressures, we continued to focus on productivity improvement, market share gains and new products. In addition, we did a lot of portfolio management and restructuring. We sold our 7% equity holding in Chalco and received $2 billion in proceeds. We withdrew our offer for Alcan and took the charges related to that offering. We announced the sale of two businesses and continued to restructure our downstream.
For the packaging and consumer business we've received indicative offers from several potential buyers and are confident enough with the process to state that we intend to close by the end of this year or early in 2008.
For the AFL business, the most prudent course of action has been to implement a significant restructuring aimed at reducing the cost structure and returning this business to an acceptable return. We will then determine the best course of going forward with that business.
Keeping it in perspective, on a year-to-date basis through these three quarters we have established all-time records for revenue, earnings, earnings per share and cash from operations. Lastly, yesterday the board authorized a significant increase in our current share repurchase program, moving from 10% to 25%, underscoring our belief in the inherent value of the company and its long-term potential.
Let me take a minute and give you more details of the thought process concerning our Chalco decision. We do not normally take minority stake, but we did participate in the Chalco IPO six years ago. We saw this, at the time, as an opportunity for us and a way to help Chalco enter the equity market. The transaction yielded proceeds of $2 billion and a total shareholder return of greater than 1000%, or 44% on an annualized return basis.
This has changed nothing concerning our commitment to China. We look forward to continuing to work with our partners there to help the industry realize its great potential. We opened our first office in China in 1993 and currently operate 17 manufacturing facilities there, and we are in the midst of a major expansion of our Bohai rolling mill where we are investing approximately $300 million in an advanced hot rolling mill. We anticipate having this mill commissioned early next year.
Now, I'd like to give you an update on the aluminum market and then close with a quick update on the strategic initiatives for our company. Visible stocks are higher with the LME up to more than 100,000 tons in September. Most of that increase came in the U.S. and Europe, while the Asia region actually declined.
Metal being placed in warrant should not be confused with metal being sold to the LME cash market. This move from off warrant to warrant was, in my view, driven by increases in the cost of credit which forced more visibility on stock and kept off the warehouses.
Even with these increases, total inventory defined in days of consumption is still at a healthy level, more than three days lower than it was at the same period last year of about 35 to 37 days total.
On the demand side, China remains a major driver of growth. We increased the projected growth rate for Chinese primary consumption this year to almost 36% and we estimate China increasing their production by 34% this year, a total production number of 12.5 million tons per year. There is no evidence that export bans have led to inventory build and we continue to believe that their growing domestic consumer-driven market will absorb all of this production coming onstream this year and next.
While the strong Chinese consumption garnered most of the attention, other countries are growing also. Latin America is up 7.8%, driven by strong demand in Brazil; Asia excluding China is up 5%, driven primarily by India, Vietnam and Thailand; and the U.S. is softening with a projected decrease of 6% in consumption year over year. But the whole world, pulled by China and the other BRICK countries is estimated to grow in excess of 10% this year.
Even with all of this smelter capacity growth in China, they are still not self-sufficient. They remain a net importer of aluminum and when looking at the whole picture and including scrap imports, which were more than 200,000 tons in August, they've exceeded 1 million tons this year. So we continue to see robust demand in China and strong markets fundamentals. At the same time, they continue to look for opportunities outside of their country for bauxite, for alumina, for aluminum indicating that the power situation and the high cost of alumina will eventually constrain their growth and create opportunities elsewhere.
In summary, our latest supply and demand balance is as follows:
For alumina, we have again lowered our projection from a range of balance to 1 million tons surplus, to a range of balance to 500,000 ton surplus, driven by slower ramp-up and brownfield expansions and higher Chinese metal production. The spot market for alumina supports this change. Recent prices have exceeded $375 per ton.
For aluminum, we continue to project 300,000 tons of surplus for 2007, but keep in mind that this is less than 1% of the 38 million tons, or about three days of global supply. Given that we can't be 100% precise on the in-process inventory build up at both primary production and fabricated locations in China, as well as the logistic friction, this is not a worrisome number. But for sure, China will remain the arbiter of world prices in the coming years in our industry.
Let's now move to the other end markets. In the third quarter, the end markets went through their normal summer slowdowns. This year, that impact was compounded by the uncertainties in the financial market and the destocking occurring at the distributor level. Aerospace continued to be a very strong end market for us, with Boeing, Airbus, Embraer and Bombardier continuing to report robust growth in order backlog. Commercial aerospace deliveries are up 7% in the first half of 2007 and are forecast to increase 12% in 2008.
However, in the short term, the supply chain is in an overstock position. This has led to destocking of distributor inventories which has adversely affected the shipment mix of some of our businesses in both the U.S. and Europe. We anticipate this destocking continuing into the first quarter of next year and in addition, the delay of the A380 has had an impact and that demand is expected to pick up late in the first quarter of next year.
North American automotive markets continue to present persistent weakness. In addition to the anticipated summer shutdown, more pronounced production declines due to overtime reduction at Ford and Chrysler and lower demand for light trucks are expected. Higher inventory levels in the quarter will likely lead to further reduction cuts in the first quarter and seasonal adjusted sale rate is now estimated down to 60 million units, the lowest mark since 1998.
North American Class 8 truck demand has softened due to the large 2006 prebuy. They're down about 54% from the prior year and 42% year-to-date, and we believe the fourth quarter Class 8 production is expected to be even lower than the third quarter level, impacting also trailer build rate.
Non-residential building and construction markets remain strong in spite of the prevailing uncertainty in the credit markets.
Now let me give you an update on our strategic initiatives. In the upstream market, our strategic direction is focused on securing key bauxite reserves and low-cost stranded power, with a strong preference for renewable power. We're focused on repowering our North American and European smelters through power contract extensions as well as joint venture arrangements. We continue to invest in breakthrough technologies for our smelters and refineries.
We continue to work in Brazil on our Juruti bauxite mine development, our Sao Luis refinery expansion, and a growing number of hydro projects. We continue to move forward on a potential refinery in Guinea, another strategic bauxite region in the world.
In smelting, we are in the start-up phase of the greenfield smelter in Iceland and full production has been restricted due to the delay in the completion of the power project. We are cooperating with the power company to address these issues and we now project full power to be available in the fourth quarter and estimate production for 2008 to be 300,000 tons for the full year.
We have MOUs signed in Greenland and North Iceland, both based on renewable energy and we are pursuing smelter positions in China as well as in the Middle East, most likely through additions to joint ventures.
We have also clarified our strategic downstream focus. We are in, and will stay in, businesses that are based on proprietary technologies and alloys, unique equipment and complex processes that serve rapidly expanding common end markets. Flat roll products, hard alloy extrusions, forging, fasteners and air foil businesses.
In both segments, upstream and downstream, we continue to pursue profitable organic growth, geographic expansion, market specialization and segmentation, as well as profitable acquisition growth.
We have taken additional steps in our portfolio and have further tightened the focus of the company and monetized long-held opportunistic investments. These actions have helped with our capital structure, capital redeployment objectives and shareholder interest. After completing the soft-alloy extrusion joint venture last quarter, we are focused on the divestiture of the packaging business, the restructuring of the AFL business, and returning that business to an acceptable rate of return.
The sale of the Chalco investment allows us to monetize the gain and redeploy the proceeds in other areas to enhance shareholder value. Although these actions gave the board the confidence to significantly increase our share repurchase program from 10% to 25% over the next three years, in addition to our dividend increase announced in the first quarter of this year. Both actions underscore our belief in the inherent value of the company and our long-term potential.
At the end of 2006, we established six financial targets for 2007. For the target cash from operation will exceed capital expenditures; volume, mix, productivity will exceed cost inflation; and capital expenditures will not exceed $3.2 billion. We are on target, excluding the impact of currency, and we are on track to beat our target for ROC, EBITDA margin improvement and debt-to-capital targets.
In summary, a significant progress and value has been achieved through the first three quarters, ending with a strong balance sheet despite substantial investments in growth and after significant restructuring and divestiture charges.
Well, as I said on my first slide, the third quarter was challenging with seasonality increases in energy costs, a weakening U.S. dollar, lower metal prices. In addition, increased costs of getting our Rockdale, Tennessee smelter back to full operation and bringing our greenfield smelter in Iceland online. For sure, these are increasing cost pressures in raw materials and energy, but we continue to work at offsetting these increases with our ABS approach to management.
The aluminum market is growing at a healthy rate. The end market uses continue to expand as a consequence of globalization and urbanization. Aluminum price discount to copper and zinc has created application expansion and the environmental pressure on CO2 reduction will create excellent opportunities going forward.
As a consequence of closures and more disciplined operations, European rolling mills are, for the first time in 30 years, operating at full capacity. In the U.S. due again to a more disciplined operation, but also due to plant specialization, plants are making cost of capital even while operating at lower volumes than rated capacity.
2007 has been a destocking year in the industrialized economies. Finance costs have forced non-visible inventories to be visible. This has changed the pricing fundamentals which are based on days of inventories and supply and the shape of the cash cost curve. We have new, low-cost plants starting next year and the year after that. We have contracts with metal price caps that are expiring over the next two years, and cost reductions in areas like healthcare are materializing. We have start stops in China and a turnaround process in Russia. We have new products, new markets and new technologies. All have a positive impact on EBITDA and cash flow. With our position in upstream and downstream, we are very optimistic as we look forward.
Thank you for your attention and now let me turn it over to Chuck.
Charles McLane
Thanks, Alain. Good evening, everyone. I'd like to take an extra few minutes with you today and provide an enhanced level of transparency so that you can see the exact impact of many of the activities in the quarter; but first, a financial overview.
Income from continuing operations was $558 million or $0.64 per share. These numbers include both the gain on the Chalco sale as well as the restructuring cost. Quarterly revenue of $7.4 billion was down 8% sequentially, due primarily to the lower metal price, the negative impact of the normal third quarter seasonality, and the elimination of revenue associated with the completion of the soft alloy extrusion joint venture.
Each of the four downstream segments continue to have improved EBITDA margins compared to '06. Year-to-date, flat rolled products stand at 6.8%; engineered solutions at 11.9%; extruded and end products at 5.2%; and packaging and consumer at 9.2%. Cash from operations was $592 million after a $206 million pension contribution.
On a year-to-date basis, we achieved all-time highs and income from continuing ops, earnings per share, revenue and cash from operations. Debt-to-capital currently stands at 29%. We continue to exceed the cost of capital with an ROC of 11.8%. Excluding our growth investments, return on capital stands at 14.6%.
Lastly, as Alain noted earlier, the company took significant strides in executing on its portfolio strategy by monetizing the Chalco investment and by reaching decisions on the sale of the packaging and consumer business and the auto casting business. In addition, we have initiated significant restructuring plans for our AFL business. The net impact of these activities will give us flexibility in our capital structure as we look to increase shareholder value.
With that overview as a backdrop, let's look at the bridge comparing second quarter to third quarter performance. As we do every quarter, this chart bridges sequential income from continuing operations, excluding restructuring and transaction costs. Even with the current cost pressures, we were able to achieve a sequential net productivity increase of $13 million, predominantly in the downstream segments.
Energy costs were up $32 million sequentially, primarily in our upstream segments. The weakening of the U.S. dollar continues to play a significant role in our operating results, increasing the cost of our non-U.S. manufacturing base. Sequentially, the following currency has appreciated against the U.S. dollar: Australian dollar 2%; Brazilian real 4%; euro 2%; and the Canadian dollar 5%. On a year-over-year basis, the A-dollar was up 12%, the real 13%; the euro 8%; and the C-dollar 7%.
The impact of seasonality across all downstream segments was $59 million and will be detailed as we move through the segments. On a one-month lag basis, the LME cash price was down $149 a ton, resulting in a sequential decrease of $135 million.
Finally, the Chalco sale was equal to $1.14 billion in net earnings, or $1.30 per share.
To change gears for a minute looking at 2007 versus 2006 year-to-date, unfavorable currency drove our profitability down by roughly $100 million after tax. In addition, input costs have increased year over year. Coke, pitch, natural gas, fuel oil and ocean freight have all increased between 20% to 40%. We have been able to overcome most of those input increases through productivity improvements, mix and market share gains.
Now let's take a quick look at the income statement. As stated previously, revenues were impacted not just from lower LME prices but also from the formation of the joint venture of our soft-alloy extrusion business. The elimination of those revenues reduced quarterly sales by approximately $400 million. The income is now recorded as equity income and reported in the extruded and end product segment.
As you can see, they are also significant swings in restructuring costs, interest, other income and taxes, so let's go through each one in greater detail.
This slide captures the major profit and loss items in the quarter that are either non-operating or are unusual in nature. We have also indicated where these items fall on the income statement and their classification by segment in order to provide clarity. It would be difficult to understand the results without this breakdown, as this quarter had an unusually high volume of these items.
The starting point is income from continuing operations of $558 million, or $0.64 per share. I will now take time to go through each line item. Restructuring is essentially comprised of four components. First, the loss on the anticipated packaging and consumer sale is $604 million, $389 million of which relates to taxes. We have committed to sell this business in late '07 or early '08.
The pre-tax charge for the anticipated loss on the sale was approximately $215 million. In addition, there will be a tax charge associated with the non-deductibility of goodwill. The after-tax loss in the sale of auto castings is $51 million. We are currently working through a definitive agreement with the purchaser and anticipate closing that sale by the end of the year.
The AFL restructuring charge is $189 million. The charge consists of an impairment of goodwill totaling $93 million and a restructuring charge of $96 million associated with the reduction of workforce and plant closures.
Lastly on the restructuring front, we took a charge on our Australian roll product assets of $11 million, all related to severance costs. The design is to significantly narrow the product lines to ensure profitability and returns in the future.
Next, the majority of the Alcan transaction costs this quarter stemmed from the immediate amortization of the cost of the credit facility. We monetized our investment in Chalco. The book gain on the sale was $1.14 billion, or $1.30 per share. The discrete taxes are generated by the one-time German tax rate change as well as adjustments generated by the filing of our 2006 U.S. return.
We incurred incremental stock option expense as employees exercised legacy reload options during the quarter. These expenses were incremental to the normal amortization and they are non-cash in nature. Reload options have not been granted since '03.
The primary curtailment and start up costs include the impact of Rockdale, Tennessee, Iceland and Jamaica, as well as a one-time charge for bauxite mine development of $13 million. They represent costs incurred in the quarter and we will detail them as we go through the segment slides.
Currency translation amounted to $34 million and we also incurred $17 million in mark-to-market losses on metal hedge positions. Alcoa hedges fixed price customer sales in the downstream to eliminate commodity price risk. Most of these hedges qualify for hedge accounting, but sales that don't have firm volume commitments are subject to mark-to-market accounting. These charges are non-cash and are closed out and offset when the customer shipments are actually made. They have been immaterial in the previous two quarters of this year.
Now that you have a delineation of these individual items, we thought it would be worthwhile to reconcile the various components of the effective tax rate on the next slide. The reported effective tax rate for the quarter was 63%. With this slide, I will take you through the unusual items. The most significant impact on the reported rate is driven by the non-deductibility of goodwill in the packaging and consumer business.
The total book value, including the goodwill, would provide a marginal pretax loss on the anticipated transaction; however, when computing taxes, the book basis is reduced by the goodwill generating a gain and a tax on that gain. What you end up with is a tax cost on the loss which distorts the overall rate.
As I'm sure you're aware, there's also a difference between book taxes and cash taxes. The company can utilize ANT credit carryforwards and pension contributions, to name a couple, in order to mitigate its cash taxes. Once you pull out these restructuring and discrete items, you end up with an operational effective tax rate of approximately 29% for the full year.
The most significant takeaway from these detailed descriptions is that the operating results were not only impacted by currency, higher energy and seasonality, but that there were a host of transaction and unusual costs resident in the results. Looking ahead, many will either be completely eliminated or will materially diminish over the next two quarters.
Now let's move on to the segment results. For the alumina segment, ATOI decreased $61 million. The majority of the sequential decrease was driven by cost inflation, primarily energy, of $17 million; the impact of a weaker U.S. dollar; and decreased volume, primarily due to Hurricane Dean. In addition, there was a $9 million one-time technology fee received last quarter, not repeated and a one-time charge for bauxite mine development of $13 million.
Looking to the fourth quarter, we anticipate a 2% to 3% increase in production, but pressure from fuel, oil and natural gas prices is expected to continue.
Moving next to the primary segment, sequentially primary metal's ATOI decreased $179 million due to the following:
First, the decline in prices. The LME cash price on a one-month lag decreased $149 a ton sequentially, while the Midwest premium decreased $13 a ton. An exaggerated decline drives the earnings sensitivity beyond its normal range; in fact, we saw the same type of earnings change in the third quarter of last year when LME price decreased by a similar amount and in the fourth quarter when LME price increased by a similar amount.
Costs associated with bringing our Rockdale and Tennessee smelters back to full capacity were $29 million. Iceland's start-up costs for the quarter were $29 million. As we previously disclosed, the third quarter was negatively impacted by seasonal energy of $13 million and currency, principally the euro, real and the A-dollar.
Looking forward to the fourth quarter, we anticipate Iceland start-up costs close to the same level as the third quarter. The Rockdale and Tennessee smelters should be fully online by the end of the year, and therefore with lower associated costs.
Now let's move to the flat rolled products segment. Flat rolled products ATOI decreased 34% on a sequential basis. The majority of the decrease was due to normal seasonality, plus a destocking of distributor inventories which adversely affected the shipment mix at our businesses in both the U.S. and Europe. The remainder was due to pre-operating costs at the Bohai mill. Looking forward, we expect to see the destocking by distributors and overall market softness to continue to the fourth quarter.
Moving next to the engineered solutions segment, excluding the AFL performance, this segment again delivered outstanding results. The investment castings, forgings and fasteners business delivered ATOI of $102 million, a 19% increase over prior year quarter, even with the North American heavy truck decline. Improvement was driven by productivity and market share gains.
Detracting from these results was the decline in AFL, auto castings and auto structures. ATOI decreased from a negative $8 million in the second quarter to a negative $35 million in the third quarter. This $27 million sequential decline was driven by the AFL business and can be broken down as follows: $7 million for the one-time German statutory tax rate change; $7 million for write-offs associated with the restructuring action; and $11 million due to the stronger seasonal decline in the automotive market. Looking forward, the Class 8 truck downturn will be a bit more pronounced in the fourth quarter; yet you will begin to see the positive impact of the restructuring activity in the AFL business.
Moving to the extruded and end products segment, revenue was down significantly due to the fact that the soft-alloy business is now accounted for on an equity basis. ATOI decreased from $46 million to $13 million and was essentially driven by two items. Once the JV was completed, the business began recording its depreciation which had been out of earnings while it was held for sale. We communicated this in the first quarter when it was initially placed in that category. Secondly, seasonality impacted the soft-alloy business. Looking forward, we anticipate seeing volume recovery across all these businesses.
Moving next to the packaging and consumer segment, the packaging and consumer segment continues to perform extremely well with productivity improvements essentially overcoming most of the expected seasonal decline. As a result, ATOI was down only $1 million versus last quarter. On a year-over-year basis, ATOI was up 50%, with productivity improvements in all businesses. EBITDA margins increased from 7.6% in 2006 to 9.2% in 2007. Looking forward to the fourth quarter, we expect continued productivity improvements and the normal seasonal upturn in the consumer products business.
Now let's talk about cash flow. Cash from operations was $592 million after the $206 million pension contribution. Capital expenditures for the quarter were $941 million, with roughly one-half devoted to the four major growth projects-- Iceland, Mojin, Sao Luis and Juruti. As Alain noted, the depreciation of the U.S. dollar continues to inflate capital expenditures on our overseas growth portfolio.
The Chalco sale is captured on the sale of investments line.
The other line that I'd like to draw your attention to is the share repurchase amount of $1.3 billion. Lastly, even though it's not on this slide, we currently have $1.3 billion on our balance sheet in cash.
Now let's move to the last slide to provide more detail on our share repurchase activity. In January of this year, the board of directors approved a repurchase plan for up to 10% of our outstanding shares over a three-year time horizon. Through the third quarter of the first year, we have repurchased approximately 5% of our outstanding shares. After reviewing the company's prospects for continued strong cash generation and divestiture proceeds, the board has just approved an increase in the authorization for up to 25% of the outstanding shares through 2010.
The share repurchases were modest in the first half of the year, due to the pending Alcan offer. Share repurchases were also limited in the third quarter as the ongoing Alcan offer and pending Chalco transaction left a relatively small window to actually repurchase shares.
In order to determine the levels of activity in the repurchase program, the company will continue to evaluate our capital structure, market conditions, metal prices, as well as other funding needs including pension plans, capital spending and other potential growth opportunities.
In summary, we're taking great strides in executing our portfolio strategy; investing in our upstream assets and the global reach of our downstream businesses while at the same time utilizing our cash position to invest in the company through share repurchases.
Thank you for your attention, and we would be happy to take your questions.
Question-and-Answer Session
Your first question comes from John Hill – Citigroup.
John Hill - Citigroup
Good afternoon and congratulations on all of the activities. It's really great to see the company being so responsive to shareholder preferences.
Could you take a moment and describe the distribution of these charges as they relate to ATOI? We've talked a bit about them in terms of net income and such, but could you walk through where these charges live at the segment level?
Charles McLane
Yes, John. I think we've got that laid out on the one slide that shows what categories, which segments they were in. Instead of going back and taking the time of everybody on the call to take each individual line item again, I think it would be better if you would just refer back to that slide, if it would be okay.
John Hill - Citigroup
So the point is that reconciliation applies also to ATOI, not just to net income?
Charles McLane
That is correct, yes.
John Hill - Citigroup
Perfect. As a quick follow-up, backing up to the market a little bit, any opinions on what $360 spot alumina means for us out there?
Alain Belda
It basically means that the Chinese are not moving as fast with their alumina production as they are with their smelter; and that bauxite costs, if you look at transportation costs, it is really going through the roof. Plus there is some difficulty exporting out of Indonesia at the moment. I think it says good things about alumina, the spot price anyway.
Your next question comes from the line of Kuni Chen - Banc of America Securities.
Kuni Chen - Banc of America Securities
Good afternoon, everybody. First a question on global acquisition, as far as the upstream businesses go. Nothing out there is for sale, so do you think this really restricts your future growth to just organic opportunities? Again, just talking about the upstream part of the business.
Charles McLane
I think the best way to look at that is that we're looking for obviously a host of organic growth opportunities but we are also taking very seriously a long alumna position and think of that as a strategic asset. We look for joint venture opportunities as well, so there are opportunities for us to grow organically as well as through joint ventures, not only on the organic side, but also through existing assets.
Kuni Chen - Banc of America Securities
Do you think at some point in the future that you would consider a more diversified kind of metals portfolio approach, or is it always going to be as a pure play alumina producer?
Alain Belda
Over the years, we have looked at diversified portfolios that included items like titanium, magnesium, manganese; products that have similar functions and go to similar markets that we operate in. We haven't found anything that would add market value to the shareholders and we didn't do anything in those times.
Doesn't mean that we wouldn't look forward to them.
Your next question comes from John Tumazos - Independent Research.
John Tumazos - Independent Research
Congratulations on all of the decisions. Concerning the share repurchase, one of the developments, of course, is that when earnings are good, the stock price is high and when earnings are a little weaker, the stock price is a little less. If business were rough, would you be willing to sell an extra business or two to get the whole 25% of the shares bought back by 2010?
Charles McLane
Our divestiture plans, as they are set right now, John, I think are pretty straightforward on the assets that we've identified and so I think the businesses that we're remaining in are earning better than cost of capital or in growth investments such as China or Russia that will earn cost of capital in the future.
So to easily answer your question, I don't think we would be entertaining those types of activities.
Your next question comes from Anthony Rizzuto - Bear Stearns.
Anthony Rizzuto - Bear Stearns
Alain, you talked about price caps on the can stock. I was wondering if you could talk a little bit about price caps or the fixed price contracts that maybe you entered into on the aerospace side?
My understanding is that they were of long-term duration and I know some probably expired, maybe in the last couple of years. But could you talk about that a little bit as you head into 2008?
Also, if you could update us on the Russian aluminum assets. Are you aerospace qualified as we listen to you today, and how should we expect the profitability or the performance of those operations? Have you changed your view of when you think you'll be at breakeven on the Russian side?
Alain Belda
Let's talk about the aerospace contracts. We have contracts and sometimes they will have a fixed price. When they do, we normally would hedge the underlying metal around those contracts. Sometimes you get into issues where obviously if you have gotten a contract and you've done a hedge on it, you've got to take or pay on the volume and you might or might not get into issues of delivery.
I would say that 90% of the cases we will have a matching metal hedging deal done with a fixed price contract. Sometimes, there are issues related to the specific delivery in a specific quarter, and that's some of the MPM that you saw on this quarter.
On the case of Russia, we've had some delays in Russia that are related to the import of equipment into Russia. Those have delayed us, in some specific cases, for more than six months. So the delay you're seeing in the turnaround of Russia are related to that.
The qualification, some of the products are qualified already on the aerospace, on wheels by Ford and some European customers. So we think that Russia will be in a much better position next year; output is improving. We are basically the sole supplier of can sheet in Russia and that market is growing phenomenally. They have announced their first regional jet and we'll be part of that, as you probably saw the release, when we signed the MOU, it was their company that will be building that. So it hasn't changed anything but the delay has cost us additional time.
Anthony Rizzuto - Bear Stearns
I didn't notice in going through all the slides that you have in the past broken out trailing 12 months, because of your international operations impact on ATOI. Do you have that today? Could you let us know what kind of equipment issues there are in terms of what kinds of equipment have been long in coming or difficult to get a hold of?
Charles McLane
Well I'll take the first part of that, Tony. We did provide it. There was a slight increase in the amount of costs in the operations and that basically had to do with some severance and the Bohai pre-operating cost going up. From an operational basis, Russia was pretty flat.
Alain Belda
The equipment, we're heat treating furnaces and casting furnaces that just took six months longer than we thought it was going to in getting approval from the government for imports.
Your next question comes from Charles Bradford - Bradford Research.
Charles Bradford - Bradford Research
Yes, I'd like to ask a couple questions about how you accounted for the Iceland facility. Since it's really completed even though you didn't have the power, did you stop capitalizing the interest and did you start fully depreciating the unit?
Charles McLane
It's done on a units basis, Chuck. So as it ramps up its production, the economic benefit of that facility will be coming through and we will start depreciating at a higher rate when that occurs.
Charles Bradford - Bradford Research
So it wasn't done in the third quarter then for an appreciable amount?
Charles McLane
No, a minimal amount.
Charles Bradford - Bradford Research
Where do you stand today in Trinidad as far as a new site, environmental impact statement and so on?
Alain Belda
We're completely stopped at the moment on Trinidad, depending on the government making a decision as to what they want to do in terms of location for this potential smelter. Until they resolve what is an internal issue for them, we are doing absolutely nothing at the moment.
Your next question comes from Michael Gambardella - JP Morgan.
Michael Gambardella - JP Morgan
Chuck, in your primary segment it looks like the metal trading business where you also have the power sales, the revenue was down over $100 million in the quarter. Can you comment on that?
Charles McLane
On the revenue portion, Mike?
Michael Gambardella - JP Morgan
Charles McLane
I don't have that with me, but the metal price decrease that we talked about of $135 million had the impact of the mark-to-market activity on it. I don't have the revenue change handy. Tony will be glad to give you that later.
Your next question comes from Joshua Golden – JP Morgan.
Joshua Golden - JP Morgan
My question surrounds the debt-to-capital. You've stated in the past a 30% to 35% target but it appears that you've been willing to deviate from that. Given the increase in the share repurchase that's been announced, possible future acquisitions, how should we think about the balance sheet going forward? What are you committed to for bond holders?
Alain Belda
Well, over the years, what we've given you as a guidance is that we like to have a balance sheet that is somewhere between 25% and 35% debt to equity. Now, we have deviated, you're right, we've gone above 40% when we've done some acquisitions. Depending on the value that we see in the acquisition, the moment in time when the opportunity comes, we might take that kind of risk.
Joshua Golden - JP Morgan
Are you willing to commit to mid-BBB rating?
Alain Belda
We are committed to being at minimum a BBB company.
Your next question comes from David Gagliano - Credit Suisse.
David Gagliano - Credit Suisse
I was just wondering if you could remind us again what your policy is towards hedging, specifically with regard to currency and energy? If we could get a little more detail in terms of your A-dollar exposure, in particular, that would be great. Thanks very much.
Charles McLane
Let me give you the sensitivity first. What we said last time is a 1% change against our major currencies to the U.S. dollar would be about $0.02 a share on an annual basis. Now that's on an economic basis. In other words, you've got a translation piece of currency that impacts you based on whatever the exposures are, but the economic basis, the actual cost or revenue during the course of the quarter, you can use that $0.02 change for every 1% change on an annual basis.
As far as our policy is concerned, we don't speculate, that's our policy. We may do some smoothing from time to time on a percentage basis, but we don't take speculative positions.
David Gagliano - Credit Suisse
With regard to the repurchase program, if we were to assume everything equal, share price stays flat for the next 12 months, I was wondering if you could just give us a sense as to where we should expect that repurchase authorization to be in terms of how much you have left to go, in say a year?
Charles McLane
I think that would be a little too restricting to tell you the truth. We'll continue to look at our capital structure and our other growth opportunities, our CapEx, et cetera, our balance sheet is in an outstanding position today, we've got cash. We alluded to the fact that we will probably have repurchased at a little higher level in the third quarter if we had not been so restricted. But with all of the variables going into what might happen six months from now, a year from now, we're not going to restrict what we're going to do.
Your next question comes from Jim Brown - JP Morgan.
Jim Brown - JP Morgan
Based on the capital spending in the third quarter, which was quite high, it seems as if you might have difficulty keeping capital spending down to $3.2 billion for the year. Could you give us an idea of where capital spending will be and also, could you give us an idea of the Iceland ramp-up schedule?
Charles McLane
Well, let me take the capital spend. That's on a cash basis to us, and there's two different categories on our cash flow statement. One is our capital expenditures which if you just looked at that it would seem that we're going to have trouble hitting that; but the other category is the amount of capital calls we get from our minority partners. So you really have to net those two to get down to a net cash impact.
Taking that into consideration, what Alain said earlier is excluding currency on our CapEx, which we think is going to impact us close to a couple hundred million this year, we would be within target. So the first part is you've got to net out the capital calls that we get and then take the currency into consideration of a couple hundred million that we would be within that range, a couple hundred million of our target.
Jim Brown - JP Morgan
Iceland ramp up?
Alain Belda
Iceland, we will be at about 30,000 tons at the moment and starting some time late November or mid-November, we will, I believe, the plans at the moment are that we'll start ramping up. The people have been training pretty arduously now to be able to start up at an accelerated pace, so we believe that we will be at about 300,000 tons for the full year 2008.
Ladies and gentlemen, that concludes our Q&A session. I'd like to hand the call back over to Tony Thene for closing remarks.
Tony Thene
Thank you, Shawn. Thank you for your participation. That now concludes our third quarter 2007 analyst conference call.
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Bird guide
Just one species breeds in Europe and visits the UK erratically in winter, while one other from North America has appeared on rare occasions. Waxwings are starling-sized, stout-bodied, short-legged birds with an upstanding, pointed crest. They have black throats, black wings with white, yellow and waxy red markings and yellow-tipped tails. Large numbers combined with a shortage of food in northern Europe trigger periodic movements south and west, when they may reach the UK.
The waxwing is a plump bird, which is slightly smaller than a starling. It has a prominent crest. It is reddish-brown with a black throat, a small black mask round its eye, yellow and white in the win... More...
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Quantum-Mechanical Reflections in Nanodevices: an Exercise
Ranking is calculated from a formula comprised of user reviews and usage data. Learn more ›
02 Jul 2008 | Teaching Materials | Contributor(s): Dragica Vasileska, Gerhard Klimeck
This exercise points out to the fact that quantum-mechanical reflections are going to be significant in nanoscale devices and proper modeling of these device structures must take into...
nanoHUB.org, a resource for nanoscience and nanotechnology, is supported by the National Science Foundation and other funding agencies. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of the National Science Foundation.


text: In honor of Grandpa First time here? Use the CustomInk design lab to make your own t-shirts! Is it a winner? Be the first to rate this! View full-size image Design Your Own < previous next > "This is my 2 year old son, the littlest member of our team. He walked in honor of his grandpa and carried his picture the whole way. He calls his custom ink shirt his grandpa shirt. Custom ink did a great job!" - Little Shirt (Jun 23, 2011) Similar Photos: brain tumor walk | walk | family | charity | brain tumor | participant teams | honor | brain cancer | memorial remembrance | father | grandpa | ny | national brain tumor's inaugural ny walk | son Share this photo: Twitter Facebook


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72351 Apartments for Rent
Search Apartments in 72351
"Last year, I would have walked on burning coals for a site with a map mash-up. Now when we move your site will be my first stop for information.." - Keiser,AR
Why Search With MyNewPlace?
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Cities Near Keiser, AR
There are many great communities and cities nearby Keiser, AR to also consider:


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Photos and Description of this 3 bedroom holiday chalet in Lauchernalp - Chalet Timale
Individual Chalet With 3 Bedrooms/2 Bath 6-7 Sleeps
Chalet with 3 bedrooms, 2 bathrooms, a mezzanine with several games for children, a large living room and a balcony. Nice sundeck with beautiful view on the glaciers UNESCO. New and private Jacuzzi !
- Suitability:
- Long-term Renters Welcome
- Events Allowed
- children welcome
- non smoking only
- wheelchair inaccessible
- pets not allowed


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Monster High 13 Wishes: The Official Game Answers for Nintendo WiiHome / Nintendo Wii /
Game Questions & Answers (Q&A) service lets you ask questions about video games for game consoles or PC games. So ask your Monster High 13 Wishes: The Official Game question for Nintendo Wii and get answers from real gamers or answer questions and share your insights and experience with the rest of the gaming community.
- Developer: Game Machine Studios
- Publisher: Little Orbit
- Genre: Action Adventure Fantasy
- Release Date: Oct 29, 2013
- ESRB: Everyone
Question & Answers
Clawdeen and Draculaura (Closed)
Hey, I can't seem to find Clawdeen and Draculaura, does anyone where to locate them?
Answer from: ghostfriend
You have to complete the "Boss" level & unlock the "Dressing Room" level. (The levels higher than "Boss" are in a different corridor. When you exit the pink door into the main lobby, take the stairs on your right.) Clawdeen is unlocked when you play the "Dressing Room" level and I think Draculaula is unlocked when you play the level after that.
Answer from: laura
Where is draculaura at in the game?
Answer from: Sarge
At the part when you go through the last door.
Answer from: dydemus
I need help on finding clawdeen and draculara
Answer from: Draculara13
Hey i cant find draculara she needs to be found to save howleen the room after the dressing room is the candele room i need draculara to gat the mirror shard and i cant find her anywhere i checked more three times shes my last one anybody know what room and where invthat room
Answer from: Bri
I do she is at the last part of the candle room!
Monster High 13 Wishes: The Official Game - We Are Monsters Trailer
- Oct 13, 2013, Views: 299
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I am a member of the Collective Bias® Social Fabric® Community. This shop has been compensated as part of a social shopper insights study for Collective Bias and their client.
I'm so excited to share with you some of the tips I compiled after trying my own hand at cat bearding! Thanks to my shopping trip to Sams Club, I was able to pick up some necessary supplies, like the new, more natural formula from Fresh Step, to make my {and my sweet Kitty's} cat bearding experience a much more successful one!
Have you heard of cat bearding? I had occasionally stumbled across a few cat bearding pictures on instagram while browsing and thought it looked hilarious. When I decided to try my hand at cat bearding, well, I seriously went and googled "Cat Bearding Tips". Guess what? Nothing came up! So, after taking a few good hours to get maybe 2 successful cat beard pictures, I decided I would write my own tips.
Cat Bearding Tips from a Complete Cat Bearding Newbie
If you're even remotely thinking about trying a cat bearding picture, you must have a sense of humor. This is number 1. If you don't, you will have visions of "this cat would be so much easier to handle if she was stuffed." Don't think that. Keep it cool, light, and fun and LAUGH at the outtakes.
No matter how much you have to resist… put the lip gloss AWAY. I was all ready for my close up with Roxy, my 12 year old cat. I got dolled up for my photos and didn't even THINK about skipping the gloss. After a couple of pictures, yeah… Black, hairy lips didn't show in my pictures, but boy they weren't fun!
Tip #3: You should probably use the skinniest cat you can find – if it's your cat, that's a big plus too. Seriously – my big girl, Roxy is over 10lbs! They always tell me at the Vet that she is incredibly overweight, but she's happy and I kind of ignore the diet advice. Cat bearding with a plump kitty is a BIT more of an added challenge, but it can be done!
Use Fresh Step's new cat litter. This may sound silly, but seriously, you're going to want to have a fresh, clean smelling litter for after the traumatic experience you just put your furry friend through! You don't want her taking her business anywhere but the litter box, right!?
One of my favorite brands already, Fresh Step just updated their formula to include essential oils for a more natural approach to getting rid of litter box odors.
Tip #5 – Reward! Although Roxy actually didn't get too stressed from the experience {I think she rather liked it!}, Moreaya and I made sure to give her an extra special treat of her favorite… tuna!
And luckily, because I'm getting double Paw Points from my Fresh Step Cat Litter at Sam's Club, I can stock up on other things she likes too, because I'm saving so much on cat litter! If you're a cat owner, then you probably already know about Fresh Step's Paw Points, but just in case you don't… you can save your Points for free product coupons and other fun stuff like pictures and personalized calendars! And now until October 31st, any time you purchase Fresh Step Cat Litter from Sam's Club you get DOUBLE the paw points!
So, make your cat happy {and yourself… with no more litter box smells}, so your furry friend will be on their best behavior for those cat bearding pictures!
I would absolutely LOVE to see your cat bearding pictures… especially if you use any of my tips, and if you don't use my tips, well, those would probably be entertaining pictures too!


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Circus Themed School Hallway Decorations
Winter hallway decor
Fall hallway decorations - paper!
My door at school I decorated for Christmas
Christmas School decorations
Back to School Door Decoration
First Day of School
Christmas school decorations
Christmas Hallway Display
Christmas Gift from school
Back to school ideas


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As India looks to ratchet up its manufacturing exports and China expands its services industries, Asia's two giants are going to be battling more for global markets. Read More »
May 7, 2014
Economy & Business
Economy & Business
As India looks to ratchet up its manufacturing exports and China expands its services industries, Asia's two giants are going to be battling more for global markets. Read More »
Asia's export slump doesn't appear likely to ease anytime soon, if the view from the region's factory floors is any guide. Read More »
Thanks to a ban by the European Union starting Thursday, Indians can enjoy more export-quality mangoes at home this summer. Read More »
The expansion of India's industrial output likely remained at worryingly weak levels in February as investment failed to pick up and exports shrank. Read More »
Sales of air defense and radar systems being used in the hunt for the missing Malaysia Airlines jet figure highly among the deals which helped Asia account for almost half of global arms imports over the past five years, according to a new study. Read More »
Valentine's Day isn't a Hindu holiday. But the Western celebration of love is driving a boom in flower exports this year that has brought some cheer to a wilting Indian economy. Read More »
India's economic growth may have accelerated slightly last quarter, an indication, some economists say, that the South Asian economy may at last be coming out of its prolonged slowdown. Read More »
By Khushita Vasant and Kenan Machado
The Indian rupee may not be done falling yet.
Thursday, the currency hit a record low of 59.94 for one U.S. dollar as global investors broadly pulled out of emerging markets on news that the U.S. could soon start winding down its program of buying billions of dollars of bonds. Read More »
By Kunal Kumar Kundu
India's balance of payments figures aren't pretty, and a love of gold isn't to blame.
Iran's power minister invited Indian businesses to fill in the space left by Western companies that exited the Iranian market, calling this an 'opportunity.' Read More »
India Real Time offers analysis and insights into the broad range of developments in business, markets, the economy, politics, culture, sports, and entertainment that take place every single day in the world's largest democracy. Regular posts from Wall Street Journal and Dow Jones Newswires reporters around the country provide a unique take on the main stories in the news, shed light on what else mattered and why, and give global readers a snapshot of what Indians have been talking about all week. You can contact the editors at indiarealtime(at)wsj(dot)com.
Check out the main contributors to the blog and their bios here.
Content engaging our readers now, with additional prominence accorded if the story is rapidly gaining attention. Our WSJ algorithm comprises 30% page views, 20% Facebook, 20% Twitter, 20% email shares and 10% comments.


text:
The Dallas Stars signed first round draft pick Jamie Oleksiak to a three-year entry-level contract on Thursday.
The Stars selected Oleksiak with the 14th overall pick in last summer's Entry Draft.
The big blueliner will continue to play for the Saginaw Spirit of the Ontario Hockey League this season and the team's training camp
He participated in the team's summer development camp as well as last month's training camp with the Stars.


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Orange Beach Condo Rental Photos and Description
Condo, 3 Bedrooms, 3.0 Baths, (Sleeps 6)
Stop Looking and Start Unpacking!
Are you looking for luxurious living while on vacation and all just a hop, skip and a jump from shopping, amenities and just about anything you could want? Why keep looking when it's right HERE?
Bella Luna 1104 is a beautifully decorated unit located in one of Orange Beach's most desirable complexes. The kitchen is fully equipped with top of the line appliances and granite countertops. The dining area seats four along with four bar stools. There is also a wet bar in the dining room area.
The spacious living area has a large sectional leather sofa. There is a 41" flat screen TV with DVD player. The master bedroom features a king sized bed with a 36" TV and DVD player. The master bathroom has a jetted tub and huge walk in shower. Guest bedrooms both have queen sized beds with 21" and 25" TV/DVDs.
Amazing views from all angles of the balcony! Plenty of seating with a table with four chairs, two loungers and a sofa. Relax and enjoy!
Kitchen, dining and living areas are tiled. Carpeting throughout the bedrooms.
Maximum of two cars allowed. Wireless internet provided. Parking passes must be purchased onsite for $10 each.
Minimum age to rent is 25 years old.
- Suitability:
- pets not allowed
- non smoking only


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Marola Park I & Ii
No availability found through our partners. Please contact the business directly or check some of our recommended alternatives.
Travel Blogs from Arona
A trail run for renewed real travelling
... the coastline into the hills and small towns which are so typical of the mediteranean countries having white stone exteriors with balconies and colourful tiled steps; several have awnings and most have window shutters. Properties near the ocean vary from the larger hotels in towns to whole developments of apartment blocks often isolated on the coast and in various states of construction; clearly the recent poor economic situation has, or is, taking its ...
A little piece of paradise.
... Paris because it was so beautiful. I think I might be crazy LOL.
Anyway, there was mother and it's baby that stayed right with the boat. They were so beautiful I had the urge to jump off the boat and swim with them. I really had to restrain myself, as the urge was really very very intense. I just wanted to touch them. LOL. But thanks to my parents good sense that was knocked into me as a kid, I didn't. But it was hard. They are ...
Tourist-ing Out in Tenerife
... and honest to god it was like stepping on a grape. Those things are very juicy. Yeeech. Then of course when I tried to pick him up with a wad of toilet paper to throw him out he proceeded to fall on the floor before I got him to the can and HE WAS STILL TWITCHING! I see why they say that they could survive a nuclear attack. It was traumatizing for everyone that's for sure. The nights were not restful after that as we worried about what might be crawling around our room in the ...
Hop On Hop Off Santa Cruz
Our next shore stop was Santa Cruz, Tenerife, Canary Islands.
This is a major big city. While the island of Lanzarote is around 140,000, Santa Cruz on the island of Tenerife is over 200,000 people alone. Again, the modern city structures are unbelievable since all of the products to build had to be shipped in. This is a major port for these islands with many container ships sitting off shore waiting to be unloaded. We watched ...
Bye Bye Beautiful Braemar
... track of all the nautical miles we've done and we needed 2,634 to make our grand total reach an impressive 100,000. How many had we done? Unbelievably, we'd sailed a total of 2,624. I could not believe it… we were only 10 miles short. 10 miles!! So we've done a total of 99,990 nautical miles and will have to wait until our next cruise to reach our milestone. :-(
We had a decent breakfast in the Palms ...
TripAdvisor Reviews Marola Park I & Ii Arona
Other places to stay in Arona
Las Plataneras BungalowsAvda Londres 3 , Arona | 3 star hotelfrom $62
Bungalows BarrancoAvenida Santiago Puig 3, Arona | 2 star hotelfrom $48
Parque SantiagoAvda Litoral s/n, Arona | 3 star hotelfrom $62
Beverly Hills HeightsCalle Sierra Nevada, 1 , Arona | Hotelfrom $104
Hotel Rural La CorreaCamino Real a La Escalona 58, Arona | 3 star hotelfrom $92


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Financial Daily from THE HINDU group of publications
Wednesday, Aug 31, 2005
Preferential Allotments
Sujana Metal to hike share capital
Our Bureau
HYDERABAD: Sujana Metal Products Ltd has proposed to increase the authorised share capital of the company from Rs 30 crore to Rs 45 crore, by creation of 1,50,00,000 equity shares of Rs 10 each.
The company informed the BSE that the board of directors of the company, at the meeting held on August 29, also passed a resolution towards the issue of equity shares / warrants compulsorily convertible into equity shares, by way of preferential allotment U/S 81 (1A) of the Companies Act, 1956 to the extent of Rs 13.5 crore consisting of 1,35,00,000 (inclusive of 50,00,000 equity shares arising out of conversion of compulsorily convertible warrants) equity shares of Rs 10 each at a premium of Rs 52 per share to the promoters and non promoters including Aeneas Capital Management, NY, Oppenheimer & Co. Inc, MA and others.
The board meeting also passed the resolution extending the investment limit of FIIs. It has convening the extraordinary general meeting of the company on September 22 for shareholders' approval.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
Stories in this Section
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
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Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line


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i have been watching ssohpkc's gameplay of watchdogs and this lady here is a badass DAYUMMM! love her!
i have been watching ssohpkc's gameplay of watchdogs and this lady here is a badass DAYUMMM! love her!
Im bored in class and i just wanted to try drawing eddy kenway~
TWDG Epi 3 JUST CAME OUT!! hory shiet YES!!!! Badass clemyclu and FCUK CARVER!!
drew older clemy for shits and giggles^u^
Drew a lil somethin ^U^ my OC Nadine and im hyping myself for later creature stream by watching james and alek's valentines stream!! B) hope i can wake up for it!!! ^U^
hahha! i know its very late :[ but heres a wip in working on!! its catwomankoots and batdanz B] during the DC Stream week ^U^
for anyone wondering wheres the easter egg, heres a close up pic of where its located HUEHUEHUEHUEHUEHUEHUHEUHEUHE!!!
Family Potrait
cameraman: "Ready? Smile!"
koots: "Alright kids, show him a great, big smile!"
danz: "Smile baybee~"
seamus: "Do we have to?" *meh smile*
spoon: "ALRIGHT!"
sly: "C'mere ya little brat!"
james: "Ahahaha! Yeah! Take this a-hole!"
alek: "Damn dude! Stop it! I'm trying to look good!"
cameraman: "eh heh…" *snaps*
HUEHUEHUEHUEHEUHEU i am done!!! yayyyyyyy~ sry it took so long. school started so need to set time for school works and i dont wanna leave this hanging^U^ also sry for like the most simpliest of shading and colouring :[ hope you guys love it^U^
ouh yea…psst.. thrs an easter eggy in this pic, see whether u can find it B] (nothing impt if u dont wanna find it ^U^)
hehehehehhehe B] im doing this now! idk why but i made dan look so womanly(?) B}}}}}}}


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FORT WAYNE, Ind. — Collisions between automobiles and deer are on the decline in Indiana, a trend experts say could be driven by changes in hunting rules and by motorists' growing diligence in avoiding deer.
Indiana had 15,205 deer-related collisions in 2011, the most recent year for which data are available, The Journal Gazette reported Saturday. That's down from just less than 16,000 collisions in 2010 and more than 16,800 in 2009, according to the Indiana Criminal Justice Institute.
State Farm Insurance's annual survey of car-deer collisions shows that the likelihood of such a collision declined 23 percent in Indiana between 2011-12 and 2012-13. The company's survey, released last month, examined deer-vehicle crash claims filed by State Farm drivers and then extrapolated those numbers to include all insured drivers.
Indiana ranked 27th in the nation in last year's survey, but it now ranks 33rd, with drivers having a 1-in-218 chance of hitting a deer, the survey found.
"It's hard to speculate, but we do think part of it is raised awareness," State Farm spokeswoman Missy Dundov said of the decrease. "We've been doing this for 11 years, and in our eyes, the awareness we've brought to the topic is making drivers drive safer," she told the newspaper.
Another reason for the decrease could be a change in hunting regulations for white-tailed deer.
Under the rules that took effect in 2010, hunters in some urban areas were allowed to begin hunting a few weeks before the official start of the season.
The state Department of Natural Resources said that change was intended to target parts of Indiana where deer densities were greater than desired.
"Some of those changes have been aimed for urban areas where a deer's biggest threat is a vehicle bumper," Phil Bloom, spokesman for the DNR, said via email. "Although we have yet to fully realize the full impacts of these rule changes, a reduction in deer-vehicle collisions is a positive trend we hope continues."


text:
Please help troubleshoot my Dell XPS
Last response: in Computer Brands
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text: Well another offensive superstar from the most recent generation tests positive for steriods. But I can't figure out if he only started using them in LA as why wasn't he caught in Boston. If he just started in LA then that seems stupid after he drew out his contract situation for months longer than it should have been. And apparently a ton of people on his teams though he was clean.


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12 U.S. Code § 4123 - Severability
Source(Pub. L. 100–242, title II, § 233, as added Pub. L. 101–625, title VI, § 601(a),Nov. 28, 1990, 104 Stat. 4274.)
References in Text
This Act, referred to in text, is Pub. L. 100–242, Feb. 5, 1988, 101 Stat. 1815, as amended, known as the Housing and Community Development Act of 1987. For complete classification of this Act to the Code, see Short Title of 1988 Amendment note under section 5301 of Title 42, The Public Health and Welfare, and Tables.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
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Jing Zhou, Yong Liu, Huaicheng Guo and Dan He Combining the SWAT model with sequential uncertainty fitting algorithm for streamflow prediction and uncertainty analysis for the Lake Dianchi Basin, China Hydrological Processes 28
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Scrappy Unicorn Costume
Sunday, October 9, 2011
22 comments:
Such a cool idea!!!!! Love it, and I bet my daughter would too! Have to Pin it :) Thanks so much for sharing.ReplyDelete
What a great costume! The best costumes are the ones that are easy to make but have a lot of impact. love it.ReplyDelete
That's totally cute! I never would have thought of the styrofoam balls for the horn, but they worked perfectly! And I love that you can un pin it all and reuse the sweatshirt all winter long! Fantastic. :) I'd be thrilled if you'd link it here:ReplyDelete
I feature this on my FB page today!ReplyDelete
Feel free to stop by the blog and grab a button from the sidebar if you like. :)
what a cute costume! love that you can wear it and then use the sweatshirt afterwards-great idea! my 5 yr old would love this-saving it for next year-thanks!ReplyDelete
I LOVE this. I especially like that you can reuse the hoodie, those things can be expensive and if you only use it a few times it's such a waste!ReplyDelete
I hope I can try this out sometime!
Oh MY that's the cutest little idea! I love the horn and that it uses scraps. Looks so do-able, and so adorable!ReplyDelete
<3 Christina at I Gotta Create!
Wildly Original linky party is open.
SOOO cute and I like how you can remove all the pins and actually use the hoodie after Halloween. Great thinking!!!ReplyDelete
Love it! Especially that you can take it apart and keep the hoodie. Although if it were MY little girl, she'd probably want to wear the unicorn outfit ALL the time. :)ReplyDelete
Found you on Sugarbee's link up.
LOVE your blog! New fan and Follower! :) Came from Tip Junkie! :)ReplyDelete
such a detailed tutorial and the costume turned out awesome.ReplyDelete
I featured it here:
Very cute costume. You could even leave the mane after halloween. Animal hoodies are all over the stores right now.ReplyDelete
This is so cute and such a great idea! Thanks for the great tutorial!ReplyDelete
I like it- it looks like it didn't take too long either. Such a fun costume!!ReplyDelete
I'm going to try and make this for my daughter for halloween and i'm super UN-crafty. Can you give me more details about how you created the ears? How did you attach them to the headband?ReplyDelete
I cut two leaf shapes for the ears with smaller leaf shapes for the inner ear. I used a hot glue gun to attach everything to the headband. You CAN do it!!! :D Have fun.ReplyDelete
Thanks for this! I am making my daughter a purple unicorn costume for Halloween (also based on the Family Fun idea) and was having a hard time figuring out the horn. I like your felt mane. I am safety pinning a lavender feather boa to the purple hoodie I found at Ross.ReplyDelete
AWESOME! My friend and I are already unicorns though. So we don't need these.ReplyDelete
You'll love the comfort and quality of classic The North Face women's hoodies. Get great deals on our exclusive women's sweatshirts and hoodies in a variety of ...ReplyDelete
hoodies for women
This is absolutely adorable! And so original! Thanks for sharing!ReplyDelete
Thanks so much for your tutorial! I was going to be a unicorn this year until my little guy decided he wanted to be a horsey & he wanted his momma to be a horsey with him. It was soooo sweet :) Of course I want to be a horsey with my Ben! Your tutorial was my inspiration & I love your great ideas! My little guy is 7 and he soooo enjoyed being a horsey & having me be a horsey with him. Thanks!ReplyDelete


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A selection of work by Christopher Mills and Gaëlle Legrand
EVENING HYMNS - Song to Sleep to.
PS I Love You - Toronto
Burning House - Turn Off The Robot.
Burning House is Blackalicious + General Elektriks.
Special thanks to Marilyn:
The Joy Formidable - Whirring
Premiered on mtvu.com. This video was the first video aired on the premier episode of 120 Minutes with Matt Pinfield, on MTV2 in 2011.
Interpol - PDA
Nominated for a MTV2 award, 2003 (United States)
Nominated for Music Video of the year, Junos 2003 (Canada)
KEN mode - Secret Vasectomy
Directed by Christopher Mills, produced by Number Four Films Inc.
Produced with the Assistance of the MuchFACT (A Foundation to Assist Canadian Talent) PromoFACT Award Program, Supported by the MuchMore Network.
Music Video for DAVIDS - Dead Walkie
THE DEARS - Saviour + Disclaimer
BLUE RODEO & Sarah McLachlan performing Lost Together at the Junos Ceremony in 2012. All projections were created by Christopher Mills, using footage from previous Blue Rodeo's music video and live shows.
Crowd sourced images of the RUSH Clockwork Angels Tour showing projections made by Christopher Mills.
Next >>>
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Library Assistant Jobs
53 Library Assistant jobs found on Monster.Jobs 1 to 20 of 53
Nebraska Wesleyan University seeks service-oriented Library Assistant for Circulation to provide service in circulation, reserves, stacks maintenance, and audio-visual services. Provides and supervises circulation services. Coordinates audio-visual support for faculty and students. Supervises the work of STUDENT ASSISTANTS in the department. Provides reference assistance as scheduled (usually one ...
Western Kentucky University (WKU) seeks applications for the following position: Part-time Glasgow Library Assistant Library Public Services For complete job description and application requirements and to apply online, please visit our website at http://wku.interviewexchange.com. For further assistance call (270) 745-5934. Western Kentucky University does not discriminate on the basis of...
Part-Time Library Assistant Tuesday - Friday 11-7pm Saturday 10am - 4pm. Must have computer skills. Send Resumes to: St. Thomas More School Attn: Vickki Page 45 Cottage Road Oakdale, CT 06370 Or Fax to (860) 859-2989 Posted in The Day...
Library Assistant/Circulation - oversees circulation, reserves, interlibrary loan, and assists with the coordination of student employment for the library as a whole. Responsibilities include coordinating and participating in day-to-day circulation operations; defining, documenting, and implementing procedures, policies, and goals for the unit; assessing circulation activities; developing and main...
Georgia Perimeter College Dunwoody, GA, 30346
The Library Assistant I (Part-Time) will provide circulation services (including charging/discharging books and reserve materials, explaining circulation policies, and collecting fines) to students, faculty, and staff at a large campus of a two-year college. In addition, the Library Assistant I (Part-Time) will perform other duties as assigned by the Circulation Manager. These duties may include a...
SUNY Upstate Medical University Syracuse, NY, 13201
Assist in laboratory and library, maintain audiovisual materials, assist in transfer of records and materials from Respiratory Therapy school to other offices and departments in the Medical Center, and obtain and copy articles for faculty from Medical Center Library. Required: Dependable, trustworthy, Respiratory Therapy student. Desired: Friendly, cooperative. Moderate Supervision Looking for...
High School graduate, or equivalent. Basic typing, spelling, grammar, punctuation, and alphabetizing skills. preference will be given to candidates who show ability to adapt to changes, work with detail, able to follow instructions, work independently, good communication skills, and good interpersonal skills. Familiarity with basic computer application helpful. Library experience preferred, but n...
State of Ohio Columbus, OH, 43216
Job Duties Benefits Supplemental Questions The Ohio Department of Rehabilitation and Correction is looking for a dedicated library professional to assume the responsibilities of Library Assistant 2. Process books, magazines, etc., in and out of institution library. Assist inmates in the location of requested materials. Advises inmates on types of materials that are not allowed to be checked out...
Michigan State University Lansing, MI, 48907
Independently coordinates and oversees daily operations for the Makerspace activities in the Main Library Copy Center, including the performance of technical activities and library user assistance in an entrepreneurial environment; researches, creates, and facilitates workshops; registers participants and markets course offerings; responsible for equipment, safety, supplies, set up, and clean-up o...
University of Kentucky Lexington, KY, 40598
Perform basic public service duties (provide answers to directional questions, answer the phone and basic email inquiries, direct reference questions to the appropriate member of library staff, etc.), check in/out materials, shelve books, assist members of the university community find needed information, assist in special projects. For more information, please contact Michael Brewster; michael.b...
McMaster University Austin, TX
The Library Assistant is responsible for providing a variety of services to users including research help, circulation and reserve, interlibrary loans, collection maintenance, and the safe keeping of library resources. Requires a thorough knowledge of library policies, procedures, and systems. Purpose and Key Functions: Â Requirements: Bachelor's degree in a relevant field. 2 year Community C...
Klamath County Oregon Chemult, OR, 97731
EMPLOYER: Klamath County JOB TITLE: Library Assistant II - PT/Sub/On-call ( Chemult/Gilchrist Branch ) DEPARTMENT: Libraries REPORTS TO: Librarian Specialist - Branches ---------------------- OVERVIEW OF THE POSITION ---------------------- Under the supervision of the Librarian and the direction of the Library Assistant III, performs the full scope of clerical and para-professional responsibi...
Klamath County Oregon Klamath Falls, OR, 97601
EMPLOYER: Klamath County JOB TITLE: Library Assistant II/PT – Chiloquin PT/Sub/On-call (Chiloquin) JOB NO: 918-323.12 DEPARTMENT: Libraries REPORTS TO: Library Assistant III ---------------------- OVERVIEW OF THE POSITION ---------------------- Performs full scope of clerical and para-professional responsibilities in the operation of a Branch Library. ---------------------- RESPONSIBILITIES...
Tulsa Community College Tulsa, OK, 74120
Library Assistant I Job Summary: Campus: Southeast Classification: Staff Position Type: Part-time Curricular: If Faculty, Contract Length: Job Code Number: 2042P-8-14 Minimum Qualifications: High school diploma or GED . Requires training or experience in Library operations. Accurate typing; prefer basic computer training or experience. Ability to organize work and maintain accuracy...
West Sussex County Council Southwick, MA
Library Assistant Contract Type: Permanent Expiration date:15-Sep-2014 Job details Salary £15,882 - £16,604 (£12,126 - £12,677 pro rata) Permanent, Part-time Based at Southwick Library. 28 hours and 15 minutes per week Interview date 26th September 2014 Job advert We are looking for a well-motivated individual to work alongside customers and help with enquiries at Southwick Library. Wit...
Tulare County Tulare, CA, 93275
Benefits Supplemental Questions Multiple vacancies with the Tulare County Library. This recruitment will establish an employment list to fill current and future full and part-time vacancies occurring in branch libraries throughout the County. Work hours are variable and may include evenings and weekends . Positions may be filled at either Level I or Level II. The anticipated life of the employme...
City of Georgetown, TX Georgetown, TX, 78627
Position Summary Benefits Supplemental Questions Assists in Library operations especially with operation of circulation desk and providing general assistance for library patrons. Minimum Requirements: High school graduate or equivalent; one year experience in Library Circulation or Reference preferred, and customer service experience OR any equivalent combination of experience and training th...
Des Moines Area Community College Des Moines, IA, 50301
Serve equally the duties of the acquisition assistant and circulation assistant. Responsible for the tracking and receiving of materials for the library as well as assisting library users in the utilization of available library materials, facilities and services at the circulation desk....
Please note: Work study funds are required for this position. Those without funds will not be considered for employment. Demonstrated basic skills in alphabetic and numeric ordering. Must be physically capable of standing for long periods of time and pushing book trucks, shelving and moving books. Duties/Responsibilities 30% shelving books 30% shelf reading/checking shelving 20% cleaning and ...
San Antonio Independent School District San Antonio, TX, 78245
San Antonio ISD Library Assistant Job Description Rev. 04/2014 Opens: August 13, 2014 Closes: Until Filled Reports To: Principal Dept. /School: Campus Assigned Wage/Hour Status: $11.14 Hourly/Non-Exempt Pay Grade: Paraprofessional Job Group 3 Terms of Employment: 11 months/193 days per year. Pay is at Paraprofessional/Instructional Job Group 3 on the SAISD Compensation Plan. Entry level i...
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Library Assistant
$14,560.00 - $39,520.00
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(133 Respondents)
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Library Assistant
Compile records; sort and shelve books; issue and receive library materials ; locate library materials for loan and replace material in shelving area, stacks, or files according to identification number and title; register patrons to permit them to borrow library materials.
Rate of Growth
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Size of Industry in 2006:
Source: Bureau of Labor Statistics, May 2006
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Helps library patrons by answering questions in person and by telephone; locating library materials.
Inspects returned books for condition and due-date statues; compute any applicable fines.
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Redfray Wrote:
Dec 26, 2012 4:37 PM
The one thing that is puzzling is, where is the balanced budget required by the law? All three branches get to break the law, but you try to break the law. Don't pay your income tax, and see what happens. The future of America looks grim.


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The Final Destination update feed
"Death saved... the best for last.
Not really. Frankly, out of all the FD films I've seen, I like this film the least. The deaths aren't as fanatical as the previous ones, although I did like the montage of some of the most popular deaths from the previous films. It's also one of the shortest FD films, and one which doesn't have the sinister presence of Tony Todd.
Four friends, Nick (Campo), his girlfriend Lori (VanSanten), Janet (Webb), and hotshot Hunt (Zano), are at a racetrack when Nick gets a vision of a car crash which ends up getting them all killed. In his hysteria, he and his friends, along with a handful of other people, get out of the racetrack and are saved. Or so they thought. After two of the people who supposedly would have died in the accident die in the " read more
"Cine Araçatuba Shopping 3D "
"Another installment to the 'Final Destination' films - only not as good as the other movies. I found the plot quite lazy and the 3D isn't effective on dvd (far too animated). Not awful but not great either."
"After witnessing a crash at a Nascar race and surviving, four teens must find out why, and who's next to die.
Like all the other films in the series, one character can see into the future, and knows how someone will die. The only thing is, what order will they die in?
The first three Films in the Final Destination series were really good.
All the kills were laid out very well, and didn't seem too cheesy in the process. That is if your into these kinds of movies, which I am a big fan of.
The newest installment entitled The Final Destination, is by far the weakest in the series, but still packs enough entertainment to enjoy (barely). If you care nothing about good acting and a thoughtful dialogue, then I suppose this movie is for you. But even the" read more
"Watched on 1/4/10 The worst film in the series. Cornier, more predictable, but with a few entertaining scenes. 4.1/10 "
"This film series as a whole is nothing but the culmination of laziness from the Hollywood-writers. "Hey, we wanna do a slasher!" "Alright, who should the iconic killer be?" "Gee whiz, I can't write that well! How about if they all just kinda like died?" "FUCKING SOLD!""
"Sequel to Final Destination 3."
" at Listal at Listal at Listal at Listal at Listal "
" Picture of The Final Destination - Another one "
" Picture of The Final Destination Picture of The Final Destination Picture of The Final Destination Picture of The Final Destination Picture of The Final Destination Picture of The Final Destination Picture of The Final Destination "
""We're all gonna die, right? There's gonna be a crash!"
Sequel-camouflaging title notwithstanding, The Final Destination is the fourth instalment of the now 9-year-old horror series wherein the Grim Reaper eviscerates those who have avoided their predestined death. By this point in the franchise, one would hope for the filmmakers to finally tweak the time-worn formula (perhaps explore the source of the premonitions, or place the action somewhere more exciting) but if someone pitched this idea to the studio executives, they were outvoted...this fourth film follows the formula to the letter without deviation. The sole element that has been changed is the visuals, which are now in 3-D (meaning blood, sharp objects and viscera are thrown at your face). The Final Destination does get " read more
"The fourth and latest in the series of the Final Destinations, where another person with the ability to sneak peek into the action and devastation which will occur in the near future and claim the lives of him and his friends avoids the tragedy and lives to see another day.... but how many more days will he and his friends see? Director David R. Ellis returns from his role (in directing the second film) to bring Nick O'Bannon's character forth as the main person who witnesses violent deaths; not only to the many people who had died in the raceway arena on that awful afternoon, but to the people who were supposed to die in that accident as well after the event took place. This chapter fits very well into the film series, and is worth seeing in 3D; alot of steel and other metals pop through " read more
"Tradução correta: O Destino Final Título em português: Premonição 4 In Brazil: Premonition 4"
"Review here"


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Sinkhole appeared in West Cumbria (From The Westmorland Gazette)
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Sinkhole appeared in West Cumbria
Updated 9:16am Monday 10th March 2014 in News
A six metre deep sinkhole has appeared at Harrington, Workington.
Police are asking members of the public to stay away from the area just off the coastal path, near the children's play park, until the extent of the problem has been fully assessed.
The sinkhole is believed to be wider than the two-foot gap which can be seen from surface level.
Comments are closed on this article.


text:
Glenn Defense Marine-Asia PTE, Ltd.
B-402687.4,B-402687.5: Nov 19, 2010
Ralph O. White
(202) 512-8278
(202) 512-4800
(202) 512-8278
Office of Public Affairs
(202) 512-4800
Glenn Defense Marine-Asia PTE, Ltd., of Singapore, protests the terms of request for proposals (RFP) No. N62649-09-R-0041, issued by the Department of the Navy, United States (U.S.) Fleet and Industrial Supply Center, for maritime husbanding support to United States Navy and other ships visiting ports in any of four regions of the Western Pacific and Indian Ocean--South Asia, Southeast Asia, Australia and the Pacific Islands and East Asia. RFP amend. 27, at 3. The protester contends that the price evaluation scheme of the RFP is flawed.
We deny the protest.
Aug 22, 2014
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text:
USB Shawl Takes the USB Craze One Step Too Far
USB warming slippers »
Click to view So, we had the allegedly-USB-powered popcorn maker... and now we have an Instructable for a USB frying pan: good enough to cook an omelet in around seven minutes. This device is a lot more basic, apparently requiring nothing more sophisticated than two aluminum pans, some broken ceramic as insulation and… »
Reader Daniel emails in with this nice find at the Southwest terminal at Phoenix's Sky Harbor International Airport. USB power ports! Charge your phones! Charge your USB junk! Shove in a USB humping dog! Either way, it's a nice gesture by Southwest. [Thanks Daniel!] »


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main index
Dead Like Me
open/close all folders
The Reapers
Georgia "George" Lass
That's me. I'd say I'm sorry to disappoint you but I'm not. I excel at not giving a shit.
Rube Sofer
"A corpse is like a peach cobbler that got dropped on the floor. As good as it was, you still wouldn't want it anymore."
Roxy Harvey
"That's Roxy. She can kick your ass".
"And then there's Mason. Oh Mason, Mason".
Betty Rhomer
"Do your nipples get hard when you sneeze?"
Daisy Adair
Joy Lass
"My mother. She hates balloons and the word 'moist'. She considers it pornographic".George's mother
Reggie Lass
"She's not really invisible but she might as well have been".George's little sister
Delores Herbig