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APPEAL from the Circuit Court of Cook County; the Hon. RICHARD
L. CURRY, Judge, presiding.
Plaintiff, a former employer of Rolando Perkins, objected to the finding of a claims adjudicator for the Illinois Department of Labor that Perkins was entitled to unemployment compensation. After a hearing at which plaintiff testified, a referee affirmed the finding of the claims adjudicator. Upon appeal to the Board of Review (Board), the referee's decision was affirmed. Plaintiff then filed a complaint for administrative review and a motion for summary judgment in the Circuit Court of Cook County. After arguments, the trial judge affirmed the decision of the Board. On appeal to this court, plaintiff contends that (1) he should not have been precluded from raising the issue of claimant's ineligibility due to voluntariness of leaving, although he did not comply with the time limit set forth in the Department of Labor's Regulation 14 B, (2) there are omissions from the record of proceedings before the administrative agency that were crucial to the circuit court's and are necessary for our determination, (3) the Board failed in its duty to investigate the competency of the referee once questions of his competence had been raised, (4) the referee's findings as to eligibility were against the manifest weight of the evidence.
We reverse and remand this cause for further proceedings.
Rolando Perkins filed a claim, effective November 2, 1975, for unemployment insurance benefits. On his application he listed his last employer as plaintiff and stated as his reason for losing his last job as "quit." Thereafter, approximately every two weeks from November 22 until January 3, 1976, Perkins filed continued claim cards stating that in the two calendar weeks which ended on the Saturday prior to filing of card, he was actively looking for work and did not refuse to accept a job offered to him. Claimant quit high school on November 6, 1975. Two days later Perkins filed a statement on voluntary leaving which listed Earl Gerbar as his last employer and gave his reason for quitting as "I was back to school." He listed his last day of work as August 29, 1975.
As disclosed by a notation on Perkins' claim record card, a notice of Perkins' possible eligibility was mailed to the last employing unit (L.E.U.), namely plaintiff, on November 10, 1975. This notice is not in the record. In a letter dated November 21, 1975, plaintiff's attorney informed the Bureau of Employment Security at the Department of Labor, that plaintiff wished to dispute claimant's eligibility.
Thereafter plaintiff's attorney received a letter from J. Beaumont, a claims adjudicator, notifying him that Perkins had stated as his reasons for leaving that he "did not want contract work." Plaintiff's attorney was further directed to complete a form on the reverse side of the letter within seven days of the "above date." As far as the record discloses, the only date on the letter is a stamp reading "Received Jan. 12, 1976, Des Plaines." Plaintiff's attorney responded that claimant gave as his reason for quitting that he was returning to school.
On January 26, 1976, Beaumont sent plaintiff's attorney notice of the claim adjudicator's determination (Form Ben-134 P) which stated as follows:
"Claimant was discharged for reasons other than misconduct in connection with his work, since no specific act of industrial misconduct has been shown.
The claimant is eligible for benefits for each week during the period from 11-2-75 through 12-27-75, and will be determined eligible for each week thereafter as long as you meet the eligibility requirements of the Illinois Unemployment Insurance Act."
At the bottom of the form the box next to the following information was checked:
"As a party entitled to notice of the claim adjudicator's determination (see reprint of Regulation 14, section B, on the other side), your attention is called to Section 800 of the Unemployment Compensation Act, which provides that `unless the claimant or any other party entitled to notice of the claim adjudicator's * * * "determination" * * * within nine (9) calendar days after such notification was mailed to his last known address, files an appeal therefrom, such "determination" shall be final, as to all parties given notice thereof.'
APPEAL RIGHTS: IF YOU DISAGREE WITH THIS DETERMINATION, You may file an appeal, in person or by mail. Your appeal must be FILED in this office within nine (9) days after the date of this notice if it was mailed to you, or within seven (7) days after the date of this notice if it was given to you. An appeal submitted by mail must bear a postmark date within the applicable time limit for filing. A LETTER WILL SUFFICE IF YOU DO NOT HAVE APPEAL FORMS."
In a letter bearing the date of February 2, 1976, entitled "NOTICE OF APPEAL," plaintiff's attorney told Beaumont of their disagreement with her determination as to claimant's eligibility since claimant left his employment voluntarily and without good cause.
On February 20, 1976, a hearing was conducted before a referee. At the outset, the referee noted that appellant filed a timely appeal from the adjudicator's determination that claimant was entitled to benefits from November 2, 1975, through December 27, 1975. The transcript reflects that both claimant and plaintiff were sworn in. However, it later becomes apparent that only plaintiff and his attorney were in attendance.
The following testimony was elicited from plaintiff:
Perkins began working for him on September 23, 1975. He was supposed to work about four hours a day during the week and eight hours a day Saturday and Sunday at $3 per hour, raking leaves, mowing the lawn and other general home care chores.
Plaintiff believed claimant's last day of work to have been November 2, 1975. Perkins told him that he was taking special classes in school which prevented him from working until January 2, 1976. Plaintiff told him he could have employment and that he could arrange to pay him after January 2, 1976. Perkins agreed but never returned to work. Plaintiff stated that he did not know whether Perkins was available or actively seeking work. In response to a question posed by his attorney, plaintiff said that he had invited claimant to return to his employ on at least two occasions after November 2, 1975.
On March 2, 1976, the referee mailed his findings to plaintiff. He determined that the appeal had to be dismissed with respect to plaintiff between November 2, 1975, and November 15, 1975, because he did not file a timely ineligibility notice. Therefore, the referee found that the only issue he could consider was whether claimant was available for work and actively seeking work. He concluded:
"In the absence of competent contrary evidence, the Referee must conclude that claimant's certification(s) as to his compliance with the requirements of Section 500 C establishes his availability for work and active search for work in the meaning of the statute. Claimant is accordingly eligible for benefits as indicated."
On March 9, 1976, plaintiff filed a notice of appeal from the referee's decision to the Board of Review. On April 20, 1976, the Board concluded that the referee correctly dismissed the appeal for the period between November 2 and November 15, 1975, for lack of jurisdiction pursuant to Regulation 14 B, and that the employer did not present any evidence with respect to the claimant's availability for work.
Plaintiff subsequently filed a complaint for administrative review before the Circuit Court of Cook County. He filed a motion for summary judgment and a brief in support thereof. After hearing arguments, the trial judge affirmed the finding of the Board of Review.
The threshold issue on this appeal is whether plaintiff's failure to comply with the time limits set forth in Regulation 14 B operates as an absolute bar to his contention with respect to claimant's ineligibility for benefits due to voluntariness of leaving.
The Department of Labor's Regulation 14 B provides in pertinent part:
"1. An employing unit shall mail Form UC (Ill) Ben-22, Notice of Possible Ineligibility, within the time limit * * * if:
c. The worker left work voluntarily or has been absent for reasons unknown to the employing unit; or
d. The worker refused to accept suitable work; or
e. During any period which includes the date of the claim or any date subsequent thereto, the worker has been unable to work or unavailable for full-time work;
The employing unit shall mail the Notice of Possible Ineligibility within seven calendar days after the date of the Form UC (Ill) Ben-31, Notice to Last Employing Unit, or of the Form UC (Ill) Ben-183, Notice of Additional Claim, which has been mailed to it. If it employed the worker during his base period and Form UC (Ill) Ben-31 or Form UC (Ill) Ben-183 has not been mailed to it, the employing unit shall mail the Notice of Possible Ineligibility within seven calendar days after the date of the Form UC (Ill) Ben-305P, Preliminary Notice of Claim to Base Period Employer, which has been mailed to it or, if such form has not been mailed to it, then within seven calendar days after the date of the Form UC (Ill) Ben-305, Notice of Finding to Base Period Employer, which has been mailed to it.
2. If a worker refuses to accept suitable work after an employing unit has received any notice of the filing of a claim for benefits, the employing unit shall mail Form UC (Ill) Ben-22, Notice of Possible Ineligibility, within seven calendar days after the date of such refusal, to the Director * * *.
4. Except as specified in Paragraph 5, below, any employing unit which fails to mail Form UC (Ill) Ben-22, Notice of Possible Ineligibility, to the Director within the time limits and to the office prescribed above shall not be entitled to receive a notice of the determination of the claims adjudicator which relates to the ineligibility alleged to exist, or to notice of any reconsideration thereof, and it shall not be entitled to prosecute an appeal therefrom to a Referee. The claims adjudicator may, however, use the information disclosed on such form, if any, in making his determination or in a reconsideration thereof.
b. An employing unit which, after the time limit prescribed by Paragraph 1, above, mails Form UC (Ill) Ben-22, Notice of Possible Ineligibility, to the Director * * * alleging that the worker (1) is unable to work or is unavailable for fulltime work, * * * shall be entitled to receive a notice of the claims adjudicator's determination, or reconsidered determination, if any, which relates to the ineligibility alleged to exist, but not with respect to any week or weeks which occurred prior to the week in which such form is received. The employing unit shall be entitled to prosecute an appeal to a Referee from such determination or reconsidered determination."
1 If strictly applied to this case, Regulation 14 B would preclude plaintiff from raising the issue of voluntariness, because he mailed his notice to the Department in 10, rather than the prescribed seven days. However, given the circumstances present in the instant case, we believe that fundamental fairness requires that the Department's rule be relaxed here.
Although not precisely on point, we believe the Fourth District's recent decision in Angelo v. Board of Review (1978), 58 Ill. App.3d 50, 373 N.E.2d 858, is authority for our holding in the case at bar. In Angelo, one of the claimants filed an appeal from the adjudicator's determination in 10 days rather than the nine days allotted by the applicable rule. (See Ill. Rev. Stat. 1975, ch. 48, par. 470.) *fn1 She admitted receiving notification late in the final day for filing an appeal. The court construed the statute in such a way as to entitle a claimant a reasonable period of time after receipt of mailed notification to file an appeal, despite a failure to literally comply with the delineated time limit. The court held that principles of due process dictated that plaintiff be entitled to an evidentiary hearing in order to determine the truthfulness of her allegations regarding receipt of notification.
Although defendant contends that Angelo is limited to situations in which a party alleges untimely receipt of the agency's notification, we do not believe that it must be so narrowly read. Rather, Angelo allows, under certain circumstances, a reasonable period of time during which a person may appeal the agency's determination, once he has received notification.
We believe the circumstances here justify a relaxation of literal compliance with the time limits set forth in Regulation 14 B, even though plaintiff has not alleged that the mailed notification was untimely. The record discloses that with the exception of the initial three-day delay of mailing of the notice of ineligibility, plaintiff acted promptly and in compliance with agency rules. We further note that the only record of the agency's notice to plaintiff on November 10, 1975, is a cryptic notation on claimant's record card. Reference to, and a reprint of Regulation 14 B appears in the record for the first time on January 26, 1976, in the notice of the claims adjudicator's determination.
From November 21, 1975, until March 2, 1976, plaintiff was lulled into the belief that the issue of voluntariness was being considered by the claims adjudicator and by the referee. Even at the hearing on February 20, 1976, the referee noted that plaintiff filed a timely appeal with respect to the period between November 2 and December 27, 1975. The referee asked several questions of plaintiff concerning claimant's reasons for leaving. It was only on March 2, 1976, when the referee mailed his findings to plaintiff that the latter learned that his appeal had to be dismissed concerning questions raised between November 2 and November 15, 1975, because he did not file a timely ineligibility notice.
2 Furthermore, we take judicial notice of the Department of Labor's publication entitled "A Guide to the Illinois Unemployment Insurance Act" which states inter alia:
"Even though an employer does not send a Notice of Possible Ineligibility within the proper time limit, the claims adjudicator may be able to use the information disclosed on a late notice in making his determination or in reconsidering a determination already made. An employer should, therefore, send a notice if he believes the claimant to be ineligible, even though the seven-day period has expired."
We read this excerpt to mean that a claims adjudicator may make an independent reconsideration as to a claimant's eligibility even if an employer has been late in giving his notice. We see no indication in the record that the adjudicator ever made such a reconsideration and the facts here would seem to warrant one. The claimant stated on his application that he quit his job. Furthermore, there is conflicting information on the various forms filled out by claimant as to who was his last employer, when was his last day of work and why he left.
Plaintiff also contends that there are certain items missing from the record of the administrative proceedings which are necessary for our determination. In particular, plaintiff alleges that the missing notice of the referee's hearing which advised him of the issues to be considered at that hearing, would enhance his contentions with regard to the issue of voluntariness. Since it is necessary for us to reverse and remand this cause for further hearing, we direct that this missing notice be inserted into the record. See Shallow v. Police Board (1978), 60 Ill. App.3d 113, 376 N.E.2d 1025.
Because of our disposition of this matter, it is not necessary for us to reach the other issues raised by plaintiff. For the foregoing reasons, we reverse the judgment of the circuit court and remand this cause with directions to the circuit court to reverse the finding of the Board of Review and to direct the referee to hold a new hearing with plaintiff as a party, on the issue of voluntariness.
Reversed and remanded with directions.
LORENZ and MEJDA, JJ., concur.
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Planning, funding, engineering, siting and construction all took almost a decade, but the new Miles City Readiness Center - a silver-certified LEED building with all the latest in technology and safety features - was formally presented to the people of Miles City with an Open House on Thursday, February 18. The Open House was sponsored by the...
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- Table: solid oak top with white lacquered wood legs
- Chairs: solid beech.
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- Care Instructions
Care Instructions
- Dust regularly with a clean dry cloth.
- Wipe up any spills immediately with a damp cloth and then dry the surface with a clean dry duster.
- Repeat this procedure for periodic cleaning.
- Remove stubborn stains with a weak washing up liquid solution and a damp cloth and dry after with a clean cloth.
- The use of furniture polish or spray is not necessary or recommended.
- Never use abrasive or corrosive cleaning agents.
- Always use placemats and coasters to protect the surface from moisture and heat
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4 seater dining set with Talia oak table and 4 Talia white chairs is rated out of 5 by 1.
Rated 4 out of 5 by KitchenDesigned from Family friendly and beautiful I bought this set for our new kitchen and it came, as promised, on the delivery date. The table is beautiful and well made. The chairs are already assembled and are sturdy and elegant at the same time. I love this set and am very glad I spent ages researching and finally choosing this one. We have purchased 2 more Talia chairs so all of our family of 6 can sit around the table (vary comfortably I might add). I only give it 4 stars because to assemble the table was a bit tricky. The screws don't go in all the way to either the top or the supporting panel unless you use power tools, but the instructions say you shouldn't. Net result = all our screws are only half screwed in. This has not affected the stability of the table though.
Date published: 2016-06-24


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You may or may not remember that last year Robbie Williams released 'Candy' and while the track was well received on the whole BBC Radio 1 decided not to add the track to its playlist.
Nick Grimshaw, despite only presenting the BBC Radio 1 Breakfast Show has seemingly come under fire regarding the whole thing and so far seems to be the only DJ to have commented most over the decision.
Robbie seems to have taken the whole situation to heart and has said to have been left feeling "gutted" about the snub by BBC Radio 1 even though the station played his collaboration with Dizzee Rascal.
A few weeks back we reported that BBC Radio bosses had spoken out about the decision and said:
"This is all about the age of the artist's primary audience."
"In Robbie's case we believe that his main fan base is comfortably over the age of 30, whereas Dizzee's is clearly much lower."
BBC Radio 1 Breakfast DJ Nick Grimshaw spoke with Five News recently that Robbie Williams just isn't for Radio 1 anymore:
"I liked Take That when I was little, but I'm not little anymore," he said. "I don't know if he's now for a Radio 1 audience."
Speaking with BBC Radio 4's Mastertapes programme Robbie Williams commented on the decision to not be played on one of the biggest radio stations in the country: "I'm very ambitious,"
"So when Radio 1 goes and is taken away from you, a huge bit of your arsenal goes."
"It's your main oxygen to get your stuff out there."
BBC Radio bosses aren't just targeting Robbie Williams, it's not some vendetta. They're just trying to keep the listeners with music they feel is appropriate.
Muse may also be the next artist to be removed from the station when bosses commented a few weeks ago:
"Muse are approaching a crossroads – their last single ['Panic Station'] was the first one not playlisted by Radio 1 in a decade. The door remains open to them but we'll have to think carefully about their next album."
Watch the official video for 'Candy' by Robbie Williams below.


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Liam Buckley's side twice came from behind to draw with A-Lyga side Zalgiris in the first leg of their Uefa Europa League First Qualifying Round clash
It didn't take long for the Saints to adapt to the artificial surface, leading to an entertaining opening period at the LFF Stadium. Christy Fagan had the first chance for the visitors, but was well blocked when bearing down on goal. A free-kick in a dangerous position had the away fans on the edge of their seats, but Killian Brennan could not keep his effort down.
Zalgiris created a few chances of their own and punished some poor defending to take a 22nd minute lead. A throw-in wasn't closed down, giving Pavel Komolov plenty of time in the box to manoeuvre into a shooting position and blast the ball into the net.
The Saints' best chance fell to Conan Byrne, who broke free of the last defender, but the attacker squandered his chance by shooting straight at Vitkauskas. The goal gave Zalgiris plenty of confidence, but they couldn't get men on the end of crosses despite Mantas Kuklys impressing for the hosts.
Liam Buckley's men grabbed an equaliser 10 minutes into the second-half when Greg Bolger found Conan Byrne with an excellent ball out wide. Byrne did well to get the ball past the onrushing Vitkauskas to level the tie and give Pat's an away goal.
However, the Saints fell victim to more poor defending on 70 minutes. Ian Bermingham failed to clear, allowing Ramunas Radavicius to get an effort on target. Despite a good save from Brendan Clarke, the ball fell to Kamil Bilinski who found the empty net.
Pat's didn't let the goal deflate them, and continued to get men forward with some decent passing. However, their equaliser was an individual effort with Ger O'Brien going on a solo run before unleashing a shot past Vitkauskas.
The Saints will now take a draw and two away goals back to Richmond Park for the second leg on Thursday, July 11.


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Freeport-McMoRan (NYSE:FCX) is working towards diversifying the revenue mix due to the volatility and weak prices in the commodities market. The company has added oil and gas exploration and production operations to its portfolio. The addition of the energy assets to the portfolio is already showing the positive impact, as the first-quarter earnings showed how these assets made up for the weak commodities market. The company continues to face problems from the Indonesian ore export ban, which has affected the overall production volumes of the company.
A Look at the Financials
Freeport-McMoRan recently released its first-quarter earnings, and it proved to be a tough quarter for the company. The company is still facing issues from Indonesia due to the ore export ban and the weak copper prices. However, the oil and gas business was a saving grace over the first three months of the current year. The company acquired oil and gas assets in the second quarter of the last year, and posted strong revenue of around $1.25 billion for the quarter. Moreover, the total revenues for the quarter stood at $4.96 billion, compared to $4.58 billion for the same period last year. First-quarter revenue saw year-over-year growth, but the net income decreased as compared to the same quarter last year.
Net income stood at $510 million, against the $648 million reported for the same quarter last year. The net margins showed a downtrend due to the production shortfall in the copper business, as well as the declining prices of copper and gold. The revenues from the mining operations stood at around $3.72 billion this quarter, compared to $4.58 billion last quarter. The company gave lower sales forecasts for the current year for copper and gold as compared to its previous guidance, due to the unresolved Indonesian situation. However, the company has reaffirmed the full-year outlook for molybdenum and oil and gas, and it has also maintained its capital expenditure targets for the year.
Oil & Gas Assets Portfolio
During the first quarter, the oil and gas sales volumes were 16.1 MMBOE, which are higher than the January forecast volumes of 15.2 MMBOE, due to higher production volumes from the Eagle Ford assets of the company. Freeport also continued its strong operational throughput in the Gulf of Mexico, and derived stable production from the California region. The oil prices also showed an uptrend in the first quarter, adding more strength to the oil revenues. Moreover, the company acquired some high-yielding assets, including the California, Madden and Eagle Ford regions, which could further enhance its yield in the coming quarters. However, the largest proved reserves are located in California, with 188 MMBOE of oil and more than 2,000 future locations for exploration and production activities.
The oil and gas business segment should continue to fuel the company by the development of Lucius Deepwater GOM, which is expected to deliver its first production in the second half of 2014. The project is operated by several other industry peers, and Freeport holds 23.3% working interest in it. Furthermore, the company is trying to increase its natural gas yield by drilling eight wells in the Gulf of Mexico, as well as onshore in the Gulf Coast region.
Role of Copper in Future Growth
The average price of copper stood at $3.14 per pound, compared to $3.51 per pound in the same period last year. Copper price is largely impacted by the global macroeconomic conditions. China, being the largest consumer of the global copper production, influences the global copper prices with its continuously growing large economy. Over the last few months, slower economic growth in China has led to a downturn in the copper prices. Moreover, the newly-proposed structural reforms by the Chinese leadership have shifted the focus of the economy from an investment and export-driven economy to a service and consumption-led economy. This transformation could be negative for the copper demand in China. Therefore, the revenues generated from copper could show a slight downturn over the next few months due to its dependency on the global macroeconomic factors.
Freeport-McMoRan is facing some supply issues in the short-term due to the Indonesian ban, as well as the expansion of its operations in Latin America. However, the addition of energy assets have brought variety to the revenue mix of the company and reduced the overall risk. Going forward, energy assets will become a substantial portion of the total revenues of the company and provide it stability in the volatile global market of commodities. Furthermore, the expansion of operations in the Latin American assets should allow the company to make up for the lost volumes from Indonesia. However, in the short term, the supply issues are likely to persist.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Business relationship disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. IAEResearch is not a registered investment advisor or broker/dealer. This article was written by an analyst at IAEResearch and represents his/her personal opinion about the companies mentioned in the article. The article is for informational purposes only and it should not be taken as an investment advice. Investors are encouraged to conduct their own due diligence before making an investment decision. I am not receiving any compensation (other than from Seeking Alpha) for this article, and have no relationship with the companies mentioned in the article.


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Reactor Poseidon - Yellow Dial - 1000 Meters - Day and Date - 2 Rotating Bezels
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Braided texture gun metal tone stainless steel precision writing instrument. Reactor logo top. $70.00 retail value.


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Happy Life Top
$ 29.00
Product Details
This black top is amazing. This top is slightly oversized and it has 3/4 sleeves. The saying, "Happy Wife, Happy Life" is perfect! This top looks great with jeans and a fun bralette.
- This item fits true to size.
- 95% Rayon/5% Spandex
- Unlined
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- Hand Wash Cold and Line Dry
- Color: Black


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City Style Kitchen Spice Racks
~Vintage 1950s Tipp City 9 pc Range Spice Set
remodeling kitchen to industrial style, kitchen backsplash, kitchen cabinets, kitchen design, organizing, storage ideas
This space is created by opening the space between the studs in the wall. Small, skinny spot, but look at all of the fabulous storage with small pantry items that take forever to find - a great idea to steal space and have a big impact. I think you could do this to hide cd's and dvd's as a piece of art in your living room. If people wvwn own these things anymore lol
Slide out drawers in the kitchen provide easy access for spices and condiments. | 33 Insanely Clever Upgrades To Make To Your Home
Step Back Towel Rack Wood Shelf Farmhouse Kitchen or by Sawdusty
vintage spice jars with cherries. I want these. Anyone have any to sell?
love the backsplash. especially with that granite since that is the color we chose!! Looks beautiful together!
Cody and Katie are ready to leave the big city of Houston and get back to their roots in Waco, the home of their alma mater. Chip and Joanna Gaines help them transform a dated '40s ranch house into a stylish and appealing home that's ideal for raising a family.
Modern fridge made to look like an old antique icebox - with website
Best way to organize the kitchen


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I'm having my first child in August this year. I will only be able to stay at home for the first 6 months as my partner and I need both of our incomes to cover the mortgage.
Can anyone tell me how long it generally takes to get a place 3 or 4 days a week in long day care? When should I start planning and organizing this?


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As far as the Manitoba Moose are concerned, one good thumping deserves another.
On Saturday night, the Moose were beaten 8-2 by Hamilton, giving the Bulldogs a 2-0 lead in their best-of-seven American Hockey League North Division playoff series. On Monday night, the Moose handed the Bulldogs a 7-2 thrashing as the series resumed in Winnipeg. Game 4 of the series is set for Wednesday (April 21).
Jordan Schroeder recorded a hat-trick to lead the Moose to the win.
The Moose opened the scoring for the first time in the series with a power-play goal at 12:04 of the first frame. Guillaume Desbiens collected the puck at the right side boards before passing to Schroeder, who beat goaltender Cedrick Desjardins. Schroeder added a second power-play goal at 14:28. Yan Stastny's shot on net was stopped by Desjardins but Schroeder flipped the rebound into the net.
Manitoba took a 3-0 lead at 2:02 of the second stanza. Peter Olvecky's shot on net was deflected by Dan Sexton for the goal. Schroeder scored his hat-trick goal 41 seconds later.
Following this goal, Robert Mayer replaced Desjardins in net.
Hamilton scored its first goal of the game at 2:59 of the middle frame. Dany Masse won a faceoff at the right faceoff circle and sent the puck to Chad Anderson, who was positioned at the top of the right faceoff circle. Anderson ripped a shot on net that bounced off the back of a Moose defender and past goaltender Cory Schneider. The 'Dogs cut the Moose's lead in half at 8:51 with a power-play marker. David Desharnais sent a pass across the blue line to Andre Benoit, who wristed the puck on net. Ryan White tipped the shot, which beat Schneider over the blocker.
The Moose took a 5-2 lead at 3:58 of the final frame with a shorthanded tally. Ryan McGinnis chipped the puck to the centre of the ice, where Desbiens grabbed the puck and raced in alone on Mayer. Desbiens faked a forehand shot before going to his backhand and flipping the puck past the blocker of Mayer. Manitoba added a sixth goal at 14:51 when Stastny scored.
Macro Rosa added the Moose's seventh goal at 16:38.
Hamilton outshot their hosts, 36-24 before 7, 546 fans.


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July 22, 2016
Friday, July 22, 11:45 a.m.-1:00 p.m.
Stoney Creek Inn
3809 Broadway, Quincy, IL
Tara Gilroy was promoted to Vice President of Strategic Accounts at The Knapheide Manufacturing Company in July 2013. She started at Knapheide in 2003 as a regional sales manager for a 14-state territory in the northeast with 38 distributor locations before being promoted to Director of Sales for the Eastern Region. In that capacity, she managed all sales read more...
We are women with diverse talents and experiences working together to achieve a common goal; to create a supportive environment through fellowship, education and training. Our strengths and experiences together help us to become the women we strive to be.


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UK's Leading Service Charge Consultancy
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In simple terms, the lease is a type of legal contract which sets out the agreed terms (covenants) between a landlord and tenant for the occupation of a property. The lease will include (among other things) who will do what and when, and perhaps even more importantly, who will pay for […]


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The Prism, Business Bay, Business Bay
Price:AED 1,200,000
Property Type:Office
Reference No.:OF139563
Size:890 sqft.
Fitted Office in The Prism, Business Bay Call: Ali Mirza @ (055) 745 0757The OFFICE SPACE for SALE Features: Fitted office Built-up Area of 890 sq. ft. Community view The Property Features: 24 Hour Security & Security Cameras Hi-speed internet Swipe Access Gymnasium Multi-level car parkingLocation: Prism Tower belongs to Business Bay Close to two Metro Stations, namely Business Bay Accessible to Sheikh Zayed RoadPrism Tower involves construction of a commercial building comprising 3 basement levels, a ground floor, a mezzanine floor, 5 parking levels with a capacity to accommodate 1000 vehicles, 31 additional floors and a helipad. It is located in Business Bay, Dubai with easy access to Shiekh Zayed Road and the Dubai Metro. This 1,157 sq. ft. shell and core office which comes with one parking space is for sale in Prism Tower. It also includes advanced energy and environment systems, biometric fingerprint verification for security to WiFi hotspots, structured cabling for voice and data over ethernet and smart lighting conforming to 'green' environment standards. Other amenities include state of the art telecommunications, video conferencing facilities, restaurants and cafes. The 10, 000 sq. ft. lobby is fitted with mood lighting which blends harmoniously with the elegant ambience.Thank you for your interest on this listing. Are you ready to invest for a perfect office space?Or would you need an expert Real Estate Broker to clarify few matters?Please call Ali Mirza @ (055) 745 0757. You may also call us at 800-TAKTICAL (82584225) or visit our website www.takticalrealty.com if you are interested to invest and buy property or if you are an owner ready to sell / lease.Choose TAKtical Realty Group Offering Reliable Real Estate Solutions.STR no. 386/28490/16/02/0050
Call +971 55 7450757 or send an email:


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Timken (NYSE:TKR)
Q4 2013 Earnings Call
January 30, 2014 11:00 am ET
Steve Tschiegg - Director of Capital Markets & Investor Relations
James W. Griffith - Chief Executive Officer, President and Director
Glenn A. Eisenberg - Executive Vice President of Finance and Administration
Christopher A. Coughlin - Group President of Mobile and Process Industries Segments
Richard G. Kyle - Chief Operating Officer of Bearings & Power Transmission and Director
Ward J. Timken - Chairman
Eli S. Lustgarten - Longbow Research LLC
Ross P. Gilardi - BofA Merrill Lynch, Research Division
Stephen E. Volkmann - Jefferies LLC, Research Division
David Raso - ISI Group Inc., Research Division
James Kawai - SunTrust Robinson Humphrey, Inc., Research Division
Stanley S. Elliott - Stifel, Nicolaus & Company, Incorporated, Research Division
Good morning, everyone. My name is Thalian, and I'll be your conference operator today. As a reminder, this call is being recorded. At this time, I would like to welcome everyone to Timken's fourth quarter earnings release conference call. [Operator Instructions]
And at this time, Mr. Tschiegg, you may begin.
Steve Tschiegg
Thank you, and welcome to our fourth quarter 2013 earnings conference call. I'm Steve Tschiegg, the company's Director of Capital Markets and Investor Relations. We appreciate you joining us today. If after our call, you have further questions, please feel free to contact me at (330) 471-7446.
Before we begin our remarks this morning, I wanted to point out that we posted on the company's website presentation materials that supplement today's review of the quarterly results. You can also access this material through the download feature on the earnings call webcast link.
With me today are Jim Griffith, President and CEO; Glenn Eisenberg, Executive Vice President of Finance and Administration and CFO; as well as Tim Timken, Chairman, Board of Directors; Rich Kyle, Chief Operating Officer, Bearings & Power Transmission; and Chris Coughlin, Group President.
This morning, Jim and Glenn will offer a few remarks and then all of us will be available for Q&A. During that Q&A, I would ask that you please limit your questions to one question and one follow-up at a time to allow everyone an opportunity to participate.
Before I turn the call over to Jim, I'd like to remind you that today, you may hear forward-looking statements related to future financial results, plans and business operations. Actual results may differ materially from those projected or implied due to a variety of factors. We describe these factors in greater detail on today's press release and in our reports filed with the SEC, which are available on the www.timken.com website. Reconciliations between non-GAAP financial information and its GAAP equivalent are included in the press release. Today's call is copyrighted by the Timken Company. Any use, recording or transmission of any portion without the express written consent of the company is prohibited.
With that, I'll turn the call over to Jim.
James W. Griffith
Thanks, Steve, and good morning. In our earnings announcement earlier today, Timken reported fourth quarter sales of $1.1 billion with earnings of $0.55 per diluted share or $0.78 excluding unusual items. We ended the year consistent with our prior estimate posting 2013 sales of $4.3 billion, with earnings per diluted share of $2.74. Despite low levels of demand for many of our broad end-market segments, including industrial distribution, mining and heavy truck, we performed well while operating our plants at low levels of capacity. Both our bearings and steel businesses continue to demonstrate enterprise-wide operational excellence.
During the year, we advanced the company strategically and moved forward on our efforts to return cash to our shareholders. In September, we launched the project to separate the Steel business from our bearings and power transmission business to form 2 focused enterprises. And in the fourth quarter, we added a new initiative, restructuring the company's cost structure to position it for improved performance in 2014.
Let me address each of these efforts. First, we made a number of moves to position the company for long-term strategic success. They include completing 3 strategic acquisitions that further extend the scope of our product and service offering, as well as our geographic coverage, finishing 4 Steel capital investment projects totaling approximately $110 million that will increase our cost competitiveness and further differentiate our products and expand our capacity in critical product ranges.
We are on track with the installation of the $200 million continuous caster for our Faircrest steel plant, which we expect will come online in the third quarter. We also opened a new investor services center in Raipur, India, providing gear drive and bearing repair services to meet the customer demand in this target growth area.
Second, we returned capital to our shareholders, repurchasing 3.4 million shares. And in November, the Timken Board of Directors declared the company's 366th consecutive quarterly dividend. In total, we returned $277 million to our shareholders during the year. In addition, we ended 2013 with our pension plans fully funded.
Third, we're making very solid progress in separating our Steel business from the Timken Company. We launched this effort at the end of the third quarter and the work is going well. We are targeting a midyear separation and remain on track to achieve that goal. We expect to file our Initial Form 10 in the next couple of weeks, which will begin to map out the details of the new steel company.
In the meantime, let me give you a few pertinent facts. The steel company will be a new independent public company to be named TimkenSteel Corporation, and TimkenSteel will trade on the New York Stock Exchange under the symbol TMST. We expect the separation effort will cost approximately $105 million, the vast majority of which will be spent by the time of separation. As we communicated to you last summer, our initial estimates indicated a need to add approximately $25 million in new costs to the enterprise to setup the second corporate structure. The company now expects to take out approximately $20 million of corporate costs prior to the spinoff to help mitigate these additional expenses. We believe we have identified ways to mitigate the majority of the remainder of the approximately $45 million in dissynergies that we had outlined during our original analysis. We are developing investor relations programs for both companies, and we'll be providing much more information as we approach the launch date.
And finally, as we noted last quarter, recognizing that a rapid resumption of customer demand was unlikely, we launched an effort to rightsize the company for today's market environment. We, in fact, have moved forward to reduce SG&A expenses within our bearing business, expecting to reduce costs by approximately $25 million and anticipating that $20 million of that will impact 2014 earning. This is on top of the earlier referenced $20 million reduction in corporate costs. We expect approximately $15 million of that initiative to also impact 2014.
It's clear that the Timken Company had a good year in 2013 and we entered into 2014 pleased with our financial and operational accomplishments. We believe we have positioned the company well and expect a modest improvement in demand in 2014 as the economy continues to recover and key investment markets complete their inventory rightsizing. We are confident in our leadership team and in our ongoing ability to create shareholder value as we forge bright futures for both our bearing and steel organization.
Now here's Glenn.
Glenn A. Eisenberg
Thanks, Jim. Sales for the fourth quarter were $1.1 billion, a decrease of $17 million or 2% from a year ago. The decline is a result of lower demand in the industrial, mining and heavy truck end markets, as well as the impact from light vehicle, planned exits in Mobile Industries. This was partially offset by increased demand in the energy, rail, defense and steel related light-vehicle markets, as well as the benefit from acquisitions. From a geographic perspective, the sales decline was primarily in North America.
Gross profit of $264 million was down $15 million from a year ago. The decrease was driven by lower volume and the impact of lower LIFO income compared to last year, which were partially offset by lower material costs and the benefit of acquisitions.
Gross margin of 24.8% for the quarter was down 100 basis points from a year ago. Impairment and restructuring costs of $5 million in the quarter compared to roughly $1 million a year ago. The increase was due to $6 million of severance and related costs from the business cost reduction initiative Jim spoke about earlier. Partially offsetting this were lower cost related to the previously announced plant closures in St. Thomas and São Paulo.
Separation costs related to the proposed spinoff of the Steel business came in at $13 million for the quarter. We now estimate that our total separation costs will be approximately $105 million, down from our original estimate of $125 million. Of the $105 million, we expect $75 million to be expensed and $30 million capitalized.
Other expense for the quarter totaled $5 million of income compared to $4 million of expense in the same period a year ago. Income in the quarter was due primarily to a gain on sale of land in Brazil of roughly $5 million. We expect to record an additional gain of $25 million in the first quarter of 2014.
For the quarter, SG&A was $154 million, down $9 million from last year due to lower variable compensation and reduced discretionary spending, partially offset by acquisitions. SG&A was 14.5% of sales, a decrease of 60 basis points from last year. As a result, EBIT for the quarter came in at $96 million or 9% of sales, 120 basis points lower than last year.
Net interest expense of $6.5 million for the quarter was comparable to last year. The tax rate for the quarter came in at 41.2% compared to 27.8% last year. The increase relative to both last year and our prior estimate of 25% was principally driven by 2 discrete items. First, we incurred a one-time noncash tax charge of $26 million related to our global cash repatriation project, raising the rate by roughly 31 percentage points. This past quarter, the company implemented a strategy to repatriate approximately $365 million of cash to the U.S. at an effective tax rate of 7.3%. The company repatriated $123 million this month with the additional $242 million in cash to be repatriated in future period. This initiative improves liquidity in the U.S. to fund future capital allocation plans.
Partially offsetting this expense was a noncash tax benefit of roughly $12 million related to the reversal of income tax reserves as we closed out tax audits for certain prior year periods. This lowered the tax rate on the quarter by roughly 14 percentage points. The tax rate for the year was 36.9% compared to 35.3% a year ago. The increase relative to our prior tax rate estimate of 33% was driven by the 2 discrete tax items.
Going forward, we expect the effective tax rate to be approximately 34%, though the rate is expected to vary by quarter throughout 2014, primarily due to the timing and deductibility of the anticipated steel separation costs and other discrete items. We expect the first half tax rate of roughly 40% and a second half tax rate of about 30%.
Net income for the quarter was $52.6 million or $0.55 per diluted share compared to $0.78 per diluted share last year. In the quarter, there were $0.23 of unusual items that included separation costs associated with the spinoff of the Steel business of $0.11, severance due to the business cost reduction initiative of $0.04, CDO expense of $0.02 and discrete tax items totaling $0.15. These items were partially offset by income from our Brazil plant closure of $0.09, consisting of the gain on sale of land of $0.06 and the reversal of environmental reserves of $0.03. Excluding unusual items, earnings per share were $0.78 for the quarter compared to $0.80 a year ago.
Now I'll review our business segment performance. Mobile Industries' sales for the quarter were $337 million, down 7% from a year ago. The decrease was driven by the impact of approximately $30 million of lower sales from planned program exits, primarily in the light-vehicle sector. This was partially offset by improved rail demand and the Interlube Systems acquisition.
The Mobile segment had EBIT of $32 million or 9.5% of sales compared to $35 million or 9.6% of sales last year. The decline in EBIT was driven by lower volume and plant utilization, partially offset by lower SG&A and the benefit of acquisitions. In addition, the business had a year-over-year benefit of approximately $8 million primarily due to the gain on the sale of land in Brazil and lower restructuring costs, partially offset by severance costs this quarter related to the business cost reduction initiative.
The outlook for Mobile Industries' sales for 2014 is to be down 3% to 8%, primarily driven by the year-over-year impact of planned program exits of $110 million that concluded in 2013. Partially offsetting this decline is anticipated stronger demand in off-highway and rail end markets.
Process Industries' sales for the fourth quarter were $325 million, down 4% from a year ago. The decline was driven primarily by lower demand in U.S. industrial distribution, as well as lower industrial OE demand across most end market. This decrease was partially offset by the benefit of acquisitions.
For the quarter, Process Industries' EBIT was $54 million or 16.6% of sales, down from $61 million or 18.1% of sales last year. The decrease in EBIT was primarily result of lower volume, partially offset by lower manufacturing, material and SG&A costs. In addition, Process Industries had approximately $3 million of unusual costs in the quarter, primarily consisting of severance related to the business cost reduction initiative. Process Industries' sales for 2014 are expected to be up 7% to 12%, driven by improved demand across most of its industrial markets and the full year benefit of acquisition.
Aerospace sales for the fourth quarter were $89 million, up 5% from a year ago. The increase resulted from improved demand in the defense sector.
EBIT for the quarter was $5 million or 5.9% of sales compared to $10 million or 11.8% of sales a year ago. The decline in earnings resulted from higher manufacturing costs as we reduced inventory levels during the quarter, which benefited cash flow. In addition, EBIT was negatively impacted by $3 million due to restructuring charges and severance costs related to the business cost reduction initiative.
For 2014, we anticipate Aerospace sales to be up 5% to 10% reflecting increased demand across most end market.
Steel sales of $330 million for the quarter were up 4% from last year. The increase was primarily due to higher demand in the oil and gas and mobile on-highway market sectors, which was partially offset by decreased industrial demand. In addition, surcharges were up approximately $7 million.
EBIT for the quarter was $33 million or 10% of sales compared to $25 million or 8% of sales last year. The improvement reflects higher volume and lower manufacturing costs, material and SG&A costs, partially offset by the impact of LIFO.
Steel sales for 2014 are expected to be up 12% to 17% due to stronger demand in the oil and gas and industrial market, while mobile on-highway is expected to be flat. In addition, surcharges are expected to be up driven by stronger demand and higher material costs.
Looking at our balance sheet. We ended the quarter with cash of $385 million and net debt of $91 million. This compares to a net cash position of $107 million at the end of last year. The company ended the year with liquidity of $1.2 billion.
Operating cash flow for the year was $432 million, reflecting the company's earnings and lower working capital requirement. Free cash flow was $19 million, after capital expenditures of $326 million and dividends of $88 million. Excluding discretionary pension contributions of $66 million net of tax and CDO expense of $2 million net of tax, free cash flow for the year was $87 million.
In addition, throughout the year, the company purchased 3.4 million of its shares for $189 million. The company has approximately 4 million shares remaining under its current board authorized repurchase program and expects to continue to repurchase shares during the year.
The company ended the year with its global pensions funded at roughly 105% compared to 89% a year ago. The improvement was driven by the benefit of 100 basis point increase in the discount rate, favorable asset returns and pension contributions.
Turning to the outlook. Our estimates for 2014 are based on all 4 operating segments being in place for the full 12 months. We anticipate an improvement in sales for the year of around 6% compared to 2013 due to stronger demand and higher surcharges. Partially offsetting this is the year-over-year impact of approximately $110 million from planned exits in our Mobile Industries segment, which concluded in 2013. We expect earnings per diluted share to be in the range of $3.15 to $3.45.
Included in our earnings outlook, our cost totaling $0.35 per share for the following unusual items. Separation costs related to the spinoff of the Steel business of $0.55 and costs associated with the business cost reduction initiative of $0.10. Partially offsetting these costs is the remaining gain on the sale of land in Brazil of $0.30.
For 2014, the company expects cash from operating activities to be $560 million. Free cash flow is expected to be $165 million after capital expenditures of $310 million, of which $30 million is due to separation activities; and dividends of roughly $85 million.
We continue to make great progress on our separation activities related to our proposed tax-free spinoff the Steel business targeted to occur midyear. We expect to file our Form 10 with the SEC in early February, which will provide additional detail outlining the new standalone Steel business.
This ends our formal remarks. And now, we'll be happy to answer any questions. Operator?
Question-and-Answer Session
[Operator Instructions] We'll take our first question from Eli Lustgarten with Longbow Securities.
Eli S. Lustgarten - Longbow Research LLC
Clarification, I guess. I know we're exiting businesses in the Mobile business by $110 million. Is year-over-year comparison in '14 versus '13 another $110 million? Or why isn't that number in the '13 number? I mean, I'm not sure you cited that but I thought it's all impacted already in the '13 reported results.
Christopher A. Coughlin
Yes, Eli, this is Chris. The last program -- major program that we were exiting phased out in the third quarter and a little bit into the fourth quarter of 2013. So there is $110 million impact from exited business that you will see in the Mobile revenue in 2014. Around the end of the third quarter, we will be done talking about that exited business, but it's basically -- the business is gone and it's a run rate issue, '13 to '14. But that will conclude in the third quarter of this year.
Eli S. Lustgarten - Longbow Research LLC
And it's pretty evenly spread between the first 3 quarters, the $110 million?
Christopher A. Coughlin
Yes, for argument's sake, yes.
Eli S. Lustgarten - Longbow Research LLC
Fair enough. And can you talk about profitability you expect in most of the businesses as we look at 2014? Obviously, you've had a lot of pressure on margins this year and we got lots of costs floating all over the place there. So can we get some sense of what kind of profitability we should be able to expect in Mobile, Process, Aerospace and even Steel as we look out in '14 on an operating basis as opposed to all the other noise?
Richard G. Kyle
Eli, this is Rich. Let me take that for the ongoing 3 Timken Company segments. Putting aside the separation costs and some of the one-offs that Glenn referenced, we expect all 3 segments to be at double digit EBIT margins. We expect Aerospace and Mobile to be in the 10% to 13% range and Process in the high teens, call it, 17% to 20% range. The cost savings will be a little more rear-end loaded, but we don't have a significant rear-end load on the revenue side like we were baking a little bit last year. You saw on Glenn's guidance, relatively modest revenue increases, but the cost savings -- some of the cost savings will be coming through the course of the year and some of it upon separation as well.
Ward J. Timken
Eli, this is Tim. I would say, the story on the Steel side is similar. We're expecting improved profitability next year based on better volume, better mix, good cost control. Again, this would be net of any incremental costs that we would have to stand up the separate business.
Eli S. Lustgarten - Longbow Research LLC
And we're looking at margins in the 12% to 15% range, is that sort of the normalized earnings you expect?
Ward J. Timken
You're talking from a Steel perspective?
Eli S. Lustgarten - Longbow Research LLC
From a Steel perspective, yes.
Ward J. Timken
Yes, we will -- we'd solidly be in the double digits, yes. So that would be probably a pretty good range.
We'll move next to Ross Gilardi with Bank of America Merrill Lynch.
Ross P. Gilardi - BofA Merrill Lynch, Research Division
Could you just talk a little bit more about your assumptions behind the Steel sales growth of 12% to 17% in 2014? I realize you cited a number of drivers. But what really gives you confidence in that? And what specifically are you seeing in the mobile on-highway and oil and gas markets to drive your confidence? Are you seeing anything right now or is this just hope that things pick up in the second half of the year?
Ward J. Timken
Ross, this is Tim again. If you look at the 14%, you can probably put it into 2 buckets. Half would be improved volume and mix, the other half would be impact of raw material surcharge. Our belief that we're going to see scrap and alloys continue to run throughout the year as volumes in the industry get better. So on the volume and mix side, we're pretty optimistic about the Mobile numbers. Obviously, that sector is doing pretty well. We're calling it for us flat, although that would reflect a loss of business tied to the bearing platforms that Chris talked about earlier. So if you back that out, actually our mobile on-high will be up. In oil and gas, we're seeing solid growth on the oil and gas side right now. We're confident that continues to build throughout the year. And then the big question is on industrial. And I would say, within the industrial sector, there are parts that will do better than others. Obviously, having listened to the -- some of the calls earlier in the week, there are parts of that, that are a little bit iffy. But I think there are other parts of it that will be very solid.
Ross P. Gilardi - BofA Merrill Lynch, Research Division
Can you elaborate on what you're seeing in oil and gas a bit because I think that's new?
Ward J. Timken
Well, again, you got to look at the platforms that we're on. Some of the offshore stuff that we're seeing is very, very positive for us. The horizontal stuff is a little bit slow, but our belief is we'll begin to see that pick up through the year, obviously, more of a focus on oil and gas right now. The fundamental seemed to be sound, the inventories might be a little bit heavy down in Houston. But for the most part, we think they're relatively in balance. So we feel pretty good about improvement throughout the year.
Ross P. Gilardi - BofA Merrill Lynch, Research Division
And on capacity for Steel, I'm sorry if you went over some of this in the beginning of the call, we've been jumping through calls -- call to call this morning. But how much of the expected new capacity -- your own new capacity and industry capacity that's relevant for your business has come online already versus what's still on the come?
Ward J. Timken
In our case, we're -- the caster project will begin to ramp in the second half of the year. We intend to turn it on late in the second, early in the third. And that will -- we'll run that out. So you'll begin to see some of that in the fourth quarter, but not in a significant way from a capacity increase point of view. The industry in general, you've seen the start up on a number of the other facilities that would be in our space, some have gone better than others. On the whole, the industry seems to be relatively balanced based on strength in the mobile on-highway markets and again, beginning to see some growth out of the oil and gas. So in general, I would say, '13 was relatively balanced and we're keeping a very close eye on '14.
Ross P. Gilardi - BofA Merrill Lynch, Research Division
Okay. Then just lastly, I mean, should we expect a more comprehensive announcement on your capital allocation objectives over the next 3 to 5 years once the spin is completed? Obviously, you finished the year with an overfunded pension plan and your net debt is under $100 million and this is talked about every quarter. But will there be some grander communication on what you plan to do with respect to capital allocation at some point in the next, say, 6 months?
Glenn A. Eisenberg
Ross, this is Glenn. Let me address that. The answer is, one, yes, especially as we get now closer to the separation where both businesses will come out, kind of on an Analyst Day, if you will, and talk about not only their business but also their capital allocation plans. To your point, given that we've now peaked at our CapEx levels, so the expectation is that will start to come down and that the pension plans are now fully funded. More of our capital allocation will now start to go back to shareholders, if you will, dividends, share repurchases and obviously also the opportunity to do some bolt-on acquisitions. But you'll see more clarity on that as we go throughout the year.
Ross P. Gilardi - BofA Merrill Lynch, Research Division
But would -- should we naturally think of that as something that would after you've completed the spinoff that you're free to communicate on or not necessarily?
Glenn A. Eisenberg
Well, we'll obviously communicate on it each quarter as we go through. But I think once we have the Analyst Day, if you will, the separation where you now have the 2 businesses, that's another opportunity for the leaders of both of those businesses to talk about their capital allocation strategy going forward.
James W. Griffith
And we are planning that Analyst Day shortly before the separation.
And Stephen Volkmann with Jefferies has our next question.
Stephen E. Volkmann - Jefferies LLC, Research Division
Actually, I'm going to stay with the same theme, if it's okay. First, on the repatriation of cash, Glenn, you talked about the $123 million that you already got and the rest in future periods. Is that like during '14, or is that the next 10 years or something?
Glenn A. Eisenberg
Let's just say you've got the bid and the ask there, but no, most of it will be done earlier than later. We'll continue to do more this year. It's going to really be a function as well of when we need the cash in the U.S. for our capital allocation plans, but it will be spread out over some time.
Stephen E. Volkmann - Jefferies LLC, Research Division
Okay. And is the $365 million kind of it and -- or is there additional opportunities in future periods?
Glenn A. Eisenberg
Well, again, we'll have more cash overseas. The issue is we're able to bring back that $365 million at an effective tax rate of 7.3% barring other kind of tax planning strategies or the government changing their view on it, future cash would be in the normal course of, call it, the 35% rate. But we were able to at least bring back the $365 million at a very attractive rate.
Stephen E. Volkmann - Jefferies LLC, Research Division
Okay, good. And then, I guess, I'm just -- maybe this isn't as much of a question but I'm just surprised that you wouldn't have bought back a little more stock given the price had been depressed, maybe not so much today. But you sort of had a window of opportunity there and some cash coming in the door. And are you guys just sort of trying to be conservative until you get everything settled on the spin? Or is there a reason that you would have sort of held back on this?
James W. Griffith
Steve, this is Jim. Let me just sort of comment. The board is very focused on positioning the 2 new CEOs of the company to have solid balance sheets and to allow them to come out of the dock with their clear cap allocation strategy. So we're -- to use your word, we are conservative now to reserve for the 2 new CEOs to come out and share with you in somewhat different businesses what their capital allocation strategy and that is a direction that's coming from our Board of Directors.
Stephen E. Volkmann - Jefferies LLC, Research Division
Okay, that's helpful. And I guess, just a final on this one is, should we be expecting the TimkenSteel Company to provide any sort of dividend back to Timken bearing prior to the spin?
Glenn A. Eisenberg
Again, Steve, I think we've always had this kind of a guiding philosophy on the separation is that we would have 2 very attractive strong balance sheets for both companies. So we're viewing it not as the ability to dividend cash back to the company, but to make sure that both companies have strong balance sheets. So we continue to work on it and assess what the capital structure of both of the businesses will look like at the time of separation. And obviously, we'll provide you that information when it's ultimately determined.
And David Raso with ISI Group has our next question.
David Raso - ISI Group Inc., Research Division
Regarding the timing of the savings, the $25 million of annual savings, maybe I missed it. Is that 2014, you can capture the $25 million then? Or is that just a first annualized run rate?
Glenn A. Eisenberg
Yes, David, on the business cost reduction initiative, that's the one that you're speaking to, in Jim's comments, he referenced that it will be a $25 million run rate of savings, of which $20 million should -- will be impacting our 2014 results.
David Raso - ISI Group Inc., Research Division
Okay, great. And then regarding -- and again, maybe I missed this, but the separation costs, the initiatives to generate $20 million of annual savings. That's above and beyond what we just spoke about, right? It's above and beyond the $25 million?
Glenn A. Eisenberg
That's correct. We kind of viewed that the business cost reduction initiative is really reflective of the current business environment and continuing to strive to take cost out. As we look through the corporate cost reduction similarly, we know we're in the process of separating into the 2 businesses and both organizations are looking at the corporate structures that are required in how to lean and take out costs in anticipation of what we know will be new costs added to the company as we standalone a new public entity. So on the corporate side, we're looking to taking out around $20 million of costs on top of the $25 million that the business is taking out. And of the $20 million of the corporate costs, we're -- roughly around $15 million of that will be impacted in the 2014 results.
David Raso - ISI Group Inc., Research Division
All right. That's what I'm trying to think, it's a little tricky. You break the company up into 2, there's incremental corporate costs for each standalone. Is this $20 million sort of make it a neutral situation where you break up the 2 companies, but the corporate costs don't need to go up in aggregate? Is that a good way to think about it?
Glenn A. Eisenberg
That's a good way to think about it. What we've said before was that the incremental costs to the enterprise of separating into 2 public companies, the incremental cost would be roughly $25 million. The corporate cost reduction is really meant to take out and look at the 2 combined or separate companies and how can we mitigate that increase. And again, we believe we can take that around $20 million of that before the separation were to occur.
David Raso - ISI Group Inc., Research Division
All right. I guess, last question, not to front run your thoughts on analyst meeting bigger picture view, but maybe just think of it as still a combined company. The company was able to do, call it, $1.25, $1.50 EPS run rate per quarter when the commodity complex was strong. So straight into mining, a lot of big infrastructure that spins off when commodity complex is strong. With some of the restructuring actions, how you're thinking about the company broadly? And it sort of goes into, I guess, what you're going to roll up into a bigger picture view for an analyst meeting. We've lately been run rating, call it, $0.75, $0.80 a quarter. If the commodity complex doesn't really come back, say there's a weaker dynamic for a couple of years, just hypothetically, how do you think about the earnings power of the company? I guess, it's fair to say that, that run you had in late '11 and early '12 was very profitable, enjoying the commodity complex. So I'm just kind of giving you the platform here to help us a little bit how you view the run rate earnings power of the company if I didn't give you back the commodity complex being strong.
Glenn A. Eisenberg
Let me maybe take a first cut at it and see if the others want to join in. But one way to think about the performance of the company and as we look at it even this year, yes, we're operating at around 50%, 55% capacity, given that a lot of our markets are down. So as you point the one we expect to see the -- in improving markets but modestly so and we'll start to leverage on that. So as you think about kind of the trough to peak for the company, we're more towards the latter than the former. So we expect to leverage well as the markets pickup. The cost structure is in good shape, the amount of exited business that we've exited that had been less attractive in the past when we've seen stronger markets, we expect to perform much better at. So we've given you kind of our targeted, if you will, returns by the 4 operating segments as we go through the cycle and we don't envision that would change, if anything, hopefully, there's upside to that given the focus on our cost structure and the mix of our business.
David Raso - ISI Group Inc., Research Division
I wasn't sure if anybody else wanted to chime in there. I mean, that's the whole issue, right? How much do you take the cost out versus the mix inherently? It might be a little bit of a struggle the next couple of years versus that run we had when the commodity complex was strong giving you a lot of high profit margin end markets.
James W. Griffith
Dave, this is Jim. I think there's a little hesitancy to push out here because we -- as we went into the second half of 2012 and the first half of 2013, we shared with you that we saw major segments of our attractive markets going through big inventory rightsizing. And that is -- that has gone on -- I'm sorry, and we forecast it coming to an end and therefore, we gave you upside forecast from that point of view. At this point, a little bit of the hesitancy is trying to figure out how much of the market conditions that have us running at 50% to 55% capacity utilization is in fact the inherent market versus how much of it is still the overhang of inventory in some of the major segments and the lack of demand. So it's a little difficult to answer your question. I think the more general answer to your question is come back to the margin targets that we've talked about over time that -- and Rich said it, for the bearings side of the house, that Mobile and Aerospace ought to be in the low to mid-teens, that Process ought to be in the upper teens and that Steel should be in the mid-teens and potentially higher as the new capital things come on. So the -- we've now, with a relatively weaker market, got the margins right. The question in terms of trying to translate that into EPS is making an assumption of what's the fundamental demand for the products that we're serving. Not a question of mix, it's a question of fundamental demand.
David Raso - ISI Group Inc., Research Division
Well, I think that's interesting right there. I mean, you're saying even with what I would argue might be a weaker mix, you don't see a major change on how you used to view your margins to how you view them today. It sounds like a fair summary of -- we can all debate the top line. But even with an adverse mix, it doesn't seem like you're backing away from what you think inherent margins are for each business. And then, of course, the kicker is what do we do with the balance sheet, right? Obviously, you have the firepower to buyback 10% of the company pretty easily here. So okay -- but -- so the analyst meeting will give us obviously a little more clarity on all these questions.
James W. Griffith
[Operator Instructions] We'll move on to James Kawai with SunTrust Robinson Humphrey.
James Kawai - SunTrust Robinson Humphrey, Inc., Research Division
I just want to dig into organic growth on the process side. Could you kind of break out acquisitions there within the 7% to 12% growth that you're forecasting for the year? And then one of your competitors early in the week, on their call, kind of flagged improving trends within distribution. And I was just wondering if you're starting to see the front end of that as well.
Christopher A. Coughlin
Okay. James, this is Chris. Yes, 2% is the acquisition for '14 is what's in that number. So on the Process side, moving forward, we very clearly are seeing improved order intake rates within the original equipment space. This is primarily in power transmission and wind energy segments are driving that. So that's very clearly happening. The second thing is within distribution, it's very clear that the North America market has bottomed and we are cautiously optimistic that the income and order rates are going to strengthen from this point. The only thing we have out there that's concerning us is some of the emerging markets, primarily around distribution with the currency and political stuff that's going on in places in Latin America and obviously, in the other emerging markets in ASEAN, et cetera, there's some concern there, distributors tend to freeze up when those kind of events are going on. So we have to watch that carefully. But the trend lines in our major groups, for lack of a better term, are clearly more favorable than unfavorable.
James Kawai - SunTrust Robinson Humphrey, Inc., Research Division
Got you. And then on the Mobile side, the 3% to 8% decline, it seems like when you strip out the 6% or 7% headwind from program exits you're looking at plus or minus 2% to 3% probably with some downside in mining and upside in auto. Is that kind of a fair look at that?
Christopher A. Coughlin
Pretty much. The organic side of that is about 3% to 4% increase. To your point, it's the exited automotive program that's driving the total. So yes, I think you pretty much had it. On the Mobile side, mining is, obviously, still a significant problem for us. But other segments, such as rail and others, are doing pretty well.
James Kawai - SunTrust Robinson Humphrey, Inc., Research Division
And then finally on the Steel side, I was just wondering how much of the Faircrest continuous cash or upgrade is baked into the numbers? And I'm kind of interested on the cost side. I know that project's been characterized as kind of $200 million investment with a 15% to 20% IRR with half of it coming from costs, so implies a pretty good kind of earnings kicker just from the cost side. And I'm wondering, is the ramp going to be somewhat -- mute that gain in this year? Or can we kind of expect some accretion this year with much more next year?
Ward J. Timken
James, this is Tim. As I said earlier, our ramp on that facility is third -- late third, early fourth quarter. So the impact on 2014, from a revenue and profitability point of view, is going to be relatively minor. When that facility is up and running at full capacity, it will have a significant impact. You probably won't see a lot of it in the back end of the next year or this year though.
James Kawai - SunTrust Robinson Humphrey, Inc., Research Division
All right. But pretty much the full or a good chunk of the benefit in '15?
Ward J. Timken
You'll begin to see it, yes, really come on in '15.
And we'll move on to Stanley Elliott with Stifel.
Stanley S. Elliott - Stifel, Nicolaus & Company, Incorporated, Research Division
My question has been answered.
[Operator Instructions] And gentlemen, there are no further questions. I will turn the conference back to you all for closing remarks.
James W. Griffith
Well, thank you again for your interest in the Timken Company and your patience as we attempt to describe to you the many moving pieces going on within our company. Bottom line, the company is well positioned going into 2014 and we expect a good year. Thank you.
And that will conclude today's conference. Again, we thank you all for joining us.
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