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Altria Group, Inc. (NYSE:MO)
Q4 2008 Earnings Call
January 29, 2009 9:00 am ET
Michael Szymanczyk - Chairman, Chief Exec. Officer, Chairman of Exec. Committee, Chairman of Philip Morris USA Inc, Chief Exec. Officer of Philip Morris USA Inc and Pres of Philip Morris USA Inc
Clifford B. Fleet - Vice President, Investor Relations Altria Client Services
David R. Beran - Chief Financial Officer and Exec. VP
Christopher Growe - Stifel Nicolaus & Company, Inc.
David Adelman - Morgan Stanley
Christine Farkas - BAS-ML
Xelo Reed – Credit Suisse
Judy Hong - Goldman Sachs
Erik Bloomquist - J.P. Morgan
Ann Gurkin - Davenport
Chris Urit - Bloomberg News
Good day and welcome to the Altria Group fourth quarter and full year 2008 earnings conference call. Today's call is scheduled to last about one hour including remarks by Altria's management and a question and answer session.
(Operator instructions). I would now like to turn the call over to Mr. Cliff Fleet, Vice President Investor Relations for Altria Client Services. Please go ahead sir.
Clifford B. Fleet
Good morning and thank you for joining our call. This morning we will only be discussing Altria's 2008 full year and fourth quarter business results. We will not be discussing the status of litigation.
Since the acquisition of UST did not close until January 6, 2009, we will only briefly highlight UST's 2008 business results. We plan to file a form AK with UST's 2008 financial results tomorrow.
Our remarks contain forward looking statements and projections of future results, and I direct you to the forward looking and cautionary statements at the end of our earnings release with a review of the various factors that could cause actual results to differ materially from projections.
As a result of the spin-off of Philip Morris earlier in 2008 our reported results reflect PMI as a discontinued operation for the full year and fourth quarter of 2007. Revenues and operating company's income for PMI are therefore excluded from Altria's continuing results.
For a detailed review of Altria's full year and fourth quarter business results please review the earnings release that is available on our website, www.altria.com.
Altria reports its financial results in accordance with generally accepted accounting principles. Today's call may contain various operating results on both the reported basis and on an adjusted basis, which excludes items that affect the comparability of reported results. Reconciliations are also included in the earnings press release.
Now it gives me great pleasure to introduce Mike Szymanczyk, Chairman and Chief Executive Officer of Altria Group, Inc.
Michael Szymanczyk
Thanks Cliff, and good morning to everyone. It's a bright sunny day here in Richmond, Virginia. Appropriate, I think, for a discussion on our 2008 business results. 2008 for us was a significant year of change as we repositioned Altria for future success.
For the full year, 2008, I think we delivered strong adjusted earnings per share growth from our continuing operations of 10% to $1.65 on an adjusted base of $1.50 in 2007. And that was driven by mid-single digit operating company's income growth and importantly lower expenses.
These financial results were in line with our guidance that we provided throughout 2008. And in addition to these results, in August 2008 we increased our dividend, 10.3% on annualized rate of $1.28 per share.
In March Altria successfully completed both the spin off of Philip Morris, International and a significant corporate restructuring, which included relocating our headquarters to Richmond, Virginia. This enabled Altria to significantly reduce its corporate expenses.
In 2008, Altria successfully integrated John Middleton Company, a leading manufacturer in the growing machine made large cigar business. Middleton benefited from PM USA's sales expertise and infrastructure during the year, which helped drive growth of its leading brand and the whole company during the year.
In September Altria announced that it had agreed to acquire UST and its leading premium brands, Copenhagen and Skoal to gain immediate national scale in the highly profitable and growing moist smokeless tobacco category.
And then in early January 2009 we successfully completed the UST acquisition which transformed Altria into the premier tobacco company in the United States. Altria's tobacco operating companies now have the leading brands of cigarettes, smokeless tobacco, and machine made lard cigars. And as part of the deal we also acquired Ste. Michelle Wine Estates, a terrific leading premium wine producer in the United States.
At the time we announced the UST acquisition, we indicated that the transaction would create $250 million in cost savings. We now anticipate an additional $50 million in UST integration cost savings, which brings the total projected integration cost savings to $300 million by 2011.
We are moving very quickly in integrating UST into the Altria family of companies. And we expect to absorb all costs related to the integration in 2009. We believe this will enable Altria to fully realize the strategic benefits of the acquisition in 2010 and beyond.
Altria used its strong balance sheet to access debt markets twice in the fourth quarter of 2008. We issued approximately $6.8 billion dollars in long term notes, with an average weighted coupon rate of 9.2%. This capital and the $4.3 billion dollars we borrowed under Altria's 364 day bridge loan agreement funded the UST transaction. Altria intends to refinance the bridge loan borrowings with long term debt during 2009.
The UST acquisition may or may not be accretive to 2009 earnings, depending on several factors. First, the timing and the realization of the cost savings per ram we put in place.
Second, the responsiveness of our smokeless brands to planned investment spending.
Third, growth of the moist smokeless tobacco category. And finally, interest rates obtained when we refinanced the $4.3 billion dollar borrowings with long term debt.
So while it's a little bit difficult to predict decresion for 2009, we fully expect the UST acquisition will be very solidly accretive to Altria's 2010 earnings per share.
Altria and its operating companies continue to successfully focus on cost management. March, 2008 Altria announced that it planned to remove approximately $1 billion dollars in cost by 2011. Altria now expects to deliver $300 million in cost savings as a result of the UST integration and another $200 million from a restructuring program which began in the fourth quarter of 2008, which brings the total predicted cost production program to $1.5 billion dollars.
As we enter 2009, Altria and its businesses face a challenging environment. The economy remains in recession with high unemployment and low levels of consumer confidence. Additionally, the current economic weakness increases the likelihood of higher tobacco excise taxes.
With this as a backdrop, our guidance is prudent and I think appropriately cautious in what we think is likely to be a challenging year for almost all companies.
Altria expects its 2009 adjusted EPS from continuing operations will grow to the range of $1.70 to $1.75. This represents a 3% to 6% growth rate from an adjusted base of $1.65 per share in 2008.
Our 2009 guidance reflects the following assumptions: First, increased tobacco excise taxes; Second, increased investment spending to support the growth of our smokeless brands; Third, delivering savings in line with our cost management programs; Fourth, increased tension expenses; and finally, no share repurchases in 2009.
Altria is suspending its 2008 to 2010 $4 billion dollar share repurchase program, $1.2 billion of which was completed in 2008. While we recognize the importance of share buy backs to investors, we think it is in our shareholder's best interest to suspend buy backs until we have completed all the financing activities related to the UST transaction, and evaluated the affect of economic conditions on other elements of our business.
We expect to evaluate our share repurchase plan again in first quarter of 2010.
I believe that 2009 will be a challenging year for most companies. But our tobacco businesses area uniquely positioned for success. The economic environment and potentially higher increases in tobacco excise tax presents challenges, but Altria began preparing for these issues last year.
We believe that careful management of the value equation on Marlboro, Copenhagen, Skoal, and Black & Mild, balanced with appropriate cost reductions, position the company for growth in 2009 and beyond.
Looking ahead our tobacco businesses are well positioned to continue delivering superior shareholder return out into the future.
I would now like to turn the call over to Dave Beran, Altria's Executive Vice President and CFO, who'll discuss Altria's reporting segment business results.
David R. Beran
Thanks Mike. Good morning everyone. I'll start with PM USA which delivered solid business results, growing both its income and retail market share for full year 2008.
PM USA 2008 full year revenues net of excise taxes increased 2.6%. Excluding the $298 million in revenues from contract buy in, manufactured for PMI, PM USA's revenues net of excise taxes increased .6% versus the prior year period.
PM USA's reported OCI increased 7.9% versus 2007, due to lower wholesale promotional allowance rates and lower SG&A spending, as well as lower charges for the closure of its various manufacturing facility, partially offset by lower volume, higher resolution expenses, cost related to the reduction of PMI contract volume, higher leaf cost, and higher promotional expenditures.
On an adjusted basis, PM USA grew its OCI by 2.5% to $5 billion dollars and expanded its operating margins by .6% to 33.3% versus 2007. PM USA cost reduction program delivered approximately $104 million in savings in 2008, on top of the $319 million delivered in 2007.
Throughout 2008 PM USA dealt with the effects of the removal of PMI contracted volume. This volume removal negatively impacted costs by about $15 million in the fourth quarter and approximately $100 million for the full year 2008. This contract terminated last month and PM USA expects minimal cost impact in 2009.
PM USA's 2008 cigarette shipment volume of 169.4 billion units was 3.2% lower in the prior year period, but was estimated to be down approximately 4% when adjusted for changes and trade inventories and calendar differences.
For the full year 2008, PM USA's retail cigarettes share grew one tenth of a share point to 50.7%, driven by Marlboro's strong share gains. In 2008 Marlboro achieved record retail share as the brand gained .6% of a share point versus 2007, to 41.6%.
Additionally, we are pleased with Marlboro's balance share growth from both non-menthol and menthol products. Marlboro's strong 2008 retail share gains were mostly offset by share losses on Virginia Slims, Parliament, and Basic.
PM USA strategy is to maximize the long term profitability of those brands through focused regional investment spending. For the full year 2008 the discount segments retail share was essentially unchanged at 25.4%, despite challenging economic conditions.
The deep discount segment grew two tenths of a share point in 2008, as major manufacturers continued decreasing their spending on branded discount cigarettes.
Philip Morris USA had similarly strong results in the fourth quarter of 2008. PM USA's fourth quarter revenues net of excise taxes increased 1.8%. Excluding the $91 million in revenues from contract volume manufactured for PMI, PM USA's revenues net of excise taxes decreased .7% versus the prior year period.
PM USA's reported OCI increased 3.5% versus the fourth quarter of 2007 due to lower wholesale promotional allowance rates and lower SG&A spending partially offset by lower volume, higher promotional expenditures, and increased restructuring charges.
On an adjusted basis, PM USA grew its operating company's income by 4.8% to $1.2 billion dollars.
Domestic cigarette shipment volume of 40.8 billion units was 2.1% lower in the prior year period, but was estimated to be down approximately 3 ½ % when adjusted for changes in trade inventories.
Marlboro continued to grow its share in the fourth quarter and gained .4 of a share point versus the prior year period. PM USA closely monitors Marlboros price gap versus the lowest effective priced cigarettes. In the fourth quarter this price gap was approximately 41%.
PM USA's fourth quarter retail cigarette share declined .3 of a share point versus the prior year period, primarily due to share losses from Virginia Slims, Parliament, and Basic.
Overall, we are very pleased with PM USA's 2008 results. The company had solid operating company's income growth and generated over $5 billion dollars in adjusted OCI. Its cost reduction efforts are on track, and Marlboro had another year of strong retail share growth.
Now, let's discuss John Middleton, a leading manufacturer of machine made lard cigars and pipe tobacco. John Middleton was successfully integrated into the Altria family of companies and delivered strong income volume and retail share results in 2008.
For the full year 2008 John Middleton reported $164 million in OCI, which includes $18 million in integration charges. The company grew its total cigar shipment volume by 6.2% to 1.3 billion units.
Black & Mild increased its retail share of the growing machine made lard cigar segment by 2.8 share points to 28.3% as it benefited from PM USA's sales and distribution infrastructure and expertise.
In the fourth quarter, Middleton reported $36 million in OCI, which included a $6 million dollar charge for integration cost. Cigar shipment volume increased 3.4% versus the prior year period to 311 million units.
Middleton's retail share increased 2.9 share points to 30.5%, and Black & Meld's retail share increased 3.1 share points to 29.6%.
Although we did not acquire UST until 2009, let me briefly comment on UST's 2008 business results.
UST's earnings were in line with guidance previously provided in UST's third quarter of 2008 earnings press release. Business performance and market place trends were also in line with earlier reported periods.
We intend to file a form A-K with UST's 2008 financial results tomorrow. And we will have more to say about our plans and strategies for UST's businesses at next months Cagney investor conference.
Let me conclude with a discussion of financial service business results. Philip Morris Capital Corporation reported OCI of $71 million versus $380 million in 2007. In 2007 PMCC benefited from cash recoveries of $214 million. And in 2008 PMCC increased its allowance for losses by $100 million due to credit rating downgrades of certain lessees and financial market conditions.
PMCC's allowance for losses now totals $304 million, which management believes is prudent based on the underlying credit quality and collateral value of its existing portfolio.
In the fourth quarter, PMCC reported a $26 million dollar operating company's loss, primarily due to a $50 million dollar increase in the allowance for losses. PMC's financial results will continue to vary over time as investments mature or are sold.
Let me close by mentioning our planned future reporting segments. Beginning with the first quarter of 2009 Altria intends to report against the following segments: cigarettes, smokeless tobacco, cigars, wine, and financial services.
Mike and I will now be happy to take your questions. While the operator compiles the calls I want to cover a few housekeeping numbers.
In the fourth quarter Marlboro's net pack price and convenience stores was approximately $4.39, and the lowest effective priced cigarette was $3.12 per pack. The average weighted cigarette state excise tax at year end was approximately $1.12 per pack. And the full year of 2008 weighted average state excise tax was $1.09 per pack. In 2008, seven states and the District of Columbia increased their cigarette excise taxes with an average increase of $.74 per pack.
Our full year 2008 cap ex was $241 million. Our full year 2008 ongoing depreciation and amortization was $215 million. Our fourth quarter MSA and quota buy out rules were approximately $1.3 billion dollars or $.63 per pack. Of the $.63, MSA represents $.58 per pack and the quota buy out represents about a nickel per pack.
And finally, our full year 2008 tax rate was 35.5%. We anticipate that Altria's 2009 full year effective tax rate on operations will be approximately 37.1%.
Operator, do we have any questions?
Question-and-Answer Session
Thank you. (Operating Instructions). Our first question comes from the line of Chris Growe with Stifel Nicolaus. Please go ahead.
Christopher Growe - Stifel Nicolaus & Company, Inc.
Hi, good morning. I'd like to ask you a couple of questions. The first one is just in the fourth quarter as you saw your market share decline a little bit, obviously Marlboro had a good performance, you talked about for years kind of balancing market share and profitability for the business, was there any change in that thinking as your market share moved down a little bit in the fourth quarter?
David R. Beran
Well, what we said all along is that our objective is to maximize earnings from our tobacco operations while we achieve modest share growth. When we look at share, we really look at it on an annual basis, and we put programs into place that sometimes span quarters, are different between quarters.
There are fundamental differences between the quarters and comparisons between one year and another depending on what we did in the prior year versus what we decide to do in the current year.
So I wouldn't get too focused on one quarter's share. I would look at how the share progresses over the course of the year. So when I look at 2008 I think it's a pretty good example of maximizing income in the tobacco sector, particularly in PM USA, while maintaining some modest share growths.
So our total share actually was up, but more importantly to us Marlboro Share was strong. So that's the way we view it. Nothing's changed about that. We continue to view that as what's primary.
Christopher Growe - Stifel Nicolaus & Company, Inc.
Okay. Can you talk about—I don't recall if you gave this, but a fourth quarter, 2008—what you believe the industry did in the fourth quarter, and then, I'd just be curious what your volume expectations are for 2009 in relation to the obvious pressures from the tax. If you maybe could talk about the industry or your own performance, what you sort of expect on the volume side for 2009.
Michael Szymanczyk
Well, I don't think we're going to give out a volume number for 2009, it's one of those things that's pretty hard to predict, so I would hesitate to do that for you.
Christopher Growe - Stifel Nicolaus & Company, Inc.
Even for the industry?
Michael Szymanczyk
Even for the industry.
Christopher Growe - Stifel Nicolaus & Company, Inc.
Okay, and then just one last one, that is that you've started this incremental promotion for UST, this announcement to be a little more aggressive in the Southeast. I'd just be curious, how much of that is incremental, and how much of that is just kind of shifting promotional dollars around. Are you getting that much more aggressive in terms of that region for the UST business.
Michael Szymanczyk
Well, what we've done is we've changed the approach in those markets relative to how the UST brands, and in particular, Copenhagen/Skoal are being promoted. So that encompasses whatever was done before as a part of the fundamental change approach that we had in the marketplace.
Christopher Growe - Stifel Nicolaus & Company, Inc.
Okay. Thank you.
Our next question comes from the line of David Adelman with Morgan Stanley. Please go ahead.
David Adelman - Morgan Stanley
Good morning Mike and Dave. A couple of things I wanted to ask; first, can you give us a sense of the magnitude of state and federal excise tax increase as you've incorporated in your 2009 plan?
Michael Szymanczyk
Well, I would hesitate to tell you anything specific, but we're looking at the same world you are, so we've got scenarios that really accommodate a different set of ranges, but I think we've pretty much covered the landscape in the way we've looked at alternative scenarios. So I'd rather not get any more specific than that, but I think that we're kind of being realistic about how we've looked at it in the range of scenarios that we use to develop our earning's status.
David Adelman - Morgan Stanley
Okay. And Mike, are you encouraged to date that there have not been state excise tax increases? Or do you think it's sort of too soon to form a view about where that might ultimately come out?
Michael Szymanczyk
Yeah, I don't think you want to predict a future relative to what legislators are going to do around the country, so I'd hesitate to try to do that.
David Adelman - Morgan Stanley
Okay, and then as it relates to UST, some of the syndicated data shows that Copenhagen and Skoal's market share might have been down an incremental 120 basis points or so in the fourth quarter, and I'm just curious with that as a backdrop, of the promotional spending changes that you've already indicated to the trade—the regional ones that Chris brought up—you know, if ultimately the promotional spending increase you need to put into the marketplace is X dollars to stabilize in gross share of those brands, what component of getting to that magnitude is what you've already committed to Mike?
Michael Szymanczyk
Well, all we've done is we've taken an area of the country, and keep in mind that the program doesn't start until February 1, so it's not actually reflected in stores at this point, but we've taken those geographies and because we have an infrastructure to be able to deal with promotion and delivery of price on a more regionalized basis, we've moved pretty quickly in the area of softness—or the greatest softness frankly that we've seen in those businesses and that's all that is.
So we're going to look at those businesses quite deeply, and we'll, as we get on into the year, we'll decide what, if anything else, we need to do. But I'll tell you that we've accommodated within the guidance that we're providing to our investors what we think is going to be necessary to have those businesses return to some modest share growth, and to be able to fully realize the growth in the category for the company.
David Adelman - Morgan Stanley
And then two last quick things Mike, obviously, 2009 is a tough year, but from the 2008 base, over time do you expect to be able to grow PM USA's operating income? Not necessarily in 2009, but that they'll be a future point in time where profitability for that business unit will be higher then it was in 2008?
Michael Szymanczyk
Higher then it was in 2008?
David Adelman - Morgan Stanley
Yeah, that long-term, from what you've reported this year, you'll be able to grow the aggregate profitability—maybe not in 2009, but over time. Is that still the expectation?
Michael Szymanczyk
You're talking about Altria higher then 10% EPS growth?
David Adelman - Morgan Stanley
No, no, no. I'm sorry. I meant PM USA's dollar amount of operating income.
Michael Szymanczyk
Oh, PM USA's dollar amount of operating income.
David Adelman - Morgan Stanley
Michael Szymanczyk
Well, I don't know. I don't know if I can answer that that specifically, but I would say to you that as we look forward, we'd like to grow all of our tobacco companies. We'd like them all to be growing profitability. So, I think it's a bit hard for me to say you're—which one is going to grow how much, because there are a lot of outside influences on those businesses, and there is some migration between those categories that takes place, that will have some bearing on how much one grows versus another. So it makes it kind of hard to predict.
David Adelman - Morgan Stanley
Michael Szymanczyk
But we run them all, certainly, with the expectation that we're going to grow earnings in all of them.
David Adelman - Morgan Stanley
Okay, and then actually one last thing. Can you quantify the year-on-year, 2009 versus 2008 increase in the PNL pension expense please.
David R. Beran
Yes David, that will be approximately a $90 million increase, 2009 versus 2008.
David Adelman - Morgan Stanley
And that will be allocated across the divisions where the employees or the retirees happen to be?
David R. Beran
David Adelman - Morgan Stanley
Okay. Thank you.
Our next question comes from line of Christine Farkas with Merrill Lynch. Please go ahead.
Christine Farkas - BAS-ML
Thank you very much, good morning. A couple questions Mike and Dave if I could. First thing on the price gaps between Marlboro and the lowest price. We've seen that narrow now for three or four consecutive quarters. Would say that this trend is likely to continue, perhaps even falling south of 40%? Or is this just variability really on quarter-over-quarter price gaps?
Michael Szymanczyk
Well, right now I would say it's more variability, although excise tax increases do have some bearing on that, so you could see some more narrowing I suppose, but I wouldn't say it's much more then just kind of the ebb and flow that takes place in the marketplace, driven somewhat by promotion sometimes, and timing of price changes and those kinds of things.
Christine Farkas - BAS-ML
Okay, thanks, and then on cigars, the fourth quarter growth was about 3.5% or 3.4%, which slowed from your four year trend of over 6%. Can you talk a little bit about what you're seeing in that market? If there's any element of trade down or trade away, what might be impacting that slow down?
Michael Szymanczyk
I mentioned this in I think the third quarter earnings call. The inventory practices in the large manufactured cigar business are a bit different then they are in the cigarette business, and so that's something we're kind of sorting our way through, and we've done that. To some degree this year, that will continue. Next year, we'd like to manage our inventories in the large manufactured cigar business the way we do in the cigarette business. We like to have lower inventories at the wholesale level, and we like to be moving our product through, so that the consumer gets good quality product.
I would say to you, that the Snus in the shipments between quarters is really a reflection of that. The overall shipment for the year rate that we have, which was up 6.2%, really is very consistent with the level of our share growth, relative to the overall growth of the category. So it lines up actually pretty well, but I wouldn't get too caught up in the quoted quarter changes. They are really more a reflection of promotional practices and wholesale inventories.
Christine Farkas - BAS-ML
Okay, great, that's helpful. Now just a couple of housekeeping items. The volumes adjusted for inventory in cigarettes looks like they were down about 3.5% in the fourth quarter, and down about 4% for the year. Clearly, it's hard to read into any improvement or deceleration in that minor gap, but would you say, or could there be any load in your number, ahead of expected federal rise in state excise taxes at the distributor level? And would you expect any load if the federal excise tax increase is passed? How do you think the distributors would handle that?
Michael Szymanczyk
Well, I would say relative to the end of the year, if that's what you're talking about, the inventory situation is pretty flat versus the previous year, so I don't think there's any influence there. Relative to what the wholesaler's do, as we're moving on through the year is kind of hard for me to predict.
Christine Farkas - BAS-ML
And based on the technicality, or how a federal excise tax would be implemented, is there an opportunity for distributors to load up ahead of that, or do the Floor Tax really prevent that?
Michael Szymanczyk
There's a Floor Tax as you mentioned, so—
Christine Farkas - BAS-ML
It would prevent that.
Michael Szymanczyk
I would say that that's neutral, so it should be.
Christine Farkas - BAS-ML
Okay, final question for Dave, the $200 million in increased SG&A savings—did you mention how much of that is allocated to corporate within that bucket?
David R. Beran
No, I did not.
Christine Farkas - BAS-ML
Would you give us the split? Or is that something that's not available?
David R. Beran
Are you talking about the $200 million—
Christine Farkas - BAS-ML
The incremental $200 million.
David R. Beran
In 2000 and—oh, the incremental $200 million—I don't have the split with me at this moment.
Christine Farkas - BAS-ML
Okay, we'll follow up. Thanks so much.
Our next question comes from the line of Xelo Reed with Credit Suisse. Please go ahead.
Xelo Reed – Credit Suisse
Good morning Gentlemen, a quick question on your wine business and SAB Miller stake. Given that you are suspending the share repurchase program this year, does that change your attitude towards the SAB Miller stake, and are you maybe starting to look at options to turn that stake into cash for the company?
Michael Szymanczyk
Well, right now we're focused on integrating UST into the business, because we think that's the primary opportunity for solidifying our ability to give shareholders a really strong and predictable return.
The other assets, you know, continue to contribute, and the wine business is something that we've got to get familiar with. Obviously, equity values right now are not the most positive that we've ever seen, so I think that our thought process during 2009 is to continue to watch these businesses and understand them, and then we'll make judgments based on what we learn and how we see the marketplace will go.
Xelo Reed – Credit Suisse
Okay. And then a followup question on an earlier question about cigarette market shares. I understand that you manage the business not on a quarterly basis, yet at the end of the third quarter, I think you shifted your market share outlook a little bit to focus on Marlboro growth and not so much the overall portfolio growth. Should we expect to continue to see Marlboro to perform very strong, the rest of the portfolio to maybe lose shares so that overall, the PM USA market share will be flat or maybe slightly down?
Michael Szymanczyk
Well, I think that in general, you're right about our focus, it's on Marlboro, that's the primary focus and we are willing to accept some share loss on the other brands. We'd like, from an overall point of view, to hold onto our market share, but the primary focus we have is Marlboro.
Xelo Reed – Credit Suisse
Okay. A question about your long-term guidance; I think in March you gave long-term EPS growth guidance of 8% to 10% versus the 2009, you're only looking at 3% to 6%. How much of that guidance is dependant on share repurchases, and how much is the fiscal 2009 guidance lowered due to equity increases. Or in other words, should we expect that the long-term guidance eventually will have to come down?
Michael Szymanczyk
We haven't given long-term guidance. Just to be clear, what we've said—we said this back in March that our long-term goal is to have EPS growth in the 8% to 10% range, and I point out to shareholders that we haven't lost sight of that as a goal. But a lot of things have changed since last March, so we're all dealing with that reality. I think when we look at our situation, you really kind of divide it into three segments. And I would say from a tobacco operating income perspective; X , let's take out pension for a minute, we feel actually, by the end of 2009, we're going to be in a pretty good position.
We think these businesses that we've acquired, and the cost management approach that we're taking in terms of structuring to be able to be a strong player in the total tobacco sector, will put us in good shape in terms of operating income from those businesses.
What I think is less certain, is the credit market situation, evaluation of equities, the effect on our balance sheet, or the need to be more conservative, relative to balance sheet activities, maintain liquidity, and what the impacts are going to be relative to pensions. That's less clear.
Also, I think relative to our other businesses and what they contribute, I think that a line business I looks to be in pretty good shape. There's more uncertainty related to the earnings crop contribution in the beer sector and the earnings contribution relative to PMCC.
So we continue to be focused on that, and haven't lost sight of it as a goal, but I think that clarity will emerge as we get to be toward the end of the year, and the beginning of 2010 on some of these issues that will allow us to better understand when we feel like we're going to be able to hit that. This year, as I said, we're being prudent, we're being cautious, we're trying to be realistic in the approach that we're taking to guidance.
Xelo Reed – Credit Suisse
Okay that was helpful. Just one last question on the UST integration; can you give us a better idea how the integration charges will be spread throughout the year?
Michael Szymanczyk
We're not breaking it down that way, but we will fully complete the integration before the end of 2009 and we're on a pretty aggressive timeline in that regard. So you'll be seeing that unfold as we move on through the year.
Xelo Reed – Credit Suisse
Okay. Thanks a lot.
Our next question comes from the line of Judy Hong with Goldman Sachs. Please go ahead.
Judy Hong - Goldman Sachs
In terms of 2009 outlook and incorporating the higher excise taxes and the weak consumer environment, I know you're not going to give any sort of volume guidance, but is there any reason to use a different price elasticity factor as we think about the potential volume impact from all these changes. And then in relation to that, how resilient do think the premium segment will be, either versus the deep discount segment, or even other tobacco products that we've seen the growth because of some of the tax advantages that those products have?
Michael Szymanczyk
Well, I can't tell you that I have some other elasticity approach then history to offer to you. So I guess that would be the answer to your first question. Generally, we've seen in situations where at the state level, where you have higher excise taxes, you see some narrowing of the premium-to-discount gap.
So, I don't know how to predict that at the federal level, but that would be the history that we have, and so I think it's the best history that's available in this case. What I think is probably less clear, is what takes place between sectors, and so I think that's an area of some uncertainty.
Judy Hong - Goldman Sachs
Okay. And Mike, I know you sound like you feel pretty good about the Marlboro's share performance, but on the year-over-year basis, the brand's still growing, but since the first quarter of 2008, the share has been relatively flat. We've talked about the price gap versus the deep discount actually narrowing during that time frame, and you focusing a bit more shift to Marlboro away from some of your other brands.
So I'm just curious, why you think the share performance has been relatively flattish versus the first quarter, and why you feel confident that there's not an issue in terms of a need to invest more behind the brand going forward.
Michael Szymanczyk
Right. Well, I ought to take you back and replay the first quarter earnings call. As you know, we had a very aggressive performance on Marlboro in the first quarter, and we suggested to you at that time that was opportunistic, but that our goal had not changed, that we wanted to grow Marlboro and we wanted to maintain modest overall share growth, and there was some particular activities in the first quarter of 2008 that drove the share on Marlboro. I've said since then, that perhaps a little too aggressively.
So, we look at it over the course of a year, and we do manage what we do and what we put into the marketplace throughout the year, and I would say, no, there's nothing about quarter-to-quarter changes here that we view as indicative of any weakness in the fundamental Marlboro franchise. It's done just about exactly what we expected it to do, based on what we did.
Judy Hong - Goldman Sachs
Okay, and then Dave, the remaining $860 million of cost savings, including the UST synergies, can you just help us, how we think about the timing of that savings flowing through, whether it's skewed more to 2009 versus 2010 and 2011 going forward?
David R. Beran
It will be over 2009, 2010, and 2011. I mean, we get a lot of questions on synergies and how you take cost out. Typically, they don't happen on a trend average basis. You are pulling out pieces of infrastructure and then the costs follow that.
So over the next three years, it's 860 out, and we're not giving guidance on how you spread it, but by the end of that time period, it will all come out. But it typically happens in steps.
Judy Hong - Goldman Sachs
Okay, thank you.
Our next question comes from the line of Erik Bloomquist with J.P. Morgan. Please go ahead.
Erik Bloomquist - J.P. Morgan
Good morning Mike and Dave. I was wondering if we could come back to the question of movement within the different tobacco categories and as a starting point, if you could perhaps discuss what your outlook is for the smokeless category this year. Secondarily, what, if any, benefits that category might receive incrementally from the increase in the excise tax and perhaps intra-category shifting of consumption.
Michael Szymanczyk
We expect that the category is going to continue to grow, and we expect—it's most recent historical rates are, I think, pretty good and pretty rational things to use as yard sticks for growth rates, so that's how we've looked at it.
Whether or not you see some acceleration in that growth, which is always possible, remains to be seen, and so we'll understand that as we get into it. But we're expecting that the segment is going to continue to grow, and it's going to grow at least at the rate that it's been growing here on the recent times.
Erik Bloomquist - J.P. Morgan
Okay, and then again on the smokeless category, you're planning to drop the Marlboro MST, is there room for the Skoal new product as well as you go forward? And is that sub segment in smokeless appear to be growing?
Michael Szymanczyk
If I understand your question right, you're asking about Snus separate from MST?
Erik Bloomquist - J.P. Morgan
Yes, that's correct.
Michael Szymanczyk
Okay. Well look, what we've done, now that we've acquired UST, is even though we continue to feel like smokeless is a place where Marlboro will play, we've shifted our focus away from the MST test that we've had in Atlanta, really because right now we're more focused on the new brands that we've acquired, and anything that we do in terms of Marlboro will ultimately take advantage of what we've acquired here with UST in the smokeless area; at least as it relates to MST.
Relative to Marlboro Snus, you're probably aware of the fact that we have really repositioned that product, reformulated it, and repackaged it. It's really a whole new proposition. We've expanded the test market geography a bit out into the Southwest, as well as replaced—or in the process of replacing the existing product with the new product in the marketplace, and we continue to have optimism about Marlboro Snus as a product for the future.
There's no plan right now, relative to the UST Snus products. We've got to get involved in that and understand it better before we'll make any decisions about it.
Erik Bloomquist - J.P. Morgan
Okay, thank you. Then just with respect to the pressures on the cigarette category. And of course, Virginia Slims Basic and so on, were under—had worse volume performances this year. Is there a risk that accelerates as a result of down trading, given that we're looking at significant increases in unemployment in the United States, and how might you be addressing that, or is that something that is hard to discuss at the beginning of the year?
Michael Szymanczyk
What we've been doing on those brands is becoming more regionally focused on their areas of strength, and we've pulled resources out of geographies where they were being supported, but they weren't really developed very well. So I think what we've been seeing in terms of share loss there is really more related to the shifting of our spending, and withdrawing some spending from areas where we didn't think it was necessary or appropriate to continue to spend.
The second part of your question I think remains to be seen. It's one of the uncertainties that we all face, is what's going to happen in this kind of an economic environment in lots of categories, but I would say that the primary focus for us, again, is Marlboro. We will continue to support those brands on a regional basis. They do have, in those geographies, a pretty loyal consumer base. So we'll be mindful of what's happening, relative to them. But again, the primary focus we have is Marlboro.
Erik Bloomquist - J.P. Morgan
Okay, super. My last question is just very simple. Can you just explain why the affective tax rate is increasing?
Michael Szymanczyk
Yes, in the 2008 period, we had some tax true-ups with state and federal taxes. In 2009, that just includes right now our affective rate with no true-ups.
Erik Bloomquist - J.P. Morgan
Great. Thanks very much.
At this time, we will now begin taking questions from media representatives. (Operator Instructions)
Our next question comes from the line of Ann Gurkin with Davenport. Please go ahead.
Ann Gurkin – Davenport
Hello? Can we start with UST and just get an update on how the integration is proceeding? Is there anything different versus what you were planning with the acquisition of UST and then can you comment at all on the prospect for the wine business?
Michael Szymanczyk
Okay, the integration is off to a very quick start. We had a clean team working on this in advance of the close, and that allowed us to very quickly get together and come together on the actual plan and we're off to the races in terms of executing that plan.
So it's very quick, very rapid, and we'll continue to be as we move on through the first half of the year. So it's going very well and the execution of our initiative in the Southeast is going very well. We're pretty pleased with the progress there.
As we're looking at our wine business, while we're not giving out specific results, I think we, based on what we see, we feel optimistic about it. It's a well-positioned business, it has good price points actually for the economic environment that we're in, and so we're optimistic about it.
Ann Gurkin – Davenport
Right. Then with respect to potential FDA regulation, I'm not aware of a bill right now currently in the House or Senate, but I was wondering if you could comment on the prospect for potential regulation this year, and is there any change in Altria's position regarding potential FDA regulation of tobacco?
Michael Szymanczyk
No, there's no change in our position, and I can't predict what's going to happen. In Congress they've got a lot on their plate so it's hard for me to know.
Ann Gurkin – Davenport
All right. Thanks.
Michael Szymanczyk
You're welcome.
Our next question comes from the line of Chris Urit with Bloomberg News. Please go ahead.
Chris Urit -Bloomberg News
Hey, good morning folks. I was asking on the job front picture, as you I'm sure know, there have been tens of thousands of jobs cut with many of the announcements in recent weeks, and I'm wondering whether the additional cost saves that you envision in 2009, you know, what is the role of job reduction tide boast to the UST integration as well as your own cuts inside of your company?
Michael Szymanczyk
Well first of all, I think it's important to point out that within the cigarette business, because the cigarette business has been declining for a number of years. Gees, over the last 10 years, we have consistently reduced the number of people that we have associated with our cigarette business. Most of the time that's been done through attrition.
We have had circumstances where we've had programs to reduce people, and more recently, we announced the closure of our North Carolina plant, as well as other reductions related to some increase in volumes in the cigarette business, and the spin of PMI, and the loss of manufacturing product for them in this country.
So that's not new. We have programs that are announced and are public relative to reductions in the cigarette business. Those are a part of the cost savings effort that people are aware of that we've gone ahead and announced, and they will continue. So they are currently known.
Relative to UST, I think we've been clear that part of the justification for the UST transaction is that it's a real consolidation opportunity that creates significant synergies. Because there are a lot of overlaps between the companies, therefore, there will be some significant reductions that are tied to that consolidation.
That was managed up front in the transaction, and the programs available to displaced employees were announced prior to the closing of the transaction and they are quite generous and quite fair. And the people, I have to say involved, are performing very well and that will—that process will continue as we go on through the year as will the continued consolidation of resources here related to the cigarette business.
We also have some movement of the organization as it kind of comes together, and we take resources that will continue from UST and integrate them into this business, and at the same time, we also have some other resources that are associated with the cigarette business that are leaving.
We do add manufacturing facilities related to the smokeless business. There's really no impact, other then the normal productivity programs that would be in a manufacturing facility. No real impact associated with the acquisition of UST on their manufacturing facilities, and in fact, those businesses are growing and expected to continue to grow, and so we would expect to be looking for efficiencies in those factories, but we're not anticipating that we would see shrinkage in terms of jobs.
There's an ebb and flow related to really the differences in these businesses, the big cigarette businesses, declining, has been for a while, and the head count associated with that business continues to decline. On the other side, we have two newer growth businesses; one is cigars, the other one's MST.
Then we have the consolidation of Atria's headquarters here into Richmond, and the development of a more strategic and more cost-effective services group to provide staff services to the broad array of businesses that we have.
I would say to you that most all of that activity is really related to fundamental changes in the businesses that we're in, more then it is related to the current economic circumstances of the country.
Thank you, we have reached the allotted time for questions. At this time, I would like to turn the floor back over to Mr. Cliff Fleet for closing comments.
Cliff Fleet
Thank you all for joining us today. I invite you to listen to our February 18 webcast of Altria's presentation at the annual Consumer Annals Group of New York, where Mike and Dave will discuss Altria's 2009 business strategy.
If you have any followup questions today after this call, please feel free to call us at Investor relations of Altria. Bye.
Thank you, this does conclude today's Altria Group fourth quarter and full year, 2008 earnings conference call. You may now disconnect.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
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text:
Document circulation with CuteFlow
The CuteFlow document circulation system supports cross-platform document exchanges. CuteFlow is easy to install and configure but still has a couple of weak areas.
No matter what size office you work in, a variety of documents will land on your desk every day. Many organizations have a system for sending documents to a team of participants on a circulation list. The document reaches one employee after another along a defined path. After all the participants have viewed the document, it is returned to the sender. At least this is what happens in theory, but what happens to the circulation if somebody is sick, on vacation, or simply not in the office? The old paper-based circulation systems often resulted in documents getting delayed in the shuffle. Several electronic collaboration systems are now available, but these systems are often too complicated for small teams. An open source tool called CuteFlow supports cross-platform document workflows. CuteFlow is an electronic collaboration tool modeled on the old paper-based circulation systems. The configuration and front-end of the PHP-based CuteFlow are fully web-based; a web browser and an email address are all you need.
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Read full article as PDF:CuteFlow.pdf (220.73 kB)
Ubuntu 16.04 LTS released
"Xenial Xerus" comes with a new packages format and several improvements for the enterprise.
Microsoft Visual Studio Code v1.0 is Available for Linux!
Linux users can now download and install the Windows code editor
Open Container Initiative announces Image Format Project
New initiative will address security and interoperability concerns around container technology.
Red Hat Lures Developers with Free RHEL and Container Development Kits
Developers can use RHEL as a development platform without a subscription fee.
Microsoft Brings the Linux Command Line to Windows
Windows users will soon have native access to the Bash shell.
Internet Research Group Proposes Better Email Standard
Improvements to SMTP will provide better guarantee of confidentiality
New Nvidia Driver Offers Wayland Support
Graphics vendor embraces new reality in Linux graphics
Inventor of Email Dies
Pioneer Ray Tomlinson bequeathed the @ sign to billions of Internet users
Microsoft Announces Linux Version of SQL Server
Redmond says its classic database tool will run without Windows
Strange New Attack Lets an Intruder Gain Access Through a Mouse Dongle
New intrusion technique affects most non-Bluetooth wireless mice

subset: commoncrawl


text:
| Tech Board
| Lost audiobooks on iphone - lsumatt on 3/19/15 at 11:59 pm
I bought several audiobooks last summer from iTunes which were somewhat pricey. I replaced my iPhone in the fall with a new one and backed the phone on iCloud but now I can't find any of the audiobooks. Google search seems to suggest they don't get backed up on iCloud (wtf?) and attempting to dow...
Posted on Tech BoardView Topic - Replies (3)
| Tiger Rant
| The 8/9 seed myth (or not) - lsumatt on 3/16/15 at 1:47 pm
There is a lot of talk on here about how horrible it is to be an 8 or 9 seed and a 10 or 11 seed is so much better. I am not so sure. So I looked up some numbers since 1985 (when the tourney expanded to 64 teams). [link=(http://www.cbssports.com/collegebasketball/ncaa-tournament/history/finalfour...View Topic - Replies (12)
| Tiger Rant
| An unemotional look at LSU's NCAA tourney chances - lsumatt on 3/13/15 at 5:33 pm
Going in to today, LSU was a 9 seed, above 11 at-large teams, according to bracket matrix which is an average of over 100 projection websites.[b] LSU would have to fall below all 11 plus another team previously out to not get in.[/b] [link=(http://bracketmatrix.com/)]Bracket Matrix[/link] Here...View Topic - Replies (12)
| O-T Lounge
| Infiniti Q50 - lsumatt on 7/22/14 at 9:50 pm
Anybody buy one of these (replacement for the G37)? I was pretty close to buying one but now not so sure. I have read a lot of good things in terms of performance but have heard some complaints from other message boards: 1. Claims of terrible odor (onions and BO) as if it were straight from seinf...View Topic - Replies (13)
| Money Talk
| Lease vs. Buy advice - lsumatt on 6/24/14 at 8:00 pm
I have had my 2005 4runner for 9 years. Nothing really wrong with it but I am ready for something new. Been holding out for a while but need new tires badly so I would like to pull the trigger soon. I like new cars and always bought new but thinking of leasing a luxury sedan and maybe hold on to ...
Posted on Money TalkView Topic - Replies (5)
| Tiger Rant
| Best LSU football team performances in a loss - lsumatt on 1/12/14 at 2:39 pm
Obviously there are no moral victories, but there have been games LSU played their heart out and lost a tough game to a better team with some bad luck and/or bad calls. I think LSU was a (big) underdog in almost all of these games. (The focus is on the last 15-20 years, because that is what I saw li...View Topic - Replies (24)
| More Sports
| Potential great football finishes that haven't happened - lsumatt on 12/3/13 at 11:49 am
After the Auburn game, I was thinking about some of the great finishes in (college) football that were very unique and the game had a lot of meaning: 1. Kick Six. Auburn returns field goal as time expires 2. The Play. Cal returns kinckoff with several pitches and band in the endzone 3. Flutie h...View Topic - Replies (11)
| Tiger Rant
| Jeff Sagarin Ratings are boderline criminal - lsumatt on 12/1/13 at 12:13 pm
I have defended computer rankings for 10 years because they are based on logic and objectivity. There is a formula that isn't based on subjectivity. All of the computer polls make sense, and I can even reproduce the Colley Matrix poll to the decimal. But I quit defending Jeff Sagarin years ago. H...View Topic - Replies (9)
| Tiger Rant
| Bowl Projections : Looks like LSU vs. Iowa in Outback - lsumatt on 12/1/13 at 9:57 am
[link=(http://www.usatoday.com/sports/ncaaf/polls/)]Coaches Poll - LSU #14[/link] [b]BCS Bowl Predictions[/b] National Title Game: Florida State versus Auburn Rose: Stanford vs. MSU Orange: Ohio State vs. Clemson Sugar: Bama vs. OU Fiesta: Baylor vs. UCF [b]LSU Bowl Scenario[/b] Alab...View Topic - Replies (46)
| Tiger Rant
| Script a "well-coached" and "well-played" loss on Saturday - lsumatt on 11/5/13 at 3:06 pm
Okay, no loss is acceptable and will suck regardless. But I think we can all agree that Alabama is a great team (maybe the best in the country), that has won 2 straight national titles and playing at HOME. Therefore, LSU could come in well coached, well prepared, play hard and well and still lose ri...View Topic - Replies (7)
| More Sports
| AL CY Young and MVP - Can Detroit finish 1/2 in both? - lsumatt on 8/25/13 at 11:50 am
Cy Young: 1. Scherzer (19-1; 2.73 ERA; 196 SO, 0.91 WHIP) 2. Sanchez (11-7; 2.45 ERA; 152; 1.13 WHIP) MVP: 1. Cabrera (0.356, 126 RBI, 41 HR; 0.447 OBP) 2. Scherzer (19-1; 2.73 ERA; 196 SO, 0.91 WHIP) I think Scherzer and Cabrera should be locks for Cy Young and MVP. I don't they get eit...View Topic - Replies (6)
| More Sports
| Max Scherzer - lsumatt on 7/8/13 at 1:44 pm
Does he go 14-0 today? Is he the favorite for the Cy Young? He actually has the 2nd best ERA (3.09) on the team of starters (and Verlander isn't #1). Scherzer has always been pretty hit or miss with the tigers. I am curious if he stays string the 2nd half. I expect Verlander to pick of the slack ...View Topic - Replies (7)
| Movie/TV Board
| Star Trek Movies - where to start - lsumatt on 6/3/13 at 2:12 pm
I have seen the Star Trek Next Generation series and the corresponding movies but I haven't seen any of the originals with Captain Kirk. would I be okay watching Star Trek (2009) and then the new one or do I need to go back and watch the original 6 first with kirk?...
Posted on Movie/TV BoardView Topic - Replies (9)
| O-T Lounge
| No message - lsumatt on 4/27/13 at 9:19 pm
No message...View Topic - Replies (17)
| Political Talk
| More dangerous: Puppies or Fracking? - lsumatt on 4/3/13 at 5:26 pm
Appears to be puppies [link=(http://info.drillinginfo.com/whats-more-dangerous-puppies-or-fracking/)]More Dangerous: Puppies or Fracking[/link] I still can't believe we have found a way to produce a fuel that is abundant in the U.S. and twice as clean for the environment as oil (and four times...
Posted on Political TalkView Topic - Replies (8)
| LSU Ticket Exchange
| NCAA tourney tickets? - lsumatt on 3/18/13 at 11:03 am
What is the easiest/cheapest way to buy a book of tickets to the first round of the NCAA tourney (in Austin). They are expensive, but I fully expect the stands to be pretty empty. Should I bite the bullet and pay full price or would I be able to buy cheap off the street or something? ...
Posted on LSU Ticket ExchangeView Topic - Replies (1)
| Tiger Rant
| NIT or SEC Tourney - easier championship? - lsumatt on 3/8/13 at 10:18 am
SEC Tourney would involve 4 wins, probably 1 against a poor team that doesn't play postseason, 1-2 NIT teams, and 1-2 NCAA tourney teams (including maybe UF or Missouri who are sweet 16 or better caliber). NIT would involve 5 wins against above average (NIT obviously) opponents. I would say SE...View Topic - Replies (3)
| O-T Lounge
| Different Ways to Catch a Cheater - lsumatt on 1/7/13 at 12:41 am
As a professor, I am always looking for new ways to catch these scum, give them an F in the class, and report them to the dean so they get kicked out of the university on their second violation. Way too many students busting their arse working hard to not catch and punish cheaters. A few ideas in my...View Topic - Replies (60)
| More Sports
| Army/Navy hypothetical - lsumatt on 12/7/12 at 6:54 pm
If either would be good enough to compete in a National title (or even BCS game). How would that work logistically since the games were announced last week? Seems farfetched, but anything is possible. And I think navy has gone 9-3 or 10-2 in the last decade or so....View Topic - Replies (2)
| Tiger Rant
| LSU has been ranked in the top 5, 10 straight years - lsumatt on 11/28/12 at 6:35 pm
At least some point in the season, LSU has been ranked in the top 5 every year since 2003. Now, I know that it is final rankings that "matter", but it says a lot about a program to be in the top 5 at some point year-in, year-out. Even in the "bad" years like 2008, LSU earned enough respect to make i...View Topic - Replies (7)
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text:
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text:
Tag: Blitz
[New Noise] Clips X Ahoy – "Blitz"
Miami producer Clips X Ahoy makes his Dim Mak debut with the punchy trap number "Blitz."
[New Noise] BLITZ – "Gyal Go Mal"
Dim Mak welcomes BLITZ and Rayna to New Noise with their uptempo baile-funk dancehall jam "Gyal Go Mal".
♬ Out Now: Clockwork – Blitz
Clockwork returns with his latest track "Blitz" on Dim Mak Records, the follow-up to this past summer's "Surge". "Blitz" is rambunctious electro house made for the big room. Clockwork's signature style of electro truly shines during the drop, pounding along to a crowd-hyping rhythm…
Listen to what Clockwork has been cooking up in the kitchen. #Blitz
A big and bold electro house jam, Blitz serves as a more-than-fine sequel to last winter's Surge. The springy lead and powerful drums do justice to the big room vibes and reputation he's known for while pushing the envelope and not conforming to the endless waves of music of similar vein…


text:
Your fitness tracker probably has security issues
Hackers could theoretically track you or manipulate your health data.
Zero-day exploits aren't as important to the NSA as you think
The head of the NSA's elite hacking unit explains.
Lenovo fixes basic flaws in one of its bundled apps
Android and Windows devices had obvious exploits baked into their pre-loaded software.
Apple's Gatekeeper vulnerability still needs to be fixed
A previous security update only blacklisted nefarious apps.
FBI hacked the Dark Web to bust 1,500 pedophiles
It was the largest known child-pornography site on the Dark Web.
Comcast home security exploit could let burglars in (updated)
Xfinity Home can be tricked into thinking everything's safe during a break-in.
AVG's Chrome security add-on had a big security hole
The irony is off the charts.
FBI: Yes, we exploit unpatched security holes
An FBI director admits that the bureau uses zero-day exploits to snoop on targets.
Legislators want to know how VTech handles children's data
VTech asked to answer 9 big questions in one month.


text:
Kessil Mounting Arm (Part # KSAGN02) for AP700, A360 and A160 LED Fixtures. Two arms are required for the AP700.
Works on Rimless and Standard-Rimmed aquariums. Kessil Extension Mount is required for Eurobrace and Acrylic aquar...
Extension Mount (Part # KSAEM01) for use with Kessil Mounting Arm (Part # KSAGN02).
Use of the Kessil Mounting Arm and Extension Mount allow for installation on Eurobrace and Acrylic Aquariums.
Sold individually: each kit ...
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Canopy Mount Kit for Kessil AP700 LED Fixture.
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Hanging Kit for Kessil AP700 LED Fixture
2 - Toggle Bolts
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text:
Bitter Rivals by negativedreamerWatch
©2010-2016 negativedreamer
Awesome! even the costumes look legit! im lovin every bit of this
Lol amazing cosplay. Both of you
Luffy: Thanks for the help at Impel down and Marineford Buggy.
Buggy: No big deal Strawhat!
Take it to my Fav's :3
Luffy: Thanks for the help at Impel down and Marineford Buggy.
Buggy: No big deal Strawhat!
Take it to my Fav's :3
awesome cosplayers! really great Buggy
That's like really really really great!
it's awesome!!!
waaahh *_*
Awesome cosplay as usual!
I'm flashily going to favorite this!
Fantastic work ;D
I just starting watching this again and god do I love it. :3
Your cosplay photos are superb! I really like this one.
Great picture. Especially buggy.
Cheers xx
Cheers xx
I finally found this pic again, so I decided it was HIGH TIME I finally commented on it. I LOVE YOUR BUGGY SOO SOO MUCH *__* I wish I could actually see it in person, or any of your cosplays in person T__T buuu!! You and Ichigokitty look FANTASTIC, I got to meet her at Otakon and she's just adorable as all hell. You guys look AMAZING, this is one HELL of a photograph, as are all the photo's in this shoot! Maybe someday my sis and I can venture up there and get to meet you or cosplay with you GREAT job on this, seriously, you are my most FAVORITE Buggy EVER
thanks! i actually live down in FL, Ichigokitty now lives up in MA so hopefully we can all get the chance to meet up at some point. I will be traveling to Dragon Con shortly, then later to Anime Mid Atlantic next year. I will probably bring buggy to both places!
u guys looks so REAL!!
ahah nicceee
wow you guys are awesome cosplayers
she is an awesome luffy ^ ^
wow you guys are awesome cosplayers
she is an awesome luffy ^ ^
lol good buggy and luffy
Awesome cosplay!!
haha I love this! Great shot, and great costumes!
Nice work^^


text:
<?xml version="1.0"?>
<add name="rde_410978ConnectionString" connectionString="Data Source=SQL2008.net.dcs.hull.ac.uk;Initial Catalog=rde_410978;Integrated Security=True"
providerName="System.Data.SqlClient" />
<compilation debug="true" targetFramework="4.0"/>
Here is my config file. I'm publishing it to the server by going to build > publish website.
None of the errors are due to the server as the university has set it up and it's working correctly for other people.
the error:
Configuration Error
Description: An error occurred during the processing of a configuration file required to service this request. Please review the specific error details below and modify your configuration file appropriately.
Parser Error Message: Unrecognized attribute 'targetFramework'. Note that attribute names are case-sensitive.
Source Error:
Line 16:
Line 17: <system.web>
Line 18: <compilation debug="false" strict="false" explicit="true" targetFramework="4.0" />
Line 19:
Line 20: <authentication mode="Forms">
Source File: C:\RDEUsers\NET\410978\web.config Line: 18


text:
My Favorite Restaurant
If you are looking for a good place with Italian food, I will recommend you the Olive Garden. It is my favorite restaurant to dine in. It is a chain of restaurants located all over the United States. The restaurant offers a wide variety of Italian food that I love. I go there with my friends at least once a month. Every time I go there, I enjoy the atmosphere of the restaurant, the taste of the food, and the friendly service.
The Olive Garden is a good place where I always experience welcoming atmosphere. The walls' décor makes me feel like I am in Italy. The service is great from the time I walk through the door of the restaurant. The servers are very nice while taking dinner orders and taking care of all guests. I also love the Italian specialties. I usually start with their homemade soup with grated cheese on the top and freshly baked garlic bread sticks. After, I order delicious lasagna, stuffed ravioli, or chicken and seafood Alfredo. I like all the food they serve in the Olive Garden, and I tried all of the dishes. Sometimes, if it is hard to decide what I would like to eat, I order a special mix of the three meals on one plate. Also, I order a glass of white or red wine, hinge on kind of food I eat. I often go to the Olive Garden because I am always satisfied with the food.
The Olive Garden is a great traditional family restaurant where I like to go with my friends. During my every visit, I enjoy the spectacular food and excellent service. This is the best restaurant where I always have a good time. Also, it is a great place to celebrate birthdays, anniversaries, or any other special occasions.


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10$ Commission - AceRailgun by MeawsyWatch
©2013-2016 Meawsy
elf girl with goggles, eh? :3
She's really cute.
That's a commission well done.
i love the Body
reminds me of a long haired,elfish gumi megipod.by the way,nice drawing
She looks great. Nice job
Not enough words to describe this beauty
lovely pose and the colouring wonderful
This is adorable
Very cute. Good choice of pose here.
Ooohh....she's pretty. :3
AWESOME and CUTE
Does this new bout of activity mean you'll be opening up for new comms sometime soon?
cute, ever so slightly sexy.
Nice, but you need to work on your face detail next.
She`s so lucke, she has someone who tells her what she needs`to fix XD
Very sweet and sexy ^_^
Very cute and sexy! Nice! ^^


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Refer to the diagram below. For a NuVinci n360 you have two shifting cables, the underdrive and overdrive. It seems to be it is possible to use a spring or counterweight to pull the underdrive and then use a conventional shifter for the overdrive (may require modification/consideration for full length of pull). Is there a fundamental reason this couldn't work? Have people tried? A few Googles turned up fruitless.
The difficulty I can see is the 120mm draw length of the cable. The system may need to be a bit more elegant than a single spring.
Open to suggestions (I hope this has been done before, success or otherwise)
IGH spring.jpg


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Experts: Lawrence J. McQuillan
Type: Television
Issues: Bureaucracy and Government, Economic History and Development (U.S.), Taxes
Mary L.G. Theroux | Childhood Poverty, Government Failures, and the Need for Economic Liberty
Recorded: Thursday, March 26, 2015
Independent Institute Senior Vice President Mary L. G. Theroux testified on "Childhood Poverty, Government Failures, and the Need for Economic Liberty", before the California State Senate's Budget Subcommittee on Health and Human Services, at the request of State Senator Jeff Stone. The witnesses spoke about California's Maximum Family Grant rule for families on welfare. The rule caps grants and does not increase grant money to mothers on welfare when they have more children. Mary testified about the causes of poverty and of the need for other, non-government options for poor families. She introduced ideas for helping the poor through private resources and organizations, instead of government agencies where families and women often find themselves trapped in a cycle of poverty.
Experts: Mary L. G. Theroux
Type: Television
Issues: Bureaucracy and Government, Business, Civil Liberties/ Human Rights, Culture/ Society, Economic History and Development (U.S.), Education, Family, Health Care, Housing, Labor and Employment, Politics, Privatization, Public Health/ Consumer Protection, Regulation and Deregulation, Taxes, Welfare, Womens Issues
Charity vs Government
Recorded: Thursday, December 18, 2014
Sr. Fellow David T. Beito appears on the Fox Business News' "Stossel" to debate whether government or private charity is a better way to abolish poverty. Beito, editor of the book The Voluntary City says that government is outdated and its War on Poverty is a failure.
Experts: David T. Beito
Type: Television
Issues: Culture/ Society, Economic History and Development (U.S.), Economic Policy, Labor and Employment, Political Ideology and Philosophy, Welfare
John R. Graham: Shouldn't Healthcare Be Fair?
Recorded: Monday, November 3, 2014
Independent Institute Senior Fellow John R. Graham proposes a major change to Obamacare that would allow a level playing field for everyone. To purchase copies of John C. Goodman's book "Priceless: Curing the Healthcare Crisis," click here or call Toll Free 1-800-297-8733.
Experts: John R. Graham
Type: Television
Issues: Bureaucracy and Government, Free Market Economics, Government Power, Government Waste/Pork, Health Care, History (U.S), Labor and Employment, Regulation and Deregulation
Ivan Eland on Germanys Angela Merkel: Most Powerful Woman in the World
Recorded: Monday, October 6, 2014
Sr. Fellow Ivan Eland appeared on Arise TVs XChange program to talk about German Chancellor Angela Merkel. Merkel has called for austerity in Europe and has helped Europe avoid economic collapse. Although she mediated bailouts in Europe, the situation would have been worse without her leadership. Merkel has also demanded sanctions against Russia.
Experts: Ivan Eland
Type: Television
Issues: Culture/ Society, Economic History and Development (International), Economic Policy, History (International), Labor and Employment, Regulation and Deregulation
Benjamin Powell on Stossel
Recorded: Friday, March 7, 2014
Sr. Fellow Benjamin Powell discusses American infrastructure spending and job creation on Stossel.
Experts: Benjamin W. Powell
Type: Television
Issues: Bureaucracy and Government, Economic Policy, Labor and Employment
|1 | 2 | 3 | 4
|Next »


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Workplace Drug Testing in Mississippi
Mississippi employers may drug test applicants and employees, in some circumstances.
Need Professional Help? Talk to a Lawyer.
If an employer or a prospective employer in Mississippi has asked you to take a drug test, you'll want to know your legal rights. Federal law places few limits on employer drug testing: Although the federal government requires testing by employers in a few safety-sensitive industries (including transportation, aviation, and contractors with NASA and the Department of Defense), federal law doesn't otherwise require – or prohibit drug tests. For the most part, this area is regulated by state and local laws.
Mississippi allows employers to require applicants and employees to take drug tests in certain circumstances, as long as the employer follows required rules and procedures
Drug Testing for Mississippi Applicants
Employers may require applicants to take a drug test as part of the employment application process. Applicants must be notified in writing if testing will be required. An employer may refuse to hire an applicant who tests positive or won't take a drug test.
Drug Testing for Mississippi Employees
Mississippi employers are not required to drug test employees. Drug testing may be required:
- based on reasonable suspicion of drug use
- as part of a routinely scheduled fitness-for-duty medical examination
- as a follow up to a rehabilitation program, or
- if an employee has tested positive within the past 12 months.
Drug testing may also be required on a neutral selection basis.
An employer may not discharge or take any adverse action against an employee on the basis of an initial positive test result that has not been verified by a confirmation test. The employer must inform the employee, in writing, within five days after receiving a positive confirmed test result. The employee has the right to request and receive a copy of the test result report. After receiving notice, the employee has ten working days to explain the positive test result.
Employers must give employees notice 30 days before implementing a testing program.
Legal Claims Arising From Drug Testing
Even though Mississippi law allows employers to drug test in some circumstances, employees and applicants may have legal claims based on how the test was conducted, who was tested, or how the results were used. Here are some examples:
- Violation of state laws and procedures. Although an employer has the legal right to test, it must follow the state's requirements. For example, a Mississippi employee may have a legal claim against an employer who fires the employee based on an initial positive test result that has not been verified by a confirmation test.
- Disability discrimination. An applicant or employee who is taking medication for a disability is protected by the Americans with Disabilities Act (ADA). Some prescribed medications turn up on drug tests, and some drugs that would otherwise be illegal (such as opiates) are legitimately prescribed for certain conditions. If an applicant is turned down because of a positive drug test, and the applicant's medication was legally prescribed for a disability, the company could be liable.
- Other discrimination claims. An employer who singles out certain groups of employees – for example, by race, age, or gender – for drug testing could face a discrimination claim.
- Invasion of privacy. Even an employer that is allowed or required to test might violate employee privacy in the way it conducts the test. For example, requiring employees to disrobe or provide a urine sample in front of others could be a privacy violation.
- Defamation. An employee might have a valid claim for defamation if the employer publicizes a false positive test result, if the employer knows or should know that the result is in error, and the employer acts maliciously.
Get Informed
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Beautiful colors, great size and vivid detail. It will look great framed and matted on my diningroom wall.
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- Great Quality Paper
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I was not happy with the lines on the left side of the print.. was that in the original you copied from ??? Other than that I have been happy with your service and prompt response... thank you
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Okay - so I know it's thanksgiving and most posts will be what we are thankful about - but my LO just cracked me up today and I had to share - please everyone add the funny things your LOs have said this week!!
DD had her 3 you check up today. So when I dropped her off at school, I let the teacher know I would be picking her up early because we had to go to the doctor. The teacher said "DD - are you going to go the doctor today??" And DD replied "yes, I have to go get my ketchup!!"
God I love this child!!!!


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Luke Gallows absent
For those of you that watched the ROH anniversary show, you already know that Luke Gallows was not there. It was a noticeable absence since Karl Anderson had to work the triple threat tag team match by himself. Officials opted to not utilize a replacement since it enabled them to have Anderson doing the job without looking weak. Gallows was forced to miss the event because he was snowed in at the airport in Detroit on Sunday night.
March 3, 2015
Ryback tells his story
In an unusual move, WWE opted to hand the microphone over to Ryback on Monday Night Raw and allow him to tell the story of how he became a professional wrestler. Management was said to be inspired by a recent interview, where he revealed to the world that Luke Gallows, who was not mentioned on the televised interview, was the one that saved him from a life of depression and helped him figure out how to get his job back in wrestling.
December 30, 2014


text:
TSA issues draft order to airlines for passenger records
Airline officials and the public have 30 days to respond, after which TSA plans to begin testing new passenger prescreening program.
Defense fine-tunes new personnel system regulations
Union bargaining will be limited and civilian personnel rules will be more flexible.
House chairman may slow Homeland bill in customs fee dispute
"Blue slip" maneuver could kill the entire fiscal 2005 Homeland Security appropriations measure.
Border agency retreats on employee political activities
Spokesman says supervisor "mistakenly told employees" they had to clear volunteer political activities on their own time with higher-ups.
9/11 overhaul likely to include cybersecurity provision
Measure would raise profile of Homeland Security Department's cybersecurity director to increase focus on protecting against cyberattack.
CIA refuses to release historical budget data
Agency officials say disclosure of budget information might jeopardize U.S. intelligence sources and methods.
Army learns to live in state of high anxiety
The effort to transform the Army at a time when it is leading operations in Iraq and Afghanistan has resulted in one of the most unsettling periods in the service's long history.


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Last Activity: 1st May 2016 03:57 PM
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Post Summary
There's that thing in the status bar saying 0B/s. How do I get rid of that in the alliance rom Sent from my SCH-I535 using xda app-developers app Go to AllianceMod custom settings, rom control, statusbar and toggles, status bar options, sign...
Can anyone tell me where the 4.1 kernel is? Is it included with the latest ROM release? I only see 4.0.2. :confused: https://www.androidfilehost.com/?fid=95916177934554773
Give me link to the hotspot fix and I'll work it in ;) http://forum.xda-developers.com/verizon-lg-g3/development/mod-hotspot-provision-vs985-t2918118
Does anyone have any insight on my capacitive button issue in post #528? I'm still having the issue and would like to know if anyone else is as well? As I mentioned before, the buttons light up when the device is completely powered off and chargin...
Enjoy. Not my mod. Dwitherell can post if he wants. If he posts I will pull my dropbbox link. :cool: https://dl.dropboxusercontent.com/u/30190874/PopupBrowserMod-S3.zip Thank you... You are quick on all forums...


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Re: Best Buy Store Card[ Edited ]
02-28-2012 02:10 PM - edited 02-28-2012 02:12 PM
Creditaddict wrote:
High 500's, Low 600's is not going to get you the Best Buy Store Card which has $0 AF.
You are most likely going to get Countered for either Gold or Platinum Best Buy Rewards Zone MasterCard with Annula fee $39-$59 as you saw on website.
I definitely don't expect to get it with my current listed scores. They are a little bit outdated though. Do you know if Best Buy does in fact pull Equifax? My Equifax report is nice and clean and will surely be my best credit score. I am waiting for a payment to my credit card to post which will bring my utilization down to 0% on one card and 2% on the other. At that point, I will be buying an updated FICO, but I would expect it to be at least 650.
Experian will have no baddies by the end of March, but I would rather not wait that long. TransUnion still has 4 baddies until May when it drops to 2 that are there for a couple years. Still working on those last 2 PFDs.
I guess I'll see. Any idea what kind of minimum score would be good enough?
Starting Score: FICO: 587 EX, 594 EQ, 632 TU, 2/15/12; USAA FAKO: 525 EX, 541 EQ, 525 TU, 2/15/12
Current Score: FICO: 678 EX, 629 EQ, 658 TU, 3/27/12; USAA FAKO: 721 EX, 721 EQ, 576 TU, 3/9/12
Goal Score: 700 Across the Board and Amex Zync or Costco By The End Of 2012
Take the FICO Fitness Challenge


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I got in 4.5 rides this week (broken chain on Thursday truncated that ride) and climbed @4,000' of hills. At this point I feel like a sandbagger for only signing up for 10,000' for the month. So, I am increasing my July goal to 15,000' as I continue to increase my hill work (and simultaneously increase my motivation to lose more weight!).
MTD = 9,485' (63% of 15,000' goal)


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Saturday Aug 11 2012
Meet the Principal: Randy Ittner
By: Amber Marra, Journal Staff Writer
E.V. Cain Charter Middle School
By Amber Marra Journal Staff Writer As Principal Randy Ittner walks into another year at E.V. Cain Middle School, he's going to do so with some new faces in more than just the incoming class of sixth-graders. Ittner is looking at a population of 735 this year, down from last year's 745 students. He said the decrease in enrollment is due to a large eighth-grade class that departed last year. This year, Ittner will bring in four new teachers, including a new math teacher and new assistant principal who will teach some English and language arts classes. "They're all high energy, positive, love middle school kids, because they're funny in some ways," Ittner said. Another teacher was brought on to help out with the school's strategic reading class, which aims at helping students who have fallen behind two grades or more when it comes to their reading skills. All four schools in the Auburn Union School District have the strategic reading classes. "It teaches fluency, but also vocabulary and how to break down words, prefix, suffix, and then you tend to be a better reader and then you can comprehend it," Ittner said. "That can be a problem for a kid in a social studies class who is all of the sudden struggling with his reading and it takes him two hours longer to do his or her homework." Since Ittner has been principal at E.V. Cain, he has noticed an increase in participation from the school's minority students. When he got there very few participated in any extra curricular activities. "They just didn't feel connected to the school," he said. That was until four years ago when Hispanic students at E.V. Cain started a soccer program, which is still going strong today. "Now we have kids playing every sport or doing band or choir or participating in the plays or dance team, it's neat," Ittner said. "Now it doesn't matter what ethnicity you are, you're just an E.V. Wildcat." Back to school night at E.V. Cain Middle will be held on Aug. 21 at 6 p.m. Contact Amber Marra at amberm@goldcountrymedia .com. Follow her on Twitter @Amber_AJNews. ------------ 2012-2013 calendar e.v. cain stem (science, technicology, engineering and mathematics) charter August 2012 13-14 Teacher Inservice/work day 15 First day of school September 2012 3 Labor Day holiday 21 Minimum day October 2012 8 No school (Staff development) 15 Minimum day 31 Minimum day November 2012 2 First trimester ends 9 Minimum day 12 Veterans' Day holiday 13 No school (conferences) 14-16 Minimum days 19-23 Thanksgiving break December 2012 19 Minimum day 20-31 Winter break January 2013 1-4 Winter break 7 No school (Staff development) 18 Minimum day 21 M.L. King holiday February 2013 11 Lincoln's Birthday holiday 18 President's Day holiday 25 Minimum day March 2013 1 Second trimester ends 6 Minimum day 22 Minimum day 25-29 Spring break April 2013 1 Spring break (Snow day if needed) May 2013 13 Minimum day 27 Memorial Day holiday June 2013 6 Minimum day/Last day of school


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The Queensland Cabinet Handbook is part of the Governing Queensland suite of handbooks.
The handbook outlines the procedures and conventions for the operation of the Queensland Cabinet.
Details the entire Cabinet process from preparation, lodgement and consideration of Cabinet business to maintenance of Cabinet records.
Use the form below to search just the Cabinet Handbook pages.


text:
Archived Story
Wooley receives $10k scholarshipPublished 1:57pm Monday, September 24, 2012
Aaron Wooley is a freshman at Auburn University majoring in mechanical engineering. After beating out a national field of competitors in an essay writing contest, he may want to consider pursuing an additional major in writing.
The 2012 Hartselle High School graduate received a $10,000 college scholarship on Friday as winner in a nationwide KSA Essay Contest.
The award was presented by Homewood High School head basketball coach Tim Shepler, Alabama representative for KSA, at Hartselle High School's pep rally. Participating in the ceremony were KSA representative Beau Blackerby, Hartselle High head basketball coach Keith Wright and Wooley's parents, Wade and Cindy Wooley.
Wooley said he was encouraged by enter the contest by Wright and had put it out of his mind until he was called and told he was the winner about four weeks ago.
"I was very surprised because of the high level of competition," he said, "but I'm happy about the scholarship. It will be a great help as I continue my education."
Wooley said the contest subject was a letter of advice to himself when he was a young boy.
"I don't know of anyone who is more deserving that Aaron," Wright said. "He's the kind of young man I want my boys to emulate as they grow up."


text:
Jonny Lang
Fri, Sep 13, 2013 8:00 pm
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text:
I talked to my sons Ped yesterday and he said it's a really good idea for adults that will be around the infant, but the problem right now is a shortage of the vaccine.
Pertussis vaccine for infant caregivers
I talked to my sons Ped yesterday and he said it's a really good idea for adults that will be around the infant, but the problem right now is a shortage of the vaccine.
SAHM to a busy 5 year old boy and a baby girl
I got my booster the day after I delivered.
It seems like such an awkward thing though - obviously baby's health trumps any awkwardness... just saying.
Yes. I want ALL people who come into contact with my LO on a regular basis to get boosters. I can't make them, but I'll certainly remind them that it's a good idea and hope they get the hint.
( . )( . ) Silver Ta-Tas
I do think it's strange to ask every person who will come in contact with the baby, that's impossible, but since our parents will be staying for at least a week at a time, I figured it's good to talk about it to them. My mom obviously doesn't have a problem with it and I doubt my in-laws will.
SAHM to a busy 5 year old boy and a baby girl
Yes, I already got it at around 25 weeks, and my husband's going to get it too. We've asked all of our parents to get it before the baby comes. I'm not sure how to proceed with friends who want to come and see her for a bit. I want to be careful, but I don't think I can ban people from being around her if they haven't been vaccinated. Anyone worried about that sort of thing?
First baby due 12/7/13!
ahhhhhh the age old question.... vax or no vax. and how can you ask others to vax? thats entirely personal!
we no vax so its a non issue to us.
Me (33) DH (42) DD June 2005, Angel Baby March 2011, Angel Baby June 2011DS April 2012, DD December 2013, DD due April 2016.
Yup, I already told my family. Friends who are not, most are because they have los themselves, can enjoy pictures on Facebook I might post.
Baby girl 12/19
Well boosters are a good idea for everybody, couldn't hurt to remind family and friends to make sure they are up to date. I don't think I would worry about it too much about people you will only see occasionaly, but anyone who is going to be spending time with baby often it might be worth insisting on.
In fact I should probably bring it up with my parents. They live right down the street so we see them all the time, they are also my only babysitters.
My husband got his booster when our 2 year old was a newborn, I'm going to be getting mine at my next OB appointment.
Anna, SAHM to Isaac born Sept 1 2011, and James born Dec 13 2013.
(.Y.) platinum
Proud mom of~Angel#1:M/c@13wks'04,Mylene :06/10/05-10/8/05, Sienna:12/29/06, Angel#2:M/c@4wks'08 Isaiah:4/14/11~Aurora:11/19/13
Learn more
Look how far your child has come.
Review your child's growth milestones.
Read about 27 months : Week 4.
Your growing child
Your 28-month-old: Making friends
Your 28-month-old: Gifted kids
Your 28-month-old: Concentration
Your 28-month-old: Understanding grammar
Your 29-month-old: Learning to share
Learn more
What's next for your growing child?
Get a glimpse of what's to come.
Read about 29 months : Week 2.