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Celanese Corporation (NYSE:CE)
Q3 FY08 Earnings Call
October 21, 2008, 10:00 AM ET
Marc Oberle - IR
David N. Weidman - Chairman and CEO
Steven Sterin - Sr. VP and CFO
David Begleiter - Deutsche Bank
Kevin Mccarthy - Banc of America Securities
Frank Mitsch - BB&T Capital Markets
Edlain Rodriguez - Goldman Sachs
Gregg Goodnight - UBS
William Matthews - Canyon Capital
Good day, ladies and gentlemen and welcome to the Celanese Corporation Earnings Third Quarter 2008 Financial Results Conference Call. My name is Sandy and I'll be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today's conference. [Operator Instructions].
As a reminder, this conference is being recorded for replay purposes. I would now like to turn the presentation over to your host for today's conference, Mr. Marc Oberle. Please proceed.
Marc Oberle - Investor Relations
Thank you, my name is Marc Oberle, Vice President of Investor Relations and Public Affairs and I want to welcome everyone to the Celanese Corporation third quarter 2008 financial results conference call.
On the call today are David Weidman, Chairman and Chief Executive Officer and Steven Sterin, Senior Vice President and Chief Financial Officer. The Celanese Corporation press release was distributed via business wire this morning and is posted on our website, celanese.com.
During this call, management many make forward-looking statements concerning for example Celanese Corporation's future objectives and results which will be made under the Safe Harbor provisions of the Private Security Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in the circumstances.
Actual results may differ from materially from these expectations due to changes in economic, business, competitive, market, political and regulatory factors. More detailed information about these factors is contained in the earnings release and in Celanese Corporation's filings with the Securities and Exchange Commission. Celanese Corporation undertakes no obligation to update publicly or revise any forward-looking statements.
Celanese Corporation third quarter 2008 earnings release references the performance measures operating EBITDA, affiliate EBITDA, adjusted earnings per share, net debt and adjusted free cash flow as non US GAAP measures for the most directly comparable financial measures presented in accordance with US GAAP in our financial statements and for a reconciliation of our non US GAAP measures please see the accompanying schedule to our earnings release which will also be posted on our website.
This morning Dave Weidman will review the performance of the company and Steven Sterin will provide an overview of the business results for each segment and the financials. We'll have a question-and-answer period following the prepared remarks.
Now I would like to turn the call over to Dave Weidman. Dave?
David N. Weidman - Chairman and Chief Executive Officer
Mark, thank you. And welcome everyone to today's call. I'm pleased to have this opportunity to update you on our Q3 performance, give you what I hope is some insight into our markets in these turbulent times and underscore Celanese's attractive long term value proposition.
Steven will summarize the financial performance for each of our businesses in a few moments. But I like to take a brief moment to highlight our overall corporate result. Net sales were approximately $1.8 billion in the quarter, up 16% from the same period last year.
Operating EBITDA was $314 million compared to $302 million last year. Adjusted EPS was $0.78 per share versus $0.73 per share last year. Keep in mind that these results include approximately $15 million of impact related to the safe and controlled shut down and restart of our Texas, Gulf Coast facilities due to Hurricane Ike.
We're pleased to report that our facilities and operations were not significantly damaged by the storm. However the energy and power shortages triggered by the hurricane impacted and slowed the startup timing of many of our suppliers as they struggled to resume normal operation. At this point however, we believe that the impact is behind us.
Three months ago, I shared with you our views into the future and that it was opaque due to uncertainties around global economies. At that time, it was primarily due to the probable impact that high energy, raw material and commodity prices could eventually have on our customers and their customers.
Additionally, we've started to see a slowdown in economic growth across the industrial base of the euro zone. During the quarter, European economies did continue to weaken while both our North American customers and Celanese felt the impact of Ike. In Asia, demand for many of our products was sustained due to increased demand for some of our environmentally friendly low VOC products.
Now as the quarter progressed, concerns about inflation were replaced by heightened uncertainty relative to the U.S. credit market. Then in late September, these markets experienced a systemic crisis that we saw spread rapidly to other regions. This had an impact as individuals and businesses ability to purchase was constrained by an overnight inability to fund their businesses as the credit market's halted.
It also has fueled a dramatic change in consumer and industrial confidence, moving both groups into a wait-and-see mode as the crisis plays out. This impact accelerated in early October.
The raw material and energy crisis have fallen in recent weeks. Demand today is softer in our end markets, especially in Asia. And we currently believe it is unlikely these trends will change in the near future. Though these are truly challenging times, it's important to reiterate Celanese's focus on creating value and underscore why we believe that we're better positioned to prosper in periods of economic uncertainty than others.
In fact I believe it's critical for us to separate what is happening in the short term due to the impact of the credit crisis with the long term strength of the Celanese business model. There are many reasons why we remain confident in our ability to deliver value for our shareholders, but let me highlight just three. Number one, the quality of our businesses; number two, our fiscal discipline and number three, our execution culture.
So now I'd like to give you more a little detail on each of this. First, the quality of our franchises. Our businesses have leading advantage positions. Our proprietary technology, spanning steep [ph] start position, end market diversity, and low cost production capabilities, allow Celanese to deliver superior returns.
For example, through the first nine months of 2008 we have grown our operating EBITDA by 17% versus last year, while many others in our space were flat to down. One thing to keep in mind with Celanese broad end market and geographic balance, many of our businesses such as the Vinyl Acetate monomer and emulsion businesses have faced soft market, trough like conditions for several quarters now.
Advanced Engineered Materials have seen extremely weak automotive demand and unprecedented raw material costs that have burdened their performance over the last several quarters. And also let me remind you that our Consumer Specialties businesses which account for about 20% of our earning have very little economic sensitivity. While there will continue to be challenging times ahead for some of our businesses, others are either stable or positioned for recovery.
Second is our fiscal discipline and balance sheet stability. Celanese has a long standing track record of the fiscal discipline, putting the shareholders cash to work in high return, high value creative ways.
Much of what makes Celanese strong and successful today came from projects that were initially developed during similar uncertain times in 2001 and 2002. For example, our Nanjing complex was conceived and initiated in the 2001 timeframe. Since then we've invested around $350 million in seven production units, six of which are already in production. And combined these units will generate between $600 million and $800 million of revenue and between $120 million and $150 million of EBITDA by the time they're sold out.
And this last quarter we announced plans to build a new Ticona liquid crystal polymer unit at Nanjing, the 8th high payback project on this site. As we view the uncertainty caused by the credit crisis, we're committed to remaining disciplined. With the increased strategic value of cash and the ability to generate cash at a premium, we're very confident that Celanese can provide value for our shareholders during these challenging market conditions.
In fact, we view today's conditions as fertile ground for further strengthening Celanese leading franchises and accelerating our long term strategies. We'll continue to hold a high standard against all of our financial and strategic options, whether it's M&A opportunities that will become more available in this market, high return growth or productivity projects within our businesses or returning cash to shareholders through share repurchase. We will continue to be prudent, disciplined and measured in our actions to maximize value for our shareholders.
The third area that contributes to our ability to create value is our culture of execution and operational excellence. Our leadership team and all of our employees remain focused on the fundamentals.
As I said earlier, in many cases there are more opportunities to create value during downturns than in expansionary times. Once again, whether it's increased focus on manufacturing productivity, cost improvement programs, helping our customers deal with a changed environment, or growth and expansion transactions; our company culture thrives on the challenge of identifying terrific opportunities in any economic environment and delivering improved results.
As we look forward to the rest of 2008, key questions remain regarding both the fundamental health of the overall globally economy and the impact that the recent credit crisis has had and will continue to have on economic growth in the near term.
Without positive economic catalysts we believe there would be a continued slowdown in global growth which will likely be a headwind for our industry and our customers. As a result, we see this burdening our short term performance, primarily in the form of sharply lower volumes. Given that, we are adjusting our full year 2008 outlook for adjusted EPS to between $3.40 and $3.55 per share.
Despite the challenging environment, our focus remains on executing our strategy, delivering on our strategic objectives and increasing value for our shareholders. Now we plan on holding our next investor day in the spring of 2009, when the impact of the credit crisis allows the global economy a bit of time to stabilize, so we can have a more productive and constructive dialog with you.
With that I'll now turn over the call to Steven. Steve?
Steven Sterin - Senior Vice President and Chief Financial Officer
Thanks Dave. Please turn to page six of the PowerPoint presentation that's posted on our website.
First, our over all company results; net sales were approximately $ 1.8 billion, a 16% increase from last year's results, driven by higher pricing, increased volumes in acetyl intermediates primarily related to our Asia expansions and continued strong demand from our environmentally friendly low VOC products as well as favorable currency impacts.
We experienced unprecedented raw material costs in the quarter with oil prices hitting levels north of a $145 a barrel. Our prices, volumes and productivity gains more than offset the sharply higher cost in the quarter.
Operating profit for the quarter was a $151 million, up $4 million from a year ago. The 2008 results included approximately $15 million of impact from Hurricane Ike. While the 2007 results had a near equal impact related to the unplanned outage at our Clear Lake Texas facility. This quarter's GAAP results included a benefit from a partial insurance recovery payment associated with the outage last year, which offset costs related to the planned shutdown of our Pampa, Texas facility scheduled for early 2009.
Adjusted EPS for the quarter, which excludes the insurance recovery and Pampa shutdown cost was $0.78, up 7% from the prior year. These results are based on a $162.9 million diluted shares upstanding a decrease from last year's share count of a $167.4 million as we have purchased shares under the authorized share repurchase plan. Operating EBITDA was $314 million, a $12 million increase from the prior year.
Let's now turn to the results of our businesses starting with Advanced Engineered Materials on page seven. Net sales were $272 million, up 5% from last year driven by higher pricing and positive currency impacts. We're seeing continued success in our expansion strategy in Asia and increased penetration in new automotive as well as non-automotive applications. The piece could not completely offset the impact of sharply reduced automotive demand.
Without this significant growth and penetration, volumes would have been much lower than the 6% decline we saw. With automotive build down 20%, North America and approximately 10% in Europe. We're starting to see the benefits of our successful value pricing strategy as pricing improved by 6% in the quarter.
This was not enough however to offset significantly higher raw material and energy prices. We would expect to continue to see positive pricing movement over the next couple of quarters as we continue to execute these strategies.
Operating EBITDA was $45 million, a $25 million decrease from last year's results. The Advanced Engineered Materials strategic equity affiliates were also impacted by the softening automotive demand and similar margin pressures which resulted in net earnings from the equity affiliate, $6 million lower the last year.
On page 8, net sales for consumer specialties were $295 million, up 5% from last year's results. Higher pricing and continued strong global demand for these products and positive currency effects drove the increase.
Operating EBITDA was $56 million, up 6% from a year ago on the higher pricing and acquisition synergies that we have realized from the Acetate Products Limited business. The revitalization efforts have been extremely successful and have resulted in a higher level of sustained earnings. These businesses represent leading global franchises which are economically insensitive and continue to provide stable earnings and cash flows.
Turning to page 9, net sales for industrial specialties were $378 million, up 20% from the prior year on higher pricing and favorable currency effects. I'm excited about the success of the revitalization efforts as we have optimized our manufacturing footprint and reenergized our new application development process to focus our efforts on higher value added products.
While we are continuing to see softness in the North American and European construction markets, our focus on environmentally friendly applications using our new low VOC emulsion, particularly in China and growing demand for specialty polymers in the photovoltaic market has resulted in significantly improved results. Operating EBITDA increased to $36 million from $18 million last year.
On page 10, acetyl intermediate net sales were just over $1 billion, up 22% from the prior year driven by higher pricing and increased volumes. Operating EBITDA was $182 million, up $4 million from last year, as the higher pricing and increased volumes were offset by higher raw material and energy costs. While VAM demand continued to be soft in North America and Europe related to a slowdown in residential and commercial construction, demand for other acetyl products remained healthy.
As Dave said one interesting trend here is the increased use of our environment friendly low VOC products in many applications. Dividends from our Ibn Sina cost investment increased by approximately $5 million on the strength of methanol and MTBE margins.
Our equity and cost affiliates performance are shown on page 11. I won't go through all the details on the chart; however you see that our strategic affiliates continue to deliver stable results and significant value to our portfolio.
On slide 12, you can see that we continue to deliver strong cash. Net operating cash flow from continuing operations year-to-date is $335 million compared to $371 million last year. Adjusted free cash flow year-to-date is a $195 million, similar to the strong levels seen a year ago.
Beginning with slide 13, I'd like now to turn to a topic that I'm sure has become of interest in recent weeks and how I devalue [ph] that Celanese has in its balance sheet and current debt structure.
On the left, you can see the primary components of our debt. The most important of which is our $2.8 billion term loan we entered into in April of 2007. Keep in mind there are currently no maintenance covenants on these loans. We ended quarter with $584 million in cash, so a net debt figure of approximately $3 billion.
Additionally, we have a committed and undrawn $650 million revolver facility spread across 25 different financial institutions. Overall, we view the structure to be cost effective, stable and flexible.
Slide 14 provides another view as demonstrated by the operating EBITDA interest coverage graph shown on the top left. As you can see, we continue to improve our coverage ratios. On the bottom left, you can see our long term debt repayment schedule. Our term loans have maturity in 2014 and only 1% annual amortization.
With limited payments required over the next five years, you can see why we believe this debt is a real advantage in terms of stability. In addition, this debt is low cost at LIBOR plus 150 basis points.
To summarize our 2008 guidance, as Dave mentioned earlier we're adjusting our outlook to between $3.40 and $3.55 a share and our operating EBITDA between $1.32 billion and $1.355 billion. This guidance is based on an adjusted tax rate of 26% and a full year average of $165 million shares outstanding.
With that, I will now turn the call back over to Mark to open the Q & A.
Marc Oberle - Investor Relations
Thank you, Steven. And Sandy if I could ask you to give some instructions, we'll get to the Q & A.
Question And Answer
[Operator Instructions].
Marc Oberle - Investor Relations
As we begin the queuing process, I'll remind you if we could limit folks to one question and a follow up in the first go around and if we have time, be happy to put you back in the queue and make sure that we get as many questions as we answered... can get answered in the time that we have today.
And the first question comes from the line of David Begleiter of Deutsche Bank. Please proceed.
David Begleiter - Deutsche Bank
Thank you. Good morning.
David N. Weidman - Chairman and Chief Executive Officer
Hi, Dave.
David Begleiter - Deutsche Bank
Hi, David. If you could just go look at the Q4 guidance, I think it points around $.043. Can you do a water fall [ph] from what you earned in Q3 of $0.75, how you get the $0.43, either by segment or by a business line, what the differences are?
David N. Weidman - Chairman and Chief Executive Officer
Yes. Happy to do it; let me start first with our Consumer Specialties business, this is a business acetate fiber going in to tobacco filtration and high performance food sweeteners, very stable business, economically stable not a lot of seasonality in the business.
Our Advance Engineered Materials business has a little bit of fourth quarter seasonality to it. But as we look at that that's seen less impact than our acetyl intermediate business which I'll get to, principally because it has North American and European exposure and we saw most of the impact in the third quarter.
Our Industrial Specialties business that's been in trough like conditions, for the last, I don't know, two years let's say. We've gone through our restructuring program and also the program with new technology having a good impact and I would see rolling into fourth quarter from third quarter sequentially, a little bit of seasonality with that, but relatively stable.
Our acetyl intermediate business is where there is a sharp volume pull back. And it's isolated largely to Asia and principally to China. Dave, we saw a third quarter volume and demand for most of our products primarily acetic acid holding up well.
Prices were strong, demand was strong and had some good demand, good price stability, frankly out through the end of September. And then as the Chinese came back from vacation in early October, demand just dropped sharply is the word that we use.
As we look at it, there's probably two or three principle possible [ph] factors for it, ultimately China exports about half of what they produce to Europe and North America and I think consumer sentiment driven by the credit crisis has affected demand. There's a very long supply chain in this market and our sense is that part of what we're seeing has to do with just inventory correction through a substantially long supply chain going out of China and into Europe or North America.
Another part of it has to do with what's going on in China itself. As you read field reports and others, direct investment by the Chinese government, direct foreign investment has dried up to some degree and so there's impact associated with that. So we're continuing to sort it out and as we see the fourth quarter, that particular segment has increase in difficulties to forecast and predict demand. But this is driven largely by demand and not by new capacity coming in. And as we look at it we get to... we see what's the underlying possible factors are and provides more clarity as we go forward.
David Begleiter - Deutsche Bank
In China some of the higher cost producers, the ethylene and ethanol based producers are they showing down or just producing at lower operating rates.
David N. Weidman - Chairman and Chief Executive Officer
Yes, the rest are... that's the greatest part of the business model that we have. There's about 10% to 13% of the production capacity that is very, very high cost. Ethanol, Ethylene; all of that production is out of the market now. And then there's another 13% to 15%, that is very high cost because it's based on methanol carbonylation technology. Still a very high cost production capacity.
Prices have dropped to the point where they're now the marginal producer and they set the price curve. And as you'll see in the graphs, the three principal ones in that region, Sopo, Wujing and CPDC have recently announced that they are considering shutting down their operations because they're in to their marginal economics.
So as we look at it, I think the underlying story here is that this wonderful cost period that we have still is holding. It's having the effect that we would anticipate and... but the demand is down.
David Begleiter - Deutsche Bank
And just last where are acid prices today in China, Dave, and where could they go in Q4?
David N. Weidman - Chairman and Chief Executive Officer
Well, they are in the $500 range. They have been to $6 to $650 in Q3, they are in the $500 range now. And that's where these producers are beginning to pull out in the market. Our projection is that we at least hold our market share during this period.
David Begleiter - Deutsche Bank
Thank you very much.
And you're next question comes from the line of Kevin Mccarthy of Bank of America Securities. Please proceed.
Kevin Mccarthy - Banc of America Securities
Yes, good morning. Dave how would you characterize trough margins in your Acetyl Intermediates business?
David N. Weidman - Chairman and Chief Executive Officer
That's an interesting question. Kevin our trough margin is historically up, take you back to the last trough that we went through in 2000, 2001. We were operating in the low double digit range at that point. Now since that time, there's lower cost in our facility due to advantage of raw material position. There's a modestly different competitive profile. We would say that there is more producers in the higher cost range than there may have been in the past.
So even though it's hard for us to project, every economic downturn or trough is shaped differently and looks differently. You've still got... let me put it this way about 25% of the capacity out there that's high cost and again, I'll underscore one other thing, Kevin and that is that our fourth quarter view is that margins are relatively stable to what we saw in the third quarter, but it's volume driven.
Kevin Mccarthy - Banc of America Securities
So to follow up that, given the sharply lower volumes you alluded to Sopo and the Taiwanese producer I think earlier in your comments.
David N. Weidman - Chairman and Chief Executive Officer
Kevin Mccarthy - Banc of America Securities
But given these sharply lower volumes do you foresee any opportunity for capacity rationalization, either among your competitors or within your own portfolio at higher cost facilities above and beyond what you've already announced at Pampa.
David N. Weidman - Chairman and Chief Executive Officer
I'll answer the last part of it first. We... with Pampa out of our system our future plans, our portfolio plans in aggregate have the lowest cost positions in the industry and within each of the regions they're very, very well positioned. As far as rationalization within the industry, these prices certainly and these margins certainly do cost high for some of the higher cost producers that don't have the advantage of technology or the advantage of raw materials that we have.
I can only speculate what they will do. I would say though that alluding to some earlier remarks in my comments and in Steve's comments we view environments like these as being great opportunities for us to move our strategy forward.
You have opportunities in this type of environment that you would never have in an expansionary economy. We do those things real well, Kevin and we are positioned with the balance sheet, the resources, the culture that takes advantages of these opportunities to move our strategic direction forward rapidly.
Kevin Mccarthy - Banc of America Securities
Thank you very much.
David N. Weidman - Chairman and Chief Executive Officer
Thanks Kevin.
And your next question comes from the line of P. J. Juvekar [ph]. Please proceed.
Unidentified Analyst
Good morning, David.
David N. Weidman - Chairman and Chief Executive Officer
Hello, P. J. [ph].
Unidentified Analyst
Can you just tell us how much of your production in China stays back in China versus how much is it exported?
David N. Weidman - Chairman and Chief Executive Officer
Yes, our acetic acid in China is very broad based and services broad economies. You've got a bunch of it growing into polyester, that ends up in the [indiscernible] plastics. You have a bunch of it growing into coatings and adhesives applications that end up in either construction in the market or in furniture and other products. I would say that we haven't traced the molecule with any precision but we think we're roughly what the Chinese economy is which is, our manufactured goods about half stay in the country and about half go out.
Unidentified Analyst
And what are you seeing in terms in of domestic demand there since you have such big operations and a good window into that economy?
David N. Weidman - Chairman and Chief Executive Officer
There is three elements of demand drive in China. One is domestic consumption for Chinese customers or consumers. So far we haven't seen a large change in that, the malls are still full, people are seem to still be buying, there's still seems to be level of confidence.
Get a consumer out there purchasing and doing the things, we're doing. Remember the Chinese don't have 401 K programs and most of them in their homes. So there hasn't been a psychology and wealth destruction that there is in Europe and North America.
The second element is government spending and you've seen that the government has slowed down spending beginning in 2006 and a quarter or two ago they, they began to reverse that spend. I think most reports coming back would say that they were slow in doing that, infrastructure build has slowed down fairly significantly.
That's more of the, I don't know, quarter two, quarter three story than just here in quarter four, but the last element that truly is exports and it feels that this is an export driven phenomena going on in China. And it also feels that through the entire supply chain from us to our customers to their customers putting on a boat, shipping it out of China, going to North America or Europe there's a substantial amount of inventory correction going on through that, very, very long chain.
Unidentified Analyst
Great, thanks with that.
David N. Weidman - Chairman and Chief Executive Officer
That you are welcome, PJ [ph].
Unidentified Analyst
One quick question for Steve, if I may?
Steven Sterin - Senior Vice President and Chief Financial Officer
Hey, PJ [ph].
Unidentified Analyst
Quickly on your term loan, it's LIBOR plus 150 basis points, given the volatility we've seen on LIBOR rates, how are you managing that and eventually I know this is a low interest rate, but eventually do you want to put far permanent financing in place? Thank you.
Steven Sterin - Senior Vice President and Chief Financial Officer
Yes, hi P J [ph]. So when you look at our financial structure today we talk about stability, we have stability in the repayments but we also have it on the interest cost side. About three quarters of our debt is at fixed rate. So, we're able to lock in last year to pretty good interest rate. We're averaging about six in the quarter today on an overall company basis. So not a lot of volatility coming out through interest.
Yes, longer term, covenant like term loans, availability of those in the 2013 and 2014 time frame, no certainty but, as you can imagine probably won't be those types of financing structures. So, as we continue to move out looking at the opportunities Dave's talked about, preserving cash for those opportunities and also looking at long term capital structure, we'll look at a number of different capital structure opportunities when we get closer to the end of the term loan program.
Marc Oberle - Investor Relations
Next question?
And your next question comes from the line of Frank Mitsch of BB&T Capital Markets. Please proceed.
Frank Mitsch - BB&T Capital Markets
Hi, good morning gentlemen.
David N. Weidman - Chairman and Chief Executive Officer
Hello Frank.
Frank Mitsch - BB&T Capital Markets
Dave, you've talked before about the highest cost capacity in the acetyl's chain in Asia coming offline and prices having dropped to $100 $150 a ton there. And then you suggested that right now at the $500 level we're near the breakeven cost for that next tranche of high cost capacity.
David N. Weidman - Chairman and Chief Executive Officer
Frank Mitsch - BB&T Capital Markets
Can you talk about what level if in fact these guys shut there, what level might pricing drop down to afterwards, how likely that would be. And then if you could just offer a thought or two, on where operating rates were in the third quarter and what your expectation is for the fourth quarter?
David N. Weidman - Chairman and Chief Executive Officer
Okay. You have three questions there, I'll try to remember. In the 550 range, you've got... in the 500 range, you have, as I said before somewhere between 10% and 13% of production capacity. That is as it's next tranche. And then after that it kind of feathers in as you move down, as you move down the price curve or the cost curve. Those that are up in the higher range are three manufacturers they tend to be more larger facilities, but there are a number of others that are trying to feather down off of that. So it's more of a, a more gently declining slope than going from the ethylene guys down to this first tranche of methanol carbonylation we saw.
The other element here is capacity utilization in the fourth quarter. The industry was running 92% to 95%, it was fairly high. And then you got... that was the third quarter and the fourth quarter, it's really hard to determine what's going in the fourth quarter. We would say right now based on what we are seeing there, you're probably the 75% to 85% range but with only 3 weeks in the quarter it is hard to get a lot of precision on it.
Frank Mitsch - BB&T Capital Markets
And given this outlook for the fourth quarter, what level of confidence do you have that, that improves in Q1 or Q2 or do you not have any confidence that it's going to improve that quickly?
David N. Weidman - Chairman and Chief Executive Officer
Well, Q4 is difficult to judge at this point. 2009 is very, very difficult, near impossible. We're trying to get a sense of what 2009 is going to look like. In my mind Frank there was weakening global economy prior to the credit crisis and then you had the systemic failure in credit and its basically threw all trend lines off.
And as we look at it, it'll take a while for us and I think to lot of people to sort out how this systemic failure of our credit markets affected consumer confidence, business confidence and the ability for people and businesses to borrow and do business.
And so we're in the process of sorting that out and as I said as we go forward here. We would anticipate being able to give a view of 2009 as we release our fourth quarter results.
Frank Mitsch - BB&T Capital Markets
All right, great. And then lastly, any expectations of new capacity in 2009?
David N. Weidman - Chairman and Chief Executive Officer
In acid?
Frank Mitsch - BB&T Capital Markets
David N. Weidman - Chairman and Chief Executive Officer
No. No, we've got a capacity that comes at the end of the year but there is a couple of dry [ph] capacity unit coming up towards the end of the year or early 2010. We keep hearing kind of 2009... early 2010 we keep hearing about delays in some of that capacity but 2009, none of that.
Frank Mitsch - BB&T Capital Markets
Great. Thank you.
Thank you. And your next question comes in the line of Edlain Rodriguez of Goldman Sachs. Please proceed.
Edlain Rodriguez - Goldman Sachs
Sure, good morning.
David N. Weidman - Chairman and Chief Executive Officer
Hi, Edlain.
Edlain Rodriguez - Goldman Sachs
Dave, a quick question for you. Your exposure to Asia has always been a strong positive.
David N. Weidman - Chairman and Chief Executive Officer
Edlain Rodriguez - Goldman Sachs
Now that we're seeing a slow down there, can you address concerns that this will be damaging to the attractiveness of the portfolio going forward?
David N. Weidman - Chairman and Chief Executive Officer
Well, Ed, we always felt that China was... a fundamental part of our strategic pillar is to follow our customers and be in the markets that they participate in. The markets are growing in China like any other region of the world. We've also judged, China will continue to expand but the path forward will be lumpy. We're experiencing one of those bumps in the road right now.
In my mind, for the strength of the company and the businesses, if you don't grow, you're on a pathway to bankruptcy. And that's an extreme statement but we're forward leaning, we're growth oriented. And being in these markets with the lumpiness associated with it, it's something that occurs. My judgment is that the Chinese basically are unseasoned capitalists at this point.
And mind you for the last 20 years if you could make it in China, you could sell it and export it. This is the first point in time I believe where there's been set back in demand that's forced a lot of Chinese producers not just through our level but through the chain to check that basic consumption. And with that there will be my belief, more stability in the market, a more seasoned environment and these types of destructions I believe they will occur but I think they'll be less dramatic than what we believe we're seeing at this point.
Edlain Rodriguez - Goldman Sachs
Okay, can you... I have a quick follow up. Can you talk about your appetite for further share buyback?
David N. Weidman - Chairman and Chief Executive Officer
Yes, happy to do that. We do a share buyback in the second quarter and in the third quarter. As we look at it there are opportunities we believe that will present itself now, that will be higher value for shareholders, than share buyback even with the absurdly low share prices that we have today. And we have always been and we will continue to be disciplined in the way that we approach the use of the shareholders cash and we'll always look at the opportunities in front of us, and spend the shareholders cash in the most disciplined and the most attractive way possible.
Edlain Rodriguez - Goldman Sachs
Thank you.
And your next question comes from the line of Gregg Goodnight of UBS. Please proceed.
Gregg Goodnight - UBS
Good morning, gentlemen. By near term opportunities, what are you saying, are you implying that maybe there's some M&A on the horizon that you could possibly take advantage of now?
David N. Weidman - Chairman and Chief Executive Officer
Gregg I would answer that in environments like this, contrasted with environments that we just came out of, there's probably more people willing to do things than there have been. We certainly know that to be the case, if we go back to 2000, 2001. We were able to buy an acid factory as an example, set that up back in that period of time. We did our downstream acquisitions in emulsions and the CDOH [ph] business during that period of time. And we think based on not only the strategic value but the financial value those were incredibly attractive acquisitions.
So though we don't have anything specific to talk about, we can tell you that we have our heads up, our eyes open and are looking for opportunities.
Gregg Goodnight - UBS
Okay. Great, as a follow up to Frank's question, you mentioned operating rates in Asia right now are in the say mid 70's range. Those, I assume are industry operating rates. Commenting specifically on your operating rates are you able to optimize your Singapore, Nanjing distribution where you can run say one plant harder than the other, or can you give us a summary of how you're managing production from those two units?
David N. Weidman - Chairman and Chief Executive Officer
Well as I indicated, we're three weeks into the quarter and it's hard for us to judge what the rates going to be across the industry for the quarter. I said 75% to 85%, but definitely we're... the first two weeks have been very low demand period.
But yes, Greg, I mean that's one advantage of a company like Celanese, we're able to optimize our integrated assets fueled change. Not only are we able to produce that at the lowest cost facility but we're also able to move our products into the most attractive end-use markets.
Whether it be all way downstream to a notion market or buying last date [ph] in a high grade market and our guys are on top of it and are coordinating these things. There's internal process that have daily cycle on some of them, a weekly cycle on others that steps back and through a supply chain effort moves products from the most attractive facility to the most attractive market.
Gregg Goodnight - UBS
Am I correct in assuming that you would run Nanjing harder and if there is a cut back potentially Singapore would be the swing unit?
David N. Weidman - Chairman and Chief Executive Officer
Nanjing is the lowest cost facility in Asia.
Gregg Goodnight - UBS
Okay, that's it. Thank you very much.
David N. Weidman - Chairman and Chief Executive Officer
Thanks, Gregg.
Steven Sterin - Senior Vice President and Chief Financial Officer
Thanks Gregg.
And your next question comes from the line of William Matthews of Canyon Capital. Please proceed.
William Matthews - Canyon Capital
Hi, good morning.
David N. Weidman - Chairman and Chief Executive Officer
Good morning.
William Matthews - Canyon Capital
As recently as September 26 you affirmed full year guidance. And I think you mentioned in your comments after a vacation break in October when things resumed that gave you information that caused you to reduce the full year guidance. So given its only October 21, can you give us a sense of how that progressed and why you had such certainly to take down the quarter?
David N. Weidman - Chairman and Chief Executive Officer
Sure, happy to do it. You know the impact of the credit crisis has moved its way through the system here only over the last three or four weeks in our view. As we came out in September and looked at not only demand but also pricing that we were seeing in Asia, things were strong. Pricing was in... for acetic acid that's kind of a market for demand, because Asia pricing tends to be spot short term. But pricing there was holding in the $600 to $650 range. And then, came the vacation and as folks came back from the vacation, basically orders just stopped.
There was just not a lot of demand out there and with that our prices began to drop and there's a lot of reports out there that prices and particularly reports on what Asia pricing is doing and it continued to fall through the 600 range into the 550... 500 to 550 range where it's out there and stabilized today.
So and as we talked with our customers and tried to get a look through the system down to the customer's customers, they're just a... there's a dramatic drop off, a sharp drop off in fundamental demand. And it's having a broad based overall impact through the industries that we serve. As we... so as we look at it that's what happened.
How right... the cut... and as I said we're three weeks into it. How much of it was driven by fundamental demand, draw back in Europe and North America or China? How much of it is inventory correction within the chain? At this point in time, we're still trying to sort that out and understand what the dynamics are.
We do know that there is significantly decreased consumer confidence and business confidence, the credit is tighter. But the willingness and the ability for people to buy based on what they saw in the last part of September, in credit market is having an effect and having an impact.
William Matthews - Canyon Capital
Okay. And then if you think about demand in China internally kind of in three buckets: One, internally generated demand; two, demand generated from government spending and three, demand related to export. I was under the impression that most of the product that you produced in China was for the former two and not for the latter. But that doesn't seem to be the case given your comments. It seems like you do have substantial exposure to the export economy, is that correct?
David N. Weidman - Chairman and Chief Executive Officer
We produce in China for China. But the customers that we produce for either themselves or principally to others, produce products and we think we're pretty closely tied to the Chinese GDP. So about half of China as we look at it is export based.
So, we felt product it eventually ends up in fiber fabric textile application, that gets made in China and exported, we end up with furniture some of it is used internally and some of it's exported.
We end up in water bottles that are principally used inside of China, we end up in coating applications that principally end up inside of China for their houses or offices there. So, that's the basis of the sales that we've had.
But you are right in saying that most of our products, in fact all the products that we make in China, we sell in China. But there is an end market exposure associated with those products eventually end up finally being consumed.
William Matthews - Canyon Capital
Okay and then final question. Cash balance is now about $580 million, net debt $3 billion. What are the numbers that you feel comfortable with that we can call on modeling as your minimum cash balance or maybe what leverage your comfortable going to?
Steven Sterin - Senior Vice President and Chief Financial Officer
Yes, where we are today, we're comfortable with our balance sheet, both in terms of the amount of cash it takes to service our debt, in the terms of our debt. Cash balance we've got a nice cushion. We think about minimum cash needed around the business of $250 to $300 million to continue to generate and invest in the business. As Dave said cash is at a strategic premium today. So I think cash available for these opportunities we've talked about is a priority for us.
William Matthews - Canyon Capital
Okay, so the cash available then would be around $250 and $300 million to spend on these opportunities.
Steven Sterin - Senior Vice President and Chief Financial Officer
William Matthews - Canyon Capital
Okay. Thank you.
This concludes the question-and-answer session. I would now like to turn the presentation over to Mr. Marc Oberle for closing remarks.
Marc Oberle - Investor Relations
Thank you everyone for today... joining today's call. As always if you have any questions feel free to give me or anyone on my IR team a call. We'll be more than happy to continue the conversation. Thank you very much and we'll look forward to talking to you soon.
Thank you for participation in today's conference. This concludes the presentation and you may now disconnect. Have a great day. .
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Nashville lawyer William Alan Alder was disbarred from the practice of law on Dec. 26. The Tennessee Supreme Court found that Alder failed to obtain service of process on defendants in a case, which resulted in the suit being dismissed with prejudice. Alder then failed to inform his clients that the case had been dismissed, instead misleading them into believing that it was progressing normally. Eventually, he told them the suit had settled and provided a fictitious release. Download the BPR notice.

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The desert of time
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Description: DreamParty Memorial CD Autumn 2008
Written by kanoko
Composed, Arranged by Jun Kageie
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In the Lightening Round of Wednesday night's Mad Money TV show, Jim Cramer made the following comment about VA Software Corp. (LNUX):
LNUX - Not a fan, not a fan! A lot of crying in that name when it came public in 1999. Here's the deal: I think that, if you want to be in that space, you need to be in the Red Hat (RHAT), which I kind of like.
But here's the problem. The "space" that LNUX plays in isn't Red Hat Inc.'s software and services market, though on paper that's VA Software's core business. In reality, LNUX is in the Internet content space. VA Software owns Slashdot and a bunch of other web properties, which is why its stock has done this:
On December 5th, I wrote about LNUX on the Internet Stock Blog. The article was called How Much Is Slashdot And Thus VA Linux Worth?. And since then, almost every article by a money manager, analyst or other contributor to Seeking Alpha's coverage of LNUX has focused on the company's Internet properties rather than its software business. And if you read LNUX's conference call transcripts, you'll see the positive data points about its Internet content businesses clearly.
Bottom line: LNUX is an Internet stock, not a software stock. Red Hat? Nothing to do with this stock. Perhaps that's why Jim Cramer's Lightening Round comment didn't have much impact on LNUX (5 day chart below):
Comments appreciated.


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View Poll Results: Which do you like better
- Voters
- 47. You may not vote on this poll
Jocelyn (Joss) Jean
Miranda (Mira/Andi) Jean
Results 1 to 5 of 11
Thread: Joss? POLL
Hybrid View
March 14th, 2014 04:16 PM #1Junior Member
- Join Date
- Feb 2014
- Posts
- 11
Joss? POLL
Hi all,
Thought we were decided on Miranda Jean (last name 3 syl., starts with MC and ends with -uh sound) but we are bickering over the nn (DH wants Mira, I want Andi). I feel like we could still go with it, and just call her different nicknames, but we also agreed on another name... Jocelyn (she would be called Joss).
Loving Joss but wanted to check opinions. It seems like -lyn names are very popular and trendy at the moment (whether they are "legitimate" or not) - any reservations with Jocelyn becoming outdated (especially if she is always called Joss)?? Which do you like better?
March 14th, 2014 04:58 PM #3Junior Member
- Join Date
- Jan 2014
- Posts
- 19
I like both names but i like miranda a little more. I think miranda sounds better with the middle name.
March 14th, 2014 05:00 PM #5
Last edited by ciottolo; March 14th, 2014 at 05:10 PM. Reason: spelling
March 14th, 2014 05:04 PM #7
Jocelyn Jean is lovely!
My 5yo cousin is a Jocelyn (she gets Jojo mostly, Jojie, Jodge, sometimes Joss) but I definitely don't think it sounds trendy. If anything I think it's quite ageless, since it's such an old name despite following current trends. The only other Jocelyn I know is in her 20s.
Miranda Jean is pretty, but feels quite dated to me. Not a bad thing, but my choice would still be Jocelyn.much love and i are waiting for you;
Emmett Oberon / Wilfred Leander / Wilbur Jack / Alec Emmanuel
Pehr Nicholas / Cedric Dylan / Virgil Ossian / Robin Ingmar
Rosemary Oona / Annabel Briar / Sibyl Damaris / Alba Madeline
Iseabail Honey / Fenella Thomasin / Jemima Eilidh / Raphaela Maude / Margo Celandine / Sylvia Moon
*favourites rotate often; see my extensive lists here.
olivia, nineteen, filmmaker & future mama
in london longing for my cat shura!
March 14th, 2014 05:05 PM #9
I adore Jocelyn nn Joss! Jocelyn Jean "Joss" easily gets my vote. It would be on my own list, if I weren't so against unisex names (Jocelyn is one of the few I love on girls, but I grew up with a unisex name, and pretty much hated it, so I've vowed not to give my daughter one, either). I've met several Jocelyns and they all seem to wear it well--it seems just as current today as it was 20 years ago, so I feel like it has staying power. It's a great name.
Good luck!Ashley | namenerd | Christian | storyteller
List under major construction. Thinking about:
Emmeline Poppy Cosima ▪ Rory Maximilian Oscar
Judah Ignatius ▪ Annika Lilac ▪ Seamus Fitzwilliam ▪ Lena Marigold ▪ Ezra Borealis ▪ Adele Petra Elizabeth
Tessa Ingrid ▪ Soren Alexander ▪ Verity Anouk ▪ Everett Sequoia ▪ Esmé Orchid ▪ Ferdinand Noah "Freddie"
I've recently started a story--join me! havengermany.blogspot.com


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Gates Of Horn And Ivory
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- THE AGONIST: 'Gates Of Horns And Ivory' Video Released
- "Gates Of Horns And Ivory", the new video from Montreal, Quebec, Canada-based melodic death metallers THE AGONIST, can be seen below. The song is taken from the band's new album, "Eye Of Providence", which will be released on February 24 in North ...
- "Gates Of Horn And Ivory" – The Agonist [YouTube Official Video]
- The Agonist recently released a music video for their song "Gates Of Horn And Ivory," from their much anticipated album Eye Of Providence, due out February 24th. This is the band's first music video to feature new vocalist Vicky Psarakis.
- Fantasy hockey ranks: Injury fill-in goalies worth targeting
- Injuries have continued to pile up on the goaltender front. It can make life extremely difficult for fantasy owners trying to manage their stats during a long season when values go through spikes and valleys with the prolonged absence of key goalie assets.
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text:
A Big Bend Thanksgiving – Day 8
It rained overnight in Terlingua and we rolled out of town at dawn and shortly drove into an ice storm. It was pretty surreal to the desert coated in ice and the driving was a little nerve wracking, but it turned out that the ground was just warm enough to keep the ice from coating the highways. We finally drove out of the ice near Abilene.


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Esquire Endorses: A Sneak Peek at the Local Races (and Restaurant)
If, by chance, you've been withholding your vote till Esquire's endorsement issue, then you're in luck, as the November issue's out now with its who-to-vote-fer list covering all 482 races nationwide. Among the locals getting a nod from the magazine: Rep. Jeb Hensarling, who, despite not having a "major-party opponent," still gets a special yellow-box thumbs-up for being "one of the first in his party to note that its recent profligate ways have hurts its image -- and the nation." Ludwig Otto also takes the check mark over Joe Barton, "who has used his position to threaten scientists who argue" that humans cause global warming. Alas, notes Esky, Otto's got no chance, as he's "hapless."
Republican Kay Granger gets the nod over Democratic challenger Tracey Smith: "Kay Granger is a Cowtown moderate, and her general support of Roe and its descendants -- including RU-486, the so-called morning-after pill -- earns her broad cross-party appeal." Chet Edwards takes the check over Rob Curnock, Democrat Ken Leach gets the thumbs-up over incumbent Michael Burgess in the 26th District, while in the 32nd District race, Esky's going with Desert Shield vet Eric Robertson over Pete Sessions, who the mag says "stinks -- of Abramoff-tinged corruption, of tired ultraconservative partisanship, of self-serving redistricting."
Oh, and Sen. John Cornyn makes the "10 Worst" list in the whole U.S. and A.: That man-box turtle marriage thing still does not play well -- even if his remarks never left the printed page. Speaking of, the magazine also endorses the Mansion Restaurant at Rosewood Mansion on Turtle Creek as one of the Best New Restaurants of 2008. Something about blue jeans and roasted guinea fowl. --Robert Wilonsky
Update: The list is now live!
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Baseball Musical Damn Yankees Swings Into Maplewood
* Additional fees apply. No coupon or promo codes necessary to enjoy the displayed discount price.
The last date listed for Damn Yankees was Sunday February 10, 2013 / 2:00pm.
Most Popular Theater Event Nearby
STOMP -- The International Phenomenon is Better Than Ever
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STOMP has been a staple for decades, and it never ceases to amaze. Everyday objects -- matchboxes… More
Venue Details
Reviews & Ratings
Featured review from Goldstar Member
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Very well done, uplifting and fun.
star this review starred report as inappropriate
Our family enjoyed this production, a minor classic setting the Faust story in the context of baseball. The cast was primarily high school students, and they did a lovely job with the singing and dancing. It was very impressive to see such a...continued
star this review starred report as inappropriate
Great music, fantastic choreography
star this review starred report as inappropriate
Incredibly talented young cast. Far more than I expected from Community Theater. These actors/actresses will go far!
The show runs approximately two hours, with a 15-minute intermission. It is appropriate for all ages.


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How Power Works
The Biggest Threat to the Upcoming U.S. Election Isn't Coming From Russia
Donald Trump's Empty Blustering Reveals a Narcissist Who Can't Fathom Defeat
Hillary Clinton Ready to Flip the Script for Women
Google Has Quietly Dropped Ban on Personally Identifiable Web Tracking
Raffaele Sollecito (Author), Andrew Gumbel (Author) $11.83
By Peter Stothard $17.79
The dramatic reversals this month of anti-gay laws in Indiana and Arkansas may offer a path for the pro-abortion-rights movement. The lesson from the LGBT community is clear: Find new allies and make noise. Lots more noise.
andrewmalone (CC BY 2.0)
Rennie Gibbs, a 16-year-old in Mississippi when she gave birth to a stillborn child, is facing life in prison for taking cocaine during her pregnancy. Hers is among a burgeoning number of cases in which women are prosecuted for allegedly endangering their unborn children.
abiodork (CC BY-NC-SA 2.0)
There's been a recent uptick in the use of phrases such as "fetal pain" or "pain-capable unborn child" in anti-abortion rhetoric. Such discomfort, make no mistake, is scientifically impossible.
Wikimedia Commons
A Catholic health provider has abandoned its beliefs by arguing that a dead fetus and a dead person are not the same thing in order to win a malpractice lawsuit.
Flickr / renfield
The good news for parents to be in Michigan: Republican state lawmakers want to give a tax credit for fetuses beginning at 12 weeks' gestation. The bad news: Last year, the state eliminated tax cuts for children who were already born.
Even in cases of sexual abuse or rape, a strict abortion law enacted Tuesday in Oklahoma requires women to undergo a sonogram, during which the doctor has to turn the screen to face the patient and give her fetal development details.
AP / Daymon J. Hartley
A 63-year-old anti-abortion activist who had been staging a protest, reportedly involving graphic images of fetuses, in front of a Michigan high school was killed in a drive-by shooting Friday, according to The New York Times.
In the face of strong conservative Catholic opposition, Italy has approved use of the RU486 abortion drug. Italian authorities decided to allow the drug to be administered by a doctor up to the seventh week of pregnancy.
Picking up on the pro-life theme of "giving a voice to the unborn," cartoonist Gary Cangemi made a lil' creation of his own, "Umbert the Unborn," otherwise known as "the world's most loveable unborn baby (next to yours) ... ," according to his Web site.
The Onion pokes fun at the sometimes ridiculous abortion debate by floating an absurd proposal: fetal consent.
The Daily Mail
Using a cutting-edge array of 3-D ultrasound scans and tiny cameras, a British production team has produced images of the entire gestation process of many different animals, like this developing elephant (above). The images are to air on National Geographic next month.
Authorities in the Indian state of Punjab recently made a grotesque discovery that has prompted public outrage and a government crackdown. Acting on a tip, police and health officials raided a private clinic and found a 30-foot well with over 50 female fetuses inside.
From the BBC
A recent report by the Centers for Disease Control recommends classifying all women as pre-pregnant—whether they intend to conceive or not. It's an audacious leap along the logical fault line that values women as mere fetal incubators.
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|McMichen, Cinami & Demps Attorneys at Law - http://www.fldivorce.com/
The attorneys at the Orlando, Florida law firm McMichen, Cinami & Demps have a combined experience of more than 50 years practicing law, and focuses their entire practice on family law. - [Read more]
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At Sarieh Law Offices, our experienced Orange County divorce lawyers have the knowledge and experience necessary to fight for your rights. - [Read more]
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Andrew M. Lamkin specialized in elder law, estate planning, wills and trusts, probate, Medicaid, special needs planning, and advanced directives in Plainview, NY. We truly care for each client and their family. Call today for a free consultation! - [Read more]
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text:
Most of us outside the bubble think that the mainstream media is pretty pro-Obama. We remember all those comparisons to Lincoln and FDR in the heady early days of the administration.But apparently that's not how it looks from the Oval Office; the president thinks he's not getting a fair shot from the press. The New York Times reports:
The news media have played a crucial role in Mr. Obama's career, helping to make him a national star not long after he had been an anonymous state legislator. As president, however, he has come to believe the news media have had a role in frustrating his ambitions to change the terms of the country's political discussion.
One former White House staffer moaned that the reflexive anti-administration slant of the media undercut the president at every turn: "The feeling was, 'man, we can't catch a break,' " he told the Times, describing the White House view of the press in 1979.Some of President Obama's complaints about the media reflect criticisms about the MSM that we've made here: there's too much horse race reporting looking at who is winning and who is losing, and not enough serious thought and reflection goes into the news. The press needs to do a better job getting serious ideas and reflective coverage out there into the news flow. We're trying to do it here here at Via Meadia, and it isn't easy — and we understand how public officials in both parties can be frustrated by a media climate that focuses on 'gotcha' journalism, who's up and who's down, and has a very narrow bandwidth when it comes to helping the public understand the tough and complicated issues of the day.But overall, this president still benefits far more than most of his predecessors from a press that generally likes him, agrees with his policies on most key issues, and deeply hopes that he will be re-elected in November. Few incumbents have ever had this kind of support from the Fourth Estate; few challengers have ever had such a hard time getting a break from the media as Governor Romney.Moreover, some of President Obama's complaints are unsettling. As he sees it, the liberal narrative is "the truth", competing narratives are "factually incorrect", and the press has a duty not to treat truth on an equal basis with falsehood. By this standard, any article that doesn't heap scorn and disdain on those who disagree with him is biased; "balance" is an illusion when it comes to subjects about which liberals are passionately convinced that they are right.It just isn't that simple. Political disagreements are often about values and context—about which facts are important and should move policy rather than about whether side A or side B is right about some specific point. There's a totalitarian impulse and a deep hostility to the concept of public debate lurking not far below the surface here, and it's a little unsettling that President Obama seems to think there are a lot of public policy issues on which the liberal viewpoint is True and the conservative viewpoint is Dumb.Liberals are often some of the least tolerant people when they are sure they are right; like the Massachusetts Puritans from whom, culturally and intellectually, much of modern American liberalism descends, they believe in freedom for God's Elect — and force to make the heathen and the unenlightened Do Right.The Via Meadia bottom line here: it's a good thing we have a Constitution and laws that limit the ability of the great and the good to decide what the press is free to say. If even Barack Obama, the most coddled and cosseted politician in modern American history, thinks the media is against him, it's clear that no politician can ever be trusted to umpire the press.


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As July 1 is less than a month away, free agency talk will only continue to heat up when the NBA Finals conclude.
Media outlets believe that a "summit" will take place amongst the top players—LeBron James, Dwyane Wade, Joe Johnson, Chris Bosh and Amar'e Stoudemire.
Wade's agent debunked that exaggeration yesterday.
But that doesn't mean the superstars won't talk about their futures.
Some wonder whether Wade will stay in Miami or team up with James in his hometown of Chicago.
Others believe that the Knicks, and their money, will prevail.
In this slide show I present five reasons why Dwyane Wade stays put in Miami, which has been affectionately called Wade County since his arrival.
"But at the end of the day, everyone knows, it's not any secret that I want to be in Miami," Wade told the Associated Press. "It's just steps, a lot of steps, have to be taken to get to that point."


text:
Tasting Notes
Fresh and delicate, this wine shows clean stone fruit and apple flavors and aromas marked by subtle floral and hazelnut notes set in a crisp, balanced acidic structure.
Wine Maker Notes
Bollini Pinot Grigio is produced at vinification facilities near the city of Trento from hand picked grapes grown in superbly exposed, meticulously cultivated hillside vineyards. Overseen by consulting oenologist Franco Bernabei and styled according to the specifications of Neil Empson, the wine is crafted by winemakers trained at the nearby Istituto Agrario Provinciale di San Michele all'Adgio, renowned for its oenological research. Production begins with an immediate pressing of the fruit followed by a cold settling of the must for 48 to 60 hours. Vinification is carried out in temperature-controlled stainless steel tanks at 18° to 20°C (65° to 68°F) for 20 to 25 days to preserve the fresh, varietal character of the fruit, followed by a full malolactic fermentation. A fining and sterile filtering precede bottling.
Technical Notes
GRAPE VARIETY: 100% Pinot Grigio MAXIMUM YIELD 110 quintals/hectareof which 68% may produce wine(+68 hl/ha; 305 cases/acre) MINIMUM ALCOHOL: 11% TOTAL ACIDITY: 4.5%


text:
realmagick.com The shrine of knowledge.
Safed History
A selection of articles related to safed history.
Original articles from our library related to the Safed History. See Table of Contents for further available material (downloadable resources) on Safed History.
- Indian History Rewritten
- The Indian civilisation, considered to be the product of clash and subsequent inter mixture of the white-skinned civilised invaders and the dark savages native to India, has been rightly questioned in recent years, and the mischievously fabricated history of...
History & Anthropology >> Indic / Vedic
- The Truth Behind the History of the Necronomicon
- I don't think there are many people out there who haven't heard of the Necronomicon and the dreadful things connected with it. We've all heard the theories about how it is a Satanist tool; actual copies of the book are bound in human skin and how you risk...
Deities & Heros >> Chthulu
- History of the Egyptian Religion, part I: Early Dynastic Period
- I - Predynastic - Early Dynastic Period. The temples were in essence the *Home of the God* and thus a place where only Pharaoh as the Son of God and those he appointed as his deputies, could meet with the god. This goes all the way back to Archaic and...
Religions >> Egyptian
- History of the Egyptian Religion, part II: The Old Kingdom
- II - The Old Kingdom ca 2686-2181 BC During the Old Kingdom the Egyptian society moved from tribal communities to a fully developed theocratic system, where the power of the king was absolute. The great pyramids of Dynasty 4 was made possible by technological...
Religions >> Egyptian
- History of the Egyptian Religion, part IV: Middle Kingdom
- First Intermediate - Middle Kingdom (ca 2181 -1786 bc.) The powers that built the solar temples of the 5th dynasty and the pyramids of the 6th dynasty weakened towards the end of the Old Kingdom, perhaps as a result of eroding economics, leaving the King less...
Religions >> Egyptian
Safed History is described in multiple online sources, as addition to our editors' articles, see section below for printable documents, Safed History books and related discussion.
Suggested Pdf Resources
- The Kabbalists of Tzfat - Tzfat & Kabbalah
- The city of Tzfat in Israel's Upper Galilee, has always been known as the "Capital of. Kabbalah", and for many long historical periods was the home of Judaism's ...
- www.tzfat-kabbalah.org
- Notes on the Study of Later Kabbalah in English - Hermetic Kabbalah
- "Mystical Ethics in Sixteenth-Century Safed" = CHAPTER 4 of Jewish ... "A Mystical City" = CHAPTER 5 of Heavenly Powers: Unraveling the Secret History of the.
- www.digital-brilliance.com
- Notes on the Study of Later Kabbalah in English - Hermetic Kabbalah
- Faierstein, Morris M. ―Safed Kabbalah and the Sephardic Heritage,‖ in Sephardic & Mizrahi .... Sixteenth-Century Safed,‖ in History of Religions, vol.
- www.digital-brilliance.com
- Hungary: Jewish Family Research Guide - Center for Jewish History
- Ackman & Ziff Family Genealogy Institute • Center for Jewish History ..... Memorial Museum of Hungarian-Speaking Jewry (Safed, Israel): www.hjm.
- www.cjh.org
- History Of Jerusalems Windmill In Mishkenot Shaananim
- Apr 27, 1971 ... April 27, 1971. Building of special historical value ...
- www.jerusalemfoundation.org
Suggested News Resources
- Today in History: Yigal Allon's fight for Israel
- During the War of Independence in 1948, as the leader of the largest and strongest Jewish military unit at the time, Allon led the Palmach to major victories in Safed and the North, on the Egyptian border and in the Hebron Hills.
- A Soldier's Mother: Is it REALLY Because of the Occupation
- On May 8, 2001, a Palestinian beat to death two young boys – Koby Mandell and Yosef Ishran.
- Safed is at the height of holy and history
- Safed is spelled several ways — Zefat, S'vat, Tzfat — depending on your faith or historical perspective. Many call it the Sedona of Israel.
- In Plain Language: The sights and sounds of Israel
- There, as the shadows lengthen, I can think about God and Jewish history, imagining all that the Kotel has seen throughout the generations, all the stories it could tell. I think about all the millions ...
Suggested Web Resources
- History of Safed
- Get in-depth information on the history of Safed and find out about the city's active historic time line.
- www.safed.co.il
- Safed - Wikipedia, the free encyclopedia
- en.wikipedia.org
- Safed history - Safed Israel
- History of Safed -- periods include ancient times, Roman era, Crusaders, Mamalukes, Ottomans, British and Israel independence.
- www.safed-home.com
- Safed | Virtual Israel Experience - Jewish Virtual Library
- Encyclopedia of Jewish and Israeli history, politics and culture, with biographies, ... At an altitude of 2,790 feet (850 meters), Safed is Israel's highest town and ...
- www.jewishvirtuallibrary.org
- Safed History - Zissil
- Tzfat is a northern Israeli city who's history dates back thousands of years, though its Golden Age it came together with the Jews who, fleeing the Spanish ...
- www.zissil.com
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.
Safed History Topics
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