text:
Allergan (NYSE:AGN)
Q1 2010 Earnings Call
April 30, 2010 11:00 am ET
David Pyott - Chairman and Chief Executive Officer
Scott Whitcup - Chief Scientific Officer and Executive Vice President of Research & Development
James Hindman - Senior Vice President, Treasury, Risk and Investor Relations
Jeffrey Edwards - Chief Financial Officer and Executive Vice President of Finance & Business Development
Joann Bradley - IR
Peter Bye - Jefferies & Company, Inc.
David Maris - Calyon Securities (NYSE:USA)
David Buck - Buckingham Research
Gregory Gilbert - BofA Merrill Lynch
Marc Goodman - UBS Investment Bank
Ken Cacciatore - Cowen and Company, LLC
Hello, and welcome to the Allergan First Quarter 2010 Earnings Call. [Operator Instructions] I would like to introduce today's conference host, Mr. Jim Hindman, Senior Vice President, Treasury Risk and Investor Relations. Sir, you may begin.
James Hindman
Thank you, Tara. Good morning. With me for today's conference call is David Pyott, Chairman of the Board and Chief Executive Officer; Jeff Edwards, Executive Vice President, Finance and Business Development, Chief Financial Officer; Dr. Scott Whitcup, Executive Vice President, Research and Development, Chief Scientific Officer; and Jim Barlow, Senior Vice President and Corporate Controller.
Before we move ahead, I would like to remind you that certain statements that we will make in this presentation are forward-looking statements. These forward-looking statements reflect Allergan's judgment and analysis only as of today, and actual results may differ materially from current expectations based on a number of factors affecting Allergan's businesses.
Accordingly, you should not place undue reliance on these forward-looking statements. For a more thorough discussion of the risks and uncertainties associated with the forward-looking statements to be made in this conference call and webcast, we refer you to the disclaimer regarding forward-looking statements that is included in our first quarter 2010 earnings release, which was furnished to the SEC today on Form 8-K, as well as our filings with the SEC referenced in that disclaimer.
We will follow up the Q&A session of this call with a short listen-only segment, where we will provide additional miscellaneous information that relates to our business. Under Regulation FD, in order to be able to discuss this information freely during the quarter, we must be sure that it is in the public domain. This conference call and accompanying webcast are being simultaneously broadcast over the Internet, with replays available for one week. You can access this information on our website at www.allergan.com.
At this point I would like to turn the call over to David Pyott.
David Pyott
Great. Thanks, Jim. Good morning, ladies and gentlemen. First quarter sales growth demonstrates the continuing trend of recovery in our cash pay businesses, which had commenced around the spring of 2009. First quarter results were negatively impacted, albeit modestly in ophthalmic pharmaceuticals by the authorized generic of ALPHAGAN P 0.15%, and genericization of Acular, both in the United States.
First quarter sales increased year-over-year 11.2% in dollars and 6.9% in local currencies, boosted by the strong pickup in the sales of medical devices, which grew 18.4% in dollars and 13.4% in local currencies. The growth in the Medical Aesthetics businesses was even stronger outside the U.S. in all regions and across a wide range of countries, with surprisingly strong performance in Europe.
Operating performance was strong, with non-GAAP earnings per share at $0.65, marking an increase of 18.2% versus the result for Q1 of 2009, and comfortably exceeding the Q1 expectations shared with you, the investment community, of $0.57 to $0.59.
Earnings growth was driven by strong gross margin expansion, especially in the Medical Device segment. Careful spending in the selling, general administrative area, whilst we increased investment in R&D by 11.1% on a non-GAAP.
Within SG&A, we however doubled our DTC expenditures versus Q1 of 2009, which of course was the low watermark for spending when the world economy was in crisis. Our plan is to continue to invest in 2010 across our brands and into the recovery of our markets.
During the quarter, we were pleased that we continued to strengthen our R&D pipeline, supplementing our internally development programs with acquisitions and licenses. In January, we acquired Serica, a company with proprietary technology for use in tissue regeneration especially applicable to breast reconstruction, as well as the license for Ser-120 in Phase III clinical development for nocturia. Strategically, we have made good progress in building up a portfolio of urology assets.
We also furthered our aspirations to be the leader in medical aesthetics also in Asia, by reacquiring the rights to BOTOX Cosmetic in Japan and China and expanded our footprint in fast-growing emerging markets by establishing direct operations for all of our businesses in Turkey, effective from the second quarter.
After the out-licensing transaction with Bristol-Myers for neuropathic pain, we've increased our degree of R&D focus on our core specialty areas.
Now I'd like to comment on our expectations for 2010. For the full year earnings outlook, we have brought up the bottom of the EPS range by $0.02 to $3.11 and have left the top end of the range at $3.15 which at the time of the last earnings call expressly excluded the costs of any healthcare reform bill in the United States. With the increase of the Medicaid rebate, extension to managed Medicaid and expansion of eligible hospitals in the so-called 340B program, we estimate that the cost of healthcare reform in 2010 will be approximately $12 million. This is now included in our outlook.
Looking out further into 2011, we forecast that the expanse of healthcare reform will be limited, costing Allergan in the range of $50 million to $70 million, pretax. Impact on Allergan is proportionately less than that commented by several large pharmaceutical companies reporting before us due to the following factors: First of all, Allergan's mix of medical devices and pharmaceutical businesses, our relatively lower exposure, our low exposure to Medicaid as well as the relatively lower costs of our pharmaceutical therapies.
Now turning to the performance of the businesses, I'll commence with ophthalmic pharmaceuticals, which had a solid growth quarter growing 8.1% in dollars and 3.9% in local currencies, given the headwinds of generics in the U.S., which I commented earlier.
Outside the U.S., the business grew double digit even in local currencies, with exceptionally strong performance in Asia and Latin America. Our focused brands grew strongly, expressed in local currencies, RESTASIS increased 20.5%, LUMIGAN including GANFORT by 12.8% with solid performance from LUMIGAN and massive growth from GANFORT. The ALPHAGAN family declined 12.1% in local currencies affected by the launch of an authorized generic of ALPHAGAN P 0.15% in the U.S. as well as brimonidine generics in parts of Europe, Latin America and Asia. Within the ALPHAGAN family, Combigan grew strongly in double digits even in local currencies.
For the full year 2009, Allergan per IMS Global was the fastest-growing global company for the eighth consecutive year. Looking ahead, we'll lose this title in 2010, but are determined to regain the position as we roll out new OZURDEX indications, LUMIGAN line extensions and bring our next-generation pipeline products to market.
Our strategy in the U.S. to defend our brimonidine franchise with ALPHAGAN P 0.1% and Combigan has been rather successful. Four months after the launch of an authorized generic of ALPHAGAN P 0.15%, our originator brands are still holding on to more than 70% of the trailing prescriptions of all brimonidine-containing products.
In the U.S., RESTASIS continues a strong track record of growth, as its prescriber base has grown, access is improved through better coveraged managed care plans and patients are educated by our DTC advertisements. We continue to work on getting RESTASIS approved in Europe, Canada and Australia.
Regarding OZURDEX, we are pleased that we're now beyond the initial challenges of reimbursement. CMS has just added OZURDEX to the so-called Not Otherwise Classified list to establish average selling prices, so-called ASP, plus 6% for all the Medicare carriers. The permanent J Code should be established by January 2011.
In Europe, we continue to gain share in glaucoma and artificial tears. The European glaucoma market is undergoing many changes. Cosopt has been genericized in several key markets. Alcon is investing heavily in the launch of Azarga. The LUMIGAN 0.01%, that's our product, is now on the market in the U.K., Germany, Netherlands and parts of Scandinavia, with most of the other key European markets to follow during the course of 2010. We are very pleased with the performance as is the case with GANFORT.
GANFORT was also approved in Austria and South Africa. OPTIVE was approved in Korea and New Zealand. In Latin America, we're gaining further market share in tears and are holding share in glaucoma, even as ALPHAGAN is impacted by generics.
Turning to BOTOX, sales growth has picked up relative to trends seen across 2009, with growth versus the first quarter of 2009 at 11.3% in dollars and at 6.6% in local currencies. Sales of $331 million were only modestly lower sequentially than Q4, which is always seasonally the highest quarter of the year. Most of this increase was due to the more economically sensitive aesthetic side of the business, as the benefits of the upper-limb spasticity FDA approval in March occurred too late in the quarter to contribute to our sales results.
Outside the U.S., we enjoyed very strong double-digit increases across a wide range of countries, with surprisingly strong growth in several of the main European markets. These global markets are precisely where we are successfully dealing with multiple competitors.
It would therefore seem that the market is recovering as we can measure our market share with only a short time lag. In Europe, on the aesthetic side, we're holding share at just under 80%, as we deal with the incursions of both Merck's, with their Zymine and Bocatua [ph] brands and Galderma with Azzalure.
On the therapeutic side, it seems that most of ZMM's market share gains have been at the expense of Dysport. In the U.S., BOTOX sales growth is less buoyant, as there was no base of Dysport sales in the prior year, but it is clear that the market is growing again.
We estimate that in the aesthetic market, Dysport had somewhere between 13% and 14% share in the first quarter. We'll be curious to see the lasting impact of the Dysport Love It or Leave It promotion after it terminates at the end of May.
In the therapeutic market, Dysport's share is so far negligible, given the long history and experience of BOTOX use. In Europe and the U.S., we have recently introduced a 200-unit vial, which is useful for injectors treating large muscle groups, as well as for differentiation from competition. Regarding global market share for the fourth quarter, the last quarter for which data is available, we estimate that BOTOX held 79% share in a market growing 13% year-over-year.
Regarding the clinical program for BOTOX for chronic migraine, the clinical trial results of our PREEMPT program were published in Cephalalgia, the journal of the International Headache Society. Regarding facial aesthetics, we've experienced an even stronger rebound in sales than observed with BOTOX. Dermal filler sales grew year-over-year, a very strong 42.4% in dollars, and 34.5% in local currencies, with great growth in all operating regions of the world, with Europe again surprising on the upside.
In the U.S., we've seen huge growth in the JUVÉDERM line since the launch of JUVÉDERM Ultra XC, this is the lidocaine-containing product, in early February. Although we have gained some market share, it would seem that the market is responding strongly to the reduction in treatment pain experienced with this lidocaine-containing product and already a substantial share of the mix is attributable to JUVÉDERM Ultra XC.
We have just initiated print advertising for JUVÉDERM XC and have a PR campaign with TV host Dayna Devon, as our spokesperson to further drive growth. In Europe, we launched new additions to the JUVÉDERM product line, JUVÉDERM Smile at the IMCAS Conference in Paris in January and JUVÉDERM Hydrate at the Anti-Aging Conference in Monaco in March. JUVÉDERM Smile was also approved in South Africa, JUVÉDERM XC in Korea and JUVÉDERM Ultra Plus in Taiwan.
Voluma was recently launched in Brazil and also approved in Taiwan.
Based on our analysis of the world market in Q4, which we estimate grew 12%, it is clear that global market growth has accelerated since then. Our analysis also points to JUVÉDERM market share gains in all regions of the world. Beyond superior product performance characteristics, Allergan also benefits from having full product line.
For breast aesthetics, Q1 registered a further improvement in business conditions, with sales growing year-over-year 17.7% in dollars and for the first time since the recession began, at 14.0% in local currencies, with all operating regions growing double digit even in local currencies. In the U.S., we estimate that overall market share was stable, with Allergan gaining some share in gel and losing some share in the lower cost saline segment.
Outside the U.S., we estimate that we've gained some share due to the strength of our local operations that enjoyed the scale of a full line versus some of our smaller competitors.
In France and Brazil, sales of PIP have been suspended by the French and Brazilian Ministries of Health. Our Natrelle line was approved in the Ukraine.
Moving on to skin care where almost all of our sales are in the U.S., sales increased year-over-year by 32.1% in dollars. Axon sales expanded massively given the small prior year base, which occurred shortly after launch. Sales growth of TAZORAC and Azalex were modest whilst LATISSE sales soared by 52.6%, Q1 sales of $18.8 million were sequentially $7 million lower than in Q4.
Some part of the decline is perhaps due to seasonality as Q4 is the highest quarter of the year for BOTOX dermal fillers. At the margin, trade inventory was also in retrospect a little higher than our normally targeted level. But perhaps most importantly, experienced LATISSE users are learning how to stretch out a bottle of product, which is good for the economics of the use but of course means that we have to recruit more users to attain the same value sales.
Reflecting back on the experience with the early years of BOTOX Cosmetic, we have probably brought on board the earlier doctors, but now need to expand into the mainstream. Clearly there's lots of potential, as doctors and consumers are pleased with the performance of the product. And we estimate today that only 20% to 25% of BOTOX Cosmetic users are buyers of LATISSE. Our investment in DCC will continue throughout the year.
In order to stimulate demand for LATISSE from existing users of Allergan products, we are currently running a LATISSE anniversary offer with coupon which gives $50 off for BOTOX treatment and $50 off a treatment of JUVÉDERM for a total of $100 rebate with the purchase of LATISSE.
Regarding the obesity intervention product area, sales remained rather flat, with an increased year-over-year of 2.3% in dollars and a decline of 2.2% to local currencies. A small decline in the U.S. was offset by reasonable growth x U.S. with varying performance around the world.
In the U.S., we believe that the cash pay portion of our business, which is extremely sensitive to the economy and unemployment, has now bottomed out. And that we're beginning to see growth in the reimburse segment of the market. This LAP-BAND cash pay business was disproportionately impacted, relative to the facial and breast aesthetics businesses as the out-of-pocket expenditure at over $14,000 is the highest.
Furthermore, regarding our performance in the U.S., it seems that our market share losses to the REALIZE Band from Ethicon have been stemmed with only a loss of approximately two market share points comparing Q1 2010 to Q1 of 2009.
For March, we estimate the LAP-BAND has regained to a 75% market share. LAP-BAND sales returned to good growth in Canada and the U.K. Our ORBERA Intragastric Balloon sales grew strongly on a small base in Europe, parts of Latin America and Australia. Given the central role of treating obesity in the health care debate both here in the U.S. and around the world, we remain convinced about the long-term potential of this category.
Finally commenting on urology. Sales of SANCTURA and SANCTURA XR declined 22.6% in the quarter year-over-year. However, based on acquisition dollars reported by SDI-Verispan, sales for the first quarter only declined 3.2%. The difference between ex-factory sales is mainly explained by an accrual for a Patient Rebate Program, which started at the end of March, as well as a very minor change in channel inventory from one year to the other. With the merger of our medical dermatology and urology sales teams into a larger combined force, as well as the addition of a Quintiles sales force in the primary care and OB/GYN channels, both at the end of last year, we're confident that we'll see a build in sales across the remainder of 2010.
I would now like to pass over to Jeff Edwards who will comment our financial performance.
Jeffrey Edwards
Thanks, David, and good morning to all of you on the call. The first quarter of 2010 represented a strong start to the year for Allergan as we have experienced strong performance across each of our geographic regions, particularly on an x U.S. basis. We've also continued to see signs of improvement in the economy and as a result have seen improving performance across our cash pay aesthetic businesses. Allergan was again able to over-achieve our sales and earnings per share expectations due to our broad base of business and strong competitive positions within our specialty areas. Non-GAAP diluted earnings per share for the first quarter was a very strong $0.65 per share. Coming in above the top end of our range of expectations and marketing an 18.2% increase of 2009 results for the same quarter. It is worth noting that these favorable results were generated in the face of the genericization of both ALPHAGAN P 0.15% and the Acular franchise. Moreover, Allergan was able to deliver this strong first quarter earnings performance even as we continued to reinvest into the future growth drivers of our business. A reconciliation of all of the adjustments to GAAP earnings is set out in our earnings release.
Excluding the effects of non-GAAP adjustments in the amortization of acquired intangibles, Allergan's Q1 2010 gross margin of 84.6% increased 150 basis points when compared to the prior year, as Allergan saw modest improvements in its pharmaceutical margins and very strong improvement in its medical device margins. This increase in medical device margins was driven primarily by year-over-year standard cost improvements, favorable volume-based manufacturing variances, favorable inventory pricing -- breasts being the biggest contributor given our low-cost manufacturing base in Costa Rica -- and lower year-over-year inventory provisions. The non-GAAP selling, general and administrative expenses to product net sales ratio for the first quarter was 42.3%, totaling $468 million, an increase of approximately $46 million over the same quarter of 2009, as we continued to see signs of recovery in our cash pay aesthetic businesses and implemented targeted investments to further stimulate and support our future growth.
Importantly, we continue to believe that the economic recovery will be somewhat slow and gradual. As such, our commitment to managing Allergan's cost structure wisely to limit waste and direct our capital to the highest-yielding investments will continue to be unwavering. Non-GAAP research and development expense were 16.3% of product net sales for the quarter, totaling $180 million, an increase of approximately $18 million over the first quarter of 2009, as we continue to fund new projects and invest into a promising pharmaceutical and medical device pipeline. We anticipate that Allergan's quarterly research and development spend will increase on a sequential basis over the course of 2010.
Excluding the effects of non-GAAP adjustments, Allergan's first quarter operating income ratio increased by 170 basis points when compared to the first quarter of 2009. Allergan's disciplined approach focused on maximizing investment return, improving cost structure and controlling general expenses has enabled the company to produce its improved operating income margin. With respect to our balance sheet, consolidated Allergan day sales outstanding was 46 days while consolidated Allergan inventory days on hand was 118 days.
At the end of the first quarter, Allergan's cash and cash net of debt positions totaled approximately $2 billion and $471 million, respectively. Allergan continued to maintain exceptional cash flow generation capabilities in the first quarter, with operating cash flow after capital expenditures of approximately $161 million, an increase of approximately $56 million over the first quarter of 2009.
These strong cash balances and broader access to liquidity provide Allergan with the ability to remain proactive with respect to our ongoing pursuit of strategic acquisitions and licensing opportunities, as was apparent with the various business development activities announced during the first quarter.
As we move forward through 2010, Allergan's plan is to continue to carefully monitor each of our markets and manage business expenses and investment opportunities in appropriate manner and with the goal of producing high-quality financial and operational results. As I've mentioned in the past, we continue to be very thoughtful in our evaluation of our expense base to ensure we are leveraging in the appropriate areas and are operating the business with the most efficient and appropriate cost structure necessary to remain competitive in today's markets. Although we believe that the markets have clearly stabilized and, in many cases, have shown signs of positive trends, we understand that some continued caution is prudent.
For the second quarter of 2010, Allergan estimates product net sales in the range of $1.190 billion to $1.230 billion and non-GAAP diluted earnings per share to be in the range of $0.79 to $0.81. Regarding full year expectations for 2010, to repeat what David Pyott previously said, Allergan now expects non-GAAP diluted earnings per share to be between $3.11 and $3.15, which represents growth of between 12% and 13%. This expectation now includes the estimated impact of U.S. healthcare reform legislation which was specifically not included in our previous expectations provided during our fourth quarter 2009 earnings call. For 2010, we estimate the impact to our business from healthcare reform to be limited to approximately $12 million. As a consequence of our current strong performance and confidence in our 2010 expectations we'll be absorbing the healthcare reform impact and raising the lower end of our full year non-GAAP diluted earnings per share expectations by $0.02 to $3.11 while maintaining the top end of our expectations at $3.15.
We are also adjusting our full year projections for the effective tax rate on non-GAAP earnings to approximately 28%. All other expectations provided on the February 4, 2010 call remain unchanged. The first quarter represented a strong beginning to 2010 for Allergan. We hope to continue to build on this momentum as we continue through the year and look forward to new opportunities emerging for Allergan this year. So with that, operator, I'd love to open the call for questions.
Question-and-Answer Session
[Operator Instructions] Our first question comes from David Buck of Buckingham Research.
David Buck - Buckingham Research
Can you talk a little bit about the decision to take back BOTOX in Japan and China and what you see the impact being near-term as you launch those products? And then for Scott, on the migraine indication, can you give us some sense of whether you're expecting at this point a panel to discuss the application before the PDUFA?
David Pyott
Okay I'll take the Asia question first. I think first of all, we're very pleased with the collaboration with GSK. Their skills and the knowledge base in regulatory affairs in both Japan and China are really first rate and I'd really like to acknowledge all that they have done in our collaboration. I think as everything we do we really believe in focus. And it became very clear that GSK is a great company in urology. But aesthetics was more of a new field for them. And I think secondly, as we've learned more and more about the construction of this medical aesthetics market, there are tremendous benefits of having a full line of products, i.e., not only BOTOX Cosmetic and JUVÉDERM and breast aesthetics or now in the case of the U.S., LATISSE as well, and so bringing all this together makes eminent sense. Now of course, sales build in Japan and China great potential, great opportunity, but will be relatively slow. So I think you should see more results from this in 2011 than 2010. I think now over to Scott?
Jeffrey Edwards
So David, on the question of the review, the review continues in our view to be progressing well. We don't comment on specific interactions with the agency and ourselves. But as you know, the guidance is that FDA needs to notify and post a projected advisory committee approximately two months before it occurs. So I suggest you just need to look for postings. Obviously, the closer we get to the summer, the less likely an advisory committee will come.
Your next question comes from Annabel Samimy, Thomas Weisel Partners.
Annabel Samimy
Really quickly in terms of the aesthetics, are you seeing more of an expansion of the market or market share grab when you're talking about a recovery of the market?
David Pyott
Well, I think it's kind of a mixed picture. If you reflect upon my opening statements, first of all, on the BOTOX aesthetics side, clearly we have new competition. And so, we have to accept on a worldwide basis and especially in the U.S. that we have to lose some share, as much as I'd love to keep 90%, that's not going to happen. And therefore, it's all about market growth. And I think there's two factors to that. One is what I'd call the recovery aspect and we're looking carefully in all our markets to see when do we get back to the – or when can we project we will get back to the high water mark pre recession. We look at that carefully. And secondly as market leader, our job is intrinsically to expand the market through our marketing efforts and through product innovation. So that covers BOTOX. On the filler side, I remarked that there the market seems to be really picking up both in the U.S. and around the world. And looking through regions, it's quite clear that we have a strong market share gain underway. If we look at breast aesthetics, I'd say my remarks, U.S. relatively stable, international's more difficult to gauge. But there it seems that we're marginally gaining share in most regions of the world. So I think that covers the, kind of, the big areas. And of course, LATISSE still to come in many markets x U.S.
Annabel Samimy
One more regarding OZURDEX. We haven't really heard much about adoption of that product or about the data that came out, in combination with Lucentis and where you're going to go with that combination?
David Pyott
Maybe I'll cover the commercial side and then if I've missed something Scott can add his views, of course, as a retina specialist himself. He's uniquely qualified. As we predicted, OZURDEX is one of those slow build products, also due to complicated reimbursement. We, of course, very much knew that retinal vein occlusion was the smallest indication. But, of course, Scott also understood with his R&D team is the quickest way to market. So that was step one. Step two is uveitis and then, of course, the expanding on from there. And in this field, date of publication as your reference is really important.
Scott Whitcup
This is Scott. Just a couple of other things to add to David's comments. You raised one of the other studies. We have a couple of additional studies that we've presented at a couple of meetings. One was OZURDEX Plus Lucentis in Patients with Age-Related Macular Degeneration. The goal of that initial study was to see if adding OZURDEX had some benefit in terms of visual acuity, decreased retinal thickness times the injection and we did see a biological effect and so the plan is to do some follow-on studies to that. The other indication, which is of interest to study is following the vitrectomy. As you know, many patients with retinal diseases need to have the vitreous removed. That changes how other drugs injected to the back of the eye act. But OZURDEX is a sustained relief. It looks like the same in a – that's had a vitrectomy as one that's not. And so we've been urged by a number of retina specialists to look at that in clinical trials. We did a small trial in diabetic macular edema with good effect, despite the patients having vitrectomy where other therapies don't work. So as David said, we have uveitis, which is sitting at the FDA, with hopefully approval later this year. DME, diabetic macular edema, further out because it requires three-year study. We're also doing a number of additional studies and publications. Finally, we're looking for our initial approval of OZURDEX in the macular edema with retinal vein occlusion in Europe later this year, which I think will also help sales.
Our next question comes from Marc Goodman, UBS.
Marc Goodman - UBS Investment Bank
Jeff, you mentioned that you're assuming that the economy is going to be slow coming back and yet it feels like it's much, much faster and you kind of start feeding your revenues, so I'm just curious are you all spending as if it's going to be slow coming back, as if we're going to get some real leverage if, in fact, you get another second or third quarter like the first quarter with the cash pay businesses returning like that? And I'm also just kind of curious your thoughts on, like, how much pent-up demand do you think there was for these products, and maybe that's what happened in the quarter or is this just real demand and you're just experiencing the same thing? The rest of the economy? And then just on the gross margin, can you just comment on the sustainability of some of the things you brought up already. You mentioned -- whatever the reason, I forgot what you mentioned, lower inventory provisions, all sorts of things, I wrote them down, I can't even read my writing. But all those things, I mean how much is sustainable is really what I want to get to?
Jeffrey Edwards
With respect to the economy, it's nice to see that our business is rebounding. We're showing some spunk here, which is great. That being said, if you look at most economic indicators, it's not obvious that there's going to be a rapid recovery, so I think we're being cautious because of what we see with respect to those indicators. So the investments we're making are really focused where we believe the investments will have an impact. So there's fewer investments being made that are reaching investments, if you will, and more investments that we're making that we believe will have a notable impact. So we're being cautious because of the indicators we see. However, we definitely see some improvement in these businesses, particularly on the cash pay front, particularly those that are more affordable. So we want to make sure that we're investing in front of a more aggressive recovery. So that's our approach. It is focused. It is thoughtful. And then I'll let David respond to your question about, well let me hit gross margin first. And then David will respond to your question about the… yes. So on the gross profit side, we provided guidance for the year and we haven't altered that guidance. We think that our cost structure is really well positioned. 2009 in spite of being a very difficult year operationally, for all of us, resulted in some really interesting sustainable improvements, particularly on the standard fronts. The standard cost was one of those areas where our operational organization focused on putting sustainable long-term improvements in place. And we're the beneficiary of that this year. Of course you've got Costa Rica, which we've talked about for a long time on the breast front. But we're seeing higher volumes there as well. So not only have we moved to a lower cost location, of manufacturing, but we're also seeing the benefit of much higher volumes. So of course we're throwing off favorable variances and as long as we're seeing very high volumes, we're going to see wonderful variances that are favorable in nature. So we're positive with respect to the margin, but the guidance is the guidance at this point in time.
Marc Goodman - UBS Investment Bank
If I look at sort of the market dynamics, the only area that I still ask myself the question, is there pent up demand is the breast aesthetics area? Was there a conscious postponement, thinking there obviously this is a higher ticket item than facial aesthetics, whether it be JUVÉDERM or BOTOX? Frankly, we don't know yet, and we're just watching to see and unfortunately it's like lots of economics, we'll know better when we look back than when we're trying to forecast the future. I think as I said for fillers, I have the sense that with these lidocaine-containing products and I think we really have an excellent product with JUVÉDERM Ultra XC, I think there's a lot of new consumers either coming into the market for the first time or people who for whatever reason tried one, didn't like it and now are saying I'm going to come back and use this new product because it really is dramatic in difference, in terms of pain and really more comfort, and less bruising. And then, of course, on the LATISSE front, it's very clear there's new users coming into the market. Not only off the product, i.e., those that use BOTOX because they're in their -- let's call it late 30s, 40s, 50s -- but clearly there's a younger age group coming into this category as well. And that's very healthy when one thinks about the very long-term creation of this medical aesthetics market as a broad, broad category, a collection of products and procedures.
Our next question comes from Greg Gilbert, Banc of America - Merrill Lynch.
Gregory Gilbert - BofA Merrill Lynch
Back on headache, has there been any noticeable uptick in BOTOX use for headaches since the publication of the data? I know it's early and maybe, David, you could offer some comments on the commercial planning that's underway now in case this is a 2010 launch?
David Pyott
Right. Well, first of all, physicians read the papers and posters but, of course, we assiduously are avoiding any discussion of migraine. And I think also this is in any case because of the nature of the product, long cycle, because this isn't the case of read their paper, prescribe the drug as if it was an oral drug. You actually have to find out how to use it, how to mix it, how to administer it. It's quite complicated. And there is the real benefit that once we have an indicated approval then we can go and educate physicians in an appropriate manner. I think on the commercial side, as normal we plan for success, and so we've thought very carefully about deployment both in the United States, Europe and elsewhere. And clearly that will be an area where the more certain we become, the more we're going to keep opening the purse to spend appropriately. Because it is one of our biggest opportunities in the coming three, four, five years.
Gregory Gilbert - BofA Merrill Lynch
And then the geographic question, David. What geographies do you want to build a new presence in or perhaps enhance an existing presence? We see your sales mix is up, it's shifting outside the U.S. a bit. And you've made some announcements of late, so any crystal ball comments about other regions?
David Pyott
Well first of all, clearly with the impact of healthcare reform, and all of you have been reading the diatribe of numbers from all companies, it's lessened the attraction of the U.S. market, relative to the rest of the world. We too just like the big Pharma companies are looking at emerging markets. Now fortunately we've had a great presence in many of those markets historically. I'd particularly point to India and Brazil of the big ones, but you've seen us build really almost a zero direct presence in Korea to covering every single business ourselves. Today we announced Turkey, which will be all businesses, and we're actively working on other markets, which I'm sure we'll announce in the next 3 to 6 months, and things are really underway. And here again, we see the benefits of a really strong management team where we have to add people, clearly when we set up direct operations. But given the regional management structure, this is, I don't want to say trivial, but something we can take in our stride.
Our next question comes from David Maris, CLSA.
David Maris - Calyon Securities (USA)
First on Brazil, can you talk a little bit about your business there and how the new tax deductibility for implants and fillers has affected it. Is it meaningful? Have you seen it yet? Separately, on the recovery that you mentioned, that you said is gradual but steady, how is that differing from the U.S. to Europe and Asia in the aesthetics market? And is it average ticket or volumes or both? And then lastly, on healthcare reform, there's some changes that could kick in, in 2011. I know given the business mix and how it changes and it's a year away that you may not be able to give exact guidance on that. But relative to this year, what sort of proportion should we be thinking about incrementally year-over-year '11 to '10, as you look at it right now?
David Pyott
Maybe I'll take the last one first. In my prepared remarks, basically, this year we said we estimate around about $12 million, which is due to basically Medicaid rebates going from the 15% to the, what is it, the 23%. We are relatively unaffected by the expansion of the eligible hospitals and the 340B and managed Medicaid. So we've been looking at other companies' numbers and it's very clear even on a proportionate basis our impact's rather low. I also then talked about 2011 where we gave you a kind of a bracket of everything costing somewhere between $50 million and $70 million. And clearly the biggest component of that is the drug industry fee. And one of the reasons this has the highest impact is because it's non tax-deductible. So you kind of get a double whammy. And we don't get any breaks, because whether the products are reimbursed or cash paid, unfortunately, we are paying our portion of the pot. So I think that gives you a good bracket there. And really the only other material change is whether the industry fee changes, and we've all read that kind of schedule of numbers. And then just as a quick reminder, the medical device fee doesn't kick in until 2013. So there's another tiny little shoe to drop later on.
Now talking about Brazil, we have a very strong presence there because we have almost 40% market share in ophthalmology. That was our foundation stone. If you look at aesthetics, that's a market culturally that is very responsive to these products. And in fact, if we look at, say, the breast aesthetics business, in units it's the second largest market in the world after the United States. And about a year and a bit ago, we established a direct selling operation, which has really produced first-class results and I'd really like to compliment our Brazilian management team. And as a sort of further booster to all of this, given that there are import duties going into Brazil and there's a entrenched Brazilian competitor who also exports to Europe and other places, that's Silimed. With our Costa Rican manufacturing base, we're now really able to compete in a very effective manner.
Next question I think you had was in terms of kind of what the gradient of recovery and, of course, I too look at that very carefully market by market, region by region. And in my remarks, I think, I said it two or three times, which usually means that it really caught my attention, the real surprise for me when I look around the world is Europe. When I kind of read the newspaper and because I've lived in many of those countries, think about all the malaise, in particularly Britain or Spain or Portugal and all those places, yet the markets are real strong. And admittedly coming off a very weak base of Q1, but of course I'm looking through Q1, Q2, Q3, Q4 and so on. So it appears that although we look at indices, these are products that are quite high on people's desire to open up their purse and start using the products again or shortening the gap in the cycle between treatment A -- or one, two and three. So I'm only giving you a sense of this because it's real mix of different gradients and I'm looking at them very carefully, market by market, around the world. And I think really the next time for you to talk to us about this will be when we have the earnings call roughly three months from now, where we'll have much better trend lines.
Our next question comes from Ronny Gal, Bernstein.
Ronny Gal
Now that you've signed an out-license deal with Bristol on one of your pain medications, I'm kind of assuming that you kind of know what you're going to go with or likely to want to go with in terms of pain development. If you can comment on that. Where do those products stand in development? Second if you can remind us on the timing of your European, I guess equivalent to PDUFA, for BOTOX headache and LATISSE? And third, if you can help us a little bit understand the economics of beginning to do your own marketing in international countries. Essentially on an operating profit basis, what kind of profit are you seeing when you out-license a product and when you keep that portfolio in-house?
David Pyott
Scott, if you want to cover the BMS question first?
Scott Whitcup
Ronny, we announced a compound that we had in early-stage development for neuropathic pain. We out-licensed to Bristol-Myers. We actually had three pain programs that we said we were going to take those to an early stage. And then make the appropriate portfolio call on what we would do internally and what we would look to out-license. Among our pain programs, we had the reengineered BOTOX targeted for pain. And given that that fits what I'd liked as our R&D model, which is where possible local delivered therapy, and since it's in the BOTOX realm, where the leaders in R&D, we made the call to move ahead with that program. So that's basically finishing its Phase I testing. Although we designed our Stage I studies to have some proof of concept, those data probably will be available I would guess end of the year publicly. And we're already in the process of designing our Phase II programs for the targeted toxin.
David Pyott
So regarding Europe for chronic migraine, we announced that we'd filed in several European countries just after the FDA submission. So usual time clocks, we expect some action also from a couple of European countries during the remainder of 2010.
And then you had a question about LATISSE. This was one where, unfortunately, we had to do an extra study in Europe. And so that one is in the 2011-plus category. So unfortunately, I'd love to tell you it's right round the corner but, well, in drug terms, it's right around the corner. But in any other terms, it's a little bit away.
Then your last question was about direct operations. And I think I'll give you the example of Turkey, where clearly up till now we were paying a margin to our distributor, an excellent company, in fact, the largest Turkish pharmaceutical company. And naturally, it was a very old contract and these days, we're a lot smarter than that in terms of the way we write our distribution agreements. But there it's basically pay the partner something for lost profits in future and basically recapture the much higher margin. So the punch line there is we increased dramatically our gross margin, have greater spending below that line, of course, because we have to pay for sales force and marketing and so on, which then leads to higher contribution margin. And also of course, we're changing our revenue base from priced-to-distributor to price-to-wholesale. And so there's a pickup from that as well. And Turkey actually is one of the largest markets. If you want to be politically correct because it's kind of right on the edge of Europe, one part of it literally is in Europe, not yet in the European Union, but a very substantial market within the European, Africa, Middle East region.
Ronny Gal
And if you could just overall, if you kind of think about it sales and particular [indiscernible] of $100 million, $150 million, what would be the difference in profit in operating margin between a distribution model [indiscernible] itself and kind of on a long-term running basis?
David Pyott
Well clearly particularly a market say like Turkey and there's some other ones where you have scale, there you see all the benefits that you see running right through our global P&L. So we know how to do the math and there's markets that have scales that are really interesting. And then there's some markets, I used to work in them that are quite small. And it's probably best just to leave them with your partner and make sure you have a good partner.
Our next question comes from Peter Bye, Jefferies & Company.
Peter Bye - Jefferies & Company, Inc.
A couple of questions maybe related to the build-out internationally and your sales and marketing expenses. Just tell me if the math we're looking at is correct, maybe it's a $17 million hit to FX and SG&A. And if you're doubling your DTC this quarter, it took about 10% of your expenses last year of $185 would be $18. It really appears you only spent an incremental $10 million x marketing on SG&A, a lot more leverage than we've sort of seen in the tab financial leverage? Are you planning on spending a lot of that going out and building the infrastructure as you guys sort of move from Europe into East Asia?
David Pyott
Well, first of all, I made the remark in my initial statement, regarding DTC year-over-year it doubled but, of course, before one gets too excited about that, we were being really, really cautious in Q1 of '09 because, of course, everybody whether you worked in the financial community or on our side of the house, we're all trying to work out where was the bottom, where are we going, how do we survive. And so really, I think you were kind of backing into the question of if we spent $185 million last year, what could we be spending this year? And I'd say at a very high level, broadly comparable, because we've said over time, there's an ability to leverage some DTC because I understand consumer marketing models very well given my prior life before I came to Allergan. I think then the second sort of thing you were pointing to was really a bit similar to Ronny Gal's question about when we take on direct marketing operations, clearly you're going to see at the margin an increase in sales and marketing expenditure, i.e., for you within the SG&A line. But of course it's more than offset by an increase in gross margin, as we go from sales to distributor price level to the much higher capture of direct to market. So I'd say all those kinds of exercises that we're going through, you've got to be careful with the thought of instant payback, but it's really, really short, certainly within a calendar fiscal year.
Peter Bye - Jefferies & Company, Inc.
On the follow-up on the healthcare reform, when you think about your annual growth targets to deliver EPS and shareholders, do you consider like the incremental cost next year to be, I know they're ongoing, but is that a one-time hit? Did you think about well, hey, maybe I can't deliver 15% because I've got this one-time hit? Or do you think you can still sort of deliver your 15%-type growth with that kind of hit? I mean how do you view the healthcare implementation, that incremental cost next year?
David Pyott
Well, first of all, as I alluded, if one thinks even further out, either you have the initiation of the medical device fee starting in 2013. So that's a disparate event. But then when you look through all those schedules of taxation, it was, if not a leap, there's a gradual ramp. I'm sure you're all -- whether it be Allergan or other companies you cover -- trying to do the same model and, of course, we've done it. Surprise, surprise. And we don't have the perfect crystal ball, but we can certainly analyze each segment of these fees and taxes. So then kind of getting into the question of what are we going to do about it? I've been very vocal inside the company, not only with the management, but even with the board to say I think a bad company just rolls over and says, okay, it costs "x" and therefore that just comes off the aspirations we have. We really want to work on how do we further tune up, tone up our sales and marketing process to become more efficient. How do we do that with an R&D and we've already done it in G&A, but basically everywhere and, of course, I refer to sales and marketing and R&D as the biggest cost blocks.
So the final question in terms of long-term guidance. That one I can't answer, because we always give guidance at the beginning of the year. And of course in expectation of that question if you could tell me how many products I'm going to get approved when, that's just a joke. That would be very helpful as well so you understand the issue, right? And in terms of maybe one last remark, when I was listening to questions answered by Jeff, he very appropriately talked about the caution in terms of economic recovery, but we still have a couple of products that we should get approved this year. And once I've got them in the bag, I'll feel better than just being hopeful about them.
And that will come from Ken Cacciatore, Cowen and Company.
Ken Cacciatore - Cowen and Company, LLC
First on spasticity, David, you alluded to the point that it really hadn't impacted the quarter yet. Can you just give us a sense, and we know it's used fairly broadly already in spasticity, but can you give us a sense of maybe some of the other channels you're targeting now that you have an approval and help us once again size that opportunity and then maybe Scott, on overactive bladder, if you could give us a sense of timing of the neurogenic filing and maybe some commentary on the enrollment in the idiopathic and timing there as well?
David Pyott
Actually I'll cover both because Scott has just had to leave for a plane to go to Oslo in Florida, which is the big meeting for the retina group. First of all on upper limb spasticity, many times I pointed out that this is the largest use of neurotoxin around the world. And a bit like what I said earlier regarding training, this is a product that is almost like a surgical procedure, although it's a drug. And so knowing about something is cool, but actually how to do it, how to administer it, how to get the optimal treatment, I don't want to call it an art form, but it's certainly an accumulated knowledge bank. And so having the ability to actually train doctors appropriately is a huge deal. I think the other thing that we knew for years from Europe and elsewhere around the world, is the fact that getting into the referral networks of physiotherapists and physiatrists is really, really important. And, of course, now we'll be able to do that. Whereas, of course, that was totally prohibited by our selling and marketing and all of our ethical guidelines. In terms of the two OAB questions, neurogenic will be filed before the end of this year, 2010. And idiopathic, we're kind of coming towards the end of our Phase III enrollment, so everything's on track. And that's still then in terms of approval, a little bit further out. And that really goes back to this issue that I kind of at a high-level talked about that we're pleased that we're now building a urology platform with the external deals we did complemented by our internal programs.
James Hindman
We'd like to thank you for your participation today. If you have any further questions, Joann Bradley, Emil Schultz and I will be available immediately following the call. Joann will now take five minutes to give you market share data.
Joann Bradley
Thank you, Jim. The following market share data we are providing is Allergan's good-faith estimates based on the best available sources for data such as Biomass, as well as Allergan's internal estimates. The market size, share and the growth rate information is a moving annual total or trailing 12 months as of the end of December 2009. The market for ophthalmic is approximately $14.6 billion, growing at a rate of 12% and Allergan's market share is 16%. The market for glaucoma approximates $5.4 billion, growing at a rate of 7% and Allergan's market share approximates 19%. The market for ocular allergy, approximates $1.2 billion, growing at a rate of 8% and Allergan's market share is approximately 5%. Plain ocular anti-infective market is roughly $1.2 billion, growing at a rate of 8% and Allergan's share is 12%. The market for ophthalmic nonsteroidal anti-inflammatories is about $480 million, growing at a rate of 17% and Allergan's market share is 33%. The artificial tears market, inclusive of ointments is approximately $1.4 billion, growing at a rate of 9% and Allergan's share is 21%. U.S. topical market for acne and psoriasis is roughly $2 billion at an annual growth rate of 13% and Allergan's share is roughly 7%. The top 10 markets for neuromodulators are roughly $1.3 billion, growing at a rate of around 3% and BOTOX has approximately an 88% market share. The worldwide market for neuromodulators is roughly $1.7 billion, growing at a rate of around 3% and BOTOX has around an 81% market share.
The worldwide market for dermal facial fillers is roughly $650 million, declining at a rate of roughly 8% and Allergan has approximately a 33% market share. The U.S. market for dermal facial fillers is roughly $270 million. The worldwide breast aesthetics market, both aesthetic and reconstructive is roughly $770 million, declining at a rate of about 7% and Allergan has about a 37% market share. The worldwide bariatric surgery market for the Band and Balloon segments only is roughly $360 million, declining at a rate of around 7% and Allergan has approximately a 59% market share. And that concludes our call for today. Thank you.
Thank you. Once again, that does conclude today's conference. Please disconnect all remaining lines.
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.
If you have any additional questions about our online transcripts, please contact us at: firstname.lastname@example.com. Thank you!


text:
Pasoni Tasini commits to Utah
January 29, 2012 - Robert Collias
The Deseret News in Utah is reporting that Baldwin High School defensive lineman Pasoni Tasini has verbally committed to the University of Utah.
The 6-foot-4, 245-pound Tasini is the reigning MIL Boy Athlete of the Year and was a four-sport MIL first-team All-Star last year. He was also the MIL Defensive Player of the Year in football in 2011.
Tasini visited Oregon State last weekend, Chad Kauhaahaa was here last week to watch him play basketball and he also had offers from Hawaii, OSU and UNLV.
He is traveling back from his trip to Salt Lake City now and we will have much more on this developing story in tomorrow's paper.
National Letter of Intent signing day is Wednesday.
Article Comments
No comments posted for this article.
Post a Comment
You must first login before you can comment.

subset: commoncrawl


text:
Our bedtime routine usually involves me giving C a bath and Hubster feeding C his bottle and brushing his teeth. The other night, Hubster created a toothbrushing song. It goes like this:
C and his toothbrush are
Going to happy town
Gonna brush those pearly whites
So you don't need a crown


text:
Call for Papers: "How are theories of culture articulated? How do
theories of Bakhtinian dialogue inform cultural studies? Interdisciplinary presentations are sought which are scholarly, artistic and/or performative. This session seeks to explore social and political relations between cultures and across disciplines, recognizing contributions made in the scholarship arising from the works of the Russian philosopher Mikhail Bakhtin."
Session organiser and chair: M. Michael Schiff
Section: 12.8 Cultural Studies
Deadline for Submission of Proposals: January 31, 2000
This session has been approved for the Crossroads in Cultural Studies
conference. There will be five 15 to 20 minute presentations in the 105 minute session. In addition to the title and a 150 word abstract of your presentation, please provide mail and email addresses. Notice of acceptance will be conveyed by February 18, 2000. Drafts of papers are requested by April 15, 2000.
Proposals may be submitted by email (preferably within the text of your
message and not as an attachment) or by writing to M. Michael Schiff at the address below.
It is a conference regulation that participants must pre-register
(i.e., pay the appropriate registration fee to the conference organizers) by April 30, 2000.
After two very successful conferences in Tampere, Finland, Crossroads has moved to Birmingham. The first two conferences attracted over 500
participants from all continents. There are 15 sections with over 125
sessions planned for the third conference. In addition to Stuart Hall,
keynotes include (with more to be announced): Keyan Tomaselli; Daniel
Mato; Ueno Chizuko. At the 2nd Crossroads, keynotes included: Lawrence Grossberg, Patricia Hill Collins, Catherine Belsey, Paul Gilroy. At the 1st Crossroads, keynotes included: Ien Ang, Antony Easthope, Lawrence Grossberg, Handel K. Wright, Joke Hermes.
For much more information, go to the conference website.


text:
CulinaryTraditional cuisine incl. fondue and Alpine macaroni
DetailsThe Berghotel Langis is a cosy restaurant above the fog line in the recreational area of Sarnen. The huge sun terrace invites you to soak up the sun and enjoy. Known among connoisseurs, the Langis is a winter hiking area and cross-country skier's paradise.
Outdoor whirlpool with space for max. 10 people and a sauna.
Altitude: 1,440 metres
Accessibility: Cross-country ski trail, bus/post bus, winter hiking trail, snowshoe trail and ski slope
Built: 1976
Last renovations: 2008
No. of seats: Over 100 seats on the terrace and in the restaurant
Overnight accommodation: Yes


text:
If you can't catch one of the Richmond tours during Historic Garden Week, there's always the Fan Woman's Club Annual Kitchen and Garden Tour.
This year's theme, Urban Delights, offers a diverse selection of homes and gardens in Richmond's historic Fan District. Discover how urban homeowners maximize every inch of space both inside and outside their homes. See how each home has been personalized by its owners who focus on blending historic architectural details with the functionality required by modern families. The tour features homes across the length of the Fan District, from the 1400-block of Grove to the Boulevard.
The Fan Woman's Club organizes this tour each spring as its primary fundraiser to support its grants to neighborhood non-profit organizations and its neighborhood improvement activities. The woman's club has upgraded park facilities with new benches and plantings and funded new period-appropriate street litter receptacles. Houses are staffed by volunteers and neighborhood businesses sponsor the event.
The Historic Fan District is an 85-block turn of the century (19th to 20th, that is) residential neighborhood, named to the National Register of Historic Places in 1986 as the largest intact Victorian neighborhood in the United States. It takes its name from its tree-lined avenues and streets that "fan out" from Monroe Park, adjacent to the academic campus of Virginia Commonwealth University (VCU). Best described as architecturally diverse, the over 2,300 classic town homes feature bay windows, turrets, high ceilings, parquet oak and pine floors, mahogany woodwork, stained and leaded glass, and varied porch and balcony designs. Most homes are brick or brick and brownstone.
At the east end of the Fan, close to Monroe Park, sits a unique clapboard residence on a large corner lot. Completed before the area gained popularity in 1869, on a parcel purchased in 1862, it is now Richmond's premier bed and breakfast known for its hearty gourmet breakfasts. A stay in our urban inn is a better way to stay: to experience the Fan neighborhood like a local, to dine in neighborhood eateries, and to enjoy live theater, neighborhood entertainment and nearby museums and attractions.
Tags: Fan District, Garden, Home Tour, Virginia Commonwealth University


text:
Beyond Academe has been profiled on NPR, in The Village Voice and on the career center web sites of universities ranging from Harvard to Berkeley. Perspectives described the site as offering "practical advice and useful information for finding a non-academic job. The web site also seeks to address the major issues that face non-academic historians and to dispel some of the more pernicious myths academic historians believe about the non-academic world."
Along with updating the site, Beyond Academe is involved in a panel session at the AHA. Reflecting the belief that all historians should be educated about careers both in and outside the academy, panel members include both academics and non-academics. Panel members will provide a frank discussion of the benefits and drawbacks of non-academic and academic careers along with detailed information about how historians can find jobs which fit their needs.
The panel (This Historian's Life) is scheduled for Saturday, January 5th at 2:30 PM in the Diplomat Ballroom of the Omni Hotel. We hope to see you there!
In the meantime, check out Beyond Academe at www.beyondacademe.com


text:
Copyright © University of Cambridge. All rights reserved.
'Rationals Between' printed from http://nrich.maths.org/
Show menu
I am searching for fractions with values between $\sqrt{56}$ and $\sqrt{58}$. I'm told there are an infinite number of possibilities...
Find some fractions with small denominators, say less than $10$ or $20$.
Have you found any denominators which won't yield a fraction between $\sqrt{56}$ and $\sqrt{58}$?
Send us any examples you find of denominators which don't work, and a justification that all other denominators will work!


text:
Staff Sgt. Stacy Pearsall rode in a convoy of military vehicles north of Baghdad last April when the lead vehicle struck an improvised explosive device and the convoy was ambushed.
Soldiers raced to help the wounded when the convoy was struck again by a rocket- propelled grenade.
They hurried wounded soldiers back to the ramp on Pearsall's vehicle where she was manning a machine gun.
With adrenaline pumping and others yelling for her help, Pearsall lurched forward to assist the wounded soldiers. The communication cord from her helmet was still attached and her sudden forward movement brought her off her feet.
She managed to help the wounded soldiers and didn't realize until later how severely she hurt her neck.
It was the second time she was wounded. The first happened in 2003 from another incident involving an improvised explosive device that first injured her neck.
The years of those incidents also coincided with huge honors for Pearsall, 28, a member of the 1st Combat Camera Squadron at Charleston Air Force Base.
In 2003, she was named Military Photographer of the Year. She was just awarded the honor again for 2007.
"I concentrated on it and took the best pictures that I could," Pearsall said. "I really wanted it. I really felt a sense of closure in my career."
After 10 years in the military, the Canton, S.D., native is trying to figure out her career.
"This has been my whole world for 10 years," she said. "I love my country, and I love what I do. I have to start thinking about my body and my well-being."
Her husband understands her passion. He is Master Sgt. Andy Dunaway, who is stationed Iraq and also is a combat photographer who has won awards for his work.
"It's a friendly competition," Pearsall said.


text:
Personal Description:
This is dedicated to my mother, Marcella who lost her fight with Ovarian Cancer on April 3, 1992.
I was her only child and I will never be the same without her daily presence.
I pray that we find a cure for this terrible disease that robbed me of
a chance to grow old with my favorite person.
Personal Description:
My Mother, Marcella was the strongest person that I ever known who loved everyone equally in the eyes of God. She was so popular that I had to have two funerals for her one in Glen Ellyn, Illinois where I grew up for her dear friends and one in Barnesville, Minnesota where she was born on a farm the daughter of a simple farmer and his wife. She had Ovarian Cancer twice and tried all the traditional treatments that were offered by doctors that were available. Mother's faith in God never wavered even when she knew that she only had three months to live. She is still the person I most admire and aspire to be more like. I wish I had a proper photo to upload of her but you will just have to take my word that she was a great lady to behold.
Last updated on: 10/13/2008
AFAICT you've coerved all the bases with this answer!
Dortha Dortha – 06/02/2011
What an awesome run. This was a new PB for me.This new event was well oirgnased and well thought out.I knew no one at the start but soon got talking to lots of the Bracebridge locals.I am from Haliburton and I would come run with you guys if you weren't so far away.I for one certainly enjoyed it and I am sure that this event will grow in popularity.Where do we sign up for 2011?
Alaa Alaa – 09/03/2012


text:
Chad Smith called the show on Right Turn Radio on July 17th to talk about life on the road and staying sane.
Alehi (Moderator on Stadium-Arcadium.com's Forum) phoned the show and asked Chad a great question which you can hear at 08:15 in the first part of the audio. Listen to the full show on YouTube…
Part 1
Part 2


text:
HOME San Francisco 49ers Gear San Francisco 49ers Jerseys San Francisco 49ers Jerseys Mens (111 items) Product ID: 864837
Main Content
Order as many items as you like with our $4.99 flat rate shipping.
This item ships within one business day.
Order as many items as you like with our $4.99 flat rate shipping.
Need it faster?
Everyone has a profession or a hobby that they excel at. Yours happens to be die-hard San Francisco 49ers fanaticism. Show everyone in the stadium how a true fan supports his team and favorite player in this Nike San Francisco Limited Jersey. Inspired by the actual gear that Patrick Willis wears on the field, this jersey features a no-tag neck label that offers comfort and strategic ventilation, bold contrast color detailing, tackle twill player numbers and Willis' name on the back in tackle twill lettering. It's guaranteed to give you bona fide Niners style without bulk so you can stay undoubtedly true to your team all day, every day—especially game day!
- Material: 100% Recycled Polyester
- No-tag neck label
- Flywire-strengthened collar resists stretching
- Imported
- Machine-washable
- 100% Recycled polyester
- Officially licensed NFL product
- Quality embroidery
- Screen print graphics
- Side slits at hem
- Strategic ventilation for breathability
- Tackle twill numbers & lettering
- Tailored fit designed for movement
- TPU shield at collar
- Woven jock tag at front hem
- Machine wash
- Officially licensed
- Imported
- Brand: Nike
49ers Customers also liked:
Special event items are produced by manufacturers only after the outcome of a game or event. These are advanced sale items and will ship immediately after they are received in our warehouse.
Manufacturer direct items are shipped directly from the manufacturer. These items are not available for international or expedited shipping.
Customized items can be personalized with options such as your name, your favorite number, and/or designs. Some options may be limited by league rules.


text:
Created in this Craftsy class
Add elegance to any project with knitted lace edgings. Designer Franklin Habit guides you through their history and attachment methods and shows how to knit a charming sample.
Other projects made as part of this class:
Offer some kudos...
Join the conversation...
Ask a question...
Add your comment...
|Here are some details about my project:
|Home Decor
|Retro / Vintage, Romantic, Whimsical
What materials did you use? 'Kira Kira Cotton' purchased at Seria 100 yen shop. cotton 97%, polyester 3% worked on 4 mm needles. The yarn is a la-me (has a shiny blending filament running through it). A few shots I took showed a bit of sparkle, but it was hard for me to get a composition I liked and show any sparkle. If anyone has tips on how to photograph yarns/fabrics with blending filament, I would greatly appreciate the help. Thank you!
What are you most proud of? I made a goal that I would photograph and catalog all of the homework for this class, and that I would photograph it to the best of my ability (even though I know next to nothing about the camera, and keep having to look things up in the Japanese manual). I'm pleased that I'm keeping that promise to myself so far and I like the dramatic improvement in my shots with the shift in my thinking.
Shot 2c was inspired by classmate ZoeOB's photo of her snowflake.
I see a bit of sparkle, Teresa! Very nice.
Thank you, Barbism :) It is showing a little - how lucky! Maybe it's a what the eye/camera lens actually sees in an instant vs. what the brain does with the fabric in motion seeing reflections off of many more points?


text:
Because life is about living
The former imperial capital of Japan, Kyoto is home to a myriad of landmarks ranging from gardens and castles to theatres and art galleries. A number of UNESCO World Heritage Sites are also among Kyoto attractions, showcasing the city's rich historical and architectural heritage.
Golden Pavilion
The Golden Pavilion is one of the main buildings of the Japanese Buddhist temple in Kyoto known as Kinkaku-ji. Showcasing three distinct styles of architecture; zen, samurai and hinden, the pavilion is three-storey high. The two top floors are covered in pure gold leaf. Set amidst a magnificent Japanese strolling garden, the pavilion extends over a tranquil pond. more


text:
Changes in the agrifood system are rapid. Liberalization policies in domestic and international markets are key drivers of these changes that lead to globalizing food chains. These ultimately increase quality standards and market requirements, which brings about new challenges, particularly for small producers in emerging markets.
With these challenges in mind, the Agribusiness Economics Conference aims to strengthen industry-academe partnership by providing a venue to present relevant researches and elicit feedback on the application and significance of research undertakings in the agribusiness industry, as well as foster and enhance networking and collaboration of various stakeholders.
This conference will tackle agribusiness potentials and issues in globalizing food chains, particularly their implications for emerging economies and small-scale producers.


text:
"Safe blood is a fundamental need for the health system of any country," Dr. Lee Jong-wook, Director-General of the World Health Organization (WHO) said today. "WHO's 192 Member States have recently agreed that World Blood Donor Day will be an officially recognized annual event. This will help raise awareness of the continuing need for safe blood and safe donors."
The chances of receiving a safe transfusion, or any transfusion at all, vary enormously from country to country, according to WHO. Some 60 percent of global blood supplies goes to 18 percent of the world's people, leaving 82 percent of the global population inadequately covered.
To remedy the situation, WHO said that it and other organizations have promoted nationally-coordinated blood services that rely on regular, voluntary, unpaid donations. It said that Malawi has managed to set up such a service in just two years despite the challenges of AIDS and underdevelopment.
At present, however, only 30 percent of countries have a nationally coordinated system in place, relying on family or paid donors, the agency said. In addition, most developing nations do not test for diseases such as HIV or hepatitis. As a result, contaminated blood still accounts for around five percent of HIV infections in Africa.
World Blood Donor Day is co-sponsored by the International Federation of Red Cross and Red Crescent Societies, the International Federation of Blood Donor Organizations and the International Society of Blood Transfusion.
Know more about World Blood Donor Day


text:
Views: 180
Deadline NOW: Sheri Fink, M.D.
Friday, June 4, 2010
Sheri Fink, M.D., Ph.D., is the author of the award-winning book, War Hospital: A True Story of Surgery and Survival. Dr. Fink wrote the August 30, 2009 New York Times Magazine cover story, Strained by Katrina, a Hospital Faced Deadly Choices, which won a 2010 Pulitzer Prize.


text:
Continued from The Cable Guy - Part 2
A man came to my home this morning to fix the cable and we are definitely getting more than we both bargained for. My husband is downstairs and somehow I have found myself in my bedroom in a wild and naughty exchange with this young hot cable guy. You have just given me the most explosive orgasm of my life and you don't stop there. You continue to fuck me hard through my orgasm. I...Read On
Added: 14 Aug 2015 | Category: Cheating |
Avg Score: 5 |
Words: 3,479 |
Tags: cheating oral sex seduction
| 35 Comments
Finding Her Fate Proves To Be Difficult
It was only when I watched Red Elk turn his back to me and began to ride off that I understood. He was making me decide if I wanted to go with him or to return to my own kind. But they weren't my own kind, were they? I'm not American, and I couldn't trust them. For all I know they were no different than the savages who killed my husband, and would do awful things to me. At least Red Elk had...Read On
Added: 13 Aug 2015 | Category: Historical |
Avg Score: 5 |
Words: 5,864 |
Tags: native americans french reluctance love traveling savages oral
| 38 Comments
Gina hears noises and needs to investigate
My boyfriend and I were out at a party and I was a little drunk when he drove me home. My father was away on a business trip and my stepmother was asleep. I snuck my boyfriend into the house and we fooled around on our living room couch. We really didn't have the money to get a hotel room. We had to be quiet, so my stepmother didn't hear us. We kissed deep and passionately. Eric stood up...Read On
Added: 15 Oct 2015 | Category: Taboo |
Avg Score: 5 |
Words: 2,385 |
Tags: stepmother stepdaughter voyeur oral fisting threesome fmm
| 43 Comments
After a wonderful night with my black neighbor I return to learn about my husband's evening.
I awoke Saturday morning, slightly confused. It took me a moment to get my bearings. I opened my eyes trying to figure out where I was, and how I got here. My head was resting on the muscular chest of a large back man. I was in my best friend's bed, naked, with her husband. Okay, I remember. Slowly, it came back to me. I was Demarcus's birthday present last night. My vagina was sore...Read On
Added: 17 Dec 2015 | Category: Wife Lovers |
Avg Score: 5 |
Words: 8,564 |
Tags: interracial anal exhibitionism wife lovers domination
| 57 Comments
A long, boring flight becomes an unforgettable adventure.
Gratefully, I sink into my seat. It is going to be a very long flight. 'NEWARK', my boarding pass says, but it's just another destination at the end of yet another flight. I usually prefer to sit on the aisle but none of those seats are available and I feel lucky to even get a window. True, it's in the very last row of the plane, but at least I don't have to endure the three hours...Read On
Added: 20 Jan 2016 | Category: Seduction |
Avg Score: 5 |
Words: 4,552 |
Tags: airplane masturbation handjob pee romantic seduction
| 27 Comments
Cuckold boot camp continues.
The following Tuesday I woke up in a state of excited anticipation. That evening Jeanne, Ruth and Abby were planning to go to the Goldenrod Supper Club to meet men who were attending the trade show at the Civic Center. As I stood in front of the bathroom mirror shaving I thought about Ruth's husband, David. I was certain he had to be every bit as excited as I was. David and I had been...Read On
Added: 13 Sep 2014 | Category: Cuckold |
Avg Score: 5 |
Words: 4,198 |
Tags: cuckold hot wife extramarital sex
| 25 Comments
Amy gets more than expected when a photographer makes 'special' pics for her deployed husband.
Alec had just finished working with a mother to get some shots of her six month-old baby girl. As he walked into his office he wondered how many baby pictures he had taken in his thirty years as a professional photographer. He reminded himself he shouldn't complain about anyone that still used a photographer. With the number of cameras available to people now, it was a wonder he had...Read On
Added: 27 Apr 2016 | Category: Wife Lovers |
Avg Score: 5 |
Words: 6,826 |
Tags: photographer lonely wife need lust orgasms
| 25 Comments
The neighbor makes a discovery
How did I end up in this position? This was the thought running through my head as I lay face down across the bed. My mind flashed back to the moment it all began. It was a beautiful Sunday morning with a cool springtime breeze blowing through the open window. I was cleaning the house. I hated cleaning, mostly because it is never fully done. No matter how much cleaning you do, there will...Read On
Added: 23 Jul 2016 | Category: Crossdressing |
Avg Score: 5 |
Words: 3,339 |
Tags: cross dressing oral anal first time older neighbor caught
| 23 Comments
I tell my husband about an ereotic discovery I made with Tom
I arrived home Monday evening, a few minutes before seven, nearly an hour later than usual. Tom's semen was leaking from my pussy, soaking through the gusset of my panties. It was my first day back in the office since my tryst with my boss and husband last Saturday night. As I waited for the door to rise so I could pull my car into the garage, I shook my head in disbelief. Two weeks ago I was...Read On
Added: 20 Jun 2016 | Category: Cuckold |
Avg Score: 5 |
Words: 5,393 |
Tags: anal wife lovers cuckold cream pie
| 56 Comments
I reach the next level of being a slut
My big, lovely tits (36DD) get me lots of attention, but I've been told I have a nice ass too. At this point in the story I am 21. The love of my life dumped me because I wouldn't marry him. I was left heart broken and alone. That is when I decide to do something I never would have before. After Jim broke up with me I called a man. An older man. A man that I knew wanted me. A man that used...Read On
Added: 21 Dec 2013 | Category: Hardcore |
Avg Score: 5 |
Words: 2,902 |
Tags: rough sex big tits slut name calling married man cheating older man
| 39 Comments
Milf picks up a young hitchhiker and offers some therapy, too.
Troubled Youth By Miss Anonna It was an hour drive down to the river but I was ready to go with a cooler full of wine, towels, bathing suit and chair that makes lying in the sun so easy. When I turned onto River road I knew I'd be there half an hour from now and already my tight shorts were riding up my ass and I was getting antsy. About 10 minutes on the winding road I noticed an older SUV...Read On
Added: 08 Nov 2010 | Category: MILF |
Avg Score: 5 |
Words: 3,850 |
Tags: accidental sex outdoors strangers premature ejaculation
| 11 Comments
This is chapter 2 and I hope everyone enjoys it. As always comments are always welcome. CHAPTER 2 I woke early the next morning and started breakfast for Beth and I. Beth made her way into the kitchen around 7:15, dressed and ready for school. She sat at the table and asked me how my parent teacher meetings went last night. I told her that I met all her teachers and they all expect her to...Read On
Added: 09 Nov 2010 | Category: Straight Sex |
Avg Score: 5 |
Words: 5,293 |
Tags: straight sex dirty talk rough
| 9 Comments
A couple continues their journey into swinging.
Having just had sex with a man not my husband for the first time since I met my Terry, our ride home was, at best, awkward. Not much had been said between us since Terry and Darcy came downstairs after our first swap. When I kissed Terry I could taste Darcy's juices on his lips. He whispered in my ear that he loved me. We said our goodbyes and went to the car. The silence in the car was...Read On
Added: 27 Jan 2016 | Category: Wife Lovers |
Avg Score: 5 |
Words: 3,509 |
Tags: swinging fucking oral group sex wife sharing
| 25 Comments
A Couple Explores with Other Couples
My husband and I got out of our car and walked in silence the short block to the townhouse we'd never visited before. It was about 7:30 on this fall night. The air was cool and crisp. I nervously fiddled with my purse as we walked. The conversation that started it all took place about three months ago. One evening my husband, Chris, and I were lying in bed after making love. We lay on our...Read On
Added: 08 May 2014 | Category: Group Sex |
Avg Score: 5 |
Words: 9,810 |
Tags: group married couple sex oral swapping wife
| 18 Comments
"Suck my dick," he answered me, voice unsteady, tenor tones punctuated by a quick inhalation. Hands pressed into his chest, I tipped forward till the ends of my hair brushed against his face, ignoring his request even though I had just asked him what he wanted. I smeared my dripping pussy on him. "Oh?" my voice soft and teasing, "do you want me to kneel between your legs?" His cock between...Read On
Added: 22 Jun 2014 | Category: Hardcore |
Avg Score: 5 |
Words: 3,024 |
Tags: gagging blow job rough dominant submissive deep throat tease
| 47 Comments
An interesting day at my shop.
It was a very hot day in August and I was working at my shop. I own a Automotive Gas and Service station. I have owned and operated it for the last twenty years. I have a few employees who work for me. I'm still involved and work on all the cars. I'm definitely a hands on owner. My name is Jake Rhodes and I'm forty-five and single. I'm 6'2" and weigh about two hundred and ten pounds. I...Read On
Added: 09 Oct 2015 | Category: Cheating |
Avg Score: 5 |
Words: 3,893 |
Tags: housewife mechanic oral sex cow girl anal sex food
| 42 Comments
Ellie's friend Beth helps her end the year with a bang.
It's almost midnight and darkness has finally settled in. We've hung lanterns from the low-lying tree branches, and there's a floodlight at the rear of the house blanketing the backyard in a yellow glow. The warmth of the day lingers even without the sun. The guests have become rowdier than ever now. There's wrestling going on in one of the wading pools and a drinking game in progress....Read On
Added: 20 Jan 2014 | Category: Group Sex |
Avg Score: 5 |
Words: 5,488 |
Tags: group threesome friends housemates outdoors party new years
| 27 Comments
A sexy adventure on an overnight sleeper train
As the sun blazed down from the middle of a cobalt blue sky and I watched the green and fertile Adelaide Plains slip slowly past the window, I knew I'd made the right decision. For the last three weeks I'd snaked my way round the coast and hinterlands of New South Wales and Victoria with nothing but a rucksack and my best friend Gemma for company. We'd started in Sydney, made our way loosely...Read On
Added: 20 Sep 2014 | Category: Lesbian |
Avg Score: 5 |
Words: 5,830 |
Tags: lesbian train trip masturbation shared shower pussy licking anal fingering rimming
| 50 Comments
I took the old road, looking down from the high cliffs at the tide as it rolled in. Night was falling, swallowing everything, devouring hearth and home; everything and everyone I loved. In the distance I could hear the sound of static, growing louder with every passing moment. Early warnings of what was to come. Pausing, I turned slowly, looking for the sun, trying to pin down a compass point...Read On
Added: 17 Jun 2014 | Category: Fantasy & Sci-Fi |
Avg Score: 5 |
Words: 1,729 |
Tags: storm
| 33 Comments
When dad's girlfriend invites a stranger to share my room, things escalate differently than expected
I focused Dad with all the scorn I could muster and growled, "My Stepmom's a bitch," making sure to draw out the words. She was, really. I didn't know what he saw in her. Well, to be honest, I did know. Lean legs, a perfect bum and those creamy white C-sized orbs on a body that could have belonged to an eighteen-year-old, all of which she flaunted at every opportunity, were hard to overlook. ...Read On
Added: 07 Oct 2014 | Category: Taboo |
Avg Score: 5 |
Words: 6,569 |
Tags: lesbian seduction first time threesome tricked
| 21 Comments
The party wraps up, wet and wild.
Slightly chilled now, we felt the welcome heat of the house envelop our naked and still-damp bodies as we crossed the kitchen and great room and headed down the hall, en route to the bedroom where our clothes were. Our first inkling that we had a problem on our hands was the unmistakable sound of some very vigorous lovemaking emanating from that very room, through the partially-open door,...Read On
Added: 27 Nov 2014 | Category: Wife Lovers |
Avg Score: 5 |
Words: 9,576 |
Tags: voyeurism big cocks masturbation creampie oral sex touching teasing
| 29 Comments
An experienced married man seduces a women as a hobby and sexually transforms her.
The next day, Wednesday, he did sleep until noon. After waking and getting cleaned up for the day, he went to the pool for some lunch and to read a book as he relaxed and engaged in some people watching. He stayed most of the afternoon, napping at times and enjoying a couple Bloody Mary's. He was back in the room by four to ensure everything was ready for tonight special surprise for Kelli....Read On
Added: 27 Sep 2014 | Category: Seduction |
Avg Score: 5 |
Words: 8,956 |
Tags: sex oral bondage squirting bbc cheating anal
| 38 Comments
When two people from Lush decide to meet in real life...
Hi. Please call me Brie; all my friends do. However, should you have the need of an Interior Designer in the Greater Los Angeles area; you will find me listed under my full name of Brianna St. James. Apart from running a successful business, I have been happily married for twenty years and have three children. Only one boy remains at home, and he will be a high school senior this year and...Read On
Added: 26 Jun 2015 | Category: Cheating |
Avg Score: 5 |
Words: 2,172 |
Tags: cheating public sex straight sex masturbation control toys
| 41 Comments
After Greg meets his challenge, it's his wife's turn to live up to their bargain
"A deal's a deal, honey," Marc told my wife Helena. "After what your man did for you, you can't wiggle out now." Helena looked worried, excited, and a little scared. We had made a deal this morning. Realistically, we both knew that when she had made the offer, or dare, or whatever it was, it was more about getting me off her back than it was about really thinking I was going to follow...Read On
Added: 21 Jan 2016 | Category: Bisexual |
Avg Score: 5 |
Words: 5,866 |
Tags: hardcore anal straight sex blowjob double penetration first time male/male
| 32 Comments
Fantasy sex from a woman's point of view. Be gentle. It's my first time
I love sex. I suppose that doesn't make me unusual. Most women do. My urge to share my desires online isn't so common. Maybe I love the attention, and maybe by sharing, part of me hopes others will share their own desires with me. Such things are never easy to speak of. Maybe it's easier for guys, but I don't know if that's true. I do know some girls find it very difficult to talk about...Read On
Added: 13 Sep 2015 | Category: Masturbation |
Avg Score: 5 |
Words: 2,122 |
Tags: masturbation female pov fantasy sex bg
| 41 Comments
Enjoying my stepbrother
After I took the pill, I felt a lot better. I just knew that it would take care of everything and I would not be pregnant by my stepbrother. This was what I was hoping anyway. I hurried home because I knew Mark would be waiting for me. I will say that I'm enjoying being with him. I know I'm a little difficult, but only because I don't want him to get his way all the time. I was enjoying...Read On
Added: 25 Jul 2015 | Category: Taboo |
Avg Score: 5 |
Words: 2,391 |
Tags: stepbrother stepsister oral sex cowgirl threesome mff
| 49 Comments
Harry peeps out of his bathroom window
Harry Jackson was working downstairs in his basement office. He needed to take a piss and walked up to the main bathroom. His stepdaughter and her friend Anne were outside hanging out by the pool. So, Harry peeked out of the window to see if the girls were still back there. Harry was embarrassed because he noticed that his stepdaughter and her friend Anne had removed their clothes and...Read On
Added: 30 Sep 2015 | Category: Taboo |
Avg Score: 5 |
Words: 2,565 |
Tags: stepfather stepdaughter friend peeping masturbation fisting oral
| 43 Comments
I closed my eyes as my heart thumped against my chest. My dark nipples tugged against my tank top. All I could think in my mind was, fuck, fuck, fuck. I opened them and looked at David squarely in the eyes. "Yes, I was watching porn, David. I saw someone that looked like you. It made me hot and bothered so I touched myself. I rubbed my slit and clit as I thought about you." My cheeks...Read On
Added: 29 Oct 2015 | Category: Taboo |
Avg Score: 5 |
Words: 854 |
Tags: stepdaughter story taboo stepdad
| 51 Comments
I accepted their invitation to join them for a weekend at their cabin. Was I ready for this?
Things went into high gear for me after the toy show. My mind was set. Paula and Eric had a secluded cabin where they liked to go for weekend getaways. I had been invited to join them, even before the toy show. The toy show had made it so easy to say yes. The toy show had been a game changer for me. Before that show, I had entertained the fantasy of meeting them, but never dreamed it...Read On
Added: 29 Oct 2015 | Category: Bisexual |
Avg Score: 5 |
Words: 3,411 |
Tags: bisexual wife sharing threesome hot tub
| 35 Comments
Opposites complete one another
With graceful elegance, she carves a path across the stage, twirling through the slithers of light that perforate the gloom. She flirts with the beams, lingering in their brilliance long enough to tease. Her face, fleetingly captured in the glare, offers a snapshot of demure beauty. Dark lashes flutter over steel-blue eyes, there's a whisper of a smile, then she's gone. She spirals away,...Read On
Added: 24 Nov 2015 | Category: Lesbian |
Avg Score: 5 |
Words: 2,709 |
| 38 Comments


text:
I'd like to buy GoLacta from this woman, but I can't get past the article on the front page of her website which mentions how 'hazardous' formula is. When you click it it mentions 'the risks of formula.'
It never says what the hazards or risks are. I HATE language like that. It's why I feel so lousy about myself for having a low supply. I don't actually think there are any "hazards" of feeding formula in a country with clean water supply and good access to formula.
Here is her page if you want to look at the article:
The article is on the front page of her site, but that link is for the entire article. I know it's not about low supply, I just flipping hate the language it uses. Am I being crazy oversensitive?


text:
Cuba inaugurated a 5,200-panel solar farm in the central city of Santa Clara this week, the second such facility installed this year on the island, the official press reported Thursday.
The farm, which will be able to supply some 750 homes daily, will have a generating capacity of 962 KW once it is fully operating.
The chief specialist working on the project, Sergio Salazar, said the solar farm in Santa Clara, 280 kilometers (175 miles) east of Havana, would save Cuba some 380 tons of crude annually.
Another 14,100-panel, Cuban-built solar farm was inaugurated in April in the south-central region of Cienfuegos.
Between April and July, the Cienfuegos plant, known as Cantarrana, saved the island some 145 tons of fossil fuel, avoided the emission of 380 tons of carbon dioxide into the atmosphere and produced electricity equivalent to the daily consumption of 780 households.
According to official projections, five more solar farms are to begin operating in the coming months in the provinces of La Habana, Guantanamo, Camagüey, Santiago de Cuba and Isla de la Juventud.
A total of 4 percent of Cuba's electricity comes from renewable sources.
The Caribbean nation only had some 9,000 photovoltaic panels until 2013, most of which were used to supply electricity to schools and hospitals in rural areas. EFE