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TTM Technologies (NASDAQ:TTMI)
Q3 2013 Earnings Call
October 30, 2013 4:30 pm ET
Ellen Davis
Kenton K. Alder - Chief Executive Officer, Director and Member of Government Security Committee
Thomas T. Edman - President, Director and Member of Government Security Committee
Todd B. Schull - Chief Financial Officer, Executive Vice President, Treasurer and Secretary
Paramveer Singh - Stifel, Nicolaus & Co., Inc., Research Division
Shawn M. Harrison - Longbow Research LLC
Robert Burleson - Canaccord Genuity, Research Division
Richard Kugele - Needham & Company, LLC, Research Division
Jiwon Lee - Sidoti & Company, LLC
Steven Bryant Fox - Cross Research LLC
Good day, ladies and gentlemen. Thank you for standing by. Welcome to the TTM Technologies Third Quarter 2013 Earnings Conference Call. [Operator Instructions] This conference is being recorded today, October 30, 2013.
I would now like to turn the conference over to Ellen Davis with Blueshirt Group. Please go ahead ma'am.
Ellen Davis
Thank you. During the course of this call, the company will make forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations, and the company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other company statements will not be realized.
Furthermore, we wish to caution you that these statements involve risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates and consumer spending, demand for the company's products, market pressures on prices of the company's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, company's dependence upon a small number of customers, competition in the labor market, in which the company operates, and other risk factors set forth in the company's most recent SEC filings. The company will also present non-GAAP financial information on this call.
For a reconciliation of TTM's non-GAAP financial information to the equivalent measures under GAAP, please refer to the company's press release, which is filed with the SEC and which is posted to TTM's website.
I would now like to turn the call over to Kent Alder, TTM's Chief Executive Officer. Please go ahead, Kent.
Kenton K. Alder
Okay. Thank you, Ellen. Good afternoon and thanks for joining us for our third quarter 2013 conference call. I'm joined on the call today by Todd Schull, our CFO; and Tom Edman, our President.
As in previous calls, I'll begin with review of the business. Todd will follow-up with a discussion of our financial performance, and then we'll open the call to your questions.
Before we get into the discussion of the third quarter results, I would like to discuss this afternoon's announcement on my planned retirement. Effective January 1, 2014, Tom Edman will become CEO, and I will continue to serve as a board member. And for the next year, serve as an advisor to the CEO.
As part of our succession plan, Tom became President of TTM in January of 2013 after serving as a board member since 2004. After 14 years at the helm of TTM, I look forward to supporting Tom in the company's ongoing efforts to further increase profitability, and extend our leadership position in the printed circuit board market. Tom, congratulations to you and a formal welcome to our investor call.
Thomas T. Edman
Thank you, Kent, and thanks for the introduction and really for all of your support since I joined TTM in January. I've enjoyed watching you lead TTM since 2004. And I'm really excited to be part of the organization, which you have built over the last years. I look forward to meeting our investors over the next several quarters as we progress with our transition. Thanks, again.
Kenton K. Alder
Okay. Thanks, Tom. And now back to the third quarter highlights. Net sales were $338.7 million. Non-GAAP net income was $11.6 million or $0.14 per diluted share. Revenue and non-GAAP earnings were within our guidance range for the quarter, and we were pleased with a strong sales performance in our cellphone and computing end markets. However, our third quarter operating results were negatively impacted by cost related to a warranty claim.
As noted on our last quarter's conference call, we became aware of a quality issue in the second quarter and worked closely with the customer to resolve this issue. Our relationship with this customer is unaffected, and we were able to maintain order flow and we believe the issue was contained to the second quarter. However, our assessment on the number of boards in the field ahead this quality issue was underestimated. And therefore, our estimate for potential warranty claims at the end of the second quarter was understated. Costs associated with warranty claims for those boards, along with the expense per components attached to the boards totaled $6 million during the third quarter, which includes a $3 million reserve for potential claims. Without this warranty issue, our EPS would've been $0.20.
Third quarter revenue was roughly flat on a year-over-year and on a sequential basis. As a reminder, this quarter's sales no longer include revenue from our divested plant SYE, which totaled approximately $25 million in the second quarter of 2013. Absent this revenue reduction, our sequential revenue grew 8%.
Our advanced technology work increased during the third quarter. High Density Interconnect, substrate, rigid-flex and flex assembly accounted for approximately 63% of our Asia Pacific segment revenue in the third quarter. This compares to 53% in the second quarter.
Our blended capacity utilization in Asia Pacific was 76% compared to 67% last quarter, reflecting increased utilization at most of our Asia Pacific plants, plus the benefit of divesting the SYE facility.
In North America, a number of our facilities remained underutilized during the third quarter, with the exception of our Chippewa Falls facility, which has been operating near full capacity for the past 2 quarters.
Overall, our North America plants were operating at 62% utilization in the third quarter. This compares to utilization level for the second quarter of 63%. Please note that we updated our methodology of calculating capacity utilization in North America to reflect the changing mix of our product and provide for a more accurate report. Second quarter data has been restated for comparative purposes.
Now moving onto our end markets. As expected, third quarter sales in our largest end market, networking/communications, declined on a sequential basis as a result of the loss of revenue from our SYE divestiture. Despite the loss of the SYE revenue, sales in this end market increased slightly on a year-over-year basis. Networking comprised 30% of total sales compared to 38% in the second quarter.
Excluding the impact of the SYE divestiture, sales to the networking end market would've represented 33% of total sales in the second quarter. Now within this end market, we experienced solid demand for products supporting mobile, telephone, infrastructure and high-end networking.
Looking forward, we expect sales to decline to 27% in the fourth quarter due to a softening in Asia Pacific.
Although we continue to expect a mild uptick in demand relating to the 4G LTE network build-out in China. The rollout appears to be more gradual and is not expected to dramatically increase demand in the short term.
Sales in the computing, storage, peripherals end market represented 19% of total sales, up from 16% in the second quarter. As expected, sales in this end market increased due to strong seasonal demand on printed circuit boards used in touchpad tablets.
Sales to storage and high-end server customers were essentially flat. We expect the computing end market will continue to approximately -- will continue to increase to approximately 23% of sales in the fourth quarter based on increased tablet sales.
Sales in the cellphone end market increased to 21% of total sales compared to 17% in the second quarter. As anticipated, we experienced increased demand for smartphone products during the third quarter. Cellphone end market is expected to be up sequentially to approximately 25% of sales in the fourth quarter.
The aerospace and defense end market represented 16% of total sales, essentially unchanged for the quarter. We continue to benefit from our broad program participation in both defense and commercial aerospace. We expect fourth quarter sales to continue to be stable and represent 14% of sales in the fourth quarter.
Medical/industrial/instrumentation end market represented 9% of sales compared to 8% in the second quarter. We expect this end market to be slightly down to about 7% of sales in the fourth quarter.
Sales in the other end market remained consistent, with the second quarter at 5% of total sales. We expect this end market to be down slightly to about 4% of sales in the fourth quarter. With the seasonal increase in cellphone and computing end markets, we expect all of the other end markets to represent a smaller percentage of total sales in the fourth quarter.
Now onto our customers. Our top 5 customers accounted for 43% of sales in the third quarter compared with 38% of sales in the second quarter. In alphabetical order, our top 5 OEM customers were the same as last quarter, Apple, CISCO, Ericsson, Huawei and Juniper. We had 1 customer who accounted for 23% of sales during the quarter.
ASPs increased 8% in Asia Pacific from the second quarter, largely as a result of a shift in our product mix due to the improved demand for products utilizing advanced printed circuit board. In North America ASPs increased approximately 3%. Again, due to mix changes.
As demonstrated by our higher level of advanced technology work during the third quarter, we continue to benefit from our prior capital investments in advanced technology. In 2013, our CapEx investments are focused on enhancing our advanced technology position, with capacity additions in our advanced HDI, rigid-flex and substrate business, as well as further productivity improvements and maintenance. Our CapEx budget is $117 million for 2013.
In summary, our underlying performance for the quarter demonstrated solid seasonal demand for advanced technology printed circuit boards. We're pleased to see that in North America, we continued to expand our market share in networking. And our aerospace and defense business remained consistent despite U.S. budgetary concerns.
In Asia Pacific, we expect seasonal strength for the remainder of this year as customer programs ramp in the cellphone and computing end markets. We will continue to focus on leveraging our advanced technology to be a key printed circuit board supplier to a broad set of customers across the diverse group of end markets. Now, Todd will review our financial performance for the quarter.
Todd B. Schull
Thanks, Kent, and good afternoon, everyone. Third quarter net sales of $338.7 million increased $700,000 or 0.2% compared with the second quarter net sales of $338 million. As Kent said earlier, 8% sequential growth in sales, driven by increased sales in our cellular phone and computing end markets was offset by the loss of approximately $25 million of revenue as a result of the SYE divestiture in the second quarter.
In the third quarter, we incurred a U.S. GAAP operating loss of $1.2 million compared to operating income in the second quarter of $28.3 million.
Included in our operating results for the third quarter of 2013, were restructuring and impairment charges of $14.1 million, resulting from the closure of our facility in Suzhou, China. Excluding these charges, operating income was $13 million.
On a GAAP basis, net loss attributable to stockholders for the third quarter of 2013 was $7.7 million or $0.09 per share. This compares to GAAP net income attributable to stockholders of $13.1 million or $0.16 per diluted share in the second quarter of 2013.
The remainder of my comments will focus on TTM's non-GAAP financial information. Our non-GAAP performance excludes the amortization of intangibles, stock-based compensation expense, noncash interest expense and other unusual or infrequent items, such as the gain realized on the SYE transaction or restructuring and impairment cost, as well as the associated tax impact with these items.
Additionally, we exclude non-operational changes in our cash expense, such as impacts of retroactive changes in the tax law.
We present non-GAAP financial information to enable investors to see the company through the eyes of management and to provide better insight into the company's ongoing financial performance.
Third quarter gross margin of 14.4% was unchanged from the second quarter. Our gross margin was negatively impacted by the $6 million charge for warranty claims discussed by Kent earlier, which impacted our Asia Pacific segment. Absent this claim, our gross margin would've been 15.9%, consistent with our expectations.
Selling and marketing expense was $8.6 million in the third quarter compared to $9.2 million in the second quarter. As a percentage of net sales, selling and marketing expense in the third quarter was 2.5% compared to 2.7% in the second quarter.
Third quarter G&A expense is $23 million or 6.8% of net sales compared to $24.1 million or 7.1% of net sales in the second quarter.
Interest expense was $3.7 million in the third quarter compared to $3.8 million in the second quarter.
Our effective tax rate in the third quarter was approximately 28%, a decrease from the second quarter effective tax rate of 32%.
Third quarter non-GAAP net income was $11.6 million or $0.14 per diluted share. This compares to second quarter non-GAAP net income attributable to stockholders of $7.7 million or $0.09 per diluted share.
Adjusted EBITDA for the third quarter was $42.3 million or 12.5% of net sales. This compares with second quarter adjusted EBITDA of $39.1 million or 11.6% of net sales.
Moving onto our segment's performance. The Asia Pacific segment had sales of $206.5 million in the third quarter, down 1.5% from $209.6 million in the second quarter.
Gross margin for the Asia Pacific segment was 12.6% in the third quarter compared to 12.3% in the second quarter. The increase in gross margin was primarily due to higher utilization and savings from the sale of SYE, partially offset by the previously discussed quality issue. Absent the $6 million quality issue, our Asia Pacific segment's gross margin would've been 15.1%.
The Asia Pacific segment third quarter operating income was $7.6 million compared to operating income of $6.6 million in the second quarter.
North America segment recorded third quarter sales of $132.6 million, up 2.3% and $129.7 million in the second quarter. Gross margin for our North America segment decreased to 17.1% from 17.6% in the second quarter. The gross margin decrease was primarily due to higher than expected equipment maintenance cost and product mix inefficiencies at certain of our plants. The North America's segment operating
Income for the third quarter was $9.5 million compared to $8.7 million in the second quarter.
Cash and cash equivalents at the end of the third quarter totaled $270.5 million, an increase of approximately $40 million from the second quarter.
Cash settlement was completed for the transaction in which we sold our controlling equity interest in the SYE plant, and acquired the remaining equity interest in the DMC plant. We received $85 million net from this transaction in the third quarter.
Additionally, we incurred capital expenditures in the third quarter of approximately $34 million. Our operating cash flow was a use of $9.6 million, resulting from growth in our accounts receivable, due to our revenue growth and the impact of our divestiture of SYE. Operationally, our DSOs in Q3 improved by 3 days to 66 days.
Net debt was $274.5 million at the end of the third quarter, a decrease of $40 million from the end of the second quarter. Although our total debt outstanding this quarter is essentially unchanged from the second quarter. Please note that $48.1 million of our term loan comes due in September 2014. And therefore, was reclassified to short term in our balance sheet. Depreciation for the third quarter was $23 million.
Now before I turn to the guidance, I would like to note that we filed a shelf registration today with the SEC. Shelf registration gives us the flexibility we desire, as we evaluate the various opportunities and cash needs facing our company.
Now guidance for the fourth quarter. In the fourth quarter, we expect revenue to be in the range of $350 million to $370 million. We expect non-GAAP earnings per share to range from $0.18 to $0.24 per diluted share. This is based on a diluted share count of approximately 83.5 million shares.
We expect that SG&A expense will be about 9.5% of revenue for the fourth quarter. We expect interest expense to total about $3.7 million. And we estimate our effective tax rate to be between 24% and 28%.
To assist you with your financial models, we expect to record during the fourth quarter, amortization of intangibles and stock-based compensation expense of approximately $2.3 million each. Noncash interest expense of approximately $2.2 million, and we estimate depreciation expense will be approximately $24 million.
Lastly, before we turn to your questions, I'd like to mention our upcoming conference participation. We will be presenting at the UBS Global Technology Conference in the San Francisco area on Thursday, November 21. Our press release will be forthcoming with additional details on this event.
That concludes our prepared remarks. Operator, we'd now like to open the line for questions.
Question-and-Answer Session
[Operator Instructions] And our first question is from the line of Param Singh with Stifel, Nicolaus.
Paramveer Singh - Stifel, Nicolaus & Co., Inc., Research Division
This is Param Singh on for Matt Sheerin. Now just on your fourth quarter guidance, it seems networking is the biggest issue in terms of top line and then margin that's impacting earnings. Is that correct? And what are the initiatives that are available to you to actually improve your gross margin, and I have a follow-up.
Todd B. Schull
Well, on the top line, networking is definitely declining as you look at it, primarily because of the SYE divestiture. So if you look over the course of the year and in terms of our segment revenue by segment, you can see that networking really peaked in Q2 at almost 100 -- between $125 million to $130 million. And then with the sale of the SYE facility, that dropped off dramatically in the current quarter. But essentially, almost the entire drop was due to the sale of the SYE facility. Going forward into the fourth quarter, there's some modest changes in the revenue and networking, but nothing dramatic. In regards to your question about margins, that's certainly an important question and one that we're sensitive to. As we try to highlight operationally, our Q3 results came out about where we had expected into, and what we have kind of given guidance towards. Our margin, if you separate out the quality charge, there's the warranty claim that we have of $6 million, really came in at right just about 16% with which we had been expecting. And that's a function of improved utilization, the divestiture of the SYE facility and in better execution. From obviously, what got us in the second and the third quarter here was the warranty claim, and we've done our best to try to estimate any potential future exposure related to that claim and capture that cost in the third quarter. As we go into the fourth quarter, what our expectations are as a gross margin closer to 17%. How do you get from 14.4% to 17%? Really a big chunk is, we're not going to repeat that quality problem. That's probably worth almost 150 basis points. And then the remainder of the increase in the fourth quarter is really going to be leveraged on our infrastructure to our growing revenue and better utilization of our facilities.
Kenton K. Alder
And Param, this is Kent, just to add a few comments to what Todd has said, when you look at how we're improving margins, we have sold the SYE facility, which was a conventional lower tech facility, didn't fit with our advanced technology strategy. We closed our MAS facility, which was losing money. We'll still see some impact of that over the next quarter. It won't be as dramatic as it was in the third quarter. Those 2 things alone are pretty sizable. And then you've got the fourth quarter seasonality that will help drive margins this quarter. Todd mentioned that the quality issue was $6 million. It won't repeat itself. And then internally, we look at all of our facilities on an ongoing basis. We look at how we're loading those facilities, adjusting capacity between the facilities. That helps us better match the marketplace with the opportunities that we have. We're looking at new business development and going to drive revenue. And then internally again, we start to look at how do we reduce our cost through our global supply chain? How do we use best practices across all of our global footprint? What are we doing -- how can we run our businesses better? It's a lot of it is just a pure execution game, and how do we get more productive in producing products. We have a lot of activity on all of those fronts to improve margins over the next couple of quarters.
Paramveer Singh - Stifel, Nicolaus & Co., Inc., Research Division
Okay. So on the MAS plant, that should improve your utilization, right? Because that was a significant part of your manufacturing footprint in Asia from what I've seen in your filings. And then when I look towards networking for the December quarter, that's predominantly, like you mentioned, was because of the Asia networking companies kind of lowering their expectations and less either 3G or LTE rollouts, is that correct?
Kenton K. Alder
Yes, I mean basically the drop in the networking is coming from Asia Pacific. North America, as you recall through the second and even into the front part of the third quarter, we had a nice significant increase in work coming from the higher end of that networking end market. I mean, that was coming from like core routers, head routers. So we had some good strength there. We've got a good backlog build-up in North America. So the drop too comes a little bit because of the over ordering pattern we had in the second, third quarter, and then the decrease in Asia Pacific. And mainly, like Todd said though, it's the SYE facility that's not there.
Paramveer Singh - Stifel, Nicolaus & Co., Inc., Research Division
Okay, great. And if I could sneak one, and if you give me book-to-bill numbers for both Asia Pac and North America, that would be great. And I'm good.
Kenton K. Alder
Our book-to-bill for the third quarter was 1.05 in North America and it was 1.14 in Asia Pacific. That compares with the IPC at 0.98.
And our next question comes from the line of Shawn Harrison with Longbow.
Shawn M. Harrison - Longbow Research LLC
Just, I just wanted to be 100% crystal clear here. That charge would have had you at $0.20 of non-GAAP EPS, which would've been ahead of guidance for the September quarter if you wouldn't have had that incremental warranty charge. Is that the best way to think about it?
Kenton K. Alder
The $6 million was about $0.06 a share. We reported $0.14. So without that, we would've been at $0.20.
Shawn M. Harrison - Longbow Research LLC
Okay. And so I guess, within that, what factors I missed a little bit here in earlier part of the call, I mean, what did you do better in the quarter that led to that margin upside? Was that mix? Because it doesn't sound like North America was all that fantastic, x Chippewa Falls.
Todd B. Schull
I think if you set aside the quality issue, which I think is a discrete event, I think our execution was actually pretty much along the lines of expectations. Gross margins came in at just right under 16%, which is what we were expecting. Our overhead expenses were a little bit favorable actually. So that was a little bit of upside. And we did have a little bit of favorable help on the foreign exchange line. We'll pick up there. So I think, all in all, we were at guidance and then had some favorable OpEx spending and favorable FX to get us to the $0.20.
Shawn M. Harrison - Longbow Research LLC
Okay. And then the shelf registration statement, just seeing that, is that looking at kind of solely refinancing the debt you have out there? I know you've that $40 million piece coming due next year. But I'm just wondering what would be the uses? Because it looks like you're able to self-fund your capacity expansion efforts. It doesn't look like you need any cash for any larger structuring programs, so just the usage of that potential either equity or debt offering?
Todd B. Schull
That's a fair question. We wanted to highlight the fact that we did file that registration today because we took the opportunity so we could communicate to the investment community and during our call today what was going on. But this is really just one action in a fairly complicated process. First, keep in mind, as you've observe, we have a fair amount of cash on hand, right, $270 million at the end of the quarter. We generate cash from operations. And so that's really important to keep in mind. But we have a lot of opportunities or potential uses of cash. Obviously, there is the growth in our business, CapEx and working capital of the debt draws on. We have historically been an acquisitive company. And so potential M&A opportunities are always something that we're open to, if the right situation presents itself. You've observed accurately so that we have debt repayments due in 2014, '15 and '16. So basically, all of our long-term debt comes due during that time frame. And then thirdly, the printed circuit board business has historically been a volatile industry. And we'd like to consider ourselves a fairly conservatively managed company. And it's prudent to make sure that we have a sufficient resource just to tide us through any kind of a downturn situation. We have all these factors or competing elements that need to be evaluated and traded off against each other in terms of what's the highest priority in any point in time. So when we're looking at that, we're saying, it's probably smart to have a shelf registration in place because that gives us the flexibility to execute whatever we think would be the most appropriate strategy at a point in time. We used to have one out there. It lapsed a while back. And we just think it's prudent to have one out there now. Will we refinance? Will one of these other opportunities come into play? All of that is possible. We just thought it was appropriate to make sure we had that flexibility.
Shawn M. Harrison - Longbow Research LLC
Okay. And then one just final question, First is your original expectations, was it say, coming in the summer time, how much was the China business down versus your original expectations for the fourth quarter? And do you see that coming back to you in the first half of next year?
Kenton K. Alder
Shawn, are you referencing Asia Pacific and the fourth quarter and our expectations there?
Shawn M. Harrison - Longbow Research LLC
Yes. Kent, so essentially, how much in the fall versus what you thought it would've been 3, 6 months ago?
Kenton K. Alder
I think when you look at the fourth and third quarter, it's a little difficult to size it up and compare it to prior quarters because of the SYE and the MAS. Both of those 2 facilities are not with us. But looking at the ramp of our advanced HDI work going from 53% to 63%, I mean, that's pretty much in line with what we thought. The work as it's come into us in Asia Pacific and kept our advanced HDI facilities. I mean, their capacity is in excess of 90%, I mean, they're running at pretty nice capacity and the margins we're generating from that, that's satisfactory. I think it's the fact that we need to get some of the other facilities to not be somewhat of a drag on our income. So the fourth quarter, I think, is going to be pretty much what we expected with the seasonality ramp. Then you move into the first quarter, historically, we don't have the smartphone or the touchpad tablet coming to us, so we'll drop of about 15% in the first quarter. But we're going to return to a level that's much higher than it was a year ago. So we continue to work with the seasonality. But over a -- quarter-over-quarter, year-over-year, it's continue to move -- gain in the revenue side.
Shawn M. Harrison - Longbow Research LLC
I guess, the other thing I was just in terms of that China LTE business, I mean, how much of that is -- do you have a dollar amount of kind of how much lower versus kind of your original expectation is going to be? And do you see that coming to you in the first quarter or second quarter? Just trying to triangulate maybe when that business comes to you?
Kenton K. Alder
And Shawn, we didn't have a dollar amount attached to that, but it was certainly further below our expectations. We thought it would be more of a dramatic uptick in the fourth quarter. Similar to what happened when the 3G was released. But this time, it looks like it's been happening. It's going to be more gradual. It's not going to have the same impact that you can just point to in one quarter. So I think actually that's not bad news, other than we'd love to see it come in the fourth quarter. But then, you look into the first, second, third quarter of next year, if it's more gradual, we'll still have some pretty nice demand there. I think the other benefit of the 4G, as you look at the phones that need to be switched out from 2G and 3G into 4G. That alone will create some demand for smartphones and that helps the utilization of the Internet too. So hopefully, there's some inter-networking build-out as a result of that.
And our next question comes from the line of Bobby Burleson with Canaccord.
Robert Burleson - Canaccord Genuity, Research Division
So looks like a lot of the progress on utilization is happening in Asia Pacific as you guys were expecting -- are getting gross margin with the aspect [ph] of the warranty issue. Is there any change to kind of where you think peak utilization can be this year? We're looking at the advanced factories supplying smartphones, et cetera. Is peak utilization November? Are there things that could happen in your order books that could kind of shift that one direction or another by a month?
Kenton K. Alder
Yes, when you look at our utilization, you almost have to look at it by end market segment. If you go to the aerospace and defense, you'll notice that we've been marching along at a pretty stable rate there in spite of government sequestration and so forth, that's been pretty stable. The mix has been a little bit different. It's caused us a little bit of a challenge in some of the inefficiencies caused by the mix. But that work will need some help with sequestration to have that part of our business go up. Next year, with the networking, that just depends on pretty much the Internet and the infrastructure build-out. And with our capabilities in Asia Pacific and our capabilities in North America, our Chippewa Falls facilities, we're well positioned there. So that basically depends on the demand. Our advanced HDI facilities, I think we're extremely well positioned there. We've got the right customer base, the right relationships for that customer, preferred supplier with those customers. And so we'll continue to look for the seasonality to be strong this year and next year. So we'll have some of our facilities run at near full capacity when the seasonal work impacts us. And that it depends on the other work and how much capacity utilization we can get in our other facilities. So overall, you look at all those factors, there's a lot of pluses and minuses flowing through there. But the position we have, the company today with the facilities, the footprint we have, the profit improvement margins that we've taken with SYE, MAS and others, were pretty well positioned to drive margins as we capture more work.
Robert Burleson - Canaccord Genuity, Research Division
I think you mentioned that foreign exchange was a positive challenge, in a couple other issues that had come up in the past, I guess, costs of labor and some of the pricing that you had to kind of put in place in order to get that allocation it looks like, with your advanced HDI products, has those things stabilized, pricing with the customers, the kind of issue that you were seeing on the rate inflation, are they now stable or even [indiscernible]?
Kenton K. Alder
Yes, I think those are good questions. And when you -- first let me talk about the labor increase. In Asia Pacific, if you go back a couple of years ago, we were having like 15% to 16% increases. Last year was closer to the 8%. We anticipate this year, it will be again closer to the 8%. So it's coming in at much lower levels than we thought. So that's, I think the positive news there. With regards to negotiations with our customers, on the Tier 1 customers, generally you will go through a quarterly price negotiation. Again, going back in time when one of our customers was consolidating their supplier base, we incurred some significant price reductions. But on the positive side, it expanded our penetration into a major account here. So it not only did with provide touchpad tablets, but now we provide smartphones. So it was kind of a win on the side of driving revenue and penetrating customers and becoming like a preferred supplier. But at that time, we did have to pay a little bit of a price with some more significant price reductions. Since that time, it's more normalized with the more standard quarterly price negotiations. The technology continues to increase, so we are able to some degree, reset prices, we are able to offset that with the experience and the lower rejects that we have. So we have a lot of history behind us through pretty complex technology sector or marketplace that we've been going through over the last couple of years. And so, as you look at us today and the investments we've made in CapEx and the improvements in our processes and quality systems and just normalized price negotiations, we're optimistic about 2014.
Robert Burleson - Canaccord Genuity, Research Division
That's great. And just one more quick one if I can squeeze it in. As you have been mentioning 2014, are there anything happening on the product front, sort of material -- Tier 1 customer base that would allow or maybe a little less seasonal headwinds entering the calendar year next year in terms of product launch, is there a potential for stuff that's either been delayed or maybe things would have been chosen launch at different times or maybe spilling over into the beginning of next year and kind of counteracting that and maybe the seasonality you normally see?
Kenton K. Alder
Yes. Let me have Tom. Tom spent about 6 months in Asia. He travels there regularly. Tom, do you have an answer?
Thomas T. Edman
Sure. Just to talk a bit about mobility in the smartphone demand. First of all, I don't think we'll see a dramatic shift in seasonality. I think seasonality is here to stay as long as consumer buying patterns are seasonal. But what we do see more of is customers diversifying in terms of their product offering. Starting to introduce targeted at the Chinese consumers. So there you're looking at the February holiday or the October holiday. So slightly different timing. So, as we go forward, we certainly will still see that end of the seasonality, but I think we're going to start seeing some other smaller peaks from both the major Tier 1 smartphone suppliers and also, the Chinese smartphone suppliers who are coming on fast. And also, customers of ours.
And our next question comes from the line of Rich Kugele with Needham.
Richard Kugele - Needham & Company, LLC, Research Division
A couple of questions. I guess, first, can you just remind us, Kent, on how much of the networking business is coming from Asia or if you even wanted to even more finely slice it, how much you think would have typically between addressing the LTE opportunity to try to gauge the impact, both, as it eventually shows up and what it is now?
Kenton K. Alder
When we look at our networking, it's a little bit different in Asia Pacific than it is in North America. North America is on the advanced side of the networking server and the higher technology products. And then our Asia Pacific facility is like in serving the mid-level, so that's a nice complement to the networking industry that we have facility in North America, mid-level technology in Asia Pacific, mid-level, North America, high-level technology. So that enables us to really have a nice service platform for our customers. When I look at the networking, about 50-50, it's pretty close to half coming from Asia Pacific, half out of North America.
Richard Kugele - Needham & Company, LLC, Research Division
And then I recall that last quarter, the lead times on some of the networking equipment because the Chippewa utilization were getting fairly extended even if the overall utilization is still manageable. Could you just update us on where we are just with the lead times in, I guess, in Chippewa?
Kenton K. Alder
Yes, the lead times, basically Asia Pacific and North America haven't changed. They're like 4 to 6 weeks in Asia Pacific, about 6 to 10 weeks in North America. And the 10 weeks in North America is a reference to the networking end market, mainly in our Chippewa Falls facility. We still have a sizable backlog there. When you looked at our book-to-bill in the second quarter, let's see it, it was 1.16 in North America. And most of that was the backlog build for the networking in Chippewa Falls. So our lead times got extended there. We kind of lost some flexibility in order to meet our customers' needs. We didn't lose any customers by any means, but we probably lost a few orders because of that. But we still were able to keep our customers happy and now we're working through that backlog. And I think through the fourth quarter, you'll see our lead times come down, maybe possibly and maybe probably by the end of the fourth quarter, we could be back to normalized lead times.
And our next question comes from the line of Jiwon Lee with Sidoti & Company.
Jiwon Lee - Sidoti & Company, LLC
Most of my questions were answered. So just wanted to ask, there is #1 OEM that you had 23%, if my recollection is correct, this is kind of highest they have ever done business with you, is that correct?
Kenton K. Alder
Yes, I think, you wanted -- the 23% is probably, if not the highest, at least one of the highest. And remember, that's the seasonality that we have there. And they'll probably jump a little bit higher in the fourth quarter even. But when you look at it on a year-long basis, it'll be closer to about 20%. So on a year-long basis, 20%, I think, we're okay with that.
Jiwon Lee - Sidoti & Company, LLC
Okay, helpful. And not to rehash what happened, could you go into a little more details about the claims that you dealt with and how that is now totally behind you?
Kenton K. Alder
Yes, we can do that. I'll -- let me, I'll try to do that rather quickly, but it is a little bit of a longer story, but I think it's important that everybody understand the situation. When we go back into the second quarter, that's when a customer brought a problem to us. We reacted immediately, started troubleshooting, running tests. We were able to affirm that there was an issue. It was an issue that was related to one particular part number. We looked at how we were manufacturing that part number. We modified our processes. That corrected the problem. The customer worked with us on that side by side, audited our process and so forth. We then quickly resolved all of the work in process that we had, a few fill failures that had come back to us. And at the end of the second quarter, we took a $2 million charge. And the big part of that $2 million charge was an accrual for what we thought was any future returns. So even at the end of the -- at the beginning of the third quarter, we started to see some more field returns that we didn't anticipate. And I think it's important that everyone understand that this is an issue that is kind of a delayed quality issue. It doesn't show up immediately. So in the third quarter, as we started to get returns back, we again looked at where we were at. We took a $6 million charge in the third quarter. And part -- about $3 million of that charge is a reserve against any future claims, warranty claims. So, we think that is adequate. Our customer has a 1-year warranty on their product and most of that product would've been shipped by December, so we're confident we're coming to the end of that. But it's basically boil down to the fact that we did underestimate kind of the warranty charge at the end of the second quarter. Again, when you look at the warranty charge itself, we're standing behind our product and we're standing behind all the components that were attached to the circuit board. So the cost of each board is about 20x to 25x the cost of the raw circuit board that we're standing behind. So it was not a prevalent problem, it was on a few part numbers -- a few parts that had a pretty significant consequence. So we filed -- we're in process of filing an insurance claim. We're having a claim against -- with the chemistry provider. We don't know what the outcome of those are going to be, but that's where we're at today. So, we're comfortable with the reserve that we have set up.
And our next question comes from the line of Steven Fox with Cross Research.
Steven Bryant Fox - Cross Research LLC
So -- anyway, just everything -- that good questions have been asked. Few things really, one is with the SYE behind you guys, what kind of CapEx ratio should we be looking at going forward, if we're thinking about next year? And secondly, just in terms of fully understanding what you're saying about wireless infrastructure. I mean how much is it -- how much relative to your expectations has it slowed? And what type of growth do you expect from that market, say over next several quarters and winter?
Kenton K. Alder
Just -- on our CapEx side, we'll probably be at about $117 million this year, 2013, which is down from the $140 million of 2012. Looking forward, we'll be -- we're still in the process of working through all the budgets and looking at our forecast and how much more advanced HDI work our investments will, but it's not going to be anything significantly lower or higher. It will probably be about right in that category, again next year. Again, with the wireless, it's hard for us to look out and see how much that flow, but it seems like it's not a dramatic drop off, and it's just one of the fluctuations that we go through. So I think that when you look at the way we run our business, and you've got the seasonality in there, we'll do our forecasting. We adjust our business for our forecast. We're getting very good at adjusting our cost structure as we learn how to deal with the seasonality. I think you'll see some improvements in our business as we are now wiser and able to adjust on the upside and the downside more quickly.
And I am showing no further questions. I would like to turn back over to management for any closing remarks.
Kenton K. Alder
Okay. Thank you, everyone, for joining us. We appreciate your interest in TTM. If you have any further questions, we're here. Todd is here. We can answer your questions in the future. We look forward to meeting with you again next quarter. Thank you.
Thank you. Ladies and gentlemen, this concludes our conference call for today. If you would like to listen to a replay of today's conference call, please dial 1 (800) 406-7325 or (303) 590-3030 and enter access code 464-4581. We'd like to thank you for your participation, and you may now disconnect.
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28701 results « previous Page 623 of 1436 next »
Oktibbeha County's search for a new county administrator is expected to last through February as supervisors use an informal process to hone a list of more than 30 applicants to five or so preferred candidates.
Bill Marcy said Friday that he's changing party labels, but not his conservative beliefs, to run as a Democrat for the U.S. Senate in Mississippi this year.
Larry Speakes, who spent six years as acting press secretary for President Ronald Reagan, died Friday in his native Mississippi. He was 74.
Democrats across the nation are eager to make increasing the minimum wage a defining campaign issue in 2014, but in California a proposal to boost the pay rate to $12 an hour is coming from a different point on the political compass.
In a move that some fear could compromise care for Medicare recipients, the Obama administration is proposing to remove special protections that guarantee seniors access to a wide selection of three types of prescription drugs.
For veterans seeking disability compensation, the application process is supposed to be so easy that a handwritten note on a napkin will initiate a claim or an appeal.
Rankin County deputies have seized several plastic bags of tobacco, a dozen cellphones with phone chargers and other items and arrested four people accused of trying to toss the items over a fence at Central Mississippi Correctional Facility.
Welcome to the Super Bowl, where demand always beats supply and the teams don't really matter.
The September lane closings near the George Washington Bridge that caused huge traffic jams and now appear to have been politically orchestrated by a member of Gov. Chris Christie's administration and key allies violated federal law, a chief official said in an email ordering the lanes reopened.
It was vintage Ariel Sharon: His hefty body bobbing behind a wall of security men, the ex-general led a march onto a Jerusalem holy site, staking a bold claim to a shrine that has been in contention from the dawn of the Arab-Israeli conflict.
A former Mississippi University for Women president was killed in a head-on collision Wednesday in Florida.
The Dispatch sports staff member Scott Walters was recognized Thursday as the state of Mississippi's National Sportscaster and Sportswriters (NSSA) Sportswriter of the Year.
Columbus Light and Water will soon choose a company to install a mobile water meter reading system citywide.
A Columbus man is being charged in a New Year's shooting that left a teenager injured.
The facility on The Island that converts wood chips to fuel stopped production in December and remains offline today.
Clay County supervisors entertained the possibility of meeting in the afternoon twice a year, but a motion to enact the policy failed to get a majority vote and was subsequently withdrawn.
The culmination of almost 15 meetings of the Commission on Starkville Consolidated School District Structure could come 9 a.m. Tuesday as committee members are expected to discuss the final draft of their long-awaited school merger report.
Ozzy Hendrix has taken care of a stinky situation at the Crossroads Arena in Corinth.
Students at the U.S. military academies often believe they have to put up with sexist and offensive behavior, a Pentagon report finds, reflecting a culture of disrespect that permeates the schools and their sports teams and fuels reports of sexual harassment and assaults.
« previous Page 623 of 1436 next »
1. New trial granted for man convicted of capital murder COLUMBUS & LOWNDES COUNTY
2. Slain man alleged victim in pending assault case COLUMBUS & LOWNDES COUNTY
3. Hotels see steady growth in Golden Triangle AREA
4. Noxubee man gets 72 years for robbery, burglary charges AREA
5. Goodbye to homework for some elementary schools NATIONAL

subset: commoncrawl


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"Oh, the best part of waking up..."
Tis the season for special dividends! I'm all over these plays and you should be too.
A rare trending sell off hit yesterday. I was surprised by this move but do expect the action to return to whipsaw. Be aware that Obama has an interview at 12:30 EST which will most likely make markets move.
|Morning Coffee - Day-Trading Watch-List
|$PETS- For the micro players this is the only special dividend play I can find this morning. PETS will pay a $1 special divy on 12/24 to holders of record as of 12/14. Pre-market trading is at 12.15-12.31
|$ BIG- Posted a 3rd quarter loss bu the street took it well as earnings forecast was revised and estimated higher. Pre market trading up around $2 from yesterday's close.
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With six months to live, man told to return to court in 14 months.
ROME, Italy (Reuters) -- A man given six months to live by his doctors has been told by an Italian court to come back in 14 months to hear the outcome of his demand for insurance damages.
Full story at http://www.cnn.com/2005/LAW/03/08/italy.court.reut/index.html


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Latest Updates
May 5, 2016
Photographer and prisoner of conscience Ahmad Fardan has been released after completing his three-month prison sentence on 18 April.
Press Release
May 5, 2016
The Bangladeshi authorities should halt the imminent execution of Motiur Rahman Nizami and impose a moratorium on the death penalty, Amnesty International said after the country's Supreme Court rej...
May 4, 2016
Rayhana al-Mousawi, one of two women protesters at the 2013 Bahrain Grand Prix, has been released as part of a royal pardon on 20 April. The other woman, Nafeesa al-'Asfoor, was released on 2 July...
Press Release
May 4, 2016
Trial of Mexican woman tortured to confess murder comes to a close as state prosecutors prepare final arguments
A woman who was tortured for 15 hours to confess to a crime and who has been languishing in prison for nearly four years must be released without delay, said Amnesty International ahead of a key de...


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Hotels in Wensleydale, United Kingdom
Search & Compare Wensleydale Hotels
Trending now in Wensleydale
Hotels in Wensleydale
- Most bookedThe Wensleydale HeiferNo Guest Reviews yet
17 people looked at this hotel in the last hour
10 people looked at this hotel in the last hour
Most recent review
"Really friendly and helpful owner. Room is perfectly acceptable and in a great location. We stayed with our two year old, there's a little park across the road on the village green which was ideal for him, so great place to stay with children. Plenty of parking all around and you can get meals in..."
A Traveller, Aug 2016, GB
6 people looked at this hotel in the last hour
Most recent review
"Had a brilliant time, staff great, food brilliant, had a great time .Wendy n Phil room five"
A Traveller, Jul 2016, GB
6 people looked at this hotel in the last hour
Most recent review
"We were given a very friendly welcome to this unusual B&B. We stayed in a very well-equipped and spacious double room with easy chairs and a lovely bathroom. Access to the room was up a stone spiral staircase which could be a problem for some. As we do not go for the full-English we found brea..."
A Traveller, Aug 2016, GB
6 people looked at this hotel in the last hour
Most recent review
"We stayed just 1 night in this small B & B and received a warm welcome from the owner. He was very helpful and keen to know if we needed anything. The location was ideal for us and even though the building is right by the road, the windows are modern and road noise is not a problem. Breakfast was..."
A Traveller, Jun 2016, GB
5 people looked at this hotel in the last hour
Most recent review
"The host are very friendly, and there breakfast will keep you going all day."
A Traveller, Jul 2016, GB
3 people looked at this hotel in the last hour
Most recent review
"Nice traditional B and B set in the lovely Dales. Good facilities and good breakfast. The room was clean and to a good standard. The Hosts made us feel welcome. "
A Traveller, Sep 2016, GB
Hotels within 5 miles of Wensleydale
9 people looked at this hotel in the last hour
Most recent review
"Arrived to a warm welcome from Roxana. Great sleep. Woke to an excellent breakfast. Sad to leave. Hope to return soon."
A Traveller, Aug 2016, GB
Most recent review
"Warm friendly and welcoming. Lovely food and clean comfortable room with lovely bathroom. Gorgeous little village easy walk to local pub that serves good food. Really enjoyed our stay. "
A Traveller, Sep 2016, AU
Hotels within 10 miles of Wensleydale
11 people looked at this hotel in the last hour
Most recent review
"Very comfortable room in beautiful countryside.Excellent breakfast served in convivial surroundings. Short walk to restaurant which was good for dinner but many within short drive. Would recommend this accommodation."
A Traveller, Sep 2016, GB
Best hotels in Wensleydale
If you are looking for Wensleydale hotels in a particular area, you can use the search feature at the top of the page to search by neighborhood, landmark, address or zip code, or you can search by using the built-in map feature. You can also browse hotels in Wensleydale by type, amenities, and star-rating so that you can find the best hotel. Currently, top rated hotels in Wensleydale are:
- Sykes's House
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The location of your Wensleydale hotel is important. If you are traveling to Wensleydale, &StateorCountry for business, you may want to consider getting a hotel close to the airport or near your meeting venue. By doing so, you can really cut down on transportation costs and time. You may also want to book a hotel that offers free wifi just in case you need to get some work done.
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Before you book, check out user reviews. Hotels.com has 42 reviews in Wensleydale. We show reviews from Expedia and TripAdvisor so you know that you are reading genuine, reliable reviews. Be sure to download the Hotels.com app so you can book your reservations on the go, view amenities, and save the hotels you want to view and compare later.


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Hotels near Ibirapuera Gymnasium
Search hotels near Ibirapuera Gymnasium in Sao Paulo
Trending now in Sao Paulo
Hotels within 0.5 miles of Ibirapuera Gymnasium
- Most bookedPestana Sao Paulo Hotel
431 people looked at this hotel in the last hour
Most recent review
"Good hotel. However, the room heater does not work. Actually, the heater does not work even in common areas such as the lobby and breakfast restaurant. And São Paulo winter is chilly (within the 40s and 50s F)."
A Traveller, Jul 2016, US
264 people looked at this hotel in the last hour
Most recent review
"The check in was a bit challenging. The room made up for more then that though, spacious, contemporary design, roomy, comfortable bed. Some challenges with the Digital tv and the lighting, but no worries. The room service was swift and well executed. The hotel service was excellent and extrem..."
A Traveller, Feb 2016, US
213 people looked at this hotel in the last hour
Most recent review
"Nice staff, but don't expect much English spoken. Pool is negligible; size of a large bathtub. The location -- while says in Jardins -- seemed a little far from things. I noticed there are other Mercure hotels in better locations."
A Traveller, Mar 2015, US
24 people looked at this hotel in the last hour
18 people looked at this hotel in the last hour
Hotels within 1 mile of Ibirapuera Gymnasium
138 people looked at this hotel in the last hour
Most recent review
"This hotel is located in a safe neighborhood, nice restaurants around and no problem walking. The staff is awesome and I will stay there again. Free breakfast and internet access complement the package."
A Traveller, Sep 2016, US
132 people looked at this hotel in the last hour
Most recent review
"Stayed here for a night with my sister. They had initial hiccups in finding a room for us but once that was settled, it was a good experience. The hotel was modern. Staff was friendly. Good wi-fi. The location was close to paulista ave and ibirapuera park - both are walking distance from the hotel."
A Traveller, Apr 2015, US
54 people looked at this hotel in the last hour
Most recent review
"This is a well run medium price hotel. If you have any thing to complain about here you should stay at a fancy hotel because this place is clean, simple and well located. "
A Traveller, Sep 2016, US
20 people looked at this hotel in the last hour
Most recent review
"This hotel was very comfortable. My room was big, it was very clean, the TV was great (English channels and an SAP button on the remote to give more English), plus there was a filtered water tap in the room. Downsides were that the staff I dealt with spoke very little English and it's a 15 minute..."
A Traveller, Dec 2014, CA
3 people looked at this hotel in the last hour
Map of hotels near Ibirapuera Gymnasium
- Pacaembu Stadium
- Anhembi Convention Center
- Memorial da America Latina
- Immigrants Exhibition Center
- Anhembi Sambadrome
- Sao Paulo Cathedral
- Transamerica Expo Center
- Interlagos Race Track
- Paulista Avenue
- U.S Consulate General
- Corinthians Arena
- Metro Boulevard Tatuape Shopping Center
- Reboucas Convention Center
- Mercado Municipal
- Frei Caneca Shopping and Convention Center
- Ibirapuera Park
- Expo Center North
- Republic Square
- University of Sao Paulo
- Hospital Sirio Libanes
Hotels in Sao Paulo near Ibirapuera Gymnasium
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Here Is The Trailer For Justin Timberlake's Netflix Special!This is going to be awesome! We can't wait to watch it!
Justin Timberlake Covers Earth, Wind & Fire's 'September'It appears on the 'Trolls' soundtrack.
Justin Timberlake Is A Smoking Hot Life Guard In His New Movie Role!This is going to be amazing! We can't wait to watch it.
Is A Justin Timberlake & Brittney Spears Collaboration Be Underway?A Timberlake and Spears collaboration would feel like the 2000's all over again
Justin Timberlake Told Britney Spears To Give Him A Call And We Just Got Really Excited!OMG! OMG! OMG!
Justin Timberlake's 20/20 Experience Concert Film Coming to Netflix'Justin Timberlake + The Tennessee Kids' begins streaming in October.
Justin Timberlake Talks Music's Influence on Fashion LineJT's fashion icons include Johnny Cash and Elvis Presley.
Black Eyed Peas Re-Release 'Where is the Love?' with Justin Timberlake, Usher, MoreThe new version also features Mary J. Blige, The Game, Tori Kelly, A$AP Rocky, DJ Khaled and more.
Britney Spears Wants To Do A Song With Justin Timberlake!Can you imagine if they got back together for a song? This would be awesome!
Justin Timberlake & Jessica Biel Have Lunch with Hillary ClintonThe power couple are with her.
Justin Timberlake Crashes Wedding PhotosThe bride did an admirable job keeping her cool, at least until Justin left...
Justin Timberlake Crashes Couples Wedding, And It's Awesome!This is awesome! How do we get him to crash a wedding here in Dallas?


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Fast Uncle Mo Filly Tops F-T Midlantic Sale
With an Uncle Mo filly selling for a sale-topping $1 million, the two-day Fasig-Tipton Midlantic 2-year-olds in training sale that was expanded in numbers this year concluded May 24 with a record gross.
With an Uncle Mo filly selling for a sale-topping $1 million, the two-day Fasig-Tipton Midlantic 2-year-olds in training sale that was expanded in numbers this year concluded May 24 with a record gross.
Action picked up midway through the second day of the Fasig-Tipton Midlantic 2-year-olds in training sale when a Friesan Fire colt became the highest price so far at $825,000, while a Speightstown colt sold for $500,000.
Either the track at Fasig-Tipton Midlantic was playing faster or the horses were just faster as the under tack show for the May 23-24 sale of 2-year-olds in training concluded May 19 with five of the eight fastest clockings.
The three trainers of Louisiana Derby (gr. II) runners expected to start in the May 7 Kentucky Derby Presented by Yum! Brands (gr. I) are confident the six weeks between races will not be a problem for their horses.
Slipping saddle can't stop California Chrome in the World Cup and more inside the April 2, 2016 issue of Blood-Horse magazine.
Follow along with America's Best Racing for a compelling behind-the-scenes look as GMB Racing Manager Greg Bensel experiences the 2016 Louisiana Derby (gr. II). Watch Video
Follow along with America's Best Racing for a compelling behind-the-scenes look as GMB Racing Manager Greg Bensel, the vice president of communications with the NFL's New Orleans Saints and NBA's New Orleans Pelicans, experiences the 2016 Louisiana Derby (gr. II) with two 3-year-old Thoroughbreds vying to earn enough points to qualify for the starting gate of the upcoming Kentucky Derby (gr. I) on Saturday, May 7.
Winchell Thoroughbreds and Three Chimneys Farm's Gun Runner, who captured the grade II Risen Star Stakes in his last start, was a commanding winner of the $1 million TwinSpires.com Louisiana Derby (gr. II) March 26.
Tom LaMarra and Ellis Starr preview the Louisiana Derby (gr. II) featuring Greenpointcrusader, Dazzling Gem, Gun Runner, Mo Tom, and Forevamo. Includes a special promotion just for THS viewers. Sponsored by Equibase. Watch Video
Tom LaMarra and Ellis Starr preview the Louisiana Derby (gr. II) featuring Greenpointcrusader, Dazzling Gem, Gun Runner, Mo Tom, and Forevamo. Includes a special promotion just for THS viewers. Sponsored by Equibase. Download Equibase Past Performances for the Louisiana Derby.
Risen Star (gr. II) winner Gun Runner will take on grade I winner Greenpointcrusader, who last finished second to Mohaymen in the Holy Bull (gr. II), when the two go postward in the March 26 Louisiana Derby (gr. II).
J. Keeler Johnson handicaps the Louisiana Derby (gr. II) at Fair Grounds. read blog
Louisiana-based owners and a Louisiana-based trainer hope the home cooking works for their Mo Tom, who hopes to turn the tables on Gun Runner in the March 26 Louisiana Derby at Fair Grounds
Laminitis claims Ken and Sarah Ramsey's Vicar's in Trouble, winner of the 2014 Louisiana Derby (gr. II) and Super Derby (gr. II). The son of Into Mischief was put down March 11.
Brittlyn Stable's Forevamo has exited his second-place finish in the $400,000 Veterans Ford Risen Star Stakes (gr. II) in good order, according to trainer Al Stall and owner Evelyn Benoit.
After finishing second in three of his first four stakes tries, Morning Fire dug down Jan. 23 to hold off a stretch challenge from Epic Journey to win the $100,000 Pasco Stakes at Tampa Bay Downs.
David Taylor Jr.'s Mana Strike will seek his second consecutive Golden Gate Fields stakes in the $100,000 California Derby Jan. 16 at the Bay Area racetrack.
"You can either be excited about the future or worry that he's not there yet," trainer Tom Amoss said of his Lecomte (gr. III) contender. "I prefer to keep the glass half full. I've called him a work in progress."
Trainer Tom Amoss, multiple leading trainer at Fair Grounds Race Course & Slots, has a couple of promising 2-year-olds he hopes end up competing in the $1 million Louisiana Derby (gr. II) in 2016.
Fair Grounds Race Course & Slots has announced a partnership with TwinSpires.com that includes naming TwinSpires.com the official presenting partner of Louisiana Derby Day on March 26, 2016.
Morning Fire won the second race at Parx Racing July 12 and became the first winner for multiple graded stakes winner and Maryland-based stallion Friesan Fire.
Ken and Sarah Ramsey's International Star stayed at trainer Mike Maker's base at the Churchill Downs Training Center for his final Kentucky Derby Presented by Yum! Brands (gr. I) workout April 25.
Louisiana Derby (gr. II) third-place finisher War Story put in his final workout for the Kentucky Derby Presented by Yum! Brands (gr. I) April 22 when the 3-year-old gelding breezed five furlongs in 1:02.
War Story, who placed in all three of Fair Grounds' top races for 3-year-olds, worked at Churchill Downs April 8 in preparation for a planned start in the 141st Kentucky Derby Presented by Yum! Brands (gr. I).
Tom Amoss comments on how War Story looks since arriving at Churchill Downs and confirms War Story is being pointed to the Kentucky Derby. watch video
|Breeder / Owner
|Flying Pegasus
|Ralph E. Nicks
|Friesan Fire
|J. Larry Jones
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|Chris Richard
|Papa Clem
|Gary Stute
|Richard E. Dutrow, Jr.
|Soul Warrior
|Steven M. Asmussen
|Albert M. Stall, Jr.
|Uno Mas
|Steven M. Asmussen
|Joe Hirsch Turf Classic S. (gr. IT)
|Gallant Bloom H. (gr. II)
|Pilgrim S. (gr. III)
|Vosburgh S. (gr. I)
|Beldame S. (gr. I)


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Starting Anew After Retirement
Sep 3, 2013|
Senior citizenship has traditionally meant a chance to slow down and enjoy the rewards of a long career. But motivated seniors are increasingly viewing their golden years as another beginning—a chance to launch a new business
Retirement? Effat Sedky, 82, doesn't have time. At an age when many of his peers are winding down, Sedky owns and runs Vancouver Croissant Ltd., a thriving wholesaler of the buttery baked goods, with 12 employees in its Burnaby warehouse. "There's no way I can stop," he says, with a shrug. "I will run it as long as I can come to the office."
He's part of an emerging trend of older entrepreneurs who start businesses after the age of 55. And he's got plenty of company, though quantifying the trend precisely is a bit tricky. Statistics Canada doesn't track how many self-employed waited until their 55th birthday before jumping in, and how many have simply aged into the demographic cohort.
Nevertheless, a few stats are revealing. The number of senior entrepreneurs in B.C. soared by 70 per cent over the past decade, estimates Andrew Ramlo, of Urban Futures, a Vancouver consulting firm. A TD Canada Trust survey from October last year showed a whopping 54 per cent of baby boomers polled have started or are considering starting their own firm. And people 50 and older now account for close to 30 per cent of startups in B.C., more than double the amount seen in the 1990s, according to a CIBC In Focus report from last September.
Ramlo says the sharp increase in the propensity among boomers to be self-employed is likely related to several factors. More people are retiring from careers and, with better overall health than previous generations, they can stay active longer. Life spans have also increased, meaning they have more time to fill. And our diversified provincial economy provides many opportunities for small, service-based business—a favourite of late-blooming entrepreneurs.
"It's not surprising," says Laura Jones, executive vice-president of the Canadian Federation of Independent Business. Boomers with the prospect of living into their late 80s may find their financial needs—or dreams—straining their existing resources, she explains. To cover the gap, they turn their accumulated skills, knowledge and contacts into their own businesses.
"In some cases it is necessity," says Joel Young, founder of the Okanagan Valley Entrepreneur Society, a non-profit serving a region in which the median age is 52. "In other cases, it's, 'Gee, I want to do something else with my life.' You can't garden and golf all day," adds the man who describes himself as "69 going on 50."
Sedky doesn't have time for either leisure activity. He's too busy with daily operations at his 6,000-square-foot production facility, which ships croissants to customers throughout Western Canada. Looking back, he says he got into the business because he wasn't ready to retire: "I couldn't sit and relax. I wanted something to do."
He also wanted to be careful with his bank account, having learned a pricey lesson in his first go-around as a senior entrepreneur. After emigrating from Egypt, he started a construction firm at the age of 56, only to see it crumble when the real-estate market imploded. That nightmare left him wary heading into his next venture. "I didn't want to take chances," he says.
An existing croissant shop caught his eye and met his criteria. Though he knew nothing about the pastry industry, the business was not capital-intensive, it was small (only two employees at the time), profitable and he could do a lot of the work himself. So at age 65 he bought the business and in the ensuing years has driven a six-fold increase in sales.
For many other senior entrepreneurs, money is the dominant—and often sole—motivation. David Gerry, for example, moved from the non-profit sector into the business world at age 62 because he had bills to pay. "I didn't have benefits. I didn't have a pension," says the co-founder of Insightful Marketing Inc., a Victoria-based Internet-marketing agency. His previous career was personally gratifying, he says, but without a pension plan and with a pay scale that covered household bills and not much more, building a sufficient retirement fund wasn't possible.
Open since January 2012, Gerry's business is still in its infancy, which means the hours can be long without much financial reward. He is drawing on personal reserves for now, a step that's necessary to reach his goal of building Insightful and then selling it to finance retirement.


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Home > Sunglasses > Dragon > DR TAILBACK H2O (003)
Size and availability
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30-day money-back guarantee
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Free outbound and return shipping
30-day money-back guarantee
Low prices
DR TAILBACK H2O/003 Ophthalmic Glasses
These sunglasses complement your look with an accessory that is a cut above the rest. True to the Edel-Optics motto "SEE AND BE SEEN", you are on a par with celebrities, impressing in every environment. The DR TAILBACK H2O is brand new on the market in 2016, with this eyewear you are at the cutting-edge of trends. Would another colour not be a better match for your favourite outfit? Check also the other styles of DR TAILBACK H2Oin our 2015, and 2016 Dragon range.
With no frills and state-of-the-art materials and craftsmanship, these men's glasses stand for stylish design and self-confidence. Wearing full rim eyewear, you make it unmistakably clear that you are going the whole hog. The quadratic shape makes the face appear longer, due to its straight outer edges. The frame is, therefore, particularly advantageous for more rounded facial features. Plastic frames like these combine durability and are comfortable to wear. The DR TAILBACK H2O is a very snug fit on the ears and nose. Functionally, you are, of course, on the safe side, too. With 100% UV eye protection, the sun can immediately start shining. Our polarizing or "polarisation" lenses are far superior to normal lenses. This special technology minimizes irritating light reflections. Your eyesight is razor sharp. Whether you are driving or are out and about, the colours are more intensive, and your degree of safety is increased.
The model has already been ordered and will shortly be back in stock. If you order now, you will get the reduced price and once the goods arrive, we will send you your new Dragon on the same day. And because Edel-Optics is a paradise for bargain hunters, you can get this top model at an incredibly low price. What is labelled as "in the sale" at other online shops, is for us "all-day-everyday" prices.
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Expect to see Old Stinky to plunge, this stock is over valued today and would be a good shorter canditadate.
What a great call - up almost $1.00 - LMAO!
Sentiment: Strong Buy
Right on time sewers47. Can always count on you around ex divi and divi time.
Sentiment: Buy
Proper spelling is candidate --your spelling stinks
Sentiment: Hold
WOW we need more debbie downers in here seems when they come in vz goes up thanks, Debbie strong buy to 47.50
Great call. Tell us how many put contracts you are buying.


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Nutrition information for this recipe is estimated using a leading nutrition calculation application, but is an estimate only. Actual nutrition values will vary based on the exact ingredients or brands you may use.
If you want to prepare a soup in a snap, try to always have some broth ready in your fridge.
In my home, our Latin heritage is celebrated every day; ever since I've come to live in the U.S. and had children who are both Latino and from the States, I've wanted them to learn all about Latin cul-ture.
Hispanic Heritage Month is ideal for appreciating our raíces, and one of my favorita ways to mark the occasion is by preparing traditional dishes such as this potato and meatball stew. This recipe comes from the culinary repertoire of my grandmother and mother; it couldn't be easier, deliciosa, or more comforting.
So, I invite you all to dust off a large pot and get ready to prepare for national Hispanic Heritage Month. Your body and taste buds will be sure to thank you!


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Golf course discusses changes with South Lake Tahoe
Ryan Summerlin February 20, 2014
Edgewood Companies wants to extend a small portion of its golf course into California to coincide with a long-planned project to build a resort in Stateline, Nev.
Currently, the tee boxes for the ninth hole rest on the California side of Edgewood's property along with some of Hole 8's green complex. However, the plan is to move about 3 acres of the ninth hole — including some of the fairway — into South Lake Tahoe.
Brandon Hill, real estate project manager for Edgewood, said the company realized the benefits of keeping some operations in California back when the Edgewood Tahoe Resort Project was approved by the Tahoe Regional Planning Agency in 2012.
"Once we had our approved project, and went further into design to develop the concept that was approved, it immediately became clear to us that we could deliver a superior project on a number of levels if we were able to keep the ninth hole partially in California as it is today," he said at a planning commission meeting Thursday.
In order for the company to extend its operations into California, however, it requires permission from the city of South Lake Tahoe to make changes to land use designations in that area. The amendment, if approved, would affect some parcels west of Lake Parkway and north of Stateline Avenue.
It would also only affect South Lake Tahoe property already owned by Edgewood.
South Lake Tahoe planning commissioners listened to a presentation from Hill on Thursday to ask questions about the proposed amendment before it came back to the commission for a decision at a later time.
Chairwoman Joy Curry said she had no problems with the plan as it stood.
"This is actually, in my opinion, a lot of work for someone who wants to use their land the way they want to use it," she said.
It might be Edgewood's property, but Hill said there would also be benefits to the public by allowing the change to land use. The amendment would allow lakefront recreation, giving Edgewood the chance to expand an already proposed 500 feet of public beach access to 630 feet.
Additionally, it would give public access to a section of beach that currently doesn't have it.
Ultimately, all the changes would coincide with Edgewood's larger resort project, which consists of constructing a 154-room lodge with a health spa, restaurant and more.
The resort could open as soon as summer 2016. Golf hole realignment, on the other hand, is expected to begin later this year.
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SFATA power breakfast with California State Senator Joel Anderson
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SFATA are being hosted by California State Senator Joel Anderson this Weds for a "power breakfast". You can bring your input and ideas to him at his El Cajon district office between 9.30 and 10.30. If you're interested and can attend, please visit www.tinyurl.com/SFATApowerbreakfast
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Super Poll: Who's the hottest red carpet diva?
Yogen Shah April 9, 2013 6:00 AM Yahoo Lifestyle
These silver-screen divas have been setting the red carpet ablaze with their fabulous sense of style. But who has emerged as the high-priestess of Bollywood fashion. Style Factor readers find out! The votes are in and you'll be shocked!


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Taking on the Trust: The Epic Battle of Ida Tarbell and John D. RockefellerHow a female investigative journalist brought down the world's greatest tycoon and broke up the Standard Oil monopoly.Long before the rise of mega-corporations like Wal-Mart and Microsoft, Standard Oil controlled the oil industry with a monopolistic force unprecedented in American business history. Undaunted by the ruthless power of its owner, John D. Rockefeller (1839–1937), a fearless and
FreeFor most of human history, life has been nasty, brutish, and short. Even the most romanticized and glorified ages—the Renaissance, the Enlightenment, Ancient Athens—were still cauldrons of war, disease, poverty, and grueling labor. Of course, people expect epochs from the distant past to be somewhat cruel and barbaric, but what historians consider the late modern era was no less merciless on its
FreeIf a tree falls in a forest and no one hears it, does it make a sound? This ancient philosophical question is not typically associated with Napoleon's Coronation Day. But perhaps it should be. With the twenty-first century now firmly underway, the meaning, purpose, and raison d'être for life has been repeatedly, violently, relentlessly undermined from all sides. It is said today, quite routinely,
The Mystery of the World's Most Expensive Bottle of WineThe New York Times bestseller, updated with a new epilogue, that tells the true story of a 1787 Château Lafite Bordeaux—supposedly owned by Thomas Jefferson—that sold for $156,000 at auction and of the eccentrics whose lives intersected with it. Was it truly entombed in a Paris cellar for two hundred years? Or did it come from a secret Nazi bunker? Or from the moldy basement of a devilishly
The Life of John D. Rockefeller, Sr.National Book Critics Circle Award Finalist"A biography that has many of the best attributes of a novel. . . . Wonderfully fluent and compelling." --The New York Times"A triumph of the art of biography. Unflaggingly interesting, it brings John D. Rockefeller Sr. to life through sustained narrative portraiture of the large-scale, nineteenth-century kind."--The New York Times Book ReviewIn this
$11.99Twenty years, seven letters, and one long-lost love of a lifetime At age 40, Samantha Verant's life is falling apart-she's jobless, in debt, and feeling stuck... until she stumbles upon seven old love letters from Jean-Luc, the sexy Frenchman she'd met in Paris when she was 19. With a quick Google search, she finds him, and both are quick to realize that the passion they felt 20 years prior hasn't
Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Transformed AmericaHere is history that reads like fiction: the riveting story of two founding fathers of American industry—Andrew Carnegie and Henry Clay Frick—and the bloody steelworkers' strike that transformed their fabled partnership into a furious rivalry. Author Les Standiford begins at the bitter end, when the dying Carnegie proposes a final meeting after two decades of separation, probably to ease his
$5.99Romantic Times acclaims Laura Florand's work as "sensuous and sumptuous", nominating her for Best Book of the Year, and NPR says it's "explosive, sensual . . . and utterly sweet". Now, in her sixth book in the internationally bestselling Amour et Chocolat series, Florand takes us into a top Paris restaurant's pastry kitchen and into the hearts and irresistible temptations of its chefs, in The
A History of New York City to 1898To European explorers, it was Eden, a paradise of waist-high grasses, towering stands of walnut, maple, chestnut, and oak, and forests that teemed with bears, wolves, raccoons, beavers, otters, and foxes. Today, it is the site of Broadway and Wall Street, the Empire State Building and the Statue of Liberty, and the home of millions of people, who have come from every corner of the nation and the
Slavery and the Making of American CapitalismAmericans tend to assume that modern historiography has produced a full and complete understanding of slavery in the United States, as a shameful pre-modern institution, existing in isolation from America's later success. But while we have long since rejected the idealistic depiction of happy slaves and paternalistic masters, we have not yet begun to grapple with the full extent of slavery's
$12.99In a grand-scale narrative history, the bestselling author of two finalists for the Pulitzer Prize now captures the decades when capitalism was at its most unbridled and a few breathtakingly wealthy businessmen utterly transformed America from an agrarian economy to a world power. The years between the Civil War and the end of the nineteenth century saw the wholesale transformation of America from
$4.74Navy SEAL Matt Waterstone knows about keeping people safe. When his best friend's sister is attacked, Matt promises no harm will come to Ashley Sawyer-not on his watch. But Matt's not the only protective one. Ashley will do anything to safeguard the residents of the battered women's shelter she runs. She's sure she can handle the threats she gets in return. What she can't handle is the way Matt


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Ooo. Some tough words there, Augustus.
Lucy should buck up though.
68. December, page posted 10/24/11
Page 10 of 39
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Reader comments
Comment ID #186597
Ooo. Some tough words there, Augustus.
Comment ID #186601
Yeah… That awkward moment…
Ouch Augustus… but it's true. It's ridiculous how teens take their lives for 'crushes.'
Comment ID #186622
Sheesh, not sugar coating anything are you Augustus?
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Bills would ban smoking in cars with kids
A bill to forbid smoking in cars carrying children is dead in the House, but a similar proposal remains alive in the Senate. House Bill 1366, sponsored by Delegate Joseph Morrissey, D-Richmond, would have made it illegal to smoke in a car if a child under 13 were in the vehicle.
The legislation would have made violations a secondary offense, meaning drivers could be cited only if pulled over for another reason. Violators could have been fined $100 under Morrissey's bill.
A subcommittee of the House Committee on Militia, Police and Public Safety deadlocked 3-3 Thursday on whether to recommend approval of HB 1366. As a result, the motion failed.
Voting in favor of the bill were Delegates James Edmunds, R-Halifax; Israel O'Quinn, R-Galax; and Alfonso Lopez, D-Arlington.
Voting against it were Republican Delegates Benjamin Cline of Amherst, Christopher Head of Roanoke, and Tony Wilt of Harrisonburg.
There is still hope for anti-smoking legislation. Sen. Ralph Northam, a Democrat who represents parts of Norfolk and Virginia Beach, has introduced Senate Bill 975. It is like Morrissey's proposal but would ban smoking when children under 15 are in the vehicle.
SB 975 initially was referred to the Senate Transportation Committee. Last week, that panel sent it to the Senate Courts of Justice Committee.
Northam is also sponsoring SB 1253, which would allow local governments to ban smoking in public areas such as parks and beaches.
It's not uncommon for states to ban smoking in cars carrying children. Arkansas, Louisiana, California, Maine and Puerto Rico all have such laws. The age of the minor varies from state to state.
Anti-smoking advocates would like to see Virginia join that list.
"Virginia is far behind what other states have," said Bronson Frick, an assistant director of Americans for Nonsmokers' Rights, a national advocacy group.
Virginia does ban smoking in restaurants, but the state law doesn't cover other areas. "It'd help Virginia be a part of a trend with most of the United States," Frick said.
Most states that have outlawed smoking in the car with a child present, Frick said, usually take an educational approach, too: They have a campaign to inform the public about the health risks of second-hand smoke.
"It's not just about passing the law but also implementing it," Frick said.
Both of Northam's bills will be heard this week at the General Assembly.
Reynolds CC to host sculptor Paul DiPasquale
Reynolds Community College will host Richmond sculptor Paul DiPasquale Sept. 28 as he shares his presentation "Art Talk, Why Art Matters" from 6 p.m. to 8 p.m. in the Conference Center Gallery of the Workforce Development and Conference Center on the Parham Road Campus, located at 1651 E. Parham Road in Richmond. This event is free and open to the public. > Read more.
Free children's clothing for those in need
The Children's Clothing Closet at Highland Springs United Methodist Church will be open Saturday, Aug. 27 and Tuesday, Aug. 30 to provide free new or nearly new children's clothing for families in need, prior to the start of the school year. The Clothing Closet will be open from 10 a.m. to noon both days. The church is located at 22 North Holly Avenue. > Read more.
Weekend Top 10
For our Top 10 calendar events this weekend, click here! > Read more.
Glen Allen Day in photos
No one injured in Eastern Henrico shed fire
Business in brief
Tuckahoe meeting Sept. 28 to detail bond referendum projects
SBA now accepting 2017 National Small Business Week Awards nominations
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Sep. 15, 2016Click here to read the print edition.
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Weekend Top 10
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Deadline nears for 'Henrico Live' ticket purchase
CAT Theatre announces cast for October show
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Obituary – Mildred Terrell Tate
Obituary – Stephen Embry Esbach
Obituary – Harry Strachan Hobson
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Reynolds CC to host sculptor Paul DiPasquale
Free children's clothing for those in need
Local choral group seeks volunteers
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Storm woes for e-junkies
'Good old days' were good – for some
Of character and parenting
- More Opinions
RIR to admit children 12 and younger free next year
Henrico teams win district, state championships
Varina HS to host Basketball Skill Development Academy June 20-23
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CalendarThe Rotary Club of Innsbrook meets every Thursday at 7:30 a.m. at The Place at Innsbrook. For details, visit http://www.innsbrookrotary.org. Full text


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This place is as bad as it can get. You will wake up with bite marks from bed bugs full of cockroaches and ants..No service or a person at the desk to go to ever.Stay safe,stay away from places like this.
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This place is as bad as it can get. You will wake up with bite marks from bed bugs full of cockroaches and ants..No service or a person at the desk to go to ever.Stay safe,stay away from places like this.
Dear Valued Guest, We are sorry for any inconvience this may have caused. Pest control brought on site, they advised... 更多
The hotel is in a run down area. The room was clean but the blinds, which are vertical were missing slats so anyone walking past the room could see inside. This felt like a safety concern and also afforded me zero privacy. For a family or anyone liking ice this is a very bad decision as you get the smallest... 更多
Dear Valued guest Twyla P, We apologize for any inconvenience this may have caused, the front office is open 7... 更多
it was a bit different for me, the first night I got bit by a bed bug, there was dead roaches on the floor. We couldn't reach anyone till next morning to report it. I have a toddler so I had to keep waking up in the middle of the night to check on her to ensure she wasn't bit.... 更多
First of all, this is NOT a 'boutique' hotel. The paint was peeling off the walls, and the linens and furniture looked they have come from a yard sale. The place smelled moldy. Our kitchen chairs had big stains on the cushions. The laundry room always had puddles of water on the floor. And an appliance was broken for the... 更多
This Bohemian style lodge was a bit different for me; however the staff was very friendly and family oriented. Sonya, the Asst. GM along with Donna and Jasmine made this a very warm and plesant stay. From the time of arrival to departure I was treated as a very valuable and welcomed quest. The lodge itself is older, however very... 更多
First of all, they messed up our booking and refused to refund me the moment I found out I will sleeping on a queen size bed with my husband and 2 kids. They will take your deposit because of their own dirty towels that they give you and I even mentioned it to the front desk about the towels so... 更多
Well checked. Into the Scandia. Lodge December 31 2015. I was greeted by. A. LovelyLady named Tanya. That. Was. Very polite. When. Age checked me in she was very through and very. Pleasant the. Rooms are very clean and theAtmosphere makes you feel at home Mathew. As. Well as Jauna. Are very pleasant and. Go. Beyond there means. To make.... 更多
The room was the bare basics but clean and no odor. The bathroom was small, old shower, and a fan that made noise when it was windy outside. Location was ok, but had to drive to get to restaurants and site seeing. We did take a 2-mile walk to get to the beach so if you like walking through neighborhoods... 更多
On Jan.12,2016, my daughter and I were on the way to Wellington where I was to stay with a friend and she was to attend her father's funeral in the morning.An hour before our arrival there, my plans had drastically changed and I had to scramble to find affordable lodging late in the evening. Thanks to my daughter's smart phone... 更多
The Scandia Lodge was a very nice place to stay. The people at the front, Matt and Tonya, were friendly and very helpful! I would definitely come back. The room was comfortable and clean and conveniently located. Good place in Lake Worth.
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