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Cutlery & Flatware: 15,789 results
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EdgeWork Masahiro Engraved Dragon Ninja-to Sword Razor Sharp$152.87 $113.24
Sold by UnbeatableSale
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An intense custom sword creation from Masahiro. This model presents the oriental dragon in a new and unique way. The thick tsuba struggles to contain the prominent dragons while another dragon runs wild, engraved on the 1065 carbon steel blade....
EdgeWork Masahiro - Engraved Tsunami Ninja-To Sword Razor Sharp$136.61 $101.19
Sold by UnbeatableSale
$4.05 Cashback
Features11.38 in. Extremely sharp and thick blade Handle Includes a black cotton sword bag very tight fit around tsubaStraight ninja style blade Engraving on both sides of the blade Real ray-skin handle with black leather cord wrap Full Tang...
Cuisinart Nonstick Edge Black 7-pc. Cutlery Set$59.99
Sold by 3 Stores
up to $3.00 Cashback
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The Cuisinart Nonstick Edge Collection offers blades with grooves to keep food from adhering to the blade and make slicing easier. These finely honed and tapered blades are made out of premium high-carbon stainless steel. Their easy handling,...
Lagostina Martell ata Tri-Ply Hammered Copper 10-Piece Set$419.99
Sold by 4 Stores$419.99 - $599.99
up to $21.00 Cashback
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Premium tri-ply technology combines stainless steel inside and copper out with a thick heat-radiating aluminum core for optimal heat distribution throughout the entire pan from Lagostina. Set includes 8" skillet, 10" skillet, 2-qt. saucepan with lid,...
Ginkgo 079914-56015-3 Naples 20 Piece Set - 18/0 Stainless - Mirror Finish$78.93 $58.47
Sold by UnbeatableSale
$2.34 Cashback
Add a touch of European elegance to your dinner table with the Italian inspired Naples flatware by Ginkgo. This 20 piece flatware set has a mirror finish and durable design. Made of 18/0 stainless steel this flatware is versatile and will serve you...
Rampant SKTHRDTSM Knife Throwing Set, 4 Piece$17.55 $13.00
Sold by UnbeatableSale
$0.52 Cashback
FeaturesDouble edge stainless steel blades with non-glare finish and molded handlesIncludes double-sided 7-7/8 in. diameter dartboard with hanger and nylon sheath.Measures - 7-1/8 in. Overall with a 3 in. Blade.
Supreme Housewares 01104 Flatware Set - 20 Pieces With Stand$53.04 $40.80
Sold by UnbeatableSale
$1.63 Cashback
20 pcs Flatware With Stand.Service for 4.Dishwasher Safe.Made from the finest materials.The latest styles and designs.
Clauss Titanium Bonded 9 in. Filet Knife - CLAUSS CUTLERY COMPANY$11.96
Sold by Zoro
$0.24 Cashback
On eligible orders. See product page for details.
Titanium bonded blades are three times stronger than steel only blades and retain their edge longer. Stain, corrosion and bacteria resistant serrated blades detach for easy cleaning. Ergonomic handles with nonslip grips have Microban antimicrobial...
Sold by 2 Stores$5.24 - $40.34
up to $2.02 Cashback
Cuisinart Maj ori 20-pc. Flatware Set$39.36
Sold by 3 Stores$39.36 - $59.99
up to $1.97 Cashback
On eligible orders. See product page for details.
Flatware sets at Kohl's - Shop our wide selection of flatware, including this Cuisinart Maj ori 20-pc. Flatware Set, at Kohls.com. Model no. CFE-01-M20.
R. H.Forschner 47520 8-Inch Chef's Knife, Black Fibrox Handle$65.00 $44.95
Sold by Metro Kitchen
$2.25 Cashback
On eligible orders. See product page for details.
Features: 8 blade that is 2-inches wide at the handle. High carbon, stainless steel blade is hand finished, tempering process is used to produce an edge that can be resharpened over and over again, so the knife can keep its original sharpness
Chicago Cutlery 18-Piece Insignia Steel Block Set with In Block Sharpener$249.99 $149.99
Sold by Macy's
$3.00 Cashback
Professional high-carbon stainless steel forged blades with stainless steel handles. Exclusive Taper Grind edge technology provides optimum sharpness for precise cutting and is easy to re-sharpen High-carbon stainless steel creates a stronger, harder...
Shun Classic 6 1/2 inch Carving Fork$149.95
Sold by 3 Stores$149.95 - $162.49
up to $7.50 Cashback
On eligible orders. See product page for details.
This Shun Classic meat fork combines traditional Japanese style with the superb performance of 300 series stainless steel and the elegance of ebony PakkaWood handles. The Pakkawood handle is constructed of carefully selected foreign and domestic...
Coastal Seahorse Cocktail Forks Set of 4 Nickel Plated 5 Inch Andrea by Sadek$40.32 $32.26
Sold by Mary B Decorative Art
$1.61 Cashback
Each measures 5 3/4 x 1 1/4 inches Made of nickel plated metal, tarnish free Gift boxed Andrea by Sadek; imported from India
Wusthof Precision Edge Technology Electric Knife Sharpener by Chef's Choice$149.95
Sold by 3 Stores
up to $7.50 Cashback
On eligible orders. See product page for details.
Sharpeners & Steels - Engineered for Wusthof PEtec (Precision Edge Technology) knives, this Wusthof PEtec electric sharpener performs beyond traditional models, with precision-edge angle guides to also sharpen most brands and types of knives. This...
Cuisinart French Rooster 20-pc. Flatware Set$39.36
Sold by 2 Stores$39.36 - $59.99
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Cuisinart French Roosters 20-Piece Flatware Set Home - Dining & Entertaining Tableware & Drinkware - Flatware & Silverware (new)
Oneida 2610003K Chateau 3Pc Baby Set Stainless Steel$20.00 $14.99
Sold by Chefs Arsenal
$0.75 Cashback
On eligible orders. See product page for details.
Let your little one feel like a grown-up at meal-time with the Oneida® Chateau Flatware Set. Featuring a timeless pattern embossed with a floral design, this flatware is appropriately sized with a shapely fiddle-back silhouette that's easy...
Dexter-Russell Sani Safe Diamond Knife Sharpener, Stainless Steel/Polypropylene, White/Grey,10" (Each)$29.97
Sold by Zoro
$0.60 Cashback
On eligible orders. See product page for details.
Textured slip-resistant sharpener. Stay sharp with a tough and sanitary knife sharpener. For quick edge touch-ups, restoring factory edges. Features slip-resistant, easy-to-clean polypropylene handles with protective finger guard. Designed to...
Wusthof Classic Chef's Knife - 8" - Wusthof Classic$99.95
Sold by 2 Stores
up to $5.00 Cashback
On eligible orders. See product page for details.
Well known German quality and cutting-edge technology are brought together in the Wusthof Classic knife series. Wusthof Classic knives are forged from one piece of specially tempered, high carbon, alloyed stainless steel to ensure outstanding...
Perfect Point PP-093-3 Throwing 3 Piece Knife Set, Black Acid$18.06 $13.38
Sold by UnbeatableSale
$0.54 Cashback
FeaturesPerfect Point Set Of 3 9" Overall Stonewashed Knives With Acid-Etched Design And 1680D Nylon PouchThrowing Knife Set9" Overall, 3 Piece SetStainless SteelAcid Etched And Stonewashed BladeStainless Steel HandleIncludes 1680D...
Cuisinart Maree 20-pc. Flatware Set$39.36
Sold by 3 Stores$39.36 - $59.99
up to $1.97 Cashback
On eligible orders. See product page for details.
Each piece is handcrafted of the finest heavy-gauge stainless steel Careful attention to detail from design through manufacturing to create a unique dining experience Large continental-sized pieces Dishwasher safe Subtle combinations of various...
Wusthof Gourmet Knife Block, 7 Piece - black - Wusthof Gourmet$382.00 $159.95
Sold by Chefs Arsenal
$8.00 Cashback
On eligible orders. See product page for details.
Cutlery Sets - This Wusthof Gourmet knife set includes must-have cutlery tools for prep, storing essentials in minimal space on a countertop. Perfect for limited-space areas, the tools in this kitchen knives block set deliver sharp, balanced...
Chicago Cutlery Walnut Traditions 14-Piece Knife Block Set$51.82
Sold by 2 Stores$51.82 - $73.59
up to $3.68 Cashback
Walnut Tradition Wood collection has professional high-carbon stainless steel blades with comfortable wooden handles for a more traditional look. Triple compression stainless steel rivets secure the handles to the blade for increased safety and...
Poultry Shear, Clauss, 10600$26.34
Sold by Zoro
$0.53 Cashback
On eligible orders. See product page for details.
Poultry Shear, Ambidextrous, Handle Style Straight, Overall Length 8 In., Length of Cut 3-1/2 In., Blade Material Hot Forged Double Plated Chrome Over Nickel, Tip Shape Sharp, Cutting Edge Knife, Adjustable Yes, Handle Design Enlarged Lower Ring,...
Dixie Foods DXECH0180DX7 Cutlery Keeper- w- Tray- 60 ea Forks-Knives-Teaspoons- 180-PK$28.99 $22.30
Sold by UnbeatableSale
$0.89 Cashback
Cutlery Keeper holds heavyweight polystyrene forks, knives and teaspoons. Ideal for catering or office cafeterias. Crystal design coordinates with any color or pattern. Full-size, dinner-length cutlery handles heavy, tough-to-cut food like...
Zwilling J.A. Henckels Twin Brand "Opus" 45-Piece Flatware Set, Service for 8$142.00 $99.99
Sold by Macy's
$2.00 Cashback
Flatware - The TWIN Opus flatware collection features exquisite styling with a European influence. The upscale 18/10 stainless-steel design features graceful curves and a lustrous mirror finish. Gently curved handles add a distinctive statement to...
Wusthof Forged Kitchen Shears - Stainless Steel$49.95
Sold by 2 Stores
up to $2.50 Cashback
On eligible orders. See product page for details.
Make food preparation easy with quality kitchen tools and gadgets from Wusthof. A highly efficient addition to your kitchen, Wusthof Kitchen Shears are useful for a variety of tasks. From snip ping fresh herbs and trimming flowers, to cutting up a...
Oneida 2905020K American Harmony Oneida Flatware Set - 20 Pieces$46.02 $35.05
Sold by UnbeatableSale
$1.40 Cashback
Early American styling is accented by a delicate beaded border on this timeless Oneida design. The brightly polished quill-shaped handle is striking against any table surface.FeaturesClassic designMirror Finish18/0 Stainless steel...
Slitzer CTCASE21 Slitzer 22pc Professional Chef's Cutlery Set in Case$148.62 $110.09
Sold by UnbeatableSale
$4.40 Cashback
Each ergonomically designed well balanced knife features full tang construction for heavyduty durability. Blades are finished with satin polish that resists corrosion and pitting. All store in their special 23" x 151/2" x 43/4" aluminum...
AzureGreen RAS11 Silver Handled Egyptian Athame$30.78 $22.80
Sold by UnbeatableSale
$0.91 Cashback
This double-edged, kriss style athame features an Egyptian god - goddess motif as its hilt, with wings and scarab as its hand guard. Cannot ship to MA or CA. 12-1/4" - 8" blade.
Ginkgo 079914-33145-6 Norse- 18-10 Stainless- All Satin Finish 45PC Set$103.68 $76.80
Sold by UnbeatableSale
$3.07 Cashback
The simple squaredlines of this instantlyrecognizable Nordiclook are softened witha fine durable mattefinish that will developits own patina overtime and use. The perfect complement tocontemporary table witha balanced feel in the hand. A look that...
Sold by Hipp Modern Builders Supply
$0.46 Cashback
Features: High-carbon stainless steel blade with Taper Grind edge. Walnut handle with full tang construction with brass rivets. Pares and trims fruits and vegetables. Sleeve pack. Open stock. No. 102SP: Blade Length: 3", Blade Composition: High-Carbon...
Hamilton Beach - HB Classic Electric Knife - 74275$40.00 $29.99
Sold by JCPenney
Carves meats and slices breads. Includes stainless steel blades and carving fork and case. Chrome Classic This item cannot be shipped to APO/FPO addresses. THIS ITEM CANNOT BE RETURNED. Please accept our apologies
Spyderco Roc G-10 Black Plain Edge Folding Cleaver Knife C177GP$155.97
Sold by 3 Stores$142.47 - $199.45
up to $9.97 Cashback
On eligible orders. See product page for details.
Ukrainian-born Serge Panchenko has been making custom knives for only a few years, but in that time has gathered a following. His first collaboration with Spyderco, the Roc, combines a unique cleaver style blade with a gracefully curved handle...
Nikita Bistro 20pc Stainless Steel Flatware Set FW20$46.18 $34.21
Sold by UnbeatableSale
$1.37 Cashback
Nikita Bistro 20pc Stainless Steel Flatware Set. Theres nothing better than an extra heavy set of stainless flatware. This is the heaviest flatware we sell. Forks spoons and knives so thick and strong you cant bend them with your bare hands. Each...
Calphalon Classic Self-Sharpening 6-Piece Cutlery Set with Shar pIN Technology$150.73 $111.65
Sold by UnbeatableSale
$4.47 Cashback
Knives stay sharp for a lifetime with Calphalon classic self-sharpening cutlery featuring Shar pIN technology. Sharpeners are built right into the block, automatically sharpening straight edge knives every time you remove them from the block to...
Proctor Silex Easy Slice Electric Knife$12.20
Sold by 6 Stores$11.09 - $54.21
up to $2.17 Cashback
This lightweight Proctor Silex Easy Slice Electric Knife features stainless steel blades, a hand contoured grip for ergonomic handling, and touch button control, to give you the reliability and control you need when using your favorite electric knife.
Wusthof Gourmet 7-pc. Steak Knife Block Set$99.95
Sold by 3 Stores
up to $5.00 Cashback
On eligible orders. See product page for details.
Includes 6 4.5 steak knives : High-carbon stainless steel forging : Solid hardwood block
Victorinox Forschner 10" Rosewood Slicing/Carving Knife$84.00 $69.95
Sold by Metro Kitchen
$3.50 Cashback
On eligible orders. See product page for details.
Victorinox Forschner knives are a great value in kitchen knives. Victorinox makes original Swiss Army Knives and is the largest knife manufacturer in Europe. All knives are either stamped stainless steel with a Fibrox or Rosewood handle or forged...
Chef's Choice Commercial Diamond Hone 3-Stage Knife Sharpener$599.00
Sold by 3 Stores$599.00 - $659.99
up to $30.00 Cashback
On eligible orders. See product page for details.
M2100 Commercial 3-Stage Diamond Sharpener - . This revolutionary 3 Stage commercial electric knife sharpener is the most advanced on the market producing in just seconds the patented triple bevel Trizor-Plus edge on all commercial kitchen knives as...
Chicago Cutlery Steak Knife Set By World Kitchen/ekco$24.57
Sold by 2 Stores$24.57 - $48.60
up to $2.43 Cashback
The Chicago Cutlery The Walnut Tradition Knife collection features the classic styling of beautiful wood handles. Our exclusive Taper Grind edge technology stays sharper longer and is easy to resharpen. High-carbon stainless steel blades resist...
Victorinox Forschner 14 Slot In-Drawer Cutlery Tray$36.00 $29.95
Sold by Metro Kitchen
$1.50 Cashback
On eligible orders. See product page for details.
Victorinox Forschner knives are a great value in kitchen knives. Victorinox makes original Swiss Army Knives and is the largest knife manufacturer in Europe. All knives are either stamped stainless steel with a Fibrox or Rosewood handle or forged...
Lansky LKUNV Universal Knife Sharpening System$33.65
Sold by 2 Stores$33.65 - $35.65
up to $1.68 Cashback
On eligible orders. See product page for details.
The Ultimate in Knife Sharpening Systems Technology Safe, Easy and Convenient to Use. The Lansky Controlled-Angle Sharpening System is designed to give your blade a professional, razor sharp edge every time. Includes coarse (120 grit), medium (280...
Calphalon Contemporary Self-Sharpening 15-Piece Cutlery Set with Shar pIN Technology$204.67
Sold by Kmart
$4.09 Cashback
Put your culinary skills to use with this efficient Calphalon Contemporary Shar pIN knife block set. PRODUCT FEATURES Durable German steel blades provide precision and accuracy. Built-in ceramic sharpeners automatically sharpen knives with every...
Cuisinart Classic Stainless Steel Hollow Handle 15-Piece Cutlery Set$83.01
Sold by 2 Stores$83.01 - $99.99
up to $4.15 Cashback
On eligible orders. See product page for details.
Cuisinart Classic Stainless Steel Hollow Handle 15-Piece Cutlery Set Home - Kitchen Kitchen Categories - Cutlery & Knives
Lansky Sharpeners Tactical BladeMedic Knife Sharpener$10.33
Sold by 7 Stores$8.87 - $27.99
up to $0.84 Cashback
On eligible orders. See product page for details.
* Sharpener * Pocket folding * 4-way * Tungsten carbide sharpener will restore your blade in just three or four strokes * Ceramic sharpening rods * Serrated knife sharpener * This knife is like having an entire sharpening kit in your pocket * Can be...
Kai Wasabi Black - 6 1/2" Nakiri Knife$44.00 $27.95
Sold by Chefs Arsenal
$1.40 Cashback
On eligible orders. See product page for details.
If you enjoy cooking with vegetables, you've got to try a nakiri. A nakiri is a Japanese vegetable knife and it makes short work of just about any type of vegetables. From shredding lettuce to preparing a whole fridge-full of veggies for a quick...
RazorSharpShears 6 in. Hair Stylist Shears$194.03 $149.25
Sold by UnbeatableSale
$5.97 Cashback
The PS60 utilizes a patent pending "Point-Cut Pro"™design tip with a stainless finish, featuring an ergonomic offset crane style handle design, adjustable tension dial and a Rockwell Hardness of 59-60. "World Class"...
Zwilling J.A. Henckels Miyabi Kaizen 10-Piece Block Set$999.95
Sold by Sur La Table
$40.00 Cashback
The Zwilling JA Henckels Miyabi Kaizen 10-piece block set includes two chef's knives, a santoku knife, a vegetable knife, a paring knife, a bread knife, a slicer, kitchen shears, a honing steel, and a bamboo block. The Miyabi Kaizen knives in this...
Ontario Knife 705 5-Piece Old Hickory Cutlery Set$53.97
Sold by 2 Stores$53.97 - $517.47
up to $25.87 Cashback
Easily sharpened blades made with high (1095) carbon steel, fully heat-treated and tempered for razor-sharp cutting edges. Hardwood handle flame burnt and buffed for antiqued finish, branded 'Old Hickory', and secured with brass compression rivets. ...
Hamilton Beach 74250 Carve 'n Set Electric Knife with Case, White$28.63
Sold by 2 Stores$28.63 - $35.09
up to $1.43 Cashback
Space-saving storage case Nonslip trigger Easily carves meats & slices bread Stainless steel blades & carving fork Dishwasher-safe fork; blades need hand washing, Weight: 1.5 lbs., Manufacturer: Hamilton Beach
Shun Classic 2 Piece Carving Knife Set$249.95
Sold by 2 Stores$249.95 - $259.99
up to $12.50 Cashback
On eligible orders. See product page for details.
This Shun Classic 2-piece carving set combines traditional Japanese style with the superb performance of Damascus steel and the elegance of ebony PakkaWood handles. Damascus steel blades are known for being tough and resistant to shattering, as well...
Chefs Choice Food Slicer Blade Sharpener, 2-stage$46.00 $34.95
Sold by Metro Kitchen
$1.75 Cashback
On eligible orders. See product page for details.
You can easily mount this professional quality sharpener onto the food carriage of most ChefsChoice electric food slicers. The Model 498 sharpener offers two stage sharpening using 100 percent diamond abrasives. The first stage diamond-coated disk...
Swissmar Girolle Cheese Scraper$109.95
Sold by Chefs Arsenal
$5.50 Cashback
On eligible orders. See product page for details.
Swissmar Girolle Cheese Scraper - VA-1000
Bake and Carry 8-Piece Buffet Serving Set$20.15
Sold by SpectrumSuperStore
$0.60 Cashback
BAKE & CARRY 8 Piece Buffet Serving Set HWBC08 Proudly Made in the USA, this Buffet serving set can be used Indoor or Outdoor for all occasions. The Heavy Duty Pans and items are Kosher Certified and 100% Eco Friendly and...
Zwilling J.a. Henckels Knife Block Set, 15 Piece Twin Gourmet$299.99 $119.99
Sold by Macy's
$2.40 Cashback
Henckels® is renowned for their quality knives. Now you can own the entire set at an unbelievable price. Zwilling JA Henckels® gourmet knives are precision stamped from a single piece of their exclusive high carbon, no-stain formula...
Laguiole Salad Spoon and Fork with Ivory Acrylic Handles by Jean Dubost$29.00
Sold by CyberCucina
$1.45 Cashback
This two piece Laguiole salad serving set is made with ivory colored acrylic handles and a stainless steel bolster. The classic Laguiole styling is the ultimate expression of traditional French handcrafted cutlery, making each item a unique model. ...
Zwilling JA Henckels Pro 7 inch Chinese Chef's Knife$139.95
Sold by Sur La Table
$5.60 Cashback
The heavy, wide shape of this German-style cleaver makes it ideal for chopping star chy vegetables or pressing cloves of garlic. Zwilling Pro knives pair Zwilling J.A. Henckelsâ trademark quality and precision craftsmanship with the vision of...
Slitzer Germany CTSZBX6 Slitzer Germany 6Pc Steak Knife Set - Wood Box$19.55 $14.48
Sold by UnbeatableSale
$0.58 Cashback
Features half-serrated blades full tang triple rivet Leymar handles and dark cherry wood box. Measures 9-5/8" x 1-3/8" x 5-1/4". Limited lifetime warranty. Color sleeve.
Timberline Natural Soft Arkansas Stone, 6 in.$24.02
Sold by 2 Stores$19.34 - $24.02
up to $1.20 Cashback
On eligible orders. See product page for details.
Sharpening stones are the most popular and traditional way to sharpen knives and tools. They are versatile and can be used to sharpen almost any item. This stone is 6" 100% natural soft Arkansas stone. Size- 2" wide x 6" long x .5" thick. Includes a...


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New Kid on the Block - Scene 5
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DVD Title New Kid on the Block
Category Black / Ebony
Added December 27, 2013
Viewed 0 times
Favored 0 times Add to favorites
Duration 16m, 59s
Tags Anal Sex, Blowjobs, Cum on Chest, Fingering, Hardcore
- This scene does not have any comments yet!
Two horny ebony gangsters retire to the bedroom for some hot cocksucking fun. It's almost like a vicious gang initiation, as the younger male starts sucking cock and then roughly fucked in his ass. He is a bit nervous about having that dick into his mouth, constantly looking around as if he expects to get busted for his rampant homosexuality. He gets laid down on his back, while the other, more dominant black stud holds his thighs apart and slides his prick into the younger guy's rear end. He fucks that ass hard, almost cumming up in that tight butthole but pulling out at the last minute to spunk over his young companion's face.
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New Kid on the Block
December 27 2013
More Scenes From DVD
- Scene 5 - Turned On Black Gay Men Fuck And Suck
- Scene 1 - Black On Black Gay Cock Sucking
- Scene 2 - Young Black Punk Fucked Rough In His Ass
- Scene 3 - A White Guy Gives A Black Guy Head
- Scene 4 - Horny Ebony Twink Needs Ass Full Of Cum
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text:
"The most common characteristic of all police states is intimidation by surveillance. Citizens know they are being watched and overheard. Their mail is being examined. Their homes can be invaded." ~ Vance Packard
Overcoming the Climate: The Case of Malaria
Submitted by Guest on Fri, 2012-02-24 00:00
"Malaria has been long postulated to benefit from rising global temperatures and is included near the top of most alarming lists of the bad things that will happen if greenhouse gas emissions limitations are not immediately put into place. And while this seems good in theory, real world data show little, if any, connection between climate change and malaria outbreaks. In fact, while the climate has been warming, malaria has been in decline—being beaten back by direct measures aimed at reducing the spread of the disease."
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Way to Go, Frisco, You're the 14th-Safest City In the United States of America!
We can look at CQ Press's just-released City Crime Rankings 2010-2011 two ways: from safest to most dangerous or vice-versa. But either way -- based upon the FBI's Uniform Crime Reports that include "the violent crimes of murder, rape, robbery, and aggravated assault and the property crimes of burglary, larceny-theft, motor vehicle theft, and arson" -- Frisco ranks as the 14th-safest city in the country, right between Troy, Michigan, and the Township of Toms River in New Jersey. I hear Troy has a very nice mall.
Allen, which ranked ninth in '08, slips to 21st. After that McKinney comes in at 51; Plano, 52. Richardson's the next local city on the list, down at 88; Carrollton follows at 104; Denton, 112; Lewisville, 114; Irving, 137; Garland, 158; Mesquite, 190; Grand Prairie, 220; Arlington, 232; Fort Worth, 252. And Dallas? The 349th-safest. Out of 400 ranked. But better than Miami and Oklahoma City. And Houston. But what isn't?
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An Analysis of the Tragedy of Romeo and Juliet by William Shakespeare
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Pages: 1
Word Count: 835
Category: English
Sub-Category: English Literature
Topic: Shakespeare
Word Count: 835
Pages: 1
The Tragedy of Romeo and Juliet Light shapes our lives Without it we would be in a sea of empty darkness White and black are complements of each other expressing different extremes of color Instead of using color and light to visually see William Shakespeare uses color and light to show love between the star-crossed lovers in The Tragedy of Romeo and Juliet Shakespeare also uses the power of contrasting colors to extend the power of his words These contrasts reflect the feelings of Romeo and Juliet Secondly the contrast of light and dark reflect the intensity of unconventional love experienced by Romeo and Juliet The image of light in its various forms reflects the strength of the love felt by the two lovers Romeo and Juliet The famous pair of star-crossed lovers are often affected by forces which cannot be explained except for the powers of stars Romeo speaking of Juliet in front of her bedroom after the party talks of their meeting as something that is only going on in the heavens not in real life Romeo compares Juliets eyes to twinkling stars Tis not to me she speaksTwo of the fairest stars in all the heavenHaving some business do entreat her eyesTo twinkle Romeo also uses another image to show how the stars cant compare to Juliets brightness What if her eyes were there they in her headThe brightness of her cheek would shame those starsAs daylight doth a lamp her eyes in heavenWould through the airy region stream so bright Contrasts between light and dark emphasize the amount of love felt between the two lovers Changes from light to dark reflect and foretell changes ahead for the couple Sudden flashes of light depict sudden and violent changes Juliet foresees problems approaching when she hesitates in making a commitment as permanent as marriage to Romeo after they have just met I have no joy of this
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Flextronics International Ltd. (NASDAQ:FLEX)
F1Q 2012 Earnings Call
July 21, 2011 5:00 pm ET
Kevin Kessel – Vice President, Investor Relations
Mike McNamara – Chief Executive Officer
Paul Read – Chief Financial Officer
Amitabh Passi – UBS
Shawn Harrison – Longbow Research
Amit Daryanani – RBC Capital Markets
Brian Alexander – Raymond James
Craig Hettenbach – Goldman Sachs
Jim Suva – Citigroup
Brian White – Ticonderoga Securities
Louis Miscioscia – Collins Stewart
Wamsi Mohan – Bank of America Merrill Lynch
Matt Sheerin – Stifel, Nicolaus and Company
Steven J. O'Brien – JPMorgan
Good afternoon, and welcome to the Flextronics International First Quarter Fiscal Year 2012 Earnings Conference Call. Today's call is being recorded, and all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.
At this time, for opening remarks and introductions, I would like to turn the call over to Mr. Kevin Kessel, Flextronics' Vice President Investor Relations. Sir, you may begin.
Kevin Kessel
Thank you, Tamara. And welcome to Flextronics' conference call to discuss the results of our fiscal 2012 first quarter ended July 1, 2011. Joining me on the call today is our Chief Executive Officer, Mike McNamara, and our Chief Financial Officer, Paul Read. The presentation that corresponds to our comments today is posted on the Investors section of our website under Conference Calls and Presentations and it can also be accessed directly from our investor relations home page.
Our agenda for today's call will begin with Paul Read reviewing the financial results of our first quarter of fiscal 2012 and Mike McNamara will follow-up with the discussion of our current business trends, and he will also conclude with our guidance for the second quarter of fiscal 2012 ending in September. Following that, we will take your questions.
Please turn to slide two, for a review of the risks and non-GAAP disclosures. This presentation contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially from those set forth in this presentation. Such information is subject to change, and we undertake no duty or obligation to revise, update, or inform you of any changes to forward-looking statements. For a discussion of the risks and uncertainties, you should review our filings with the Securities and Exchange Commission, specifically our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and any amendments thereto.
This presentation references both GAAP and non-GAAP financial measures. Please refer to the schedules to our earnings press release and the GAAP versus non-GAAP reconciliation in the Investors section of our website, which contain the reconciliation of the adjusted financial measures to the most directly comparable GAAP measures.
I will now turn the call over to our Chief Financial Officer, Paul Read. Paul?
Paul Read
Thank you, Kevin. And welcome, everyone to our call. Please turn to slide three. We generated $7.55 billion in revenue for our fiscal 2012 first quarter, which is at the high-end of our guidance range of $7.1 billion to $7.6 billion. Revenue rose $982 million or 15% from the $6.57 billion we reported last year, and 10% sequentially.
Our first quarter adjusted operating income was $197 million, up 4% year-over-year. And GAAP operating income was $184 million for the first quarter, up 5% versus our prior year. Adjusted net income for the first quarter was $157 million, up 2% from the year ago levels. And our GAAP net income for the first quarter was $132 million, up 12% year-over-year.
Reported adjusted earnings per diluted share for the June quarter $0.21, which was within our EPS guidance range of $0.20 to $0.23 and up 11% from the $0.19 we had last year. Our GAAP EPS for the first quarter was $0.17, 21% above the year ago GAAP EPS of $0.14.
Our diluted weighted average shares outstanding or WASO for the quarter was 760 million, this was a reduction of 8% or 64 million shares in flow compared with $824 million shares reported year ago. This reduction was driven by our share buyback program. During the quarter we completed our third $200 million share buyback program as we repurchased approximately 29 million shares $200 million.
Overall since our recent buybacks began in June of last year, we repurchased $600 million within our stocks totalling 94 million shares or 11% of our diluted weighted average outstanding shares. The average cost of our recent buybacks today the rate has been at $6.36.
In today's press release, we announced that our Board of Directors have given authorization for a new $200 million share purchase. In addition, tomorrow, our Annual and Extraordinary General Meeting will take place in which we are seeking shareholder authorizations for our buyback of up to 10% of our outstanding shares.
The next quarter, we estimate our WASO to be approximately 750 million due to the timing of one shares we repurchased during the last quarter.
Please turn to slide 4, June quarter revenue grew double-digits both sequentially and year-over-year and marked our second highest June quarter revenue on record. We expect our sequential and year-over-year revenue growth to continue to gain next quarter.
Our adjusted operating income totaled $197 million and was 4% above the $189 million we reported last quarter and also 4% above the $190 million we achieved a year ago. So operating margin of 2.6% was negatively impacted by the losses equating to approximately 50 basis points in our PC ODM business that we are in the process of exiting.
Operating margin of 2.6% was down from 2.8% last quarter and 2.9% in the prior year quarter. Our core EMS businesses are performing well and if we exclude the PC ODM business we are exiting, pro forma operating margin was 3.1%.
Our EBITDA was $295 million in the June quarter, up 2% from the prior year June quarter. As a result of our strong sequential sales increase, which was heavily driven by our loss generated in personal computing business. Our EBITDA margin suffered in the quarter declining 50 basis points to 3.9% from 4.4% last quarter. Our OCM EBITDA expanded to $1.25 billion from $1.1 billion a year ago.
Our adjusted EPS of $0.21 was up from $0.19 in the prior year June quarter and flat with $0.21 we reported last quarter. The ODM PC business losses negatively impacted EPS by about $0.25.
Please turn to slide 5, in our June quarter the PC ODM business we're exiting totaled $663 million in revenue and accounted for a $19 million operating loss, excluding this business, our operating margin would have been 50 basis points above the level we reported 2.6%. This business will likely peak for us in the seasonally strong September quarter and then decline in the December quarter.
We expect to be completely disengaged from this business by the end of December quarter with no remaining volumes in our March quarters. We would continue to model operating losses in the September and December quarters to be roughly $20 million in line with our June quarter losses.
Please turn to slide six. Adjusted net interest and other expenses $22 million up from $7.6 million last quarter due to lower FX gains and higher other non-operating expenses. While this quarter was slightly above our expectations of net interest and other expense to be in the $15 million to $20 million range, we believe this range is approximate to model going forward.
The adjusted tax expense for the first quarter was $17.4 million, reflecting an adjusted tax rate of 10%, which was inline with our stated guidance for the quarter of 10%. For our upcoming quarters guidance we believe modeling at 10% to 15% tax rate range is appropriate.
Finally, turning to the reconciliation items between our GAAP and adjusted EPS, stock-based compensation was $12.3 million in the quarter, below last quarter's $13 million and represented $0.015 EPS impact. Intangible amortization net of tax was $12.7 million in the quarter, down from $14.1 million last quarter and represented a $0.02 EPS impact.
Please turn to slide seven. Inventory rose 5% or $188 million to $3.7 billion. However our sales growth was double our inventory growth rates resulting in inventory turns increasing to 7.8 turns from 7.3 last quarter. We remain confident that during fiscal 2012, we will see continued improvements in our inventory performance later this year.
Our cash cycle declined one day to 19 days as a result of 3-day decreases in both inventory days and DSOs, offset by 5-day decrease in our DPOs. We believe we can manage our cash conversion cycle in the mid-to-high teens range rates going forward.
Now turning to net working capital chart on the top right of this slide, overall net working capital rose $245 million quarter-to-quarter and net working capital as a percentage of sales increased to 6% from 5.7%. We believe our business is structured to run net working capital between 5% to 6%, of sales going forward even as we disengage from PC ODM business.
At our recent May investor knowledge day, we introduced a new definition and calculation for ROIC, that we see, I suppose more comparable to our industry peers and also more transparent for investors and analyst to calculate in their own model. As a reminder, the new calculation, which is documented in the footnote below the graph, is LTM adjusted operating income net of tax divided by the sum of stockholders' equity plus net debt. Our ROIC for the quarter was very healthy at 26.5%, slightly below the 27.6% last quarter and above the 24.7% from the June quarter a year ago.
Please turn to slide eight, cash flow from operations is approximately $136 million during the quarter. Net capital expenditures for the quarter was $113 million and free cash flow of $124 million. We spent $200 million during the quarter buying back our own stock. Net of all these movements', cash declining $191 million sequentially.
Please turn to slide nine. We ended the quarter with $1.56 billion in cash, down a $191 million versus the prior quarter, principally reflecting the stock buyback I just mentioned, offsetting the free cash flow generation.
Total debt remained constant at $2.2 billion. And net debt increased to $656 million from $472 million last quarter. Our debt-to-EBITDA level ended the quarter 1.8 times, stable with our quarter down from 2.2 times last year. The chart at the bottom of the slide shows significant debt maturities by calendar year compared with our current liquidity, our (inaudible) debt maturities in 2012.
With that, I will turn the call over to our CEO, Mike McNamara.
Mike McNamara
Thank you, Paul and welcome to everyone on the call today. Taking a high level deal of our recent quarter reveals that every one of our four business groups grew double-digits year-over-year. In addition, three of them also grew double-digit sequentially. We continue to actively manage our portfolio and accelerate our leadership in our non High Velocity businesses. This performance illustrates the diversification of our business model and our broad based success across all the markets we participated in.
In terms of the overall business environment, it is stable and we remained confident that our growth across all the business groups displays were continuing good growth going forward. The one exception to this is our planned exit from the ODM PC business. This exit is progressing as we planned, while it will create a temporary revenue headwind for our High Velocity Solutions business group, but benefits to our profitability are significant.
In addition, our business will benefit from reduced risk profiles and the ability to reemploy the associated assets into other profitable parts of our business. A quarter ago the big topic at the macro level was the crisis in Japan and what's the impact on Flextronics and the supply chain might ultimately be. We guided to a wider range for our June quarter as a result of the uncertainties at the time. However, we were able to mitigate any material impacts on the Japan earthquake and avoid disruptions to our customer programs.
Please turn to slide 10. In our recent Investor and Analyst Day, we reclassified our five market segments into four business groups that better approximate the way we go to market. This slide represents our recent results in this new way along with history for fiscal 2011. We have also published additional historical breakdowns for our four business groups in the appendix to the slide presentation.
Our Integrated Networking Solutions, industrial and emerging industries, and higher Liabilities Solutions Business Group make up the majority of our revenue base and accounted for 59% of our sales in our first fiscal quarter led by Integrated Network Solutions.
Our Integrated Networking Solutions business group is divided into Telecom Infrastructure, Data Networking, Connected Homes, Server and Storage business. Integrated Network Solutions sales rose to $2.77 billion during the quarter, up 11% year-on-year and 10% sequentially, recall that this business group was softer than we had expected last quarter primarily due to program delays and product transitions in addition to some optical weakness.
We had guided for a rebound this quarter and actually we saw with a strong 10% sequential growth across the broad based section of our customers. We believe the issues had negatively impacted our business during the March quarter behind us as evidenced by our growth this quarter.
For next group, we expect to grow in the mid to single digits sequentially driven continued strength in telecom and growth in storage. For fiscal 2012, we continue to believe this growth of over 10% is achievable, supported by continued strong bookings with both existing and new customers.
Industrial and Emerging Industries comprise 15% of total sales versus 14% last quarter. Sales amounted to $1.5 billion reflecting a very strong 17% sequential growth and achieving record quarterly sales. Growth trends were broad based during the quarter and were led by clean tech's and semiconductor capital equipment in addition to new wins spread amongst several other areas.
Business development activities remained strong during the quarter as we booked over $400 million of new business wins. This is above the $300 million booked last quarter and on the yield of $1.3 billion booked last fiscal year. For the next quarter, we expect to experience some softness in capital equipment and in office equipment, which will result in a mid single-digit sequential decline.
Overall, our Industrial and Emerging Industries still remain on track to deliver double-digit growth for fiscal 2012.
Our High Reliability Solutions comprise 7% of total sales consistent with last quarter. Sales grew 11% sequentially and 35% year-over-year and similar to our Industrial and Emerging Industries business group, it achieved its all-time highest quarterly revenue.
Our High Reliability Solutions business group, comprise of medical, automotive aerospace and defense businesses. Next quarter, we forecast our business to grow mid single-digit sequentially. I'll provide a little more color on each and help explain how our Reliability Solutions performed overall.
Our Medical business grew and saw steady growth both sequentially and year-over-year led by strength and medical equipment and drug delivery. Medical booked roughly $50 million of new programs during the first quarter and then sales pipeline expanded further towards the $0.5 million.
Our Automotive business has been on the roll, and marked its seventh consecutive quarter of sequential growth. We achieved over 10% sequential growth for its third straight quarter and remains on track for another very, very strong growth year and fiscal 2012 positioning industry to reach the $1 billion sales level for the first time ever.
We continue to see strong trends across the board and areas we engage in, such as in-car connectivity, ambient lighting, LED electronics, power electronics, and the electrical vehicle markets.
As a lot of these solutions comprised 41% of total sales, or just over $3 billion in aggregate for the June quarter. This business group includes our mobile, smartphone business, consumer electronics, game consoles and printers and a high velocity computing including PC ODM business, which we're exiting and the Enterprise PC business which we are keeping.
This business group has had the slowest growth in the quarter and so rose 8% sequentially, compared to a year-ago the business grew 16%, the majority of our growth sequentially and the year-over-year was driven by our PC ODM business.
Our mobile and consumer business declined in a sequentially and year-over-year basis, which was inline with our expectations. Softness from the largest mobile customers combined with weakness amongst our Japanese mobile customers and seasonality in the game console market drew the majority of the decline.
In high velocity computing, our business experienced very strong sequential and year-over-year growth driven principally by new power brands in our ODM PC business as well as in our enterprise EMS PC business.
Overall next quarter, we expect our high velocity solutions business to grow mid-to-high single digits driven by a rebound in the mobile and consumer programs driven by favorable season trends in addition to the likely seasonal growth in our high velocity computing business.
Our components business, which include Multek Vista Point and FlexPower declined sequentially as we expected. This will begin to see much stronger growth beginning in our current quarter when they aggregate their forecast to grow above 10% sequentially. In addition, the two components businesses where we are most focused in driving growth Multek and FlexPower are each anticipated to grow north of 15% in fiscal 2012.
From a profitability perspective, we exited the June quarter with Multek being profitable over the FlexPower and Vista Point was still just below break-even. In the case of FlexPower, their losses included the absorption of some rationalization and transition related cost as we accelerate to close our two factories. For Vista Point, well, our operations have stabilized and our yield at industry leading levels, our profitability was hampered by lower seasonal demand.
Looking at the rest of fiscal 2012, for the combined components group, we see incremental improvement each quarter, and expect to realize our targeted 4% operating margin for components exiting fiscal 2012. This key to achieve in this 4% target lie in Multek's continued growth as running more revenue across its high fixed costs will accrue nicely to operating margins.
For FlexPower, it moves in win. It's almost complete and the associated rationalization and transition chargers are mostly behind it positioning it well for margin improvement. And for Vista Point all these have been very, very sound, with its new programs utilizing existing equipment, technologies and know-how coupled with our operational improvement, margins will improve nicely.
Our services business, which is focused on various post manufacturing and aftermarket activities such as logistics and we're there and watching, we're stable during the quarter. Operating margins continue to be amongst the highest in the company and register a number of new program wins will begin to ramp next quarter leading to healthy growth for the remainder of fiscal 2012.
Now, turning to our guidance in slide 11. Our orders and forecast are pointing to another quarter of sequential growth. As a result our guidance is for the revenue range between $7.6 billion and $8.0 billion, which corresponds to a sequential increase ranging from 1% to 6%. We expect our adjusted earnings per share to be in the range of $0.21 to $0.23. Our EPS guidance is based on an estimated weighted average shares outstanding of approximately $740 million.
Quarterly GAAP earnings per diluted share are expected to be lower than the adjusted earnings per share guidance, I just provided by approximately $0.04 for intangible amortization expense and stock-based compensation expense.
That concludes my comments, I'll now like to open the call up to the operator for Q&A. Thank you.
Question-and-Answer Session
Our first question comes from Amitabh Passi with UBS. Your line is open.
Amitabh Passi – UBS
Hi, thank you. Paul, perhaps the first one for you, I thought I heard you say there was a 50 basis point drag in the June quarter. Just wondering was all of that just related to computing ODM business? It seems like some of your components business is still a drag. And I was wondering that the services business would drag and exiting that, so that has a negative drag? So maybe just some understanding of how we think about the 50 basis point impact broken down across computing, components and then maybe services, if and that had an impact?
Paul Read
Yeah, thanks, Amit. So the 50 basis point I referred to was two of these ODM PC business exiting. So in that slide that you see in the deck, when you take out the revenue $663 million, you strip out the losses, the $19 million, you get a 50 basis point swing up to 3.1%. That's inline with what we were saying at the Analyst Day, there was a 50 basis points seen there as well. So nothing has changed there.
Components, we said that we have some improvement there for the back end of the year, focus that improvement. And so our components in the quarter, not Multek, Multek is profitable, but camera modules and power. Power is particular because we were doing some restructuring there, with a couple facilities to accelerate the improvement, performance, which you will see now at the back end of the year. But components lost about $0.01 a share for us this quarter. And so if you take the swing from a $0.01 a share to making 4% profit, which back into the year here on about roughly quarterly revenues about $600 million. You get about another 40 basis points swing in margin there as well. So you put those two together and we're at 3.5% profit levels. So that's as simple as that and that's how we plan and that's what we targeted.
Amitabh Passi – UBS
Great and then just a follow-up for Mike. Mike any comments on just sort of the big macro sort of demand environment, I mean one of your smaller competitors reported this morning and kind of like just about order volatility, economic malaise, I mean lot of just said down beaten comments, yet your guidance seemed relatively robust. So just maybe if you can comment by end market what you're seeing maybe just what the sentiment and the physiologies out there with respect to your customer base?
Mike McNamara
Yeah, I think the macro-environment is a little soft, we find it a little challenging from that standpoint so we're seeing some reduction in some of our orders. The best that we have is, we just have a really, really strong book of business once you get outside of the ODM PC business and get way from the high velocity or the mobile com, the big mobile com customers that we have.
Once you get outside of that, we have a very, very strong book of business a lot of this, which was booked last year. So a lot of what we're seeing it is we're seeing an offset of that softness with additional bookings that we've been able to bring on over the last couple of quarter. So I would agree there is a little bit of softness in the marketplace, so I think we are going to see that for the next couple of quarters, but fortunately we have quite a bit of top side adjustment and as a result of these bookings.
Amitabh Passi – UBS
Okay. Thanks. I'll jump back in queue.
Next question comes from Shawn Harrison with Longbow Research. Your line is open.
Shawn Harrison – Longbow Research
Hi, good evening, just wanted to I guess get on that and look to that book of business maybe outside of high reliability in industrial and emerging. Are you still seeing kind of a good traction in the integrated network and high velocity that similar to last year is kind of that bookings slow down too?
Mike McNamara
The integrated networking solution just saw that, we grew 10% this year sequentially branded, March was a little bit light for us. But overall for the year, we expected to be in the double digits. So now we're not seeing a slowdown there, we're actually pretty positive, we've been able to book programs in virtually every one of the major networking companies whether they are U.S., European, or Chinese. So we've been very, very fortunate from that standpoint.
The high velocity solution, I think that's your other question, that's going to be dominated by some of the big mobile customers, as you know. So we're not anticipating much growth in that segment over the course of this year and not just because of that, but because of that PC ODM will decrease as well out into the final portion of the year.
So we're going to expect that whole group to be relatively flat maybe a little bit down on an entire year basis. But like I said in the scripts, all the other three groups, where the profitability is a little bit higher or a lot higher I should say, all those three groups are, we do expect to grow at double-digit this year.
Shawn Harrison – Longbow Research
Okay. And then there is a brief follow-up, Paul just the SG&A was maybe a little higher than probably, as truly is modeling for this quarter. I guess expectations going forward?
Paul Read
Yeah, I think that's, we've had some growth in SG&A and I think we're just resizing some of the growth ahead of us, but on a go-forward basis we're about at that 210 to 215 range, pretty stable at that level.
Shawn Harrison – Longbow Research
Okay. Thank you very much.
Next question comes from Sherri Scribner with Deutsche Bank. Your line is open.
Kevin Leblanc – Deutsche Bank
Hi, this is actually Kevin Leblanc on behalf of Sherri Scribner. What are the things was buried in deed, include myself, just again on commodity costs and labor prices and is that something that pressing your margins, especially on the component side of the business and especially with the Chinese labor cost?
Mike McNamara
Well, the labor cost we kind of baked in, we went through probably a 20% average increase this year, which kicked-in in April. So without doubt that's the headwind, additionally commodity costs have continued to be quite strong. So most of the things are headwinds, but not unanticipated and but certainly favorable and now we can make more money, there is no question about that.
But I think it's just the environment that we need to operate in, we need to go deal with it and we have to have enough productivity to offset those kinds of changes or be able to attach some of those cost back into the customers and both of which we worked on pretty actively. So for sure the headwinds is going to keep going up and but in the meantime well, it's just part of our business and we need to go deal with that.
Kevin Leblanc – Deutsche Bank
Excellent. Thank you and just one last question. You had mentioned a few new deal wins de-ramping in the next quarter in the services segment, which is higher margin. Would you be able to roll the size of those winds or if you guys move the could move the year at all on operating margins?
Mike McNamara
Your question, I'm sorry, your question was?
Kevin Leblanc – Deutsche Bank
It was the size of the deal wins that are ramping in the services?
Mike McNamara
So the services business, we're at a couple of $100 million only of additional business in that business over the course of the year, and it will come with, substantially higher than EMS margin, so you can, you factor in EMS margins are twice, say twice the EMS margins, for this is nice round numbers and factoring in a couple of $100 million. So you can see it, I mean I won't it moving the needle, but every group that helps right.
Kevin Leblanc – Deutsche Bank
Excellent. Thank you.
Next question comes from Amit Daryanani from RBC Capital Markets. Your line is open.
Amit Daryanani – RBC Capital Markets
Yes, good afternoon, guys, lots of questions, looking at the operating margins, when I look at what you guys give at the Analyst Day, the midpoint was $6.7 million revenues, 3.3% op margins, extra PC business. So we came in at $6.9 million revenue, but the op margins at 3.1%, could you explain why the degradation operating margins versus the midpoint of your guidance excluding the PC business?
Paul Read
Yeah, I think it's quite similar Amit, I think what we said in the Analyst Day was 3.2 kind of number and we've lost about 10 basis points on that and that was entirely a component issue. We still get break even this quarter and we lost about $0.01 a share, which is worth about 10 basis points. That was really the only surprise that came out.
Amit Daryanani – RBC Capital Markets
Got it. And then maybe we still look at the high velocity business, one of your big handset customers there has their own set of challenges. And I'm curious what you guys see, I guess little concern that they may miss the product we first cycle and units could be done dramatically again, are you guys worried about that and how do you plan to work around that to mitigate any further impact to your P&L?
Mike McNamara
Well, obviously, we work with the customers pretty closely, a lot of that capacity that we have is it's certainly movable. So they're in existing factories, and they use capacities that are very similar to any other product. So we just move those around as the case maybe, we're not, there is quite a bit of a big ramp that's anticipated over the course of the next couple of months, and so we're pretty much all hands on deck to make sure that ramp happens. There is a pretty strong refresh coming out in the lot of new products, so we're going to be optimistic about how those work out.
However, the demand goes down then we'll expect to move our equipment around and just use it that way. One of the benefits is, of growing every year and we kind of mention all these other different segments growing about, growing double-digits over the course of FY '12 and all those public segments are going to need capacity in what's just redeployed fast if we needed it back.
Right now we're optimistic that we'll see quite a bit of upside with the mobile customers to, as the products come out and hopefully they're successful. But if we're not, we'll just move the capacity around the world, we'll go deal with it. And of course, it will be a slight headwind on our earnings. But the numbers that we provide you kind of anticipate those challenges in the market place, so we already base that into our go forward forecast, and we'll do the best we can to go mitigate it, should it be a problem.
Amit Daryanani – RBC Capital Markets
Mike, just to clarify it seems like so the capacity is clearly movable and something like for industry deployed to warrant some other products fairly quickly, all right in case demand doesn't show up.
Mike McNamara
Exactly. We still spend about $450 million a year on CapEx, and to the extent that any particular customer has excess equipment, we'll just redeploy it and it's one of the benefits, like I said that have a pretty strong growth in a lot of the other segments, if I use in a lot of the same capacity.
Amit Daryanani – RBC Capital Markets
Thanks a lot.
Next question comes from Brian Alexander with Raymond James. Your line is open.
Brian Alexander – Raymond James
Yeah. Just maybe following up on the margin question, could you just walk through the sequential gross margin decline you saw of about 30 basis points, obviously revenue was up nicely in the quarter. Yeah, and if I look at the incremental gross margin sequentially, it was only about 2.5%. So what specifically drove the weakness in gross margin sequentially, it doesn't sound like you had incremental losses in PCs or components. So I'm just struggling to understand why such a big downtick in gross margin?
Mike McNamara
Yes, Brian so what we had was PC ODM, the volumes did ramp, and so there were some additional losses there that affects us of course. We also had some increase in SG&A, that I've talked to a little bit earlier on about $10 million increase there, so that help the margin a little bit on a sequential basis. And the mix, so as we grow on the seasonal quarters come out, add to those spend, you get a little bit of a margin mix issue, but all that together, for us it's roughly about a 20 basis points off of March quarter, so that's kind of how we explain that.
Paul Read
And I'll also add to it, Brian that, we added these mobile phones, some of these mobile phone programs have delayed. You can't immediately redeploy capacity, and I've added something (inaudible) to leave capacity in place because of the ramp just moves a quarter, it doesn't go away and that's fairly. So we have a pretty significant change from Q1 to Q2, which resulted in some challenges on the OP line, just as a result of some of those mobile phone push up.
Brian Alexander – Raymond James
Okay. And just a follow up on the revenue guidance up 3% sequentially at the mid point, it seems to below seasonal, and I think on a year-over-year basis it will be up about 5%. A quarter ago, I think you thought you would grow double-digits in each segment Mike, so what changed from last quarter to this quarter particularly in the industrial, in the integrated segments. I think if I look at your September guidance by segment, both of those are expected to grow below 10% year-over-year, but you seem very confident that for the year, they should both grow double-digits. So I guess what changed in those two segments, and then going forward, what has to happen for you to grow double digits in those segments, is it macro driven or do you have a lot of visibility because of the program wins?
Mike McNamara
Yeah, sometimes the quarterly results aren't really reflecting the yearly average, sometimes there's certain adjustments. As a good example, I can use those, last year we grew integrated networking services by 10%, yet Q4 was off substantially, I mean, they got nervous about it, optical was a little bit down and said, don't worry about it, just some program delays and such. But improved for the whole year last year, integrating network service by 10%. This go forward year, you know in FY '11, we also expect to grow over 10%, still even with some of the comments I made on the softer economy. And that's largely driven on the strength of many new program wins and a lot of the programs that we are in are kind of the newer programs that have the most attraction or the most future type of attraction potentially in the market place.
So sometimes these quarterly changes don't, you can't lead too much into them, you mentioned industrial. Industrial is up 17% sequentially this quarter relative to the March quarter. And this next quarter it's down by single digits, but if you take an average of the two, and then it's growing, say it's going to be 5%, you take 17 and 5 in all the 7 you've got very, very strong average sequential growth. So it again, we see the programs that we've booked that we layer on, on top of the existing customer forecast, and once again we think we're nicely in the range to achieve double-digit growth.
So I think sometimes the quarterly, kind of this and by the way the industrial, I think a lot of what that's driven now, as I mentioned was things like capital equipment which is actually quite strong last time and it tends to run in little mini cycles because it tends to burst and then it tends to back off quite a bit. So we're just seeing the back off cycle right now, usually it takes a quarter, you don't tune that, and then it goes back up and goes into a burst.
So I think when we look at the whole picture, and we look across the quarterly disruptions, I think it ends up being a pretty solid growth picture for us and we'll continue to be quite bullish about how all those groups have been out there.
Brian Alexander – Raymond James
If I could just make a follow-up or a last question, quick one for Paul, the share count, I think you said, 750, I just wanted to clarify that for September because that was not seen to factor in any potential buybacks in the September quarter, I just want to clarify.
Mike McNamara
No, I said, 740.
Brian Alexander – Raymond James
Oh, sorry.
Mike McNamara
Which doesn't kind of place any additional buybacks over and above what we've done and completed in the June quarter.
Brian Alexander – Raymond James
Okay, great. Thanks.
Next question comes from Craig Hettenbach with Goldman Sachs. Your line is open.
Craig Hettenbach – Goldman Sachs
Yes, thank you. You commented that Japan wasn't as bad as you expected. Can you talk about how you see things today, whether it's inventory or demand trends in relation to Japan?
Mike McNamara
I think response to the Japan earthquake by the entire supply base was very strong, I think it was very aggressive, I think it was extremely well executed and that doesn't just mean other suppliers fragment on additional capacity that goes up for the Japan disruptions, but also with the OEMs that when they didn't have suppliers qualified that they rapidly move to requalify new sources.
So I think, and the next is what I observe, I mean, everybody thought it was going to be a big problem and a lot of the problem that people anticipated was some of the uncertainty not just in the core component base, but maybe even in the sub-components and how those might ripple through the industry, it was difficult to see at the time.
but the response was quick; I think the industry moved very, very rapidly. and so it's a kind of created a pretty minimal impact on most of the electronics base of businesses around the world, the only, the major exception to that is the automotive in Japan as you probably know. But everything else actually reacted quickly, and again, it created some headwinds in terms of the need to expedite parts that we have to maybe buy, pay extra for some parts, we have to bring out some additional inventory when we're worried about it. There were certainly headwinds associated with it, but all in all, I think the response was very, very positive by the industry.
Craig Hettenbach – Goldman Sachs
Okay. And then if I can follow up, as you exit the PC ODM business, can you talk about the new business segment categories, where you expect to focus most in terms of driving growth on a go-forward basis longer term?
Mike McNamara
Yeah. We like to run a pretty balanced portfolio, we have intended to downplay a little bit at the low margin businesses, PC ODM is a real good example that was actually beyond a low margin, but that was a negative margin business. But we'll, we have always tried to build a very, very balanced portfolio across all the different product categories, we have always tried to drive a double-digit growth rate in each one of those different product categories. And we don't see any reason to change that objective. so as we take out the PC ODM and as we fix components, which we gain increasing confidence on all the time, we end up with a very nice margin profile, and if we can keep a very balanced growth of double-digits across the whole segment, each of the segments, then I think it would have been a very, very strong business.
Craig Hettenbach – Goldman Sachs
Okay, thank you.
Next question comes from Jim Suva from Citigroup. Your line is open.
Jim Suva – Citigroup
Thanks guys for taking the call. A quick question on the components. The commentary about it appears that they're actually getting worse. Can you help us understand why components are getting worse, as I would assume your management is all over this issue, as it's kind of been a perplexing cold for the company for a little bit of time.
And then maybe more importantly looking forward, rather than back, with many of your customers ramping pretty healthily here in the back half of the year, any thoughts around are you changing the way you're pricing things or the way you're yielding or rolling out processes to make sure that the components don't have a bit of a hiccup here with your strong ramps? Thanks.
Mike McNamara
Yeah. So Jim, you have to kind of may be look at it from where we look at it. So first of all multi continues to make improvements, it's made improvements probably every quarter for like about six different, six quarters in the past. And it's just moved through our seasonally lower March, June kind of period and then it hits a ramp up September, December.
So being comfortable in the March, December, March, June timeframe and going over with a pretty solid book of business, which is what we do have, it leverages that fixed asset base very, very effectively. So we actually think that one is on track, we're not too worried about it, it seems to make progress every quarter, we have to let them know how we're in the business and it's very predictable the customers enter in and we're quite comfortable with that one.
On the camera module business, it's a little bit, the challenge that we had last year were built around being able to achieve the yields, and we implemented a very good process, it was a state-of-the-art process, when we launched that process no one else in the world had it, that's why we ended up booking all the business. It under achieved in terms of, that wasn't under achieved, it just didn't hit our yield targets for about six months, we would have liked to seeing it hit our yield targets in two months, but it was some significant unpredictability and it was simultaneously hit with massive volume increases on a continuous basis.
So we never had time to go fix these things and we kept chasing volume for the customer. So what's happened is, that business is now stabilized. In fact the last quarter, six months the yields we've been able to achieve in that business are absolutely best-in-class of anyone in the industry. So we'll exactly take a new technology, we matured it, we understand how it works. We've actually had some additional launches on it that went extremely well and we're very, very confident that we solved the execution problems, the operational problems and the capacities in place and that sort of things.
So what happen now is sort of volume is down a little bit and once again we come of from March, June kind of a little bit of a seasonal slowdown like it always has in components. We're heading to higher ramping periods coming into end of the next couple of quarters, but what makes us most comfortable as we've booked a substantial amount of new business. Now it could be scary like it was last year in terms of too much new business actually hurt us, but this year all of the business that we booked in camera modules is on the existing technologies.
So, we actually know this business, we actually know this technology, we've actually ramped this technology, we've proven it. And so what that does is, it given us a lot of comfort as some additional revenue comes in. And most of the equipment is already in place so that ramp doesn't need to happen but we can execute it very, very well.
And the last one is power, and power is actually – the underlying business of power is actually coming along nicely that this kind of grow 15%, the underlying operating profit is actually not so bad. But we just decided to more aggressively consolidate a couple of factories and a lot of the cost that we actually hit, Paul mentioned, it's more than a $0.01 a share in losses in components. A lot of those losses that we have are really one-time charges associated with finalizing the consolidation of the factory. So between consolidating factories, having few factories, much more stabilized operations, having a good book of business, very strong customer base, all running across fewer factories I believe we executed higher, its given us a lot of comfort. So what we see in that is, you see a lot of the cost, what is see is a lot of one-time charges in that business that actually we expect to go away this quarter.
So each one has a different answer, but the variability in terms of the turnaround is starting to come out of the system. So I'd call the – we certainly do a turnaround because we're losing money but we derisk these things very substantially. And so it gives us comfort to see these, hopefully, turn the 4% margin by the end of the year like Paul talked about.
Jim Suva – Citigroup
Great, and maybe a quick follow-up for Paul. Paul, can you – a little housekeeping thing. Can you let us know on the amortization and the stock comps, they both came down lower. Is the stock comp due to the share price, or have you guys kind of changed your compensation more towards cash? And the amortization, is that something where just some things in the past, customer lists, or what have you are rolling off, and just you expect that to continue to trend a little bit lower, or how should we think about those two items?
Paul Read
Yeah, the amortization for sure is winding down. Its lot of Solectron kind of integration, amortization issues. So you should expect a decline of them over time, it's on that track. Stock based compensation; I wouldn't say we've changed anything, Jim. It is largely dependent on the stock price and the grants, et cetera, but you should assume that that's fairly flattened that range. But what we're looking forward to is this adjusted to GAAP EPS, which is roughly $0.04 probably trend down towards more like $0.03 next year. And the closer it gets the better we feel about that.
Jim Suva – Citigroup
That's great. Thank you very much for your time gentlemen.
Mike McNamara
Thank you, Jim.
Next question comes from Brian White from Ticonderoga. Your line is open.
Brian White – Ticonderoga Securities
Yes, Paul on the sales guidance for September quarter, I think someone pointed out it's below average. I calculated typically you see about a 10% uptick. You're guiding to a 3% uptick. And I'm wondering what piece of that is related to just a slower macro environment, and what piece is related to exiting the PC business, specifically on the September quarter?
Paul Read
Well I think you have to first acknowledge that June was strong for us by a couple hundred million dollars. So some of that is little bit of a pulling perhaps that Mike talked about for the year, I was fully anticipating these pretty strong numbers for these business groups. In ODM PC, a significant, certainly a big contributor of March to June, and should be in that range for the September-December period. So I think that's – we continue to be cautious about our guidance range on the revenue side, back in the March quarters remember we kind of missed it, but it's a seasonal period with consumer products and in the mobile area there is obviously some concern and we got to be cautious about bad ODM PC a big number, but they could of plus or minus 100 million pretty easily. So I think that that's how we framed anyway our guidance level this September.
Brian White – Ticonderoga Securities
But Paul, should we assume some exit of the PC business in the September quarter versus the June quarter, or no?
Paul Read
No, no, I think its, it kind of peaks in the September quarter then you will see an exit more in the December quarter.
Brian White – Ticonderoga Securities
Okay. On inventory dollars, will they decline sequentially in the September quarter?
Paul Read
I don't think so, because you're building for December quarter, which is typically a high quarter. And so I think you'd probably see the same level maybe up a little at the end of the quarter there?
Brian White – Ticonderoga Securities
Okay, thank you.
Next question comes from Louis Miscioscia from Collins Stewart. Your line is open.
Louis Miscioscia – Collins Stewart
Okay, great, thank you. Maybe if you could go into the PC business in a little bit more detail, in the sense you obviously gave the comment that it's going to peak in September and then start to fall off in December. How fast should we expect it to fall off in calendar 2012? And then along with that, you also gave 3.5% operating margin guidance. If it's not falling off that fast, does that change or does that fall off very quickly in March or something?
Paul Read
I think that's with any product like this, Lou, we're anticipating volumes through the majority of the December quarter, not entirely because the month of December is usually pretty slow from a manufacturing and shipping perspective, it's easy on the shelves by then. So we will see a lower revenue number in December, this September. But again these are all forecast numbers and it's a consumer product that you just got to know how it sells. But it went very strong here in June and we anticipated, peaking a little bit in September then declining in December is kind of how to look at it.
Mike McNamara
What I can say is, when we did the Analyst Day, we kind of had some uncertainty as to when the programs would roll off. And I would say at this point we have well over a 90% certainty that it ends in the Q3 period. And then you will get a pretty significant kick in operating profit almost immediately.
Louis Miscioscia – Collins Stewart
Okay. So most of it ends in December so that 3.5% operating margin guidance was not calendar year-end being December, it was more fiscal year-end March?
Paul Read
Mike McNamara
That's correct. I think you have to assume that we're going to pop that 3.5% like Paul said, we got things going on, we got the component switch, we continue to get more and more comfortable with as we talked about. And the second path that we get is when ODMs just rolls off and it will and there is 90% chance that rolls off in December. I mean I'd say 100% but there is never any sure thing here. But we have quite a bit of good visibility from our customer when they would like that program to end. So I think it's reasonably de-risk, I think it'll be out in December quarter, but it's not until it's out where we see the operating profit really kicked. But you see kick a little bit because there is free components coming up. But you'll get both benefits in the March quarter.
Louis Miscioscia – Collins Stewart
Okay. And then just a clarification if you could add, in the component area, obviously you've got power cameras, Multek, and then you've always had plastics and metal bending. Could you give us any breakdown as to which one is may be the majority, or any one 50% and maybe the breakup of the rest?
Mike McNamara
The breakup for the rest, we kind of run along side of our core business, we don't separate it out. We look at lot of it. So when we talk about the components profitability, we're only talking about power and cameras and Multek. We actually run the other businesses right in, embedded in the standard EMS businesses.
Louis Miscioscia – Collins Stewart
Okay. Then maybe the percent of Multek, what – at least 50% or over 50% of all that?
Mike McNamara
I think Multek is kind of around 35% and then camera margins is the smallest probably about 25% and then you've got the balance to power.
Louis Miscioscia – Collins Stewart
Okay. Thanks guys.
Mike McNamara
It is probably 40% for Multek.
Louis Miscioscia – Collins Stewart
Thank you.
Mike McNamara
You're welcome.
The next question comes from Wamsi Mohan from Bank of America. Your line is open.
Wamsi Mohan – Bank of America Merrill Lynch
Yes, thank you. Mike, thanks for all the color on components. So from your commentary, it sounds Multek's already doing well, camera modules the yields are getting better, and the wins are based on existing technology, so there's sort of a de-risking factor over there. So, sequentially it sounds like we should be expecting an improvement as we go through the course of the year, and obviously you're indicating you can get to 3.5% by the end of the fiscal year. But when you look at your guidance – your mid-point or you pick maybe wherever in the range – you're still at operating margin of 2.6%, including the PC ODM business. If the impact of the exit of that is similar in magnitude, so 50 basis points as it was this quarter, then your operating margins are still at 3.1%, which is still flat quarter-on-quarter. So, I guess I'm trying to reconcile, is that guidance basically assuming no improvement in components for next quarter? And why not, because it sounds like the revenues will be higher for components for next quarter, or is there some other offset that haven't addressed?
Mike McNamara
Yeah. I think there's a little bit of offset in some of the other, so anyways what we assume in there is we do assume an increase, an improvement in component. So we definitely think components will run over breakeven in Q2 in the September quarter. We do have some headwinds and I would say some profit challenges as a result of some of the big mobile customers. So now, if you – we already talked about that being a problem for this quarter, this last quarter and this coming quarter. We've not quicken any utilization, because of some delayed product ramps. So that actually is a little bit of an additional headwind, but it probably goes away pretty quickly.
So the other pieces of the business that are slightly effective most notably the mobile com business that actually kicks in the Q2. And then just sort of we expect in Q3 and Q4 as we expect the mobile com business to turnaround very rapidly and then in fact that would be reasonably strong in Q3 and Q4. And that's even taking some significant de-rates off of the customer forecast. So we've been with very significant de-rates up the current forecast, we expect Q3 and Q4 to come back pretty aggressively. I'd say just now as you get this other part of the business, which is mobile phones and Q1 and Q2 are really weak. And that's a headwind for us in these two quarters.
Wamsi Mohan – Bank of America Merrill Lynch
Okay. And would you – could you maybe quantify the magnitude of that headwind?
Mike McNamara
Well, I suspect you – I don't know the number exactly but you'll see a significant change in profitability, as mobile com probably goes up $0.02 or $0.03 from Q2 to Q3. It's significant.
Wamsi Mohan – Bank of America Merrill Lynch
Okay. Thank you.
Next question comes from Matt Sheerin with Stifel Nicolaus. Your line is open.
Matt Sheerin – Stifel, Nicolaus and Company
Yes, thanks. I just want to go back to the ODM business, which you're phasing out. As you wind that down, will there be any near-term financial implications, whether it be restructuring charges, any other headwinds in terms of another headwind to profitability? And looking at that capacity, you talked about back-filling some capacity, some other areas. But are you confident that you can fill that capacity, or will you really have to actually shut down plants and lay off workers, et cetera?
Mike McNamara
We're losing $20 million a quarter just having a few million dollars of charges kind of in the noise. So if we would have to lay off workers, it'd probably pretty minimal relative to the kind of losses that we're undergoing so the return on that investment is probably going to be like a month, if not faster.
There may be some residual headwinds in terms of some excess inventory that sort of thing, we run that business at about 35 inventory turns, so it runs real fast. So it takes a lot of the risk out of having any sort of residual problems. There may be some tools and such and some cleanup items. I mean there will be some cleanup items associated with it, but with the $20 million burn per quarter, pretty quickly. So I think you will see some of that and I think if we just think about the business losing $20 million to $25 million through the December quarter then I think that has a covering anything that we could be thinking of.
Matt Sheerin – Stifel, Nicolaus and Company
Okay. And back to the mobility business, just clarifying. Sounds like you said it was weak and down significantly quarter-on-quarter, year-on-year. Sounds like it's going to be weak next quarter, but still up sequentially? Is that correct, but in magnitude still relatively weak?
Mike McNamara
This September quarter will be weak.
Matt Sheerin – Stifel, Nicolaus and Company
Will it be up sequentially or not?
Mike McNamara
I think it's relatively flat.
Paul Read
Little flat this quarter and this quarter is a big headwind for us. September quarter will be relatively flat. Now the forecast I am giving on that being flat is significantly less than maybe customer's expectations. So if it comes through and there is more there, then we will build more, but we are assuming for our financial forecast that is kind of a flat through the June quarter. And then we'd expect the next two quarters to be pretty heavy. So even if the customers, even mildly successful, there will be a significant increase in revenue and OP contribution.
Matt Sheerin – Stifel, Nicolaus and Company
Okay. And just last quick question, could you tell us what percentage of revenue came from your top 10 customers and whether you had any 10% customers?
Mike McNamara
We have one 10% customer, which is HP and the total for the top 10 is 55%.
Matt Sheerin – Stifel, Nicolaus and Company
Okay, thanks a lot.
Next question comes from Steven J. O'Brien, JPMorgan, your line is open.
Steven J. O'Brien – JPMorgan
Hi, thanks for taking my question. Mike, you talked about de-rating your customer forecast in the mobile area, but is there any progress in terms of diversification in your customer base that can provide you with a level of confidence going into the seasonal build period for mobile devices that's more than just sort of discounting your major customers forecast?
Mike McNamara
Yes. Well one of the things that we're trying to do by just having a high velocity segment is we're trying to create within this really a consumer division, we're trying to create a bundle of products to create the diversification. So we're no longer focused just running a mobile com business, we're focused on creating a diversified consumer business. So that's kind of how we think about it from now on. We'll probably spend less time talking about mobile commerce, we transition and we're just talking about high velocity. But the way we think about it is as we have to have a broadly diversified consumer business and today there was things like as you know we're doing Xbox, that's a gaming product. We do printers, we do films, we'll continue to do a firm EMS kind of computing kind of businesses. So there is still going to be it. So what we're going to think about is how do we diversify that set of consumer products because we just don't have a lot of very specific investments towards any one of those individual products that tend to use a little bit, a lot of the same equipment, and so we think about that.
That being said we also this last quarter we booked some business with CTV to do their phones. We already have a very substantial business doing phones with Huwaii that's growing pretty rapidly, and we have a number of other Japanese customers still got you've heard in the past. And quite frankly we're very, very actively working on trying to penetrate some of the tier 1s that are coming up very actively. So the answer is we're trying to run velocity as it hit itself diversified so we don't have exposure to any one particular product category within consumer. But as we look to do that we are very rapidly trying to diversify our mobile business as well.
Steven J. O'Brien – JPMorgan
Great. And if I could follow up, sounds like there were some restructuring costs, specifically in the power supply business that you didn't call out. Were there any other areas where you did some reallocating of resources, you had some costs that maybe would be above the norm, but not something you called out this quarter?
Paul Read
No, I think the power supply was where we had restructured a couple of facilities, but we're now excited about its nose level. There is always thinks we do which we don't call out, but most exciting is probably all the restructuring of power.
Steven J. O'Brien – JPMorgan
All right, thanks.
Mike McNamara
Operator, we are little over time, we can take one more.
And the last question comes from Sean Hannan from Needham & Company. Your line is open. Sean your line is open, why don't you check the mute button.
Mike McNamara
I think Sean's gone. Okay, so if Sean is not here, lets just wrap it up. I think Kevin has a the closing comment.
Kevin Kessel
Yeah, thanks. Thanks everybody for joining us. You can access a reply of the call and obtain a transcript on our website. It should be posted by tomorrow, and this concludes the call. Good-bye.
Mike McNamara
Thank you everybody. Bye-bye.
That concludes today's call. Thank you for participating you may disconnect at this time.
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Senior Design Group 16 Client / Adviser: Dr. Tom Daniels Brenton Hankins, Rick Hanton, Harsh Goel, Jeff Kramer
Freshmen computer engineering college students and high school students need an interesting way to be introduced to programming and problem solving. In the past, Iowa State students have been taught to create simple programs in the C programming language that use Nintendo Wiimotes as input devices. Software needs to be developed similar to Wii Wrap, but uses the Microsoft Kinect™ sensor as input to student-written programs.
RGB Webcam Camera 30 Hz (center) IR Projector Projects Grid for Depth Mapping IR Camera at 30 Hz collects depth data (right) Microphones give room audio Small Panning motor turns sensor bar from side to side Onboard image preprocessing Projector power draw requires extra AC power
Wii Remote / Wiimote 11 buttons + Power Roll/Pitch/Yaw Gyro Infrared Sensor Speaker (unsupported) Optional Nunchuck
Three Modules: 1.Hardware interface to read in raw data (provided) 2.Interface simplification / data processing 3.Graphical interface to display output
Issue: Decrease delay in printf output Solution: Added a fflush(stdout) statement immediately after printf Issue: IR data becomes erratic if sensor loses source for one frame of data Solution: Save last good frame of IR data (x,y) and loop the last good data until new data arrives
OpenKinect ◦ Tricky to get started with in windows ◦ Natively supports Unix ◦ Body tracking not built-in ◦ Needs a calibration pose for body tracking ◦ No event when new Video or Depth frame is available Microsoft Kinect SDK ◦ Sample Projects ◦ Documentation ◦ Simple installer ◦ Natively supports Windows ◦ Full body tracking built-in
Data Available ◦ RGB Video Frames (640x480 max resolution) ◦ Depth (mm) Data Frames (320x240 max resolution) ◦ Skeletal tracking points (20 points per player) How we get the data ◦ Pass an event object to alert us when new data is available ◦ Pass a video/depth/skeleton frame pointer to read in next frame ◦ Run event loop and process each frame as RGB/Depth/Skeleton data
Windows File Mapping is an inter-process communication tool that maps a block of memory by name Shared Memory in Kinect Wrap ◦ File Mapping is set up by Kinect Wrap backend program with a specific name for each block ◦ Backend gets data from Kinect SDK and dumps it into shared memory space when each new frame becomes available ◦ Our API Library copies frame from shared memory into local memory space for student program to use.
Provides an easy-to-use interface for students while maximizing functionality Functions: ◦ getVideoFrame(rgb** pFrame) ◦ getDepthFrame(short** pFrame) ◦ getSkeleton(Point3D* pSkel) ◦ setOutputDisplay(rgb** pFrame) ◦ setOutputText(char* sText) ◦ setPixel(rgb** pFrame, int x, int y, KCOLOR color)
Kinect Wrap Library is a static Windows library that students must include their C projects Library handles backend processing of API Abstracts all of the technical workings of the Kinect SDK, File Mapping API, and GUI design
Abstracts away the details of drawing Kinect data via a graphical API Kinect GUI receives data via shared memory Data is drawn as a grid of vertices, each with a custom RGB value via DirectX Intend to port GUI code to OpenGL and work on constructing a more intuitive GUI in future
Field Testing ◦ Compared time delay of data transmission between the current and previous iterations of the Wii Wrap code. ◦ Found the apparent delay seen in the Wii Wrap GUI to be significantly decreased. ◦ Test results corroborated by CPRE 185 lab TAs during classroom use. ◦ No previous functionality was affected by these changes.
Assumed that the Kinect SDK functions deliver correct data from Kinect sensor Shared Memory ◦ Wrote known data into shared memory space with one program and had second program read it out and verify that the data has not been altered Student API Interface ◦ Verified that buffers of known data sent to the student program are not altered before being read ◦ Verified that a known function run by student code produces the expected output frame data given a known input frame
GUI Output ◦ Tested whether frames were being updated consistently by writing specific colors to known pixels in a given output frame
setPixel() ◦ Tested for boundary values. ◦ Attempted to set pixels outside the frame (640x480) ◦ Attempted to set pixel RGB values outside of getVideoFrame() & setOutputDisplay() ◦ Check that output frame RGB data matches input data ◦ Found that with simple student processing code, any reduction in output fps from device frame rate is minimal getDepthFrame() ◦ Used a plane at a known distance from the Kinect to find how accurate the depth values in mm are vs. reality.
int main() { KinectLib_Init(); // Initialize the library rgb* frame[VIDEO_HEIGHT];// Create 2D frame of rgb data short* dframe[DEPTH_HEIGHT];// Create 2D frame of short depth data Point3D* skeleton;// Create array of skeleton data while(1){ getVideoFrame(frame);// Map video frame to pointers getDepthFrame(dframe);// Map depth frame to pointers if(skeletonTracked()) { skeleton = getSkeleton();// Map Skeleton data } setPixel(frame, 23, 18, BLUE);// Arbitrarily set pixel (23, 18) to Blue displayVideoFrame(frame);// Display the modified video frame in the GUI } KinectLib_Destroy();// Destroy Kinect library instance return 1; }
Multi-Kinect Support More comprehensive GUI program Additional Library Functionality Create code to share Kinect data over Ethernet
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