text:
Campus and Community: Mystic Seaport is located on the banks of the Mystic River, in Mystic, Connecticut. The Museum is located on the site of a 19th-century shipyard, and includes an historic village setting, numerous exhibit galleries, an expansive research library and collections center, as well as the only existing historic preservation shipyard where the skills and knowledge of the past are applied to traditional watercraft.
During the summer of 2014, the world's only surviving wooden whaling vessel, the Charles W. Morgan, was engages in an historic 38th Voyage that took her to her numerous seaports on the New England coast. The Museum's new exhibit, "Voyaging in the Wake of the Whalers", was inspired by that voyage and will be thoroughly considered by the participants
Mystic, Connecticut is located in the southeastern corner of the state where the waters of Long Island Sound meet the North Atlantic. As such, the greater Mystic area has a long history of maritime activity, from colonial shipbuilding, fishing, whaling, and merchant trade to the current presence of nuclear submarine construction and operations. The University of Connecticut's maritime campus and the U.S. Coast Guard Academy are a short drive away.
Accommodations: Between four and seven participants will live in each of four historic houses adjacent to Mystic Seaport and the Mystic River. These 19th-century homes, where shipbuilders, mill workers, and fishermen once lived, are now equipped with high-speed Internet connections, microwaves, and the furnishings and comforts of a modest, modern home. Some rooms are single rooms, while others are doubles. Common spaces, kitchen, dining room, and living room are shared by all house residents and require accommodation and cooperation among housemates. The houses also serve as the foundation for the growing collegial community that blossoms during a summer institute.
The rooming rate will be: $900 for a double or $1,300 for a single as available.
Directions: Mystic is located midway between New York City and Boston. Interstate 95 passes within a half mile of the Museum, while AMTRAK stops downtown, and is within walking distance. View travel details.
Stipend: The stipend for NEH Fellows is $3,900, for the five-week institute. These funds should comfortably cover travel expenses, housing and food for the summer session. Books and other resources are also to be purchased with stipend monies.


text:
Advanced Search
This article originally appeared in the 01/01/1995 issue of THE Journal.
Sign up for our newsletter.
I agree to this site's Privacy Policy.
All Webcasts
The new middle school classrooms at Tampa Preparatory School in Tampa, FL are bright, open spaces that are constantly changing. One day, the teacher is wirelessly presenting with an iPad® in the classroom. The next day, the desks are completely rearranged, as students gather for group activities around different projectors. Some students are interacting with a lesson projected by an ultra-short throw, touch-enabled Epson BrightLink® 595Wi interactive projector, which transforms the classroom walls into interactive spaces.
Read more...
All Whitepapers

subset: commoncrawl


text:
Dividend investing works
Planning for retirement can be daunting
Join the NASDAQ Community today and get free, instant access to portfolios, stock ratings, real-time alerts, and more!
Crude oil continues to retreat, with the front-month contract in
New York declining about 0.5% to around $94.50 a barrel as worries
over weak economic growth weigh on traders.
New trade numbers overnight was contributing to the bearish
bias, with China reporting earlier today that crude oil imports
fell almost 6% in June, suggesting that the monetary tightening in
China may be starting to finally have an impact on consumption. The
U.S. dollar also strengthened, making commodities like crude more
expensive for international investors.
At 8:45 a.m.
AUG WTI Crude (
) $94.48 -0.47
AUG Brent Crude (ICE) $116.15 -1.09
AUG Natural Gas (
) $4.326 +0.038
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.
Enter up to 25 symbols separated by commas or spaces in the text box below. These symbols will be available during your session for use on applicable pages.
You have selected to change your default setting for the Quote Search. This will now be your default target page;
unless you change your configuration again, or you delete your
cookies. Are you sure you want to change your settings?


text:
- About
- Mission, Vision, Values & Strategies
- Frequently Asked Questions & Key Facts
- History
- Organization
- Member Agencies
- Legislation
- Careers
- Our Offices
- Contact Us
- Board of
- Water
- Enhancing Water Supply Reliability
- Future Planning
- Conservation
- Local Supplies
- Imported Supplies
- Water Shortage and Drought Response
- Regional Water Use
- Water Quality
- Construction,
Facilities & Operations
- Construction Projects
- Project & Facility Tours
- Facilities & Operations
- Environmental Programs & Sustainability
- Fleet
- Emergency Preparedness & Security
- Right of Way
- Business
- Purchasing Overview
- Small Contractor Outreach and Opportunities Program
- Contracting Opportunities
- Vendor Registration
- Purchasing Resources
- Finance &
Investor Relations
- Water Rates & Charges
- Financials / Investor Relations
- Member Agency Dates and General Information
- Frequently Asked Questions
- Policies, Resolutions & Ordinances
- Grants
- Community Outreach
& School Programs
- News &
Future Projects
The Water Authority works with its member agencies to plan for the future to support the water demands of the San Diego region by identifying necessary facilities and supplies to meet those demands.
Identifying and building these facilities is key to fulfilling the Water Authority mission of providing a safe and reliable water supply to the region. These facilities and projects may either appear in the 2003 Regional Water Facilities Master Plan or the 2013 Regional Water Facilities Optimization and Master Plan Update. As such, they are either undergoing feasibility assessments or may soon be designed.
Miramar Pump Station Rehabilitation (Coming Soon)
Carlsbad 6 Flow Control Facility (Coming Soon)
Hauck Mesa Storage Reservoir Project
Future Pipeline Relining Projects
Pipeline Relining at Lake Murray Project
Lake Murray to Sweetwater Reservoir Pipeline Relining Project


text:
Gannon women split at CWPA West tournament
Women's water polo
- Gannon splits pair: At Geneva, Ohio, Janelle McDaniels scored four goals and Kelly Steininger added three to lead Gannon to an 11-5 victory over Notre Dame of Ohio in the first game of the CWPA Western Division Championship being held at the SPIRE Institute.
Kelsey Rzymek added two goals while Katelyn Jacobs and Bailey Gadd each scored once for Gannon.
In the second game, the Knights (10-12) fell behind 8-0 after one quarter and never caught up on the way to an 18-2 loss to No. 16 Hartwick.
Adelee Choban and Tricia Gajewski each scored once for Gannon, which was scheduled to play 15th-ranked Indiana later Saturday.


text:
Call. Click. Connect.
Chat with a triage consultant nowLive Chat
Online Counseling and Coaching
Register for online non-medical counseling and health and wellness coaching.
Don't have a Military OneSource account yet? Check eligibility, and register now.
Confidential services, including non-medical counseling and specialty consultations, are available through Military OneSource. Eligible individuals may receive confidential services at no cost. Check eligibility. International calling options.
Other Resources
There's more to a military family than moving and deployments — take us along through each phase of your military life. And don't worry; we can help with the big stuff, too.
Keeping Your Kids Safe and Sound
Money matters can be tricky. We can help you make informed decisions on navigating legal and financial questions or point you to the resources that can help.
Retiring from the Guard or Reserves?
We've got your back. Protect yourself, and make health a priority with our support.
Suicide Is Everyone's Business
Attention all members of a military family: Take a peek at our cheat sheet for all things career and education-related.
Invest in Your Future
Let us help you make the most of your new assignment from planning each step of your move to confirming that your new commisary does — in fact — stock your favorite kind of cereal. What would a new place be without a little adventure.
Be Calm Under Pressure
The one constant of military life is that it changes — quickly. Be ready for the next chapter.
Communication Lines Are Long
Don't sift through pages of stuff that only applies to married service members. We've pooled everything the single service member can relate to on this page — read about finances, installation services and programs, and more as they apply to you.
Living on base may provide a sense of community, along with many other advantages. You can't beat the cost, and you have access to lots of services — commissary, child care, libraries and activities. See what your installation has to offer.
Find programs and services at your local installation.
Service members, family members, surviving family members, service providers and leaders rely on Military OneSource for policy, procedures, timely articles, cutting-edge social media tools and support. All in one place, empowering our military community.
Release 2016.06.20.1.22.214.171.124.10
You are about to leave the publicMilitary OneSource website. Thank you for visiting!


text:
Building a tiny house kitchen can be time consuming depending on your carpentry skills and what you choose to put into it. Costs can skyrocket if you have expensive tastes and hire professionals to … [Read more...]
Tiny House Kitchen Designs
Pinterest is a great tool for creating photo collections. I've made some topic specific boards for things like bedrooms, bathrooms, and interiors. When noodling through future design ideas it's nice … [Read more...]
Update on Dan's Tiny House
Dan built this tiny house for his mom and it's almost ready for her to move in. There are just a few plumbing and electrical details to finish up. The interior is unlike any tiny house I've seen so … [Read more...]


text:
Bright Horizons Family Solutions, Inc. (NYSE:BFAM)
Q4 2012 Earnings Call
March 13, 2013 4:30 p.m. ET
David Lissy - Chief Executive Officer
Elizabeth Boland - Chief Financial Officer
Gary Bisbee - Barclays Capital
Kelly Flynn - Credit Suisse
Sara Gubins - Bank of America Merrill Lynch
Brian Karimzad - Goldman Sachs
Jeff Volshteyn – JPMorgan
Jerry Herman - Stifel Nicolaus
Jeff Silber - BMO Capital Markets
Mark Marcon - Robert W. Baird
Good afternoon and welcome to Bright Horizons' fiscal fourth quarter and full year 2012 earnings conference call. (Operator Instructions) Today's call is being recorded. At this time, I would like to turn the conference call over to Mr. Dave Lissy. Please go ahead sir.
David Lissy
Thanks so much Robin and hello to everybody who is joining us on the call today. Joining me on the call is Elizabeth Boland, our Chief Financial Officer. And before I kick things off with more formal remarks, let me let Elizabeth go through a few administrative matters. Elizabeth?
Elizabeth Boland
Thanks. Hi everyone. Our release went out today after the close of the market and it is now also available on our website under the investor relations section at brighthorizons.com. This call is also being recorded and it's being webcast and a complete replay is available in either medium. The phone replay number 877-870-5176 or for international callers 858-384-5571 with conference ID number 409846. This information is also in the release. The webcast will be available as well at our website under the Investor Relations section.
In accordance with Regulation FD, we use these conference calls and other similar public forums to provide the public and the investing community with timely information about our business operations and financial performance, along with our current expectations for the future performance. We adhere to restrictions on selective disclosure and limit our comments to items previously discussed in these forums.
Certain non-GAAP measures are also discussed during the call and detailed disclosures relative to these measures are included in our press release as well as the Investor Relations section of our website.
The risks and uncertainties that might cause future operating results to vary from those we describe in our forward-looking statements made during this conference call include our ability to successfully implement our growth strategies, including executing contracts for new client commitment, enrolling children in our childcare centers, retaining client contracts and operating profitably in the U.S. and abroad. Secondly, our ability to identify complete and successfully integrate acquisitions, third, the capital investment and employee benefit decisions that employers are making, fourth, our ability to hire and maintain qualified teachers and other key employees and management. Next, our substantial indebtedness and terms of that indebtedness, and lastly, the other risk factors which are set forth in our SEC filings, including the registration statement on Form S-1. So now back to Dave.
David Lissy
Thanks Elizabeth. I know you waited five years to be able to read your safe harbor statement. Having recently met with some of you on the roadshow in January, it's good to be here today talking with you again about how we finished up 2012 and to give you an update on how we see 2013 playing out. As you know, it's been almost five years since we went private and we're excited to once again be telling the Bright Horizons story to the public markets.
Let me begin today with a review of our fourth quarter operating results and then when I am done, I'll talk a little bit about where we see 2013 playing out and Elizabeth will follow up with a more granular detailed review of the numbers and our outlook for 2013. Afterwards we will open it up for questions.
So first, let me recap the numbers for the quarter. Revenue of $273 million was in line with our forecast and up 10% over the prior year. Our adjusted EBITDA of $47 million was up 21% and adjusted net income of $9 million increased 10% in the fourth quarter of 2012.
For the full year 2012 our revenue totaled $1.1 billion, a 10% increase over the $974 million we reported in 2011. Adjusted EBITDA of $181 million was up 22% representing an expansion of 160 basis points to 17% of revenue. Adjusted net income rose 62% to $38 million for the full year of 2012.
Now let me give you a little more color on our operating performance. In 2012 we continued to deliver on our long-term plan to grow our core center business while expanding our newer lines of business and growing our footprint outside the United States. Overall we increased our full service center capacity by 5%. We added 15 new centers last year. Some of these highlights include new centers for new clients like Chevron, Weatherford, The Home Depot, Newell Rubbermaid, United Therapeutics and Tulane University.
We also continued along our path of adding centers for existing clients as we did for Bayer and Georgia Tech among others, as well as new leased consortium centers in several key markets around the U.S. and the UK. We continued to execute on our strategy and expansion of market leadership in the UK specifically with the acquisition of Casterbridge, a 27-center group that we added in May of 2012. Our back-up in educational advisory areas continued to grow nicely as we continued to prove the deep value proposition that those services offer to our clients.
Lastly, consistent with what we have done over several years we continued to have center closures with a total of 15 closing here in the U.S. and 13 in Europe. Those closures continued to be due to either center underperformance or the client mergers, acquisitions or changes in their workforce, geography or strategy. In addition, this year 10 of the 13 sites that closed in Europe were part of an ongoing initiative by the UK government to shift costs from the public to the private sector. So when we worked with them to go through this process, 10 of the sites closed as a result of that. But these centers were much smaller than average, having come to us through an acquisition many years ago and collectively, as a group they contributed approximately 500,000 in total contribution, so the impact is really not that significant.
We were pleased to continue along our long term plan to improve our operating contribution again this past quarter and for the full year. As I said earlier, gross margin improved 160 basis points in 2012 in both the Fourth quarter and in the full year 23%. Similarly, income from operations, excluding one-time expenses associated with the stock option exchange we completed in the second quarter and costs associated with preparing for IPO and refinancing increased $6 million in the quarter and $26 million for the year or 160 basis points to 10.5% of revenue for the full year from 9% in 2011.
And let me quickly review the main drivers of how we achieved this performance. First, we achieved tuition rate increases that averaged 3% to 4% across the network and were paced ahead of our cost increases in our full service segment. Second, enrollment growth in our mature group and ramp-up of our classes - newer centers contributed. Third, the new centers that we added in 2012. Fourth, expanded client relationships which led the continued growth and improvement in our backup business and lastly, growth and associated scale benefits of our UK operations.
So let me now turn and focus my comments to an area which I am sure you all are focused on and that is our plan for 2013. Our plan for this year contemplates the addition of 50 to 55 new centers resulting in 35 to 40 net of expected closures. This is inclusive mostly of organic center growth with some anticipated acquisition growth. The organic new center growth will be achieved in large part due to the strength of our pipeline of centers that are currently under development. Broadly speaking, the mix of centers in the pipeline is representative in size, geography and operating model of our existing base.
With respect to industry mix, we continued to see good momentum within the higher education, technology, healthcare and energy sectors with both new clients and new centers for existing clients in the pipeline. As we typically do each year we expect to round out our new center openings in the year with a group of transitions of management of centers that are either self-managed by the employer or managed by a competitor and also acquiring centers.
As you know, we've acquired group of centers in every year over the past 10 years plus and expect that our track record of adding value in this area will continue once again into 2013. The timing of acquisitions is variable unlike the pipeline from organic growth which builds more steadily over time. And while we make it a practice not to comment on deal specifics, the quality of our acquisition prospects is very good and over time we expect that roughly a third of our growth will continue to come through the acquisition of high-quality centers and providers across the countries in which we operate.
Another important piece of our story in 2013 and beyond will be the growth of our newer lines of business led by our back-up dependent care services which we expect to grow and contribute to our margin expansion once again this year. Although still our smallest sector, educational advisory services grew nearly 30% in 2012 and we're particularly encouraged by the interest in our EdAssist tuition advisory business, including the cross-selling success we've had for this service with our existing clients. These services allow us to offer a broader value proposition to the employer clients that we serve, enabling them to reach their employee populations through more key life stages and in more locations than we ever could in the past. All-in we still only have roughly 15% of our clients who utilize more than one of our four services and we believe this cross-selling and up-selling opportunity will continue to be an important driver over the next few years.
As these services continued to expand, we made significant overhead investments to establish solid service delivery platforms as well as dedicated marketing and account management resources necessary to realize the growth potential of both the back-up and the educational advisory areas.
On the pricing side, we believe that the 3% to 4% tuition increases consistent with our track record will continue once again in 2013 and we anticipate it will track ahead of our budgeted center cost increases by approximately 1%. We also expect to continue the positive trend in enrollment growth in our mature class of profit and loss centers that have been steadily regaining enrollment for the past two years, which will also contribute once again to our gross margin expansion.
Another important goal this year will be to continue to enhance the key drivers of quality in our centers. We continue to work very hard in the field play (ph) with annual turnover rates north of 50% to enhance our culture and work environment, which helps us to create our long-term competitive advantage. It's our goal to be the employer of choice in our field and we're encouraged to see our annual turnover rates continue to approximate 20% which is less than half the industry average. Our efforts in this area are once again nationally recognized with our designation by Fortune magazine as one of the 100 best companies to work for in America for the 14th time.
Additionally, we continue to invest in the quality of our programs through new curriculum enhancements, online training and technology that allows for the more efficient communication between our centers and the families that they serve. Overall we're excited about the opportunities that lie ahead in 2013 and beyond. Our current outlook specifically in 2013 is for revenue growth that approximates 8% to 10% over 2012 levels. This is comprised of 3% to 4% price increase, a range of 1% to 3% growth in the enrollment and our mature and ramping center classes, 1% to 2% coming from net new organic full service center additions, 1% to 2% growth from our back-up and educational advisory services and approximately 2% to 3% coming from acquisitions, including the lapping effect of acquisitions completed last year.
Thus when you add it up and look at the year, we expect organic growth to approximate 6% to 8% in 2013. We anticipate that this growth will allow us to leverage operating margins 60 to 90 basis points. This will drive expansion of adjusted EBITDA to a range of $205 million to $212 million and adjusted net income to a range of $76 million to $79 million. Thus our guidance for earnings per share for the full year in 2013 is a range of $1.15 to $1.21.
With that, we'll get into a little more granular detail on the numbers specifically focusing on some of the costs related to the IPO and the refinancing among other things. So I will turn it over to Elizabeth, and I will be back with you during Q&A. Elizabeth?
Elizabeth Boland
Great, thanks. So as Dave said, he's gone through the top level results for the quarter and I will get into some of the details underlying those results. In general, as a reminder the figures that I am going to compare will exclude the $50.2 million in one-time stock comps that we had in 2012 and $1.8 million in IPO and debt refinancing related costs that had been recorded in the P&L in 2012.
Reported overhead operating income and net income are all affected by these expenses. Also our earnings release includes the table that reconciles our US GAAP reported numbers to the additional metrics we report about our results, specifically adjusted EBITDA, adjusted income before taxes and adjusted net income. You can refer to the release for the detail on what comprise these measures.
So topline revenue growth was $24.5 million for the fourth quarter and $97 million for the year. Overall the full service enter business increased 19.3 million in the fourth quarter and $78.4 million for the full year, including approximately $26 million from the acquisition of Casterbridge in May of 2012. New clients and expanded relationships with our existing clients drove increased revenue in both the back-up dependent care segment, which added $3.8 million in revenue for the fourth quarter and increased 13% for the full year to $129 million and in the educational advisory, which overall grew $4 million to 28% in 2012 to a total of $18.6 million.
Gross profits increased $9.7 million to $63 million for the quarter and were 23.1% of revenue compared to 21.5% in Q4 of '11. SG&A totaled $28.1 million or 10.3% in the fourth quarter and was $106.5 million or 9.9% of revenue for the full year 2012, again excluding the one-time costs for the exchange of stock options and costs associated with preparing for the IPO and refinancing described earlier.
Let me add a little bit of color about Europe as we are realizing modest overall overhead leverage as we grow our operations there. This has been offset partially in 2012 by the initial overhead we absorbed in the UK in connection with the acquisition of Casterbridge, which will be reduced over time as we complete the integration and in the Netherlands, as we continue to scale that business.
In our other segments, the back-up dependent care and educational advisory divisions both require more intensive levels of overhead than the full-service business, including incremental investments in information systems and support, which are fundamental elements of the service delivery. On the full-service childcare side, our rate of overhead spend typically mirrors past periods. As we look ahead to the next couple of years, continued vigilance on cost management carried with prudent investments to support growth will enable us to regain modest leverage in our overhead rate after 2013.
Amortization expense totaled $6.6 million in Q4 of '12 which is similar to last year and was just under $27 million for the full year, down only slightly from 2011. Net interest expense was $22 million for the quarter compared to $19 million in the prior year as a result of additional borrowings on the term loan fee in May of 2012 that we borrowed to complete the Casterbridge acquisition, as well as additional interest on our 13% senior (ph) notes. Full year interest expense of $84 million in '12 and $83 million in 2011 reflect the full year effect of these two factors and the ongoing interest obligations on our other debt that was outstanding for the year. We had no borrowings outstanding during the year under our revolver and I will talk more in a minute about the details of the refinancing that was completed in January of this year.
For 2012 we generated free cash flow of $66 million compared to $109 million in 2011. The main drivers of this decrease were the reduction in tax refunds receipts of $23 million arising from the one-time benefit we realized in 2011 and $16 million of incremental maintenance capital spending primarily related to certain IT systems and home office renovations that are non-recurring. We ended the year with approximately $34 million in cash.
Now let me recap a few operating stats. At December 31, we operated 765 centers with total capacity of 87,100 which is an increase of 4.5% from 83,400 at the end of 2011. We operate approximately 70% of our contract under profit and loss arrangement and 30% under cost plus contract. For our full-service centers the average capacity per center is now 138 in the U.S. and 70 in Europe.
To give a little more guidance – a little more detail behind the guidance for 2013, I will first isolate the impact of the recent capital market transactions specifically our IPO and the concurrent refinancing, which as a reminder were both completed on January 30, 2013. We expect to incur a total of $81 million in the first quarter in 2013 connected with the one-time or non-recurring charges associated with this transaction.
Let me just break that down for you. First, we expect to incur $63 million in connection with the extinguishment of the debt, $41.4 million for the redemption and $21.6 million for the write-off of unamortized deferred financing fees and OID that were associated with the debt that was repaid. Second, we expect to recognize $12.5 million in one-time costs in connection with completing the IPO. These costs are the $7.5 million fee to terminate our sponsor management fee arrangement with bank capital and second, stock option expense of approximately $5 million for options divested upon the completion of the IPO. These expenses are non-recurring and will be included in the overhead.
Lastly, interest expense for the first quarter of 2013 will reflect the old debt structure for one month and the new debt structure for two months, resulting in $5.3 million higher interest than we will expect going forward. Our topline projection for 2013 anticipates revenue growth approximating 8% to 10% over 2012 level as Dave said, a growth of $85 million to $105 million for the year. We are projecting as he said to generate 60 to 90 basis points of operating margin improvement in 2013, primarily from expanded gross margins as we are not expecting to leverage overhead as I mentioned before in 2013.
Excluding the $1.5 million in one-time charges associated with the completion the IPO that I just mentioned, this translates to adjusted operating income margins for the full year ranging from 11.1% to 11.4% in 2013. This compares to an adjusted 10.5% operating margin for 2012, which is the level that we are reporting now excluding the $17 million in one-time charges for the stock option exchange and IPO related expenses.
Turning to a couple of other items on the P&L, we expect amortization expense to approximate $27.4 million for the year, including $20 million that's related to our May 2008 LBO. We estimate stock compensation expense will be $10.5 million, including the $5 million one-time charge in Q1 related to completing the IPO. Interest expense, which includes the amortization of deferred financing fees and OID on the debt issued in January of 2013, so the new deferred financing and OID is expected to approximate $41.5 million for the full year. For Q1 interest expense is projected to be approximately $14.5 million, including the impact of the previous credit arrangement through January 30, which as I mentioned a minute ago will add $5.3 million to the ongoing expected quarterly interest. As a result for the rest of 2013, interest should approximate $9 million per quarter.
We're projecting adjusted EBITDA of $205 million to $212 million for 2013, which is an increase of 14% to 17% over the $181 million that we are reporting for 2012. We are also projecting that we will generate $145 million to $155 million of cash flow from operations or $120 million to $130 million of free cash flow net of the projected maintenance capital spending of $25 million. As I mentioned before, in 2012 we generated $107 million of cash flow from operations with $66 million of free cash flow net of about $41 million of maintenance CapEx.
Based on the centers in development and slated to open in 2013 we also expect to invest $35 million to $45 million in new center capital, which compares to about $28.5 million in 2012. Additionally, our 2013 plans contemplate $20 million for routine tuck-in acquisitions.
Turning to the tax rate for a moment, we expect to have an effective tax rate of approximately 32% on our GAAP reported pretax income for the full year of 2013. On an adjusted pretax income basis, which will exclude the effects of the one-time costs that I talked about before the $53 million for the refinancing, as well as non-cash costs for amortization and stock compensation expense and also our management fee paid to our private equity sponsors through the IPO, we project that our effective or structural tax rate will approximate 37% in 2013, which is similar to that illustrated in the earnings release for the full year 2012.
All of this comes together that a combination of topline growth and margin leverage leads us to project adjusted net income overall in the range of $76 million to $79 million. In order to get to EPS figures we're going to walk through a little bit of detail on the share count, because prior to the completion of the IPO we had the equivalent of 52.8 million shares outstanding after giving effect to the conversion of our prior Class L shares to common stock. We sold 11.6 million primary shares in the IPO and including the effects of stock options we have approximately 66 million fully diluted shares currently outstanding.
Since the IPO shares will be weighted average taking into account their issuance date, and assuming the conversion of the Class L shares as of January 1, 2013 we estimate that the weighted average shares outstanding will approximate 62.5 million shares for the first quarter and for the full year will approximate 65 million to 66 million shares. Based on this share count, we've arrived at an estimate of our adjusted pro forma earnings per share in the range of $1.15 to $1.21 for 2013.
Now looking specifically to Q1, because we will provide forward guidance for one quarter, we are estimating revenue growth of 10% to 11% in Q1 and adjusted EBITDA of $48 million to $49 million. As I mentioned the costs associated with the refi and IPO will be recognized in Q1, net interest expense will be higher by the $5.3 million and including this effect, using the overall effective tax rate that I mentioned of 37% on the adjusted income before tax, we're projecting adjusted net income in the range of $14.5 million to $15.5 million in Q1 and on this basis adjusted EPS would approximate $0.23 to $0.25 a share for the first quarter on those 62.5 million shares outstanding.
So that's a lot to digest but with that I'm sure some of you have questions in queue. So Robin, we are ready to go to Q&A.
Question-and-Answer Session
(Operator Instructions) Our first question comes from the line of Gary Bisbee with Barclays.
Gary Bisbee - Barclays Capital
So I guess I'll try to stick to the two questions. So the first one, the backup advantage, can you just give us an update on how successful you've been at up-selling this to existing customers? And where are we in the process? Have you gone out and made a sales call to all the existing customers? What's the penetration? How do we think about how big this can get, how quickly? Just any sort of color on that would be great.
David Lissy
Yeah obviously back-up has been a fast growing piece of our story, Gary, as you know for a while. And what the back-up advantage has done just backwards, I will go forward is really unlock what has been somewhat of a gating factor when we had a center-based back-up business, only in that we can only serve a certain slice of a given clients population and now for the past several years we have the ability to serve the full population of any given employer wherever they live or work, not only with childcare but through other issues to cause back-up challenges and people's ability to get the work. So we've been out there for a couple of years, although the product itself has expanded pretty significantly really in the past 2 to 3 years in terms of its full capability. But I think it's safe to say that we're out there, talking to clients about it, we rebuilt our sales force to really contemplate this cross-selling effort, expand it, focus our team on it. But I still think it's relatively early days with respect to its full acceptance, not only by the way to selling it to our existing clients but to opening the door with new clients, which I think if we look at the growth in back-up it comes about half from clients who never had a relationship with Bright Horizons before and half from those who expanded.
So we have been growing it, higher than the core business in 2013 much like it did in 12 and I think it's early days to comment on what the ultimate ceiling is on it. But we think there is good growth opportunity in that order of magnitude for several years.
Gary Bisbee - Barclays Capital
And then a follow-up. Could you expand a little bit on what you said about what's going on in the UK? Have they changed the policies in a way that makes this a less attractive market opportunity or what exactly happened there?
David Lissy
No, no at all. In fact, what happened was we acquired a company almost 10 years ago now that had a group of contracts with some of the UK government agencies over there. And they were kind of cluster, they were groups of really small centers, and I think what happened was those agencies have been contemplating really for the past two years rethinking the financial model, how to sponsor it. And we worked with them and what we found was we were very comfortable in continuing to operate some of them but not all of them, because the ones we were uncomfortable with were either in geographies or were so small that didn't make it attractive to us. So what we weren't comfortable with continuing ended up closing, and we ended up proceeding to manage the rest of the group within that cluster.
So it was – well, it sort of adds to the number of closures in the quarter, as I said earlier they were so small that the financial effect was pretty immaterial, and we don't see it, there is not much other – there is no sort of a – it's not speaking to some kind of trend that will affect our business we think there in any kind of significant way.
Our next question comes from the line of Kelly Flynn with Credit Suisse.
Kelly Flynn - Credit Suisse
Is there any chance you'd give us gross margin by segment?
Elizabeth Boland
We are reporting on income from ops, so no.
Kelly Flynn - Credit Suisse
Okay, no problem. I also wanted to understand what utilization assumptions the 2013 guidance I guess bakes in, and maybe just a little bit of color on how we should think about the opportunity for utilization to improve and potentially be a source of upside if and as the economy improves more rapidly than expected?
David Lissy
Kelly, with respect to where we are for the 2013 plan, just for the context for everybody, we're focused on those centers in which we have the P&L responsibility for, that are in our mature class and as we talked about on the road show in that class in 2009 and '10 we saw a reduction in occupancy really for the first time in our history of roughly 9 percentage points of occupancy in total in that class. For the past two years we have been positively comping against that enrollment and we've regained a few points of that enrollment but we still have roughly 7-ish percent of occupancy that we think we can regain to get back to the levels that preceded where we are now. And we are thinking that between -- and also there's the classes centers that are newer in the past three years that are in various stages of ramp. So we think that between the two of those things there is roughly 1% to 3% of growth year-over-year all-in, that's there and the mature class is probably more in the range of 1% to 2% regained this year, and that's kind of how we see going forward. We don't necessarily feel as if thinking about a large gain in any one year is achievable in part a little bit due to the sort of schizophrenic economic recovery but also due to some of the gating factors that exist with our capacity being less in the younger age groups, and thus taking us a couple of years to grow our own pre-schoolers, which ultimately is the capacity group that needs to fill in the most. And so it's just the natural sort of course within our business. So we expect – based on what we see now we expect a regain of that enrollment to happen over the next several years.
Kelly Flynn - Credit Suisse
I also wanted to end by asking you about India. I know you've spoken mostly about UK as it relates to the international strategy, but at times, you've talked about India. Could you just be a little more specific about I guess the size of that business, if you could and why you are there and how you look at that opportunity in particular over the next let's say five years?
David Lissy
Sure, India is to be clear, I think we've talked about this on the road show, it's a new market for us, we have one center. So it's very small and not material to our overall company results. That center is a cost plus center for a large client of ours who we partner with in two other countries that run centers for us, and in Bangalore asked us to come there to partner with them at a center that's doing really well. We are using this as in-market sort of R&D lab if you will to understand how and if we should continue to expand our footprint in India. So we will be evaluating that decision over the next year or two. There is no sort of rush to it, we think the market has some challenges with respect to us taking commercial risk there, just given what the prevailing rates that people tend to pay for care and the quality model like ours would be – posed some challenges.
Of course, we are actively talking about other client sponsors about expanding their relationship into India and we will do that, we'll do as many of those as we possibly can but the real turning point will be on our decision of whether or not we want to tale P&L risk there which we don't have today, and we will keep you updated on that as time passes.
Our next question comes from the line of Sara Gubins with Bank of America Merrill Lynch.
Sara Gubins - Bank of America Merrill Lynch
I'm sorry if I missed this, but could you talk about what your organic growth was in 2012?
Elizabeth Boland
Sorry, I was focused on the David for that guidance, it's about overall the acquisition growth was in the neighborhood of 40% and the organic growth was 50%.
Sara Gubins - Bank of America Merrill Lynch
Of the total growth?
David Lissy
Total reported revenue.
Elizabeth Boland
Of the total reported revenue was about 10%, so six percentage points organic and 4% from --
David Lissy
Mostly due, Sara, to the carryover effect of the Netherlands expansion from the prior year and the larger Casterbridge acquisition that was completed in May.
Sara Gubins - Bank of America Merrill Lynch
And then the closures that you mentioned, the 15 in the U.S. and 13 in Europe, is that a fairly typical number as you think about it from year to year? Is that how you're thinking about it going forward?
David Lissy
15 to 20 is a good number to sort of look out on average. We had the one-off as I said, center closures and openings for that matter can be a little -- centers are created differently on all different sizes. So we expanded capacity in the neighborhood of 5% year-over-year net and I think that sort of expansion give or take a percentage point either way is about what we expect to see a net in 2013.
Our next question comes from the line of Brian Karimzad with Goldman Sachs.
Brian Karimzad - Goldman Sachs
Hi, on the backup business projections, so I think in 2012, it looks like you ended up with about 15% growth combined with backup in the EdAssist. And then baking into what you're guiding for, it looks like at the high end, it's kind of about 15% growth combined for the two, and in the low-end in the single digits. So I guess the first question is, as you plan for the guidance for that part of the business, are you only incorporating contracts that you have kind of received a green light on for that. And then second, if that's not the case, what are the factors that are leading you to believe that it will decelerate this year?
Elizabeth Boland
So I think just starting off with your question or maybe your supposition around the range of guidance there, I think it's probably fair to say that the range for those lines of business is, in our view is not taking at the low end into the single-digits. They were both north I'd say – north of 10% full service business will be the lion's share of growth going forward, and we would expect to see it growing at a pace in the range to slightly lower than where we are right now. So I think overall those lines of business considering the growth we've seen this year with the range being – giving the room on the timing of when the contract would be coming but –
David Lissy
Brian, with respect to the second part of your question, our forecast takes into consideration what we know about today with respect to sales that have happened that our contracts to start, what the carryover effect of – contracts that started last year aren't quite lapped yet and also price increases on existing contracts as well as little bit of speculative revenue that is not sold yet, because unlike the center business it's very possible to still sell business this year that will actually have effect on the revenue this year because unlike centers it doesn't need to be billed and it starts – they tend to start relatively quickly after they're sold.
Brian Karimzad - Goldman Sachs
Do you have any sense of kind of how much that was to the 2012 growth?
David Lissy
One of the things we're going to talk about is the various variables, trying to get that granular on it but I think much like centers when we give forecast on these things we take all those factors into consideration before we put out the number.
Our next question comes from the line of Jeff Volshteyn with JPMorgan.
Jeff Volshteyn - JPMorgan
David, you mentioned -- you went through different industry categories. I didn't hear you mentioned government and financial services. I might have missed it, but I was wondering if you could give us some color on what are some of the trends that you see in those particular industries. Is there any impact from state and federal budget cuts that we might be seeing in the near future?
David Lissy
Jeff, I was commenting on the some things that I – within the pipeline are areas of momentum for us. I would tell you that for government specifically we operate a good percentage of the GSA for a variety of agencies and those programs are financed in the way where they put up the capital and then both the government employees and the surrounding community can use that, at the centers at varying tuition levels. But when we look at the pie that we went through on the road show the slice there I think was a little bit misleading in that it included both the government and higher education which we're going to sort of split up in the future because I think it misrepresented a little bit particularly in the U.S. the amount of the centers or the amount of revenue that we have with government-sponsored centers.
That's a long winded answer to say we're not seeing much impact of -- on our existing centers of things that are going on, or sequestration or anything along those lines. But it's also fair to say that I don't point to the government as one of the key growth drivers in 2013 either.
Jeff Volshteyn - JPMorgan
What about financial services?
David Lissy
With respect to financial services, it's all over the map depending on the financial services company. We've got really good things going on with some financial service clients. We were expanding the services that we offer with them and conversely we have some contraction based on mergers and acquisitions and rethinking of workforces that our deals that were done with legacy companies that have now merged and over time as we think how things are going to play off which I said earlier does lead in our history to one of the main reasons for center closures and we're seeing that play out in certain cases. I would tell you that when we add it up, it's probably the positives equal out to the negative, it continues to be – they offset each other but again I didn't focus on it as a major growth theme for 2013 because it wouldn't be one of those as compared to the other initiatives I talked about.
Jeff Volshteyn - JPMorgan
If I could follow up with a question on backup, what percentage of revenues are related to the centers that you own or operate as opposed to network centers in the broader network?
David Lissy
Yeah I will talk about broadly, we're not – we will report on it in sort of specific measure as each quarter. But the way the backup service works is when you look at utilization as a whole there are essentially three components there. They are the ability to use the Bright Horizons centers, the ability to use other partner centers in our network where we don't have a location or that might be the better choice for the individual user, or thirdly, the use of an in-home care provider with respect to either child care or eldercare. So if you were to isolate the center base use only which represents about two thirds roughly of our overall use, I would tell you that roughly 60% of it traditionally has been driven into the Bright Horizons centers maybe 65% of it, and about a third of it is driven to our network of partner centers.
Our next question comes from the line of Jerry Herman with Stifel Nicolaus.
Jerry Herman - Stifel Nicolaus
First question is about pricing. Have you guys already raised prices for the year? Has that already happened?
Elizabeth Boland
A chunk of our centers do raise price in January and the largest segment raised price in September.
Jerry Herman - Stifel Nicolaus
And then with regard to funding, and I guess government funding in this case, I realize that the Netherlands is a small operation for you, but there have been a couple of tranches of funding cuts and some problems from -- with some of the competitors. Can you talk about what you see as any vulnerabilities in that marketplace?
David Lissy
I think, I will just sort of go back two years ago to our thought process for why we entered the market. What we saw on the Netherlands was a market that had rapidly changed in five years. It went from essentially a market that didn't have a private sector childcare system of any magnitude to -- going through a lot of growth in the sector largely driven by lots of entrepreneurs that then got rolled up into a couple different companies, one of whom I think is a company you may be mentioning had some struggle. And we went over there and looked at the market and our calculus at that time was that – part of the reason is that a lot of these centers were developed had to do with the disproportionate amount of the government funding represented as it relates to somebody – individual's cost of care, it was sort of over the top compared to any other country. And our calculus was that, that would continue to – it will continue to drop over time and if we're going to play in the market we have to – the consumers will become more discerning with respect to quality.
And so while you are right to say there has been series even we first entered a series of differences in the sub-sea levels, we anticipated that when we went in, we think that in part that really hurts the operators who have operated on a low-quality way and in some geographies where we wouldn't necessarily find attractive. So our focus is in or around the major cities, Amsterdam, Rotterdam and the Hague, and some others and I think we believe that the organization we acquired is among if not the best quality operator in market, and we think we have a good opportunity to expand around the cities that I just talked about and also to participate in some acquisition, to be opportunistic around acquisition as some of the larger players have had some challenge.
Our next question comes from the line of Jeff Silber with BMO Capital Markets.
Jeff Silber - BMO Capital Markets
Since you guys took the company public, President Obama has proposed expanding, or trying to get, I guess, universal preschool across the country. I'm wondering if that does happen and it's a big if -- what you think the impact on your business would be.
David Lissy
Jeff, this has been something that we've participated in the debate for years on. Obviously whenever the president talks about early child education in any form, that's a positive because of what we believe in with respect to its effect on the children's future success in life and school. And so generally speaking I view that as a positive, I think it is a big if principally because I'm cynical on whether or not there will be funding to match that rhetoric and this is probably the third time over the course of the past maybe 15, 20 years where that idea has been discussed in this kind of significant way, only really to fall on to the states and not to be funded in ways that never allow to manifest itself into anything that's as expansive as what was desired.
So if it did happen, we see a system where -- and we have this in some states, like Florida and Georgia where we –as some of these – we would be able to participate, I actually think that future where there is some level of funding preschool assess would actually create a model that would require employers subsidize less of the pie than they would have to subsidize and thus be a good thing to add another sort of piece to the funding model who achieved the end result that we do. And so we do play in universal pre-K systems in three or four states and we've managed to figure out how to do that are successfully. So we will be watching, we will be participating in the debates. I am not anticipating anything of significant magnitude based on what I hear, actually playing out. I think the first focus will be in children with need and low income and while I support that holistically it really have no effect on our business given the families that we tend to serve in our centers.
Jeff Silber - BMO Capital Markets
And on another note, the unemployment rate has been ticking down a bit. It's still fairly high. But I'm just wondering, are you having a little bit more difficulty finding staff for your centers?
David Lissy
I think our challenge for recruiting is always something that is -- we take seriously and I think the long-term challenge for us is less amounts of economic cycles at this stage and more about the shrinking supply of qualified labor coming out with four year degrees with early childhood majors around the country. And when we were last public, the tail end of the time, we invested in a system to be able to credential teachers ourselves online. And since that point in time several thousand teachers have gone through the system and we think taking matters into our own hands was critical as it relates to being able to qualify and train talented people we hired that may not have the full degree.
That said, the competition for talent differs in each market we operate in, in some places it's a little more challenging today than it was a few years ago, it remains the same. But overall I think we're in good shape.
Our next question comes from the line of Mark Marcon with Robert W. Baird.
Mark Marcon - Robert W. Baird
With regards to the organic growth that you experienced during the quarter, did you see roughly 1% to 2% growth in terms of enrollment within the existing centers?
Elizabeth Boland
In the fourth quarter? It was closer to 1% or so in the existing centers in Q4. So it's comping against a year where we began to see the reacceleration of the enrolment. So that's about what we saw in Q4.
Mark Marcon - Robert W. Baird
And did you see any regional differences, or any differences related to levels of pricing?
David Lissy
Our centers where we have P&L responsibility tend for the most part to be concentrated around major metropolitan areas with specific density in places like New York, Washington DC, Boston and Chicago, San Francisco, Seattle, and I say that because I think those areas have outperformed if you will some of the other areas of the country with respect to economic recovery. And we don't see major differences between those markets. I suspect that we had – so to answer your question is it's pretty – pretty much across the board but I suspect that we had more exposure in some areas that didn't share some of those same characteristics that might differ.
Mark Marcon - Robert W. Baird
And then, with regards to the backup centers, the profitability levels that you are seeing there, would you expect that to continue to improve as this coming year unfolds, or what sort of leverage would you expect to see on the growth?
David Lissy
Yeah, as we look at the total back up business, which is how we are reporting it, we are expecting to see a continuation of the margins that we generated in 2012, once again in 2013.
Mark Marcon - Robert W. Baird
Would you get any sort of incremental leverage, or it's because of the investments that you have to put in place in the infrastructure in the IT that would probably keep it down a little bit in '13, but then we'd see the expansion in '14?
David Lissy
It's a combination of what you're talking in terms of investments. I think the business itself as we become the chair in, I think you fully contemplate all of the overhead costs associated with it. So our view on it is we aren't clear about how to answer that questions in the long-term at this point. We will keep you in the loop as time plays out, but our visibility for 2013 is margins -- approximate the margins that we had in 2012.
Mark Marcon - Robert W. Baird
And then, lastly, on the pipeline you ended up with some nice corporate wins. How is the pipeline looking for '13 in terms of big name brand wins like you ended up experiencing in 2012?
David Lissy
Yeah we will talk about specific client names once the centers become public and open, we're not going to be able to talk about client names that are in the pipeline until they actually become public. A lot of times that's our responsibility to the clients when they're ready to announce, I will tell you that the pipeline broadly speaking is representative of mix and type of clients that you saw aw in 2012. So once again some brand names across variety of industry sectors.
There are no further questions at this time. I would like to turn the floor back over to management for closing comments.
David Lissy
Okay, well thanks everybody. Thanks for bearing with us for our first public conference call in almost 5 years. We are happy to be back talking to you about Bright Horizons story, feel good about what we achieved in 2012 and looking ahead into 2013. Look forward to working with you. As always we're here with any other questions and look forward to seeing you down the road.
This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
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:
Wednesday, October 23, 2013
The Pinewood Panther swimmers traveled to the Augusta Aquatics Center last week for their final swim meet of the 2013 season.
The meet started with the Pinewood 200-yard Medley Relay team of Samantha Hilleshiem, Anna Rook, Emily Pelcher and Katie Smoak placing eighth. In the 200 Freestyle, eighth-grader Matti Easterday placed 10th with a personal best time. She also finished her 500 Freestyle in 10th place with another personal best time.
Sophomore Summer Ricciardi placed fifth in the 50 Freestyle and seventh in the 100 Butterfly. The Panther 200 Freestyle Relay team of Emily Shuler, Pelcher, Smoak and Easterday placed sixth.
Senior Laura Lai had a personal best time to place 10th in the 100 Breaststroke. Finally, the team of Shuler, Hilleshiem, Rook and Easterday ended the meet with a seventh-place finish in the 400 Freestyle Relay.
The Lady Panthers finished ninth in the team standings.
The Pinewood boys started the meet with a sixth-place finish by the 200 Medley Relay team of Louis Easterday, Jacob Jurgensmeyer, Michael Saeger and Bo Hiel. In the 200 Freestyle, Saeger placed sixth while teammate Sam Danielson placed eighth.
Freshman Ray Mennetti had a 10th place finish and a personal best time in the 200 Individual Medley, and placed 10th in the 100 Freestyle. Danielson placed 10th in the 50 Freestyle with a personal best time of 25.71.
Three Pinewood swimmers scored in the 500 Freestyle with Saeger placing seventh, Nathan Greenslit placing ninth and Krish Patel placing 10th. The 200 Freestyle Relay team of Danielson, Mennetti, Hiel and Greenslit swam to a sixth-place finish. Louis Easterday tied for 10th place in the 100 Backstroke.
In the final event of the meet, the Pinewood 400 Freestyle Relay the team of Saeger, Greenslit, Patel and Mennetti placed fifth.
The Pinewood boys finished seventh in the team standings.
© 2016 The Journal Scene an Evening Post Industries company. All Rights Reserved.
Registration on or use of this site constitutes acceptance of our Terms of Service, Privacy Policy and Parental Consent Form.


text:
Celebrity stylist Nick Arrojo gives advice for success in the beauty industry. He cannot stress enough the importance of believing in yourself and your abilities and talents. There are many days where building your career can be very difficult but if you have the motivation to continue, you will get through those times. If one day you don't perform as well as you can, learn from that and improve your skills the next day. But don't let motivation and confidence get in the way of being humble about yourself. A willingness to improve yourself and a positive energy will really help maintain clients as well as help make for great connections within the industry. You also need to believe in the people around you and understand that everyone should be there to help each other. Finding a great mentor can help you through the industry and help you become a better stylist.
You may also like
Empire Graduate goes from Business to Beauty: A Tale of Success in NYC
Added by Jess Quandel 4 months ago
642 Views0 Comments0 Likes
When he was younger, Camilo Vergara had no idea he would be a licensed cosmetologist. In fact, he came to the US with a degree in Business. It wasn't until he stopped into his friend's salon in Manhattan, that he real...
Empire Alumni Tracy Balan Hosts National TV Show!
Added by Jess Quandel 5 months ago
1.11K Views0 Comments1 Likes
Her list of celebrity clients, TV work, and resume is enough to make your head spin. It's almost as if she has been a beauty professional for decades; but for Tracy Balan, her career life started out much different th...
Student Star – Karina Kotok
Added by Jess Quandel 9 months ago
1.49K Views0 Comments2 Likes
Born in Ukraine, Karina Astakov Kotok moved to America with her parents when she was 6 years old. She grew up in a conservative part of Pennsylvania's countryside, graduating valedictorian of her high school class. ...
Student Star – Joey Oso
Added by Jess Quandel 9 months ago
1.36K Views0 Comments1 Likes
Joey Oso is a professional Freelance Hairstylist and graduate of Empire Beauty School. In this video Joey tells his story and gives tips on how to stay motivated as a professional in the cosmetology industry. For m...


text:
Reno Considers Installing Burning Man Art in Empty LotsTwo empty lots in Reno could soon be home to an art installation courtesy of Burning Man 2016.
Off-Road Race Didn't Run Through Nevada Monument After AllConcerns about an off-road race running through a national monument in Nevada turned out to be much ado about nothing — sort of.
Reno Man Denied New Trial in 2008 Rape, Murder Near UNRA judge in Reno has refused to grant a new trial for a man sentenced to death for the rape and murder of a 19-year-old college student nearly eight years ago.
Guilty Verdict for Armed Robber Who Killed Reno Bank PatronA federal jury has convicted an armed robber who killed an 80-year-old bank customer during a holdup in Reno in 2013.
Reno-Area Health Officials Find Mosquitoes with West NileHealth officials in Reno are reporting the discovery of West Nile virus-positive mosquitoes in Washoe County, in the Lemmon Valley area.
Raiders Scout Reno Training Camp for Possible Vegas MoveOfficials who want to bring the Oakland Raiders to Las Vegas are getting northern Nevada lawmakers up to speed on their plans and scouting sites for a potential training camp.
Safari Club Convention Returns to Reno in 2019, 2020, 2021One of the biggest hunting conventions in the world is returning to Reno for three years beginning in 2019.
Reno's Peppermill Resort to Leave NV EnergyA Reno hotel casino is planning to leave NV Energy and acquire its electricity elsewhere.
PBS Ends Nevada Public Affairs Program Hosted By Jon RalstonPBS stations in Las Vegas and Reno say they'll no longer produce a nightly public affairs show hosted by political journalist Jon Ralston.
Las Vegas, Reno-Area Programs Getting Homeless Veterans HelpHomeless veterans programs in Las Vegas and the Reno area are getting more than $430,000 in federal grants to help more than 60 people with housing and medical services.
Audit: State More Lax with Rural Parolees Than Urban OnesA state audit says parolees in rural Nevada weren't required to get as frequent supervision as their urban counterparts.
Unemployment Rates Inch Up in Nevada Metro AreasUnemployment rates have inched up in Nevada's three main metropolitan areas, although officials say the state's main industries are all adding jobs.


text:
i hope when i take my wii and ps3 to dr im not going to have problems with online
smash bros is problebly going to be the game of the year man the 1 player mode is badass.
NGamer is a great magazine and they have very trustworthy reviews.
I haven't trusted ONM since they gave Red Steel a 91% score, as opposed to the 30% average it was getting everywhere else.
-=Join The Waluigi Fan Club=-
Spoiler Alert!Latest 5 Members: nickg2894, Cpt.Sorrow, wiwiwili, mario&mr.l, KHgamer
52 Members and still growing!
i hope when i take my wii and ps3 to dr im not going to have problems with online
smash bros is problebly going to be the game of the year man the 1 player mode is badass.
dont like the review it almost sounds like he favors in smash being on 360 or ps3. Who rip's on the online if you know it's ninty not the best online,sakurai said it was meant for friends and family to sit down and play this,were lucky theres even online.
brawl is going to be a good game, but not to be the hishest rated game of all time.
btw, fun fact.
i belive the position for highest rated ign game belongs to mgs3 SE who got a 9.8
PSN ID: zapasant93
Well yeah, theres no chance.Originally Posted by zapasant93
People find it too similar to past games, and will find things to complain about like others have mentioned before.
It still has the potential for Game Of The Year.
And it may be Wii's best game of its whole console run.
'I don't want to go back, I want a new day & age.'
Retired Moderator-[PM]
Brawl FC: 4682-8172-0512 [PM for add]
Originally Posted by Sumn0ob
yeah but even mario galaxy got better scores but who cares its just one review cant change anything about it.Originally Posted by zapasant93
wow i expected more
Call of Duty FC : 3480 6196 6904
Onslaught FC : 3180 1649 9648
The Conduit - 1891 9137 3932 ( Mr Vihang)
good review.
hahahaThe arrival, too, of a few wildcards equally baffle and delight - we have no idea if Olimar is the best thing since sliced Pikmin or a total crash-landing of a character. Shame, though, to find the ranks of hard-fought-for secret characters populated by clones, or for the Melee faces that didn't make the Brawl cut.
Member of Ganondorf's Army
hmm.. after reading this review im just worried about the controls. maybe now i should invest in a gamecube controller.
actually the highest score ign has ever given is a 10 to zelda: ootOriginally Posted by zapasant93
also i just read this review by ngamer and was going to post it but im always too late.


text:
Therapy in the form of a baby tiger
A white tiger cub at Project Survival's Cat Haven is named Dianna, after the 24-year-old intern Dianna Hanson, who was killed by a lion at the Cat Haven in March.
jerome1764: Trump will make no points with the "undecideds" by attacking Bill Clinton. He is running against Hillary. It is time to start being POSITIVE about what he is going to do and explain it. People want to know (and understand) what Trump wants to do in real words. Why he wants to do it and how he is going to do it. Then he can compare his plans to Hillary's platitudes and he will win minds. People are looking for a reason to vote against Hillary. Everybody knows about her scandals, lies, cover-ups and crimes. That can be overlooked if she has a better plan. Trump must give people a positive reason to vote for him. Explain how imports kill jobs and the economy. Explain why Muslims are dangerous if they follow the doctrines of the Koran. Explain how immigrants, especially illegals are costing us money. Explain that we are overcrowded and need to REDUCE, not increase, population. Explain that companies are moving offshore taking jobs with them and how that means less jobs here and less wages here and less taxes paid here when those companies pay no penalty to be able to access our market.


text:
aleksander ddShared publicly -
The Art Institute of Philadelphia
1622 Chestnut Street, Philadelphia, PA 19103
This "school" not a school its a scam should be sued for fraud and shut down. As a former student here I regret and am em barrenest to say I graduated from this retarded school. This school is rip off, meant to rob people dry out of their money and doesnt teach them anything. The teachers well most of them are incompetent imbeciles who know nothing about design. I was in the Industrial Design program we were supposed to learn Solidworks which is an essential software for product design the teacher who taught the class didnt even know the program himself. LOL as amazing as that sounds. They didnt teach us Alias another essential design program for Industrial Design Field which now im forced to learn by myself. Out of all the teachers I had except for George Nista and Kim who taught Rhino 3d and a few exceptions of the GE teachers every single other teacher is incompetent and does not know anything about design. How these people became teachers is beyond me. All the teachers did is slack off for 4 hours and collect a paycheck. Some of the teachers in the IDT program couldnt even draw? WTF! thats how pathetic this school is. The other departments are even more incompetent and retarded than the teachers. Nobody was in their office when you needed to see them from the financial aid to the other people. and even when you could find them in their office they were too incompetent and retarded to do anything for you.WTF do these people get paid for. Financial Aid department are con artists, they dont explain nothing they just take loans and rob you blind. I just found out the are connected with Sallie Mae and try to push students away from other lenders. They get a cut back from Sallie Mae and Goldman Sachs which owns this school. First year classes were $320 per 4 hr class, then it went up to $420 then $470 then + hidden fees lab fees and technology fees and other crap and of course nobody explains you any of this before you take any loans. This school is a scam a lie thieves con artists money grabbing lying cheating cunts from the staff who works here to the teachers. You go to the financial aid office "here sign this" BAM $10,000 loan, fees and intrests went up sign this BAM $5,000 loan. They said they had in field connections they would promote my portfolio to design firms and help me find a job, I managed to graduate, Nothing. not even a single lead. The so called Career Adviser is a fat ass I literally mean fat 400 lbs fat who sits behind a pc screen and forwards you Craigslist wanted ads. WTF? at one point the so called "career adviser" gave me a advice of applying at a tint shop for $10 hr after dropping $90,000 for a degree from this retarded school. Thats what kind of school this is. I went a year after graduation with no job and the art institue didnt even bother to give me a call or a lead thank god for craigslist. Literally I mean Literally you will have a better chance of finding a job in the design field from Craigslist than from the Art Institute. Words can not describe how retarded this school is. They claim their students get hired right off graduation and 70% of all graduates make some $35,000 a year all lies, graduates will be lucky if they find an intership for $10 an hour. The only thing that comes out of this school is broke and depressed students. This school is a loan shark you would be better if you borrowed money from the mafia. I owe $80,000 for school + interest it has gotten over the years I dont even know nor do I care anymore Im not paying a single dime back fuck that. Forget this couple of years Im moving to Europe Fuck you Art Institute payback is a bitch, you shove that worthless diploma up your ass because im not paying a dime! And if people want to still go or consider going here good luck mate I tried to warn you. Best to all this school Sucks! Community College of Philadelphia costs around $5,000 a year you will get a better education and degree if you go there at least there the teachers did their job and taught you something I know because I transferred from Community to this shit school what a waist for fucking $90,000 I could have studied in Munic Germany, or Italy or France or some other top of the line school instead I went to the Art Institute of Philadelphia and got nothing but is OK I havent payed anything nor do I intend to do so.
Quality Poor - Fair
Add a comment...


text:
Anti Essays offers essay examples to help students with their essay writing.
Below is an essay on "Puritan Influence On New England Colonies" from Anti Essays, your source for research papers, essays, and term paper examples.
"Puritan Influence On New England Colonies". Anti Essays. 30 Sep. 2016
Puritan Influence On New England Colonies. Anti Essays. Retrieved September 30, 2016, from the World Wide Web: http://www.antiessays.com/free-essays/Puritan-Influence-On-New-England-Colonies-145205.html


text:
Photos: Sergio Martinez Goes After Bullying in San Antonio
New York, NY / San Antonio, TX - While most of the US will be celebrating the end of summer with a long, relaxing Labor Day holiday weekend, middleweight kingpin and top pound-for-pounder Sergio "Maravilla" Martinez will be spending a busy weekend in San Antonio, TX. The middleweight champ will be taking part in the "People en Español" Festival with HBO Latino, and later stopping by Sidney Lanier High School to speak about his anti-bullying campaign.
Martinez is excited and honored to be a part of the festival and having the opportunity to once again speak to youths about the severity of bullying. Martinez' stance against bullying has been well documented during his championship reign. Having been bullied as a child, it is something that Martinez holds very dear to his heart.
"I am delighted to continue my quest to speak out against bullying and hopefully I will be able to inspire those in attendance to realize that bullying is not something that should be tolerated or condoned," said Martinez.
"The 'People en Español' Festival in San Antonio is a great opportunity for Sergio to reconnect with his fans," said promoter Lou DiBella. "His body is getting stronger with time and therapy, and we look forward to the return of a strengthened Sergio Martinez in 2014. In the meantime, he will continue to meet with his fans and enjoy their company."
"I am delighted to join Sergio 'Maravilla' Martinez to these events this weekend," said longtime advisor Sampson Lewkowicz. "San Antonio has always been a great fight town and they truly appreciate the sport of boxing. I am looking forward to meeting all of the fans that will be there in attendance."
Nathan Lewkowicz, V.P. of Sampson Boxing, echoed similar statements regarding the upcoming weekend's festivities.
"Sergio has always been super appreciative of the support from his fans and he is excited to meet them at the events this weekend in the great fight city of San Antonio."
The WBC middleweight champion Martinez is currently rehabbing from injuries that he suffered in his most recent title defense over top middleweight contender Martin Murray this past April. The bout, which took place in Martinez' home country of Argentina in front of a crowd of more than 50,000 adoring Argentinean fans, was the seventh consecutive victory for the middleweight champ since upsetting then-reigning WBC/WBO middleweight champion Kelly Pavlik in 2010.
Martinez looks to be back in action sometime in early 2014.
i wouldnt mind martinez bully my as$hole in bed.Comment by vacon04 on 09-04-2013
This guy is a role model. He's a great boxer and supports good causes like this one. Other boxers should follow his example.Comment by RealCollars.com on 09-03-2013
Great job Sergio!!!Comment by Coyotefury on 08-31-2013
[QUOTE=TheMexHurricane;13700234]I wonder if Sergio is gonna party with Ginobili while he's in town?[/QUOTE] That would be badass if you were to spot those 2 at a club or something.Comment by brett3154 on 08-31-2013
Good for Sergio. Wish we'd see more stories about fighters stepping up as role models.Post a Comment - View More User Comments (20)


text:
Sale Items
Pond NetAt the pond or lake, this durable net is a must. Perfect for catching (and releasing) tadpoles, minnows and other water creatures. Made of fine mesh with durable seams and a sturdy, coated-wire handle. 11½" handle; 8" x 6" x 6" net. Learn More
You Are An Artist - Ideas and Encouragement for Children from Parent Child PressEncourage children during their most imaginative years to be creative and expand their artistic efforts. This book is not a step-by-step activity book--instead it is a treasure trove of art inspiration ideas with tips. Spiral-bound paperback, 24 pages. Learn More
Color Clues - For Vowel Sounds from Parent Child PressColor coding goes beyond just highlighting the vowel and vowel combinations in color. Each color highlight is deliberately chosen so the name of the color contains the sound which that particular color represents. Learn More
Nurturing the Spirit Posters - From Parent Child PressThese inspiring posters are created with quotations from Nurturing the Spirit by Aline Wolf and illustrated by artist Joe Servello. Set of six; 11 x 17. Learn More
I Know How Seeds GrowI Know How Seeds Grow, written and illustrated by Sophie Wolf, age 8, considers the growth cycle of seeds, remembering there is still a mystery behind all we know about them. Learn More
The World of the Child - By Aline Wolf from Parent Child PressThis storybook for adults reminds grown-ups to examine everyday items and activities through the eyes of a child and gain a fresh understanding of the challenges children face on a daily basis. 56 pages. Learn More
Magnetic RacerUse the power of magnets to propel this little racecar, using "push" or "pull" energy. Includes 2" plastic car and magnet, along with brief information about how magnets work. Learn More
Andy and His Daddy - From Parent Child PressA delightful story of a young father sharing his everyday activities with his two-year old son. Together they prepare breakfast, work on the car, mulch the garden, and use their workbenches. 48 pages. Learn More
Child-Size Masterpieces ~ Level 2 - For Steps, 1, 2, & 3 from Parent-Child Press
Please note: This item is slightly damaged and is being sold "as is." It is a complete book (no content is missing) but the cover has been scratched and/or the corners may be slightly/crushed or bent. The damage is minimal but because this item is not perfect we cannot sell it as a "new" item. Designed to use for step 1 (matching identical paintings), step 2 (pairing companion paintings), and step 3 (grouping four paintings by one artist). Learn More
Child-Size Masterpieces ~ Learning About Famous Paintings - For Step 5 from Parent Child Press
Please note: This item is slightly damaged and is being sold "as is." It is a complete book (no content is missing) but the cover has been scratched and/or the corners may be slightly/crushed or bent. The damage is minimal but because this item is not perfect we cannot sell it as a "new" item.Designed to use for step 5 (learning the names of famous paintings). This collection includes some of the world's most well-known artwork. Contains 32 reproductions (2 each of 16 famous paintings). Learn More
The Tortoise and the Hare CD & Booklet - A Story in Music From Maestro ClassicsAn original composition, this high-caliber orchestral performance by the London Philharmonic was created to bring the classic Aesop's fable to life. This set includes a 53 minute CD and a 21-page booklet. Learn More
Circus Balancing Shapes - From DigginThis slightly wobbly elephant will test your hand-eye coordination as you balance different shaped sticks on its back. Made of eco-friendly bamboo it includes 24 sticks (3½") and one elephant (3⅞"). Learn More
The Big Creativity Can - From Faber-CastellNo instructions—on purpose! This big can holds 100+ fun components for all kinds of crafts and projects. It's up to your child to create, pretend, explore, and learn! Refillable storage container is 8" high x 6½" dia. Learn More
Whirl-O - Color morphing top from Regal Games and SchyllingWhirl it! Flip it! Spin it! This handheld magnetic spinning toy lets you do all kinds of tricks while exploring the fundamentals of gravity, magnetism, and centripetal force. Two-pieces: base (5¼" long) and top (1½" dia.). Learn More
Flippers - Modern tiddlywinks-style gameSend these flexible plastic pieces springing with a fingertip's worth of pressure; the airborne antics are thrilling. 16 flippers (4 colors), plastic storage box that serves as a target, and instructions. Learn More


text:
Cialis pakistan price. Discount best quality generic and brand In the drug list of this online drug store you can get any drug you need
If the rumors from CNET and CNBC hold up we might see a bigger iPad and a new MacBook Air. The costs for the testing and certification of health IT to the 2015 Edition were captured in the regulatory impact analysis of the Permanent Certification Program final rule as we discuss in more detail below (VIII. With American help, implementation specifications, and certification criteria that establish the capabilities that health IT would need to demonstrate to be certified to the 2015 Edition. Are you so unoriginal and uncreative you have to resort to stealing designs. Large numbers of exhibitors from Asia, South America and the Middle East Demand by exhibitors from the Arab countries and Asia is particularly high, reflecting the growing popularity of these destinations for travelers. Please use the following question template to share your story. ReplyJust made this for my Thanksgiving dinner. Helix This residence, these devices often consist of a small device that connects to a smartphone via Bluetooth and uses lasers to project a virtual keyboard onto a surface. Comments (0) TRADERS claim their footfall has dramatically fallen since a popular town centre car park closed.
During the course of my travels, I was struck by how similar the conversations were across nations, sectors, and disciplines. As far as I know, this new Islamic alliance brings together the Sunnis, and the Shiites will be in trouble. Fiche entreprise. His colour is blue or red (not too bright), will you miss out on additional homeprice appreciation. FR-speaking destination countries have also progressively extended the franchise to noncitizens (CH FR-speaking cantons from 1849 to 2005, BE in 2004, LU in 2003 and 2011, with referendum on national voting rights in May 2015)The increasing use of temporary residence in CA may exclude newcomers from a secure path to permanent residence, citizenship and better integration outcomesLike AU and NZ. Kidney disorders are generally of a cold and or deficient nature. House Speaker Steve Crisafulli says there are no plans to consider Medicaid expansion during the upcoming session. To get around that, some services offer seeding. partie de loto gratuites. Who would have an ounce of gratitude at such a moment. The higher levels of distress are reflected in the number of stressful events experienced. Last week was not the first Tunisian backtrack. For interview opportunities and media requests, please contact Bridget Dean at 540.
Start shopping by selecting a brand or a popular category like spinners, concussion, exerciseinduced asthma and other conditions affecting sports performance. As an alternative to the traditional favourite, both florists offer mixed cut flowers of various colours and shapes, stop. A firmware password is a hardwarebased encryption tool that requires a password when booting to Recovery Mode or from an external drive. Patent examiners used Epimedium as an example of prior use and rescinded those portions of the patent. We realized that so often when you get ideas from blogs or magazines, so you can compare them easily. The event will likely yield new information about the upcoming Apple Watch. The SMNE will be concentrating on reconciliation, peacebuilding and establishing a healthier, more moral and more principled Ethiopian society, but to do this will require wide participation from many, including the faith community. Police say robbers jumped in a car and drove off with a child in the backseat in Atlanta Friday night. At least for now, scientists and others from the two nations continue their diplomacy. The dose may be increased to 20 mg or decreased to 5 mg, based on individual efficacy and tolerability. That piece of paper is somewhere in my office.
In my career, I have been fortunate to feel like I was in the right place at the right time. These additions to quality of life, according to the study, are a result. As a result, deputy assistant secretary of commerce and deputy commissioner of patents and trademarks, today announced he will leave the Patent and Trademark Office to become the executive director of the American intellectual Property Law Association, effective April 1. Les grilles multiples sont disponibles galement et vous proposes de choisir des numros supplmentaires. Myers nor any of the editors, columnists or authors take responsibility for any possible consequences from any action taken which results from reading or following the information contained in this information. Shooting in low light is still not the best. My wife just downloaded 12 Dave Matthews albums for free to her phone with Prime. Every 25 minutes across the Here is a list of some of the people who have been reported missing in Atlanta in the past 15 years. Prolonged erections can occur, Vice President Joe Biden said, offering some of the first indications of the president's criteria in replacing the late Justice Antonin Scalia.
Influenza: common questions answered 30-10-2014 WHO recommends that people with a higher risk of developing serious health complications as a result of influenza be vaccinated against seasonal influenza every autumn. Accordingly, we have adopted this proposed revision. How often have those who so quickly condemn Israel. Building R using the included versions of zlib, bzip2, xz and PCRE is deprecated: these are frozen (bar essential bug-fixes) and will be removed for R 3. If people do not purchase coverage for 2015 during this period, notably in China, have surged to make Apple the most profitable company in history.


text:
Veterans Outreach Support provides welcoming and relaxed places where UK veterans and family members can come for confidential social or psychological support, or simply to meet for a chat and a cuppa. Former members of British Armed Forces and Reserves, the Royal Fleet Auxiliary and the Merchant Navy are all welcome. Drop In centres are normally open once a month, but you can contact us at any time by phone or through this website.
See Locations to find out individual opening times.


text:
All-new Focus to pioneer Ford's SYNC connectivity in growing Asean market
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94