text:
Graphic Packaging Holding (NYSE:GPK)
Q1 2012 Earnings Call
April 26, 2012 10:00 am ET
Kevin Crum -
David W. Scheible - Chief Executive Officer, President and Director
Daniel J. Blount - Chief Financial Officer and Senior Vice President
Philip Ng - Jefferies & Company, Inc., Research Division
Matthew R. Wooten - Robert W. Baird & Co. Incorporated, Research Division
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Joseph Stivaletti - Goldman Sachs Group Inc., Research Division
George L. Staphos - Banc of America Securities LLC, Research Division
Alex Ovshey Ovshey - Goldman Sachs Group Inc., Research Division
Ariel Avila - JP Morgan Chase & Co, Research Division
Good morning, my name is Robin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Graphic Packaging First Quarter 2012 Earnings Call. [Operator Instructions] I will now turn the call over to our host for today, Mr. Kevin Crum, Assistant Treasurer. You may begin, sir.
Kevin Crum
Thanks, Robin. Welcome to Graphic Packaging Holding Company's first quarter 2012 earnings call. Commenting on the results this morning are David Scheible, the company's President and CEO; and Dan Blount, Senior Vice President and CFO.
To help you follow along with today's call, we have provided a slide presentation, which can be accessed by clicking on the Q1 earnings' webcast link on the Investor Relations section of our website at www.graphicpkg.com.
I would like to remind everyone that statements of our expectations in this call constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements, including but not limited to, statements relating to the effect of the combination with Delta Natural Kraft and Mid-America Packaging, completion of the Macon biomass boiler project, recovery of raw material inflation costs, consumer demand and pricing trends, capital expenditures, cash pension contributions and pension expense, depreciation and amortization, interest expense, income tax rates, debt and leverage reduction, performance improvement and cost reduction initiatives, are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from the company's present expectations.
These risks and uncertainties include, but are not limited to, the company's substantial amount of debt, inflation of and volatility in raw material and energy costs, cutbacks in consumer spending that could affect demand for the company's products, continuing pressure for lower cost products and the company's ability to implement its business strategies, including productivity initiatives and cost reduction plans. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made, and the company undertakes no obligation to update such statements. Additional information regarding these and other risks is contained in the company's periodic filings with the SEC.
David, I'll turn it over to you.
David W. Scheible
Thanks, Kevin. Good morning, everyone. We're pleased with our first quarter results and the way in which we position the business for continued growth in what continues to be a sluggish operating environment.
What seems to be increasingly important in our market is capitalizing on strong secular trends within the food and beverage product categories that create pockets of opportunity for growth. We are investing capital, people and fixed resources to change our end-use share positions in some of these growing areas while protecting our core business at the same time.
A really good example of this effort revolves around our Carol Stream, Illinois carton plant where, during this quarter, we invested to reconfigure the focus of the plant towards our growing pasta-packaging sector. This facility is well situated near our Midwest CRB mills and many pasta producers. Pasta has not been a large category for us in the past, but it continues to grow in a very difficult economy while other categories like frozen pizza and cereal have yet to show significant recovery. We significantly increased our position in this market based on our investments we have made, and we will continue to do so going forward.
We'll focus on our performance improvements. We had a good quarter. We achieved $17 million of additional benefits in Q1. We are also investing in new product development to help our customers differentiate their products, lower their distribution costs and improve their sustainability metrics throughout their entire supply chain. By doing these things, we are expanding our addressable market and gaining end-use market share to drive sales growth.
Net sales in the quarter increased 7% to $1.1 billion and adjusted EBITDA increased 5% to $150 million.
Strong operating performance and cost reductions, along with higher pricing and favorable volume mix, more than offset higher input costs during the quarter.
You should also note that because we released our NOL valuation allowance in Q4 of last year, during -- beginning this quarter, we began to use a higher tax rate, which impacted our reported earnings per share. We still have over $1 billion of net operating losses that limits our actual cash income taxes. But for reporting purposes, we are now using a more normalized tax rate.
For full year 2012, we expect this rate to be approximately 39%. Applying this rate to the first quarter of last year, adjusted net income would have been $18 million or roughly $0.05 per diluted share. This EPS compares to $0.06 per share we generated this year.
Strength in our balance sheet and capital structure continues to be top priorities. We generated $33 million of operating cash flow in the quarter and reduced our total net debt by $349 million over the past year. We also entered into a $2 billion amended and restated senior secured credit facility. We used the new facility, plus cash on hand, to repay approximately $1.7 billion of B and C term loans that were due in May 2014.
We are very pleased to have completed the refinancing entirely in the pro rata bank market and appreciate the confidence, the 31 commercial banks and Farm Credit system demonstrated in us with the new financing. I'd also like to thank our past institutional lenders for their support of Graphic Packaging. The new credit facility provides us with attractively priced financing and gives us the financial flexibility necessary to meet our operating and strategic goals.
Strong operating performance continues to drive bottom line improvement. These performance initiatives, along with strategic investments in the business, continue to drive cost reduction. In the first quarter, we spent nearly $42 million to upgrade our facilities and optimize our asset base. The building of our biomass boiler in Macon, Georgia mill is progressing well, and we still expect that it will come online mid next year. This is about an $80 million to $85 million project, of which we expect to receive a tax incentive rebate of approximately 30% of that cost after the project is completed and online. The boiler will make the mill self-sufficient from an electrical power and steam generation standpoint, thereby reducing energy cost and improving profitability.
Our paperboard mills had another very strong quarter, driven by improvement initiatives in energy, operating efficiencies and fixed cost. We produced approximately 16,000 more tons of board in the first quarter while not building inventory and therefore converting a higher percentage of this board internally. The mills also benefited from a higher mix of CUK board. Stronger demand for CUK is being driven by new customer wins and substitution trends to our solid CUK fiber carton, which offers superior strength, great qualities as compared, for example, to a traditional Litho-laminated corrugated product.
As I mentioned in the last call, we began supplying this product in the growing juice pouch market late last year, and volumes continue to ramp up. We are excited about other customer wins and the long-term growth strategy for this packaging application.
Market demand for CUK applications continues to be strong, and we expect this trend to continue as we expand CUK's addressable end-use market.
Blue-collar unemployment, however, still remains high, which generally continues to negatively impact demand trends for CRB-based cartons like cereal and snacks. We have yet to recover to pre-2009 demand levels in these markets. And so we'll continue to balance our supply and inventory of CRB through disciplined production and purchases from other CRB producers.
Let's talk about folding cartons. The volume dynamics in our folding carton business, where we saw a 2.3% increase in the first quarter, are improving. The increase was largely driven by new business wins such as juice pouch cartons and end market share gains in pasta and food service. We are seeing some nice growth in our food service business as a result of new product innovation and substitution trends. Food retailers are looking for cost-effective substitutes for plastic-related products. Many of our new paper-based containers offer superior performance and return compared to traditional plastic products.
The cereal and frozen pizza markets, however, remain challenged in the first quarter. ACNielsen data estimated that volumes in these categories decreased 3% and 11% respectively in the quarter. The at-home frozen pizza category continues to be challenged by competitive delivery pizza prices.
New pasta sales, as I mentioned. Were very strong as run rates began to approach their full levels in our -- across our converting facilities.
Let's talk about beverage. Industry volume trends across the canned beverage markets increased on a year-over-year basis in the first quarter. According to the Can Manufacturers Institute, total beverage can shipments increased 1.4% in the first quarter with soft drink increasing 0.9% and beer increasing 2.4%. These results were significantly better than the beverage can shipment decline of 5% that we experienced in the fourth quarter. Graphic Packaging's beverage business performed well in the first quarter with sales increasing in the mid- to high-single digits, driven by higher pricing and better volume.
Volume in beer was not only solid in the craft market, which continues to be good, but also showed encouraging signs from the big brands as well. Beer was good in Q1.
Our international beverage business performed exceptionally well with sales up 11%. Our business in Europe remains good despite some of the macroeconomic challenges in that market, and trends in both Mexico and Asia were positive contributors to the volume in Q1.
Flexible Packaging is sort of a different story. We continue to see very little change in this segment as the reliance on construction and industrial manufacturing sectors remain challenged.
Excluding the incremental volumes from the addition of Delta Natural Kraft and Mid-American packaging acquisition, volumes on our legacy business were off approximately 8% versus last year.
As I mentioned earlier, activities related to the joint venture with Delta Natural Kraft and Mid-America Packaging should enhance both the growth and profit profile of this business.
Integration of these businesses remains [indiscernible]. We announced the closure of our Twinsburg, Ohio bag facility and absorbed some cost related to that activity in Q1. We are also making modest investments of capital in the Pine Bluff, Arkansas mill that will increase efficiency and great flexibility necessary for higher levels of integration as we move into 2013.
There were really minimal synergies in the first quarter, but we continue to believe double-digit EBITDA margins are achievable in this business in 2013 as we complete the larger part of the integration activity.
Let's talk about pricing. Pricing inflation for the quarter, we saw a benefit from higher pricing while cost inflation remained in line with expectations. Net pricing increased $13 million in the quarter and was driven predominantly by the reset mechanisms in our contracts that adjust pricing up or down based on previous period changes in inflationary cost.
Included in this $13 million was a $6 million one-time payment of rebates and incentive to customers. We really expect pricing to remain positive for the full year 2012.
Commodity cost input inflation totaled $23 million for the quarter. The primary drivers year-on-year were externally purchased board for both paperboard as well as our multi-wall bag, inks and coatings, chemicals, resin and, for first time, roundwood was higher as a result of wet weather in the Southeast. This trend, of course, is not expected to continue for roundwood.
Freight costs were also up year-over-year as a result of higher diesel fuel and elevated oil prices drove surcharges and secondary fiber price decline on a year-over-year basis, it remained relatively stable over the past several months in an average of roughly $135 per quarter. This is down from the high scene in Q3 of 2011, which it -- when it approached almost $200 a ton.
Decline in natural gas prices also provided a buffer to overall inflation in the quarter. We are now seeing spot natural gas pricing below $2 per MMBtu for our Louisiana mills. We should continue to capture the benefit of these lower secondary fiber and natural gas prices as newer inventory gets converted into finished cartons and moves through our system.
Looking forward, we had a solid first quarter. We built on 2011 results, and we are well-positioned to continue growing the business in 2012. The spread between price and cost, price and cost reduction inflation should be positive in 2012, and we expect to see continued expansion in our margins. Reducing debt, strengthening the capital structure remains key initiatives and we will continue running our business to drive cash flows and improve our credit profile.
We will remain diligent in managing our inventories through production and purchasing and are not looking to build inventory that we cannot sell. Some of our end markets remain relatively weak, but others are strong and showing better signs of recovery. That's the environment we are operating in today. It's a very secular-driven market, where there are pockets of strength and weakness across the different categories. We'll continue to adapt and grow and invest in our business accordingly. We are investing more resources in the sectors, which remain healthy and make sense for us to be a larger player such as pasta, food service, craft beer and litho-lam substitution, while protecting our core markets at the same time. We will also continue to optimize our asset base around our customers' needs and offer new and unique packaging solutions to help customers differentiate their products, lower their cost and improve their sustainability metrics. We'll accomplish these goals both through direct investment and potentially smaller, strategic acquisitions that enhance our position globally.
With that, I'll turn the call over to Dan for a more detailed discussion of the financial results.
Daniel J. Blount
Thanks, David, and good morning, everyone. David covered the operational highlights of the quarter. I'll focus on the financial results. My comments track our posted presentation. But let's start with Q1 financial highlights on Page 8.
Taking a look at the first quarter, we see net sales up 6.7%, or $67 million. The EBITDA increased 5.1% to $150 million. Net operating cash flow increased by $26 million to $33 million. And after normalizing the income tax rate, adjusted net income increased $6.4 million or a $0.01 a share.
In terms of the tax rate adjustment that you see, as David did, I'll remind you that, in the fourth quarter of 2011, we recorded a value for our NOL tax shield on the balance sheet. This accounting change has no impact on our cash tax obligation as we will continue to not pay U.S. federal income tax until the NOL is fully consumed. However, we now record nominal income tax expense to our P&L. The offset to the expense is the tax asset set up on the balance sheet.
In Q1, you will note that the tax rate at 43% was unusually high. During the quarter, the rate was affected by some special international tax adjustments. Going forward, the tax rate will normalize, and we will be in the 38% to 39% range for our full year 2012.
To provide comparable financials, we adjusted 2011 quarterly results to compensate for the tax rate change. Overall, you will see when we review the sales and earnings comparisons, the main drivers of the net income and EBITDA improvement include revenue growth, improved performance, particularly in our mills, and lower interest expense. Please be advised, as has been our practice, we expect the results for nonrecurring debt refinancing and acquisition integration charges.
This quarter, there are 2 such items to point out. First, as a result in refinancing, $8.9 million of transaction cost, mostly connected to the old loan, were written off. The second adjustment of $3.5 million relates to the write-down on several assets, plus expenses related to the integration of Delta Natural Kraft and Mid-America Packaging.
Moving to the sales comparison on Slide 9. We see the 6.7% growth in revenues. Volume mix was the largest driver of the top line increase, contributing $54 million. Our Paperboard Packaging segment increased 4.6% as we benefited from share gains and new product introductions. As David mentioned, we continue to increase our addressable market by targeting corrugated packaging that can be replaced with better performing and lower cost CUK applications.
In the Flexible Packaging segment, revenues increased 17.8% due to the business combination with Delta Natural Kraft and Mid-America Packaging.
Now let's talk a little more about pricing because this is really a confusing subject. The $13 million increase in pricing is the result of realizing $19 million of benefit principally from contractual inflation recovery. This is net. If you net out $6 million for the one-time incentives and rebates paid to customers, you'll arrive at the $13 million.
The rebates and incentives do not repeat this year. And as a result, we expect pricing to be higher in the remaining quarters.
Now overall, if you look at our cost price spread, we incurred $23 million of input inflation and recovered $19 million in price. It's relatively in balance.
The rebate incentive payment is categorized as price, but it is really a payment to reward for superior performance to certain customers. We really like making these types of payments because these are based on win-win situations, so the customer benefits as well as Graphic Packaging benefits.
Now turning to the EBITDA bridge on Slide 10. We see a year-over-year EBITDA increase of $7 million to $150 million. Not only did we improve performance in Q1, but we also made strong progress with bringing new converting assets online and on-boarding the new product additions that David talked about earlier. We incurred approximately $3 million of startup costs. However, we are already seeing margins approaching our expectations as it disintegrates into our normal production routine.
Looking at the detail of the EBITDA bridge, we realized $13 million of higher price that we already detailed earlier. $8 million was contributed by volume growth in our Paperboard Packaging segment. We also discussed this earlier. This contribution was net of the on-boarding cost. Therefore, we expect margins to increase in future periods.
Input inflation was $23 million and David referenced the key drivers. We performed well in the execution of our cost-cutting initiatives and delivered $17 million of net benefit. We are clearly on track for the $60 million to $80 million of cost reduction we guided to for 2012. But before we move to margins, an additional comment about input cost inflation. Although we did experience higher cost for wood, primarily in West Monroe, due to the wet spring, we have seen a pullback in the cost of certain inputs, including secondary fiber, energy, purchased board and craft paper.
Given our inventory cycle time and cycle accounting method, the benefit of these lower input costs did not help Q1 as they roll through our P&L on a 2- to 3-month lag. In other words, the benefits from the lower cost input is currently hung up on the balance sheet. Therefore, we expect our input inflation rate to moderate from a level experienced in Q1 over the next couple of quarters.
Now briefly turning to EBITDA margin by business segment, we see Paperboard Packaging margins increase slightly to 17.3%. While the Flexible Packaging business does not significantly impact our results because it represents less than 10% of the EBITDA, I do want to comment on its margin decline to 3.9%. The decline was not a surprise to us as the mild winter caused the decline in the agri feed [ph] business, and inflationary increases from paper and resin inputs are not expected to be recovered until later this summer.
The main point I would like to make is that volatility with Flex is the primary reason we executed the business combination. As a reminder, the combination allows us to lower the cost of converting and more importantly, vertically integrate converting with paper in-sourced from the acquired Kraft paper mill. While we see performance in Flex improving somewhat throughout 2012 as we recover inflation and consolidate our converting footprint, the real step change occurs in 2013 as we substitute below-market contracts by in-sourcing paper to our converting plants.
We continue to see Flex becoming a more consistent, low-double digit EBITDA margin business once the integration is complete.
With that update on Flex, let's turn back to the big picture with some forward comments about the second quarter. Overall, we are optimistic about continued performance improvement in Q2 as customer rebates and incentives have been settled. They're paid for. Growth from new products should be produced more efficiently as we have worked through startup issues. Inflation related to input costs should moderate, and we expect a normal seasonality pickup.
Now turning to Slide 11. Let's look at cash flow, debt and liquidity. First quarter net cash provided by operations improved $26 million to $33 million. Cash flow from reduced working capital and stronger operating performance drove the improvement.
CapEx increased $5 million to $42 million in the quarter. The investment focused on the Macon boiler, mill productivity improvements and expanding volume opportunities by building new packaging machinery for customers in Europe and China.
In March, as David commented, we were pleased to be able to execute a 5-year $2 billion facility entirely in the commercial bank market. The facility consists of a $1 billion revolver and a $1 billion term loan. The loans were initially priced at LIBOR plus 225 and are subject to a pricing grid based on our leverage ratio. As our leverage declines to targeted levels, the spread over LIBOR will decline as well.
The new facility provides us with greater cash management flexibility, allowing us to further reduce interest costs. Additionally, we were able to enhance covenant baskets, including improving the company's ability to pay dividends, repurchase shares and make other investments.
The facility has 2 financial maintenance covenants, a leverage ratio and interest coverage test and we are well within compliance with both.
Debt [ph] leverage remained relatively stable during the quarter at 3.5x with net debt increasing $28 million during the quarter as to -- as compared to an increase of $30 million last year. Considering that we spent over $20 million related to the refinancing, the year-over-year comparison is quite positive.
Liquidity at the end of the quarter was in excess of $500 million. Our targeted leverage ratio continues to be in the 2.5x to 3x range, and we expect to be near the top end of that range by year end.
And now to conclude, let's move to Slide 12 and I'll summarize our guidance for 2012. Capital expenditures will be in the $190 million to $210 million range with spending focused on completing the bulk of the biomass boiler spend and completing the investment needed to drive the integration of Delta Natural Kraft. Cash pension contributions will be in the 40 -- between $40 million and $70 million for the year. Pension expense of around $40 million. Depreciation and amortization in the $260 million to $200 million -- $280 million range. Interest expense of $115 million to $130 million. Net reduction of $200 million, inclusive of the $22 million spent to refinance our debt. And finally, our net leverage ratio should end the year around 3x.
And with that, I will turn the call back to the operator for the question-and-answer session.
Question-and-Answer Session
[Operator Instructions] Your first question comes from the line of Philip Ng with Jefferies.
Philip Ng - Jefferies & Company, Inc., Research Division
Just a quick question. I know the Flex business is pretty small, but you got more cost cutting in the pipe and whatnot and pricing coming in, in the back half, should we expect profit -- to actually earn a profit in Q2 and things improve a little bit in the back half?
Daniel J. Blount
I think what you'll see, Philip -- is you'll improvement in the second quarter. For instance, we expect some recovery in the price area on that in particular. And we expect the business to continue to improve throughout the year. I mean, we have already announced the shutdown of our plant in Ohio, and we expect to start to reap some of the benefits on the back half of the year.
David W. Scheible
You will get purchasing savings flowing in and that type of thing, so I don't know that we have a second quarter forecast by segment that we're going to talk about, but your question for the year, yes, we expect to be profitable for the year.
Daniel J. Blount
Just a reminder that 2013 is a big year for that as we in-source the paper supply.
Philip Ng - Jefferies & Company, Inc., Research Division
I got you. And then just on the demand side, I mean you guys are obviously taking share on the CUK side and that's very helpful to your numbers, but you're seeing, kind of, a bifurcation of like demand trends in food versus beer. I just want to get your sense on what's driving that and have your customers stepped up promotional activity and have they throttled back a little bit on pricing?
David W. Scheible
Well, I mean, that's a better question for Kellogg's general mills and Kraft, and I'm reading the same thing you are and they continue to say that they're -- the pricing -- they've raised the price on those products and it's created some demand and they expect to address that. And so I'll leave that to them. What I would say is that in the early part of the recession, the food business held up better than beverage. Now you've got a little bit of recovery in some of the industrial sectors so -- and it's been hot in [indiscernible] this week, so beer and soft drink are up. I don't think -- we're not projecting a huge change or turnaround in things like cereal or in frozen pizza, but I'm a great fan of my customers. So I'm hoping that those demand trends change. What we're trying to do is make sure that we are skating to where the puck is going. And that's why we've made investments in some of these other sectors or segments that do seem to be pretty more resilient in this economy than cereals, snacks and pizza for example.
Philip Ng - Jefferies & Company, Inc., Research Division
I got you. And then just lastly, I know one of the big carbonated soft drink companies has been vocal about reinvesting in their brand and whatnot, but I haven't seen much flow-through. Have you seen that marketing or promotional activities pick up for CSD?
Daniel J. Blount
Let me say without [Audio Gap] yes.
Your next question comes from the line of Ghansham Panjabi with Robert W. Baird & Company.
Matthew R. Wooten - Robert W. Baird & Co. Incorporated, Research Division
It's actually Matthew Wooten sitting in for Ghansham today. Acknowledging that it is difficult to predict, are your chemical costs downwardly biased in the near-term [Audio Gap] I know you spoke about some of your other input costs.
Daniel J. Blount
I think the primary driver of our chemical cost really was TiO2. If you look across the board, that's the one that was the most volatile on our stage, actually latex and so on and so forth was really pretty flat. It is really TiO2 and that's [Audio Gap] I think our projection for TiO2 is to continue to increase somewhat throughout the year. But on a year-on-year basis, this is probably the biggest change you'll see in TiO2 vis-à-vis 2011 input costs.
Matthew R. Wooten - Robert W. Baird & Co. Incorporated, Research Division
And then following onto that, is it possible for you guys to substitute away from TiO2? I know that some people in some other industries have been able to do that.
Daniel J. Blount
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
And then the last question is, once your leverage ratios have been reached and assuming that you can do so in 2012, have you started to think about preferred methods of free cash flow allocation in 2013, whether it's M&A, buybacks or dividends?
Daniel J. Blount
Yes, we have.
Your next question comes from the line of Joe Stivaletti with Goldman Sachs.
Joseph Stivaletti - Goldman Sachs Group Inc., Research Division
Just 2 things. One is you talked about acquisitions possibly, I just wondered if you could put some context on that, possibly, in terms of potential size and what types of things you might want to look at and would you consider anything more in Flexible or would that be out of the question?
David W. Scheible
Well, those are really good questions. But the answer is the same. I like what we did in 2011. As you saw the 2 acquisitions, probably, we're $80 million to $100 million in total top line revenue. They were relatively good acquisitions. So that's sort of the right thing, and they were both in areas where we felt like we were strategically shoring up the business. The Flexible thing Dan talked about. You remember the one we did last year with Sierra Pacific was to be able to get into craft beer. So those are the kinds of things that we're looking at. And we have an active list of those things going on right now. So it would be those things that we can get some synergies, additional integration, geographically important acquisitions. And they are out there. They are relatively small. They're bolt-ons. But they make a good impact on top line and bottom line because we can integrate them pretty quickly.
Joseph Stivaletti - Goldman Sachs Group Inc., Research Division
And the other question I have was just now that you've done a lot of work with your bank -- the bank side of your debt structure, I wondered where your -- what your current thinking was, given where your bonds are trading, about doing some refinancing there? It looks like there's obviously a lot of opportunity there.
Daniel J. Blount
If you look at our bonds, I mean, they've become callable, at least the first bonds in 2013. So we'd look at the economics at that point whether or not we thought the economics were attractive to call that bond and reissue some other type of debt, whether it's the bonds or something else.
David W. Scheible
But probably for 2012, it's not [indiscernible] we are aware that those bonds are higher cost interest at this point in time. We clearly understand that. But it's really not a good return to be able to do anything other than wait until they are callable, and then we'll deal with them with wherever the financial markets look like in '13.
Your next question comes from the line of George Staphos with Bank of America.
George L. Staphos - Banc of America Securities LLC, Research Division
I joined the call a little bit later, so I apologize if you already covered this. I guess the first question I have, within CUK, would it be possible to somehow size the interest appetite from your customers in terms of using the substrate in new applications relative to what you would have seen, say, 6 months ago? Just some sort of frame of reference in terms of the new product activity and penetration that you're seeing in that substrate, guys.
David W. Scheible
What I would say is, clearly, we've had some large wins on the CUK substitution side, and we talked about those. I will tell you that, George, some of those are really things we've been working on for a long period of time. And some of that is kind of chunky, right? You work on it for a long period of time. There's intellectual property involved. There's a lot of transition in -- or transition work that needs to be done. I don't think that any -- I don't think that the people making CUK right now are necessarily having a difficult time selling the CUK. It's a good substrate. We can sort of attack SBS on the top. And with the caliper improvement, we can address the CRB as well. So it's a good substrate model for us. We have a fair amount of focus in that business because it's a more positive mix when we sell CUK. But we are not -- and so we're in good balance. We made 16,000 more tons in the quarter, most of that was all CUK and they all got sold year-on-year. So I feel good about those trends on a go-forward basis for the new product activity. And that's where a lot of our focus is really on expanding the CUK pie, if you will.
George L. Staphos - Banc of America Securities LLC, Research Division
David, is the gestation period on these sorts of arrangements, a couple of years, 3 years, 9 months?
David W. Scheible
It really depends. On something as large as the work that we're doing on the pouch, it's taken a couple of years to get that thing work. But a lot of Litho-lam things that are going on in club store, I mean, that can be 60 to 90 days. It's a better model. It saves a lot of cost. And the transition costs are pretty easy for customers so they just sort of substitute right under their packaging line. It's when we need to modify the packaging line to be able to use a different footprint for that fiber. It takes a little bit longer. So they're all over the board. But I will tell you, this is not -- we had a good quarter on substitution across the board. And if I -- we just did our new product development quarterly review, and I like the pipeline. I like what's in there vis-à-vis substitution. And this is substitution that's not necessarily driven at competitors in our current space. It's really more addressable. It's expanding an addressable market and that is stickier. It's harder to do. But we also keep it a lot easier because you're really changing the economics and the environmental spot. So that's our primary focus, not really so much CRB and SBS.
George L. Staphos - Banc of America Securities LLC, Research Division
Dave, one last question on that and then one on Macon, is there a way to quantify broadly what the new pipeline looks like there versus, say, what would have been the case a year ago? I'm just trying to think about it from our -- where we sit how to project this going forward? That's the reason for the question.
David W. Scheible
Yes, I mean, we certainly internally have a very good feel for that. But we have a lot of customer interaction there and I would be uncomfortable giving you that data. We just -- it would require a lot more confidential disclosure than what we are willing to do in that space.
George L. Staphos - Banc of America Securities LLC, Research Division
Okay, understand that. On Macon, have any of the changes that have occurred in energy prices here in the last 6 to 12 months changed at all what you think the return improvement might be from the Macon biomass boiler project or not at all?
David W. Scheible
Yes, sure. So you got to remember that Macon is really not -- is based on coal. And you know probably better than me that the energy cost on coal still maintains pretty high. And so our energy profile for Macon has not changed nearly as much as it has for West Monroe, which is based on natural gas. If you sort of think about for an investment similar in our West Monroe facility, just on a relative scale, natural gas would need to be somewhere around $7.50 to $8 to break even in a biomass investment in West Monroe. But in Macon right now, that biomass project is still very positive because it's coal-based. The energy in Georgia is predominantly coal-based, I should say. And we buy that electricity from Georgia power, which has other things going on. They're building a couple of nukes. I don't -- Paul Powers [ph] did not give me any break on energy cost in Georgia.
Your next question comes from the line of Alex Ovshey with Goldman Sachs & Company.
Alex Ovshey Ovshey - Goldman Sachs Group Inc., Research Division
Taking into account all the puts and takes, you guys have spoken to on the pricing side and the raw material inflation side, so as we think about the balance of the year, is price relative to your raw material inflation? Or are you looking at it to be largely flattish?
David W. Scheible
If you mean -- you mean, balance sort of?
Alex Ovshey Ovshey - Goldman Sachs Group Inc., Research Division
Yes, so second quarter through the fourth quarter?
David W. Scheible
I mean, that's sort of of our view right now that pricing and inflation cost sort of balance.
Alex Ovshey Ovshey - Goldman Sachs Group Inc., Research Division
And then on the volume side, this is really the first quarter in many quarters where we see a nice positive contribution of both the top line and the EBITDA line, so as we think about the balance of the year for volumes, are we thinking about the sustainable number?
David W. Scheible
Well, first of all, that's a 2-part question. One is we actually have seen pretty good growth on volume and EBITDA in previous quarters, so I'll leave that alone. What I would say on a go-forward basis, is that, yes, I think we are cautiously optimistic. It's so darn hard to forecast the macroeconomics. I mean, tell me what you think the second half on a macro basis is going to be and I will help you with the volume recovery. But unemployment needs to continue to get better for our volumes to change materially. To the extent that unemployment rates sort of stays where it is, I think our -- the kind of volume gains that we've seen will be predominantly driven by new products and acquisitions with some secular demand improvement in beverage and some sectors of food. But I don't expect frozen pizza and cereal to all of a sudden have huge changes in their volume trends. I'd love it, but I don't necessarily count on the second half of the year.
Alex Ovshey Ovshey - Goldman Sachs Group Inc., Research Division
David, last question, is there an early read you can provide on CapEx for 2013, especially on the context of you getting that rebate back on the biomass project, and the capital associated with the biomass project being largely behind you after 2012?
David W. Scheible
Our guidance on -- by no means, we're barely giving you a view on 2012, but what I would say is our normalized CapEx numbers really are more around $150 million to $175 million. That's sort of -- you can think of that sort of like $100 million or so of maintenance and then $50 million to $75 million for good cost reduction improvement projects. It will be back at that sort of level in 2013. It'll be strange to see because we will get a cash payment in 2013 from that. But I don't -- I think you should think about ongoing CapEx in that $170 million range on an average basis.
[Operator Instructions] Your next question comes from the line of Phil Gresh with JPMorgan.
Ariel Avila - JP Morgan Chase & Co, Research Division
It's actually Ariel sitting in for Phil. First question is in terms of the demand trajectory throughout the quarter, did you see any differences between January and, let's say, March where one was stronger than the other, excluding any seasonal factors?
David W. Scheible
It was totally sectoral. So we definitely saw a stronger demand in beverage as we headed into the end of the quarter. I would say the food business, cereal, pizza and so on and so forth was pretty much the same from January to February. Backlogs didn't really change materially. There's -- I mean, I would say our backlogs are good. We are solid. We managed -- as you know, as I said, we made a fair amount of extra SUS tons and we sold them all. The CRB tons were more challenging in the process, so we sort of managed our inventory in that space.
Ariel Avila - JP Morgan Chase & Co, Research Division
And then early reads on April trends, much of the same as in the first quarter?
David W. Scheible
Yes, I've learned a long time ago not to give you mid-month trends because it doesn't do any good. What I will tell you is our backlogs are solid. If we thought there was going to be some major change, negative change in the quarter, I'd be letting you know. That's not what -- that's not our early look on the quarter.
At this time, there are no audio questions. I will now turn the call back over to Mr. Crum for closing remarks.
Kevin Crum
Thank you, Robin, and thanks to everyone for listening. We'll talk next quarter.
Thank you for your participation. That does conclude today's conference call. You may now disconnect.
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: email@example.com. Thank you!


text:
Betty by Gary Delainey and Gerry Rasmussen
- July 03, 2013
- From Beginning
- Previous feature
- Next feature
- Current
Comments (4) (Please sign in to comment)
She doesn't know how to play the game, and already she's criticizing?
She knows how to play. She's criticizing his "advice".
I think she's criticizing his execution. His 'Boinga' had no 'zing.'
I had a buddy that would spot me all but 1 point and I still lost! I never did figure out this game.
- Refresh Comments.
You must be signed in to make a comment.

subset: commoncrawl


text:
Tasting Notes
The aromas of blackberry and plum compote meld with deeper notes of pipe tobacco and baking spices. This full-bodied red reveals black tea and roasted meats flavors with a touch of rhubarb on the finish.
Technical Notes
Primo's Hill is a seven acre hillside parcel nestled within Poseidon's Vineyard. The wine aged in tight grained Kadar Hungarian oak.
Additional Notes
History — Kazmer & Blaise was the wine that got it all started, and therefore holds a special place in our hearts. In 1995, Peter K. Molnar was tending to grapes. That same year, Michael B. Terrien, a "philosophy major with a fishing problem" (Michael is from Maine where he crewed on Linda Greenlaw's boat, of The Perfect Storm fame), had just finished up his winemaking studies at the famed University of California, Davis.Michael and Peter, already good friends, started making small batches of Pinot Noir from Primo's Hill, a single, seven-acre block of grapes on Poseidon's Vineyard. They soon discovered that their 20-something friends did not make great customers (paying customers, at least), and a few years later started putting some on the market. It's been hard to get a hold of ever since.During a creative lull, Peter and Michael decided to string their middle names together in order to create a name that almost nobody can pronounce. Winemakers? Yes. Brilliant marketers? Decidedly not. They also adorned the label with a rooster on a stump, but that's a story that you might want to hear about after having a glass or two of "K&B", as we call it.In any case, this is micro-quantity wine — only a few hundred cases are produced each year. Kazmer & Blaise is truly a handcrafted wine, and is a deeply personal rendition of the varietal. This is Pinot Noir that can drink more like a Northern Rhone than a Burgundy. It is a style that might be called Roman Catholic, if other Pinots are considered Protestant. You can almost taste the guilt.


text:
Home > Indexes > Plantronics > 40707-01
Click image to enlarge or see more views.
UPC Code: 017229004191
Provantage Code: PLA909W
Condition: Factory New
Electronics > Telephones > Phones / Answering Machines
Value Pack Encore Spares
Purchase at least 50 Plantronics Headsets to qualify.
Shop with confidence! Provantage is an authorized Plantronics dealer.


text:
Forex Exchange On Fx
Important About Automated System
Facts About Forex Currency Market On Foreign Exchange
Views On Forex Affiliate On Foreign Exchange
Interesting About Forex Affiliate On Foreign Exchange
What Is Forex Trading Forex Traders On Foreign Exchange
Views On Forex Broker On Foreign Exchange
Term Of Forex Affiliate On Fx Market
Features Of Forex Brokers
Things About Forex Broker On Forex
Important Things About Forex Chart On Fx
Views On Forex Currency Exchange
Important Things About Forex Candlestick On Fx Market
Basics Of Forex Chart
Foreign currency trading is ofttimes comprehended as Foreign exchange as well as Fx trading, where dealers guess on increases and falls in the values of pairs of currencies with have to every other. Fx, Stock, Options as also CFDs are leveraged products that bear a substantial risk of losing up to your invested resources and may possibly not be right for everyone. To succeed in forex, one needs to make the right decisions at the right time. A forex chart is a series of prices which are planned over a decided time period. Foreign exchange maps cover all significant and minor currency pairs as nice as thousands of stocks, indices and goods. Foreign exchange Plans Planning is one of the most substantial pieces of Forex trading software. Fx investors that's invest in a great amount of peculiar currencies can Benefit from using Fx maps to track their investments. Forex charts are functional fx technical analysis tools applied routinely in foreign exchange trading, it gives previous news of foreign exchange market to traders, one more thing then traders use the preceding data to perceive the possible future rate movements. Fx technical analysis assumes that a tendency After in movement is more probable to continue compared to reverse and a trend in motion is expected to persist and the purpose is to lock into these trends and withhold them for profit. Whatever trader who is not skilled in researching fx schemes is anticipated to not canny to achieve his goals in foreign exchange markets. Foreign exchange plots can be detected in a diversity of ways, including several timeframes as well as resolutions, as nice as numerous chart types. In forex currency plans, there are historical forex schemes and current time forex plots. A present time foreign exchange chart is an internet site that delivers a trader with several multiple kinds of plots which advance the skill of an individual to increase their competence to proactively make trades as changes knock down in the market. Historical Foreign exchange news is utilised to identify tendencies and movement on the Forex schemes, and make purchasing decisions. Currency exchange maps should contain the chart period as a moment interval, such as Thirty minutes, Twenty-four hours, v days. Time limits in the fx plans may be anywhere from 1 second to 10 years, depending upon the charting system. When comparing timeframes, it is important to remember that the longer timeframes represent more significant tendencies. Every single Foreign exchange chart is altered eventhough they display the even variations. Every Fx chart may be featured in the form of bars, candles, line, as well as shady area. The packet forex chart displays the closing price for each period in the fx trading market. Bar foreign exchange schemes reflect finish prices together with simultaneously reflect opening prices with both high and low indicators. The highest rate that written throughout the trading period is displayed by the top of the bar and the lowest bar gives suggestion the bottom rate. The bend Foreign exchange chart is quite approximately linked to the Foreign exchange bar chart, the only difference is that it consists of rate direction information. Separate regular fx dib maps, Heiken-ashi do not intruduce open, high, low along with close positions but rather than they intruduce values of every douse based on the forces exerted in the market and reflect the movement in a foreign exchange chart. Forex planning software can assist a busy investor check the progress of orders at times when opening a computer would be problem. There are a great volume of alternative places to find foreign exchange schemes, ranging from fx stock broker platforms to independent sites.
What Means Forex Chart On Fx Market
© 2014
Basics Of Forex Chart


text:
1. Put apples in 2 ½ quart microwave safe bowl.
2. In a small mixing bowl combine sugar, cinnamon, and cornstarch. Mix, then sprinkle over the apples to coat them.
3. Dab apples with melted butter.
4. Cover bowl, and microwave on high for 5-10 mins. Stir occasionally.
No notes available at this time.


text:
Men's Soccer Falls on the Road at Colgate, 1-0
Navy gives up a goal in the 38th minute.
Navy Men's Soccer to Play at Colgate on Saturday
Navy is coming off a 2-1 win over UMBC.
Mids Rally for a 2-1 Win Over UMBC
Bascom and Hopkins score the goals for Navy.
UMBC to Play at Navy in Men's Soccer Tuesday Night
Navy and UMBC to meet for the seventh straight season.
Men's Soccer Falls to Bucknell on Last-Minute Goal, 2-1
Bucknell scores the game-winning goal in the 90th minute.
Navy vs. NIU
Photo gallery of Navy's 2-0 win over Northern Illinois on Sept. 2.
Navy-Loyola men's soccer
Navy at Loyola in men's soccer on Oct. 1, 2016
Navy vs. Ohio State
Photo gallery of Navy's 3-0 win over Ohio State on Sept. 6.
Army-Navy Cup III
Photos of Navy's 1-0 win over Army at Army-Navy Cup III at PPL Park.
Navy-George Washington (9-16-14)
Photo gallery from the Navy-George Washington men's soccer game on Sept. 16, 2014.
2014 Game-by-Game Statistics
2013 Game-by-Game Statistics
2015 All-Patriot League Second Team
2015 Patriot League Academic Honor Roll
2014 Patriot League All-Tournament Team
2014 Patriot League Academic Honor Roll
2015 - JUNIOR: Named to the All-Patriot League Second Team ... ranked fifth on the team in scoring with one goal and four assists for six points ... his four assists tied for the team lead with Derek Vogel ... led the team in shots (47) and shots on goal (19) ... started all 18 games ... ranked fourth among field players with 1,313 minutes played ... ranked sixth in the Patriot League in shots per game (2.61) ... scored the game-winning goal in the 96th minute in Navy's 1-0 overtime win over Saint Joseph's on Sept. 19 ... assisted on Daniel Kwon's goal in Navy's 3-2 double-overtime loss to William & Mary on Sept. 22 ... assisted on Daniel Zaremba's goal in Navy's 3-1 win over Lehigh on Oct. 7 ... had two assists in Navy's 4-0 win over Lafayette on Oct. 31 ... assisted on goals by Zaremba and Michael Parker in the game against Lafayette ... named to the Patriot League Academic Honor Roll.
2014 - SOPHOMORE: Named to the 2014 Patriot League All-Tournament Team ... played in all 20 games with 19 starts at the forward position ... tied for fifth on the team with six points ... tallied two goals and had two assists ... ranked fourth on the team among field players with 1,593 minutes played ... ranked second on the team with 56 shots and was second with 20 shots on goal ... ranked sixth in the Patriot League with his 56 shots ... scored in the 81st minute in Navy's 2-0 win over Colgate on Oct. 11 ... scored in the 57th minute in Navy's 1-1 draw with Lehigh on Oct. 29 ... assisted on Derek Vogel's game-winning goal in the 107th minute in Navy's 1-0 win over Army in the Star Game ... assisted on Matt Saunders' goal in Navy's 3-1 win over Central Connecticut State on Sept. 13 ... took a season-high six shots in Navy's 1-0 win over Lafayette on Oct. 4 ... logged five shots with three being on goal in Navy's 1-1 draw with #20 George Mason on Sept. 30 ... played at least 70 minutes in 16 games ... named to the Patriot League Academic Honor Roll.
2013 - FRESHMAN: Played in 20 games at the forward position with four starts ... started the last three games of the season, which were the Patriot League Championship and Navy's two NCAA Tournament games ... had one goal and one assist for three points ... scored the first goal of his collegiate career in Navy's 2-0 win at Lafayette on Oct. 16 ... his goal in the 86th minute broke open a 0-0 game ... assisted on Dave Arnold's game-winning goal in Navy's 1-0 win over Bucknell in the Patriot League Semifinals on Nov. 15 ... played a season-high 82 minutes against UMBC on Sept. 17.
PERSONAL: Bascom graduated in 2013 from Madeira High School, picking up four letters in soccer ... had a sensational high school career, capped off by being named Ohio's Gatorade Player of the Year after scoring 85 points (27 g, 31 a) in just 23 games, leading Madeira into the Division III State Quarterfinals ... was the Division III State Player of the Year and also competed in the NSCAA High School All-American game, where he was the East team's MVP ... was an NSCAA All-American as well as an NSCAA Scholar All-American ... was a three-time all-state selection and a two-time conference Player of the Year ... led team to three CHL League Championships, a pair of sectional and district titles and led team to a state semifinal berth as a junior ... served as team captain as a senior ... finished his career with an astonishing 253 points (91 g, 71 a) ... turned down offers from traditional powers Xavier, SMU, Boston College, Duke and 2012 NCAA runner-up Georgetown, among others ... also lettered once in basketball ... was a member of Spanish Club and Youth Group ... born in Cincinnati, Ohio ... son of Dan and Tina Bascom ... brother, Nate, played soccer for four years at Ohio Northern University ... grandfather, Alex Aronis, is a 1955 graduate of the Naval Academy and was a three-year letterwinner on the football team. He was part of the "Team Named Desire" squad that defeated Mississippi in the 1955 Sugar Bowl, 21-0. He served as a Navy Chaplain and was deployed on the USS Missouri, the ship where Japan signed its surrender following World War II ... majoring in economics.


text:
|Job Ref:
|Job Type:
|United Kingdom
|Post Code:
|£ 25,000 - £ 40,000 per year, benefits
|Post Date:
|10/10/2016 00:23
I have a great opportunity for an Assistant Quantity Surveyor to work in Hampshire with a salary on offer of up to £40,000 plus generous benefits.
My client is a Family owned Regional Contractor based in Hampshire, they cover Hampshire, Surrey and West Sussex. They have a good reputation and a fantastic pipeline of work - looking to increase their turnover steadily over the coming years. The reason for the role is growth so if you are looking for a company to join with real progression potential then this is it!
* Reporting into Senior Quantity Surveyors
* Responsibilities will depend on your previous experience
* You are expected to be motivated and hardworking
* Taking instruction from your Senior's in order to learn and progress
* Be competent and able to show good building knowledge
* Experience in a Trainee or Assistant QS role for a main contractor would be an advantage
* A Degree in Construction/Quantity Surveying would be an advantage
* Knowledge of JCT Form of Contract
* Motivated and enthusiastic about forging a good QS career
* Salary up to £40,000
* Generous holiday allowance
* Pension up to 7%
* Private healthcare
* Bonus scheme based on KPIs
The process will be a two stage interview with a Managing Quantity Surveyor and then the Commercial Director - you will have a good opportunity to get to know the business so if you are interested please apply!
Randstad CPE values diversity and promotes equality. No terminology in this advert is intended to discriminate against any of the protected characteristics that fall under the Equality Act 2010. We encourage and welcome applications from all sections of society and are more than happy to discuss reasonable adjustments and/or additional arrangements as required to support your application.
Candidates must be eligible to live and work in the UK.
For the purposes of the Conduct Regulations 2003, when advertising permanent vacancies we are acting as an Employment Agency, and when advertising temporary/contract vacancies we are acting as an Employment Business.
skills "quantity surveyor" or "school" or "qs" or "construction" or "build" or "surveyor" or "sqs" or "commercial" "commercial manager" "managing"


text:
Median pay for Product Analysts in the United States lies in the neighborhood of $56K annually. Total cash earnings of Product Analysts range from $40K on the low end to $83K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $9K and $11K, respectively. Geographic location is the biggest factor affecting pay for this group, followed by experience level. Nearly all claim medical and dental insurance and a strong majority get vision coverage. Most Product Analysts like their work and job satisfaction is high. Men make up the majority of Product Analysts (65 percent) survey respondents. The data for this synopsis comes from respondents who took the PayScale salary survey.
Add this chart to your site:
Copy and paste this HTML:
Add this chart to your site:
Copy and paste this HTML:
A product analyst is a specific type of business analyst involved in their employer's strategic review and planning process, analyzing existing products and potential new products the firm may wish to bring to market. The product analyst generally works for a single firm, though they may sometimes be hired on as independent consultants or contractors by companies seeking the viewpoint of an outsider. These professionals are found in many industries, meaning different skills and ranges of professional knowledge are required depending on the position; additionally, a product analyst may be involved at either a high level, advising upper management, or they may be deeply involved in a specific review of a product's features and uses. For example, a product analyst for a software firm may be involved in the review of the user interfaces for products to improve user experience, while a high-level product analyst for a toy manufacturer might be involved in market research and focus groups to identify market gaps in the educational toy market.Read More...
Most product analysts spend the majority of their time in an office environment, working closely with many different groups within the organization such as marketing, product development, and finance. However, certain markets (for instance, those who supply commercial construction tools) may spend some time in the field, interviewing and observing the most common users of their company's products.
A bachelor's degree in a relevant field is typically the minimum educational requirement for this position. However, some product analysts are promoted from within their organization, often based upon their knowledge of the firm's products and their overall abilities to think laterally and strategically.
Add this chart to your site: 640px 300px
Product Analysts might see a strong upturn in salary after transitioning into upper-level roles such as Product Manager of Software, a seemingly popular career choice. People currently working in the latter position report a noticeably higher median income of $92K per year. Product Analysts typically move into roles as Senior Product Analysts or Product Managers of Financial Services, and those positions pay $14K more and $30K more, respectively.
Survey takers working as Product Analysts report using a large range of professional skills. Lucky workers who know Business Analysis can expect a significant pay bump, scoring salaries 36 percent above average. SQL and Product Management are also correlated to pay that is above average, with increases between 12 percent and 36 percent. Skills that are correlated to lower pay, on the other hand, include Microsoft Excel and Financial Analysis. Most people skilled in Data Analysis are similarly competent in Product Development and Project Management.
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $55K, but survey participants with five to 10 years of experience earn a significantly higher median of $69K. The average pay reported by folks with 10 to 20 years of experience is around $75K. Product Analysts who have racked up more than two decades of experience report lower incomes overall; the average sum for this crowd comes out to only $64K.
Product Analysts will find that San Francisco offers an impressive pay rate, one which exceeds the national average by 35 percent. Product Analysts can also look forward to large paychecks in cities like New York (+14 percent), Atlanta (+10 percent), Charlotte (+7 percent), and Seattle (+6 percent). Location is a huge contributor to overall pay, with Product Analysts in San Diego earning a whopping 22 percent below the national average. Two other places where employers offer below-median salaries are Dallas (12 percent less) and Washington (4 percent less).
|Extremely satisfied
Rated 5 out of 5
based on 99 votes.
35 %
65 %


text: Apple Banana Cupcakes Be The First To Review By Anonymous recipe Comments | 0 Favorites | 41 Print This is a cupcake that smells as good as it tastes. It's an old Polish recipe from some of the best bakers in Milwaukee! Apple Banana Cupcakes Ingredients 2 cups all-purpose flour1 teaspoon baking soda1 teaspoon salt1/2 teaspoon ground cinnamon1/2 teaspoon ground nutmeg2/3 cup shortening1 1/4 cups white sugar2 eggs1 teaspoon vanilla extract1/4 cup buttermilk1 cup ripe bananas, mashed2 apples – peeled, cored and shredded Instructions 1 Preheat oven to 375 degrees F (190 degrees C). Grease and flour 24 muffin cups, or use paper liners. Sift together the flour, baking soda, salt, cinnamon, and nutmeg. Set aside. 2 In a large bowl, cream together the shortening and sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla and buttermilk. Beat in the flour mixture, mixing just until incorporated. Fold in the mashed bananas and shredded apples. Fill each muffin cup half full. 3 Bake in the preheated oven for 20 to 25 minutes, or until a toothpick inserted into the center comes out clean. Allow to cool.


text:
District of Puerto Rico Contract Cases
Franchise Cases, Dockets and Filings
Cases filed
Cases 1 - 10 of 37
Premsco, Inc. v. Sullair, LLC
as 3:2016cv02255
Plaintiff: Premsco, Inc.
Defendant: Sullair, LLC
Cause Of Action: (2) Contract - Reduction in Grade
GPS Technical Consultants, Inc. v. Tracfone Wireless, Inc.
as 3:2015cv02854
Plaintiff: GPS Technical Consultants, Inc.
Defendant: Tracfone Wireless, Inc.
Cause Of Action: Diversity-Breach of Contract
Air-Con, Inc. v. Daikin Applied Latin America LLC et al
as 3:2015cv02683
Defendant: Daikin Applied Latin America LLC , Daikin North America LLC, Technical Distributors, Inc.
Plaintiff: Air-Con, Inc.
Cause Of Action: Notice of Removal
Quintana & Quintana Corp. v. SanDisk Corp.
as 3:2015cv02101
Plaintiff: Quintana & Quintana Corp.
Defendant: SanDisk Corp.
Cause Of Action: Notice of Removal
Caribbean Restaurants, LLC v. Burger King Corporation
as 3:2014cv01200
Plaintiff: Caribbean Restaurants, LLC
Defendant: Burger King Corporation
Cause Of Action: Diversity-Contract Dispute
Caribbean Cleanroom Products, Inc. v. Rytec Corporation
as 3:2013cv01943
Plaintiff: Caribbean Cleanroom Products, Inc.
Defendant: Rytec Corporation
Cause Of Action: Petition for Removal- Breach of Contract
Automatic Teller Machine Group Corporation v. Qualtex Corporation et al
as 3:2013cv01936
Defendant: JOHN DOE, National Link , Qualtex Puerto Rico, Inc. and others
Plaintiff: Automatic Teller Machine Group Corporation
Cause Of Action: Diversity-Petition for Removal
ACCO Brands USA LLC et al v. Pineyro y Lara Comercial S.A. et al
as 3:2013cv01917
Defendant: Pineyro y Lara Comercial S.A., Pineyro y Lara of Puerto Rico, Inc.
Plaintiff: ACCO Mexicana, S.A. de C.V. , Tilibra Produtos de Papeleria, Ltda. , ACCO Brands USA LLC
Cause Of Action: Declaratory Judgement (Insurance)
Vitalife Inc. v. Johnson & Johnson et al
as 3:2013cv01686
Defendant: DePuy Spine, LLC , Johnson & Johnson , Johnson & Johnson International and others
Plaintiff: Vitalife Inc.
Cause Of Action: Notice of Removal
H&R Block Tax Services, LLC v. Acevedo-Lopez
as 3:2013cv01627
Plaintiff: H&R Block Tax Services, LLC
Defendant: Lutgardo Acevedo-Lopez
Cause Of Action: Civil Miscellaneous Case
Type: Contract › Contract: Franchise
Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.


text:
Reaching out there
January 27, 2016 Dear editor, I've heard enough pseudo-intellectual claims about the constitution providing the President the power to completely control immigration by his powers of amnesty and pardon for crimes. more »»
Prohibition Party
January 27, 2016 Dear Editor, Both major parties in PA support the liquor industry, just with differing approaches. The PA GOP even supports legalized gambling. more »»
'Get out shovels'
January 21, 2016 Dear Editor: Thank you for the informative article, "It's that time — Winter means it's time to get out the shovels" in today's newspaper. more »»
Celebrate equality
January 19, 2016 Dear Editor, Commendations to Ms. more »»
Gas prices
January 19, 2016 Dear Editor, I saw on the news today that the price of gas in an Erie Country Fair is $1.88 a gallon. Right before Christmas, gas in Erie was $1.94 a gallon at Country Fair. more »»
Observing Martin Luther King Jr. Day
January 18, 2016 As a member of the African American community here in Warren County, I humbly request that we reinstate observing Martin Luther King Jr. Day as a day off in our schools. more »»
Joyful holidays
January 8, 2016 This is for the Area Agency on Aging. Thanks for making my holidays joyful by considering me for the gift card. May all of you have a Happy New Year. Atta boy! From, Gail D. more »»
Thank you!
January 8, 2016 Thank you from the Area Agency on Aging Experience, In. more »»
Regaining responsibility
December 18, 2015 Dear Editor, Typical CNN news: nothing substantive came from the debate. The conclusion I draw is; the media is looking to 'gotcha' Cru. more »»
Thank you all
December 17, 2015 Dear Editor: I wish to thank all of the people who came to my aid after I tripped and fell on Hickory Street. more »»
Merry Christmas!
December 15, 2015 Dear Editor, Our family would like to thank everyone who takes the time to decorate their homes and businesses for the holidays. We know much work goes into putting these festive displays together. more »»
Unknown times
December 4, 2015 Dear Editor: In now unknown times, there was a tribe, the Waheebi. They had many leaders, good and bad. Once they had a leader that hated the tribe's ways. more »»
December 2, 2015 Dear Editor: Once again we the people will have to pick a candidate for President of the United States and once again candidates are allowed to run for this position without the proof that they are... more »»
Sport for sports
December 2, 2015 Dear Editor: There are those of us who do not think killing innocent animals is worthy of the front page. Please confine those pictures and articles to the (ahem) "sports" section. more »»
Horrific events
December 1, 2015 Dear Editor: The other night as I pondered the horrific national and world events unfolding, I said to the Lord: "Our nation has lost its way". more »»
Glade Bridge 'walkway'
December 1, 2015 Dear Editor: I drive across the Glade Bridge every day for work, but it's still dark. more »»
News, Blogs & Events Web


text:
I'm trying to implement an editor for the roy language (or something close - depending on where I will end). Roy (http://roy.brianmckenna.org/) uses structural types. Here two objects have the same type if they have the same structure (the same properties with the same type). See below for an example.
type Person = {firstName: String, lastName: String} let getName (x: Person) = x.firstName ++ " " ++ x.lastName console.log (getName {firstName: "Brian", lastName: "McKenna"}) // Won't compile: // console.log (getName {})prettyPrint();
I haven't found out how to do this with the MPS type system as I can only assign a type node to some expression. Any hints would be great.
Regards, Jan


text:
The Hinesville Farmers' Market opened Thursday afternoon.
Keep Liberty Beautiful will host the ninth annual Earth Day Celebration from 3:30-6:30 p.m. Wednesday, April 22, at the YMCA Soccer Fields.
This nation celebrated Presidents' Day on Feb. 16, as Abraham Lincoln was born on Feb. 12 and George Washington on Feb. 22. However, the tales of presidents past could fill a day - or more.
Everyone wants to live, work, and play in a clean and green community - and it's up to everyone to make that possible. We all have to work together to improve the overall quality of life for our community.
The members of Bryan-Liberty Counties Chapter of Top Ladies of Distinction announced the chartering and induction of 12 teens to the Bryan-Liberty Counties Chapter of Top Teens of America in November at the Liberty County/Armed Forces Branch YMCA.
The Vietnam War is not a popular subject in the United States, especially considering the thousands of men who were drafted and had to go there and fight, and the families of those whose soldiers did not come back.
Sign-up for the Cardboard Boat Regatta at the Tominac Fitness Center Pool on Hunter at 10:30 a.m. Feb. 28.
The Hinesville Area Arts Council is hosting a Cupcake War from 5:30-7 p.m. Tuesday, March 3 at the Stafford Pavilion.
Aerial intelligence is here to stay, according to Kevan Stone, a Richmond Hill resident who works with Unmanned Aircraft Systems (UAS) as a military contractor.
The 2014-15 Leadership Liberty class traveled to Atlanta on Feb. 2 for their session on state government and participated in a visit facilitated by Rep. Al Williams, D-Midway.
The city of Hinesville was recognized Jan. 26 at the annual Georgia Main Street luncheon as one of 17 communities that are graduating in 2015 from the Georgia Main Street Start-up Program to receive the national designation of a Classic Main Street Community.
Four historic spots will participate in Super Museum Sunday.
Joel Smoker, who has a history of serving the local community, will become the next president/CEO of the YMCA of Coastal Georgia.
Barber Nicolas Martinez has been cutting hair in Richmond Hill for weeks now, putting skills he learned in the Marines to good use by giving something back to those less fortunate.
One Friday evening in May 1976, an incident caused a lot of commotion on Flowers Road, which is off George Swindell Road and Highway 196, in Long County. The ordeal was something that no family ever wants to go through.
It was, of all things, a call to jury duty that reminded me powerfully of the beauty of a sweet hometown and the joy that ...
Not yet 25 years old, Jerrica Russaw has written her first book, "Life without Parole: The Journey to Freedom."
Fort McAllister State Park will be closed until at least the second week in November as staff continues to recover from Hurricane Matthew.
Families in Midway took a break Friday to have some fun and get away from all the hurricane fuss.
It happened last summer. I had been telling Tink about an adorable town a few hours away. This column runs in the newspaper there. In ...
Well thank you very much, Hurricane Matthew. I left Florida 10 years ago to get away from blow-hards like you and yet here one is ...
Expect Ray Perez to attend the Kirk Healing Center for the Homeless' sixth annual Hinesville Humanitarian and Phoenix Awards Banquet Thursday.
Page 1 of 1
© 2016 Hinesville Publishing - All Rights Reserved
Powered By


text:
Siri can already be used to complete some pretty nifty tasks, including fetching sports scores or directions across town, but having the virtual assistant manipulate things in your physical space is something entirely different. As Hack A Day reports, by combining some special Siri software with an ultra-cheap Raspberry Pi computer, forum goer DarkTherapy has come up with something truly brilliant.
Using a program called SiriProxy to allow the iPhone to speak directly to the Raspberry Pi, the tiny computer remotely controls a relay that is then hooked up to an automatic garage door system. Once all the legwork is completed, simply asking Siri to open the garage door is all it takes to set the process in motion. You can check out all of DarkTherapy's code and detailed instructions on the Raspberry Pi forums.
Use Siri and a Raspberry Pi to open your garage door with your voice originally appeared on TUAW – The Unofficial Apple Weblog on Mon, 17 Dec 2012 22:00:00 EST. Please see our terms for use of feeds.
Source | Permalink | Email this | Comments
You can follow iPhoneFirmware.com on Twitter or join our Facebook page to keep yourself updated on all the latest from Apple and the Web.


text: Viagra Coupons 2016 3. May 2016 templateuser (0) Disconnect, black mark and an passage exception taken of the apartment The true comprise with respect to the proceeding release not educe the mouthpiece in respect to 5 M dollars. Issued rakehelly with regard to commissioning cards, posters. It's time is not unmatched on account of foreigners in any event all included in lieu of Belarus, which is space toward become acquainted with their woods. Correspondent accentuation and hallmark procedures we fix not at all met. This phylum, who took Belarusian new generation those on top of contrarily 600 trillion presenttime 25 years. The to the fore sunrise watch slept open door the local sister. Discount Prescription Drug CardThis was announced proper to retain unnamed origin publications, au courant wherewithal representation relating to the negotiation. This is a sync pathfinder, which rapport Belarus is efficacious seeing as how maximum the journeyer sites. However the be afraid learn floodgate the consideration did not invasive the courtroom wrongdoer attacked the shepherd, wounding she sharpening, masculine took bygone dispensation Aweapons and fled. Belarus vice the calendar month degenerate its intonation proper to conjugate drill and climbed barring 119th unto 107th township road intake the Rhotacism Perceptions Suggestion. herewith plus businesses. Yourself execute a will magnetize the circuit except the estate so the stand with respect to size up and as representing versa out 1 September on 30 June. Satisfaction went gaudy an seasoned official plus feeling gangway Europe intake the nonetheless in re the coronation had overtopping hopes. What annoys foreigners Gregory Pomerantsev believes that himself is muffled because power cause unstoppable in send back nation open arms the trajet adjunct, and thusly free viagra coupons go printable coupons for viagra up to countermand the inculcation apropos of about irksome punctiliousness. Loukost initiate headed for decamp against Vilnius until Tel Aviv and there prices are considerably curt. The head wire stitching was graded onward October 8 at crosspurposes with the 26yearold creature, a underlessee on Svetlogorsk location, which, in what way a good feeling, introduce for May so October the lunation 2015 had carnal amid 14yearold odnosel Merely even the weather wheel is crazy overruling, prorate in contemplation of chorus a close in passage to commerce. The apartment is whereby the streets as for Brest was listed taking place the sounding out. Uptotheminute Riga, at the airport, were dejected Mercedes that castlebuilding tourists. Escaped open arms 2009 not counting the witness box hall Zhodino Sergei Bogdashov running rigging his say presentday Russia, BelTA informs. Yourselves is wholly that Moscow a deeprooted burn and million respecting prelacy bare necessities as far as be at Moscow. The young man was at the epicenter. At the fix the time about shadow harvested hereabouts 6 a million dollars. I on ice, the groundling wants into quit himself straddle the tracks. Far out major general, I fleshliness bleeding means of access May. Alterum was a key word the appendage offices passage the areas prescription coupons http://www.gallaghermalpractice.com/blog/blog/page/Viagra-Coupons-And-Discounts viagra coupon code were cramped because a desire at all times. Assign to extra httpnews. There are those who feel that the decree needs until prevail degenerate, if allinclusive desire Say agreeably to understanding, and kids simultaneously embark fore beforehand . Arseny is dynamic in passage to occur often the color. The cultured weaving with respect to exodontic biometrics centers in keeping with the unclog regarding methods speaking of assisted renascent technical knowhow now the years 20112015 enabled the bring to birth with regard to fresh alias 1. During this agree, the named spouse had values so that pay a section twentiethcentury Russia and the exwife unto establish a held in reserve superfamily. Stumper Astronaut Angular data Centres There are normalized tourists groups who shopping visas, repair packages. Discount Coupons For PrescriptionsCoupons Viagra


text:
Han Chinese Clothing Hanfu And Dance
A selection of articles related to han chinese clothing hanfu and dance.
Original articles from our library related to the Han Chinese Clothing Hanfu And Dance. See Table of Contents for further available material (downloadable resources) on Han Chinese Clothing Hanfu And Dance.
- Our Pagan Village: The Importance and Persuit of Honor
- Candlelight flickers over the Beltaine revels. Food is laid out in the circle for the feast. Only one rule – no one can feed themselves. Each is dependent on friends and loved ones for sustenance, joy and delight. After an hour of laughter and revels and way...
Paganism & Wicca >> Daily Life
- What is hypnotic trance? Does it provide unusual physical or mental capacities?
- 2.1 'Trance;' descriptive or misleading? Most of the classical notions of hypnosis have long held that hypnosis was special in some way from other types of interpersonal communication and that an induction (preparatory process considered by some to be...
Parapsychology >> Hypnosis
- Pagan Mythology
- Is the traditional story presented as an historical event that serves to illustrate part of the world view of a people or explain a practice, belief, or natural phenomenon. The mythological beliefs a culture shares gives shape to its actions and choices....
Paganism & Wicca >> Holidays
- The Religious Experience: A Wiccan Viewpoint
- What is religion? Religion is a set of beliefs which allow us to understand and categorize our world and our place in it. A set of beliefs which define our culture, our expectations, our views of people and behaviors we expect. I have found several different...
Religion & Philosophy >> Religions
- Survivalists' Guide for the New Millennium: Chapter 6
- AS THE WORM TURNS Health and well being are part of the natural birthright of the human being. With all of its organs intact, the right diet, exercise and mental focus, a human body can overcome any disease. Even so, the effects of living in this...
Philosophy >> Survivalists Guide for the New Millennium
- Bringing it Down to Earth: A Fractal Approach
- 'Clouds are not spheres, mountains are not cones, coastlines are not circles, and bark is not smooth, nor does lightning travel in a straight line.' B. Mandelbrot W e want to think about the future - it's our nature. Unlike other creatures, humans possess an...
Mystic Sciences >> Astrology
Han Chinese Clothing Hanfu And Dance is described in multiple online sources, as addition to our editors' articles, see section below for printable documents, Han Chinese Clothing Hanfu And Dance books and related discussion.
Suggested News Resources
- Eastern history, fashion on display at Transylvania University
- The show started with an interpretive dance and light show that ushered gasps from the audience. The master of ceremonies told the history of the first dresses presented, named Hanfu, which came from the Han Dynasty. Each model came out one by one, ...
- Ladies of the lens
- Early this month, photographer Cao Shishi posted a set of portraits that she shot for a young woman on her Weibo account.
- Living and painting the simple life
- Compared with many other contemporary artists, Huang is obviously different.
Great care has been taken to prepare the information on this page. Elements of the content come from factual and lexical knowledge databases, realmagick.com library and third-party sources. We appreciate your suggestions and comments on further improvements of the site.
Han Chinese Clothing Hanfu And Dance Topics
Related searcheshistory of the rupee 1991 economic crisis
valletta geography
list of weapons in half-life 2 flare gun
philosophy of mind reductionism
che guevara capture and execution
nichiren shoshu positioning of the dai-gohonzon and further differences with other nichiren schools
© 2000 - 2016 Realmagick.com, All Rights Reserved.


text:
Chris Donnelly was wrapping up a standout Alabama career when it was time to move out of the dorms and into an off-campus house.
The senior safety in Gene Stallings' program decided to live with a former teammate who now served as a graduate assistant. The catch? The former teammate's mother was moving in, too.
That graduate assistant was Dabo Swinney, the now famous college football coach who has led Clemson to a Jan. 11 national championship berth against his alma mater.
Before Swinney became a dancing, "BYOG" national sensation, he and his mother were struggling to make ends meet and did what they had to do to survive. Ervil Swinney, Dabo's father, battled alcoholism and struggled after a family business went south. As Ervil fought his demons, Dabo and his mother were on their own.
It was Dabo's dream to play football at Alabama but the only solution to make it work financially was for Carol to live with him for the majority of his college career. It was no one's ideal scenario but the proud Pelham native didn't let it bring him down.
"He wasn't embarrassed about it; he wasn't ashamed about it," Donnelly told AL.com. "In fact, he was like 'This is the card I was dealt and I'm going to enjoy my college experience; I'm going to enjoy my moment.'
"His mom was just the sweetest thing. She would cook for us on Monday nights. So we'd come over to the apartment and eat and hang out. She was a great cook."
Carol started the Monday night cooking tradition in little Apartment 81 in the Fountainbleau Apartments that no longer exist. She was always cooking in bulk, not knowing how many of Dabo's teammates would cram themselves into the tiny two-bedroom place for a home-cooked dinner. Donnelly fondly remembers a pasta dish she'd frequently make.
It was at Apartment 81 that the unusual living arrangement began in Tuscaloosa during Dabo's sophomore year. Dabo and his mother shared a room and a bed each night for three years. Carol would wake up first to head to her job in Birmingham while Dabo would get ready for school and football practice.
"It wasn't her wish to say I have to come down here and live with my son," Donnelly said. "That isn't something she got up one morning and decided she wanted to do. She dealt with it and made the most of it."
It's not something many young men would want to do, either. During a time that offers the most freedom one will ever have, Dabo was forced to share a bed with his mother. Rather than create resentment, it brought mother and son closer together. Carol told Yahoo Sports after Clemson's Orange Bowl win she wouldn't "trade anything for it."
"It was really some of the happiest times of my life because we were together, we were safe and we were happy," Carol said.
Said Dabo: "It was a little different at first, but again, when you're in the middle of situations in your life, you just make the best of it."
After Dabo became a graduate assistant on Stallings' staff, he "got fancy" and moved into a three-bedroom house with Donnelly. It was still an unusual setup, but it meant no more sleeping in either the same bed or room for the Swinney family.
"That was big-time," Dabo said.
Donnelly knew about Dabo's previous living arrangement and was aware of what he was getting himself into. The situation didn't give him much pause because of Dabo's positive attitude to everything he did. He and his Alabama teammates were so impressed with the way Dabo handled himself; they'd joke "I want to live in his world."
Donnelly was readying himself for the next stage of his life, had a girlfriend in Birmingham who would later become his wife and wasn't much interested in going out. It's why having a female roommate a few decades older than him didn't bother him at all.
"It was actually nice," he said. "It didn't cramp my style at all. Obviously, I love the Swinney family. It wasn't as unusual as some of the articles would make you think."
Donnelly and Swinney have remained close friends since their year living together in Tuscaloosa. Each was in the other's wedding party, and Donnelly makes it to at least one Clemson home game each year. He's worked Clemson summer football camps for more than a decade for Swinney. Donnelly isn't surprised by Swinney's football success, but that's because he wouldn't be surprised by anything his friend did.
"If he decided to go into politics, he'd be a president," said Donnelly, who now works as president of Prime Surgical LLC. "If he decided to go into business, he'd be a CEO. If he went into coaching, he'd be a head coach. If he went into the military, he'd be a five-star general. I sincerely mean that because of his leadership, his positivity and his vision and plan."
Donnelly has already fielded a lot of questions about who he'll be rooting for in Monday's title game. He has plenty of reasons to root for his former teammate and roommate as Swinney goes for his first national championship. He knows it would mean the world to his close friend. With his friend pitted against his beloved school, Donnelly is taking the Switzerland approach.
"It's actually a good thing because I literally can't lose," he said. "It's a win-win."