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Broadridge Financial Solutions, Inc. (NYSE:BR)
F4Q11 Earnings Call
August 11, 2011, 08:30 a.m. ET
Rick Rodick - VP, IR
Rich Daly - CEO
Dan Sheldon - Corporate VP and CFO
David Togut - Evercore
James Kissane - Bank of America/Merrill Lynch
Tien-tsin Huang - JP Morgan
Chris Donat - Sandler O'Neill
Peter Heckmann - Avondale Partners
Peter Dale - Omega
Stephan McAteer - Pike Place Capital
Good morning my name is [Shyra] and I will be your conference facilitator. At this time I would like to welcome everyone to the Broadridge Financial Solutions Fourth Quarter and Fiscal 2011 Earnings Conference Call. I would like to inform you that this call is being recorded and that all lines have been placed on mute to prevent any background noise. There will be a question-and-answer period after the speakers' remark. (Operator Instructions)
I will now turn the conference over to Rick Rodick, Treasurer and Vice President of Investor Relations. Please go ahead sir.
Rick Rodick
Thank you good morning everyone and welcome to the Broadridge quarterly earnings call and webcast for the fourth quarter and fiscal year 2011. This morning I'm here with Rich Daly, Chief Executive Officer of Broadridge and Dan Sheldon, Chief Financial Officer of Broadridge.
I'm sure by now everyone has had the opportunity to review the earnings release we issued. The news release and slide presentation that accompanies today's earnings call and webcast can be found on the Investor Relations homepage of our website at broadridge.com.
During today's conference call, we'll discuss some forward-looking statements regarding Broadridge that involve risk. These risks are summarized here on Slide number 1 and we encourage participants to refer to our SEC filings, including our Annual Report on Form 10-K for a complete discussion of forward-looking statements and the risk factors faced by our business.
Before we begin, I'd like to point out to everyone that as a result of the Penson transaction that we closed in the fourth quarter of fiscal year 2010, the clearing business is now shown as discontinued operations and our remaining outsourcing business is now part of the Securities Processing Solutions segment. Also, as a result of the reporting treatment of the Penson transaction, the financial results discussed today will address continuing operations unless otherwise stated.
As previously disclosed we entered into an information technology services agreement with IBM in March 2010, under which IBM will provide us with data center services. Beginning with this earnings announcement we will include our results reported on a non-GAAP basis which excludes the impact of the cost related to our data center migration to IBM. These costs are significant and we believe this information helps investors understand the effect of their migration on our reported results.
Now, let's turn to Slide number 2 and review today's agenda. Rich Daly will start today's call with his opening remarks and will provide you with a summary of the financial results for the fourth quarter and fiscal year 2011, followed by a discussion of a few key topics. Dan Sheldon will then review the fourth quarter and fiscal year 2011 financial results and the fiscal year 2012 financial guidance in further detail. Rich will then return and provide his overall summary and some closing thoughts before we head into the Q&A part of the call.
Now, please turn to Slide number 3 and I'll turn the call over to Rich Daly. Rich?
Rich Daly
Thanks Rich. Good morning everyone. This morning as part of my opening remarks I will talk about the following topics. First, I'll start with an overview of our fiscal year 2011 financial highlights. Then I will discuss our fiscal year 2012 guidance, followed by a review of our closed sales performance. And then an acquisition update before I turn it over to Dan.
After Dan provides you more of the financial and guidance detail, I'll wrap it up with my closing comments during which I will highlight many of initiatives that give us confidence to create shareholder value beyond this year into fiscal year 2013 and beyond.
Let's start of Slide 4, our fiscal year 2011 financial highlights. Overall I'm satisfied with our fourth quarter financial results, but disappointed with the full-year results because of previously discussed decline in event-driven revenue from the unprecedented high volume levels in fiscal year 2010 to their start low volume level in fiscal year 2011. The decline in event-driven drove an overall decline of 2% in total revenue despite all other revenue drivers having headed in the right direction.
Recurring revenues were up 13% as a result of our successful acquisition depends on outsourcing services conversion, strong recurring revenue closed sales result and internal growth. Long-term recurring revenue and related recurring revenue sales will be the primary component of creating long-term shareholder value. Event-driven revenue in fiscal year 2010 offset the weak economic environment by adding a benefit of approximately $0.18 per share more than we have planned. In fiscal year 2011, the lower than anticipated even-driven revenues and related distribution revenue cost us approximately $0.25 per share versus what we planned.
Even though last year was our lowest activity ever, we are not planning for an increase in fiscal year 2012. When event-driven revenues come back to more normal levels, our plan will be viewed as being conservative, but given it's almost entirely out of our control, we don't want to disappoint again.
Our diluted earnings per share from continuing operations were $1.37 per share non-GAAP and a $1.34 GAAP for the fiscal year ended 2011. During the quarter we incurred IBM data center migration cost of approximately $0.03 per share. Dan will provide you with more detailed information in a few minutes. Again, our decrease in earnings per share from fiscal year 2010 was directly related to the decrease in event-driven revenues.
During the year we opportunistically bought back 8.7 million shares of Broadridge stock at an average price of approximately $21.83 per share. These purchases got us to the 128 million weighted average shares outstanding guidance that we provided at the beginning of the year.
Now let's move to Slide number 5. We anticipate strong revenue growth of 8 to 10% in fiscal year 2012. But majority of the growth will come from recurring revenue as we have assumed no growth in event-driven revenues. We expect the growth will come primarily from our recurring revenue closed sales and acquisitions. Also we are anticipating only modest volume internal growth as we continue to be cautious in our expectations for trade growth and limited stock record growth. The recent market environment support this hopefully, conservative yield.
We expect fully diluted earnings per share before continuing operations to be in the range of $1.50 to $1.60 excluding the impact of the IBM migration cost. As anyone who has followed us knows our assets are focused on creating long-term shareholder value and we have been consistently looking out to fiscal year 2013 and beyond.
Our fiscal year 2012 plan still has it's on the path to achieve our long-term shareholder value goals beginning in fiscal year 2012 with much more in 2013 and beyond. Free cash flow excluding the IBM migration cost should be approximately 225 million plus or minus 35 million due to potential variations in working capital and conversion costs. This is a strong free cash flow business.
The company's Board of Directors declared a quarterly dividend of $0.16 per share payable October 3rd, 2011. The annual dividend was increased approximately 7% to $0.64 per share. This will be the fourth year in a row that we have increased our dividend payout.
Let's turn to Slide 6. Closed sales for year were 134 million. A recurring revenue closed sales of 113 million were the second highest in our history. While our recurring revenue closed sales were slightly lower than last year, we are still pleased with our sales results given the quality of sales that have taken place. Our Securities Processing Segment sales were up 25% compared with fiscal year 2010 due to an increase in deals greater than 5 million. While Investor Communication recurring revenue closed sales were down approximately 15 million and last year's result included the 40 million Morgan Stanley Smith Barney contract. We feel good about our recurring revenue closed sales results, our pipeline is strong and we have many large opportunities that we are presently pursuing.
For fiscal year 2012 we expect recurring revenue closed sales in the range of 110 to 150 million. Total closed sales which include event-driven are expected to in the range of 135 million to 175 million. However, we will focus our future discussions on recurring revenue closed sales as we believe that recurring revenue closed sales are the best measure of our future revenue growth potential.
Now let's move to Slide 7, where I will provide you with an acquisition update. Over the last three years we have made five 15 million plus acquisitions in which we spent approximately 370 million. In fiscal year 2011, it has been our busiest year by far as we made three very successful acquisitions. Last August we acquired NewRiver, in December we acquired Forefield and in January we made our largest acquisition since our spin off only acquiring Matrix.
We did not set out to fiscal year 2011 our busiest acquisition year ever. It just happened based on the availability of high quality entity that met our very high standards. You should not expect us have a repeat of this level of activity in fiscal year 2012.
The five acquisitions that I have identified contributed approximately 109 million to revenue, 16 million to EBITDA, and 3 million to earnings before taxes in fiscal year 2011. They will contribute significantly more in fiscal year 2012 as two were closed mid-year and all have been fully converted on to our systems. In fiscal year 2012, we anticipate our acquisitions will contribute approximately 182 million to revenue, 39 million to EBITDA and 22 million to earnings before taxes.
I'm pleased with the financial performance of these acquisitions, when we decide to acquire an entity, we set very high hurdle rate and goals. Our recent acquisitions are Matrix, NewRiver, and Forefield are all performing better than their business plans, while Access Data and City Networks are just slightly behind. I anticipate that all five acquisitions will eventually exceed their business cases.
We utilized four primary key criteria in our acquisition strategy. Number one, the acquisition must be accretive to growth, margin and earnings by year two. Number two, the transaction must generate an internal rate of return greater than 20%. We understand that this is a very high hurdle rate especially given our weighted average cost of capital. However, we know that acquisition provide no guarantees and we want to insure acquisitions of price, recognizing risk and also that we only focus on deals that leverage our brand, scalable infrastructure and skill set. All of which enable greater returns. Number three, our acquisition strategy is focused primarily on tuck-in sized businesses. And number four, that we have the management capacity to successfully integrate the new entity.
Now I will turn the call over to Dan, who will go into more detail about fiscal year 2011 financial results as well as our fiscal year 2012 guidance. Dan?
Dan Sheldon
Thanks Rick. I'm on Slide 8. In our earnings release we disclosed we are finalizing our estimates of the total cost we will incur in connection with the migration to IBM and expect those estimates to be finalized during Q1 of this fiscal year. And we still expect the completion of the migration off of ADP and onto IBM by around the end of June 2012. We believe our annual savings will still be around 25 million pre-tax and that these savings will start during fiscal year '13. Our total migration costs are now estimated to be 95 million.
The first two bullets addressed what we have discussed before as far as migration, P&L period expenses and capital expenditures to be deferred and amortized over the life of the 10 year service agreement. Now that we are almost done with the migration planning, we believe that 85 million is about where we should end up versus our previous estimates of around 75 million. The approximately 10 million pulled forward is result of our receiving and reviewing our final accounting treatment for all migration cost with the SEC on a pre-clear basis and it determined that there are certain migration activity being performed by IBM that needed to be expensed up front versus part of a 10 year service agreement.
As we mentioned in the earnings release the one-time migration cost are large, and we are still finalizing it. At this time the fiscal year '11 P&L results were impacted by $0.03 per share or approximately 6 million pre-tax, and the fiscal year '12 P&L impact will be approximately $0.16 per share or 33 million pre-tax.
Slide 19, 20 and 24 in this deck provides the reconciliation from GAAP to non-GAAP for these migration cost impact to our earnings for both fiscal year '11 and '12. And as a report throughout '12 we will continue to show the on-going business excluding the IBM migration cost as non-GAAP, and then reconcile back to GAAP including the IBM migration cost. Our presentation today for the most part addresses the on-going business non-GAAP.
Let's move to Slide 9, revenue growth drivers. Our forecast being 8 to 10% revenue growth for fiscal year '12. 4 to 5 points from recurring revenue sales of which 60% was sold previously in fiscal year '10 and '11. Retention is expected to be around 99% as we have not been amazed, aware of any large client revenue losses. Internal growth is expected to add up to 1 point or be flat at the low end. This is all driven primarily by what happened with trade volumes and stock record position. At our low end trade volumes were pretty much stay where they are today at about 1.5 million trade per day. And that the high end would increase to the mid to high single-digits. With respect to stock record the equity side we think is a point or two. And as far as the mutual fund side we still see the beneficial producing in the high mid single-digit range.
Acquisitions providing another two points and this is all carryover as new sales from acquisitions are reported in our recurring sales line above. This brings our contributions from recurring revenue drivers to 5 to 7 points. And as we shared with you before and on slide 23, since the spin we have always had growth in recurring revenues and in fiscal year '12 the growth is approximately 10%.
With respect to event-driven, we are keeping it as Rich mentioned basically flat. That we expect to see improvements over the next 18 to 24 months, yes, but we are thinking the first of this fiscal year which is fiscal year '12 will probably narrowed last year and if there is growth we will see it in the second half and moving into fiscal year '13. By the way we work with the Boston Consulting Group to analyze what's going on with mutual fund proxies, and if it included the following. As we mentioned before the decline in mutual fund proxies does not appear to be secular, the funds truly have been focused on reducing the level of activity given cost and cost focus as well as what we call shareholder fatigue which means in the fiscal year '08 and '09 and into '10 there was a tremendous amount of activity.
However, looking forward we expect to return to the normalized historical averages in fiscal year '07 and '06 which would suggest a 2 to 3 point contribution to revenue growth over the next few years, but as I already mentioned we probably won't see that until starting in the second half.
Finally, we also expect the activity here to be more volatile with large campaign being infrequent and unpredictable like we saw in fiscal year '10. With respect to distribution revenues they are expected to contribute 3 points of growth of which a third of this is coming from the pass-through fees the 12b-1 like fees related to the Matrix business. There are almost no profits on any of these distribution fees as the growth here is not coming from our proxies and interim but rather as I mentioned from the Matrix fulfillment and statements which do not provide profits on distribution revenues. Given the revenue growth we are expecting, EBIT margin before the IBM migration cost in the range of 13.8 to 14.4% up from the 13.1% we experienced in fiscal year '11.
The next two slides have data points related to each of the two segments, I'm not going to go into review them at this time in the interest of time, but they are here for your information for further follow-up.
Let's move to Slide 12. This is our guidance page for '12. Quickly repeating what we have stated earlier. Revenue growth 8 to 10%. Recurring revenue closed sales of 110 to 150 million. EBIT growth before interest, taxes and IBM migration costs of 13 to 20%. Diluted earnings per share before the IBM migration cost of $1.50 to $1.60 and including the $0.16 dilution from the IBM migration GAAP EPS of $1.34 to $1.44. Free cash flow excluding the IBM migration cost with a miss point of approximately 225 million.
Side 21 in the deck has additional information, as well this year and last year, we had 20 to 30 million in capitalized conversion costs, not including IBM or any potential new business with Penson. And as we continue to make large sales in our Securities Processing space, you should continue to expect heavy range of 20 to 30 million per year. That's all good news because it's generating significant revenue growth for us.
We are refinancing 100% of our outstanding debt with five-year maturity. We'll renew our 500 million revolving credit facility, our 200 million draw on the revolver, and the 200 million term loan in Q1 of fiscal year '12. We expect our interest costs will increase 10 to 15 million on an annualized basis, and we're pleased to be increasing the dividend.
Let's move to Slide 13. As we exit '12 and move into '13, we'd like you to be thinking the following. We expect to exit fiscal year '12 with diluted earnings per share of $1.50 to $1.60 without the IBM migration cost. We've discussed the 25 million in savings pre-tax we expect from IBM, which on an annualized basis generates approximately $0.12.
We've also disclosed before the additional benefits we expect from the completion of Morgan Stanley Smith Barney and other restructurings, where we expect to benefit by approximately $0.06.
As mentioned before, the return of event-driven revenues to normalized historical levels would add another 30 to 60 million in revenue or $0.10 to $0.20, which includes both fee and postage. And we expect recurring revenues to grow and margins to expand given the 110 to 150 million in forecasted recurring closed sales, plus the carryover from fiscal years '11 and '12 for those year's' sale, a retention rate of 99% and benefits from market-driven trade volumes and stock record growth as well as contributions from possible future acquisition.
Rich, at this point I'll turn it back to you.
Rich Daly
Thanks, Dan. There is no question Page 13 is my favorite page. Please turn to Page 14 for my summary wrap up. Fiscal year 2011 results are not reflective of a value creation progress that has transpired over the last two years.
Event-driven revenues were down meaningfully and masked our strong recurring revenue growth. Our recurring revenue closed sales were strong, the second highest in our history, and our client revenue retention rate continues to be excellent.
These are some of the reasons why I'm so confident about Broadridge's future. We have never had better recognition of the importance of what we do and the value we provide to the proxy process by the New York Stock Exchange and the SEC. It's recently been clearly established that the free market for proxy fees is more than double what the New York Stock Exchange, SEC regulated proxy rates are. This is a significant recognition accomplishment for Broadridge. We have made three very successful acquisitions during the fiscal year. They contributed to our revenue growth and we anticipate that they will contribute to meaningful revenue growth and earnings in fiscal year 2012 and beyond.
We continue to make excellent progress on our key initiatives. The Morgan Stanley Smith Barney transaction contributed to revenue growth and earnings improvement in fiscal year 2011. We made significant progress in the implementation of the Penson outsourcing agreement, and we anticipate that we'll be fully converted in the second quarter of our fiscal year.
Finally, we are beginning the implementation of our conversion to the IBM data center. We plan to be fully converted around June 30, 2012.
I'm confident about our future. Since the spin, we've consistently been looking at our business model and pruning and changing underperforming businesses with the view that it is all about creating long-term shareholder value.
We really like the portfolio we have right now. We like the portfolio because of the many opportunities that enables us to pursue.
Although we hope that the economic turmoil that our markets experienced over the past week or so will dissipate, we are confident we can grow our market shares regardless. However, our success and value creation will be even stronger in better economic environment, particularly when our clients perform better.
But let's get back to our strong product portfolio. Those of you that heard our Investor Day presentation in June will remember we talked about being a market disruptor in $1 billion equity transfer agency market. We will do so by leveraging much of our world-class infrastructure that we built for the communications business as well as our back office brokerage operations to create greater efficiency for issuers.
More importantly, we can create uniquely better alignment for issuers and their registered shareholders by allowing them to have the opportunity to move their registered accounts to street accounts simply and easily if they choose to do so.
We already provide registered proxy services for more than 1,800 issuers and if all of them were to convert to our transfer agency platform, it would be worth a minimum of 100 million in revenue. As proof of our value proposition, we just recently signed Spectra Energy.
The market opportunity for our global and emerging product is almost 1 billion. We have developed or acquired several new products and services over the last few years. We provide numerous services including services for advisors, global proxy communications, tax reporting and outsourcing and securities transactions.
Through our global and emerging products, we're driving about 24% compounded annual growth rates with robust margins off of a revenue base of 75 million. The 401(k) market is a large and attractive market.
Matrix is an $80 million business, growing at approximately 20% annually, providing services in that space. Through Matrix, we provide the connectivity for over 130 third-party administrators and over 200 bank trusts to do business with over 500 mutual fund families representing 25,000 different funds.
Under a Broadridge umbrella with our relationships, our technology, our sales organization, we can support the course Matrix is on and take it to the next level. It has three key areas of growth; organic growth, lift-outs and share expansion, and we have just begun to tap what we believe will be a terrific value proposition for the broker/dealer communities.
Access Data provides us with the opportunity to grow data aggregation, management and reporting services. Brokers have always made data available to their fund partners, but the process is extremely inefficient. The market desire for more insightful information is not currently being served.
Through Access Data, we bring technology and scale to this process through cleansing and normalizing data in a consistent manner, which create efficiencies for our clients. We recently entered into an agreement with Charles Schwab to expand our sales, reporting and data exchange capabilities that Schwab offers to its mutual fund partners.
Let me share with you why Schwab is a great opportunity. In the first 10 years of existence, Access Data grew to 30 clients and in the past two years that we have owned it, they've double to 60 clients. By signing the deal with Schwab, we now have the opportunity to increase the population of clients to 600 on the Access Data platform, since we now have become the exclusive data aggregator for Schwab to service their fund partners.
We now have explicit authorization to provide our core product set of services to 600 mutual fund complexes, using Schwab's data to enable Schwab and their fund partners to accurately meet both of their compliance responsibilities. This opens the door for funds to hire Broadridge directly and capitalize on a host of data analytics that we can now offer to them to better understand the efficiencies of their relationship and the effectiveness of their relationship with Schwab and their IRRs.
As we have said in the past, while we see the revenue opportunity by providing Schwab's fund partners, these additional modules and services, this is not our end game. As funds experience the benefits of our centralized industry approach for Schwab, we expect them to have great interest in seeing this approach taken with all of their broker distribution partners.
Due to the Schwab relationship, we will be able to tangibly prove to 600 fund families that for the Schwab piece of their business, Broadridge can provide SAS 70 verified 12b-1 breakpoint reviews with extensive market distribution analysis beyond anything they can create internally today at a lower cost and absolute accuracy levels unquestionably better than previously attainable.
We estimate the market for coordinating all data management, including the applications that use this data is approximately 400 to 500 million. Earlier this year, Pitney Bowes announced that Broadridge would be their exclusive channel partner for investment industry content and a new digital mail service called Volly.
Digital mail is an emerging technology that aims to improve e-delivery rates by creating a single site that consumers can use to receive statements, bills, and other documents across all consumer accounts. We have the opportunity to turn more than 1.5 billion communications into electronic format.
Broadridge will exclusively market Volly at a digital platform and Pitney Bowes will exclusively market Broadridge for investment-related communications in the broker-dealer market. The launch of Volly is scheduled for early next year and we believe it is a great opportunity to issuers and brokers to further reduce their costs.
Broadridge continues to lead in converting traditional paper communications into digital communications to the benefit of investors, financial institutions and our shareholders.
We have the only live business process outsourcing solutions for brokerage backlogs clearance and settlement functions in the United States. As thought leaders, we introduced that model. Our portfolio of ASP and outsourcing capabilities had strong growth last year, including a new global investing offering for Schwab, which they announced in a press release on July 13th. We expect to both successfully execute the 75 million backlog of implementation as well as adding significantly to new sales to it during fiscal year 2012.
In fixed income, we serve the majority of large global banks to our long-term contracts. The market size is approximately 200 million and we are experiencing low double-digit revenue growth. We process approximately 55% of all fixed income trades, which equates to about 4 trillion in market value on an average day. We play a very significant role in the settlement activity of the financial services industry every day.
Securities Processing Solutions is the right business with the right skill set to go out and add more revenue from existing clients to help them be more efficient and to expand the services they run through that model. We had excellent closed sales result in fiscal year 2011 and we are having more discussions about significant opportunities with existing and new clients.
As you can see, we have a lot going on and we have a lot of opportunities. We have never had this much opportunity to go out and execute on. We're good at execution. We have the right values, right people, and a proven track record of execution success. That's what we do and that's our culture.
Finally, I want to reiterate our priorities for your cash. We will continue to pay a meaningful dividend, look for strategic acquisition opportunities, and repurchase shares opportunistically. However, maintaining our investment grade credit rating is very important to us and in particularly the markets we serve, and we'll continue to pursue a path that ensures we maintain that rating.
Before I take your questions, I would like to acknowledge the contributions of our associates. This has been a challenging year and our associates have never worked harder or performed better. I'm proud of the effort they gave in fiscal year 2011 and I'm looking forward to fiscal years 2012, 2013, and beyond when we believe our shareholders and associates will both receive the respective returns and rewards they deserve.
I'll now turn the call over to the operator and, as always, we welcome your questions.
Question-and-Answer Session
(Operator Instructions) Your first question comes from David Togut with Evercore.
David Togut - Evercore
If I'm reading it right, it looks like SPS hit the high end of your recurring revenues, new sales guidance for the year and ICS fell below. If that's correct, if you could just walk through some of the dynamics of the new bookings to give us some insights into end market demand?
Rich Daly
On the SPS side it was our strongest year ever. We had a number of large transactions. We had a number of outsourcing transactions. We feel very good about the pipeline. We feel very good about the value proposition. I think it would be of interest to read the Schwab press release on July 13th. We live in a global world. North American investors need to invest globally and Broadridge is fairly unique in our ability to provide that offering to the market. So on the SPS side, I tell you that we feel good about last year and the opportunities we are looking at. At the ICS side, we did anticipate doing a one larger transaction, reporting transaction, which we still are going to be in discussions with, but it didn't take place. The processing deals are at higher incremental margin and that's why overall, even though it was our second highest year in recurring revenue sale, as Dan and I saw through the numbers, it was probably the highest year in margin and earnings contribution capabilities that we had and we look forward to 2012, and we look forward to staying focused in giving you a clearer view, Dave, on the recurring piece, because that's the part that's going to create the long-term value as we go forward.
David Togut - Evercore
Okay. Just as a quick follow-up for Dan. If you fully allocate the IBM migration cost in fiscal '12, how will the expenses be allocated on an EBIT basis between ICS and SPS?
Dan Sheldon
We're still going through that piece of it. So I would say we will get back to you at the end of Q1, so I'd say stay tuned. Okay, obviously, we would think that a lot of the savings would go into the SPS business.
Rich Daly
There is no question about it, but there is also no question that both businesses leverage that infrastructure more efficiently together and dramatically more efficiently together than they could possibly ever do it separately. The key is, if you look at the processing peaks that the communications business needs and things like (inaudible) versus the processing peaks that the processing business requires in market openings and the trade settlement activity, those peaks are very different and enable us to leverage our scale far better.
Your next question comes from James Kissane with Bank of America/Merrill Lynch.
James Kissane - Bank of America/Merrill Lynch
Rich, does the guidance for closed sales in fiscal '12, I assume that it excludes mega deals like I think the $22 million deal that you signed in fiscal '11. I'm just trying to get sense are there deals like that in the pipeline that you can potentially hit over the next, say, 12 to 18 months?
Rich Daly
We would anticipate in that range of 110 to 150. So, that gives you a mid point here of 130. Now 130 would be a record year and that would include large transactions. We're probably anticipating greater than 25, it could be a range of 35 to 50 in there, but we're happy with the dialogs we're having right now in the marketplace, Jim.
James Kissane - Bank of America/Merrill Lynch
Are there 20 million plus type deals in the pipeline?
Rich Daly
There are.
James Kissane - Bank of America/Merrill Lynch
Rich Daly
They have been for a long time. But what we do internally, and I'm not going to go into this level of detail of where the pipeline is, but we go through on a very regular basis at least monthly, all right and I go through that more on a personal basis and we rate the likelihood of deals, okay, by the size of deal. So, the probability of where we are in the sales cycle and what the hurdles are between where we are in closing. So, we feel good about the range of the 110 to the 150 and we feel good about the contributions that we'll make to '13 and beyond.
Dan Sheldon
Yes, Jim let me just add on to that because you and others have asked us the question that says can you help us understand better how you come up with your 110 to 150. So, just to put it in perspective, this year as in prior years about $65 million came from less than $5 million deals and you've heard us talk before about $5 million in greater deals on what we've called the (inaudible) and that was $45 million this year, that's how you get to just over the 110. When you're looking forward and as we look forward, we also know the acquisitions should be incremental of that; we also have some newer products. So, when I talk about the 65 of the 5 you should be thinking much more in a range of 75 to 100 which as I mentioned acquisitions in new products, then add on top of that for your low end around 35 million and your high end 50 million for deals greater than 5. I don't want you to think that there are all $20 million deals; they are greater than $5 million deals. And again, historically, we had averaged 25 and in the last two years 45 to 55. I think that puts it in perspective.
James Kissane - Bank of America/Merrill Lynch
And then (inaudible) in your slides you indicated that Access Data and City Networks are sort of running a little bit behind plan. Obviously, the Schwab deal bring us lots of potential but just trying to get a sense to-date what have been some of the challenges, especially given that you've stepped up the acquisition activity over the past couple of years? Thanks.
Rich Daly
In both of those transactions Jim, I'm very pleased we have these properties. I think we are the right owners. I think they meets the four criteria I laid out during the call. I expect both of those transactions that are going to add meaningfully. So, Access Data running behind without Schwab, my tone will be very different. Access Data running slightly behind on its numbers, but we're now building relationship from the 30 fund families, funds that Access Data dealt with when we acquired them to 600 now really provides us very, very meaningful opportunity. I almost feel the same way I thought about proxy in the early days. Once we prove the people that something is so much better, we really have significant opportunity. City Networks gives us a reconciliation capability, both in the U.S. and Europe, which we didn't have before. Reconciliations is a big business. Reconciliations is a big activity, particularly for the BPO activity. So, when you take our BPO capabilities and having that application capability, I feel good about the dialog, the sales force momentum on that. It wasn't that big of a transaction. That's an easy transaction for us to get a very good return on given the small size that it was. So, that one I'm putting into what I hope is going to be lay-up category.
(Operator Instructions) Your next question comes from Tien-tsin Huang with JP Morgan.
Tien-tsin Huang - JP Morgan
I just wanted to ask if your fiscal '12 guidance changed at all internally since the Investor Day in response to all the weak market activity we've seen, and aside from the change in the IBM cost that you talked about there, Dan?
Dan Sheldon
Really, our guidance hasn't changed because when we gave you the range of 6 to 9, at the lower end we weren't counting on a lot coming from the internal growth, call it, like a point.
Tien-tsin Huang - JP Morgan
Okay. Good to know. And then just a correlation of event-driven revenue with the direction of the stock market. I think flat, seems conservative for sure. I think this is the right thing to put in the guidance, but I'm curious, could it move lower given weaker markets resetting lower recently and this bad social mood that everyone has now with interesting. I'm just curious if that's still on the table as a risk.
Rich Daly
There're two things that drive event-driven revenue, business opportunity and then regulatory need. The business opportunity is something that people can manage more than they can manage the regulatory need. So, we had a study done beyond all the work we've done this year to really get behind what drove all the prior transactions and what's going on in the marketplace. There is an economic desire to minimize cost by the industry, given the challenges that the mutual fund industry is having. There is not a secular change in the reasons that are driving the need to go out in the market. And I have a lot of history just going back well over two decades. Historically, we have never been right on the turns up or down, all right, but this is the lowest activity levels we have ever forecasted. We've never had activity levels below where we are right now. So, although it's possible that it could go even lower, when you're dealing with low double-digits of activity versus historical norms, call it, in the low 20s, all right. In '10 we were almost at 50% of activity of all the possible positions. There is a heck of a lot more upside here than there is downside. I would put the downside into a normal manageable event and I would put the upside into it could be very meaningful, but we don't want to be planning on it. We can get to the value creation that we need to get to by managing this through '12 and just looking for normal activity when we get to '13.
Tien-tsin Huang - JP Morgan
Understood. That's helpful. I mean, your historical perspective is always more valuable than my view. Just the last one, just sounds like acquisitions, we shouldn't expect as much this year versus last year. So, should we assume then, I know it's not in your guidance, should we assume more in the way of share repurchases?
Rich Daly
When I laid out the use of our shareholders' cash, I was very, very focused and pointing out again dividends and expressing to the market our confidence and our strong cash flows and then our very strong future. We believe raising the dividend and our Board believes raising the dividend was the right thing to do. I wanted to clearly signal, so you read it exactly right that you should not expect the same level of acquisition activity this year as last year. One, we don't believe that we will be as fortunate in the properties, and two, we have a lot going on here and I want to be very, very careful about execution. Three, in terms of the buybacks, I mean this recent market activity is recent for all of us and we got to the share count that we believe those are right share count and that we signal to you last year. We're not providing any signaling in that regard at this point and we're certainly going to look very carefully what's going on in these markets and what's in the best interest of our shareholders.
Dan Sheldon
Yes, Rich the only thing I'd like to add on to that is our debt levels are very important to us as well. We talked about investment grade. Right now, we're sitting at 1.9 to 1 and our limit is 2. We're very aware of what we're allowed to do. So, when you think back a year ago, we had well over $400 million of cash and significantly below the 2 to 1, we'll call it, debt-to-EBITDA ratio. Sitting right now, I just shared with you 1.9 is level of debt and we've got about $240 million plus of cash on the balance sheet.
Rich Daly
Yes, Dan, you're absolutely right and that's why Tien-tsin when you go to that section where I talked about the use of cash I emphasized maintaining an investment grade is not emotional thing for us. These large transactions that we're talking with large clients about right now without question the dialog in their organizations, by the way including yours Tien-tsin comes up that if they're going to rely on us for mission critical services, they want to have a high level of confidence and our ability to perform throughout all markets.
Your next question comes from Chris Donat with Sandler O'Neill.
Chris Donat - Sandler O'Neill
Just one quick one on Penson. They announced the extension of the relationship with you from 11 to 15 years. Does that have any implications for you from a revenue or earnings perspective or how does the accounting work on that?
Dan Sheldon
No, we're extending the contract isn't going to do anything with any kind of amortization, etcetera. So, the point of the matter is what we're looking for that is it's a longer term deal as well as new opportunities we talked about that Rich will speak to that they mentioned on their call.
Rich Daly
Yes, I put what we're doing with Penson right now. They announced a letter of intent to expand their relationship with us. The size and services that we're talking about here, particularly in the BPO side are very routine for us. We're in what I'd call the normal GAAP analysis we go through to finalize terms and this is I would put it into the category of business as usual and it's not dissimilar to the conversions that we're having with many of our other existing clients looking at expanding services of BPO opportunities. We don't, at Broadridge, announce letters of intent until we have a signed deal, final deal finalized. I would expect us to be able to finalize this over the next 30, 60 days or so.
Chris Donat - Sandler O'Neill
Then just one follow-up to that. In your sales process is that one you went to them and said, we can do more for you or do you always do that? Or did they say, hey, what else can you do for us?
Rich Daly
I will go anywhere anytime to explain to a client that we can do more for them. That's SOP for us for sure.
(Operator Instructions) Your next question comes from Peter Heckmann with Avondale Partners.
Peter Heckmann - Avondale Partners
With regard to the Penson conversion, I guess what we're looking at now is November-December rather than more of a July-August final conversion. Can you talk about what's taking a little bit longer as well as doing that some of your guidance for fiscal 2012 contemplates that the BPO outsourcing business will be running losses for a relatively larger part of the year and won't be kind of getting towards that breakeven that you want to get towards when you fully implemented the $55 million from Penson. Is that correct?
Rich Daly
It is correct. Let me give you some context, Peter, because there were two phases to Penson; phase one was the business which we sold them, which is on our outsourcing platform right now, okay, and that's a little over 20 million. Then phase two there was Canada and the U.S. pieces. Canada was probably about 40% about that call it 12, 13 million, that's done, all right. Then the remaining U.S. piece is a little more than 15 million or so, and that's the part that is going to be taking place in the second quarter. So, a lot has transpired. We with Penson and one of their clients who is converting off their platform, okay, which was announced deal, everyone is aware of it. They had a strong need to do that. There were economic considerations between the three of us to allow that to happen. So, we delayed our conversion slightly to allow that conversion to take place prior to our final piece happening. We made a lot of progress and we expect the rest of the progress to go, I'll call it fairly routinely, which is there is always challenges. But as I even pointed out in the script and in other place, execution is what we do. We're very good at it. It's our culture and I feel confident in our ability to end this transaction as planned in the second quarter.
Peter Heckmann - Avondale Partners
Dan, you went through it pretty quickly, and I was trying to catch up. The difference between the IBM costs and their timing, and whether they would be expensed or capitalized as you described it at the June Analyst Day versus now, what was the change there? It sounds like some costs were pulled forward and some that were planned to be capitalized are going to be expensed, is that correct?
Dan Sheldon
Yes. So if you'd looked at the two first bullets where we said it's now 85 million for what we normally would have thought about expensing capital, which we said before was going to be like 75. That's just us refining our estimates. It's that next piece where we talked about the fact that said in our contracts with IBM starting a year from now, we were going to pay them every single year approximately 2 million for what they called transition fees. The SEC as well as our auditors worked with us and said you know what, you're going to have to take a part of that and absolutely recognize those expenses in that $10 million that we said was a bit of a surprise, but, you know what, we did everything at a time instead of doing it just it's a big deal and we're just going to book it the way we think it was, we actually (inaudible) sought out advice on that. So that's the only difference is the 10 million.
Peter Heckmann - Avondale Partners
It's not 10 plus 10, it's 10 million in total?
Dan Sheldon
Yes, it's $10 million for that piece that we call pull forward and I'm just sharing with everybody we use to tell you 75 million for capital and expenses, that's now 85. So the real answer is, it's 10 and 10 is 20.
Peter Heckmann - Avondale Partners
Right, and that 10 it's not a cash cost in '12. It will be paid out over a period of years?
Dan Sheldon
Yes. That's exactly the right way to look at.
Rich Daly
Now, Peter, when we get to '13, it's in essence exactly the same with slightly less amortization because of some of the expense we're having upfront here.
(Operator Instructions) Your next question comes from Peter Dale with Omega.
Peter Dale - Omega
Gentlemen, listen, it's a follow-up along Tien-tsin's question, which is if I look at your free cash flow and it's about share buyback again, if I look at the midpoint of the free cash flow number of sort of 225 million and then I look at dividend payment of about roughly 80 million, I guess what I'm trying to get at here, gentlemen, is how much cash you need to run the business, which then might be available or what's left over to buy stock in the open market and share repurchase? Can you help me with some guidance there?
Dan Sheldon
Yes, Peter, it's Dan first and then I'm going to turn it over to Rich. On Slide 21, what we've tried to do is share with everyone, okay, what our cash flow and you have it write-down, is you've got the midpoint of 225, you've got about $80 million let's call it for the dividends, okay, and that leaves the remainder, I mean we've always said around we have to always maintain $100 million. That's what we've always said, because part of that is locked up in capital in our what we call the ridge business still as well as foreign cash that unless we use the cash outside of the United States, which you can't use to buy back shares because you will get a tax impact on that. So, we'll be thinking that that's why we've always said 100 million.
Your next question comes from Stephan McAteer with Pike Place Capital.
Stephan McAteer - Pike Place Capital
All my questions were asked. Thank you.
I'm showing we have no further questions at this time. I will now turn the call back over to Mr. Daly.
Rich Daly
Well, as always, we want to thank you for your participation. Dan, Rick and I do look forward to meeting with you in the near future, and certainly in times like this, we all need to choose to have a great day. Thanks so much.
This concludes today's Broadridge Financial Solutions, Inc. fourth quarter and fiscal year 2011 earnings conference call. Thank you for your participation. You may now disconnect.
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text: On Sat, Sep 04, 2004 at 12:42:28PM -0400, Steven A. DuChene wrote: > Do you have a fairly current version of libusb installed? libusb 1:0.1.8-16 This version is the latest as of today's debian unstable. > Have you tried running xscanimage (or scanimage) with the following devic= e specification? >=20 > xscanimage niash:libusb:001:002 Oh! That works. --=20 A new cognitive theory of emotion, http://openheartlogic.org

subset: commoncrawl


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Video Industry News Video Company News Technology Industry News Technology Company News Novelty Industry News Novelty Company News Gay Industry News Gay Company News Legal Industry News All Company News
Released: Dec 01st, 2000
Running Time: 80
Director: Jeffery Wolf
Company: X-Traordinary Pictures
Distribution Companies: Legend
Cast: Katanya Blade, Trevor (I), Fallon, Byron Long, Weed, Zarina, Kathy Jones
Critical Rating: AAA 1/2
Genre: Specialty
Grandma can get her Medicaid-approved cock here, although there seems to be a waiting list for the interracial treatments.
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text:
You are here
Home » Salad » Cranberry Salad » Cranberry Tuna Salad » Lemon Cranberry Tuna Salad Sandwiches
Lemon Cranberry Tuna Salad Sandwiches
14 Aug 2010
|Fat free mayonnaise
|1⁄3 Cup (5.33 tbs)
|Low fat sour cream
|1⁄4 Cup (4 tbs)
|Sweetened dried cranberries
|1⁄4 Cup (4 tbs), coarsely chopped
|Chopped fresh dill
|1 Tablespoon
|Freshly ground black pepper
|1⁄2 Teaspoon
|Grated lemon rind
|1⁄4 Teaspoon
|Fresh lemon juice
|1 Teaspoon
|Canned solid white tuna in water
|12 Ounce, drained (1 Can)
|Basil leaves
|Kaiser rolls
|8 Ounce, sliced into half horizontally (4 Pieces, 2 Ounce Each)
|1 Small, sliced
|Bibb lettuce leaves
1. Combine first 7 ingredients in a medium bowl; stir in tuna.
2. Place 2 basil leaves on bottom halves of each roll; top basil leaves evenly with tuna mixture. Top each sandwich with cucumber slices, 2 lettuce leaves, and tops of rolls.
Rate It
0 Comments
Lemon Cranberry Tuna Salad Sandwiches Recipe


text:
Buffalo Popcorn Chicken Bites
Total Time
Prep 10 mins
Cook 10 mins
Got this from Rachael Ray's 30 Minute Meals on Food Network
Ingredients Nutrition
- vegetable oil, for frying
- 591.47 ml complete pancake mix, any brand, divided
- 295.73 ml water
- 39.43 ml hot sauce, divided (recommended -- Tabasco)
- 566.99 g chicken tenders or 566.99 g chicken breasts, cut into small bite-sized pieces
- 236.59 ml store bought good quality refrigerated blue cheese dressing (recommended -- Marie's brand)
- 2 scallions, finely chopped
- 4.92 ml coarse black pepper, 1/3 palm full
- cut celery rib, store bought
- In a deep sided skillet heat 1 1/2 inches of vegetable oil over medium heat. If you wish to test the oil, add a 1-inch cube of bread to hot oil. If it turns deep golden brown in color in a count of 40, the oil is ready.
- While the oil is heating make the batter. In a wide mixing bowl combine 2 cups of the pancake mix, 1 1/4 cups water and about 6 teaspoons hot sauce. (Use a regular teaspoon you would stir coffee with – that's what I did. I don't, technically, have a set of actual measuring spoons.) Place the remaining plain 1/2 cup pancake mix in another wide mixing bowl. Arrange the batter and the bowl of plain pancake mix near the cook top and the heating oil. Line a plate with a few sheets of paper towels and keep within reach.
- Once the oil is heated and ready, toss the chicken pieces in 2 teaspoons of hot sauce then toss in the plain pancake mix, coat evenly and shake off excess. The plain dry pancake mix will help the batter stick to the chicken pieces. Add some of chicken to the batter, you are going to want to work in 3 to 4 batches coating and frying. Using a fork, toss the bites in the batter. Remove the first batch from the batter, shaking off the excess batter as you carefully add them to the hot oil. Fry for 2 minutes on the first side, or until the first side is a deep golden brown, flip and continue to fry for another 2 minutes or until deep golden brown all over. Remove from the oil and drain on the paper towel lined plate, season with salt. Repeat until all the popcorn chicken bites are fried. Serve immediately with refrigerated, good quality creamy blue cheese prepared dressing with chopped scallions and black pepper stirred into it for dipping. Garnish platter with celery sticks.
Most Helpful
We loved these -- they were the perfect snack for us to eat while watching football on TV. I made them exactly as directed, but since some other reviewers stated that they weren't that hot/spicy, I not only put the hot sauce in the batter, but also tossed them in some hot sauce after they were done frying. I loved the taste of the scallions in the blue cheese dip!! So delicious!! Thanks for posting this recipe.
Great poppers, crispy and puffy, the pancake mix works really well on this recipe. However, like all the other reviewers have said before, I will also say; they don't turn out spicy. Maybe omitting the hot sauce from the batter but tossing the bits in hot sauce after frying would help the issue.
these fry up really nicely,next time i will have to use a hotter brand of hot sauce.They were good,but not ver spicy.Thanks


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Dig uncovers medieval industries in Bury St EdmundsBreaking News
Archaeologists have uncovered evidence of medieval industry on the outskirts of Bury St Edmunds town centre.
The clay ovens and leather tanneries appear to date from the 12th-16th Centuries.
Housing developers called county historians after they found mortar and flint footings for wooden buildings.
The precise location of the site is not being publicised to protect the dig.
The Warren Map of 1740 showed the area to be fields - so this is the first evidence of previous development.
Alongside the clay ovens, the archaeologists have found a series of sunken barrels. ...
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text:
Release Date:
January 25, 2011
This musical release from Tejano singer Selena captures never-before-released footage from many of her most memorable concerts recorded in 1993 and 1994, including an appearance on the Johnny Canales Show. Some of the songs featured in the program include &"Ven Conmigo", &"Opening Doors", and more. ~ Cammila Collar, Rovi
- Genre: Music
- Category Concerts, Vocal Music
- Studio: EMI Latin
- Language: English , Spanish
- Format: DVD
- Release Date: January 25, 2011
other Info.
- Online Item #: 13287226
- Store Item Number (DPCI): 246-06-3852
- Made in the USA or Imported


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From Our Editors
Upper Chesapeake Bay Charters' USCG-licensed captains and career fishermen know the Chesapeake Bay waters like the back of their hands. They use this knowledge to ferry small groups on charters aboard one of the company's two vessels, helping clients to snag catfish and use trotlines to mine blue crabs. During all trips, the expert fishermen supply equipment, clean catches, and snap pictures of people holding fish while looking quietly triumphant, like a cat who just learned how to flush a toilet.
Additionally, Upper Chesapeake Bay Charters' crew uses their watercraft to embark on sightseeing tours. They point out wildlife as well as Baltimore landmarks such as the USS Constellation.


text:
Translation of revel in Spanish:
intransitive verb (British) revelling revelled
- 1 (enjoy greatly)to revel
insomethingdeleitarseto revel conor enalgo in+ -ingdeleitarse +she positively revels in making us feel inferior gerundrealmente se deleita haciéndonos sentir inferioresExample sentences
- Although I still have a lot to learn, I am revelling in the pleasures that my newfound blogger friends bring me.
- Not 3 weeks ago you were revelling in how you had gained a probable vote from someone who had thought you a Labour candidate.
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- At the festival, the people were revelling, drinking beer and wine and feasting on the sacrifices.
- The assistant peered through the window and saw a group of Jews feasting, drinking, and reveling.
- The couple were among 420 people who revelled late into the night at Freddie's Festive Fundraiser, in the grounds of Salisbury's Cathedral School, to help boost the coffers of Sargent Cancer Care for Children.
Definition of revel in:
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.
Grammar and usage help for Spanish:
= trending


text:
Thanks for the great plugin! It's been working well for us for years.
Lately, however, the cron has been needing to be reset too often ("Post Expirator cron events need to be reset"), so that between when it needs to be reset and when we notice, posts don't expire as they should.
Can you explain why this is happening and if there's anything can be done to automatically prevent it?


text:
These fluffy waffles are filled with the sweet, lemony flavor of their muffin cousins. Cook up the batter as waffles or pancakes for breakfast or dinner. Finish the fruity flavors with our Blackberry Maple Syrup.
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From the Publisher
From the Back Cover
Services marketing, once a tiny academic field championed by just a handful of pioneering professors, has become a thriving area of activity. Paralleling growing research efforts in both academia and business is increased student interest in taking courses that focus on different aspects of managing service organizations, including marketing. This makes a lot of sense from a career standpoint, since most business school graduates will be going to work in service industries and managers report that manufacturing-based models of business practice are not always useful to them.
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- use of conceptual frameworks that have been classroom tested for relevance to both MBA students and executive seminar participants
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- inclusion of carefully selected readings and cases to accompany the text chapters


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text:
Artist biography
In the 1950s Evans examined the expressive power of abstract shape and became a leading British printmaker, reviving the technique of mezzotint for large-scale prints. His six aquatints Vertical Suite in Black (1958) used shapes from primitive art, while the Pentaptych mezzotints (1961) shared the geometrical abstraction of his paintings of the 1960s. Evans's large post-war paintings were often based on the patterns made by crowds of people and were intended as a public art on an architectural scale. His work became increasingly abstract and geometrical but retained a feeling of confrontation or movement by means of black outline and colour contrast.
Merlyn Evans (exh. cat., intro. R. H. Wilenski; London, Whitechapel A.G., 1956)
The Graphic Work of Merlyn Evans (exh. cat. by R. Erskine and B. Robertson, London, V&A, 1972)
Merlyn Evans, 1910–1973 (exh. cat. by F. Laws, Cardiff, N. Mus., 1974)
The Political Paintings of Merlyn Evans (exh. cat. by D. F. Jenkins and M. Evans, London, Tate, 1985)
Article provided by Grove Art Online www.groveart.com


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I'm not washing baby clothes
This is my 4th child and I have NEVER ever washed anything new. And not one of them have EVER gotten a rash. So honestly don't worry about it. If its something you can't get done no need to stress or feel like a bad mom about it. Their is a ton of worse things you could do then not wash new clothing.
Jeez. I wrote my post before reading the others, and now I'm feeling nuts for not washing some of the new things...
I guess, since this is our first child and we know we'd like more, I could always wash everything. Even if the baby doesn't fit in something, it can be saved for a future baby -- all of our clothes so far are gender neutral.
At the same time, I'm curious as to whether anyone out there washes all the new clothes they buy for themselves/partner/older children, or just for babies? And if just for babies, what is the cut-off point when you stop washing brand new things...?
Lucky in love since 2003, happily married since 2010.
T makes three!
I'm not looking forward to it but I'd feel better if I did. I used to work in retail and let me tell you I've seen people do some sick shit to clothes while in the store!! I'd rather not take the chance of my baby getting some kind of rash behind people doing nasty things to clothes!! You never know!!!!!
Baby Saniya is on her way!! Due August 5th 2014!!
Yea, you all who've worked in retail or for textile companies are making me really nervous! It's like how knowing what goes on behind the scenes in a restaurant makes you never want to eat out again lol
I think I might just suck it up and wash the few things we have left that haven't been washed -- at least the coming home outfit and the onesies. Worst case scenario, they don't fit this baby and just get immediately put away for the next baby...
Lucky in love since 2003, happily married since 2010.
T makes three!
Ehhh I didn't wash with my other two and they were fine no rash at all. I am with this one simply because I will have a whole week off of work before he gets here and will have no excuse not to do it. Plus with a HE washer and dryer there's even less of an excuse! You're not a bad mom at all and don't let anyone scare you into thinking you're gonna give your kid a rash.
Brandi <3 Married to Johnny <3 on 05/19/12
Two Sons Fabian 7 and Xavier 6
Expecting Jaxen Miguel Ramirez on 11/26/2012
Ya know, I understand everyone has an opinion. But why the hell do we have to get nasty about either opinion? Maybe you think it seems uptight to wash everything? Maybe you think people are stupid not to wash? For heaven's sake, why do people have to be so freakin judgemental either way. This message board is to ask advice and opinions. That's why we are here. But you don't have to be bitchy about it, sheesh. Just offer why or why not, a reason why, then leave it at that. Why make someone feel bad for their opinion, they are going to do what they think is best anways...sheesh.
Make sure you at least check the feet of them. I know it's a long shot but there was a women around where i live that found a piece of razor blade in it. Just a suggestion :)
Sheila: wife to Trevor momma to Jason and Kaitlyn and one cooking.
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H Group Inc. of Framingham, Mass., is voluntarily recalling 509 units of Trader Giottoĺs Caesar Salad with Caesar Dressing (SKU 05161) sold in the refrigeration section of Trader Joeĺs stores in Delaware, Maryland, New Jersey, New York, Northern Virginia, Pennsylvania and Washington D.C.
These 509 individual salads are marked with the following date codes: ôSell By 04/6/14, 04/7/14 and 04/8/14.ö These items are being recalled because they may not list wheat, soy, egg and fish (anchovy) in the ingredients. People who have an allergy or severe sensitivity to these allergens run the risk of serious or life-threatening reaction if they consume this product. No illnesses have been reported to date.
The product being recalled is packaged in an 8.5 oz clear plastic clamshell container and the ôSell Byö date is printed on the front of the package in the left hand corner.
The voluntary recall was initiated by H Group Inc. after Trader Joeĺs discovered affected packages for the Caesar Salad with Caesar Dressing did not declare wheat, soy, egg and fish (anchovy) on the label. Subsequent investigation indicates the problem was caused by a temporary breakdown in H Groupĺs packaging processes in which a different salad label was affixed to the bottom of some of the packages. The issue has been corrected.
Customers who have purchased Trader Giottoĺs Caesar Salad with Caesar Dressing may return it to Trader Joeĺs for a full refund or dispose of it. Customers with questions may contact H Group Inc. at 508-361-1518 from 8 a.m. to 4 p.m. Monday through Friday.


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I made a pair of movable velvet wings for my Mogami Kyoko Prisoner costume. Yes velvet is a fabric, not feather XD
Link here ====>thecosplaychronicles.blogspot.…
How I made velvet cosplay wings by elphealWatch
©2013-2016 elpheal
This really cool! Where did u get your feathers(other than art friend)? I live in sg too...its so hard to find feathers in sg... T^T
hmm craft stores? I bought my feather boas from craft stores in Textile Centre
lol just noticed the word velvet xD idotic me strikes again XDD
That is so awesome!! I like how you didnt have to use super advanced tools to have to do it!!


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I have many audiobooks in my itunes, some of which are in their appropriate place, but some of which are categorized as songs. I've moved them all to playlists and unchecked them in itunes so that they do not play on my computer, but they still appear in my songs on the iphone, so that when I shuffle my songs, I often get random book chapters. It's not a huge deal (I just skip them), but it is annoying, especially when I'm driving. Can anyone help?
These files will no longer appear in the Music library. To see them again, open the Books library.


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May 042014
May 4, 2014 Expired
Participating Chick-fil-A restaurants in the Charlotte area will be honoring educators by offering them a free chicken biscuit during breakfast hours or a free chicken sandwich during lunch or dinner hours on Tuesday, May 6th, 2014. The giveaway goes from 6:30 a.m. to 10 p.m. All current school teachers, educators, faculty and staff with valid ID are eligible for the offer.
One Response to "Teacher Appreciation Day at Chick-fil-A"
Cool we'll drop by on Sunday.
Sorry, the comment form is closed at this time.


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'Lost' - 'The New Man in Charge': You guys have a DVD player?
The "Lost" season 6 DVD set hit stores today, and with it comes one of the most-anticipated DVD bonus features I can remember(*), "The New Man in Charge," a 12-minute epilogue to the series showing some of what Ben and Hurley were up to after the island events of "The End" (which I reviewed both here and here) and answering some fan questions that the series itself never got around to.
(*) Though I still believe that a candid making-of documentary about HBO's upcoming "Luck" and the very different professional styles of Dustin Hoffman, David Milch, et al would be the Greatest Of All Time.
Though the DVD only came out today, "New Man in Charge" has been floating around the internet for weeks, and I have some thoughts on it coming up just as soon as I play a game of Connect Four...
"We deserve answers!"
The most frequent word I've seen used to describe "The New Man in Charge," both from people who liked it and those who didn't, is "unnecessary." To which I say, of course it's unnecessary; that's why it's a DVD extra and not something Lindelof, Cuse, et al tried to incorporate into the series itself.
Darlton made it clear throughout the run of the series that the episodes of "Lost" that aired on ABC were all that viewers needed to see to understand and enjoy (or not) the story they were telling. The various fake websites, the Comic-Con videos, "The Lost" experience game, et al were all extra treats for the super-obsessed, but irrelevant to the show itself, as far as the creative team was concerned. If they couldn't provide a satisfying experience within those 121 hours of television, then they failed in their jobs. (Based on the divided and at times vitriolic response to "The End," some of you clearly feel they failed.)
So even though I lamented at various points in season six that the show was never going to go into greater detail about, say, the history of The Others and how much Smokey was yanking Ben's chain throughout his leadership of them, I went into "The New Man in Charge" not expecting some crucial missing chapter from the "Lost" saga, but a chance to spend a few more minutes with Benjamin Linus and Hugo Reyes, and to maybe get a few blanks filled in.
And since that's what I got, I was satisfied.
I'll never tire of watching Michael Emerson as Ben, who oozes menace even now that he's on the side of the angels (and I still think Emerson should be the number one outside candidate to replace Steve Carell on "The Office"), so it was fun just to watch him dealing with those two befuddled Dharma employees on Guam. (And apparently they, and not Patchy, were the last members of the Dharma Initiative.)
And over the course of Ben's visit, and then the final Pierre Chang orientation video, we got explanations for the food pallett drops, the Hurley-bird, Chang's various aliases, Room 23, the fertility problems, the complicated fish biscuit dispenser, etc. Another complaint I've seen about the film is that all of these answers could have been (and were in many corners) easily guessed given the information we already had. But the same could be said of virtually all the dangling "Lost" mysteries at this point. To get back to my earlier example, I feel pretty comfortable filling in the blanks on why Jacob let Smokey lead The Others astray for such a long time (it was all part of their game about the innate goodness of people), even though it was never explicitly spelled out on the show, but I would still enjoy seeing it dramatized in some fashion.
There was, however, one huge, unsatisfying dangler that the show itself never resolved: Walt.
That Lindelof and JJ Abrams hadn't considered how they would deal with Walt as Malcolm David Kelley grew faster than the show's timeline always struck me as odd. (Though Lindelof has said a few times that they didn't expect the show to succeed long-term, so perhaps this was one idea that was written off as one of those good problems they should be so lucky to have to worry about.) And I was disappointed when Walt didn't return for anything but a couple of cameos after the timeline advanced far enough that Kelley could have returned full-time without a problem. Walt's powers, and The Others' interest in them, was such a huge part of the first two seasons that it definitely felt like a lot of wasted time when we came to the end of the series and Walt wasn't a factor.
So his presence as a Santa Rosa patient (under the Keith Johnson alias Michael would have gotten for him in "Meet Kevin Johnson") was by far the most pleasant surprise of "The New Man in Charge." We still don't know everything about why Walt was special, but the discussion of helping his father - who, when last we saw him, was still trapped as a spirit on the island(**) - and Hurley's offer of a job (perhaps as Hurley's successor?) offer us strong enough hints that I can live with it.
(**) Michael's absence from the sideways universe was one of the bigger objections I've seen to the finale. Certainly, Michael's sins (murdering Ana-Lucia and Libby in an attempt to rescue Walt) are bad, but they pale in comparison to the things that, say, Ben did, and Ben got to move on to an afterlife where he gets to hang out with Alex. Perhaps the difference is that Michael died near the island, where we don't know where/when/how Ben died, or perhaps Michael eventually, with Walt's help, moved on as well, and for some reason he wasn't one of the Oceanic passengers Desmond felt compelled to track down.
And, yes, the idea that the show would have to resolve Walt's storyline in a bonus feature goes against what I was talking about above about the show itself being all we needed to see. The TV show definitely failed us when it came to Walt. And fans of the show shouldn't have to get the season six DVD to find out (a bit more of) what happened to him. But I'm still glad I got to see that, and to hang with Ben some more, and to have a reminder that, though we'll never see it, there was still a whole lotta story to tell in between Jack's death and when all of his friends turned up in that metaphysical church. I have enough sense of the shape of a Hurley-run island that I can picture some of those stories in my head, ponder more about what happened to Desmond and Penny, whether Sawyer ever looked up Clementine, etc.
What did everybody else think? Did "The New Man in Charge" live up to your expectations?


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The show is loosely inspired by Shah Rukh Khan movie Pardes.
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All Rise...
Judge Kent Dixon is determined that tomorrow's supper will include a Mash of the Taters!
Editor's Note
Our review of Clash Of The Gods, published March 18th, 2010, is also available.
The Charge
The origins of ancient mythology revealed.
The Case
I was one of those kids…you know, the ones who played Dungeons & Dragons. While it may have had somewhat negative connotations in junior and senior high school (the precise time when you don't need to fuel anyone's mocking mechanism); I enjoyed being able to hang out with my friends; exercise my imagination and learn about cool creatures, places and adventures that sprung right from my imagination. Little did I know that when I hit senior high and sat in the back of my English class, that nerdy knowledge would actually help me answer all those questions that made jocks scratch their heads. My teacher Mrs. Newman and I would regularly talk about Shakespeare and mythology at every opportunity, and in hindsight, I can see that she was impressed by my knowledge of some of the same literature that was energizing for her as well. It didn't hurt my honors English degree either, when years later in university, I was acing exams or memorizing mythological content like it was second nature. I have always been fascinated with mythology and still regard it as one of my favorite forms of storytelling.
Civilization is largely based on stories and how we share and communicate them. Starting as tales told around campfires and passed along from generation to generation, humans have retold history and explained the unexplainable for centuries. From the works of Shakespeare and great poets, to modern fiction, and even comic books; mankind has a hunger, not only to tell great stories, but also to read them and hear them from others. Some of the greatest stories that still resonate to this day are the mythologies of ancient civilizations. Without science to help them explain the mysteries and wonders of the known world and the universe beyond, they needed to anchor the unknown in terms they could easily rationalize and comprehend.
Likely the most familiar myths are those that were created by the ancient Greeks and Romans. It doesn't take long to realize that aside from having different names for their characters and gods, the two cultures seemed to believe in the same pantheon of deities. As pantheistic societies that believed in many gods rather than just one, the Greeks assigned names and personalities to each of their gods and goddesses, and each deity was deemed to have supreme power and be solely responsible for a specific realm. While it really just dips its toe in the edge of the pool of vast mythological literature, the History Channel series Clash of the Gods does a fine job of relating some of these classic stories for a modern audience. Hmmm, isn't there a Louis Leterrier-helmed remake of Clash of the Titans coming to theaters soon? The timing of this release is probably just a coincidence…ahem.
All 10 episodes of the first season of Clash of the Gods are included, spread across two discs, as follows:
Disc One
Disc Two
Clash of the Gods really just scratches the surface of the great wealth of mythological traditions tackled in Season One. While there is no word on future episodes, at least as of the date of this review, there is enough content from traditions and cultures around the world that this series could continue on for several seasons. The series does an excellent job of blending two approaches: narrative storytelling and reenactments, and on-screen commentaries by a host of authors and historians who reappear from episode to episode. As the tales unfold, the viewer also learns of the actual historical events and context that inspired the myths, receiving a decent helping of education with every dose of entertainment.
As a quick aside, it's a bit of a crime there's no mention of any of the actors who played the many roles of the gods and other characters depicted in the series. I'm a film geek and like to know the names of actors so I can find out what other projects they've done, and I was disappointed that the cast of each episode receives no mention or recognition of any kind. The only credit given is to narrator Stan Bernard, who has voiced other History Channel productions and series such as MysteryQuest.
Clash of the Gods looks fantastic on Blu-ray, but with one caveat: all the dramatic reenactments include an odd filter to the image that is clearly intended to reflect the age of the stories or possibly to create the effect that the stories are painted on canvas. While it's an interesting effect at first, it gets a bit old after a while; leaving most viewers likely wishing the whole production boasted a clear, hi-def image, rather than the stylized approach. Even though this is largely a documentarian production, anchored by narration and an understated score, there does seem to be opportunities where a 5.1 mix would have really bumped the experience up a notch, but DTS 2.0 is all you get. There are no extra features of any kind included with this release, but given the fact that it is already a documentary, I'm hard-pressed to think of anything that could or should have been added, aside from possibly an interactive timeline or encyclopedia that features a more complete look at the mythologies that are touched upon in the series.
Will you leave Clash of the Gods with a new depth and breadth of knowledge about the many mythological traditions of the ancient world? Nope. But will you leave with a newly kindled interest in reading more about these characters and the historical traditional that created them? You just might.
The Verdict
Not guilty.
Give us your feedback!
Did we give Clash Of The Gods (Blu-Ray) a fair trial? yes / no
What's "fair"? Whether positive or negative, our reviews should be unbiased, informative, and critique the material on its own merits.
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Overview of the LEA Accountability Report CardInformation about the requirements and contents of the Local Educational Agency (LEA) Accountability Report Card.
The Elementary and Secondary Education Act (ESEA) annual districtwide summary report cards that summarize assessment results of LEAs statewide and disaggregated by student group. Information must also be included on high school graduation rates, teacher qualifications, other indicators used in each state's definition of Adequate Yearly Progress (AYP), and the AYP status of all LEAs in the state.
The LEA Accountability Report Card contains data for the following categories:
Section I. Accountability
- Adequate Yearly Progress
- Academic Performance Index
- Graduation Rate
Section II. Program Improvement
- Program Improvement Status of Schools in the LEA
Section III. Academic Assessment Results
- Standardized Testing and Reporting Program Results
- California High School Exit Examination Results
Section IV. Teacher Information
- Teacher Education Level
- Teacher Credentials
- Core Academic Classes Taught by Highly Qualified Teachers
Section V. National Assessment of Educational Progress Results
- National Assessment of Educational Progress Reading and Mathematics Results by Grade Level, All Students
- National Assessment of Educational Progress Reading and Mathematics Results by Grade Level, Students with Disabilities, and/or English Language Learners
Questions: SARC TEAM | email@example.com | 916-319-0406
Last Reviewed: Tuesday, October 20, 2015
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Shandong Jinma Mansion - Jinan
- Location:
- Address: 262-1 Shanda Road, Jinan, Shandong Province
- Tel: 0531-85106666 (Book this hotel, call 800-2682918)
- Hotel Name in Chinese: 山东金马大厦
- Lowest Price: $29
Shandong Jinma Hotel is a 3-Star-Hotel in Jinan, which belongs to Shandong Jinma Group.
It is located at the foot of the Yan Hill, near by the Jingshi Road, and faces the famous Thousand Buddha Mountain. So beautiful hotel with so nice surroundings is only 5.3km to the railway station and 33km to the airport. Above all, it should be a better place for your travel.
- Prices not include 18% service fee and tax.
- Payment Method: pay using our secure online payment service or pay at the hotel at some hotels.
- Triple/quad occupancy may require an extra bed at extra cost.
Hotel Amenities
|Hotel Services
|Luggage service, Car rentals, Laundry service, Room service, Wake Up Call, 24hr Reception, Permanent English-speaking staff, Business Centre, Copy Service, E-mail, Translation Service, Fax Service, Typing Service
|Room Amenities
|Air conditioning, AM/FM radio, Alarm clock, Color Television, Coffee/tea maker, Telephone, Hair dryer, Iron and ironing board, Refrigerator, Bath and Shower, Free for Internet
Hotel Amenities: Elevator, Parking, Air-Conditioned Facilities, Beauty Salon, Business Center, Gift Shop, Meeting Room, Deposit Box at Front Desk, Fire Detector
Dining Facilities: Chinese Restaurant, Western Restaurant
Print the Taxi Directions
- Please drive me to Shandong Jinma Mansion - Jinan, thank you!
- 请送我到山东金马大厦,谢谢
- Address: 262-1 Shanda Road, Jinan, Shandong Province
- 地址: 262-1 Shanda Road, Jinan, Shandong Province
- Tel: 0531-85106666
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From: $ 29
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Check out the list of all 111 hotels in Jinan


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Heresy though it may be to admit it in our competitive culture, there's a lot to be said for being runner-up. Winners may increasingly take it all in financial terms (in the US, income inequality has been rising for decades), but as Christmas should remind us, there's more to life.
I live near England's second city, Birmingham, and recently went there for a concert in its fabulous Symphony Hall (see my previous post). Whenever I visit Brum, I'm always conscious of being deliberately unsurprised by how pleasant it is these days. Stereotypes linger, and when I was growing up the place had a pretty poor image. For many people it still does. Besides, it's the second city—i.e. not the first. Loser!
The prejudice is unfair. Yes, there are parts of Brum where I wouldn't walk alone in daylight, never mind after dark. But that's cities for you, and Birmingham's council has done wonders in recent years to make it an attractive and enjoyable place. Even the oppressive ugliness of New Street rail station is being transformed. Another big project, the splendid new library, was publicly-funded (fat chance of that these days) and, astonishingly, came in under budget, unlike many projects, public and private. Centenary Square, where you'll find the library and Symphony Hall, is as handsome a space as anything you'll see in London. And no, I'm not on commission.
Yet Birmingham is widely despised. It's often ignorance; the national media and government, largely based in London, seem rarely to notice Brum unless someone's been killed in it (to be fair, this is true of much else outside London). Yet the place has much to offer:
Birmingham is, after all, not only an industrial city; it was home to major artists like the pre-Raphaelite Edward Burne-Jones, great Quaker families like the Cadburys, scientists like Joseph Priestley, poets like Louis MacNeice, etc. (there's a longer list on Wikipedia).
But it's not London. Birmingham always comes second (if not fourth, behind London, Oxford and Cambridge, the so-called Golden Triangle).
Yet being second has its advantages. House prices, for one. They've rocketed in recent decades, but they're still nowhere near the extortionate levels of the Triangle. The countryside's easier to reach and the city easier to drive through than London—and nicer; my route into Brum soars through the spectacular Spaghetti Junction. The people seem better-humoured and less self-important, the pace less ruthlessly frenetic, and the London attitude of charging you for every possible thing hasn't altogether permeated the Midlands. London's a superlative city and a great place to visit, but I'm glad I don't have to live there.
As for cities, so I suspect for people. Second-raters tend to be better balanced, pleasanter, less wearing to interact with, less highly-strung.
When I was at university, there seemed to be—at every stage, in every subject—one person singled out for special favour. We called them BMGs ('brightest mind of their generation'). Some of them, I hope, have lived long and prospered, but many failed to develop the predicted stellar careers. Why? Because, I suspect, of the weight of confidence placed in them. Either they writhed with anxiety at having such great expectations to live up to, or they became insufferably lazy and complacent.
Some BMGs dropped out. Others now have academic jobs, and make their colleagues' lives hell by not pulling their weight. They're the nuisances every department suffers, the ones who wriggle out of any work they can (except research), who exploit good will until everyone longs to get rid of them. Less flashy candidates are much more useful in real-life institutions, where too many putative geniuses can be a nightmare for actually getting things done.
Real life doesn't need a world filled with winners. Society isn't built for it, whatever the 'all can have prizes' brigade would have you believe. And not everyone who doesn't win is a loser. Some simply opt out of the game. Others, too smart to chase the fantasies of money, status and fame, value longer-term goals, like being useful and having friendships with people. In the long run, a wealth of research now suggests that chasing these goals is far better for human well-being. Winners, in other words, win at a nasty cost.
At Christmas and New Year people tend to review goals and values. Perhaps we should think about whether the constant emphasis on coming first is really as fine a thing as it's made out to be.
Happy Christmas!
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