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|By PR Newswire
Article Rating:
|December 17, 2012 04:01 AM EST
PALO ALTO, California, Dec. 17, 2012 /PRNewswire/ -- Autonomy, an HP Company, today announced that North Shore Credit Union (NSCU), a recognized innovator in the financial services industry, has selected HP Data Protector 7 and HP StoreOnce Catalyst to provide an end-to-end data protection and deduplication solution to back up the bulk of its email, servers, files and virtual environments.
Based in North Vancouver, British Columbia, NSCU is a full-service financial institution with approximately 40,000 clients, 12 branches and 300 employees. With HP Data Protector and HP StoreOnce, NSCU can now rapidly recall and restore data. They also have the flexibility to replicate among other HP StoreOnce devices while limiting the amount of bandwidth required for that replication. NSCU no longer has to access and recall physical data tapes from a vault, saving the credit union more than $130,000 annually. Also, HP Data Protector and HP StoreOnce Catalyst allow NSCU to move data around faster, resulting in a dramatic decrease in back-up and retention times.
"In my experience, it's rare to find someone who likes their data back-up software but Data Protector is one that I find myself recommending to others because the service is excellent and the technology is outstanding," said Ryan C. Burgess, infrastructure architect, North Shore Credit Union. "Through HP Autonomy, we have access to expertise that can meet the evolving needs of our environment, ensuring that if any issues arise they get solved very quickly."
HP Data Protector is the industry's first unified, meaning-based data-protection solution that utilizes an intelligent data management approach to seamlessly protect and harness data based on its meaning from the edge to the data center and across physical, virtual and cloud environments.
By leveraging Autonomy's Intelligent Data Operating Layer (IDOL) in HP Data Protector, organizations can achieve context-aware management of their data to optimize recovery, search, compliance and eDiscovery. Based on HP StoreOnce—the industry's most advanced deduplication technology—HP Data Protector also allows organizations to minimize infrastructure costs by unifying and eliminating duplicate files stored across disparate locations.
The integration of HP Data Protector with HP StoreOnce Catalyst creates a single point of control for deduplication, backup and recovery, which enables companies to enhance backup processes, eliminate wasted resources, shrink network bandwidth cost and improve backup throughput.
"Utilizing Autonomy enables North Shore Credit Union to archive, migrate and restore data in a rapid, cost effective way," said David Jones, general manager, Data Protection at Autonomy, an HP Company. "North Shore Credit Union joins the thousands of organizations around the world who use Autonomy solutions as a vital component of a holistic information governance strategy."
About North Shore Credit Union
With branches across the Lower Mainland and Sea-to-Sky region, North Shore Credit Union provides expert advice on banking, loans, investments and insurance. North Shore Credit Union has $2.8 billion in assets under administration, over 300 employees and 40,000 members. NSCU is designated a Caring Company by the Canadian Centre for Philanthropy and is a proud member of Canada's IMAGINE program. The Credit Union has been named "50 Best Small and Medium Employers in Canada" and "The Green 30" by Aon Hewitt, and "Canada's 10 Most Admired Corporate Cultures™" by Waterstone Human Capital. NSCU has also been honored numerous times as one of the most technologically innovative financial institutions in North America.
About Autonomy
Autonomy, an HP Company, is a global leader in software that processes human information, or unstructured data, including social media, email, video, audio, text and web pages, etc. Autonomy's powerful management and analytic tools for structured information together with its ability to extract meaning in real time from all forms of information, regardless of format, is a unique tool for companies seeking to get the most out of their data. Autonomy's product portfolio helps power companies through enterprise search analytics, business process management and OEM operations. Autonomy also offers information governance solutions in areas such as eDiscovery, content management and compliance, as well as marketing solutions that help companies grow revenue, such as web content management, online marketing optimization and rich media management.
Please visit www.autonomy.com to find out more.
About HP
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. The world's largest technology company, HP brings together a portfolio that spans printing, personal computing, software, services and IT infrastructure to solve customer problems. More information about HP (NYSE: HPQ) is available at http://www.hp.com.
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance, market share or competitive performance relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; the competitive pressures faced by HP's businesses; the development and transition of new products and services (and the enhancement of existing products and services) to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its customers, suppliers and partners; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; integration and other risks associated with business combination and investment transactions; the hiring and retention of key employees; assumptions related to pension and other post-retirement costs and retirement programs; the execution, timing and results of restructuring plans, including estimates and assumptions related to the cost and the anticipated benefits of implementing those plans; expectations and assumptions relating to the execution and timing of cost reduction programs and restructuring and integration plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2012 and HP's other filings with the Securities and Exchange Commission, including HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2011. HP assumes no obligation and does not intend to update these forward-looking statements.
© 2012 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.
Editorial contact
Randy Cairns
Autonomy, an HP Company
[email protected]
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
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Jul. 3, 2015 05:30 PM EDT Reads: 553
The basic integration architecture, as defined by ESBs, hasn't changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
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SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and high availability solutions, leveraging the cloud and the benefits of Infrastructure-as-a-Service (IaaS...
Jul. 3, 2015 04:15 PM EDT Reads: 701
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won't be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Jul. 3, 2015 12:00 PM EDT Reads: 2,385
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi's VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
Jul. 3, 2015 11:45 AM EDT Reads: 1,261
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
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The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue of profound change in the industry.
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The Relationship Between Health
Practitioner and Patient
Judith Fadlon
Shulamit Werner
The Doctor-Patient Relationship as a Social Issue and the Parallel
Role of Other Health Professionals
Problems in the Doctor—Patient Relationship
Structural Elements in the Patient—Health Practitioner Relationship
Elements of Interaction in the Doctor—Patient Relationship
as a Social Issue and the Parallel
Role of Other Health
The doctor—patient relationship, in order to be fully understood, must be viewed in the context of both micro and macro sociology. Micro in the understanding of the mechanisms which construct situations such as symbolic interaction, verbal exchanges, and perceptions of status and role; macro in the sense that each situation is embedded in a social, cultural context which lays out the interpretative and behavioral repertoires to which participants have recourse. The role of the health professional is no different from that of a doctor when interacting with a patient and is subject to the same criticisms and limitations.
What is in the relationship between health professionals and their patients that makes it the subject of such extensive discussion? On the most basic level, one may perceive this relationship as a professional interaction in which a qualified expert applies his expertise to help an individual who complains of physical discomfort.
Reality, however, is not so simple. If this were indeed the picture, we would not have to deal with the problem of non-compliance which is

subset: commoncrawl


text:
Becky Quick is co-anchor of "Squawk Box." Quick is also anchor of the nationally syndicated "On the Money."
Quick is known for her hard-hitting interviews and profiles of some of the world's richest and most influential investors, including Warren Buffett, Bill Gates, Alan Greenspan, T. Boone Pickens, Jamie Dimon, Charlie Munger and many others. She also has interviewed three U.S. presidents and has hosted panels at some of the most prestigious conferences in the world such as the Microsoft CEO Conference, Fortune's Most Powerful Women's Conference and the Allen & Co. Sun Valley Media Conference. Quick also authors a regular column for Fortune magazine as well as contributes to CNBC.com.
Previously, Quick, a seven-year veteran of The Wall Street Journal, covered the Wall Street beat for CNBC as part of the network's partnership with Dow Jones.
Prior to joining CNBC in February 2001, Quick covered various beats for The Wall Street Journal, including retail, e-commerce and the Internet. She also played a crucial role in the launch of The Wall Street Journal Online, while serving as the site's International news editor.
She graduated from Rutgers University in New Brunswick, N.J., and previously served on the board of The Robert Wood Johnson University Hospital.
Follow Becky Quick on Twitter @BeckyQuick
Bill Gates, Microsoft chairman; and Warren Buffett, Berkshire Hathaway, chairman & CEO, discuss the need to implement changes in the nation's immigration law. Also, Gates and Buffett weigh in on the debate over the "fairness" of online sales tax.
Microsoft Chairman Bill Gates and Warren Buffett, chairman and CEO of Berkshire Hathaway, discuss the importance of measuring innovation and intervention, and the role of the U.S. government in providing financial aid to poorer countries.
Warren Buffett, Berkshire Hathaway, chairman & CEO, explains why anybody who owns a cross section of American businesses at these prices will do well over a ten or twenty year period.
Warren Buffett, Berkshire Hathaway, chairman & CEO, talks with CNBC's Becky Quick about the nation's budget problems and why he believes a "tax holiday" will push investment abroad.
Warren Buffett, Berkshire Hathaway chairman and CEO, tells CNBC he prefers investing in "ketchup" to trying to predict media winners.
Warren Buffett, Berkshire Hathaway, chairman & CEO, discusses the outlook on railroads and his company's acquisition of Burlington Northern.
Warren Buffett, Berkshire Hathaway, chairman & CEO, discusses changes in Berkshire Hathaway's board, and possible candidates to succeed him. Also, Buffett explains the problem many airlines face making money, and explains why he favors productive assets over fixed dollar investments.
Warren Buffett tells CNBC's Becky Quick stocks will be going a "lot higher" in her lifetime but warns investors to stay away from bonds.
Sitting inside the Global 6000 private jet, Warren Buffett, Berkshire Hathaway, chairman & CEO, discusses the increasing trend of private jet travel, with CNBC's Becky Quick.
Warren Buffett, Berkshire Hathaway, chairman & CEO, shares his strategy on investing in European stocks; and explains why in some instances the chairman and CEO position should be divided.
Bargain hunting after the Chinese stock plunge would be like "catching a falling knife," Stephen Roach says.
A return to the drachma in Greece would be "terrible for the whole country," the distressed asset investor tells CNBC.
A nearly 30 percent fall in Chinese stock prices undercut the notion that China would drive an upside oil surprise, Tamar Essner told CNBC.
Stocks will remain rangebound for months because second quarter earnings will likely be weak, Ed Keon says.
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CFN 2013 Rankings
Sept. 8, Week 2
- 2013 AP Rankings
2013 Coaches' Poll
Scoreboard & Game Recaps- 2013 CFN Preseason Rankings
discussion of the rankings and all of Week 2 - Campus Insiders
CFN Rankings
- Week 1
2013 Week 2 Rankings, No. 26-125
1. Alabama 1-0
Last Week: Idle
Why No. 1?: The defense is championship-caliber … again. The Tide put Virginia Tech in a vice grip in the opener, 212 total yards, 77 of which came on one run. Kirby Smart's unit is going to get better as the new starters get more reps.
Why The Ranking Should Be Lower: The offense, on the other hand, is a big concern, especially with high-scoring Texas A&M next up on the schedule. Bama struggled at the point of attack versus the Hokies' front, a potentially troubling harbinger of things to come.
2. Florida State 1-0
Last Week: Idle
Why The Ranking Should Be Higher: The 'Noles set the tone for what could be a special season with their 41-13 rout of Pitt on Labor Day. The program has already bagged an easy conference win on the road, and redshirt freshman QB Jameis Winston looks every bit as good as advertised.
Why The Ranking Should Be Lower: The book is still out on Florida State, which lost key starters everywhere, including on special teams. Not until October will it be determined if this is truly a top 5 squad, with a national championship ceiling.
3. Oregon 2-0
Last Week: W, Virginia, 59-10
Why The Ranking Should Be Higher: The Cavaliers' defense is actually pretty salty, but who'd have known it against the Oregon offense? The Ducks shredded Virginia for eight touchdowns and 557 yards of offense. That's the same UVa team that beat Texas-busting BYU just a week earlier.
Why The Ranking Should Be Lower: Nicholls State and Virginia aren't exactly the measuring stick for a Pac-12 power. Everyone will learn a little more about the Chip Kelly-less Ducks with upcoming games against Tennessee and Cal.
Last Week: W, UAB, 56-17
Why The Ranking Should Be Higher: The Tigers continue to show life on offense, the one area of the team that's vexed the program in recent seasons. Okay, it was UAB, but QB Zach Mettenberger continued his reclamation by throwing five touchdown passes and no picks.
Why The Ranking Should Be Lower: The rebuilt D still has a lot to prove once the level of competition improves. The Tigers have notched just four sacks in two games, and have struggled making stops on third downs.
5. Clemson 2-0
Last Week: W, South Carolina State, 52-13
Why The Ranking Should Be Higher: The Tigers got a well-earned Week 2 breather following their statement win over Georgia, which looks even better now that the Dawgs have beaten South Carolina. Chad Morris' offense is among the most prolific in America, while the D continues to take baby steps.
Why The Ranking Should Be Lower: Brent Venables' defense is headed in the right direction, but it remains vulnerable against quality opponents. The secondary is a question mark, which is a worry that might crop as the season unfolds.
6. Georgia 1-1
Last Week: W, South Carolina, 41-30
Why The Ranking Should Be Higher: All of Georgia's goals, from an SEC title to a national title, remain in front of it now that the Gamecocks are in the win column. With QB Aaron Murray and RB Todd Gurley in the same backfield, the Dawgs are capable of scoring on anyone this season.
Why The Ranking Should Be Lower: Two games in, the defense is every bit the concern that the staff worried it would be. Sure, no one had a tougher early schedule, but Georgia's 98th-ranked defense could open the door for middling opponents to challenge over the next two months.
7. South Carolina 1-1
Last Week: L, Georgia, 41-30
Why The Ranking Should Be Higher: The Gamecocks lost to one of the country's best teams … in their building. No shame in falling between the hedges on Saturday. South Carolina remains close to a complete team, especially now that Mike Davis has been running like a freight train.
Why The Ranking Should Be Lower: The vaunted D disappointed on Saturday. No, Georgia is no easy draw, but the pass defense disappeared, and the Jadeveon Clowney-led pass rush failed to have a major impact on the outcome.
8. Texas A&M 2-0
Last Week: W, Sam Houston State, 65-28
Why The Ranking Should Be Higher: The Aggies have already scored 117 points in two games, a number that would have been higher had the coaches desired. Besides the obvious production of QB Johnny Manziel, A&M is getting a lot of help on the ground from Ben Malena and Tra Carson.
Why The Ranking Should Be Lower: A&M has not looked good on defense so far, no surprise considering the offseason changes. The Aggies are 115th nationally against the run, despite facing Rice and Sam Houston State, an ominous stat with Alabama set to descend upon College Station.
9. Ohio State 2-0
Last Week: W, San Diego State, 42-7
Why The Ranking Should Be Higher: The Buckeyes improved in Week 2, despite the MCL sprain to QB Braxton Miller, easily disposing of San Diego State. The defense was air-tight, while Kenny Guiton proved that the Buckeyes can win with more than just Miller under center.
Why The Ranking Should Be Lower: Buffalo and San Diego State are two of the worst FBS teams this season, so Ohio State has hardly been tested. The Aztecs lost their opener to Eastern Illinois by three touchdowns, while the Bulls were thrashed by Baylor, 70-13, on Saturday.
10. Stanford 1-0
Last Week: W, San Jose State, 34-13
Why The Ranking Should Be Higher: The Cardinal kicked off its season in typical fashion, beating a pretty good San Jose State squad with defense and a power running game. Stanford was never threatened by the Spartans, pulling away for good in the third quarter.
Why The Ranking Should Be Lower: A lack of a proven passing game didn't haunt the Cardinal on Saturday, but it could once Pac-12 play begins. QB Kevin Hogan is still a more accomplished runner than thrower, and his receivers remain unproven and inconsistent.
11. Michigan 2-0
Last Week: W, Notre Dame, 41-30
Why The Ranking Should Be Higher: The Wolverines' offense has looked fantastic so far, scoring 100 points in two games. The unit, led by QB Devin Gardner, confused a very good Notre Dame defense on Saturday night, something no opponent has done to the Irish in a very long time.
Why The Ranking Should Be Lower: There's work still to be done on Greg Mattison's defense. Michigan yielded too many yards through the air to Notre Dame QB Tommy Rees, which could become an issue once Big Ten play begins.
12. Wisconsin 2-0
Last Week: W, Tennessee Tech, 48-0
Why The Ranking Should Be Higher: Defense and the ground game has the Badgers 2-0 in the Gary Andersen era. For the second consecutive week, Wisconsin produced three 100-yard rushers, while pitching a shutout.
Why The Ranking Should Be Lower: Worries about the Badgers' passing game and pass defense won't be put to rest in visits from Massachusetts and Tennessee Tech. If Wisconsin is truly an underrated program, it'll go out and prove it on this week's visit to Arizona State.
Last Week: Idle
Why The Ranking Should Be Higher: Nevada is always a tricky opponent for Pac-12 schools. UCLA crushed the Wolf Pack, 58-20, in the opener, dispatching a clear signal that it's ready to surge forward in Jim Mora's second season in Westwood.
Why The Ranking Should Be Lower: Great win two weeks ago, but it failed to clear up the Bruins' two biggest concerns, a rebuilt secondary and a line that yields too many sacks. Next week's trip to Nebraska will provide more answers about UCLA's 2013 ceiling.
14. Oklahoma 2-0
Last Week: W, West Virginia, 16-7
Why The Ranking Should Be Higher: Mike Stoops' defense has played extremely well through the first two games, allowing just one touchdown in eight quarters. In a Big 12 littered with good offenses, the Sooners' D could become a difference-maker in the race for a title.
Why The Ranking Should Be Lower: The offense is a major work-in-progress, as evidenced against an average West Virginia defense in Week 2. Oklahoma is sloppy, inefficient through the air and one-dimensional unless one of the quarterbacks, Trevor Knight or Blake Bell, can turn things around.
15. Notre Dame 1-1
Last Week: L, Michigan, 41-30
Why The Ranking Should Be Higher: The Irish ran into a buzzsaw on Saturday night, a very good Michigan team in the Big House. This team has a talented defense and a veteran quarterback, Tommy Rees, who has played a lot of football in South Bend.
Why The Ranking Should Be Lower: What happened to the vaunted D over the weekend? If Bob Diaco's unit has slipped from a season ago, Notre Dame won't have the offensive firepower to pick up the slack, especially against a wicked schedule.
16. Miami 2-0
Last Week: W, Florida 21-16
Why The Ranking Should Be Higher: The Hurricanes landed their first true breakout win for Al Golden, beating a ranked SEC rival to open 2-0. The defense was feisty and opportunistic, proving that QB Stephen Morris and RB Duke Johnson don't have to be great for Miami to survive.
Why The Ranking Should Be Lower: Sure, the 'Canes won, but they got dominated at times by the Gators, getting outgained 413-212. Miami was somewhat fortunate that QB Jeff Driskel and the rest of the Florida offense are so bad, or else the outcome would have been very different.
17. Florida 1-1
Last Week: L, Miami, 21-16
Why The Ranking Should Be Higher: Even in a losing cause, the Gators' D proved to be championship-caliber, limiting the 'Canes to 212 total yards and 1-of-11 on third downs. This unit made QB Stephen Morris and RB Duke Johnson appear pedestrian, which is an achievement.
Why The Ranking Should Be Lower: The offense is so repulsive that Florida is going to be vulnerable in every game that it plays this season. So ineffective were the Gators on Saturday afternoon that they produced just nine points in six red-zone trips against a mediocre Miami defense.
18. Washington 2-0
Last Week: Idle
Why The Ranking Should Be Higher: The Huskies delivered one of the most dominant performances of the first two weekends, schooling Boise State, 38-6. U-Dub was crisp on both sides of the ball, outgaining the Broncos, 592-346, without the services of playmaking TE Austin Seferian-Jenkins.
Why The Ranking Should Be Lower: The true measure of the Week 1 demolition will depend on where Boise State goes from here. If this happens to be an off year for Chris Petersen and the boys, it'll wind up muting Washington's statement win from two weeks ago.
19. Ole Miss 2-0
Last Week: W, Southeast Missouri State, 31-13
Why The Ranking Should Be Higher: Having notched their quality win over Vanderbilt in the opener, the Rebels coasted to an easy victory over an FCS opponent. As young as this team is, it figures to mature and improve with each passing game.
Why The Ranking Should Be Lower: The defense will need time to gel this fall. The unit, which is going to miss injured LB Denzel Nkemdiche, is liable to get exposed during the upcoming five-game gauntlet of Texas, Alabama, Auburn, Texas A&M and LSU.
20. Oklahoma State 2-0
Last Week: W, UTSA, 56-35
Why The Ranking Should Be Higher: After a one-week hiatus, the Cowboys got their offense back on track behind the stellar quarterbacking of J.W. Walsh. The newly-minted starter in Stillwater was a pristine 24-of-27 for 326 yards and four touchdown passes to go along with a scoring run.
Why The Ranking Should Be Lower: Yeah, a lot of the Roadrunners' production came in the final quarter, but the Oklahoma State D, which looked so good in the opener, regressed in the Alamodome. The Cowboys also labored on the ground, norming just 2.7 yards per carry.
21. Louisville 2-0
Last Week: W, Eastern Kentucky, 44-7
Why The Ranking Should Be Higher: The Cardinals have yet to be tested through the first two weeks, crushing Ohio and Eastern Kentucky by a combined score of 93-7. The team's depth and confidence is on the uptick, heading into this week's trip to Lexington.
Why The Ranking Should Be Lower: It'll get said over and over again this fall, but bears repeating. It's going to be difficult to accurately gauge the potential of Louisville as long as it's playing the weakest schedule among ranked programs.
22. Baylor 2-0
Last Week: W, Buffalo, 70-13
Why The Ranking Should Be Higher: The offense is scary-good … again. The attack has already produced 139 points over the first two games, spearheaded by the accurate darts of QB Bryce Petty and the running of Lache Seastrunk.
Why The Ranking Should Be Lower: It's hard to discern must about a team that's only faced Wofford and Buffalo. Can the Bears maintain their ranking once their defense starts facing better opponents? Check back in October.
23. Missouri 2-0
Last Week: W, Toledo, 38-23
Why The Ranking Should Be Higher: The Tigers have jumped out to a 2-0, providing the confidence boost that this program sorely needed. The defense has been opportunistic, while QB James Franklin has taken steps to put last season's disaster behind him.
Why The Ranking Should Be Lower: Mizzou had more trouble with Toledo than a ranked team should, getting outgained by the Rockets in Columbia. The Tigers don't do any one thing especially great, which will come to light once SEC play begins.
24. Northwestern 2-0
Last Week: W, Syracuse, 48-27
Why The Ranking Should Be Higher: Only one program has opened the season with consecutive wins over AQ conference opponents. Yup, it's the Wildcats who hammered the Orange for 581 yards in Saturday night's textbook win.
Why The Ranking Should Be Lower: The Wildcats are going to need the play of their offense to offset a vulnerable D. Northwestern ranks 114th in the country, and it's had an especially rough time making stops on third down.
25. Virginia Tech 1-1
Last Week: W, Western Carolina, 45-3
Why The Ranking Should Be Higher: The Hokies got back on track with a visit from an overmatched FCS opponent. Bud Foster's defense is nasty this year, as Alabama could attest in the opener in Atlanta a week ago.
Why The Ranking Should Be Lower: The offense is a mess. It's one thing to be a little erratic against the Tide, but Virginia Tech had some issues with Western Carolina this past weekend as well. The Logan Thomas-led passing game, in particular, is an issue that's going to haunt the Hokies throughout the fall.
2013 Week 2 Rankings, No. 26-125


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The Basics of Cloning What Cloning Is Stem Cell Research The Good and the Bad Legal Stuff What is Cloning? Cloning is the process of making a genetically identical organism through nonsexual means. In your own words, what does this mean? What is Cloning? Basically, cloning is creating one organism from another organism that already exists. The organisms have identical DNA This means that they look the same What is Cloning? BUT—these identical twins look the same and have the same DNA, so are they clones??? Why??? How do we get clones? Clones are created when a cell (with its DNA) is placed into an egg cell that has had its DNA removed. Cloning can be used to produce animals or plants with desired characteristics. How Dolly was cloned 1. A donor egg had its nucleus removed 2. A cell (containing DNA) was taken from the sheep that was being cloned How Dolly was cloned 3. The cell and the donor egg were fused using electricity 4. This created an embryo 5. This embryo was implanted in the uterus of a surrogate mother (sheep) for nine months How Dolly was cloned 6. The surrogate mom gives birth to a clone! 7. Is the clone from the egg or the cell with DNA??? 8. This procedure is not very successful—it took 277 tries to get Dolly! How do we get clones? Some cloning is made possible through the use of stem cells. One important kind of stem cell is called an embryonic stem cell. Stem Cells Each person begins life as a single cell called a zygote, which begins to divide. After about 5 days, it becomes a mass of cells called a blastocyst. Inside the blastocyst there is an inner layer where the stem cells are found. Where stem cells are found Stem Cells Stem cells are especially important for two reasons: 1. They are unspecialized—they do not have a particular role in the human body. 2. BUT—they can be given a role to play through certain chemical factors. Stem Cells Stem cells are pluripotent This means they are capable of developing into any cell type in the human body such as heart, skin or hair. Stem Cells Today, some people want to take those unspecialized stem cells and give them certain roles. Doctors can potentially take stem cells and induce them into a specific cell, for example, a nerve cell or blood cell. Stem cells—so what? Taking stem cells and creating a specific cell can lead to good and bad things. This creates ethical problems for most people—is cloning good or bad? Cloning—good? Cloning can lead to very beneficial things like: 1. A cure for diseases such as Parkinson's, Alzheimer's, or diabetes 2. It can help people who have fertility problems have biological children (but they would be clones of one of the parents!) 3. Further research cures for other diseases Cloning—bad? Cloning also raises some ethical and biological problems: 1. It decreases the gene pool (more people with the same DNA) 2. Cloning is unnatural—the clone would not be an "original" person 3. It eliminates the need for men! (How???) Therapeutic Cloning—maybe the first step A person's own DNA is used to grow a clone. But instead of planting this embryo into a uterus to become a baby, its stem cells are removed and grown in a Petri dish Therapeutic Cloning—maybe the first step They use the stem cells to create the cells that are needed, such as nerve cells to treat Parkinson's Disease, or even to grow replacement organs such as hearts! Therapeutic Cloning Therapeutic Cloning Legal Stuff In August 2001, President Bush announced the government's legal stance on cloning: • Federal funds can be used for stem cell research • But only existing cell lines could be used (no new cells could be created, thus no therapeutic cloning) Legal Stuff BUT—privately funded stem cell research (even human cloning) is okay In Great Britain, any stem cell research, as well as therapeutic cloning, is okay. However, human cloning (to make a new person) is NOT okay. What do you think??? Think, Pair, Share If you were a lawmaker, would you make cloning legal or not? What conditions would you have (like no human cloning)? What do you think??? Think, Pair, Share 1. Think about your stance for one minute 2. Share your view with a partner at your table and explain why you feel that way 3. Each of you be prepared to share your view with the class
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Press release from GlobeNewswire (a Nasdaq OMX company)
Fastenal Company Reports 2012 Third Quarter Earnings
Thursday, October 11, 2012
Fastenal Company Reports 2012 Third Quarter Earnings03:50 EDT Thursday, October 11, 2012WINONA, Minn., Oct. 11, 2012 (GLOBE NEWSWIRE) -- The Fastenal Company of Winona, MN (Nasdaq:FAST) reported the results of the quarter ended September 30, 2012. Except for per share information, or as otherwise noted below, dollar amounts are stated in thousands. Share and per share information in this document has been adjusted to give effect to the two-for-one split of our common stock in May 2011. Net sales, pre-tax earnings, net earnings, and net earnings per share were as follows for the period ended September 30: Nine-month period Three-month period 2012 2011 Change 2012 2011 Change Net sales $ 2,376,342 2,069,055 14.9% $ 802,577 726,742 10.4% Pre-tax earnings $ 516,004 434,312 18.8% $ 175,836 155,319 13.2% % of sales21.7%21.0% 21.9%21.4% Net earnings $ 321,820 270,458 19.0% $ 109,320 96,798 12.9% Net earnings per share (basic) $ 1.09 0.92 18.5% $ 0.37 0.33 12.1% Note: The three month period ended September 30, 2012 contained 63 business days; however, the same period in 2011 contained 64 business days. Our reported sales for the quarter grew 10.4% as noted above; when adjusted for the number of business days, our daily sales growth was 12.2% in the quarter. On a sequential basis in 2012, the first, second, and third quarters had 64, 64, and 63 business days respectively; and our daily sales average was $12,014, $12,576, and $12,739, respectively. On September 30, 2012, we had 2,650 stores. During the first nine months of 2012, we opened 73 new stores, an increase of 2.8% since December 2011 (we opened 94 new stores in the same period of 2011). On September 30, 2012, we operated 17,013 FAST SolutionsSM (industrial vending) machines. During the first nine months of 2012, we installed 9,560 new machines, an increase of 128.3% since December 2011 (we installed 3,717 machines in the same period of 2011). On September 30, 2012, we had 15,431 employees, an increase of 1.7% since December 2011. Similar to previous quarters, we have included comments regarding several aspects of our business:Monthly sales changes, sequential trends, and end market performance – a recap of our recent sales trends and some insight into the activities with different end markets.Growth drivers of our business – a recap of how we grow our business.Profit drivers of our business – a recap of how we increase our profits.Statement of earnings information – a recap of the components of our income statement.Operational working capital, balance sheet, and cash flow – a recap of the operational working capital utilized in our business, and the related cash flow. While reading these items, it is helpful to appreciate several aspects of our marketplace: (1) it's big, the North American marketplace for industrial supplies is estimated to be in excess of $160 billion per year (and we have expanded beyond North America), (2) no company has a significant portion of this market, (3) many of the products we sell are individually inexpensive, (4) when our customer needs something quickly or unexpectedly our local store is a quick source, (5) the cost to manage and procure these products can be significant, and (6) the cost to move these products, many of which are bulky, can also be significant. Our motto is Growth through Customer Service. This is important given the points noted above. We believe in efficient markets – to us, this means we can grow our market share if we provide the greatest value to the customer. We believe our ability to grow is amplified if we can service our customer at the closest economic point of contact. The concept of growth is simple, find more customers every day and increase your activity with them. However, execution is hard work. First, we recruit service minded individuals to support our customers and their business. Second, we operate in a decentralized fashion to help identify the greatest value for our customers. Third, we build a great machine behind the store to operate efficiently and to help identify new business solutions. Fourth, we do these things every day. Finally, we strive to generate strong profits; these profits produce the cash flow necessary to fund the growth and to support the needs of our customers.MONTHLY SALES CHANGES, SEQUENTIAL TRENDS, AND END MARKET PERFORMANCE Note – Daily sales are defined as the sales for the period divided by the number of business days (in the United States) in the period. This section focuses on three distinct views of our business – monthly sales changes, sequential trends, and end market performance. The first discussion regarding monthly sales changes provides a good mechanical view of our business based on the age of our stores. The second discussion provides a framework for understanding the sequential trends (that is, comparing a period to the immediately preceding period) in our business. Finally, we believe the third discussion regarding end market performance provides insight into activities with our various types of customers.MONTHLY SALES CHANGES:All company sales – During the months in 2012, 2011, and 2010, all of our selling locations, when combined, had daily sales growth rates of (compared to the comparable month in the preceding year): Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2012 21.3% 20.0% 19.3% 17.3% 13.1% 14.0% 12.1% 12.0% 12.9% 2011 18.8% 21.5% 22.8% 23.2% 22.6% 22.5% 22.4% 20.0% 18.8% 21.4% 22.2% 21.2% 2010 2.4% 4.4% 12.1% 18.6% 21.1% 21.1% 24.4% 22.1% 23.5% 22.4% 17.9% 20.9% The growth in the first three months of 2012 generally continued the relative strength we saw in 2011 and in most of 2010. The April to June 2012 time frame experienced a reduction in our daily sales growth rate as the market we sell into slowed (see further discussion in sequential trends and end market performance). This slow down continued into the July to September 2012 time frame. The change in currencies in foreign countries (primarily Canada) relative to the United States dollar lowered our daily sales growth rate by 0.3% during the first nine months of 2012 (this lowered growth in the first, second, and third quarters was 0.1%, 0.4%, and 0.2% respectively). This was a sharp contrast to 2011 and 2010, when changes in foreign currencies increased our growth in the first nine months by 0.9% and 0.3%, respectively.Stores opened greater than two years – Our stores opened greater than two years (store sites opened as follows: 2012 group – opened 2010 and earlier, 2011 group – opened 2009 and earlier, and 2010 group – opened 2008 and earlier) represent a consistent 'same-store' view of our business. During the months in 2012, 2011, and 2010, the stores opened greater than two years had daily sales growth rates of (compared to the comparable month in the preceding year): Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2012 18.8% 17.1% 16.8% 14.5% 10.1% 11.1% 9.1% 8.6% 9.8% 2011 16.0% 18.4% 19.4% 19.6% 19.2% 19.1% 18.7% 16.5% 15.2% 18.0% 18.5% 17.5% 2010 0.6% 2.3% 9.6% 16.3% 18.5% 18.3% 21.3% 19.2% 19.8% 18.8% 14.1% 16.8%Stores opened greater than five years – The impact of the economy, over time, is best reflected in the growth performance of our stores opened greater than five years (store sites opened as follows: 2012 group – opened 2007 and earlier, 2011 group – opened 2006 and earlier, and 2010 group – opened 2005 and earlier). This group is more cyclical due to the increased market share they enjoy in their local markets. During the months in 2012, 2011, and 2010, the stores opened greater than five years had daily sales growth rates of (compared to the comparable month in the preceding year): Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2012 17.4% 15.8% 15.7% 13.7% 9.0% 10.2% 8.3% 7.9% 8.5% 2011 15.3% 17.9% 19.2% 19.1% 17.9% 18.2% 17.3% 15.2% 14.5% 17.0% 17.4% 16.9% 2010 -2.1% -0.5% 7.4% 14.9% 17.3% 16.2% 19.8% 18.2% 18.9% 17.9% 13.2% 16.0%SEQUENTIAL TRENDS:We find it helpful to think about the monthly sequential changes in our business using the analogy of climbing a stairway – This stairway has several predictable landings where there is a pause in the sequential gain (i.e. April, July, and October to December), but generally speaking, climbs from January to October. The October landing then establishes the benchmark for the start of the next year. History has identified these landings in our business cycle. They generally relate to months with impaired business days (certain holidays). The first landing centers on Easter, which alternates between March and April (Easter occurred in April in 2012, 2011, and 2010), the second landing centers on July 4th, and the third landing centers on the approach of winter with its seasonal impact on primarily our construction business and with the Christmas / New Year holidays. The holidays we noted impact the trends because they either move from month-to-month or because they move around during the week. The table below shows the pattern to our sequential change in our daily sales. The line labeled 'Past' is an historical average of our sequential daily sales change for the period 1998 to 2003. We chose this time frame because it had similar characteristics, a weaker industrial economy in North America, and could serve as a benchmark for a possible trend line. The '2012', '2011', and '2010' lines represent our actual sequential daily sales changes. The '12Delta', '11Delta', and '10Delta' lines indicate the difference between the 'Past' and the actual results in the respective year. Jan.(1) Feb. Mar. Apr. May June July Aug. Sept. Oct. Cumulative change from Jan. to Sept. Past 0.9% 3.3% 2.9% -0.3% 3.4% 2.8% -2.3% 2.6% 2.6% -0.7% 15.9% 2012 -0.3% 0.5% 6.4% -0.8% 0.5% 2.5% -2.7% 1.3% 4.3% 12.5% 12Delta -1.2% -2.8% 3.5% -0.5% -2.9% -0.3% -0.4% -1.3% 1.7% -3.4% 2011 -0.2% 1.6% 7.0% 0.9% 4.3% 1.7% -1.0% 1.4% 3.4% 0.7% 20.8% 11Delta -1.1% -1.7% 4.1% 1.2% 0.9% -1.1% 1.3% -1.2% 0.8% 1.4% 4.9% 2010 2.9% -0.7% 5.9% 0.6% 4.8% 1.7% -1.0% 3.5% 4.5% -1.5% 20.8% 10Delta 2.0% -4.0% 3.0% 0.9% 1.4% -1.1% 1.3% 0.9% 1.9% -0.8% 4.9% (1) The January figures represent the percentage change from the previous October, whereas the remaining figures represent the percentage change from the previous month. A graph of the sequential daily sales change pattern discussed above, starting with a base of '100' in the previous October and ending with the next October, would be as follows: https://media.globenewswire.com/cache/11647/file/16061.pdf Several observations stand out while viewing the 2012 sequential pattern: (1) The direction of the historical sequential pattern (increased daily sales on a sequential basis in February, March, May, June, August, and September and decreased daily sales on a sequential basis in April and July) has played out each month; however, the cumulative growth in the daily sales from January to September has fallen short of the benchmark figure and of the actual results in 2011 and 2010. (2) The magnitude of the February and May '12Delta' of approximately -2.8% was similar. This fact, as well as the choppiness of the year in general, has caused us to approach the year with a conservative tone. (3) The weakness in the first eight months of 2012 was amplified by changes in foreign currencies (primarily Canada) relative to the U.S. dollar.END MARKET PERFORMANCE:Fluctuations in end market business – The sequential trends noted above were directly linked to fluctuations in our end markets. To place this in perspective – approximately 50% of our business has historically been with customers engaged in some type of manufacturing. The daily sales to these customers grew in the first, second, third, and fourth quarters (when compared to the same quarter in the previous year), and for the year, as follows: Q1 Q2 Q3 Q4 Annual 2012 20.3% 15.8% 14.0% 2011 15.5% 18.5% 18.3% 21.0% 20.0% 2010 15.7% 29.8% 30.6% 17.7% 22.4% Our manufacturing business consists of two subsets: the industrial production business (this is business where we supply products that become part of the finished goods produced by our customers) and the maintenance portion (this is business where we supply products that maintain the facility or the equipment of our customers engaged in manufacturing). The industrial business is more fastener centered, while the maintenance portion is represented by all product categories. In the second and third quarters of 2012, the decrease in the rate of growth was more pronounced in our industrial production business. This is in sharp contrast to the first quarter of 2012 where the growth was more pronounced in the industrial production business, a trend that had also existed in 2011 and 2010. The first quarter and prior quarters were a direct counter to the 2009 contraction, which was more severe in our industrial production business and less severe in the maintenance portion of our manufacturing business. The best way to understand the change in our industrial production business is to examine the results in our fastener product line. In the first three months of 2012, the daily sales growth in our fastener product line was approximately 15.4%. This dropped to 10.5%, 6.1%, and 8.6% in April, May, and June, respectively, and averaged 6.0% in the third quarter. By contrast, the best way to understand the change in the maintenance portion of the manufacturing business is to examine the results in our non-fastener product lines. In the first three months of 2012, the daily sales growth in our non-fastener business was approximately 25.1%. This dropped to 24.4%, 19.0%, and 19.6% in April, May, and June, respectively, and averaged 18.0% in the third quarter. The patterns related to the industrial production business, as noted above, are influenced by the movements noted in the Purchasing Manufacturers Index ('PMI') published by the Institute for Supply Management (http://www.ism.ws/), which is a composite index of economic activity in the manufacturing sector. The PMI in 2012, 2011, and 2010 was as follows: Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2012 54.1 52.4 53.4 54.8 53.5 49.7 49.8 49.6 51.5 2011 59.9 59.8 59.7 59.7 54.2 55.8 51.4 52.5 52.5 51.8 52.2 53.1 2010 56.7 55.8 59.3 59.0 58.8 56.0 55.7 57.4 56.4 57.0 58.0 57.3 Our non-residential construction customers have historically represented 20% to 25% of our business. The daily sales to these customers grew or contracted in the first, second, third, and fourth quarters (when compared to the same quarter in the previous year), and for the year, as follows: Q1 Q2 Q3 Q4 Annual 2012 17.1% 12.7% 8.2% 2011 17.7% 15.8% 15.8% 17.4% 17.1% 2010 -14.7% 0.5% 6.3% 10.3% -0.3% A graph of the sequential daily sales trends to these two end markets in 2012, 2011, and 2010, starting with a base of '100' in the previous October and ending with the next October, would be as follows: https://media.globenewswire.com/cache/11647/file/16062.pdfGROWTH DRIVERS OF OUR BUSINESS We grow by continuously adding customers and by increasing the activity with each customer. We believe this growth is enhanced by our close proximity to our customers, which allows us to provide a range of services and product availability that our competitors can't easily match. Historically, we expanded our reach by opening stores at a very fast pace. These openings were initially in the United States, but expanded beyond the United States beginning in the mid 1990's. In our first ten years of being public (1987 to 1997), we opened stores at a rate approaching 30% per year. In the next ten years, we opened stores at an annual rate of approximately 10% to 15% and, over the last five years, at a rate of approximately 3% to 8% (we currently expect approximately 85 stores in 2012, or approximately 3.3%). As we gained proximity to more customers, we continued to diversify our growth drivers – this was done to provide existing store personnel with more tools to grow their business organically – the results of this are reflected in our earlier discussion on sales growth at stores opened greater than five years. In the early 1990's, we began to expand our product lines, and we added new product knowledge to our bench. This was our first big effort to diversify our growth drivers. The next step began in the mid to late 1990's when we began to add sales personnel with certain specialties or focus. This began with our National Accounts group in 1995, and, over time, has expanded to include individuals dedicated to: (1) sales related to our internal manufacturing division, (2) government sales, (3) internet sales, (4) specific products (most recently metal working), and (5) FAST SolutionsSM (industrial vending). Another step occurred at our sales locations (this includes Fastenal stores as well as strategic account stores and in-plant locations) and at our distribution centers, and began with a targeted merchandising and inventory placement strategy that included our 'Customer Service Project' approximately ten years ago and our 'Master Stocking Hub' initiative approximately five years ago. This strategy allowed us to better target where to stock certain products (local store, regional distribution center, master stocking hub, or supplier) and allowed us to improve our fulfillment and our ability to serve a broader range of customers. Our FAST SolutionsSM (industrial vending) operation is a rapidly expanding component of our business. We believe industrial vending is the next logical chapter in the Fastenal story, we also believe it has the potential to be transformative to industrial distribution, and that we have a 'first mover' advantage. We are investing aggressively to maximize this advantage. At our investor day in May 2011, we discussed our progress with industrial vending. In addition to our discussion regarding progress, we discussed our goals with the rollout of the industrial vending machines. One of the goals we identified related to our rate of 'machine signings' (the first category below) – our goal was simple, sign 2,500+ machines per quarter (or an annualized run rate of 10,000 machines). In 2012, we hit our annual goal of 10,000 machines during July, and the momentum has continued as we finished the third quarter. We intend to continue our aggressive push with industrial vending in 2013 and, to this end, expect to open approximately 50 - 100 stores in 2013, or an annual rate of new store openings of 2% to 4%. In addition, during 2012 we developed plans to (1) reinvigorate our fastener growth and to (2) improve the performance (growth) at under-performing locations. The following table includes some statistics regarding our industrial vending business: Q1 Q2 Q3 Q4 Number of vending machines in contracts signed during the period1 2012 4,568 4,669 5,334 2011 1,405 2,107 2,246 2,084 2010 257 420 440 792 Cumulative machines installed2 2012 9,798 13,036 17,013 2011 2,659 3,867 5,642 7,453 2010 892 1,184 1,515 1,925 Percent of total net sales to customers with vending machines3 2012 17.8% 20.8% 23.2% 2011 8.9% 10.5% 13.1% 15.7% 2010 3.4% 4.6% 6.1% 7.5% Daily sales growth to customers with vending machines4 2012 33.9% 34.3% 32.9% 2011 50.6% 43.9% 42.5% 40.7% 2010 37.4% 54.0% 56.4% 60.2%1This represents the gross number of machines signed during the quarter, not the number of contracts.2This represents the number of machines installed and dispensing product on the last day of the quarter.3The percentage of total sales (vended and traditional) to customers currently using a vending solution.4The growth in total sales (vended and traditional) to customers currently using a vending solution compared to the comparable period in the preceding year. We are pleased with the increases in the number of vending machine contracts signed, and with our ability to install machines. We increased our installed machine base by 3,977 machines (17,013 versus 13,036) in the third quarter of 2012, by 1,775 machines (5,642 versus 3,867) in the third quarter of 2011, and by 331 machines (1,515 versus 1,184) in the third quarter of 2010.PROFIT DRIVERS OF OUR BUSINESS We grow our profits by continuously working to grow sales and to improve our relative profitability. We also grow our profits by allowing our inherent profitability to shine through – we refer to this as the 'pathway to profit'. The distinction is important. We achieve improvements in our relative profitability by increasing our gross margin, by structurally lowering our operating expenses, or both. We advance on the 'pathway to profit' by increasing the average store size (measured in terms of monthly sales), and by allowing the changing store mix to improve our profits. This is best explained by comparing the varying profitability of our 'traditional' stores in the table below. The average store size for the group, and the average age, number of stores, and pre-tax earnings data by store size for the third quarter of 2012, 2011, and 2010, respectively, were as follows: Sales per MonthAverage Age (Years) Number of Stores Percentage of StoresPre-Tax Earnings PercentageThree months ended September 30, 2012 Average store sales = $88,337 $0 to $30,000 4.2 252 9.5% -14.2% $30,001 to $60,000 7.3 795 30.0% 12.7% $60,001 to $100,000 10.0 767 28.9% 22.2% $100,001 to $150,000 12.0 420 15.8% 25.7% Over $150,000 15.1 305 11.5% 29.4% Strategic Account/Overseas Store 111 4.2% Company Total 2,650 100.0% 21.9% Three months ended September 30, 2011 Average store sales = $82,724 $0 to $30,000 3.5 319 12.4% -12.6% $30,001 to $60,000 7.0 816 31.8% 13.3% $60,001 to $100,000 9.4 712 27.7% 22.4% $100,001 to $150,000 11.7 375 14.6% 26.5% Over $150,000 14.9 257 10.0% 28.5% Strategic Account/Overseas Store 87 3.4% Company Total 2,566 100.0% 21.4% Three months ended September 30, 2010 Average store sales = $71,603 $0 to $30,000 3.8 414 16.9% -11.0% $30,001 to $60,000 6.8 893 36.4% 13.2% $60,001 to $100,000 9.4 590 24.1% 22.7% $100,001 to $150,000 11.8 322 13.1% 26.0% Over $150,000 15.6 163 6.6% 27.7% Strategic Account/Overseas Store 71 2.9% Company Total 2,453 100.0% 20.0% Note – Amounts may not foot due to rounding difference. When we originally announced the 'pathway to profit' strategy in 2007, our goal was to increase our pre-tax earnings, as a percentage of sales, from 18% to 23%. This goal was to be accomplished by slowly moving the mix from the first three categories ($0 to $30,000, $30,001 to $60,000, and $60,001 to $100,000, these groups represented 76.5% of our store base in the first three months of 2007, the last quarter before we announced the 'pathway to profit') to the last three categories ($60,001 to $100,000, $100,001 to $150,000, and over $150,000, these groups represented 56.3% of our store base in the third quarter of 2012) and by increasing the average store sales to approximately $125,000 per month. The weak economic environment in 2009 caused our average store size to decrease, and consequently lowered our level of profitability; however, subsequent to this period we improved our gross margin and structurally lowered our operating expenses. This improvement allowed us to amplify the 'pathway to profit' and effectively lowered the average store size required to hit our 23% goal. Today we believe we can accomplish our 'pathway to profit' goal with an average store size of approximately $100,000 to $110,000 per month. Note – Dollar amounts in this section are presented in whole dollars, not thousands.Store Count and Full-Time Equivalent (FTE) Headcount – The table that follows highlights certain impacts on our business of the 'pathway to profit' since its introduction in 2007. Under the 'pathway to profit' we increased both our store count and our store FTE headcount during 2007 and 2008. However, the rate of increase in store locations slowed and our FTE headcount for all types of personnel was reduced when the economy weakened late in 2008. In the table that follows, we refer to our 'store' net sales, locations, and personnel. When we discuss 'store' net sales, locations, and personnel, we are referring to (1) 'Fastenal' stores and (2) strategic account stores. 'Fastenal' stores are either a 'traditional' store, the typical format in the United States or Canada, or an 'overseas' store, which is the typical format outside the United States and Canada. This is discussed in greater detail in our 2011 annual report on Form 10-K. Strategic account stores are stores that are focused on selling to a group of large customers in a limited geographic market. The sales, outside of our 'store' group, relate to either (1) our in-plant locations, (2) the portion of our internally manufactured product that is sold directly to a customer and not through a store (including our Holo-Krome business acquired in December 2009), or (3) our direct import business. The breakdown of our sales, the average monthly sales per store, the number of stores at quarter end, the average headcount at our stores during a quarter, the average FTE headcount during a quarter, and the percentage change were as follows for the first quarter of 2007 (the last completed quarter before we began the 'pathway to profit'), for the third quarter of 2008 (our peak quarter before the economy weakened), and for each of the last five quarters: Q1 2007 Q3 2008 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Total net sales reported $ 489,157 $ 625,037 $ 726,742 $ 697,804 $ 768,875 $ 804,890 $ 802,577 Less: Non-store sales (approximate) 40,891 57,267 88,500 86,737 92,459 98,735 100,124 Store net sales (approximate) $ 448,266 $ 567,770 $ 638,242 $ 611,067 $ 676,416 $ 706,155 $ 702,453 % change since Q1 2007 26.7% 42.4% 36.3% 50.9% 57.5% 56.7% % change (twelve months) 17.5% 21.1% 21.0% 20.2% 14.6% 10.1% Percentage of sales through a store92%91%88%88%88%88%88% Average monthly sales per store$ 72$ 82$ 83$ 79$ 86$ 89$ 88 (using ending store count) % change since Q1 2007 13.9% 15.3% 9.7% 19.4% 23.6% 22.2% % change (twelve months) 9.3% 15.3% 16.2% 16.2% 11.3% 6.0% Q1 2007 Q3 2008 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Store locations - quarter end count 2,073 2,300 2,566 2,585 2,611 2,635 2,650 % change since Q1 2007 11.0% 23.8% 24.7% 26.0% 27.1% 27.8% % change (twelve months) 7.2% 4.6% 3.8% 3.5% 3.0% 3.3% Store personnel - absolute headcount 6,849 9,123 10,057 10,328 10,486 10,637 10,604 % change since Q1 2007 33.2% 46.8% 50.8% 53.1% 55.3% 54.8% % change (twelve months) 17.9% 16.4% 14.1% 12.2% 9.3% 5.4% Store personnel - FTE 6,383 8,280 8,629 8,684 8,900 9,126 9,244 Non-store selling personnel - FTE 616 599 920 953 998 1,054 1,066 Sub-total of all sales personnel - FTE 6,999 8,879 9,549 9,637 9,898 10,180 10,310 Distribution personnel-FTE 1,646 1,904 1,830 1,820 1,815 1,881 1,887 Manufacturing personnel - FTE 1 316 340 513 516 527 545 544 Administrative personnel-FTE 767 805 811 796 796 794 808 Sub-total of non-sales personnel - FTE 2,729 3,049 3,154 3,132 3,138 3,220 3,239 Total - average FTE headcount 9,728 11,928 12,703 12,769 13,036 13,400 13,549 % change since Q1 2007 Store personnel - FTE 29.7% 35.2% 36.0% 39.4% 43.0% 44.8% Non-store selling personnel - FTE -2.8% 49.4% 54.7% 62.0% 71.1% 73.1% Sub-total of all sales personnel - FTE 26.9% 36.4% 37.7% 41.4% 45.4% 47.3% Distribution personnel-FTE 15.7% 11.2% 10.6% 10.3% 14.3% 14.6% Manufacturing personnel-FTE 1 7.6% 62.3% 63.3% 66.8% 72.5% 72.2% Administrative personnel-FTE 5.0% 5.7% 3.8% 3.8% 3.5% 5.3% Sub-total of non-sales personnel - FTE 11.7% 15.6% 14.8% 15.0% 18.0% 18.7% Total - average FTE headcount 22.6% 30.6% 31.3% 34.0% 37.7% 39.3% % change (twelve months) Store personnel - FTE 15.2% 15.8% 14.1% 13.7% 10.6% 7.1% Non-store selling personnel - FTE -2.4% 44.0% 33.8% 28.1% 24.0% 15.9% Sub-total of all sales personnel - FTE 13.8% 18.0% 15.8% 15.0% 11.8% 8.0% Distribution personnel-FTE 6.0% 16.1% 14.1% 12.9% 7.1% 3.1% Manufacturing personnel - FTE 1 1.8% 19.0% 16.2% 14.3% 10.8% 6.0% Administrative personnel - FTE 7.9% 11.7% 7.0% 4.7% 1.4% -0.4% Sub-total of non-sales personnel - FTE 6.0% 15.4% 12.5% 10.9% 6.2% 2.7% Total - average FTE headcount 11.7% 17.4% 15.0% 14.0% 10.4% 6.7% 1The distribution and manufacturing headcount was impacted by the addition of 92 employees with the acquisition of Holo-Krome in December 2009.STATEMENT OF EARNINGS INFORMATION (percentage of net sales) for the periods ended September 30: Nine-month period Three-month period 2012 2011 2012 2011 Net sales 100.0% 100.0% 100.0% 100.0% Gross profit 51.5% 52.1% 51.6% 51.9% Operating and administrative expenses 29.8% 31.1% 29.8% 30.6% (Gain) loss on sale of property and equipment 0.0% 0.0% 0.0% 0.0% Operating income 21.7% 21.0% 21.9% 21.4% Interest income 0.0% 0.0% 0.0% 0.0% Earnings before income taxes 21.7% 21.0% 21.9% 21.4% Note – Amounts may not foot due to rounding difference.Gross profit – percentage for the first nine months of 2012 decreased from the same period in 2011. Sequentially, the gross profit percentage was unchanged from the second quarter of 2012. The gross profit percentage in the first, second, third, and fourth quarters was as follows: Q1 Q2 Q3 Q4 2012 51.3% 51.6% 51.6% 2011 52.0% 52.2% 51.9% 51.2% 2010 51.1% 52.1% 51.8% 52.0% The fluctuations in our gross profit percentages are typically driven by changes in: (1) transactional gross profit, (2) organizational gross profit, and (3) vendor incentive gross profit. The transactional gross profit represents the gross profit realized from the day-to-day fluctuations in customer pricing relative to product and freight costs. The organizational gross profit represents the component of gross profit we attribute to buying scale and efficiency gains. The third component relates to vendor volume allowances. In the short-term, periods of inflation or deflation can influence the first two categories, while sudden changes in business volume can influence the third. We believe a normal gross profit percentage range for our business is 51% to 53%. This is based on our current mix of products, geographies, end markets, and end market uses (such as industrial production business versus maintenance business). Our business operated below our expected gross profit range at the end of 2009, and expanded into the low end of this range during 2010. In the second quarter of 2010, we moved into the middle of the range as the three components of gross profit improved, the contribution being split fairly evenly between the three components. We remained in the middle of the range until the fourth quarter of 2011. In the fourth quarter of 2011, our gross margin felt pressure and dropped to the lower end of the range. This drop was primarily due to changes in our transactional margin (primarily due to changes in product and customer mix), lower vendor incentive gross profit, and lower freight utilization. The latter two items created half of the gross margin drop and are more of a seasonal issue. In the first quarter of 2012, our gross margin improved nominally over the previous quarter. This was primarily caused by the seasonal improvement of vendor volume allowances as rising fuel prices offset our improvements in freight utilization. In the second and third quarters of 2012, our gross margin improved sequentially when compared to the first quarter. Most of this improvement related to improvements in our transactional gross margin. The improvement was partially offset by the weakening of our selling prices in certain foreign markets due to changes in the exchange rate.Operating and administrative expenses - improved relative to sales in the first nine months and the third quarter of 2012 versus the same periods in 2011. Historically, our two largest components to operating and administrative expenses have consisted of employee related expenses (approximately 65% to 70%) and occupancy related expenses (approximately 15% to 20%). The remaining expenses cover a variety of items with selling transportation typically being the largest. The three largest components of operating and administrative expenses grew as follows for the periods ended September 30 (compared to the comparable periods in the preceding year): Nine-month period Three-month period 2012 2011 2012 2011 Employee related expenses 10.7% 21.3% 6.7% 16.7% Occupancy related expenses 3.6% 7.7% 4.4% 8.2% Selling transportation costs 11.3% 23.7% 6.8% 32.4% Employee related expenses include: (1) payroll (which includes cash compensation, stock option expense, and profit sharing), (2) health care, (3) personnel development, and (4) social taxes. The increase in the first nine months of 2012 was driven by the following factors: (1) employee headcount, measured on a full-time equivalent basis, grew 6.7%, (2) sales commissions grew, (3) bonus amounts related to our growth drivers grew (this includes items such as industrial vending bonuses and manager minimum pay adjustments), and (4) our profit sharing contribution grew. The increase in the first nine months of 2011 was driven by the following factors: (1) employee headcount, measured on a full-time equivalent basis, grew 17.4%, (2) sales commissions grew (this increase was amplified by stronger sales growth, relative to 2010, which had a meaningful impact on the commission earned and higher gross profit margins), (3) total bonuses earned increased due to our profit growth, (4) hours worked per employee grew, and (5) our profit sharing contribution grew. Occupancy related expenses include: (1) building rent and depreciation, (2) building utility costs, (3) equipment related to our stores and distribution locations, and (4) FAST SolutionsSM (industrial vending) equipment (we consider the vending equipment to be a logical extension of our store operation and classify the expense as occupancy). The increase in the first nine months of 2012 was driven by (1) a dramatic increase in the amount of FAST SolutionsSM (industrial vending) equipment as discussed earlier in this document, (2) an increase in the number of locations, and (3) increased investment in our distribution infrastructure over the last several years. This increase was partially offset by an absolute drop in the utilities expense due to a drop in natural gas prices during the heating season, a mild winter, and our efforts to lower our energy consumption. The increase in the first nine months of 2011 was driven by the same factors noted above with one exception; in 2011 approximately 50% of the increase was due to rising utility costs. Our selling transportation costs consist primarily of our store fleet as most of the distribution fleet costs are included in the cost of sales. Selling transportation costs included in operating and administrative expenses increased in the first nine months of 2012; however, that component of the selling transportation costs increased at a rate less than sales growth. The increase in the first nine months of 2012 and 2011 was primarily related to the increase in per gallon fuel costs discussed below and the expansion of our fleet related to additions to our non-store sales personnel, particularly FAST SolutionsSM (industrial vending) vehicles. The increase in the third quarter of 2012 dropped because the per gallon fuel costs remained consistent with the prior year and the number of our industrial vending vehicles had normalized to the prior year; therefore, the increases related primarily to sales activity. Conversely, the increase in the third quarter of 2011 was driven by the dramatic increase in per gallon fuel costs and the ramp up in the number of industrial vending vehicles. The last several years have seen meaningful swings in the cost of diesel fuel and gasoline – During the first, second, and third quarters of 2012, our total vehicle fuel costs were approximately $10.6, $10.8, and $10.8 million, respectively. During the first, second, third, and fourth quarters of 2011, our total vehicle fuel costs were approximately $8.6, $10.5, $9.8, and $9.8 million, respectively. The changes resulted from variations in fuel costs, variations in the service levels provided to our stores from our distribution centers, changes in the number of vehicles at our store locations, and changes in the number of other sales centered vehicles as a result of store openings and the expansion of our non-store sales force. These fuel costs include the fuel utilized in our distribution vehicles (semi-tractors, straight trucks, and sprinter trucks) which is recorded in cost of sales and the fuel utilized in our store delivery and other sales centered vehicles which is included in operating and administrative expenses (the split in the last several years has been approximately 50:50 between distribution and store and other sales centered use). The average per gallon fuel costs (in actual dollars) and the percentage change (on a year-over-year basis) for the last three years was as follows:Per gallon average price Q1 Q2 Q3 Q4Annual Average1 2012 price Diesel fuel $ 3.92 3.98 3.88 Gasoline $ 3.53 3.73 3.61 2011 price Diesel fuel $ 3.60 4.04 3.90 3.87 3.85 Gasoline $ 3.22 3.78 3.62 3.37 3.50 2010 price Diesel fuel $ 2.89 3.06 2.96 3.14 3.01 Gasoline $ 2.68 2.80 2.71 2.84 2.76 Per gallon price change Q1 Q2 Q3 Q4 Annual1 2012 change Diesel fuel 8.9% -1.5% -0.5% Gasoline 9.6% -1.3% -0.3% 2011 change Diesel fuel 24.6% 32.0% 31.8% 23.2% 27.9% Gasoline 20.1% 35.0% 33.6% 18.7% 26.8% 1Average of the four quarterly figures contained in the table.Income taxes– Incomes taxes, as a percentage of earnings before income taxes, were approximately 37.6% and 37.7% for the first nine months of 2012 and 2011, respectively. As our international business and profits grow over time, the lower income tax rates in those jurisdictions, relative to the United States, have begun to lower our effective tax rate. OPERATIONAL WORKING CAPITAL: The year-over-year comparison and the related dollar and percentage changes related to accounts receivable and inventories were as follows: Balance at September 30: Twelve Month Dollar Change Twelve Month Percentage Change 2012 2011 2010 2012 2011 2012 2011 Accounts receivable, net $ 411,033 361,075 301,721 49,958 59,354 13.8% 19.7% Inventories $ 675,828 618,149 546,063 57,679 72,086 9.3% 13.2% Operational working capital1 $ 1,086,861 979,224 847,784 107,637 131,440 11.0% 15.5% Sales in last two months $ 540,782 504,398 413,053 36,384 91,345 7.2% 22.1% The growth in accounts receivable noted above was driven by our sales growth in the final two months of the period. The strong growth in recent years with our international business and with large customer accounts has created some difficulty with managing the growth of accounts receivable relative to the growth in sales. This was exaggerated by the short month in September 2012 versus 2011 (19 business days versus 21 days). Our sales growth, for the two-month period, as indicated above is 7.2%; however, our daily sales growth in this period was 12.5%. Our growth in inventory balances over time does not have as direct a relationship to our monthly sales patterns as does our growth in accounts receivable. This is impacted by other aspects of our business. For example, the dramatic economic slowdown in late 2008 and early 2009 caused our inventory to spike. This occurred because the lead time for inventory procurement is typically longer than the visibility we have into future monthly sales patterns. Over the last decade, we increased our relative inventory levels due to the following: (1) new store openings, (2) expanded stocking breadth at individual stores, (3) expanded stocking breadth at our distributions centers (for example, our master stocking hub in Indianapolis expanded its product breadth over six fold from 2005 to 2011), (4) expanded direct sourcing, (5) expanded exclusive brands (private label), and (6) expanded industrial vending solutions. Items (4), (5), and (6), plus the impact of strong growth with national accounts and international expansion, created most of our inventory growth in the first nine months of both 2012 and 2011.1 For purposes of this discussion, we are defining operational working capital as accounts receivable, net and inventory.BALANCE SHEET AND CASH FLOW: Our balance sheet continues to be very strong and our operations have good cash generating characteristics. During the third quarter of 2012, we generated $98,665 (or 90.3% of net earnings) of operating cash flow; year-to-date, we generated $289,096 (or 89.8% of net earnings) of operating cash flow. Our first quarter typically has stronger cash flow characteristics due to the timing of tax payments; this benefit reverses itself in the second, third, and fourth quarters as income tax payments go out in April, June, September, and December. The remaining amounts of cash flow from operating activities are largely linked to the pure dynamics of a distribution business and its strong correlation to working capital as discussed above. The strong free cash flow (operating cash flow less net capital expenditures) during 2011 and 2012 allowed us to increase our dividend in 2012. We paid our regular semi-annual dividend in the first quarter of 2011; subsequent to this, we declared and paid our 'first' second quarter dividend. With this payment, our board of directors indicated their desire to begin paying quarterly dividends. Our dividends (per share basis) were as follows in 2012 and 2011: 2012 2011 First quarter $ 0.17 0.25 Second quarter $ 0.17 0.13 Third quarter $ 0.19 0.13 Fourth quarter* $ 0.21 0.14 Total $ 0.74 0.65 *The fourth quarter dividend was declared on October 10, 2012, and is payable on November 26, 2012 to shareholders of record at the close of business on October 29, 2012.STOCK REPURCHASE: We did not purchase any stock in the first nine months of 2012. We currently have authority to purchase up to 1,800,000 shares.CONFERENCE CALL TO DISCUSS QUARTERLY EARNINGS: As we previously disclosed, we will host a conference call today to review the quarterly results, as well as current operations. This conference call will be broadcast live over the Internet at 9:00 a.m., central time. To access the webcast, please go to the Fastenal Company Investor Relations Website at http://investor.fastenal.com/events.cfm. The Fastenal Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6432ADDITIONAL INFORMATION: This press release contains statements that are not historical in nature and that are intended to be, and are hereby identified as, "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding (1) the goals of our long‑term growth strategy, 'pathway to profit', including the growth in average store sales and profitability expected to result from that strategy (including our belief that we can achieve targeted profitability due to an improvement in our gross margins and a lowering of our operating expenses even if our average store sales do not grow as originally expected), (2) the expected rate of new store openings, (3) our belief in the transformative nature of FAST SolutionsSM (industrial vending) and our advantage as a first mover in this area, and our expectations regarding expansion of that business, including our goals regarding our rate of 'machine signings', (4) our expected gross profit range, and (5) our expected future dividend practices. The following factors are among those that could cause our actual results to differ materially from those predicted in such forward looking statements: (1) a downturn or continued weakness in the economy or in the manufacturing or commercial construction industries, changes in the expected rate of new store openings, difficulties in successfully attracting and retaining additional qualified sales personnel, an inability to realize or sustain improvements in our gross margins and savings from lowering our operating expenses, and difficulties in changing our sales process could adversely impact our ability to achieve the goals of our 'pathway to profit' initiative and the expected time frame for achieving those goals, (2) a downturn or continued weakness in the economy or in the manufacturing or commercial construction industries, a change from that projected in the number of North American markets able to support stores, or an inability to recruit and retain qualified employees could cause the rate of new store openings to change from that expected, (3) a weaker level of industry acceptance or adoption of the vending technology from what we are currently experiencing could cause us to alter our plans to introduce new vending machines or cause us to fail to meet our goals regarding our rate of 'machine signings' or cause industrial vending to be less transformative than expected, (4) our competitors could choose, over time, to open additional locations and to develop their own vending platform which could allow our competitors to replicate our local storefront combined with industrial vending business model mitigating our first mover advantage, (5) changes in our current mix of products, geographies, end markets, and end market uses could impact our expected gross profit range, and (6) changes in our financial condition or results of operations could cause us to modify our expected future dividend practices. We assume no obligation to update any forward looking statement or any discussion of risks and uncertainties related to such forward looking statements. A discussion of other risks and uncertainties which could cause our operating results to vary from anticipated results or which could materially adversely effect our business, financial condition, or operating results is included in our 2011 annual report on Form 10-K under the sections captioned Certain Risks and Uncertainties and Item 1A – Risk Factors. FAST-E FASTENAL COMPANY AND SUBSIDIARIES Consolidated Balance Sheets (Amounts in thousands except share information) Assets (Unaudited) September 30, 2012 December 31, 2011 Current assets: Cash and cash equivalents $ 195,603 117,676 Marketable securities 27,228 27,165 Trade accounts receivable, net of allowance for doubtful accounts of $6,054 and $5,647, respectively 411,033 338,594 Inventories 675,828 646,152 Deferred income tax assets 13,064 16,718 Other current assets 100,134 89,833 Total current assets 1,422,890 1,236,138 Property and equipment, less accumulated depreciation 483,935 435,601 Other assets, net 12,886 13,209 Total assets $ 1,919,711 1,684,948 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 84,882 73,779 Accrued expenses 123,179 111,962 Income taxes payable 7,955 2,077 Total current liabilities 216,016 187,818 Deferred income tax liabilities 39,317 38,154 Stockholders' equity: Preferred stock, 5,000,000 shares authorized — — Common stock, 400,000,000 shares authorized, 296,307,832 and 295,258,674 shares issued and outstanding, respectively 2,963 2,953 Additional paid-in capital 53,038 16,856 Retained earnings 1,589,381 1,424,371 Accumulated other comprehensive income 18,996 14,796 Total stockholders' equity 1,664,378 1,458,976 Total liabilities and stockholders' equity $ 1,919,711 1,684,948 FASTENAL COMPANY AND SUBSIDIARIES Consolidated Statements of Earnings (Amounts in thousands except earnings per share) (Unaudited) Nine months ended September 30, (Unaudited) Three months ended September 30, 2012 2011 2012 2011 Net sales $ 2,376,342 2,069,055 802,577 726,742 Cost of sales 1,152,639 992,061 388,202 349,361 Gross profit 1,223,703 1,076,994 414,375 377,381 Operating and administrative expenses 708,322 642,817 238,814 222,257 (Gain) loss on sale of property and equipment (266) 183 (158) (101) Operating income 515,647 433,994 175,719 155,225 Interest income 357 318 117 94 Earnings before income taxes 516,004 434,312 175,836 155,319 Income tax expense 194,184 163,854 66,516 58,521 Net earnings $ 321,820 270,458 109,320 96,798 Basic net earnings per share $ 1.09 0.92 0.37 0.33 Diluted net earnings per share $ 1.08 0.91 0.37 0.33 Basic weighted average shares outstanding 295,964 294,994 296,238 295,144 Diluted weighted average shares outstanding 297,084 295,763 297,179 295,895 FASTENAL COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) Nine months ended September 30, 2012 2011 Cash flows from operating activities: Net earnings $ 321,820 270,458 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation of property and equipment 39,153 32,441 (Gain) loss on sale of property and equipment (266) 183 Bad debt expense 7,240 6,591 Deferred income taxes 4,817 1,134 Stock based compensation 3,450 2,925 Excess tax benefits from stock based compensation (8,957) — Amortization of non-compete agreements 445 445 Changes in operating assets and liabilities: Trade accounts receivable (79,679) (97,533) Inventories (29,676) (60,780) Other current assets (10,301) (13,848) Accounts payable 11,103 26,365 Accrued expenses 11,217 12,156 Income taxes 14,835 18,163 Other 3,895 (4,519) Net cash provided by operating activities 289,096 194,181 Cash flows from investing activities: Purchase of property and equipment (88,323) (92,479) Proceeds from sale of property and equipment 1,102 2,886 Net (increase) decrease in marketable securities (63) 5,016 (Increase) decrease in other assets (122) 301 Net cash used in investing activities (87,406) (84,276) Cash flows from financing activities: Proceeds from exercise of stock options 23,785 7,706 Excess tax benefits from stock based compensation 8,957 801 Payment of dividends (156,810) (150,414) Net cash used in financing activities (124,068) (141,907) Effect of exchange rate changes on cash 305 (643) Net increase (decrease) in cash and cash equivalents 77,927 (32,645) Cash and cash equivalents at beginning of period 117,676 143,693 Cash and cash equivalents at end of period $ 195,603 111,048 Supplemental disclosure of cash flow information: Cash paid during each period for income taxes $ 184,166 145,358CONTACT: Sheryl Lisowski Controller 507.453.8550


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Palestinians rally in West Bank for release of prisoners held in Israel
BETHLEHEM, West Bank — Palestinians blocked roads and held marches across the West Bank today to protest the fate of thousands of their countrymen held in Israeli jails and demand the release of four detainees on hunger strike.
The men were all in stable condition, said a spokeswoman for Israel's prison authority, Sivan Weizman.
Israel is holding some 4,500 Palestinians for charges ranging from throwing stones to undertaking deadly militant attacks. Their incarceration is a sensitive issue for Palestinians, who see them as heroes of their struggle for liberation from the Jewish State.
Last year hundreds of Palestinian prisoners went on a mass hunger strike to demand better incarceration conditions. In a deal mediated by Egyptian officials, they were promised more family visits and limits on administrative detention.
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"If there was one formula for success, it was that we were
constantly studying how to make things work, or how to make
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What guided me were reason and reality."
Mr. Lee Kuan Yew: From Third World to First, 2000
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The Top 10 In Action Sports
01Brick By Brick: Camping Lego Style
02Booze and Bikes: 14 Tours That Let Combine Two of the Best Things in the World
03Who Needs Hollywood? These Incredible Videos Were All Filmed on the Simplest Cameras
04Sam Pilgrim vs. The World: The Champion Aiming To Reclaim His Crown In A New Era Of Biking
05Eccentric Adventures Episode 2: Britain's Most Brutal Illegal Event is All About Cheese
06A Journey Into Darkness: We Went Mountain Biking in the Abandoned Mines of Slovenia
07After the Apocalypse: Inside The World's Most Breathtaking Ghost Towns
08Debate: Let's Stop Hating On Parents Who Want To Raise Adventurous Kids
09Guns, Roses, And Eating Insects: Adventure Cycling in Vietnam
10From Intense Trails to Intensive Care: Dicing with Death In a Mountain Biking Paradise
Xcorps Action Sports TV Special Tribute to ASR Featuring GOPRO
A Skateboarding video by Xcorps Action Sports Music TV - 3,008 views
Xcorps Action Sports TV Special Tribute to ASR Featuring GOPRO - For 30 years ASR -The Action Sports Retail convention held twice a year in Long Beach and San Diego represented the Action Sports Industry introducing new fun products to the youth market! It was a big party blowout where all the deals were made and new cool products unleashed! Xcorps has been covering the gig for 15 years and now in 2011 it is history!
This video is part of a multi segment series focusing on Xcorps shoots at ASR. This segment part one was shot in 2008 and 2009 at the San Diego events and features the leader in POV action cams GOPRO.
This Xcorps ASR special begins with on camera host reporter Jason Lazo at the sexy REEF booth and some new tunes and a video from RIVE featuring Reach Records Atlanta rapper TEDASHII doing the song "Burn This House Down'. Tight and soulful with the message cut with this is ASR action including veteran skate legend Duane Peters pulling moves on the ASR ramp. Duane is a skater who has paid his skate dues in blood and still rolls hard!
Suburban Noize band Hed P.E. rolls with the action doing their song Born To Ride'!
Next Jason stops at the GOPRO mega booth complete with Ford GT40 race car and lots of big video screens full of wide big POV action shots of the sports TheXcorps likes to cover - surf - sand and skate as well as motorsports!
Jason talks with GoPro frontman Justin Wilkenfeld about the compact rugged and affordable camera system. Super cool action shots roll with the interview.
SubNoiZe band DIRTBALL provides the beat with Tried Trued Tested matching the sick action of a kayaker dropping down a vertical whitewater chute! Nice.
Special Thanks to Dave Alvarez for his camera work in the production of this segment. Stay tuned for upcoming ASR tribute segments shot by Xcorps over the years! TRT- 8:12
J.S.Edmondson 8/2011
©2011 The Xcorps
GOPRO - http://gopro.com/