text:
Portugal Telecom SGPS SA (NYSE:PT)
Q2 2007 Earnings Call
August 7, 2007, 11:30 AM ET
Zeinal Abedin Mahomed Bava - VP
Luis Pacheco de Melo - CFO and Executive Director
Christen Kerns - Lehman Brothers
Kevin Chong - Citigroup
Bosco Ojeda - UBS
George Ierodiaconou - Dresdner Kleinwort
Mathieu Robilliard - Exane BNP Paribas
Nuno Vieira - Millennium bcp
Teresa Martinho - Banif
Good morning or good afternoon ladies and gentlemen. And welcome to the Portugal Telecom 2007 First Half Results Conference Call hosted by the Executive Board Member of Portugal Telecom, Mr. Zeinal Bava and Mr. Luis Pacheco de Melo, Group CFO. At this time, all participants have been placed on a listen-only mode and the floor will be open for questions and comments following the presentation. [Operator Instructions].
I would now like to turn the floor over to your hosts. Please go ahead sir.
Zeinal Abedin Mahomed Bava - Vice President
Thank you very much. Good afternoon ladies and gentlemen. On behalf of the board of Portugal Telecom many a thanks for attending this call. The objective today is mostly to the results of [inaudible] today for the first half ended 30th June 2007. As usual I am here with the team our CFO, Luis Pacheco de Melo, our Chief Accounting Officer, Francisco Nunes and a member of his team ands also Control and Planning Director, as well and of course our IR, Director, Nuno Prego.
In the first half of '07, consolidated operating revenues of Portugal Telecom amounted to €2.956 million, an increase of 5.4% year-on-year. EBITDA increased 16.2%, albeit as we call the attention on press release it was an [inaudible] but it increased 15.2% to €1147 million and that's equivalent to a margin of 38.8%. And the net income from… an income from operations increased by 58.3% to about €606 million. Net income for the period amounted to €429 million. EBITDA minus CapEx increased 17.6%, of coursed underpinned by EBITDA to about €840 million. At the end of June 2007, our net debt amounted to roughly €4.28 million and after tax unfunded post retirement benefit obligations totaled €905 million.
Our results have been prepared in accordance with IFRS and following the approval of PT Multimedia spin-off at Portugal Telecom's annual shareholders' meeting on the 27th. PT Multimedia has been considered as a discontinued operation for reporting purposes. For more details and discussion of PT Multimedia's results, we would ask you to refer the PT Multimedia's first half 2007 earnings release.
I will take you now to the divisional performance. And then my colleague Luis Pacheco de Melo will take you through the main financial highlights across this first half of both increases. With regard to the wireline, albeit that we continue face consensus competitive environment both in voice and broadband and this is not just from a fixed line operations with increasing DSO from mobile operators, the performance has been ahead of our expectation. The level of line blocked continued to improve, so if you look at first half of '06, it has significantly improved and is very much inline with last three quarters and this to some extent is a reflection of the continued effort we have been making in promoting on one hand growth in ADSL but also tariff plan et cetera. ADSL growth continued, so we increased the sub-numbers by 12% from €715,000, the Portuguese market has been slightly less than 1.6 million broadband subs and the ARPU however, was highlighting is actually coming down partly as a result of this very much increased penetration, which is being achieved on the back of a number of our speed products as well. The blended ARPU however, increased by 1.3% to about €30 and this is of course underpinned by penetration of data services and also the take up of the pricing plans that we have launched over the last two to three years.
The MOU, the usage is stable, again on the back of a flat rates and I think most importantly what's highlighting is in terms of EBITDA, the cost fractionalization program which we continue to implement has allowed us to improve efficiency levels and operating margins and we forgot to curtailment as we have indicated in the past, we were looking to reduce staffing levels by about 500 people. We at the end of the June had already reduced staffing levels by 250,000 people… 253 people and at the end of July, we did an extra 82. So, at the end of July, we have reduced our staffing levels by 335 people to a very much inline with or perhaps staffed in we had ourselves access at least at the EBIT target of 500 for the full year.
We launched IPTV services as well. It was a soft launch. We are at the moment focusing on the key or the capital district of Portugal. And we continue to believe that at the end of this year we should be able to have somewhere between 10,000 and 13,000 subs on this IPTV product that we had launched. Just one last comment in terms of efficiency ratios. Our lines per employee continue to improve. So, when you look at lines per employee second quarter '06 they were at 574 lines per employee. That number is now 622 and with robust margins, margins are at about 46.5% or be that as you know. There were exceptional items to this margin number that I am referring to for we exclude exceptional items.
On the mobile side, we continue to see customer growth at the TMN, while highlighting the fact, we are clearly focused on increasing our postpaid and wireless broadband customers and that has done extremely well in the second quarter and the trend into this quarter remains fairly strong. Billing revenues increased by 1.5%, this is on the back of customer growth, of course offsetting dilution of customer ARPU with this level of penetration that one is achieving in Portugal. A lot of it on the back of second SIM card et cetera and machine applications as well. The ARPU erosion is obviously there. What you are also seeing is clearly the weight of data revenues increasing and with regard to data as a percentage of service revenues. We are already at 14.3% the amensing for 20%, 25% is where we should be in terms of future outlook and clearly the success of the wireless broadband service and internet mobile. Mobile internet that we have also launched should assist us in achieving those objectives medium-term. Non-SMS data revenues are growing very strong about 64%. We have been able to achieve very good EBITDA performance, both in terms of password numbers, first in growth but also in terms of margin and this is very much on the back of very, very strict control of unitary for Subscriber acquisition and retention costs which were down roughly 15% second quarter '07 versus second quarter '06. And also of course hike management of those adjustable costs mainly wages and salaries which have came in and came down strongly this quarter as well.
Competition remains… is also fierce in mobiles not so fixed and we would expect in the next three to six months the market conditions to remain again very competitive as a number of our direct competitors launch very aggressive fixed to mobile conversion offers as well. One of the difficulties in comparing numbers of TMN and direct competitors is that fixed to mobile conversions services for one or two of our main competitors are already representing a significant part of their performance and top-line this year.
On Vivo, perhaps a very quick comment on Vivo. Simply because we have already put out a lot of information. Customers increased 6% year-on-year and that is on the back of Vivo's improved competitive position that GSM networks, as you know hasn't implemented in record time and it covers 96% of municipalities with CDMA coverage. GSM, obviously is already accounting for the bulk of the gross adds, adding into in Q2 '07 it was only the 84% of our total gross adds. The campaigns that we have been launching throughout 2007 that stimulate usage have been doing pretty well and one feels that more I think is about 16% and underlying ARPU is grown about 7%. Continued growth in data revenues is being driven also by non-SMS data about 17% and of course the migration in terms of technology is allowing Vivo to maintain unit fees Subscriber acquisition with pension lower. In fact if you look at second quarter '06, second quarter '07, those costs were down almost 21%.
So, we look out for Vivo we are fairly, I would say, fairly happy with the turn around that we are seeing in that business from an operational standpoint. And the recent acquisition of [inaudible] provides a very good strategic fit and with regard to the spectrum as we have indicated for the acquisition of [inaudible] not only provides us with plenty of spectrum. We also are interest in the 1,900 mega hertz option as well which as you know, at least at this stage the dates are and we also have to be delivered on the 18th of September. This section will allow us to obtain coverage and rest of it equally provide further capacity in the key metropolitan areas. And as you know and this in discussion with Vivo of course in the past, this is pretty important to continue to help Vivo growth in the Brazilian markets.
Just a couple of remarks on our international assets, first and foremost on maybe Tel … maybe Tel sole subscriber numbers grow almost 59% and of course that was at the expense of higher subscriber acquisition retention cost, which as a result will… for us represents a significant investment in the first half. And our golden asset continues to pose double digit EBITDA growth and with regard to number of the assets that we have, one that we recently acquired in the media, we obviously at this stage taking over the operation and we are obviously still remaining fairly bullish in terms of future prospects of growth in Africa. We think that Africa will see significant growth both in terms of penetration of mobile voice services, but also in the future also data services.
Proportion of EBITDA for international assets, this is excluding Vivo amounted to $106 million in the first quarter'07… in the second quarter '07, sorry, an increase of 9% year-on-year in constant currency. One of the important factors to highlight is that all our international assets are self funding and as such Portugal Telecom is now having to further invest in these businesses. Over 90%, just remind you, total cash flow is generated in Portugal.
As, we now hand you over to my colleague Luis Pacheco de Melo who take you through the detail financials for the first half. Thank you.
Luis Pacheco de Melo - Chief Financial Officer and Executive Director
Thank you Zeinal. Let me now focus on the main financials. I will focus my presentation on the first half results versus the first half of '06 and therefore the numbers like decent from what we now just mentioned, our focus in the quarter. So overall group revenues at 5.4%, $2.96 billion and that being by 1.1% increase in TMN and 12.4% increase in Vivo.
On the Wireline, revenue decreased by 5.7%, mainly as a result of lower voice revenues due to line loss. And the declines in retail revenues were most partly offset by higher ADSL revenues, lower sale revenues and also corporate revenues. On TMN, the performance… the 1.1% increase in revenues was getting by strong customer bills with billing revenues up by 1.9%. As we now set, basic revenues, it accounts for 40.3% of the overall total revenues.
On Vivo, revenues were up by 12.4% in fact seasonally by the changing the internet connection regime last year and the growth in customer base and underlining ARPU. So, service revenues were up by 22% excluding the impact of the bill and keep revenues were up by 4.6%. On the other revenues increase… those increased mainly reflecting the consolidation of our Namibian assets in Q3.
Focus now on the EBITDA performance. EBITDA was up by 16.2%, we had some one-offs, specially this year… throughout these and last year the provision on Vivo. That's overall EBITDA increase by 16.2% giving an overall margin of 38.8%. Excluding the one-off that I have just referred to you EBITDA would have increased by 9.9%.
Wireline EBITDA performance was supported on a great constitution and personal cost down 8.8% on the first half versus the first half of last year. Direct cost and other operating costs also declined at a considerable rate… good rate. EBITDA excluding the one-off remains flat vis-à-vis… which is flat of last year.
The EBITDA 2.7% increase at TMN also looking by the service revenues, but despite the intense competition and the strong cost in the growth TMN was able to maintain operating costs constant by containing the tax and personal costs. And therefore, the margins have increased by 0.7%, those EBITDA margins and the pretax margins.
On Vivo, EBITDA growth of 40% was driven by ARPU in customer growth. And also because last year, we had booked the provision… significant provision, excluding that one-off, EBITDA at Vivo would have increase by 22%. On the other items, the consolidation of [inaudible] in the newly the markets remain reasons for the increase the lower EBITDA.
Moving now to net income. Net income grew by 6.9% to €429 million, primarily due to higher income from operations, PRB gains, lower financing costs this year and capital gain from some disposals from financial institutes and markets and that we proved on the second quarter. On the negative side, in 2006, we did not benefit from any tax gains, which we had in the first half of last year. Including the one-offs in this year and the previous year, net income would have increased by 57%.
On the cash flow operating… free cash flow amounted to €627 million in the first half, a decrease of 2% mainly due to higher working capital investments of €28 million on the first half. On the free cash flow basis, this more than doubled to €537 million at outside one unwinding of PTM equity swaps that we have and the disposal of some financial assets. And of course, we increased despite higher… high tax impact on the first half of this year.
In terms of net debt, which increased by €524 million since the beginning of the year, the slight decrease in strong free cash flow. The main reasons for this increase was that the expense which approximately €980 million on both dividend and buybacks. We have the highest tax losses around 100 million in resource tax when compared to last year. And… sorry… we have a mix in our tax losses of 100 million resource tax and we also have an extra organization contribution through our pension fund of €120 million in the first half.
So, overall, we have spent more or less €1.2 billion and the EBITDA… and the net debt increased by €524 million. Average cost of debt was 4.8% with a maturity at six years in the first half. Excluding Brazil, the average cost of debt is down to 3.2% and then the maturity is 6.3 years. Of course, the maturity of our net debt is being affected by all the equity swaps on the buyback which has a very short maturity, when we receive the cash from the recent insurance of the 760 million convertible. If we buyback these shares to our balance sheet, this should increase our maturity of… on our debt of approximately 1.2 years.
Net debt to EBITDA ratio including the unfunded pension liability improved to 2.3 times from 2.9 times in the first half of last year. Available cash and standby facilities and undrawn commercial paper now stand at €2.4 billion. With regards to the pension fund, we made further improvements on our unfunded pension liabilities that now stand at 905 million after tax and 1.2 billion before tax. The scores highlighting that out of these 1.2 billion unfunded pension liability, €900 million referred to salaries. These are suspended and previous hired employees. Well, actually there are funded a small portion on pension bring down to €300 million.
With regards to PRB, as you have noticed we had a gain in the first half of around €36 million. And therefore, we estimate that for the full year, we should have a PRB on our P&L between €0 million and €5 million.
Just a quick update on the share buyback. So, we have acquired more or less 70 million shares, which correspond to more or less 6.2% of the PT stock. The average cost of these immigrations [ph] €10.27 per share.
Now before going to summary, let me now focus on guidance. With regards to the guidance, we would like to give you some updates and some revised guidance for 2007. At this stage, we will only focus on the consolidated numbers for the Group… overall Group. And given the first half performance, we have revised our guidance to overall EBITDA moving from the range of 2.0 to 2.1. Now we move free cash 100 million that is €2.1 billion and €2.2 billion.
On the CapEx, we remain with our previous guidance of €800 million to €850 million [ph]. On net debt, our guidance is still 5.7, now we would like [inaudible] €500 million that we expect from the acquisition of Telemig so that our part of the consolidation of net debt coming from the acquisition of Telemig. And now on the buyback, most likely we will not being by the end of the year with the full €2.1 billion, rather by the end… by the time of the next general assembly meeting of the 2007 results. So, therefore, we remain our targets for the net debt at €5.7 billion.
So, overall, we had a positive operational and financial performance on the second quarter. We saw continued growth in our international asset particularly Vivo. We saw a traffic cash flow profile with a solid balance sheet. We are on track to deliver on commitments made to shareholders, and given the first half performance we have revised our guidance on EBITDA with a range of €2.1 billion to €2.2 billion for the Group.
Thank you very much. We will now be open for questions. Thank you very much.
Question and Answer
Thank you [Operator Instructions].
Our first question comes from Christen Kern with Lehman Brothers. Please state a question.
Christen Kerns - Lehman Brothers
Hi, there Zeinal. Just two or three questions. One on the strategy type please. Can you elaborate a bit on the wireline scenario going into 2008? I understand Anacom launched a public consultation on Naked DSL and Dell to some discussions around fourth mobile license even though in the 450 MHz spectrum and any updates would be much appreciated on fixed mobile? And also on the PTM spin-off situation? And finally, more detailed question on the guidance that fair to assume that your guidance, is it raise due to Vivo that this is the main contributor there? Thank you
Zeinal Abedin Mahomed Bava - Vice President
Okay. Thank you very much. I think, it's a very, very good question. So, the first with regard to Wireline, clearly, I think if you look at the Portuguese Telecom sector, things are changing pretty fast, particularly the advance of fixed mobiles convention offers is now very, very real. I think that's why Portugal Telecom with a unique opportunity to bring today what makes it perhaps in our view the best of Telecom operator in Portugal. We have distribution network. We have the engineering background. We have powers switching a lot of operate that has in this market and such I think the way a fixed mobile conversion offers are lining up in the Portuguese markets, it will certainly lead to regulators allowing us to pretty much to the same, because it is no longer making sense to look at fixed mobile separately. And that's what… in that regard, we think that we can bring today… in the future the great advantage that both the fixed line business to Portugal Telecom and the mobile business have. And hopefully, regain some market share in some key areas where we have not been able to be as competitive as we wanted to mainly because of the regulatory commitments and pressure that we have in ourselves.
Naked ADSL, I think ultimately the terms and conditions also what is Naked ADSL will dictate whether it is a significant plus or not. I think it was interesting to see that some of our direct competitors have also come out very vocal concerned about Naked ADSL. I think in this regard, we will continue to lead at the Portuguese Telecom's regulator, which a lot of these things has been… I would say very, very up to speed, what else is going in the world and very diligent, and in that respect, we will continue to convey our views and our issues directly to the regulator as it should be. But I would say that with regard to the Portuguese market, you are likely to see the next six to 12 months consolidation occur that you are seeing some of our competitors buying some smaller businesses. We also saw recently quick PT Multimedia and looking announcing the acquisition of another cable operators. So, clearly, you are seeing some consolidation which I think long-term is good for the industry, it certainly good also for the Portuguese consumers.
With regard to the fourth mobile license, it is very difficult to provide you any more information other than what's already public. We know that a number of companies have already shown interest in having access to both 450 megahertz, 900 and 1800 spectrum. Clearly, some companies have better conditions and provisions in front of the fourth operator than others. But I think at this stage, there isn't a some timetable on this and I think we will need to see to what extend the regulator wants to progress and under what condition and I think that will dictate whether they will or they will not be a fourth operator in the Portuguese market.
With regard to the spin-off, as we indicated we were working towards a timetable around end of September. I would say that things are going very much according to plan. There are a number of variants where from an operational standpoint, we needed to have the same between Multimedia and our fixed line business, and also other fixed companies of Portugal Telecom. So, when you think about IT systems and think about shared services when you also think about telecom as such and also HR, because there were a few of the people of the fixed line that had been posted in the wire… in the multimedia division. So, all these issues are being dealt with accordingly, and we think that they are making good progress on all fronts. And therefore, from a pure operational standpoint, things are progressing well, and therefore, we will not come into the way of accomplishing the sort of end of September that guiding us to some extensive date as we have put forward to levels and also to shareholders.
With regard to the mechanics in itself, some financial statements will have to be posted by PT Multimedia and by PT. Those financial statements will be ready in the first week of September. It will then need to be approved both at PT Multimedia and also at PT. And at that point, I think that the both Portugal Telecom will define the registration date and the information statement as we will make public will then be distributed. So, on the spin-off, I would say the update is we are on track to deliver on this kind of September deadline that we have to some extent set up on ourselves. On the guidance Luis perhaps can provide you some color.
Luis Pacheco de Melo - Chief Financial Officer and Executive Director
There is some own guidance. What we said is that fixed rates. We give the overall guidance for the group. Of course we feel slightly more positive growth on TMN on the Wirelines and on Vivo. But overall we just give guidance for the overall status.
Christen Kerns - Lehman Brothers
Thank you.
Our next question comes from Kevin Chong with Citi. Please state your question.
Kevin Chong - Citigroup
Yes good afternoon this is Kevin Chong from Citi. Three quick questions please. Firstly just wondered any of the sort of improvements we are seeing in Q2 in terms of operations. How much of that is coming from any overall improvement within the Portuguese economy?
And the second question relates to the Vivo. I am just trying to understand obviously there is significant speculation surrounding Telefonica's potential offers to Portugal Telecom for Vivo. And I am trying to understand, obviously following the recent decision to expand the business announced last week. I just wonder whether you can give us some indication of what it is that Portugal Telecom… what would make Portugal Telecom sell Vivo? Is there a price out there where you would sell the business? Is it not for sale at any price or is it an issue, should we think about that in the context of using proceeds?
And then the last question just with respect to I am wondering if you could give us some idea as to when we are going to have clarity on when and where existing PT mergers will be poised to PTN demerger? Thank you.
Zeinal Abedin Mahomed Bava - Vice President
Okay. Thank you very much. Well, clearly you are seeing the benefit of the improved economy in all our businesses in Portugal. In fact as Luis just mentioned, referring to guidance, that's one of the reasons why we have been able to revise the guidance because we are increasingly more confident that our domestic businesses are doing better than what we had been able to see in the Portuguese market in the first six of last year.
Clearly, some of these things are related to management decisions. Cost cutting, clearly they have been to some extent dependent on the ability that we have had to reverse the trend in the top line, truly in mobile. But clearly here, I think, what you are seeing is the Portuguese economy beginning to do better, confidence levels picking up and that is beginning to filter through the… in the performances to some extent across all of our businesses here in Portugal.
So we would hope that continuing the strength will lead us to underpin even stronger performance going forward. Having said that, clearly as I had mentioned earlier in the previous questions, the competitive environment remains to some extent very aggressive and we are obviously trying to be here. Forthcoming with…regarding some guidance that we also would like to keep some commercial flexibility in order to be more competitive in the Portuguese market in the next six months, if we have to do so.
On the Vivo question as we have said already, a number of times we are not sellers of our stake at Vivo. We are focused on the turnaround of Vivo and we are prepared to work with Telefonica as a partner and Telefonica and Portugal Telecom have been partners for almost a decade now. To see whether we can reposition Vivo in that market, the change in technology was clearly a very important decision for us. And I think with hindsight the result that's coming through and we are very happy and delighted with that.
Clearly we believe that Vivo can do a lot more. Clearly, we think that Brazilian possibility have to be much higher than what we are seeing at the moment in that market. But we are confident that Vivo performance going forward if anything will improve and it will make some very happy shareholders alongside Telefonica offset that.
With regard to any future decisions with regards to that asset I think it's ultimately a board decision for Portugal Telecom and the board will always be up to whatever fiduciary obligations it has. And therefore at this point our official punch line on this and we have said this many times, notwithstanding the speculation around us is that, we are not sellers of Vivo. I think your point about the recent acquisition we made, only vouches in favor of what we have said in the past in that, it is not the relationship between Portugal Telecom and Telefonica that will come in the way of Vivo doing the right thing for all channels; it's not just Portugal Telecom and Telefonica. And I think the decision that we… that Vivo took to acquire Telemig was backed by both shareholders, and judging from the market reaction, I think it was to some extent very well received by all shareholders, and we are very happy with that.
So, I think it just goes to prove that we able to work with Telefonica in different sort of dimensions. On one hand, we have to work with management of Vivo to improve the performance of Vivo and on the other, if we have a partnership issues to deal with, we certainly will do that in private sessions as to long-term partners as opposed to doing it in public as some of these rumors will seem to suggest.
On the clarity for management, having just answered the question on PTM spin-off timetable, clearly very much in line with that timetable, there will have to be a clarification on the governance both of PT and PT Multimedia. So, we would hope that as and when the… as and when the spin-off is done, there would be some clarity. And the moment we know how things will come together we will be forthcoming in terms of communicating to the market. Thank you.
Kevin Chong - Citigroup
Thank you.
Our next question comes from Bosco Ojeda with UBS. Please state your question.
Bosco Ojeda - UBS
Hi, good afternoon. I would like to know if you would update us on the P&L costs from most of the cash, the costs from the side of the pension commitment. And also on the personal redundancy expenses, if you could give us some update for this year, that would be helpful. Thank you.
Luis Pacheco de Melo - Chief Financial Officer and Executive Director
Okay, so on pension, the main movements for the cash was basically [inaudible]. So, basically we started at the beginning of the year more or less with R$ 1.65 billion of unfunded pension liability. The extra lay-off or the severance costs was around R$ 85 million. We contributed more or less R$ 1.50 million. We have reduced the benefit of the pension of more or less R$ 45 million. And we had some actuarial gain of, on the discount price of around R$ 240 million. And so targeted returns on our assets was around R$ 40 million. So, overall these should bring it down to R$ 1.23 billion before tax, yes.
So, for the full year what we expect is some curtailment of more or less the same size as the first quarter. So, basically we are indicating that we target more or less 500. And of this we have done 253, plus [inaudible] again in July. We should have more or less a cost of around R$ 150 million [inaudible] curtailment cost over there. And therefore, what we are estimating for the end of the year is flat around R$ 1.1 billion of unfunded pension liabilities for the end of the year.
Bosco Ojeda - UBS
So, from a cash perspective, what do you think would be the outflow this year?
Luis Pacheco de Melo - Chief Financial Officer and Executive Director
In terms of cash. In terms cash, what we estimate overall to put in into the pension fund is R$ 120 million already on extraordinary, we have formed more or less R$ 164 million normal contributions. In the second half we should have around $19 million going to the pension fund.
Bosco Ojeda - UBS
Thank you.
Luis Pacheco de Melo - Chief Financial Officer and Executive Director
Our next question comes from George Ierodiaconou with Dresdner Kleinwort. Please state your question.
George Ierodiaconou - Dresdner Kleinwort
Hello. I have three questions please. The first one is on fixed to mobile substitution, we've seen a slowdown in Q1, I was wondering how much of that is due to the flat rate being introduced, whether there is anything else that you've launched in terms of your intention?
Second question is on other OpEx in the Wireline, we've seen an $8 million reduction year-on-year and you do give some reasons in the text, but I was wondering whether any of that comes from any declines in provisions?
And finally, just a question on your ADSL strategy, after the spin-off of Multimedia you'll only have control of just over 40% over the broadband market. Do you think whether that is defendable and could you give us an update on how the market is evolving after the consolidation by Sonaecom? Thank you.
Zeinal Abedin Mahomed Bava - Vice President
Okay. Thank you. It's a difficult question in the sense that the performance that we are seeing in terms of lines is a result of a number of things that the Company is doing. On one hand, clearly the bundling of minutes with the monthly rental I think has had a very good impact. If you look at for example the take up of tariff plans, I think we now have a significant portion of our overall subscribers taking up more than one service. And as you know there is a direct correlation between churn and the number of services that people actually buy from you. We're also increasing the number of customers that have direct debits and also electronic billing. So rather than receiving paper at home, they receive via mail the monthly bill. That is again one of those important services in terms of reducing churns. So, I think, there are a range of initiatives that we have launched.
I don't want to under-stage the impact fixed to mobile conversion offers, simply because we have seen significant activity from Vodafone and from our direct competitor Sonaecom as well in terms of some of these launches. And therefore we will want to respond to them in line with and therefore we want to see how the next couple of months work out in terms of some of the initiatives that we have launched. On one hand PC bundled with wireless broadband at TMN. We're also looking to reposition the many offers that we have as well both in fixed and mobile.
So I think we remain confident that if the name of the game with regard to the future in fixed and mobile convergent offers that Portugal Telecom will be even in a stronger position than it is today because we will bring to bear our distribution networks and most importantly, our network and our R&D, which differentiate us in this market vis-à-vis our competitors.
And Luis will take you through the other OpEx, let me just sense [ph] on the broadband market share. Broadband numbers, we think that our market share if you look at the whole Portugal Telecom group and at the moment that includes PT Multimedia is that we have a market share higher than 70%. If you look at our share of net adds that's probably running at around 45% at the moment in this market.
So we hope that with this increased regulatory flexibility that we are likely to get with spin-off of PTM, both PTM and the Wireline division with ADSL will be far more aggressive than they have been today, because hopefully both group have a lot more flexibility in terms of pricing and bundling and this will lead to an increase of net adds both of the fixed lines and also… and the multimedia as well, going forward. So at the moment, our share is still in excess of 70%, our share of net adds as I mentioned is only at about 45% to 46% and we hope that with the spin-off, both companies PTM and our Wireline business will be far more aggressive and therefore we hope to do much better in terms share of net adds going forward. Luis, on other OpEx?
Luis Pacheco de Melo - Chief Financial Officer and Executive Director
On other OpEx as we were seeing quarter-on-quarter, the decline more or less is R$ 8 million. Of this R$ 8 million, $6 million is Q1 information [inaudible] costs. [inaudible] we are in the great into the IBM which we handled last year. So that reflects a $6 million decline. And we have another $2 million on deduction on consultant fees. We have the electronic fees and so on and so forth and lay offs that we did on the back half, on the… sorry, lay outs on the new billing reductions [ph] over there which is more or less R$ 2 million, and that accounts for more or less $8 million. With regards to provisions, so we account for… the reduction in provisions is less than $1 million. And that's basically as a result of standard collection processes that can also give lower door-to-door sales which normally have higher provisioning levels. So the decline is not explained by any decline in the provisions cycle [ph].
George Ierodiaconou - Dresdner Kleinwort
Thank you.
Our next question comes from Mathieu Robilliard with BNP Paribas. Please state your question.
Mathieu Robilliard - Exane BNP Paribas
Good afternoon. I have a few questions, please. First on mobile, can you tell us how advanced you are in terms of making changes to roaming tariffs and what kind of impact we can expect? And should you remain quite positive, or at least not more negative for the rest of the year? How do you think you can offset that in terms of the top line of TMN? And also a question on TMN, a very impressive decrease in the SARC year-on-year. Now you alluded in the conference call to the fact that the environment would remain competitive. Does that mean that you think that this trend in SARC is not sustainable in H2 or you can still maintain that?
And then I had a question on Meditel, you highlight the 6% revenue growth in Meditel, what seems to surprise with Meditel is that it underperforms quite significantly and Maroc telecom which in the meantime is increasing in seven years on mobile by 17% and I was wondering if there's an explanation or something you think that can be improved at Meditel that would allow it to close the gap than it was Maroc telecom. Thank you.
Zeinal Abedin Mahomed Bava - Vice President
Thank you very much. Luis will take you through the Meditel question and I'll give you some highlights on the roaming and active subscriber acquisitions and retention costs. The roaming impact this year at TMN with the implementation of the recent decisions across the board in the sector will be somewhere between $7 million and $10 million. In terms of… in terms of full year, the impact is up to $22 million. So as the tariffs will come into play later than expected, the impact to the year will not be more than $7 million to $10 million maximum.
In any event, next year I think the impact will be $20 million. Now of course, we are not factoring into this any elasticity because clearly more clarity on roaming tariffs and lowering roaming tariffs will most likely lead to higher usage as well. So we are not at this stage factoring in any of that. We will see what the impacts will be the next three, six months and then perhaps come back to you at a later date with some views on what potentially elasticity could be.
With regard to subscriber acquisition retention costs, first and foremost, we have been able to achieve this by reducing the number of handsets that we had available at TMN and thus increasing our bargaining power vis-à-vis our equipment manufacturers. TMN in the past used to operate with 75% to 80% types of handsets. We have reduced that to a level that we think is more commensurate with industry block factors, and as a result we have been able to improve conditions. What we're highlighting here is also the fact that Vivo has migrated to GSM and that is also giving both us and of course our partners Telefonica the ability to present themselves with much greater bargaining power in the overall market.
So subscriber acquisition retention costs decline has been achieved on much more stringent control of subsidies, changes in the line-up of equipment that we had and of course better management of the commissions in the Portuguese market as well. We think that the way we have reorganized ourselves across the board, and this includes our own direct sales force, we should be able to sustain any additional competitive pressure in the next three to six months. And if anything, if we do decide to become ourselves, more active commercially, we think that the guidance that we have provided on TMN continues to be fairly robust. And if anything we can do better than we have indicated in the past with regards to our EBITDA performance at TMN could do. Luis, on Meditel?
Luis Pacheco de Melo - Chief Financial Officer and Executive Director
Thank you. On Meditel, the overall revenues were up by 6.2%. As you know the Morocco market is undergoing a substantial growth with part [inaudible] month, year, one year ago, more or less with our main competitor giving out some cards [ph] which we picked up later in the year, both with the same amplitudes [ph].
The growth level of gross adds from the first half of this year has been more or less twice the amount of last year. In terms of net ads, net adds is almost four times. We have had a significant impact on our commissioning and commercial costs, also around 80 to 90 in local currency which therefore, our EBITDA has increased by more or less 2% year on year in the first half. And these prices nearly represent more or less 10% of say 85. So, this has had an impact on the EBITDA levels, continuing impact of probably 7% to 8% in terms of growth rate. Thank you.
Thank you, we have time for two more questions. Our next question comes from Nuno Vieira with Millennium. Please state your question.
Nuno Vieira - Millennium bcp
Yes, hello. Good afternoon. Just two questions, please. The first question is concerning the recent process and the recent find that the antitrust authorities in Portugal applied to PT [inaudible] signed. I'd just like to know if there are any further processes pending with ADC. And how much in the maximum could represent for PT?
On another note, it is a recurrent question on mobile. I would like to know if you have got any updated views on the termination… on the mobile termination rates. And also to know still on TMN, if we should expect any roaming agreement between TMN and PTM, in order to PTM… in order for PTM to start supplying mobile services to its clients? Thank you very much.
Zeinal Abedin Mahomed Bava - Vice President
Okay, thank you. With regard to the competition authority, we have put out a press release and we have made a number of public statements in that regard. And, as we have indicated, we will fight in court our views and we think that at least judging by the whole legal opinions that we have from our lawyers that we have a fairly strong case.
With regard to other pending issues with not just ADC, but other relevant entities, I would ask that you refer to our 20-F which has been already published and where you have a specific risk factor and we have lined all the pending cases. As you can imagine at this stage we will not provide you with what we think that could happen in all of those cases other than to say that we are doing everything we can to make sure that the regulators are not biased in some of these decisions, and they live up to what is expected of them which is to be fair with all the other operators and everyone that works in the telecom sector in the Portuguese market. So, I will not take you through that list, but I think the 20-F is public, so you can refer to that.
With regards to mobile, mobile termination rates, as you have indicated in the past, I mean, it's tough to even clarify as to where those rates will be in the future. But I think worth highlighting is that we have indicated both in the market generally speaking and to the relevant entities that we think that going forward, this is important that mobile termination rates is adjusted, should be adjusted also in line with what we are paying for spectrum, for the use of spectrum. In this regard, TMN pays an annual bill of about €26 million for the use of the same amount of spectrum that our competitors use, and we think that that is clearly unfair. The model that they use to charge for the spectrum needs to be updated. We understand that on a pro rata basis, it made sense when the industry was starting what 10 years ago. I think right now we think that we should be evolving and therefore we should put in place a model that incentivizes operators to use more efficiently, a spectrum which as you know, even for the purposes of the [inaudible] the country is a scarce resource.
So Mobile termination rates we don't have a view at this stage. We are obviously monitoring the situation. We, on spectrum have a very clear view and that is that we have significantly over paying compared to our competitors and compared to all European federal companies as well. And if there is a decision on one, there should be a decision on the other as well.
With regard to PT Multimedia, and we should… the Multimedia has made that it wants to position itself as an MVNO. TMN will compete with other operators to present interests and terms and conditions like it does with all the other interesed parties. Although, as you know MVNOs are yet to materialize in this market. What you have seen in this market at this stage are tariff plans that are being launched by alternative companies. But I think at this stage, all I can say is that TMN does have the best network we think in this country and for anyone that wants to position itself as an MVNO we're always willing listeners. Thank you.
Our next question, our final question comes from Teresa Martinho with Banif. Please state your question.
Teresa Martinho - Banif
Hello. I would like to know why have you postponed the timing for execution of the share buyback program? And from a visualization point of view, could your share buyback program to acquire directly through Telefonica the 10% stake they have in PT, if they'd be willing to sell? Then, do you already have any visibility regarding what kind of regulatory relief you may be granted at the Wireline business due to TM spin-off? Thank you.
Zeinal Abedin Mahomed Bava - Vice President
On the buyback, if I understand, your question is about the timings, yes. We, as you know have been doing the buybacks in the market… as you know, we have Luis Pacheco to take you further. And then I'll answer the other question.
Luis Pacheco de Melo - Chief Financial Officer and Executive Director
Okay, on the buyback, as you know, we are implementing with the fixed rules by MDA [ph], we can buy up to 25% of the daily volume. And we cannot operate under the opening and the pre-closing of the market. With regard to the stocks and shares, as long as our stocks is selling in the market, we can acquire in the market, probably some of the shares, somebody else's shares. We have to restrict it to 25% of the daily volume and therefore we cannot define the context [ph] at this stage.
Zeinal Abedin Mahomed Bava - Vice President
Okay, just so we are absolutely clear, we can just buy shares in the market up to these limits, we have no reason to believe that Telefonica is selling at all. But I think your question was, if you could buy from them the 10% directly, we could not do that under the current conditions that operates in Portugal.
On the regulatory relief, it is our expectation that with the spin-off of PT Multimedia, we should be granted this relief, we think that the significant market position of the Portugal Telecom group, both in voice and in broadband reduces significantly with the spin-off and therefore we would hope that in the best interest of the Portuguese market that both the fixed line business and multimedia be given a lot more flexibility to present more innovative and more aggressive pricing both in voice broadband and of course also video. At this stage, as you can imagine I will be not elaborate on the what we think the regulatory relief could be. We have in the past discussed universal service obligations, I think that is clearly one of the things that we have discussed I think with the markets in the past. We think there will be others. But I have to say that we are making good progress. I think it is very encouraging to see the Portuguese Telecom's regulator also being innovative and receptive to our views that increasingly one should not be looking at the market based on the types of accesses. So I think the technical team and the regulator, Telecom regulator in our view are looking at the structure the right way and we think in the best interest of all operators and the consumers alike.
So we are hopeful that going forward both our companies PTC, Wireline and PT Multimedia will be able to compete far more effectively than we have done in the past. As I said spin off reduces our amount of market position in Portugal, and as such we should be given a lot more flexibility.
Thank you very much for being on this call. On behalf of the board of Portugal Telecom and my colleague here Luis Pacheco, Group CFO, we appreciate you being available. Our IR Director Nuno Prego, will of course be available after this call to answer any further questions that you may have.
We think that worth highlighting just as a conclusion, is that we are seeing strong momentum across all our businesses, not just in Portugal but also in Brazil. Clearly, the good performance that we are seeing in the first half is underpinned not just by Vivo but also by our Wireline and our mobile business in Portugal.
We continue to deliver on all promises that we made in our response to the hostile offer from Sonae, that in terms of the buy back, in terms of the spin off I think things are going very much in line of what we had promised to the market.
We continue to have a very solid capital structure and ample financial flexibility. And worth highlighting is that if you look at the presentation that's put out on our slides, the dividend next year will be $0.575 and that continues to lend very good support and of the new [ph] PT stocks.
I appreciate you being available, and I look forward to speaking to you soon. Thank you. Bye-bye.
Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you all for your participation.
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link). We were impressed with them then, and we think this album is a terrific showcase for their evolution. If you only have time to check out one track, stream "Anything Anything" below.
The Holiday Crowd is Imran Haniff, Colin Bowers, Alex Roberts, and John Coman. The Holiday Crowd is out now via Shelflife Records.
Shelflife Records page for album
When You Motor Away...
This is not music criticism. On this blog, you will only read about music we like.
Friday, October 21, 2016
Hooton Tennis Club - Big Box Of Chocolates
If you are like me, you wake up some mornings thinking only of pumping up with some tunes from Liverpool's Hooton Tennis Club, and scoring some chocolate. Well, today is our lucky day because Hooton Tennis Club is releasing a Big Box Of Chocolates. Satisfaction of two cravings in one tasty package. What a great world this is!
Big Box Of Chocolates is comprised to 12 expertly performed songs that still manage to sound effortless, spontaneous and sincere. It is direct, accessible and loads of fun. The band is known for their up tempo style, but songs such as "Sit Like Ravi" reveal the gentler side of foursome. Thematically, the album ranges over life in their part of the world, enriched by colorfully sketched real and imaginary characters. Both melodically and lyrically, the album is clever without being showy, and provides an energetic, friendly, and melodic brand of rock to which many bands aspire, and few attain. Give this one a chance to get under your skin, and you'll be playing it a long time -- maybe until Hooton Tennis Club releases their next album.
Hooton Tennis Club are Ryan Murphy (vocals/guitar), James Madden (vocals/guitar), Callum McFadden (bass) and Harry Chalmers (drums). Big Box Of Chocolates was recorded by the great Edwyn Collins, and is out now via Heavenly Recordings.
Heavenly Recordings
Thursday, October 20, 2016
The Kellies - Friends & Lovers
The band doesn't move to a new plane with this album, but they already were very good, so that would have been a high bar. Long time fans will be pleased, and prospective fans should find a lot to like. If Las Kellies have a special sauce, it is that they understand that the kids want to dance. And the band wants the kids that want to dance to be able to dance. As an example, check out "I'm On Fire" below.
Friends & Lovers is out now via Fire Records.
Bandcamp for Friends and Lovers
Fire Records
Wednesday, October 19, 2016
Milk Skin - Syrupy / Space Race
Records like this are one of the reasons we are enthusiastic fans if London lable wiaiwya ("where its at is where you are"). The music scene is awash with singles, many of them quite good, but the wiaiwya-7777777 singles club is the premier boutique purveyor of singles, due to the rarity of the releases, the unique combination of artists, the devotion to the format, and most of all, the freshess and quality of the recordings.
Tuesday, October 18, 2016
Jack River - Highway Songs No.2
Highway Songs No.2 is out now via I Oh You in Australia and Hopeless Utopian Records in the United States.
Virgin of the Birds - Secret Kids
Of course, you need time for the lyrics. The clever phrases grab you first, as they are meant to do. One of the best is the title of the standout single "Spooky, Stony, Barely Over Thirty". Beyond the quick rush of those phrases, your focus eventually is drawn to the stories themselves. Jon has a keen eye, and a memorable way of taking the past, perhaps giving it a bit of a twist, and wrapping it up in verses that burn into the listener's memory. You know the stories are someone else's, but Jon has a way of making them accessible. For example, I've never had a lover tell me she wasn't in Spain even though I saw her there, but when I listen to "Spanish Accusations" and its delicious retro chord progressions, it reminds me of a few situations with past lovers. And these lines from "Spooky, Stony, Barely Over Thirty" may tickle the memories of many of us for whom youth is in the rear view mirror:
We were wasted, we were warnedThe songs on Secret Kids that impressed me most the first few listens were the up-temp songs "Cardinal Points", "Spooky, Stony, Barely Over Thirty", "Spanish Accusations", "Queen of Sweden", and "Summer Palace" (all of which are on my current, go-to playlist). However, while the charms of the lovely "I Am A Bad Dreamer" or the withering "Victor Bockris" may show themselves more slowly, they are fully formed gems waiting your discovery. How can anyone who has loved not connect with this line from "I Am A Bad Dreamer"?
We were vague and poorly formed
We were soft, don't rub it in
Almost lost, don't rub it in
She was spooky, stony, barely over 30
She allowed herself to dream of the crusade
To lay waste to the city streets, and collapse every county seat
And depart from the apartments of the easily laid
I was dreaming of your love, I guessThis album is a treasure not to be missed, dear readers.
You were groping me, you were getting dressed
I was carnal, I was careful When you came to me and gave to me my evils
Virgin Of The Birds is out now via Abandoned Love Records in North America and Song By Toad Records in the UK/Europe.
Virgin of the Birds' Bandcamp
Song By Toad Records' Bandcamp
Monday, October 17, 2016
"Wait and See" by The Echo Session
Flowers In The Dustbin, the Glasgow label that urges us all to demand genius, is offering another single from The Echo Session. The single is set for a November 25 digital release, which is a long time in the future. But we see no reason not to let you stream its wistful, '60s-shaded delights starting now. We have included a video as well, so you can enjoy a multi-sensory experience. And speaking of the future, the band's album, also titled Wait and See, is expected in 2017.
Bandcamp for "Wait and See"
Flowers In The Dustbin
Sunday, October 16, 2016
Aldous Harding - Aldous Harding
Two of my favorite songs are below. Harding's current tour still has nine more US dates, and then she heads to Europe. Check her Facebook page (linked below) for more details.
Saturday, October 15, 2016
"Bondi's Dead" by Lower Plenty
"Bondi's Dead" is the lead track and first single from the upcoming album Sister Sister by Melbourne's Lower Plenty. Comprised of Daniel Twomey (percussion), Jensen Tmhung (guitar/vocals), Sarah Heyward (percussion/vocals), and Al Montfort (guitar/vocals), who collectively participate in other well-regarded local projects, Lower Plenty offers sparse, elliptical observations on life, remarkable for their quiet power and simple beauty. They also help satisfy the requirement under Australian law that at least 25% of the bands formed in Melbourne include Al Monfort (which, by the way, is a law we fully endorse). If you like the song, click on this link to fill out a form and receive a download free.
Sister Sister will be released on November 18 by Bedroom Suck Records. The North American release will be via Omnian Music Group. Preorder Sister Sister at Bedroom Suck's Bandcamp here. Preorder Sister Sister at Omnian Music Group's website here.
Bedroom Suck Records
Omnian Music Group
Real Numbers - Wordless Wonder
The album features upbeat, jangling songs with the crashing chime and fuzz of bands such a Razorcuts, Jasmine Minks, McCarthy and the Shop Assistants. But Real Number's art transcends their influences, with a confident swagger and bouncing, New Wave bass lines. The layered guitars are distinctive, vibrant and upfront. The lyrics reflect a youthful perspective and a quirky intelligence. Sweet hooks abound, and the choruses invite singing along. And by the way, this may be one of the more danceable C86-style bands I've heard. I'm on my third play of this record today -- it is a keeper.
Wordless Wonder is our now in vinyl, CD, and digital formats via Slumberland Records.
Bandcamp for Wordless Wonder
Slumberland Records page for Wordless Wonder
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You are visiting the United Arab Emirates branch of Euro Puppy. Click here to return to the home page.
We are so sorry that it took us so long to send an update on Bill with pictures. We renamed him Captain and are absolutely loving having him as our puppy! He is pure entertainment and everyone that meets him can't help but come up and pet him. We just wanted to thank you again for helping us get our beautiful new puppy! We hope you enjoy the pictures.
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Thought Bubbles
Don't look for me to wish any Happy Birthdays unless you either given kind words to me...or you remembered to say Happy Birthday to me a month ago. Yes, I'm petty.
October 8 at 2:31 AM
ButterflyRose55 ur not Petty ur just keeping it Real♥ October 9 at 12:32 PM
Pink.Sunshine haha yep October 9 at 12:40 PM
I got the job!!! Way more money, full time and days!!! Oh yeah oh yeah 😂😎
October 5 at 1:54 PM
- View all 4 comments.
ButterflyRose55 congrats !! & yay!!! about day work :) October 9 at 12:33 PM
Pink.Sunshine thanks :) October 9 at 12:40 PM
Who has an interview tomorrow? I'm over working P/T and I'm over working nights. Wish me luck!!!!
October 4 at 1:28 PM
ButterflyRose55 Good Luck!!! October 4 at 5:11 PM
Pink.Sunshine thanks :D October 5 at 2:18 AM
I see why they quote me anonymously. They're scared of me. Why? No clue. I'm harmless.
September 25 at 2:23 PM
I'm officially an old lady. lol
September 20 at 1:27 AM
godsgirl26 Haha, that's how I feel. October 3 at 10:54 AM
Pink.Sunshine lol October 3 at 10:54 AM
When I say I'm done caring on a post, that means, don't bother quoting me I'll ignore your a**.
September 10 at 11:34 AM


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If you are an avid golfer, Canyon Gate is a beautiful guard gated golf course community just west of the Strip featuring custom homes, luxury condos and upscale tract homes in a lush secluded setting. Set against a backdrop of the Red Rock mountains, the Canyon Gate course was designed with views in mind, and many of the homes and condos that line the course have some of the most scenic vistas in Las Vegas. There are usually few homes or condos for sale in this highly sought after neighborhood.
Canyon Gate is located in the 89117 zip code. View more Las Vegas Homes.
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The information being provided is for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Copyright 2016 of the Greater Las Vegas Association of REALTORS® MLS. All rights reserved.
GLVAR deems information reliable but not guaranteed.


text: Skullcandy Ink'd Earphones $10 Shipped Flag this deal What's the matter? Choose a reason Dead deal Duplicate Bad link Spam Inaccurate No value Alive again Edit deal erick99 Mar 12, 2012 Nice price for Skullcandy which usually goes for $20 or more. Some of that price is for the brand name but at $10 this is a very good deal. Reply Load More Comments


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Trending Now
Early voting begins tomorrow
All Louisianians eligible to vote in the 2016 Presidential Election can vote early from Tuesday, Oct. 25 through Tuesday, Nov. 1 from 8:30 a.m. to 6...
Rockets Over the Red fireworks festival scheduled for Nov. 26
Rockets Over the Red Fireworks Festival, an annual holiday fireworks extravaganza held on the riverfront in Shreveport-Bossier, will be held, 2-7:30 p.m., Saturday, Nov....
Bossier to conduct parish wide disaster drill Oct. 25
In their continuing effort to protect the community in all hazards, Bossier first responders and emergency planners will conduct an extensive parish wide disaster...
United Way, Bossier Schools give back with Day of Service
United Way of Northwest Louisiana and Bossier Parish Schools are hosting Bossier's 2nd Annual Day of Service Friday, October 21 and Saturday, October 22. Volunteers include students,...
BPT Sports
Middle school girls basketball: Elm Grove, Cope lead districts
Elm Grove and Cope are alone at the top of the Bossier Parish middle school girls basketball standings three games into the district season. Elm...
Sub-varsity football: Haughton, Parkway, Airline, Bossier post victories
Haughton, Parkway, Airline and Bossier all posted sub-varsity victories Monday. Haughton swept Evangel in freshman and junior varsity games. The freshman team won 22-12 and...
College football: Fournette leads LSU past Ole Miss
BATON ROUGE — Leonard Fournette set a school record with 284 rushing yards, as 25th-ranked LSU pitched a second-half shutout of No. 23 Ole...
College football: Big fourth quarter lifts McNeese State past NSU
NATCHITOCHES — Northwestern State put its passing game on track this week, but McNeese's was much better Saturday as the Cowboys pulled away from...
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Obituary: Billy "Charley" Swain
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Missed the live Ask the Expert event?
Not to worry. Check out the archived thread of the Q&A with Ken Hutcheson, President of U.S. Lawns, and the LawnSite community in the Franchising forum .
Need help on the Kombi System
Discussion in 'Lawn Mowing' started by The Lawn Firm, Oct 11, 2012.
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I made this for my son's 9th birthday. He loves the Skylanders game. The logo is an edible image and the Elixir of Life is made with modelling paste. I've taken a photo of the cake next to the portal of power from the game, so you can judge whether I did a good job.
CakeCentral.com is the world's largest cake community for cake decorating professionals and enthusiasts.
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Lisa A Fiorino (Age: 51)
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Lisa Fiorino, 50, Dayton, US, Arlington Pl
View Lisa's social profiles and photos on Facebook, MySpace, and +40 Networks.
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LinkedIn: Lisa Fiorino | LinkedIn
View Lisa Fiorino's professional profile on LinkedIn. LinkedIn is the world's largest business network, helping professionals like Lisa Fiorino discover inside ...
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Lisa Fiorino | Kinetic Sports Club | ZoomInfo.com
View Lisa Fiorino's business profile as Owner and Operator at Kinetic Sports Club and see work history, affiliations and more.
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View Lisa Fiorino's business profile as Customer Care Representative II at BASF Corporation and see work history, affiliations and more.
LISA FIORINO | Northville, New York | SaleSpider
Lisa Fiorino is currently living in Northville, New York, working as an OWNER in
Lisa Fiorino | ZoomInfo.com
View Lisa Fiorino's business profile as Manager at East Hamilton Soccer Club Inc and see work history, affiliations and more.
Private Homepages
Lisa Fiorino
Lisa Fiorino Humanitarian,Catholic,SpiritualLove Helping Others in Need.Love My Family and and Friends.I always helped others my whole life and will continue to.
Lisa Fiorino: Love's miracle gift's
... COLLECTION. Posted by Lisa Fiorino at 2:48 PM. Labels: AIRFORCE, ARMED FORCES, ARMY, FIREMEN, GIFTS.CHARITY, HEROES, MARINES, NAVY ...
About Us - Expressions
Lisa Fiorino RDH. Leave a Comment. QUICK LINKS. Home · Services · Whitening · Office Tour · Did You Know? Staff · Contact. SIGNUP FOR NEWSLETTER.
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classmates: Lisa Fiorino
Perry Hall High School, Baltimore, MD, 1972-1976
classmates: Lisa Fiorino
Desert Foothills Middle School, Phoenix, AZ, 1986-1990
classmates: Lisa (Arcangelo) Fiorino
Sheldon High School, Sacramento, CA, 1999-2003
classmates: Lisa (Lavillotti) Fiorino
Pope John XXIII High School, Everett, MA, 1985-1989
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Valley Independent Obituaries Past year: All of Valley Independent ...
and Anthony and his wife, Debra; daughter, Lisa Fiorino and her husband, Nicholas; grandchildren, Anthony, Nicholas, Alyssa, and Lauren, ...
Elisa Colasante Obituary - Revere, Massachusetts
Cherished grandmother of Lisa Fiorino and her husband Patrick J. of Randolph and Angela Munson and her husband Jeff of Tewksbury.
findagrave: Elisa DiCesare Colasante ( - 2011) - Find A Grave Memorial
Cherished grandmother of Lisa Fiorino and her husband Patrick J. and Angela Munson and her husband Jeff. Also survived by four loving ...
Rachel Kiessling Obituary - Bloomfield, New Jersey - Tributes.com
Obituary, funeral and service information for Rachel A. Kiessling from Bloomfield, New Jersey.
Madeline C Morgan - Holbrook, Massachusetts - FamilyTreeNow.com
Lisa Fiorino. Madeline Fiorino, 50, Mar 1966. Pansy H Fiorino, 82, Feb 1934. Pansy S Fiorino, 82, Feb 1934. Patrick J Fiorino, 48, Dec 1967. Pensy T Fiorino.
Fiorino - Ancestry.com
Name: Lisa Fiorino. Civil: date. Bronx County, New York, Divorce and Civil Case Records, 1914-1995. Marriage & Divorce View Image. Name: Lisa M Fiorino.
Fiorino - Ancestry.com.au
Books & Literature
Greenway High School - Demonian Yearbook (Phoenix, AZ), Class of...
Photo By Burke 3 ., . is ' s 1 Lisa Fiorino Adam Fishbaugh Sandra Flores Mike Follensbee Shawna Fraley Brian Francis Raymond Francis Jennifer Franciscotty Linda
Desert Foothills Middle School - Scorpion Yearbook (Phoenix, AZ),...
... Faulkner Patricia Farley Darci Farrell Aaron Favata Aaron Feller Jason Ferrell Scott Finlayson Lisa Fiorino Adam Fishbaugh Lori Fisher Quentin Ford Jennifer ...
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Adrian Green presentations - SlideShare
Followers (9) · Lisa Fiorino Shobe · Kimberly Galardi · Tony Harris · Michael Davis · Howard Glick · Douglas Meehan · Following (0). Not following anyone yet ...
Determination/agency, critique/legitimation: difference and dialogue...
Determination/agency, critique/legitimation: difference and dialogue in classroom practice or what's left when the lefter-than-thou-speak stops?
Save Local Television - Petition signatures - Page: 19
Electronic petition signatures: Save Local Television, Page: 19, Background: The e-signatures on this page are volunteered by those who have signed the...
Lisa Fiorino - Academia.edu
Academia.edu is a place to share and follow research.
Video & Audio
Lisa Fiorino - YouTube
Rosie shows you how to use buttercream to pipe a beautiful two-tone rose on your cupcakes! Subscribe to Rosie Cake-Diva for more free tutorials and ...
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Elkhorn Elementary - Excelsior Springs School District
... Leadership Conference. Lisa Fiorino, Excelsior Springs Food Service Director, was honored by OPAA! as one of the top food service director's in the company.
Paul Stanley - The Boston Globe
May 30, 2008 · Paul Stanley The Kiss singer ... Oh, god, there he is!" says Lisa Fiorino, a mother of two from Randolph, as she catches a glimpse of the 56-year-old ...
In-tents contest for 'Apprentice' local - NY Daily News
Frank Lombardi has taken a beating on the new season, but he isn't letting it get him down.
Excelsior Springs School District
Among the honored was Lisa Fiorino from Excelsior Springs. Fiorino received a bonus check, a framed certificate, an engraved apple award ...
Reports & Statements
Love's Miracle Gift's in Northville, 12134
Information on Love's Miracle Gift's in NORTHVILLE including reviews, driving directions, map, street address, location, description, telephone, hours, and...
Lisa Fiorino Picture #120627020 | Blingee.com
Lisa Fiorino picture created by lisafiorino using the free Blingee photo editor for animation. Design Lisa Fiorino pics for ecards, add Lisa Fiorino art to...
Lisa Fiorino Animated Pictures for Sharing #120627020 | Blingee.com
Lisa Fiorino pics created with the free Blingee photo editor for animation. Multiple sizes of Lisa Fiorino pictures, perfect to create Lisa Fiorino ecards,...
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Runco Sofia Anna | lifenews.ca
Loving niece of Rose (Sam Battaglia), Carm (Tina Runco), Salvatore (Lisa Fiorino) and cousin of Frank, Marco, Carina, Mirella, Lucas, Matthew ...
Add Friend Lisa Fiorino - The Swan Princess Christmas Images ...
Add Friend Lisa Fiorino - The best The Swan Princess Christmas Images, Pictures, Photos, Icons and Wallpapers on RavePad! Ravepad - the place to rave ...
Lisa Fiorino (@lisa_fiorino) • Instagram photos and videos
See Instagram photos and videos from Lisa Fiorino (@lisa_fiorino)
Lisa Fiorino from Beavercreek, Ohio - 937-431-3774 / 9374313774
Get the full profile of Lisa Fiorino who owns the phone number 937-431-3774 / 9374313774.
483 WITNEY COURT, owned by FIORINO LISA M in …
Detailed information on 483 WITNEY COURT owned by FIORINO LISA M.
LISA FIORINO - Via Peliti 8 - 10041 Carignano (TO)44.907937.67047 ...
LISA FIORINO - Via Peliti 8 - 10041 Carignano (TO)44.907937.67047: visualizza indirizzo, numero di telefono, CAP, mappa, indicazioni stradali e altre ...
Lisa Fiorino (781) 963-1341 9 Lambert Rd Randolph massachusetts
Online Public Records Profile for Lisa Fiorino - Telephone:(781) 963-1341.
Lisa Fiorino Shobe / PicsArt Artists Photos and Drawings Gallery
Lisa Fiorino Shobe @lisa-fiorinoshobe. 0 Photos · 1 Followers. 0 Following. Where everyone is creative. Continue in Browser. Where everyone is creative.
Lisa M Fiorino on PicsArt
Lisa M Fiorino on PicsArt
Enzo Gaglioti e Lisa Fiorino - Il Regalo
Home Enzo e Lisa. Home · Dove siamo · Contatti · Chi siamo · La lista nozze · Le aziende trattate · Galleria fotografica. . Attenzione: apre in una nuova finestra.
Public Engagement for Informing Science and …
Public Engagement for Informing Science and ... What Do We Know, What Do We Need to Know, and How Will We Get There? Lisa M. Pytlik ... Fiorino, 1990; …
ARLINGTON PL BEAVERCREEK OH AREA - Profilogical
MS LISA FIORINO. Age: 48. Occupation: Professional - Technical Education: ... MS LISA FIORINO. Age: 48. Occupation: Professional - Technical Education:
ARLINGTON PL Neighborhood in BEAVERCREEK Ohio 45434-731
LISA FIORINO Phone 9374313774 3425 ARLINGTON PL - BEAVERCREEK ... LISA FIORINO Phone 9374313774 3425 ARLINGTON PL - BEAVERCREEK ...
Affordable Housing Units for Sale - Township of North Brunswick, NJ
483 Witney Ct. Number of Bedrooms. 2. Maximum Price. $131,328. Type of Unit. Low income unit. Sellers Name. Lisa Fiorino. Phone Number. 732-853-5110 ...
BEAVERCREEK Ohio Neighborhood - Zip Code: 45434-7318
LISA FIORINO, 3425 ARLINGTON PL BEAVERCREEK Ph. 9374313774 ... LISA FIORINO, 3425 ARLINGTON PL BEAVERCREEK Ph. 9374313774 ...
Property Report for 1229 Ellsworth Avenue, 10465 | RealDirect
RealDirect is the only New York City real estate brokerage that combines local expertise, online tools, and real time data to maximize net proceeds for home...
CONGRATULATIONS - School Nutrition Association - TextLab
... SNS Paulette Noel, SNS MISSOURI Craig Cohen, SNS Cassandra Denning, SNS Lisa Fiorino, SNS Holly Morris, SNS Olivia Price, SNS Rick ...
Craig St, Janesville, MN - Rehold Address Directory
Melanie Fiorino, (507) 525-3353, Status: Rental Occupation: Sales Occupations. Lisa Fiorino, (507) 234-6677. Kelley Dorning, (507) 234-6166. View details » ...
East Hamilton Soccer Club - Executive
Elaine Fleming -Director of Representative Lisa Fiorino - Director of House League Jose Fiorino -Director of Equipment Frank Ciotti - Director - Sponsorship
Elisa Colasante (June 28, 2011) Vazza Funeral Homes - ObitTree
Cherished grandmother of Lisa Fiorino and her husband Patrick J. of Randolph and Angela Munson and her husband Jeff of Tewksbury. Also survived by 4 ...
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Toby Gerhart made his first official visit to Utah over the weekend and returned with a good impression of the school. "It went real well, I had a good time," Gerhart commented. "Salt Lake City is ...
Calif. RB returns from Utah visit
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text: 000 FXUS63 KGLD 251738 AFDGLD Area Forecast Discussion National Weather Service Goodland KS 1138 AM MDT Tue Oct 25 2016 .UPDATE... Issued at 1130 AM MDT Tue Oct 25 2016 Have completed a completed a couple more updates. Main update was to allow the Dense Fog Advisory expire and to end the fog earlier. Also based on current observational trends and latest guidance I raised today maxes a few degrees in the southern and western locations. UPDATE Issued at 826 AM MDT Tue Oct 25 2016 Many locations are at or below a quarter mile visibility at this time. With high resolution model output catching this well and indicating this will last for at least 2 to almost 3 hours have gone ahead and issued a Dense Fog Advisory for my Nebraska counties and from Rawlins to Norton counties. && .SHORT TERM...(Today through Thursday night) Issued at 300 AM MDT Tue Oct 25 2016 Today-tonight...will have to deal with stratus and fog generally along and east of the CO/KS border this morning with quite a bit of cirrus moving in from the west. Mid and high clouds remain during the afternoon with afternoon temperatures in the low 70s northeast to mid/upper 70s elsewhere. For tonight clouds slowly decrease from west to east as upper level ridging builds to our west and trough that moved through today exits the area. Low temperatures in the low 40s to low 50s (west to east). Wednesday-Wednesday night...center of 592 upper high resides over southwest New Mexico with ridge axis extending north-northeast along the Continental Divide. May see some cirrus from time to time otherwise clear. High temperatures in the low to upper 70s with lows in the upper 30s to mid 40s. Thursday-Thursday night...center of 590 upper high slowly moves east into west Texas during the day as upper trough approaches the west coast. The upper high holds firm for the overnight hours with west coast trough moving little. Any cloudiness would be limited to cirrus level. Afternoon temperatures warm into the upper 70s to low 80s with low temperatures in the mid 40s to mid 50s. .LONG TERM...(Friday through Monday) Issued at 216 AM MDT Tue Oct 25 2016 Ridge axis will be situated directly over top of the CWA on Friday with westerly flow aloft. Due to continued dry conditions and low relative humidity Friday afternoon, there will be increased fire danger mainly through the afternoon and into the early evening. A fast moving cold front will push through the area late Friday afternoon, shifting the winds northwesterly. At this time, winds look to remain under 25 mph both before and after the front; however the recent GFS and ECMWF trend is underestimating the wind gusts and these may need to be adjusted accordingly. A shortwave trough pushes into the central Plains Saturday morning, shifting the upper flow a bit more northwesterly and flattening the H5 ridge a bit. No precipitation is expected with this trough as the air mass remains very dry. The ridge will recover and build once more as we head into Sunday; however it will be pushed eastward late in the day as a much larger area of low pressure moves into the northern Great Basin late Sunday night and into Monday. Upper flow will shift southwesterly as the trough approaches from the west. Overall we are looking at temperatures through the extended that will remain well above average. High temperatures will be in the upper 70s and lower 80s on Friday and will fall as we head into the weekend in the wake of the cold front. Saturday and Sunday will see highs in the lower to middle 70s, which is around 10 to 15 degrees above normal for late October. Temperatures will warm to near 80 degrees once more on Monday with a cold front bringing temperatures down through the afternoon. Highs on Tuesday will be closer to normal with lower to middle 60s expected in the wake of the cold front. && .AVIATION...(For the 18Z TAFS through 18Z Wednesday afternoon) Issued at 1130 AM MDT Tue Oct 25 2016 For Kgld...vfr conditions are expected through the period. Front/surface trough currently moving through the area. Through the afternoon the winds will shift to the north at 10 to 15 knots. After that the winds will become light and variable until late in the evening into the overnight hours when the shift to the west then northwest. For Kmck...Stratus and fog are gradually shifting. For a couple hours ifr conditions are expected and then quickly lift to mvfr and finally vfr by 21z. Vfr conditions will then last through the rest of the period. Light and variable winds will become west around 02z and then northwest/north during the overnight and morning hours. Wind speeds are expected to be 10 knots or less once the winds begin shifting. && .GLD WATCHES/WARNINGS/ADVISORIES... KS...NONE. CO...NONE. NE...NONE. && $$ UPDATE...BULLER SHORT TERM...99 LONG TERM...TL AVIATION...BULLER


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Tribes travel their ancestors highways
LITTLE BOSTON The Port Gamble SKlallam Tribe welcomed representatives of nearly a dozen Native American nations to its shores at Point Julia last weekend as part of this years annual canoe expedition, Journey with our Ancestors.
The event was one of many that are taking place throughout the Northwest this week. Towns and reservations along the inner coastal waters are playing host to the canoes and their pullers, who are making their way to Ladysmith, British Columbia for a large tribal canoe celebration next week. The journey is part of the Native American communitys step toward reviving the canoe culture that had been dead for about a century.
Last week, roughly a half a dozen tribes stopped in North Kitsap to rest, eat and reunite with other tribes. The Suquamish Tribe hosted pullers last Thursday while the Port Gamble SKlallam nation welcomed them Saturday afternoon.
During the beginning of this week, the tribes stopped in Port Townsend and Port Angeles and are expected to cross the Strait of Juan De Fuca to Victoria, B.C. today. They are anticipated to pull into Ladysmith by the first week of August.
Port Gamble elder Oliver Jones said one of the primary purposes of the event is for tribes to reconnect with their regional brothers and sisters.
Were reuniting all of them again because weve drifted apart over the years, he said.
During his grandparents era, it was against the rules to interact with other tribes and his parents generation didnt practice the culture and teach the songs.
Now its our generations honor to bring our songs, traditions and culture to the young people again, Jones explained.
Since the reinstatement of canoe culture in 1993, there has been additional interest generated in reviving the tradition.
Every year, we get more and more and more (interest), he said. Its not only our kids, its our whole entire community.
Port Gamble members Kari and Dennis DeCoteau were members of the drum circle that welcomed the dozen canoes and numerous pullers in Gamble Bay ashore. As per tradition, tribes first had to ask for permission from the SKlallam people to do so.
The DeCoteaus have two older children who have participated in the journey for the past four years and they are planning to teach their youngest ones the proper protocol for these events.
I plan to teach them the way to behave at the ceremony, Kari DeCoteau said.
To her, both Native Americans and the Earth itself are affected by what happens spiritually and physically on these journeys.
I think it brings healing to the people and the land the canoe comes to, she said. I think were getting back what we lost with the gathering of the nations. Its blessed there is so much prayer that happens.
While SKlallam member Randy Wellman is not a puller, he said he would like to get his family involved in the event for the purpose of working toward a healthier lifestyle.
I think it should be drug-free and alcohol-free, like it is, Wellman said, noting hed like to get his 21-year-old and 22-year-old children involved. It was amazing to see (the canoes) come in like this.
SKlallam member Brian Perry said he has enjoyed watching the tribe bring back tradition.
Its a good way to start bringing back culture which leads to steering clear of drugs and alcohol, things like that, he said.
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The Lens: Capturing Life and Events at the 9/11 Memorial and Museum. Read more »
I'm in a unique position. I see the arrivals of most of the guests for the National September 11 Memorial & Museum.They walk by the receiving desk at the lower Manhattan office on their way for construction updates, oral history appointments or consultations on exhibition design. As they file pass me at breakneck speed, I'm always left with the sense that they're unaware of how many people who have visited this office, people as deeply involved as they are. Read more »
9/11 Memorial Museum Director Alice M. Greenwald presented elements of the museum's exhibition space today for the LMDC board Read more »
This morning, the Board of the Lower Manhattan Development Corporation approved $2.29 million in funds to help support key elements of the Museum's exhibitions, including the Introductory Exhibition which is rendered above. The funds will make possible the development of multimedia displays authentic voices of those who experienced and survived the attacks. A core component of the exhibition will feature firsthand accounts using audio recordings, including Read more »


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Raynor Ergohuman High Back Mesh Chair w/ Leather Seat
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This item includes free shipping in the contiguous United States. Most orders will ship via UPS or FedEx Ground. Orders for large items or multiple item orders will ship via freight carriers such as Roadway, Road Runner, and FedEx Freight.
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When the items are delivered it is the customer's responsibility to inspect all cartons and items to make sure that there is no visible damage or missing packages. If there is damage or missing packages, make sure to note it on the delivery receipt or bill of lading. If this is not noted on the bill of lading the cost to replace damaged items will be the customers responsiblity. Make sure to retain a copy for your records as well. Please contact us immediately at 866-733-0698 so that we can arrange for replacements to be sent out.
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You can experience the best of both worlds with the Raynor Ergohuman High Back Mesh Desk Chair with leather seat and adjustable headrest. This all black chair is rated for 250 pounds and features a breathable, form fitting mesh back, an executive level leather seat, and multiple adjustments to make it one of the most comfortable ergonomic task chairs available. Because of its adjustable headrest, this chair is a good option if you are between 5'2' and 6'5" tall. If you are shorter or taller than this, the chair's headrest may not be able to be adjusted to accommodate your height and will not be ergonomically correct.
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Seat: 19.5"W x 15.5-17.75"D x 18.5-22.2"H
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Weight: 66 lbs.
Rated for 250 lbs
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