text:
Horizon Pharma (NASDAQ:HZNP)
Q1 2013 Earnings Call
May 10, 2013 08:00 AM ET
Bob De Vaere - EVP and CFO
Tim Walbert - Chairman, President and CEO
Todd Smith - EVP and CCO
Annabel Samimy - Stifel
Heather Biana - JMP Securities
Charles Duncan - Piper Jaffray
Good morning, ladies and gentlemen. And welcome to Horizon Pharma Inc. First Quarter 2013 Earnings Conference Call. At this time all participants are in a listen-only mode.
As a reminder, today's conference call is being recorded. I'd now like to turn the conference over to your host, Mr. Bob De Vaere, Executive Vice President and Chief Financial Officer. Please go ahead, sir.
Bob De Vaere
Thank you. Good morning. And welcome to Horizon Pharma's First Quarter earnings call. This morning we issued a press release that provides the details of the company's financial results for the quarter ended March 31, 2013, as well as an update on DUEXIS and RAYOS, and other recent business highlights. This press release is available on our website at www.horizonpharma.com.
Leading the call today will be Tim Walbert, Chairman, President and Chief Executive Officer of Horizon Pharma, who will provide a corporate update. Todd Smith, Executive Vice President and Chief Commercial Officer will provide an overview on the commercial performance of DUEXIS and launch of RAYOS. And I will provide an overview of the financial highlights from the first quarter ended March 31 before turning the call back over to Tim for closing remarks.
As a reminder, during today's call we will be making certain forward-looking statements. These statements may include statements regarding our financial outlook in cash runway, our sales and marketing plans, potential growth of our business, projected results of pricing decisions and plan to enter into future commercial agreements.
These forward-looking statements are based on current information, assumptions and expectations that are subject to change and involve a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements.
These risks are described in our filings made with the Securities and Exchange Commission including our annual report on Form 10-K for the year ended December 31, 2012 and subsequent quarterly reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements and Horizon disclaims any obligations to update such statements.
During the call, we will also wrote in select to us healthcare analytics data specifically total prescription dollar value data which is provided only for trend purposes. It is not reflective of what the company would or will recorded sales on the U.S. GAAP basis which is based on products sold through our wholesale distributors and not total prescriptions.
Further, we may also discuss non-GAAP financial measures during this call to help you understand our underlying business performance. The GAAP reconciliations are provided in the press release which has been posted on our corporate website.
I will now turn the call over to Tim.
Tim Walbert
Thanks, Bob, and thank you to everyone for joining us on the call today. 2013 began with solid results in the first quarter. Our commercial execution continues as we delivered gross and net sales increases of 70 and 73% respectively versus the fourth quarter of 2012. Excluding the benefit of a one-time change in the timing of DUEXIS revenue reorganization in the fourth quarter of 2012.
During the first three months of 2013 we continued the acceleration in DUEXIS prescriptions and revenues we launched RAYOS and closed the quarter with a strong balance sheet that included approximately 81 million in cash and cash equivalents which we continue to indicate would get us through 2013. we are pleased with DUEXIS continued momentum as growth of prescriptions further accelerated during the first quarter and the number of physicians prescribing DUEXIS increased compared to the fourth quarter of 2012.
Gross and net sales of DUEXIS in the first quarter of 2013 were 6.7 million and 5.3 million respectively which are increases of 29% and 18% respectively versus the fourth quarter of 2012, again excluding a one-time benefit in sales on the fourth quarter of 2012 related to the timing of revenue recognition. Gross sales recorded in accordance with U.S. GAAP were 1.5 million in January, 4.9 million in February and in March we recorded 3.3 million partially reflecting the benefit of a one-time price increase we took on March 15, 2013.
According to monthly data from According to monthly data from Source Healthcare Analytics, total prescriptions of first quarter of 2012 were approximately 46,000 and total prescription dollar value was 8.5 million which reflects the dollar value of prescriptions at the time prescriptions are reported and is not U.S. GAAP measured.
Compared to approximately 39,000 total prescriptions for the fourth quarter of 2012 and total prescription value of $4.9 million this represents an increase of 17% in total prescriptions and increase of 73% in total prescription dollar value. additionally according to weekly data from Source Healthcare Analytics total prescription dollar value for the four week period April 26, 2013 that's actually week ended was 6 million compared to 4.2 million in total prescription dollar value for the four week period ended March 29, 2013 this is an increase of 43%, as mentioned earlier in March 2013 we took a significant price increase in DUEXIS this increase now positions DUEXIS in the range of other branded end sets Source Healthcare Analytics reported gross TRxs dollars by week averaged 564,000 for the six week period prior to the price increase in mid-March and 1.5 million per week in the sixth week per your post increase worth 265% increase in DUEXIS value over that period. With this price increase, we expected a near term impact on prescription as due to a loss of business for cash paying patients and potentially, patients who have high coinsurance levels. We anticipate the growth rate in total prescriptions to normalize as we continue to aggressively promote DUEXIS to key targets and we've already begun to see support in new and total weekly prescriptions.
In fact three of the last four weeks have shown positive growth with DUEXIS weekly prescriptions increasing 5.8% over the last four weeks. Further, our market research continues to show that approximately 85% of commercial claims are being approved for DUEXIS with the company providing cost effective access to patients who are copay assistants program, 80% of our commercial claims for DUEXIS continued to have a patient out of pocket cost of $25 or less.
A key driver DUEXIS growth has been a result of the progress we're making on a strategic efforts to drive the demand of DUEXIS where we apply a business to business to business sales strategy implementing a cohesive copayment plan and expanding our program with local and regional specialty pharmacies that allows DUEXIS to be shift directly to patients. Todd will provide an update on this strategy later in the call.
Additionally, our sales team is focused on insuring an effecting RAYOS launch which has been well received by both physicians and patients today. While still early in this lunch phase we're encouraged by the initial uptake of RAYOS by rheumatologist. As a reminder while RAYOS is approved by the FDA for over 80 indications, we're currently focused on rheumatoid arthritis and polymyalgia rheumatic in the rheumatologist office in with key primary care physicians.
In late January 2013, we fully launched RAYOS through 150% sale force which also details DUEXIS the majority of U.S. rheumatologist and key primary care physicians. As I said while we're early in the launch phase, cumulative prescribers of RAYOS were approximately 372 through March and were approximately 1250 prescriptions of first quarter 2013.
Outside the U.S. RAYOS is known as LODOTRA and is now approved in 25 countries including five countries where LODOTRA was approved in April in Eastern Europe. In Europe, it is marketed through our distribution partner Mundipharma which also has commercial rights in certain Asian and Latin America countries.
Today, we reported first quarter net revenue of $3.6 million for LODOTRA. It is important to remember that LODOTRA European revenues are not linear and do not represent sales to the market, but rather sales through our distribution partner Mundipharma and therefore our numbers for LODOTRA in Europe can significantly vary from quarter-to-quarter as we satisfy the delivery request of our partner.
In February we received our fourth noticeable allowance in the US Patent and Trade market office since October of '11, for DUEXIS, validating the strength of our intellectual property with patent terms currently out to 2028. After issuance Horizon plans to list US patent in the FDA's approved drug products with therapeutic equivalent evaluations at Orangebook. On March 7th 2013, we're also notified by the United Kingdom Medicines and Healthcare Products Regulatory Agency or MHRA that DUEXIS was granted a marketing authorization in the United Kingdom. This approval is the first step towards getting broad approval across Europe. Our strategy continues to be to seek a potential partner or partners in the UK and other EU member states where DUEXIS may be approved. While our permanent focus for DUEXIS remains in the US, where we believe the vast majority of global market opportunity exists, we're none the less pleased with the approval. Now I'll turn the call over to Todd, who'll discuss our commercial highlights for the quarter.
Todd Smith
Thanks Tim. Good morning everyone and thank you for joining us today. Let me start by echoing what Tim said, we continue to be very pleased with the results we've seen with DUEXIS, we continue to also be pleased with the productivity of our sales forces measured on a prescription per representative basis, especially when compared to other recent (inaudible) and specialty pharma launches. One of the key internal metrics we look at is the number of adopters for DUEXIS and how this progresses over time. As we look at our performance, adopters, and adopters are actually prescribers or physicians who write five or more prescriptions of DUEXIS a week. A good way to evaluate progress in establishing DUEXIS with our key targets. In the last six months we've seen an increase of 63% and adopters from our pre-expansion representatives.
Also we continue to see progress since we implemented a program with local and regional specialty pharmacies that allows DUEXIS to be shipped directly to patients. The pilot programs designed to eliminate barriers that often exist with traditional pharmacy processes, this includes managed care challenges, pharmacy switching and stocking as well as patients walking away from prescriptions due to high copay cost. This program that we have ensures that patients receive DUEXIS as prescribed by their physicians, a continued success of the pilot program gave us confidence to move from the pilot stage in Q4 of last year and allowed us to expand the program to 27 territories across 11 states in the first quarter of this year. We're also on track to incorporate these learnings from the pilot and begin to rollout this program across the country to the remainder of this year.
So additionally because DUEXIS is promotionally sensitive we believe our continuing success is also due in part to hiring sales representatives with successful prior business to business experience. This profile changes continued to result in a promotional effort that focuses on selling to the entire office staff, responsible for patient receiving the prescription rather than just selling solely to a physician. So once the prescription is written our representatives are then focused on educating the office staff so they understand the benefits of DUEXIS and are also prepared to protect the prescription that show the patients receive the medicines their doctor intended.
With that, now I'd like to also move on updating our progress with RAYOS since our full launch meeting in late January. We're very encouraged by the feedback we've received from our sales force. We're also pleased with the initial response from the rheumatoid arthritis community as we were 371 cumulative prescribers of RAYOS as of the end of the first quarter and 485 cumulative prescribers of RAYOS since launch according to Source Healthcare Analytics data through the end of April.
These physicians have prescribed over 1,400 total prescriptions till date with over 1,200 of those prescriptions coming in the first quarter. Now, approximately 94% of patients on RA therapy including standard prednisone still complain of morning symptoms. Our market research shows, our key messages are resonating with physicians in the rheumatoid arthritis community.
Post launch feedback shows that 71% of patients in our research indicated that they prescribed RAYOS because of the 55% reduction in duration of morning stiffness and over 50% of our prescribers prescribed RAYOS for its unique design which delivered prednisone after a four hour delay thereby allowing patients to conveniently take the RAYOS at bed time.
These messages are consistent with our launch strategy to position RAYOS as a rheumatoid arthritis therapy that allows patients at have less pain and stiffness in the morning and provide a significant improvement in quality of life.
Now from a managed care standpoint we've already have had over a 100 clinical presentations in managed care with positive early feedback. We expect similar coverage for RAYOS as we've seen with DUEXIS in commercials payers.
We also planned to ensure patients get access to RAYOS by providing a plan to make sure their out of pocket expenses are manageable. Our goals for the majority of patients have an out of pocket cost below $25 per month.
So, we're pleased with the commercial progress of DUEXIS and though still quite early, we're very encouraged by the initial launch of RAYOS and we look forward to continued growth of both brands as we continue to receive positive feedback from both our patients and physicians.
So, thanks again for your time. And now I'll turn it back over to Bob.
Bob De Vaer
Thanks Todd. For the first quarter ended March 31, 2013 gross and net sales were 10.7 million and 9.2 million respectively compared to growth in net sales of 2.9 million and 2.5 million respectively for the first quarter of 2012.
DUEXIS gross sales were 6.7 million and net sales were 5.3 million after deducting trade discounts and allowances of 0.6 million and copay systems cost of 0.8 million. DUEXIS represented 63% of gross sales and 58% of net sales during the first quarter
The increase in DUEXIS sales was primary due to increased product shipments as a result of the company's extended sales force compared to the first quarter of 2012 as well as the product price increases we have discussed.
RAYOS growth sales and net sales for the first quarter of 2013 were approximately $0.4 million each. LODOTRA growth and net sales in the first quarter of 2013 were $3.6 million and $3.5 respectively compared to growth and net sales of $1.8 million and $1.6 million respectively in the first quarter of 2012.
Research and development expenses decreased $1.9 million from $4.1 million during the three months ended March 31, 2012 to 2.2 million during the three month ended March 31, 2013. The decrease in research and development expenses during the first quarter of this year was primarily associated with the classification of 1.4 million in medical affairs expenses to selling and marketing expenses in addition to 0.6 million reduction in consulting expense.
During the first quarter of this year in connection with the full commercial launch of RAYOS, the company began to classify its medical affairs expenses which consist with expenses related to scientific publications, health outcomes, biostatistics, medical education and information in medical communications as selling marketing expenses in according with U.S. GAAP. Prior to full commercial launch of RAYOS in late January 2013, these medical affairs expenses were classified as part of research and development.
Sales and marketing expenses increased 5.1 million from 11 million during the three months ended March 31, 2012 to 16.1 million during the three months ended March 31, 2013. The increase was primarily attributable to 4 million in higher salaries and benefits expenses due to the increase in staffing of the company's field sales force, the classification of 1.4 million of medical affairs expenses to selling and marketing expenses during the first quarter of 2013 and a 0.2 million increase in consulting expenses which was partially offset by a 0.5 million decrease in launch-related marketing and commercialization expenses.
General and administrative expenses during the three months ended March 31, 2013 were 5.2 million and remained unchanged compared to the comparable quarter in the prior year. Interest expense decreased 0.9 million from 4.5 million during the three months ended March 31, 2012 to 3.6 million during the three months ended March 31, 2013. The decrease in interest expense was primarily attributable to the absence of debt extinguishment costs on prior debt facilities which was partially offset by higher borrowing balances in the current year.
Income tax benefit increased 0.7 million from 0.2 million during the three months ended March 31, 2012, to 0.9 million during the three months ended March 31, 2013. The increase in income tax benefit during the first quarter of this year was primarily due to reduction in the company's deferred tax evaluation allowance resulting from a determination that a portion of our deferred tax assets associated with the deferred revenues from milestone payments would be realized in the future years.
Net loss for the quarter ended March 31, 2013 was 22.12 million or $0.36 per share based on 61,939,822 weighted average shares outstanding compared to a net loss of 23.7 million or $0.98 per share based on 24,116,490 weighted average shares outstanding for the quarter ended March 31, 2012.
Non-GAAP net loss for the quarter ended March 31, 2013, was 18.7 million, or $0.30 per share, compared to a non-GAAP net loss of $20.5 million, or $0.85 per share for the first quarter of 2012. You can refer the section of the press release we issued this morning titled regarding the use of non-GAAP financial measures for full discussion on this subject.
The company had cash and cash equivalence of 81.1 million at March 31, 2013.
I will now turn the call back over to Tim for some closing comments.
Tim Walbert
Thank you, Bob. In summary, we're off to a very strong start in 2013 with a solid first quarter results and significant momentum early in the second quarter especially with DUEXIS revenues. Our near-term strategy continues to focus our efforts and capital resources on driving the commercial performance of DUEXIS and successfully launching RAYOS.
So, early in the commercial life cycle we believe the underlying demand for DUEXIS and RAYOS is significant. Additionally our strategy to create long term shareholder value includes increasing the number of product against our existing commercial infrastructure. We see many one and two product companies in the specialty pharma space all utilizing significant infrastructure to either commercially launch or promote their products.
We believe, we can offer creative solutions for these companies and therefore actively seeking opportunities to co-promote acquire and/or in license additional products into our company that capitalize on our commercial infrastructure. Our objective continues to be to build a profitable specialty pharmaceutical company.
Thank you for joining us today and we'd now like to open up the call to questions.
Question-and-Answer Session
Thank you. (Operator Instructions). Our first question is from Annabel Samimy from Stifel Nicholas. Your line is open.
Annabel Samimy - Stifel
I just want to go back to the pilot program that you had. I missed the early part of the call; if you can give us a few more statistics on exactly the impact that it had and what would it take to roll it out to the different territories that you have in terms of timing and costs?
Bob De Vaere
So, is the question related to our pilot program, we originally piloted it in the fourth quarter with a small number of territories and physicians where we saw about a 35% increase in this run rates for the average physician office during that pilot program. That gave us confidence to expand it in the first quarter; as Todd mentioned too, about 27 territories across 11 states and at this point, we feel confident enough from both the pilot and the results we have seen in the first quarter, so that we are going to expand it to the remaining territories throughout this year and as aggressively as possible to ensure not only the program is successful but we managed the associated scale.
So, we have been very pleased with it and the results are as we expected because its accomplishing several things; one, it's helping the physician office staff from a reimbursement standpoint, from the ability to educate the patients on why and what the risks are from taking end sets subsequent to upper gastrointestinal ulcers and then it gives the patient opportunity to talk to a pharmacist who is there to help educate them why they are prescribed DUEXIS and then you make sure they get the product. So, all in all we have been very pleased and we continue to expand the program.
Annabel Samimy - Stifel
And what's the timing in terms of the expansion and the additional costs?
Bob De Vaere
From an additional cost, we don't see any material costs incrementally; it's essentially just the costs, shipped the product to patients and we overnight the product and one of the things we have done over the first quarter is instead of just using one specialty pharmacy, we have engaged more local pharmacies which minimizes some of the cost also. From absolute cost standpoint, we don't see any material impact and we expect over the next quarter or two to completely rolled out across the country.
Annabel Samimy - Stifel
Great and if I can ask another question related to the price increase on DUEXIS. Have you had any difficulty or push back from the payers or how do they try to extract further gross and net discounts from you with regard to that. So you know if you took a 154% increase should we assume a 454% increase or should we assume something a little bit less than that.
Bob De Vaere
So the answer to the first part of the question is no, we have not received one call in the approximately eight weeks since we took the price increase, so we don't anticipate any significant impact from a managed care perspective. From a gross to net, the only impact we see and certainly increase in the gross to net is, we have increased the maximum amount of pockets from a copay buy down for the patient, so prior to the price increase we had a max buy down of about $50 on an individual patient basis, to ensure that we buy that copay down to $20-$25. We've increased that to a 130 so that will slightly increase the gross to net, but overall the majority of the price increase will drop to the bottom line.
Annabel Samimy - Stifel
Okay great and do you feel that I think initially you'd expected some washout of cash pay patients, is that at this point washed out and could we just assume trends from this point forward.
Bob De Vaere
What we originally expected was anywhere from 8-12 weeks of losing 5-6% of our business that was cash and also patients that had significant coinsurance in the 20-30% range. So we expected it for almost three months and we're about seven weeks in, in data and over the last three weeks we have accumulative increase of 5.8%. So we have prescriptions increasing much earlier than I expected, so we expect that trend to continue.
Our next question is from Heather Biana from JMP Securities, your line is open.
Heather Biana - JMP Securities
I just wanted to get a little bit of color on how things are going with Covidien and if they're increasing their efforts on sales of DUEXIS.
Bob De Vaere
With Covidien, we continue to work with them, I think as we said last quarter we're not entirely pleased with the performance at that point in time, with overall the performance being excellent for the quarter. We continue to work with them and I think the communication, the ability of the teams to interact, agree on the messages and drive that to the sale force has definitely improved and we continue to work with them and ultimately long term we expect that performance to continue to improve. We obviously have a number of measures in place to ensure that performance is met and if not then we can take significant measures to take the product back, but at this point in time things continue to progress.
(Operator Instructions). Our next question is from Charles Duncan from Piper Jaffray. Your line is open.
Charles Duncan - Piper Jaffray
Couple of questions regarding DUEXIS, first of all I appreciate Todd all the detail that you provided in terms of numbers and your traction in the market. But I'm really kind of wondering what your goals are for the end of the year, is it to increase adapters or how do you measure your success? Is it doctors, details, scripts or revenues?
Tim Walbert
Very simply, revenues and as I mentioned for the four week period we attending April 26, we saw 43% increase in (inaudible) as measured by Source Healthcare Analytics. The underlying prescriptions over the last three week period had increased 5.8%. Earlier than we expected coming out of the price increase. So the main measure is dollars certainly as Todd measured if you look at our pre-expansion territories there was a 63% increase in doctors among that audiences and as the expansion reps continue to drive success, their increase in doctors and for reminder we measured doctors as physicians who wrote more than five prescriptions in one week.
So, all the measures are important but at the end of the day our goal is significantly to drive revenue and the underlying business is measured on prescriptions and growth in those doctors.
Charles Duncan - Piper Jaffray
And Tim, that's pretty good trying for April. Can you help us understand that trend in gross to net during that period?
Tim Walbert
We don't see a significant achieved beyond I think what we reported for the first quarter. If you look at the revenues for the first three months, I think the numbers were 1.5 in February and 3.3 so significant increases in revenues in March.
As I mentioned, we are increasing the copay buy down for those patients have a tier three copay that is well in excess of (inaudible). So, in that case we may see a slight increase in the gross to net and we need a full quarter of revenues to be able to actually report the full price increase, associated revenues and associated growth to net. So that would be the one place we will see the increase, but we need a full quarter to see the data reported out.
Charles Duncan - Piper Jaffray
That make sense to me, pretty noisy data in a month, I am just trying to get a handle on, the month to month increase in revenue is impressive, but how much of it is price versus scripts, so little way additional data to be able figure that out.
Back to Covidien and the previous caller's question, I am kind of wondering what you think is the roadblock, is it simply that they are too busy with their products or do they not understand how to market your product?
Bob De Vaere
I think, Covidien certainly in the Mallinckrodt business which is scheduled to spin out from Covidien as reported, towards the end of June is a very successful business and both from an generic API to the imaging to the proprietary formula and I think they put out guidance over the last week that their business continues to grow.
So certainly there are other quality organization who has continued to execute their business. However, I think as (inaudible) reported yesterday, they are right from promoting two primary products to promoting four primary products in the fourth quarter by adding both (inaudible) products and our product, and I think that, there is just some growing things and as you learn to sell additional products and learn how to position them for the individual representative. That being said, the marketing team and the organization that works with Todd on our side has been very good to work with. They understand their business and the messages are agreed upon, so you know I think both sides are moving in the right direction.
Charles Duncan - Piper Jaffray
So perhaps by the end of the year they will be making an impact.
Bob De Vaere
That's a long way Lai, we are focused on today and working with the teams, so I will see.
Charles Duncan - Piper Jaffray
Then my last question is regarding kind of your strategic comments towards the end of your prepared comments, suggesting that you may have capacity within your sales organization and maybe looking at other products, but will consider that at least in the future to bring on. Do you have any specific goals for this year along this line?
Bob De Vaere
As far as goals, we continue to look at a number of different assets, products, companies, and we think that certainly we have capacity behind DUEXIS in primary care and to maximize potentially behind DUEXIS and orthopedic surgeons and rheumatologist, or in other targeted therapeutic areas where we can leverage our commercial infrastructure and overall company infrastructure. So we don't have any specific goals relative to this year or next year. We are aggressively looking and as you know it's easy to look at a lot of different opportunities and much more challenging to close those up. So progressively looking but we don't have any specific near term goals.
Thank you, we have no more questions. Thank you, I will now like to turn the call over to Mr. Tim Walbert for closing remarks.
Thank you very much operator, and thanks everyone for the questions, taking the time and we are excited by the quarter and most importantly by the – what we saw in the March results significantly accelerating for DUEXIS and that continued further acceleration in April, so, looking forward to the next quarter. Have a great day.
Ladies and gentlemen, this does conclude today's conference. You may now disconnect. Thank you.
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Odoo Help
This community is for beginners and experts willing to share their Odoo knowledge. It's not a forum to discuss ideas, but a knowledge base of questions and their answers.
Odoo 8: questions about rules
I have a problem with Routes
In Settings > Warehouse >
I'm using "Manage advanced routes for your warehouse"
It creates a "Pick + Pack + Ship" rule and operations workflow
But it looks like other rules that i created can't override this main one.
Every "Sale order - Delivery Order" end the same way.
Have i have no doubt i'm missing something.
Thank you if you can help and get me out of this mess
Your Answer
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One and One (I'm the One that Won!)
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|Music by
|Philip Balsam
|Lyrics by
|Dennis Lee
In the Fraggle Rock episode "Red's Club," the song "One and One (I'm the One that Won!)" features Red playing a singsong game which requires one to oust his or her competitor through challenges like jumping the highest or laughing the hardest.


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This week's Spectator cover star Nils-Axel Mörner brings some good news to a world otherwise mired in misery: sea levels are not rising dangerously – and haven't been for at least 300 years. To many readers this may come as a surprise. After all, are not rising sea levels – caused, we are given to understand, by melting glaciers and shrinking polar ice – one of the main planks of the IPCC's argument that we need to act now to 'combat climate change'?
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Painting of India.
BARRETT, Douglas & GRAY, Basil.
• Terms • Ask a Question
Place Published: Geneva
Publisher: Skira
Date Published: 1963
Description: Many mounted color plates, 216pp., square 4to, yellow cloth, d.w. (Geneva): Skira , (1963). Near fine.Jacket: Y
Binding: hardcover
Condition: near fine
Language: English
Type: Books
Book ID: 231883


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| COME - String - GlitterhouseTV |
posted at 05/15/2013
COME live 2013 (original members!):
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Check in from 2:00 PM / Check out prior to 12:00 AM
Nikos & Dimitris Apartments Spetses: Find photos, reviews, information, amenities and compare prices for 2 stars hotels in Spetses Town, Greece.
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United States District Court, S.D. New York
January 29, 2015
T-JAT SYSTEMS 2006 LTD., Plaintiff,v.AMDOCS SOFTWARE SYSTEMS LIMITED et al., Defendants.
JESSE M. FURMAN, District Judge.
The present case involves a dispute between Plaintiff T-Jat Systems 2006 Ltd. ("T-Jat" or "Plaintiff"), a technology start-up, and Defendants Amdocs Software Systems Limited, Amdocs Limited, and Amdocs, Inc. (together, "Amdocs" or "Defendants"), software providers. To the extent relevant here, T-Jat accuses Amdocs of breaching its contractual obligations with respect to technology that T-Jat had developed by, among other things, using that technology to create a competing application. Pursuant to their agreement, the parties' dispute was submitted to arbitration. On April 18, 2014, the arbitrator (the "Arbitrator") issued an award, finding that Amdocs had inadvertently breached its agreement with T-Jat by sharing T-Jat's technology more broadly than permitted. The Arbitrator, however, rejected T-Jat's other claims, including claims of trade-secret misappropriation and breach of the parties' non-disclosure agreement.
T-Jat moves to vacate the Arbitrator's award to the extent that it rejected those other claims on the ground that the Arbitrator committed manifest disregard of the terms of the parties' contract and of the law. (Docket No. 93). Defendants cross-move to confirm the award and for sanctions. (Docket No. 104). Both Plaintiff and Defendants have also requested that the Court seal certain documents submitted in connection with their cross-motions. For the reasons explained below, Plaintiff's motion to vacate the arbitration award is DENIED, Defendants' cross-motion to confirm the arbitration award is GRANTED, and Defendants' request for sanctions is DENIED. Additionally, Plaintiff's request for redactions is GRANTED, while Defendants' request is GRANTED in part and DENIED in part.
T-Jat, which was founded in 2006, created a software application that unifies contact information across multiple communications platforms (the "Unified Contact List" or "UCL"). (Decl. Sanket J. Bulsara Opp'n T-Jat's Mot. To Vacate & Supp. Amdoc's Cross-Mot. To Confirm Arbitration Award & Award Costs & Attorneys' Fees (Docket No. 106) ("Bulsara Decl."), Ex. 1 at 2). Amdocs subcontracted T-Jat to work on a mobile application, called "LoopMe, " that it was developing for another company, Singapore Telecommunications Limited ("SingTel"). ( Id., Ex. 1 at 3-4). In connection with the project, T-Jat and Amdocs entered into an agreement (the "OEM Agreement") granting Amdocs "a [p]erpetual license to use [the UCL] for unlimited number of users for use in SingTel Group operators." (Decl. Baruch Weiss Supp. T-Jat's Mot. To Vacate Portion Arbitration Award (Docket No. 95) ("Weiss Decl."), Ex. B at 1). The parties also signed a Non-Disclosure and Confidentiality Agreement ("NDA"), which was referenced in the OEM Agreement. ( Id., Ex. A, Ex. B at 8). To the extent relevant here, the NDA prohibited Amdocs from disclosing or using T-Jat's "[p]roprietary [i]nformation" without express permission. ( Id., Ex. A at 1-2). It defined proprietary information broadly as "routines, computer programs, documentation, trade secrets, systems, methodology, know-how, marketing and other commercial knowledge, techniques, specifications, plans and other proprietary information associated with and forming part of the proprietary software products of [T-Jat]." ( Id., Ex. A at 1-2).
The details of the parties' underlying dispute are largely irrelevant. For present purposes, it suffices to say that SingTel ultimately initiated a global "soft launch" of LoopMe, without restricting downloads to the SingTel Group of companies or to the geographic locations of those companies; the application was downloaded 755 times. (Bulsara Decl., Ex. 1 at 8). In addition, separate and apart from the LoopMe project, Amdocs developed its own, in-house application that included a unified address book (the "Unified Communications" or "UC" product), which it eventually sold for $7, 500, 000. ( Id., Ex. 1 at 8-9). T-Jat believes that Amdocs created the UC product using its proprietary information in violation of the NDA. (Mem. Law Supp. T-Jat's Mot. To Vacate Portion Arbitration Award (Docket No. 95) ("Pl.'s Mem.") at 10-12).
T-Jat filed this lawsuit on July 31, 2013. (Docket No. 1). It sought, and obtained, a temporary restraining order, alleging, among other things, that Amdocs had breached the NDA, infringed T-Jat's copyrights, and misappropriated its trade secrets in connection with both the LoopMe and the UC products. (Docket No. 1 ¶¶ 1-6; Docket No. 33). Thereafter, T-Jat filed a Notice of Arbitration and Statement of Claim, seeking "compensatory damages of $118 million, punitive damages of $118 million, attorneys' fees and arbitration fees and costs, and a production injunction' to prevent Amdocs from distributing its UC' product." (Bulsara Decl., Ex. 1 at 1). After discovery, eight days of evidentiary hearings, and extensive briefing, the Arbitrator issued his final award (the "Award") on April 18, 2014. ( Id., Ex. 1). The Arbitrator found that Amdocs had breached the OEM Agreement during the soft launch of LoopMe, and awarded T-Jat $2.25 million in damages as a result. ( Id., Ex. 1 at 12-14). The Arbitrator denied T-Jat's other claims, however, including all claims arising out of Amdocs's creation of the UC product. ( Id. Ex. 1 at 11). Specifically, the Arbitrator found that Amdocs had not appropriated T-Jat's trade secrets or infringed its copyright and that the remaining claims failed because they were based on the same set of facts as the trade-secret and copyright claims. ( Id. Ex. 1 at 14-17 & n.7).
Amdocs paid T-Jat $2.25 million pursuant to the Award. On July 18, 2014, however, T-Jat filed a petition to vacate the portion of the Award rejecting T-Jat's NDA, unfair competition, unjust enrichment, and tortious interference claims, as well as the Arbitrator's denial of injunctive relief. (Docket No. 93). Thereafter, Amdocs filed a cross-motion to confirm the Award, and requested that T-Jat be sanctioned in the form of costs and attorney's fees for filing a frivolous petition to vacate the Award. (Docket No. 104).
Under Section 9 of the Federal Arbitration Act ("FAA"), 9 U.S.C. §§ 1-16, a reviewing court must confirm an arbitration unless one of the statutory grounds for vacatur or modification is satisfied. See 9 U.S.C. § 9; see also STMicroelectronics, N.V. v. Credit Suisse Sec. (USA) LLC, 648 F.3d 68, 74 (2d Cir. 2011). Section 10 of the FAA, in turn, establishes four instances in which a court may vacate an arbitral award:
(1) where the award was procured by corruption, fraud, or undue means;
(2) where there was evident partiality or corruption in the arbitrators, or either of them;
(3) where the arbitrators were guilty of misconduct in refusing to postpone the hearing, upon sufficient cause shown, or in refusing to hear evidence pertinent and material to the controversy; or of any other misbehavior by which the rights of any party have been prejudiced; or
(4) where the arbitrators exceeded their powers, or so imperfectly executed them that a mutual, final, and definite award upon the subject matter submitted was not made.
9 U.S.C. § 10(a). In addition, the Second Circuit has held that a court may vacate an award if the arbitrator "has acted in manifest disregard of the law, " Porzig v. Dresdner, Kleinwort, Benson, N.A. LLC, 497 F.3d 133, 139 (2d Cir. 2007), or "where the arbitrator's award is in manifest disregard of the terms of the parties' relevant agreement, " Schwartz v. Merrill Lynch & Co., Inc., 665 F.3d 444, 452 (2d Cir. 2011) (internal quotation marks omitted). A court may vacate an award on those bases, however, only in "those exceedingly rare instances where some egregious impropriety on the part of the arbitrator is apparent." T.Co Metals, LLC v. Dempsey Pipe & Supply, Inc., 592 F.3d 329, 339 (2d Cir. 2010) (internal quotation marks omitted).[1]
Significantly, "[a]rbitration awards are subject to very limited review in order to avoid undermining the twin goals of arbitration, namely, settling disputes efficiently and avoiding long and expensive litigation.'" Rich v. Spartis, 516 F.3d 75, 81 (2d Cir. 2008) (quoting Willemijn Houdstermaatschappij, BV v. Standard Microsystems Corp., 103 F.3d 9, 12 (2d Cir. 1997)). Among other things, the "party moving to vacate an arbitration award has the burden of proof, and the showing required to avoid confirmation is very high.'" STMicroelectronics, 648 F.3d at 74 (quoting D.H. Blair & Co. v. Gottdiener, 462 F.3d 95, 110 (2d Cir. 2006)). Moreover, "[t]he arbitrator's rationale for an award need not be explained, and the award should be confirmed if a ground for the arbitrator's decision can be inferred from the facts of the case." D.H. Blair & Co., 462 F.3d at 110 (internal quotation marks omitted). Deference to the arbitrators' interpretation of contracts is especially strong. Indeed, "as long as the arbitrator is even arguably construing or applying the contract and acting within the scope of his authority, a court's conviction that the arbitrator has committed serious error in resolving the disputed issue does not suffice to overturn his decision." ReliaStar Life Ins. Co. of N.Y. v. EMC Nat. Life Co., 564 F.3d 81, 86 (2d Cir. 2009) (internal quotation marks omitted); see also Schwartz, 665 F.3d at 452 ("[I]nterpretation of the contract terms is within the province of the arbitrator and will not be overruled simply because we disagree with that interpretation. If the arbitrator has provided even a barely colorable justification for his or her interpretation of the contract, the award must stand." (internal quotation marks and citations omitted)).
A. Manifest Disregard
Although T-Jat purports to make two arguments for vacating the Award - first, that the Arbitrator manifestly disregarded the parties' contract and, second, that he manifestly disregarded the law - the two amount to essentially one claim: that the Arbitrator erred by treating the NDA as protecting only trade secrets, ignoring the other terms in the contract. (Pl.'s Mem. 19-24). Even if the Court accepts that such a decision would constitute manifest disregard of either the law or the contract (which is far from clear), however, that is not what the Arbitrator decided. Instead, the Arbitrator found that the non-trade-secrets claims failed because they "all depend[ed] on the same facts underlying T-Jat's copyright infringement and trade[-]secret misappropriation claims." (Bulsara Decl., Ex. 1 at 17 (emphasis added); see id., Ex. 1 at 16 n.7). Those facts included a finding that T-Jat had "fail[ed]... in... proving that the purported trade secrets were misappropriated." ( Id., Ex. 1 at 16). The Arbitrator found that much of the supposedly secret information on which Amdocs relied "[included] old and/or generic technologies, incorporated publicly available standards..., and [was] generally known in the industry." ( Id. ). He also concluded that there was "no evidence... presented that Amdocs ever appropriated [T-Jat's secret] technology, let alone had access to it, " particularly in light of the differences between T-Jat's "complex technology" and the "rather elementary features found in UC." ( Id. ).
Those factual findings could be read as a determination that the UC did not incorporate any of T-Jat's proprietary information (including information that did not rise to the level of a trade secret). T-Jat, however, points to evidence in the record before the Arbitrator that it claims demonstrates that the UC did incorporate its proprietary information. (Pl.'s Mem. 21-22; see also T-Jat's Reply Amdocs's Opp'n T-Jat's Mot. To Vacate Portion Arbitration Award (Docket No. 107) ("Pl.'s Reply") 7-10). If this Court were writing on a blank slate, that evidence might well justify a ruling in T-Jat's favor. But the Court is reviewing the Arbitrator's decision, not writing on a blank slate, and the strong federal policy in favor of arbitration precludes a second bite at the apple in federal court based solely on an error of judgment. More specifically, it is well settled that "[t]he arbitrator's factual findings and contractual interpretation are not subject to judicial challenge." Westerbeke Corp. v. Daihatusu Motor Co., 304 F.3d 200, 214 (2d Cir. 2002); see also Telenor Mobile Commc'ns AS v. Storm LLC, 584 F.3d 396, 410 (2d Cir. 2009) ("We do not... recognize manifest disregard of the evidence as proper grounds for vacating an arbitrator's award." (internal quotation marks omitted)); Goldman v. Architectural Iron Co., 306 F.3d 1214, 1216 (2d Cir. 2002) ("Given the deference afforded arbitration decisions, [the manifest disregard] standard requires more than a mistake of law or a clear error in fact finding.").
T-Jat also emphasizes that the Arbitrator's finding that Amdocs had not appropriated T-Jat's technology was phrased only in terms of its trade-secret claim, and did not mention any other type of proprietary information. (Pl.'s Reply 5-6). That contention is true, but ultimately insignificant. The Arbitrator explicitly stated that the NDA, unfair competition, unjust enrichment, and tortious interference claims depended on the same facts as the trade-secret and copyright claims. (Bulsara Decl., Ex. 1 at 16-17). Reading the Arbitrator's opinion as a whole - and giving it the "extreme deference" that it is due, DiRussa v. Dean Witter Reynolds, Inc., 121 F.3d 818, 821 (2d Cir. 1997) - the Court can and does infer that the Arbitrator concluded that (1) the "publicly available standards" and "old and/or generic technologies" on which Amdocs relied were not only not trade secrets, but also did not fall under any of the other categories of information protected under the NDA; and (2) even if that type of information would be covered, Amdocs had not obtained it from T-Jat. See, e.g., Goldman Sachs Execution & Clearing, L.P. v. Official Unsecured Creditors' Comm. Of Bayou Grp., LLC, 758 F.Supp.2d 222, 225 (S.D.N.Y. 2010) ("[T]he facts of record must be construed most favorably to the prevailing party and the arbitration panel's implicit factual findings are not subject to any review whatsoever."). (Bulsara Decl., Ex. 1 at 16).
Finally, T-Jat also faults the Arbitrator for not "separately analyz[ing] each element of each distinct cause of action, including the NDA claim, taking into account all the terms comprising proprietary information, to determine whether T-Jat satisfied its burden of proof." (Pl.'s Reply 3 (emphasis omitted)). It is well established, however, that arbitrators "need not give reasons for their determinations, " let alone conduct the element-by-element analysis that T-Jat insists upon. GFI Sec. LLC v. Labandeira, No. 01-CV-793 (JFK), 2002 WL 460059, at *5 (S.D.N.Y. Mar. 26, 2002) (citing Folkways Music Publishers, Inc. v. Weiss, 989 F.2d 108, 112 (2d Cir. 1993)). The Arbitrator's failure to analyze each claim independently or element-by-element is therefore not error at all, let alone the type of "egregious impropriety" required before a court may overturn an arbitration award. Duferco Int'l Steel Trading v. T. Klaveness Shipping A/S, 333 F.3d 383, 389 (2d Cir. 2003). Accordingly, Plaintiff's motion to vacate the Award is DENIED, and Defendants' cross-motion to confirm the Award is GRANTED. See, e.g., DigiTelCom, Ltd. v. Tele2 Sverige AB, No. 12-CV-3082 (RJS), 2012 WL 3065345, at *6 (S.D.N.Y. July 25, 2012) ("[D]ue to the parallel natures of a motion to vacate and a motion to confirm an arbitration award, denying the former implies granting the latter." (internal quotation marks omitted)).
B. Sanctions
Next, Defendants request that the Court exercise its inherent authority to impose sanctions on Plaintiff, contending that Plaintiff's motion to vacate the arbitration award is meritless and was made in bad faith. (Mem. Law Opp'n T-Jat's Mot. To Vacate & Supp. Amdocs' Cross-Mot. To Confirm Arbitration Award & Award Costs & Attorneys' Fees (Docket No. 106) ("Defs.' Mem.") 23-25). "In order to impose sanctions pursuant to its inherent power, a district court must find that: (1) the challenged claim was without a colorable basis and (2) the claim was brought in bad faith, i.e., motivated by improper purposes such as harassment or delay." Enmon v. Prospect Capital Corp., 675 F.3d 138, 143 (2d Cir. 2012) (internal quotation marks omitted). Although the Court ultimately found Plaintiff's arguments to be unpersuasive, it cannot say that the arguments are "so completely without merit as to require the conclusion that they must have been undertaken for some improper purpose." Id. (internal quotation marks omitted). Accordingly, Defendants' motion for sanctions is DENIED.
C. Sealing
Finally, in addition to their cross-motions to confirm and vacate the Award, the parties request leave to file certain documents under seal and to redact others. T-Jat asks the Court to redact certain limited technical information, the disclosure of which would "significantly shorten the time necessary for any of [its] competitors to replace the system that T-Jat has developed." (Decl. Dr. Oleg Golobrodsky (Docket No. 114) ¶¶ 3, 5). Although the relevant documents are - as Plaintiff concedes ( see T-Jat's Mem. Law Regarding Unsealing Documents (Docket No. 113) at 6) - "judicial documents" subject to a common law and First Amendment presumption in favor of public access, see, e.g., Lugosch v. Pyramid Co. of Onondaga, 435 F.3d 110, 119 (2d Cir. 2006), the Court finds that T-Jat has shown a sufficient basis to justify its proposed redactions.
Defendants' requests are more extensive. It asks for leave to redact the Award, the briefs on the cross-motions to vacate and confirm, and the arbitration transcripts, hearing briefs, and appendices. (Amdocs' Mem. Law Supp. Request To Seal, Excerpt, And/Or Redact Certain Documents (Docket No. 115) ("Defs.' Sealing Mem.") 2). It also asks the Court to seal fifteen documents - including a third-party agreement, internal Amdocs emails and an expert report - in their entirety. ( Id. ). With regard to the confidential technical information relating to Amdocs's products, the Court finds that Amdocs has met its burden.[2] Amdocs has also met its burden with regard to its request to seal the Gray Expert Report (Ex. Q), which was never introduced into evidence in the arbitration. ( Id. at 10).
Amdocs has not met its burden, however, to justify its other proposed redactions and its requests to excerpt portions of certain documents. First, as T-Jat notes in its brief, some of that information has already been made public. See, e.g., Gambale v. Deutsche Bank AG, 377 F.3d 133, 144 (2d Cir. 2004). Second, Amdocs does not explain with sufficient detail why disclosure of its business information would harm its competitive position. See, e.g., Lytle v. JPMorgan Chase, 810 F.Supp.2d 616, 630 (S.D.N.Y. 2011) (stating that, to justify sealing business information, a party must "make a particular and specific demonstration of fact showing that disclosure would result in an injury sufficiently serious to warrant protection; broad allegations of harm unsubstantiated by specific examples or articulated reasoning fail to satisfy the test" (internal quotation marks omitted)). The Court also rejects Amdocs's request to seal documents in their entirety (with the exception of the documents referenced in footnote two above), although it may submit proposed redactions, consistent with this Opinion and Order, within one week of today.
For the foregoing reasons, T-Jat's motion to vacate the arbitration award is DENIED, Amdocs's motion to confirm the award is GRANTED, and Amdocs's motion for sanctions is DENIED. In addition, T-Jat's motion for leave to redact certain documents is GRANTED, while Amdocs's request to file certain documents in redacted form or under seal is GRANTED in part and DENIED in part.
Amdocs may submit proposed redactions to the documents that it had originally requested be filed under seal by February 5, 2015. If no such redactions are submitted, the parties shall publicly file all necessary documents - under seal, in redacted form, or unredacted, as the case may be - by February 9, 2015. They shall also file with the Sealed Records Department all documents to be filed either under seal or in redacted form. If Amdocs submits a motion requesting redactions, the parties shall file all necessary documents in the manner described above within one week of the Court's ruling on that motion.
The Clerk of Court is directed to terminate Docket Nos. 93, 103, and 104, and to close the case.
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A county council in Scotland has called video conferencing technology a "smart investment".
Ayrshire Council has recently overhauled its communications technology, with a large drive on the use of video conferencing technology to drive down travel costs in both time and expense.
The scheme was initially set up to make the communications within the council and to other surrounding ones more effective. Under increasing pressure to drive down costs from the Scottish government, Ayr took the mantle and upgraded their entire comms systems. Upon doing so, the council soon realised the savings that the technology was making.
It is thought that many more Scottish councils could take Ayrshire's lead, as a total of 32 have been warned that they need to bring their costs down.
Speaking to business7.co.uk of the technology, Ayrshire County Council's head of policy, performance and communication, Claire Monaghan explained: "Our starting point was to make efficient use of our telephone system and to integrate it more with IT to create a comprehensive telecommunications network.
"The feedback from our employees has been overwhelmingly positive and it really is transforming the way we work not just in terms of the financial benefits but also delivering carbon savings and giving our employees the flexibility to become more productive."
Adding, Monaghan told onestopclick.com: "It is clear that a smart investment in IT can bring far greater benefits in terms of the way we work, the space we use, and the way we communicate.
"We are seeing real benefits from the investment."


text: So, I just spent three days in inpatient. Still trying to figure things out, but I guess am just needing some support right now. I'm panicking. I dunno. Everything feels worse now that I'm out, like I got a good swift kick in the ass from reality (my phone got disconnected, I don't even have my stuff - like clean clothes). They were supposed to call in my prescriptions, but the pharmacy isn't showing them, and with no phone wtf am I supposed to do? Sorry, I dunno. Every single thing seems too overwhelming. I feel like a 5 year old alone in the mall. Lost and scared. I just want to go home. Back to family. I don't think I can do it anymore, and especially not alone.


text:
"The only hard part about making these labels was having to choose from so many beautiful options! They were easy to customize and the finished label looked just like I designed it. Love them!"
"I used these on the Valentine's my daughter took to school for her friends. They were great. I sealed all her little gift bags with the sticker. It made things so easy and adorable. They are darling!"
"Stickers are super cute! I've been using Tiny Prints for many years now and they never disappoint. I got it super quick and even a Thank you card from Troy. :)"
"Love these for my space obsessed son. Would have liked an option to put "To ____" and then "From ____" instead of just a single name. Great nonetheless."
"These great gift tags looked adorable with the loot bags. I would have liked just a little more room to write the guests names on to personalize the loot bag. Overall however just as adorable as the invitations!"
Copyright © 2004-2016 Shutterfly, Inc | Tiny Prints | Terms of Use. Designated trademarks and brands are the property of their respective owners.


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Industry News
Benko Products Launches Redesigned Web Site
Benko Products Inc., an innovator in material handling and safety products, has launched its redesigned Web site, www.benkoproducts.com. The launch follows the release of a new company logo and slogan that were unveiled earlier in the year. The easy-to-navigate Web site features numerous...comment
Equipment Leasing & Finance Index up 16% YOY, 15% YTD
The Equipment Leasing and Finance Association's (ELFA) Monthly Leasing and Finance Index (MLFI-25), which reports economic activity for the $628 billion equipment finance sector, showed overall new business volume for July was $6.6 billion, up 15.8 percent from volume of $5.7 billion in the...comment
Webinar Focuses on Optimizing Granulation
A recently recorded webinar from Malvern Instruments highlights the benefits of real-time particle sizing for the effective monitoring and control of granulation processes. Granulation is a widely applied unit operation, especially in the pharmaceutical and chemical industries, with operators...comment
ASTM International Committee on Metal Powder and Metal Powder Products Meets in October
ASTM International Committee B09 on Metal Powder and Metal Powder Products will meet October 24-26, 2012 at the Hyatt Regency Atlanta in Atlanta, and October 23-25, 2013 at the Hyatt Regency Jacksonville Riverfront in Jacksonville, FL. Contact Katerina Koperna, ASTM International, at 610-832-...comment
Conitex Sonoco Acquires Bulk Sak International
As part of its continuing growth strategy in the flexible intermediate bulk container (FIBC) market, Conitex Sonoco acquired Bulk Sak International on August 1, 2012. "Joining forces with Bulk Sak International was a perfect fit," said David Monteith, VP of Americas. "...comment
Advances in Plastics Processing Seminars Offered
Advances in Plastics Processing is a complimentary one-day seminar offering plastics processors detailed information on key topics of prime importance to the plastics industry. Seminar offers an objective technical overview and introduces participants to methods of both improving current operations...comment
Powder Technology Expo – South America Kicks Off Today
For the first time in Brazil, PTX South America will bring together the many industries that are looking for solutions for storage, handling, and processing of fine particles and dry bulk solids With the aim of transforming Brazil into a talking point and an international center for business...comment
DYNATEK Adds PennQuip, Hankinson Marketing as Reps
DYNATEK Articulated Loading Systems has selected PennQuip Inc. and Hankinson Marketing as its new representatives. PennQuip Inc. has been selected to promote and sell its loading systems in Eastern PA, NJ, DE, and MD. Hankinson Marketing has been selected to promote and sell its products and...comment
Powder-Solutions Group Expands Minnesota Facility
As an expert in bulk powder processing solutions, Powder-Solutions Group (PSG) has expanded its corporate office building to make room for more employees, to free valuable warehouse space necessary for shipping, and to expand space for inventory of spare parts The expansion adds 7000 sq ft to...comment
Sly Inc. Announces New Rep in Atlanta Territory
Sly Inc., a 138-year-old manufacturer of dust collectors and other air pollution equipment, announces the opening of a new sales representative office in the Atlanta area. TEC Engineering Associates Inc., of Woodstock, GA, is representing Sly in the entire state of Georgia. TEC Engineering has...comment


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Structuralism and Individualism in Economic Analysis
The 'Contractionary Devaluation Debate' in Development Economics
By (author) S. Charusheela
Format: Hardback
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Structuralism and Individualism in Economic Analysis by S. Charusheela
Book DescriptionThis book argues that the debates about the appropriate economic policies to follow in the developing world within the field of development economics are at heart debates about the appropriate ontology to ascribe to agents within the developing world.
Buy Structuralism and Individualism in Economic Analysis book by S. Charusheela from Australia's Online Bookstore, Boomerang Books.
Book DetailsISBN: 9780415949279
(229mm x 152mm x 21mm)
Pages: 272
Imprint: Routledge
Publisher: Taylor & Francis Ltd
Publish Date: 13-Jan-2005
Country of Publication: United Kingdom
Other Editions...
Books By Author S. Charusheela
Structuralism and Individualism in Economic Analysis, Paperback (September 2012)
This book argues that the debates about the appropriate economic policies to follow in the developing world within the field of development economics are at heart debates about the appropriate ontology to ascribe to agents within the developing world.
Postcolonialism Meets Economics, Paperback (October 2003)» View all books by S. Charusheela
The contributions to this volume draw on the body of postcolonial studies to critique both orthodox and heterodox economics. The book addresses a large gap in postcolonial studies, which lacks the type of sophisticated analysis of economic questions that it displays in its analysis of culture.
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Details of this Paper
SPOILAGE, REWORKED UNITS, AND SCRAP quention
Question;THE FOLLOWING INFORMATION APPLIES TO;QUESTIONS 50 THROUGH 53.;Cartwright Custom Carpentry manufactures;chairs in its Processing Department. Direct materials are included at the;inception of the production cycle and must be bundled in single kits for each;unit. Conversion costs are incurred evenly throughout the production cycle.;Inspection takes place as units are placed into production. After inspection;some units are spoiled due to nondetectible material defects. Spoiled units;generally constitute 3% of the good units. Data provided for March 20x3 are as;follows;WIP;beginning inventory 3/1/20x3 30,000;units;Direct;materials (100% complete);Conversion costs (89.5% complete);Started;during March 80,000;units;Completed;and transferred out 86,000;units;WIP;ending inventory 3/31/20x3 20,000;units;Direct;materials (100% complete);Conversion;costs (75% complete);Costs;WIP;beginning inventory;Direct;materials $;70,000;Conversion;costs 40,000;Direct;materials added 160,000;Conversion;costs added 120,000;50. What;are the normal and abnormal spoilage units, respectively, for March when using;FIFO?;a. 2,580 units, 1,420 units;b. 1,950 units, 1,390 units;c. 1,690 units, 1,050 units;d. 1,420 units, 2,000 units;51. What;costs would be associated with normal and abnormal spoilage, respectively;using the FIFO method of process costing?;a. $5,890.64, $9,133.20;b. $5,890.64, $5,826.00;c. $6,469.64, $7,690.36;d. $9,133.20, $5,026.80;52. What;costs are allocated to the ending work-in-process inventory for direct;materials and conversion costs, respectively, using the FIFO method of process;costing?;a. $38,250, $24,850;b. $40,000, $23,100;c. $40,000, $21,590;d. $49,500, $13,600;53. Which;of the following journal entries correctly represents the transfer of completed;goods for the current period using the FIFO method of process costing?;a. Finished Goods $ 10,560.28;Loss;from Spoilage $;10,560.28;b. Loss from Spoilage $ 5,026.80;Finished;Goods $;5,026.80;c. Finished Goods $327,251.00;Work;in Process $327,251.00;d. Finished Goods $401,700.00;Work;in Process $401,700.00;54. The;standard-costing method;a. adds a layer of complexity to the;calculation of equivalent-unit costs in a process-costing environment.;b. makes calculating equivalent-unit costs;unnecessary.;c. requires an analysis of the spoilage costs;in beginning inventory.;d. requires an analysis of the spoilage costs;in ending inventory.;55. The;inspection point is;a. the stage of the production cycle where;products are checked to determine whether they are acceptable or unacceptable;units.;b. the point at which costs are allocated;between normal and abnormal spoilage.;c. the point at which the calculation of;equivalent units is made.;d. none of the above.;56. When;spoiled goods have a disposal value, the net cost of the spoilage is computed;by;a. deducting disposal value from the costs of;the spoiled goods accumulated to the inspection point.;b. adding the costs to complete a salable;product to the costs accumulated to the inspection point.;c. calculating the costs incurred to the;inspection point.;d. none of the above.;57. The;costs of normal spoilage are allocated to the units in ending work-in-process;inventory, in addition to completed units;a. if the units in ending inventory have not;passed the inspection point.;b. if the units in ending work-in-process;inventory have passed the inspection point.;c. if the units in ending work in process;inventory are more than 50% complete.;d. if the units in ending work-in-process;inventory are less than 50% complete.;58. The;Harleysville Manufacturing Shop produces motorcycle parts. Typically, 10 pieces;out of a job lot of 1,000 parts are spoiled. Costs are assigned at the;inspection point, $50.00 per unit. Spoiled pieces may be disposed of at $10.00;per unit. The spoiled goods must be inventoried appropriately when the normal;spoilage is detected. The current job requires the production of 2,500 good;parts.;Which;of the following journal entries properly reflects the recording of spoiled;goods?;a. Materials Control $ 200;Manufacturing;Overhead Control $;800;Work-in-Process;Control $1,000;b. Materials Control $ 250;Manufacturing;Overhead Control $1,000;Work-in-Process;Control $1,250;c. Work-in-Process Control $1,250;Materials;Control $;250;Manufacturing;Overhead Control $1,000;d. Manufacturing Overhead Control $1,000;Materials;Control $;200;Work-in-Process;Control $;800;59. The;Harleysville Manufacturing Shop produces motorcycle parts. Typically, 10 pieces;out of a job lot of 1,000 parts are spoiled. Costs are assigned at the;inspection point, $50.00 per unit. Spoiled pieces may be disposed of at $10.00;per unit. The spoiled goods must be inventoried appropriately when the normal;spoilage is detected. Job 101 requires the production of 2,500 good parts.;Which;of the following journal entries would be correct if the spoilage occurred due;to specifications required for Job 101?;a. Work-in-Process Control $100;Materials;Control $100;b. Materials Control $100;Work-in-Process;Control $100;c. Materials Control $250;Work-in-Process;Control $250;d. Work-in-Process Control $250;Materials;Control $250;60. A;difference between job costing and process costing is;a. that job-costing systems usually do not;distinguish between normal spoilage attributable to all jobs and normal;spoilage attributable to a specific job.;b. that job-costing systems usually;distinguish between normal spoilage attributable to a specific job and spoilage;common to all jobs.;c. that process costing normally does not;distinguish between normal spoilage attributable to a specific job and spoilage;common to all jobs.;d. both (b) and (c).;61. Which;of the following entries reflects the original cost assignment before;production items are reworked?;a. Work-in-Process Control XXX;Materials;Control XXX;Wages;Payable Control XXX;Manufacturing;Overhead Allocated XXX;b. Finished Goods Control XXX;Work-in-Process;Control XXX;c. Manufacturing Overhead Allocated XXX;Materials;Control XXX;Wages;Payable Control XXX;Work-in-Process;Control XXX;d. Materials Control XXX;Wages;Payable Control XXX;Work-in-Process;Control XXX;Manufacturing;Overhead Allocated XXX;Answer: a Difficulty: 2 Objective: 7;62. Accounting;for rework in a process-costing system;a. accounts for normal rework in the same way;as a job-costing system.;b. requires abnormal rework to be;distinguished from normal rework.;c. if the rework is normal, then rework is;accounted for in the same manner as accounting for normal rework common to all;jobs.;d. all of the above are correct.;63. In;accounting for scrap, which one of the following statements is FALSE?;a. Normal scrap is accounted for separately;from abnormal scrap.;b. In accounting for scrap, there is no;distinction between the scrap attributable to a specific job and scrap common;to all jobs.;c. Initial entries to scrap accounting;records are most often made in dollar terms.;d. All of the above are false.;64. When;the amount of scrap is immaterial, the easiest accounting entry when recording;scrap sold for cash is;a. Sales of Scrap;Cash;b. Cash;Manufacturing;Overhead Control;c. Cash;Sales;of Scrap;d. Accounts Receivable;Sales;of scrap;65. Assume;the amount of scrap is material and the scrap is sold immediately after it is;produced. If the scrap attributable to a specific job is sold on account, the;journal entry is;a. Work-in-Process Control;Cash;b. Work-in-Process Control;Accounts;Receivable;c. Accounts Receivable;Work-in-Process;Control;d. Work-in-Process Control;Accounts;Receivable;66. If;scrap, common to all jobs, is returned to the storeroom and the time between;the scrap being inventoried and its disposal is quite lengthy, the journal;entry is;a. Work-in-Process Control;Materials;Control;b. Materials Control;Work-in-Process;Control;c. Manufacturing Overhead Control;Materials;Control;d. Materials Control;Manufacturing;Overhead Control;67. The;accounting for scrap under process costing is similar to;a. the accounting under job costing when;scrap is different for each job.;b. the accounting under job costing when;scrap is common to all jobs.;c. the accounting under process costing when;scrap is different for each job.;d. the accounting under process costing when;scrap is a common to all jobs.;68. Which;of the following is NOT a major consideration when accounting for scrap?;a. Keeping detailed records of physical;quantities of scrap at all stages of the production process;b. Inventory costing including when and how;scrap affects operating income;c. Planning and control including physical;tracking;d. Decisions as to whether to group scrap;with reworked units;69. Normal;spoilage is computed on the basis of;a. the number of good units that pass;inspection during the current period.;b. the number of units that pass the;inspection point during the current period.;c. the number of units that are 100% complete;as to materials.;d. none of the above.;70. Which;of the following INCORRECTLY reflects what units passed inspection this period?;Assume beginning work in process was completed and ending work in process was;started during the period.;Inspection Point at Completion Level;10% 50% 100%;a. Beginning work in process (30% complete) No Yes Yes;b. Started and completed Yes Yes Yes;c. Ending work in process (40% complete) Yes No No;d. Beginning work in process (5% complete) Yes No No
Paper#53548 | Written in 18-Jul-2015Price : $19


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KAB Ripples Chip
Where does your rubbish go?
Executive Creative Directors: Paul Nagy, Mike Spirkovski
Creatives: Andrew Chu, Katrina Jarratt, Nikola Spadina, Ryan Albuino
Planner: Graham Alvarez
Account Director: Justin Cox
Agency Producer: Jo Kouvaris
Photographer: Andreas Smetana
Retoucher: Toby and Pete
Account manager: Claire Tritton
Highest Rated
I like the artwork, but I'm not sure I "get it."
Is this supposed to remind me that the wrapper I throw on the ground might end up on in the river, affecting the environment?
Anyway, I know its anti-litter.
It says that when you throw trash on grounds, you are actually throwing it in river or sea (you must have noticed, when we throw something in water it generates ripples, that's how they convince it), as in the end it some how lands up there, see the drainage
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text:
Li'l Folks
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Li'l Folks was a one panel comic strip created by Charles M. Schulz that started on June 22, 1947, and ended on January 22, 1950. The strip is considered to be the embryonic version of Peanuts. It featured Charlie Brown, Patricia Smith, Rover the dog who resembled Snoopy, a well-dressed young man with a fondness for Beethoven, and several un-named characters who resembled Peanuts characters.
Schulz quit two years into the strip after the newspaper editor turned down his requests: both a pay increase and to bring Li'l Folks from the women's section to the comics pages.
The comics were collected in the 2003 book Charles M. Schulz Li'l Beginnings by the Charles M. Schulz Museum, (ISBN 0974570915) The complete Li'l Folks strips are also included in Volume 25 of The Complete Peanuts.
- The character Patricia Smith is an early version of Patty (not Peppermint Patty).
- Charlie Brown's first official appearance was in Li'l Folks on May 30, 1948, not in the first Peanuts strip on October 2, 1950.
- The strip also featured similar characters to Shermy and "Pig-Pen".