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Griffon Corporation Announces Fourth Quarter and Annual Results 2012 Revenue Increases 2% to $1.9 billion 2012 EPS $0.30 vs. 2011 ($0.13); 2012 Adjusted EPS $0.27 vs. 2011 $0.34 2012 Segment Adjusted EBITDA Increases 3% to $171 million Telephonics Generates Record Profit for the Year; Backlog Grows Business Wire NEW YORK -- November 13, 2012 Griffon Corporation (NYSE: GFF) today reported results for the fourth quarter and fiscal year ended September 30, 2012. Ron Kramer, Chief Executive Officer, commented "Fourth quarter results were in-line with our expectations and underscore how well each of our businesses are operating in this challenging global economic environment. Specifically, Telephonics had another strong quarter benefiting in part from a more favorable product mix, achieving record-level profitability for the year. Clopay Plastics ("Plastics") continued to show ongoing improvement from the initiatives undertaken to address manufacturing inefficiencies arising from our capacity expansions in Germany and Brazil. Home & Building Products ("HBP"), benefited from our doors business, but customer build up of snow tool inventory resulting from last year's unusually warm winter contributed to lower sales at Ames in the quarter." Fourth quarter revenue totaled $447 million, decreasing 8% compared to the 2011 quarter. HBP, Telephonics and Plastics revenue decreased 5%, 13% and 6%, respectively, compared to the prior year quarter. For the current quarter, Segment adjusted EBITDA totaled $37.2 million, decreasing 10% compared to $41.5 million in the prior year quarter. Segment adjusted EBITDA is defined as net income, excluding corporate overhead, interest, taxes, depreciation and amortization, acquisition-related expenses including the impact from the fair value of inventory acquired as part of a business combination, restructuring charges and the gain (loss) from debt extinguishment, as applicable. Fourth quarter net income totaled $3.4 million, or $0.06 per share, compared to $3.4 million, or $0.06 per share, in the prior year quarter. Fourth quarter 2012 results included restructuring and acquisition costs, net, of $2.1 million, or $0.04 per share, and net discrete tax benefits of $3.5 million, or $0.06 per share. Fourth quarter 2011 results included restructuring and acquisition costs, net, of $2.1 million, or $0.03 per share, and net discrete tax benefits of $1.3 million, or $0.02 per share. Current quarter adjusted net income was $2.0 million, or $0.04 per share, compared to $4.2 million, or $0.07 per share, in the prior year quarter. For the full year 2012, revenue totaled $1.9 billion, increasing 2% compared to 2011, driven by HBP and Plastics, which increased 2% and 5%, respectively. Telephonics revenue decreased 3% compared to 2011 because of a decline in the Counter Remote Control Improvised Explosive Device Electronic Warfare 3.1 ("CREW 3.1") program for which Telephonics serves as a contract manufacturer. For the year ended September 30, 2012, Segment adjusted EBITDA totaled $171.0 million, increasing 3% compared to $165.6 million in the prior year. For the year ended September 30, 2012, net income was $17.0 million, or $0.30 per share, compared to a net loss of $7.4 million, or $0.13 per share, in the prior year. Adjusted income for 2012 was $15.3 million, or $0.27 per share, compared to $19.9 million, or $0.34 per share, in the prior year. Results for 2012 included restructuring of $4.7 million ($3.0 million, net of tax, or $0.05 per share) and acquisition costs of $0.5 million ($0.3 million, net of tax, or $0.01 per share), as well as discrete tax benefits, net, of $5.1 million, or $0.09 per share. Full year 2011 results included a charge of $26.2 million ($16.8 million, net of tax, or $0.29 per share) resulting from the refinancing of Ames True Temper ("ATT") acquisition-related debt; $15.2 million ($9.8 million, net of tax, or $0.17 per share) of cost of goods related to the sale of inventory recorded at fair value in connection with ATT acquisition accounting; $7.5 million ($4.9 million, net of tax, or $0.08 per share) of restructuring charges related to the consolidation of Clopay Building Product ("CBP") facilities, and headcount reductions at Telephonics and ATT; $0.4 million ($0.3 million net of tax) of Southern Patio ("SP") acquisition costs; and $4.6 million, or $0.08 per share, of net discrete tax benefits. Mr. Kramer continued, "While we are prepared for economic conditions to remain challenging, our businesses are well-positioned for growth and improved profitability. We remain committed to driving shareholder value through a range of opportunities including organic improvement, a disciplined approach to capital investment and, in the longer term, our ongoing evaluation of additional strategic transactions." Segment Operating Results Telephonics Revenue in the current quarter decreased $18.1 million or 13% compared to the 2011 quarter. In the current and prior year quarters, revenue included $1.8 million and $11.3 million, respectively, related to the CREW 3.1 program. Excluding CREW 3.1 from both quarters, revenue decreased 7% from the prior year quarter primarily due to timing of Mobile Surveillance Capability and Integrated Fix Tower awards for follow-on production, and timing of awards for Ground Surveillance radars and Firescout, partially offset by LAMPS MMR. Segment adjusted EBITDA in the 2012 quarter was $13.7 million, increasing 2% from the prior year quarter, mainly driven by higher gross profit from a combination of favorable program mix and manufacturing efficiencies, and lower selling, general and administrative expenses related to the timing of proposal and research and development activities. Operating results also benefited from cost reductions resulting from the voluntary early retirement plan undertaken in the prior year and other restructuring activities implemented earlier this year. Revenue in 2012 decreased $13.9 million or 3% compared to the prior year. In the current and prior year, revenue included $24.1 million and $44.3 million, respectively, related to the CREW 3.1 program. Excluding CREW 3.1 from both years, revenue increased 2% over the prior year primarily attributable to LAMPS MMR. Segment adjusted EBITDA for the full year 2012 totaled $60.6 million, increasing 19% over the prior year, mainly driven by higher gross profit from a combination of favorable program mix and manufacturing efficiencies, partially offset by higher selling, general and administrative expenses primarily due to the timing of proposal and research and development activities. Operating results also benefited from cost reductions resulting from the voluntary early retirement plan undertaken in the prior year and other restructuring activities implemented earlier this year. Contract backlog totaled a record $451 million at September 30, 2012 compared to $417 million at September 30, 2011, with approximately 70% expected to be filled within the next twelve months. Plastic Products Revenue in the current quarter decreased $8.8 million, or 6%, compared to the 2011 quarter; a volume increase of 3% and a 1% benefit from favorable mix were more than offset by the 9% unfavorable impact of translation of European and Brazilian revenue into a stronger U.S. dollar. Selling price adjustments due to resin fluctuations reduced revenue by 1% in the quarter; Plastics adjusts customer selling prices, based on underlying resin costs, on a delayed basis. Segment adjusted EBITDA in the 2012 quarter increased $2.0 million, or 19%, compared to the prior year quarter, primarily driven by the improved volume, favorable mix and continued efficiency improvements on past capital initiatives, partially offset by a 3% unfavorable impact of foreign exchange as well as the impact of somewhat higher selling, general and administrative expenses. The impact of resin was not material in the quarter. Revenue in 2012 increased $27.4 million, or 5%, compared to 2011, driven by a 10% increase in volume. The benefit of the volume growth was partially offset by a 5% unfavorable impact of translation of European and Brazilian revenue into a stronger U.S. dollar. Selling price adjustments due to resin fluctuations did not have a significant impact on 2012 revenue. Segment adjusted EBITDA in 2012 increased $2.4 million, or 6%, compared to the prior year, primarily driven by the higher volume, a $3.7 million favorable resin impact and efficiency improvement on past capital initiatives, partially offset by a 2% unfavorable impact of foreign exchange, product mix and the impact of somewhat higher selling, general and administrative expenses. Home & Building Products Fourth quarter revenue decreased $10.6 million, or 5%, compared to the prior year quarter. ATT revenue decreased 12% primarily due to lower snow tool sales. Typically, ATT has strong snow tool sales in the last fiscal quarter as customers build inventory in anticipation of the coming snow season; however, excess snow tool inventory remaining at customers following the record warm weather of the 2011-2012 winter substantially reduced such sales. The snow tool impact was partially offset by the inclusion of SP. CBP revenue decreased 1% mainly due to volume, partially offset by favorable mix. Segment adjusted EBITDA in the 2012 quarter decreased $6.4 million, or 37%, compared to the prior year quarter. The decrease was driven by the lower snow volume that also affected ATT plant absorption of manufacturing expenses in the quarter. The ATT decline was partially offset by CBP favorable product mix as well as CBP manufacturing efficiencies, and lower warehouse and distribution costs. Revenue in 2012 increased $16.8 million, or 2%, compared to the prior year. ATT revenue was flat with the prior year, mainly because of weak snow tool sales, driven by the absence of snow throughout much of the country during the 2011-2012 winter, substantially offset by the inclusion of SP, acquired in October 2011. CBP revenue increased 4% due to a combination of favorable mix and higher volume. Segment adjusted EBITDA in 2012 decreased $6.7 million, or 9%, compared to the prior year, driven mainly by the decline in snow volume at ATT; the ATT volume decline was partially offset by the inclusion of SP as well as improved CBP profitability driven by increased volume, favorable mix, and lower warehouse and distribution costs. Taxes Griffon's effective tax rate for 2012 was 22.5% compared to a benefit of 48.2% in 2011. The 2012 rate reflected net discrete benefits of $5.1 million primarily from the release of previously established reserves for uncertain tax positions on conclusion of various tax audits, and benefits related to various tax planning initiatives. The 2011 rate reflected net discrete benefits of $4.6 million primarily from tax planning related to unremitted foreign earnings. Excluding discrete tax items, the 2012 rate would have been 45.8%, and the 2011 benefit would have been 16.4%. In both years, the effective rates reflect the impact of permanent differences not deductible in determining taxable income, mainly limited deductibility of restricted stock, as well as the impact of tax reserves and changes in earnings mix between domestic and non-domestic operations. Restructuring In 2012 and 2011, respectively, Telephonics recognized $3.8 and $3.0 million of restructuring charges in connection with two discrete voluntary early retirement plans and other restructuring costs related to changes in its organizational structure; such charges were personnel-related, reducing headcount by 185 employees. In both 2012 and 2011, ATT recognized $0.9 million in restructuring costs primarily related to termination benefits, reducing headcount by 38 employees. The consolidation of the CBP manufacturing facilities plan, announced in June 2009, was completed in 2011. In completing the consolidation plan, CBP incurred total pre-tax exit and restructuring costs of $9.0 million, substantially all of which were cash charges, and had $10.4 million of related capital expenditures. The restructuring costs were $3.6 million in 2011, $4.2 million in 2010 and $1.2 million in 2009. Balance Sheet and Capital Expenditures At September 30, 2012, the Company had cash and equivalents of $210 million, total debt outstanding of $700 million, net of discounts, and $178 million available for borrowing under its revolving credit facility. Capital expenditures were $68.9 million in 2012. The Company expects capital spending of $60 to $65 million for 2013. Stock Repurchases During 2012, the Company purchased 1.2 million shares of its common stock under an authorized stock repurchase plan, for $10.4 million, of which 486,000 shares were purchased in the fourth quarter, for $4.7 million. At September 30, 2012, the Company had a remaining authorization of $38.3 million. During 2011, the Company's Employee Stock Ownership Plan purchased 1.9 million shares for a total of $20.0 million and the Company purchased 1.5 million shares for a total of $12.4 million under authorized repurchase plans. Conference Call Information The Company will hold a conference call today, November 13, 2012, at 4:30 PM ET. The call can be accessed by dialing 1-800-231-9012 (U.S. participants) or 1-719-457-2619 (International participants). Callers should ask to be connected to the Griffon Corporation teleconference. A replay of the call will be available starting on November 13, 2012 at 7:30 PM ET by dialing 1-877-870-5176 (U.S.) or 1-858-384-5517 (International), and entering the conference ID number: 4942707. The replay will be available through November 27, 2012. Forward-looking Statements "Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income, earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon Corporation (the "Company" or "Griffon") operates and the United States and global economies that are not historical are hereby identified as "forward-looking statements" and may be indicated by words or phrases such as "anticipates," "supports," "plans," "projects," "expects," "believes," "should," "would," "could," "hope," "forecast," "management is of the opinion," "may," "will," "estimates," "intends," "explores," "opportunities," the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements. These risks and uncertainties include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; the Company's ability to achieve expected savings from cost control, integration and disposal initiatives; the ability to identify and successfully consummate and integrate value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon's operating companies; the ability of Griffon's operating companies to expand into new geographic and product markets and to anticipate and meet customer demands for new products and product enhancements and innovations; reduced military spending by the government on projects for which Telephonics Corporation supplied products; increases in the cost of raw materials such as resin and steel; changes in customer demand; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon's businesses; political events that could impact the worldwide economy; a downgrade in the Company's credit ratings; changes in international economic conditions including interest rate and currency exchange fluctuations; the reliance by certain of Griffon's businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon's businesses, which could impact margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation; unfavorable results of government agency contract audits of Telephonics Corporation, including as a result of sequestration which is currently scheduled to take effect in January 2013; Griffon's ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain Griffon's operating companies; and possible terrorist threats and actions and their impact on the global economy. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company's Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About Griffon Corporation Griffon Corporation (the "Company" or "Griffon"), is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital. Griffon currently conducts its operations through three segments: *Home & Building Products consists of two companies, Ames True Temper, Inc. ("ATT") and Clopay Building Products Company, Inc. ("CBP"): *ATT is a global provider of non-powered landscaping products that make work easier for homeowners and professionals. *CBP is a leading manufacturer and marketer of residential, commercial and industrial garage doors to professional installing dealers and major home center retail chains. *Telephonics Corporation designs, develops and manufactures high-technology, integrated information, communication and sensor system solutions for use in military and commercial markets worldwide. *Clopay Plastic Products Company, Inc. is an international leader in the development and production of embossed, laminated and printed specialty plastic films used in a variety of hygienic, health-care and industrial applications. For more information on Griffon and its operating subsidiaries, please see the Company's website at www.griffoncorp.com. Griffon evaluates performance and allocates resources based on each segments' operating results before interest income or expense, income taxes, depreciation and amortization, gain (loss) from debt extinguishment, unallocated amounts, restructuring charges and acquisition-related expenses including the impact from the fair value of inventory acquired as part of a business combination ("Segment Adjusted EBITDA"). Griffon believes this information is useful to investors. The following table provides a reconciliation of Segment Adjusted EBITDA to Income (loss) before taxes: GRIFFON CORPORATION AND SUBSIDIARIES OPERATING HIGHLIGHTS (in thousands) (Unaudited) For the Three Months Ended For the Years Ended September 30, September 30, 2012 2011 2012 2011 REVENUE Home & Building Products: ATT $ 71,492 $ 80,804 $ 433,866 $ 434,789 CBP 112,849 114,107 422,674 404,947 Home & Building 184,341 194,911 856,540 839,736 Products Telephonics 121,882 140,019 441,503 455,353 Plastics 141,213 150,059 563,102 535,713 Total consolidated $ 447,436 $ 484,989 $ 1,861,145 $ 1,830,802 net sales Segment profit: Segment profit before depreciation, amortization, restructuring, fair value write-up of acquired inventory sold and acquisition costs: Home & Building $ 11,033 $ 17,479 $ 70,467 $ 77,119 Products Telephonics 13,653 13,418 60,565 50,875 Plastics 12,538 10,574 40,000 37,639 Total Segment profit before depreciation, amortization, restructuring, fair value 37,224 41,471 171,032 165,633 write-up of acquired inventory sold and acquisition costs Unallocated (6,305 ) (3,400 ) (26,346 ) (22,868 ) amounts Loss from debt extinguishment, - - - (26,164 ) net Net interest (12,940 ) (12,609 ) (51,715 ) (47,448 ) expense Segment depreciation (17,491 ) (15,544 ) (65,864 ) (60,361 ) and amortization Restructuring (2,894 ) (2,820 ) (4,689 ) (7,543 ) charges Fair value write-up of - - - (15,152 ) acquired inventory sold Acquisition (299 ) (446 ) (477 ) (446 ) costs Income (loss) $ (2,705 ) $ 6,652 $ 21,941 $ (14,349 ) before taxes Unallocated amounts typically include general corporate expenses not attributable to a reportable segment. The following is a reconciliation of each segment's operating results to Segment Adjusted EBITDA: GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES BY REPORTABLE SEGMENT Unaudited Three Months Ended September 30, Years Ended September 30, 2012 2011 2012 2011 Home & Building Products Segment operating $ 1,670 $ 9,408 $ 37,082 $ 28,228 profit Depreciation and 8,463 7,248 32,034 28,796 amortization Fair value write-up of acquired inventory - - - 15,152 sold Restructuring charges 601 377 874 4,497 Acquisition costs 299 446 477 446 Segment adjusted 11,033 17,479 70,467 77,119 EBITDA Telephonics Segment operating 9,061 8,952 49,232 40,595 profit Depreciation and 2,299 2,023 7,518 7,234 amortization Restructuring charges 2,293 2,443 3,815 3,046 Segment adjusted 13,653 13,418 60,565 50,875 EBITDA Clopay Plastic Products Segment operating 5,809 4,301 13,688 13,308 profit Depreciation and 6,729 6,273 26,312 24,331 amortization Segment adjusted 12,538 10,574 40,000 37,639 EBITDA All segments: Income from operations 9,722 18,955 72,420 55,549 - as reported Unallocated amounts 6,305 3,400 26,346 22,868 Other, net 513 306 1,236 3,714 Segment operating 16,540 22,661 100,002 82,131 profit Depreciation and 17,491 15,544 65,864 60,361 amortization Fair value write-up of acquired inventory - - - 15,152 sold Restructuring charges 2,894 2,820 4,689 7,543 Acquisition costs 299 446 477 446 Segment adjusted $ 37,224 $ 41,471 $ 171,032 $ 165,633 EBITDA GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended Years Ended September 30, September 30, 2012 2011 2012 2011 Revenue $ 447,436 $ 484,989 $ 1,861,145 $ 1,830,802 Cost of goods 349,785 379,699 1,442,340 1,437,341 and services Gross profit 97,651 105,290 418,805 393,461 Selling, general and 85,035 83,515 341,696 330,369 administrative expenses Restructuring and other 2,894 2,820 4,689 7,543 related charges Total operating 87,929 86,335 346,385 337,912 expenses Income from 9,722 18,955 72,420 55,549 operations Other income (expense) Interest expense (13,007 ) (12,735 ) (52,007 ) (47,846 ) Interest income 67 126 292 398 Loss from debt extinguishment, - - - (26,164 ) net Other, net 513 306 1,236 3,714 Total other (12,427 ) (12,303 ) (50,479 ) (69,898 ) income (expense) Income (loss) (2,705 ) 6,652 21,941 (14,349 ) before taxes Provision (benefit) for (6,153 ) 3,274 4,930 (6,918 ) income taxes Net Income $ 3,448 $ 3,378 $ 17,011 $ (7,431 ) (loss) Basic earnings (loss) per $ 0.06 $ 0.06 $ 0.30 $ (0.13 ) common share Weighted-average shares 55,560 57,516 55,914 58,919 outstanding Diluted earnings (loss) per $ 0.06 $ 0.06 $ 0.30 $ (0.13 ) common share Weighted-average shares 57,374 58,284 57,329 58,919 outstanding GRIFFON CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands) At September 30, At September 30, 2012 2011 CURRENT ASSETS Cash and equivalents $ 209,654 $ 243,029 Accounts receivable, net of 239,857 267,471 allowances of $5,433 and $6,072 Contract costs and recognized income not yet billed, net of progress payments of $3,748 70,777 74,737 and $9,697 Inventories, net 257,868 263,809 Prepaid and other current assets 47,472 48,828 Assets of discontinued operations 587 1,381 Total Current Assets 826,215 899,255 PROPERTY, PLANT AND EQUIPMENT, net 356,879 350,050 GOODWILL 358,372 357,888 INTANGIBLE ASSETS, net 230,473 223,189 OTHER ASSETS 31,317 31,197 ASSETS OF DISCONTINUED OPERATIONS 2,936 3,675 Total Assets $ 1,806,192 $ 1,865,254 CURRENT LIABILITIES Notes payable and current portion of $ 17,703 $ 25,164 long-term debt Accounts payable 141,704 186,290 Accrued liabilities 110,337 99,631 Liabilities of discontinued 3,639 3,794 operations Total Current Liabilities 273,383 314,879 LONG-TERM DEBT, net of debt discount 681,907 688,247 of $16,607 and $19,693 OTHER LIABILITIES 193,107 204,434 LIABILITIES OF DISCONTINUED 3,643 5,786 OPERATIONS Total Liabilities 1,152,040 1,213,346 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Total Shareholders' Equity 654,152 651,908 Total Liabilities and Shareholders' $ 1,806,192 $ 1,865,254 Equity GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Years Ended September 30, 2012 2011 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 17,011 $ (7,431 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Income from discontinued operations - - Depreciation and amortization 66,264 60,712 Fair value write-up of acquired inventory - 15,152 sold Stock-based compensation 10,439 8,956 Provision for losses on accounts receivable 1,212 1,225 Amortization/write-off of deferred financing 6,023 6,733 costs and debt discounts Loss from debt extinguishment, net - 26,164 Deferred income taxes (2,627 ) (2,749 ) (Gain) loss on sale/disposal of assets 56 (251 ) Change in assets and liabilities, net of assets and liabilities acquired: (Increase) decrease in accounts receivable and contract costs and recognized income not yet billed 27,269 (30,593 ) (Increase) decrease in inventories 9,011 (12,803 ) Increase in prepaid and other assets (3,281 ) 9,065 Decrease in accounts payable, accrued liabilities and income taxes payable (46,368 ) (42,604 ) Other changes, net 5,121 3,809 Net cash provided by operating activities 90,130 35,385 CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of property, plant and equipment (68,851 ) (87,617 ) Acquired business, net of cash acquired (22,432 ) (855 ) Change in funds restricted for capital - 4,629 projects Proceeds from sale of assets 309 1,510 Net cash used in investing activities (90,974 ) (82,333 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock - - Dividends paid (4,743 ) - Purchase of shares for treasury (10,382 ) (18,139 ) Proceeds from issuance of long-term debt 4,000 674,251 Payments of long-term debt (18,546 ) (498,572 ) Change in short-term borrowings (1,859 ) 3,538 Financing costs (97 ) (21,653 ) Purchase of ESOP shares - (19,973 ) Exercise of stock options - 2,306 Tax effect from exercise/vesting of equity 834 7 awards, net Other, net 100 345 Net cash provided by (used in) financing (30,693 ) 122,110 activities CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash used in operating activities (2,801 ) (962 ) Net cash used in discontinued operations (2,801 ) (962 ) Effect of exchange rate changes on cash and 963 (973 ) equivalents NET INCREASE (DECREASE) IN CASH AND (33,375 ) 73,227 EQUIVALENTS CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 243,029 169,802 CASH AND EQUIVALENTS AT END OF PERIOD $ 209,654 $ 243,029 Griffon evaluates performance based on Earnings per share and Net income (loss) excluding restructuring charges, gain (loss) from debt extinguishment, discrete tax items and acquisition-related expenses including the impact from the fair value of inventory acquired as part of a business combination. Griffon believes this information is useful to investors. The following table provides a reconciliation of Earnings (loss) per share and Net income (loss) to Adjusted earnings per share and Adjusted net income: GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF INCOME (LOSS) TO ADJUSTED INCOME (LOSS) (Unaudited) For the Three Months For the Years Ended Ended September 30, September 30, 2012 2011 2012 2011 Net income (loss) $ 3,448 $ 3,378 $ 17,011 $ (7,431 ) Adjusting items, net of tax: Loss from debt extinguishment, - - - 16,813 net Fair value write-up of - - - 9,849 acquired inventory sold Restructuring and 1,881 1,833 3,048 4,903 related Acquisition costs 194 290 310 290 Discrete tax (3,484 ) (1,252 ) (5,110 ) (4,570 ) benefits Adjusted net $ 2,039 $ 4,249 $ 15,259 $ 19,854 income Earnings (loss) $ 0.06 $ 0.06 $ 0.30 $ (0.13 ) per common share Adjusting items, net of tax: Loss from debt extinguishment, - - - 0.29 net Fair value write-up of - - - 0.17 acquired inventory sold Restructuring 0.03 0.03 0.05 0.08 Acquisition costs 0.00 0.00 0.01 0.00 Discrete tax (0.06 ) (0.02 ) (0.09 ) (0.08 ) benefits Adjusted earnings $ 0.04 $ 0.07 $ 0.27 $ 0.34 per share Weighted-average shares outstanding 57,374 58,284 57,329 58,919 (in thousands) Contact: Griffon Corporation Douglas J. Wetmore, 212-957-5000 Chief Financial Officer or Investor Relations: ICR Inc. Anthony Gerstein, 646-277-1242 Senior Vice President
Griffon Corporation Announces Fourth Quarter and Annual Results
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This content has been marked as final. Show 2 replies
1. Re: How to set tab focus on commandLink in Safari 5.1.5Frank Nimphius-Oracle Dec 4, 2012 2:23 AM (in response to 587981)Hi,
can you clarify "keyboard access" vs. "tab focus"? Does it mean you cannot tab to the command link in Safari? If so, please file a bug (assuming you have a customer support contract or are an Oracle employee) against JDeveloper / ADF Faces and provide a test case if the feature works on other browsers.
2. Re: How to set tab focus on commandLink in Safari 5.1.5587981 Dec 4, 2012 10:19 AM (in response to Frank Nimphius-Oracle)Hi Frank. Yes, we cannot tab to the command link in Safari. I have opened an ADF bug for that and included test case. Thanks.

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There are a few new twists to this year's Wisconsin State Fair, but don't worry: The fan-favorite traditions aren't going anywhere. (Yes, there will be cream puffs.)
■This year, the fair's Racing Animal Arena will host both Saz's Racing Pigs and the Great American Duck Race. Alternating pig and duck races happen every day, every hour Monday through Friday from 10:30 a.m. to 7:30 p.m., and Saturdays and Sundays from 9:30 a.m. to 7:30 p.m.
■Herb's Superb Bucks Milk House is moving to S. Grandstand Ave. at Main St., near the Exposition Center. The milk stand will still sling flavored milk for just 25 cents a glass, but this year, it has more shaded seating.
■A self-guided garden walk is available to patrons seeking tranquility. This new attraction features floral displays throughout the fairgrounds for your viewing pleasure. Grab a map and and punch card at the Horticulture, Craft and Culinary Pavilion on S. Grandstand Ave., just north of the Exposition Center. Those who complete the walk are eligible to win a prize.
■"Wild About Monkeys" is a new interactive exhibition featuring trained baboons and a capuchin monkey to make you laugh and learn a little something, too. The shows start in the Big Backyard area near S. 84th St. at 12:30, 2:30 and 5:30 p.m. Monday through Friday, and 12:30, 2:30, 5:30 and 7:30 p.m. Saturday and Sunday during the fair. An hour of animal playtime follows each performance.
■Watch keepers feed tigers and conduct tiger talks daily at 11 a.m., 3 p.m. and 7 p.m. at the "White Tiger Discovery" exhibit and educational program on S. Grandstand Ave. next to the Exposition Center. The exhibit promotes conservation efforts involving the last five remaining species of tigers in the wild.
■Be sure to sample the contenders for the "Sporkies," the fair's new food competition. The eight finalists are competing in three categories: Best Tasting, Most Creative and Grand Champion. All submissions will be available for purchase during the fair's 11-day run.
■And about those cream puffs: The cream puff eating contests are Aug. 7 at the Bank Mutual Amphitheater, with celebrities digging in to do battle for the title at 11:45 a.m. and fairgoers going head-to-head in several age divisions starting at 1 p.m. (Sign-up starts at noon Aug. 7.)
What: 2013 Wisconsin State Fair
When: Thursday through Aug. 11
Where: State Fair Park, 640 S. 84th St., West Allis
Hours: 8 a.m. to 11 p.m. Sunday through Thursday; 8 a.m. to midnight Friday and Saturday; 8 a.m. to 10 p.m. the final Sunday
Tickets: $10; $7 for seniors 60 and older and for military/veterans with I.D.; $6 for kids ages 6 to 11; free for children 5 and younger


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Burglars steal $50K in perfume from store
REHOBOTH BEACH -- Burglars made off with pricey perfume when they broke into an outlet store near Rehoboth Beach two weeks ago, police reported.
Sometime between 3 a.m. and 8:40 a.m. on May 3, burglars broke into the Perfumania Outlet, at 35016 Midway Outlet Drive, pried open the front door and helped themselves to $50,000 worth of perfume from the display area, according to police. In breaking in, the burglars damaged the alarm system, which kept the alarm from activating, police said.
The burglary was discovered when employees arrived to open the business for the day.
The next day, a break-in was discovered at a Perfumania Outlet store at Rockvale Square shopping center in Lancaster, Pa. In that burglary, the culprits broke in through a rear door and stole a safe and an undisclosed amount of perfume.
Anyone with information about the Delaware crime is asked to call investigators at 302-856-5850, ext. 211, or Delaware Crime Stoppers at 800-TIP-3333.
Georgetown store manager busted fo K2
GEORGETOWN -- A Georgetown liquor store manager was arrested May 16 after state Alcohol and Tobacco Enforcement agents seized illegal synthetic marijuana, commonly known as K2, from the store.
Nehai C. Desai, 38, who manages the One Stop Liquor Mart, was charged with illegal purchase of alcohol, illegal transportation of alcohol, drug activity on a licensed premise and sale of prohibited items in a package store second offense, according to the state Department of Safety and Homeland Security.
In addition, 129 vials of synthetic cannabinoid, better known as K2, were found behind the counter. The One Stop Liquor Mart was cited in December for selling these designer drugs.
Desai was released after posting $1,000 secured bail.
Lewes man charged with fishing violations
LEWES -- A 36-year-old Lewes man was charged with numerous violations by the Department of Natural Resources and Environmental Control's Division of Fish & Wildlife.
Shawn P. Moore was arrested on 200 counts of violations of commercial shellfishing regulations; 66 counts of conch pots not equipped with bait saving devices with horseshoe crab bait; 77 counts of improperly marked conch pots and 67 counts of failure to tend conch pots with 72 hours.
He was arraigned and released on $20,000 unsecured bond pending a trail at a later date.
Milford man faces charges following traffic stop
MILFORD -- A 39-year-old Milford man was arrested for drunken driving following a traffic stop in Harrington for not wearing a seat belt, police said.
Howard J. Pitts was stopped by police about 6:30 a.m. May 14 on Mechanic Street for not wearing a seat belt, agency spokesman Sgt. Earl Brode said.
When the officers walked up to the vehicle, they noticed a strong scent of alcohol coming from the driver, Brode said.
Brode said Pitts became uncooperative with the officers during questioning.
A passenger in the car, identified as Adrian L. Miller, 27, of Greenwood, got out of the vehicle and urinated on the sidewalk, Brode said.
He was given a summons to appear in court on a lewdness offense.
Pitts, meanwhile, was committed to the Sussex Correctional Institution on charges of DUI, driving with a revoked license, not wearing a seat belt, having no registration card in his possession and hindering prosecution.
Man jailed for firearm possession, hunting
LAUREL -- A Laurel man has been arrested on gun and hunting charges, according to the state's Department of Natural Resources and Environmental Control.
Ethan Henry, 21, was arrested and charged with felony possession of a firearm by a person prohibited and hunting deer during a closed season.
He was arrainged and committed to Sussex Correctional Institution in lieu of $1,500 cash bond.


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This year's summer movie season seems especially ... virile. From "Avengers" to "Battleship," Hollywood is administering a heavy dose of good guys giving their less-good counterparts what they deserve.
There's no doubt that these films, with their "so bad it's good" jokes and loud, ever-expanding action sequences, are massively entertaining. There's a reason "Marvel's The Avengers" has dialed up more than $1 billion in ticket sales: Action is great. And when it involves very little sex and profanity, it's fun for the whole family.
But there's a strikingly unsubtle undercurrent in this year's films. "Battleship" is an unapologetic a celebration of American triumphalism, which makes for great fun because the enemy is no longer Russian, Japanese or Arab. It's over-CGI'd aliens with goatees that appear to be combed through with a tube of Ice Spiker.
There's a similar theme in "Avengers," where a team of mostly, but not exclusively, American heroes convene to save New York from certain extinction at the hand of a longhaired maniac who rings up an army of extra-terrestrials to wreak havoc on the tiny island metropolis.
In each case, there is a wonderfully uncomplicated sense of victory. I had a wonderful time watching "Battleship," as did many of my colleagues in the media. Watching our military flex its muscles ("Battleship" even features a handful of veterans -- of multiple generations -- doing their thing) and so fantastically dominate any threat is fun, because it's familiar.
But what's the consequence of so eagerly cheering on our men and machines in fictional battles? Put another way, with the Pentagon collaborating on so many of these films, just how unrealistic are those feelings?
Not very. By celebrating these (admittedly "badass") victories over and over in the movies, we grow increasingly comfortable with watching American troops and instruments of war beat up on fictional enemies.
But in reality, one side of that equation is still there. So when we end up viewing and considering war, we consider that same military, those same impressive planes and ships, fighting a real life battle that can seem the same from our living room TVs as it did on an IMAX screen. Troops remain troops, aliens are replaced with persons of whatever ethnicity we're currently sitting across from on the moral see-saw.
A "Battleship" producer recently claimed that alien enemies allow the film to avoid "political hurdles about having the U.S. Navy portrayed as fighting another modern navy." That statement can be true only in a society where war itself is no longer politically controversial.
After all, even the word "alien" has a political application -- it's commonly used to denote foreigners we deem as undesirable.
Of course, humans can generally tell the difference between aliens and foreigners. But feelings, and memories of them, are harder to distinguish. A quick glance at Twitter after Obama announced Osama bin Laden's assassination would have revealed reactions that, though deeper and more meaningful, are not unlike the shouts of relief and laughter heard when Rihanna yells "Mahalo Motherf---er" while firing at an alien ship.
But don't take my word for it. This is how the aforementioned producer described the Navy's involvement with the film: "We made this movie because we wanted to showcase the modern Navy, which is a Navy that has not been seen in a film before. The real people on the ships, you can't take your eyes off of them, and these enormous ships just look so cinematic on the open ocean."
It's slightly troubling when the first word that comes to mind when describing warships is "cinematic."
Regardless, the Navy is now touting its involvement in the picture as part of its recruitment efforts.
Another extremely convenient aspect of movies is recovery time. In "The Avengers," more destruction is wrought on New York (presumably both in terms of property and people) than during the attacks on September 11. In "Battleship," there's quick mention of 25,000 people dying in a single attack on Hong Kong. And yet, an hour later in audience time (and not much more in the movie universe's time), we're laughing along with Liam Neeson and the guy from "Friday Night Lights" at a victory ceremony.
(There are, of course, other problems with these films. The Pentagon seems to have a policy loosely based on the following notion: If it makes America look good and strong, we're in. Which explains how it so happily cooperated with the "Transformers" franchise, despite dialogue exchanges such as "Could it be the Iranians?" / "No, this is way too smart for them." The only reason the Pentagon pulled out of "The Avengers" is because it wasn't sure enough that the United States was directing all of the superheroes' movements.)
No one could reasonably suggest that action movies should dwell on loss of life to any realistic extent. Nor should children be shielded from the overwhelming presence of the military in American life. And with a glance at upcoming releases, from "Prometheus" to "G.I. Joe: Retaliation" and "Transformers 4," it's perhaps clear that this editor's hesitation is not in line with our collective cultural appetite.
But families taking children to summer blockbuster after intergalactic war thriller would do well to end the evening with a conversation about the sacrifices incumbent in such fantastically bright explosions, by the men and women who actually wear the uniforms depicted on screen, by our society at large and, yes, by the real-life aliens who so often constitute our real-world enemies.
Subscribe ow.ly | Facebook ow.ly | Twitter ow.ly Enter our Battleship prize pack giveaway here: on.fb.me We're giving away boatloads of swag including Battleship t-shirts, water bottles and hats on Facebook. Just submit your email address, that's it. Don't forget to share - every Facebook friend who enters, earns you 2 bonus entries. Easy entry on.fb.me Battleship In Theatres May 18 Release Date: 18 May 2012 Genre: Action | Sci-Fi Cast: Liam Neeson, Alexander Skarsg
Watch all BATTLESHIP movieclips: bit.ly Subscribe to TRAILERS: bit.ly Battleship Official Trailer #2 - Rihanna Movie (2012) HD A fleet of ships is forced to do battle with an armada of unknown origins in order to discover and thwart their destructive goals. "battleship trailer" "battleship HD" "battleship movie" "Liam Neeson" "Taylor Kitsch" "Alexander Skarsgard" "Brooklyn Decker" "Reila Aphrodite" movieclips movie clips movieclipstrailers movieclipsDOTcom popuptrailer "transformers"
www.battleshipmovie.com Battleship is an epic-scale action-adventure that unfolds across the seas, in the skies and over land as our planet fights for survival against a superior force. The film stars Taylor Kitsch, Alexander Skarsg
www.battleshipmovie.com Battleship is an upcoming 2012 epic action-adventure film inspired by Hasbro's popular game "Battleship". Watch Rihanna's first film experience here, become a fan on Facebook (http and follow us on Twitter(twitter.com for the latest updates. Synopsis: Peter Berg (Hancock) produces and directs Battleship, an epic-scaled action-adventure that unfolds across the seas, in the skies and over land as our planet fights for survival against a superior force. Inspired by Hasbro's classic naval combat game, Battleship stars Taylor Kitsch as Lt. Alex Hopper, a Naval officer assigned to the USS John Paul Jones; Brooklyn Decker as Sam Shane, a physical therapist and Hopper's fianc
www.battleshipmovie.com Battleship is an epic-scale action-adventure that unfolds across the seas, in the skies and over land as our planet fights for survival against a superior force. The film stars Taylor Kitsch, Alexander Skarsg
Subscribe ow.ly | Facebook ow.ly | Twitter ow.ly Release Date: 18 May 2012 Genre: Action | Sci-Fi Cast: Liam Neeson, Alexander Skarsg
Check out this exclusive featurette on the enemies in the Hasbro game-to-film Battleship. See how the armor is made to create a realistic visual feel as well as how the aliens motions are captured on camera. Release Date: May 18, 2012 Genre: Action Other Genres: Sci-Fi, War Studio: Universal Pictures Production Company: Hasbro Language: English Head over to IGN for more: movies.ign.com Subscribe to IGN's channel for reviews, news, and all things gaming:www.youtube.com
Music video by Rihanna performing Battleship: Getting In Character. (C) 2012 Universal Pictures
Where are these kids initially running from to play this game? -- From a personal VHS tape.
Official Movie Site - www.battleshipmovie.com Like It on Facebook - www.facebook.com Follow on Twitter - twitter.com :Check the release dates for Battleship Belgium 11 April 2012 France 11 April 2012 UK 11 April 2012 Germany 12 April 2012 Hong Kong 12 April 2012 Finland 13 April 2012 Italy 13 April 2012 Spain 13 April 2012 Sweden 13 April 2012 Australia 18 April 2012 New Zealand 18 April 2012 Denmark 19 April 2012 Hungary 19 April 2012 Netherlands 19 April 2012 Portugal 19 April 2012 Russia 19 April 2012 Singapore 19 April 2012 Thailand 19 April 2012 Estonia 20 April 2012 India 20 April 2012 Lithuania 20 April 2012 Norway 20 April 2012 Romania 20 April 2012 Turkey 20 April 2012 Argentina 10 May 2012 Brazil 11 May 2012 Colombia 11 May 2012 Canada 18 May 2012 USA 18 May 2012
Music video by Rihanna performing Battleship: Naval Training. (C) 2012 Universal Pictures
Music video by Rihanna performing Battleship: Production Begins. (C) 2012 Universal Pictures
Follow Kia Makarechi on Twitter: www.twitter.com/Kia_Mak


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Victoria's biggest theme park, Adventure Park is opening its gates for another season of family fun. Inside you'll find two brand spankin' new attractions - the thrilling Wave Swinger and the Barracuda Bay cruise alongside restored old favourites like the Grand Carousel and the Wave Swinger.
More Festivals, fairs and large events? Sign up to our Weekend Planner.


text:
wasn't Polonium discovered by a polish chemist? i mean it's clearly named after Poland.
A group for those interested in science from the vast expanse of the universe or technology.
wasn't Polonium discovered by a polish chemist? i mean it's clearly named after Poland.
Indeed that the Polonium was discovered by Pierre and the famous Marie Curie, both Polish, but I think that it´s commenting about the country which the element was discovered.
The couple spent most of their life on France, and it was there that they studied and made most (if not all) of their researches.
Poland cannot into periodic table.
I c wut u did thar. Being unable to into the periodic table is a contributing factor of their inability to into space.
check out dat UK master race
lol USA found many elements from their nuke testing you can tell because of the large majority having the greatest mass and in the lanthoid series LOLOLOLOL 'MURICA!
Lol America only found fraud elements that we made with nukes. How pathetic.


text:
"I'm pleased with how my son's birth announcements came out. I liked how I could put multiple pictures on it. The quality of the printing was excellent and the pictures were clear and had no issues. I do wish this card came with an option to put a picture on the back though."
"The card design was perfect. Everyone we sent cards to raved about it. The paper quality was great and the price was fantastic."
"This design allows you to showcase a variety of photos. Love the blues for baby boy birth announcement. Personally didn't care for standard matte or pearlized. Opted for semi-gloss. Tiny Prints has the most AMAZING customer service. You can also order samples to see design and paper quality. I didn't realize that at first. I just wish the samples didn't take 2 wks to arrive, in my opinion too long hence why delivery received a 4."
"I chose this design because I couldn't pick just one or two pictures from our newborn session to use, and this was a great way to choose 5 without it seeming cluttered. It was the perfect choice to introduce our baby!"
"The baby announcements were perfect! Looked exactly like I expected! They shipped fast and got delivered earlier than quoted as well!! Very pleased!!"


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Get your Kiribati Visa today!Get started in three easy steps.
Kiribati Visa Application Frequently Asked Questions
- 1. What is a Kiribati Visa?
- 2. What is the difference between a passport and a Kiribati visa?
- 3. Do I need a visa for Kiribati?
- 4. What is the difference between a Kiribati tourist and Kiribati business visa?
- 5. How long does it take to obtain a Kiribati visa?
- 6. How long is a Kiribati visa valid?
What is a Kiribati Visa?
A Kiribati visa is a stamp or endorsement placed by officials of Kiribati on a passport that allows the bearer to visit Kiribati. Visas are obtained from the Embassy or consulates of Kiribati for your visit. "Visit" is further defined as the reason for entry, usually business, tourist or transitory. There are over 270 countries that offer visas and literally thousands of different types of visas available based upon country, type of visit, and length of visit.
What is the difference between a passport and a Kiribati visa?
A passport is an official government document that certifies one's identity and citizenship. The passport serves two purposes; to regain entry to the country of citizenship (i.e. the United States) and is a requirement by many countries to gain entry to the country you are visiting.
A Kiribati visa is an official government document that temporarily authorizes you to be in the country. Many countries require a visa to gain entry. The Kiribati visa is in the form of a stamp/sticker IN the passport and is obtained from a Kiribati Embassy in Washington DC or consulates around the country. We have staff spread around the country to hand carry your application for you and then overnight the passport back when it is completed.
Who needs a Kiribati visa?
All US Citizens require a visa and a US passport to travel to Kiribati, whether for business or tourism. MOST foreign nationals require a visa. We can help you to obtain a visa as well as a US passport.
What is the difference between a Kiribati tourist and Kiribati business visa?
Kiribati visas are issued according to the purpose of the trip; choose the visa that best describes your trip :
Activities which require a Kiribati Tourist Visa
Tourism trip; visits to relatives
and/or friends; scientists,
professors or researchers attending
cultural, technological or
scientific conferences, seminars or
meetings (services provided must not
be paid by
organizations/corporations in
Kiribati, except
reimbursement for expenses or per
diem allowances); unpaid
participation in athletic or
performing arts events or
Tourist visa holders are not allowed to engage in any paid activity in Kiribati.
Activities which require a Kiribati Business Visa
Business trips, except when the trip involves the provision of technical assistance services of any nature.
How long does it take to obtain a Kiribati visa?
Typically, a visa takes anywhere from 2 days to 15 days to process in the Kiribati Embassy/Consulate depending on the consulate that we need to send the application to and whether you choose to "rush" your Kiribati visa.


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Officials say Sueliman el-Fasy and his son were killed Sunday night in the Quraish neighborhood in a blast targeting his family. They say his pregnant wife suffered burns and his eight-month son was hospitalized.
The officials spoke on condition of anonymity because they were not authorized to brief journalists.
Benghazi has seen frequent violence in the past year, including killings of security officials and a string of attacks on foreign diplomatic posts that have driven most of diplomats out of the city.
Benghazi, where Libya's 2011 uprising began, was the scene of the Sept. 11, 2012, attack that killed U.S. Ambassador Chris Stevens and three other Americans.


text:
I want to initialize a struct element, split in declaration and initialization. This is what I have:
typedef struct MY_TYPE {
boolean flag;
short int value;
double stuff;
void function(void) {
MY_TYPE a;
a = { true, 15, 0.123 }
Is this the way to declare and initialize a local variable of
MY_TYPE in ANSI C (C89, C90, C99, C11, etc.)? Or is there anything better or at least working?
Update I ended up having a static initialization element where I set every subelement according to my needs.


text:
Hurricane Deck Elementary School
Public School | Grades PK-4 | Camdenton R-III
Sunrise Beach, MO 65079
(573) 374-5369
About This School
Hurricane Deck Elementary School is located in Sunrise Beach, MO and is one of 5 elementary schools in Camdenton R-iii School District. It is a public school that serves 147 students in grades PK-4. See Hurricane Deck Elementary School's test results to learn more about school performance.
In 2011, Hurricane Deck Elementary School had 12 students for every full-time equivalent teacher. The Missouri average is 14 students per full-time equivalent teacher.
In 2011, Hurricane Deck Elementary School had 12 students for every full-time equivalent teacher. The Missouri average is 14 students per full-time equivalent teacher.
Student Ethnicity (2011)
Students (2011)
Students Per Teacher (2011)
Female/Male (2011)
49% 51%
Subsidized Lunch (2011)
District Spending (2010)
$8,844per student
See All Test Scores
Grade 3 Communication Arts Performance
MAP Results
write a review
Hurricane Deck Elementary School Reviews
visited school to visit my niece
By Michelle Hoffpauir on
I was visiting from Kansas last week. The teachers were very kind and smiled a lot. I noticed they were very kind to the children and it seemed very genuine. I ate lunch with my niece and it was great food! I left very impressed!
Report this review
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Category Archives: Drama (Play)
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Antigonick is a strange book for Carson because, unlike Nox, or If Not, Winter, her translations of the complete fragments of Sappho, or Autobiography of Red, her luminous verse novel re-telling of the Greek myth of Geryon, to all of … Continue reading
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text:
Fat Tax Lands On Denmark's Favorite Foods
Times are tough in Europe these days. If you crave comfort food in Denmark to lift your mood, it'll cost you. Starting Saturday, shoppers in Denmark will pay extra kroner according to the saturated fat levels of certain foods. It's being called The Fat Tax. Host Scott Simon reflects on Denmark's attempt to fight obesity.
SCOTT SIMON, Host:
Times are tough in Europe these days. But if you crave comfort food in Denmark to lift your mood, it'll cost you. Starting today, shoppers in Denmark will pay extra kroner, according to the saturated fat levels of certain foods. Not just potato chips, ice cream, sweet rolls and candy bars, but famously clean, creamy Danish butter.
Of course, it's being called the Fat Tax. The Danish government says that less than 10 percent of its population is clinically obese, which is actually slightly below the European average. But they estimate that close to 4 percent of the country's annual premature deaths are the result of eating excess saturated fat over a shortened lifetime.
Mike Rayner, director of Oxford University's Health Promotion Research Group, which has advocated taxes on high-caloric foods, says they'll know be able to see if making fatty foods more expensive actually discourages people from buying and eating them.
Now some critics contend that such taxes discriminate against poor people especially, who will now have to pay more for staples like butter.
If you figure in the increased costs of butter, cream, eggs, chocolate, raspberries, syrup and sugar, couples getting married in Denmark may have to choose between going on a honeymoon, or just having a wedding cake.
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Important Dates;
Tuesday 10th November 5:30pm
Preseason for Seniors Starts
Sunday 6th December 6:30am
Inaugural Club Golf Day
Sunday 13th December 10.30am - Yamanto Tavern.
Club AGM
2015 PREMIERS, Under 13 Div3
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Congrats for your unban acct., but don't forget abt NB LOL
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You can sure make some extra money if you go back.
I got banned on 4th April, I joined NB on 5th April, got unbanned on 4th August. But still I am more on NB, hardly visit DP. I believe NB is better, the best thing about NB is Peaceful Atmosphere.
I dont want to go back to Digitalpoint, and I dont understand why anyone would.
Profithost is your hosting provider! Cheap dedicated servers and webhosting from Amsterdam.
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Too much chaos at DP, NB is more peaceful & friendly.


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November 26, 2015
Michael Jackson has been in the headlines for a couple of weeks now, and no doubt his memorial service will go down in history.
A local family has been hearing all the details of the service from one of their own who was at the event.
Heather Hope-Allison's family lives in Marietta, and couldn't believe she was able to get her hands on two floor seat tickets.
"When we realized they were bringing him in, everybody including myself, we burst into tears. It was just a really shocking personal reaction to somebody you didn't really know personally," Hope-Allison said.
She says she grew up listening and dancing to Michael Jackson's music, and compared being at his memorial service to saying goodbye to her childhood.
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