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SmurfitStone Container Corporation (NYSE:SSCC)
Q3 2008 Earnings Call
October 23, 2008 9:00 am ET
John Haudrich Senior Director, Investor Relations
Patrick J. Moore Chairman and Chief Executive Officer
Steven J. Klinger President and Chief Operating Officer
Charles A. Hinrichs Senior Vice President and Chief Financial Officer
Richard Skidmore – Goldman Sachs
Sandy Barnes – KBS
Gail Glazerman – UBS
Joe Stivaletti – Goldman Sachs
Bruce Klein – Credit Suisse
George Staphos – Banc of America Securities
Claudia Hueston – JP Morgan
Mark Connelly – Credit Suisse
Mark Wilde – Deutsche Bank
Barry Haynes - Sage Asset Management
Chip Dillon – Independent Research
Mark Weintraub – Buckingham Research
John Haudrich
Welcome to Smurfit-Stone's third quarter 2008 earnings conference call. Joining me today are Pat Moore, Chairman and CEO; Steve Klinger, President and COO; and Chuck Hinrichs, our Chief Financial Officer.
Presentation materials for this earnings call are also being simulcast from the company's website at smurfit.com. Please review the safe harbor comments and disclosure for use of non-GAAP financial measures included in those materials. Unless otherwise noted, earnings relate to adjusted net income or loss, which excludes certain unusual items identified in the presentation appendix. Today we will review quarterly earnings, discuss operations including our strategic initiatives program, review financial matters, and share our business outlook. Following the prepared remarks, we will host a question and answer session. Please note, your questions must be submitted through the call-in number previously published and not through the webcast. Now I will turn the call over to Pat Moore.
Pat Moore
Before we begin our discussion about the third quarter, I think it's important to address the recent decline in our stock prices. The unprecedented developments in the financial markets and a global slowdown are impacting stock prices across many sectors of our economy. We recognize Smurfit-Stone is under added pressure, given the sensitivity of our business to economic cycles and our higher-than-average financial leverage.
Our three-year transformation process has been essential to improve Smurfit-Stone's long-term profitability. To achieve this, we have had to invest capital to scale our operations. Fortunately, we have nearly completed these investments and our productivity is improving. Yet today's uncertain market requires flexibility. As a result, we are taking prudent measures to conserve cash, including deferral of certain capital investments, until such time that credit markets become more accessible. Despite these prudent actions, capital deferrals will not significantly impact our ability to successfully complete our transformation program in the first half of 2009.
Now let me turn to third quarter results. Today Smurfit-Stone reported net income of $62 million or $0.24 per share for the third quarter 2008. As previously announced, our results benefited $0.33 per share from the favorable resolution of Canadian income tax matters which Chuck will discuss in further detail.
As the chart on page 3 illustrates, our third quarter adjusted net loss was $0.08 per share which reflects earnings prior to unusual items, including this tax matter. As expected, Smurfit-Stone's earnings improved from the second quarter. We reported an adjusted net loss of $0.08 in the third quarter. As illustrated in the chart, this represents an improvement from the $0.12 loss in the second quarter.
Higher selling prices and volumes more than offset continued cost inflation. When compared to last year, earnings were down from an $0.11 profit, reflecting absorption of significant year-over-year cost inflation and a lag in raising prices to offset these higher costs.
Our containerboard and corrugated box shipments increased from the second quarter. Roll stock inventories remain very low throughout the quarter. And we successfully implemented our previously announced containerboard and box price initiatives which began in July.
The unprecedented energy inflation experienced in the first half of this year carried over into the third quarter. As this inflation worked its way through the supply chain, chemical and freight costs also increased. Faced with the prospect of rapidly rising energy costs, we expanded our hedging program earlier this year. When energy prices dropped sharply in the latter half of the third quarter, we recognized a $0.04 loss related to our hedge positions.
Thankfully, our facilities were spared from the direct impact of numerous hurricanes. However, we did experience some supply chain disruptions; and extremely wet weather conditions negatively impacted wood fiber prices during the quarter.
After absorbing unprecedented price inflation earlier this year, our focus is on margin restoration as we completed the implementation of our July price initiative. We should further benefit from lower commodity prices and savings from our strategic initiatives program.
As our formal strategic initiative period ends, our transformation efforts continue. Our new world-class plants in Chicago and LA began operations in the third quarter. Also, we closed four box plants and reduced head count by 229 during the third quarter as we transitioned business from older, less efficient plants to lower-cost operations. Last week, we closed a high-cost paper machine at the Snowflake, Arizona, mill and announced our intent to close our Pontiac pulp mill at the end of October. We remain on track to achieve $525 million in cumulative savings in 2008 and complete our transformation plan on schedule in early 2009.
Despite $97 million of capital expenditures in the third quarter, our debt remained flat, we met all financial covenant requirements, and our liquidity improved from the second quarter. But, as you know, there's much uncertainty about the future condition of the global economy given the turmoil in the financial markets. We are focused on maintaining the necessary financial flexibility in the event of a protracted downturn, and we are deferring capital expenditures where prudent.
As I said earlier, deferral of capital will not negatively impact our ability to achieve our transformation targets.
Both Steve and Chuck will expand on these topics, and I will not turn it over to Steve who will discuss operating activities.
Steve Klinger
As you can see on page 5, third quarter operating profits were $100 million, up from $74 million in the second quarter. Higher prices, volumes, and less maintenance downtime contributed $39 million to earnings on a sequential basis. These were partially offset by higher costs and other factors.
Our average domestic linerboard and U.S. box prices improved 4.2% and 1%, respectively, in the third quarter. Yet point-to-point increases are a better measure of progress when implementing price increases. In the first eight weeks following the pulp and paper index increasing in July, our U.S. box prices increased $33 per ton on a mix-adjusted basis. Upon the completion of the July price increase, near yearend we expect box prices will have improved by more than the original $55 per ton containerboard price hike. Our average pulp prices declined $22 a ton in the quarter and continue to drop in the fourth quarter.
The closure of the Pontiac mill, a high-cost, non-core asset, will eliminate our exposure to the volatile hardwood pulp market. Mill production increased 33,000 tons sequentially in the third quarter due to less maintenance downtime and one more production day. Our September roll stock inventories were again at record low levels. Our average per day U.S. box shipments increased 2.4% from the second quarter, but were down 1.2% compared to the prior year. Adjusting for plant closures and efforts to improve low margin accounts, our shipments were down 0.4% year-over-year, outperforming the market, which was down 3.4% per the FBA. This represents the fourth consecutive quarter our adjusted box shipments have outperformed industry trends.
Commodity costs, including energy, freight, chemicals, and fiber, were up $22 million from the second quarter. Supply chain disruptions due to multiple hurricanes in the third quarter impacted wood fiber and other input costs. Chuck will outline cost inflation in further detail. Overall, our operating and sales execution continues to improve.
Turning to our transformation activities on page 6, we have made continued progress this year executing our capital program and improving productivity. These efforts paved the way for several actions this past quarter which will have a meaningful impact on our cost structure going forward.
We have largely completed our container capital program as our new greenfield plants in Chicago and LA recently commenced operations. These are impressive facilities. They are significantly improving our position in the two largest packaging markets in our nation.
With most of our strategic capital spending behind us, we expect expenditures will decline significantly going forward. Likewise, as our transformation activities conclude, transition costs will decline. We shut four box plants in the third quarter for a total of 33 box plant closures over the past 3 years. Furthermore, we announced an additional four plant closures and remain on track to shut 40 box plants by the first half of 09.
As a result of these efforts, we reduced head count by 229 in the third quarter and 5,954 since 2005. Last week, we closed our higher cost paper machine at Snowflake and announced the closure of our Pontiac pulp mill. Including these moves, we have closed six mills since 2005.
Our transformation program is improving our cost structure to increase scale and productivity. As illustrated in the chart, mill and box plant scale has improved 20% and 10%, respectively, since 2005. Likewise, labor productivity is up 19%. As we conclude most of our transformation activities in early 2009, we expect continued productivity improvements as we benefit from our capital investments and fine-tune our operations.
Importantly, we will achieve continued cost savings without significant future capital expenditures. Driving profitable revenue growth continues to be a key component of our strategy. We successfully implemented the July price initiative, and I mentioned our adjusted box shipments outperform the industry over the past four quarters.
We are making solid progress in the last stage of our transformation program, and we remain on target to deliver $525 million cumulative savings in 2008.
Given the uncertainty about the U.S. economy, we are taking the prudent steps to conserve cash. While we focus on completing our transformation, we are carefully reviewing all remaining activities. As a result, capital expenditures will include maintenancelevel spending, committed capital, and projects providing an immediate cash return, such as expenditures necessary to complete closures in our threeyear initiative plan.
Going forward, our Snowflake machine and Pontiac mill closures will benefit both future profit and cash flow. Furthermore, we expect to reduce head count as we shut down additional box plants and the Pontiac mill. As a result of these and other efforts, we expect a meaningful reduction in cash expenditures over the next several quarters. I will now turn it over the Chuck, who will review financial matters.
Charles Hinrichs
I will start by reviewing the activities that drove our financial results on page 8. Our second quarter adjusted net loss was $0.12 per share. In the third quarter, results improved to a loss of $0.08 due to the following factors.
Higher selling prices boost earnings $0.04 per share as we implemented our July price initiative. Earnings benefited $0.01 from higher box and containerboard shipments. Timing factors, including 27,000 tons of less mill maintenance downtime, lower related maintenance costs, one additional mill production day, and lower energy usage contributed $0.07 per share.
Cost inflation impacted results $0.05. While recycled fiber prices trended down due to lower export demand, the hurricanes drove higher wood fiber and other input costs. As a result, net fiber cost increased in the third quarter. While higher energy prices decreased recently, average prices were still higher in the third quarter. Freight and chemical prices increased as energy inflation from earlier this year worked its way through the supply chain. As Pat mentioned, our energy hedge marktomarket loss impacted results $0.04 per share. Finally, earnings benefited $0.01 from other items.
Turning to other financial matters on page 9, as previously reported, certain Canadian tax matters related to our 2000 acquisition of St. Laurent paperboard were resolved in our favor. As a result, reduced the previously established reserve and increased our benefit from income taxes by $84 million or $0.33 per share in the third quarter. This is a noncash event.
As Pat mentioned, we hedge our exposure to natural gas, fuel oil, and diesel in order to decrease price volatility for these commodities. Each quarter, we value our energy hedge book against market prices and the forward curve at quarterend. As forward prices for natural gas, fuel oil, and diesel declined during the quarter, our marktomarket loss on ineffective hedges was $18 million or $0.04 per share on September 30. Most of our energy hedge contracts expire in the fourth quarter 2008 and first quarter 2009. Currently, we have hedged 72% of our natural gas usage in the fourth quarter. This drops to 46% in the first quarter of 2009 and is lower for future periods.
Our capital expenditures totaled $97 million in the third quarter. Debt remained unchanged at $3.57 billion despite $47 million of debt assumed related to the Calpine acquisition in the third quarter. Adjusting for Calpine, our free cash flow was positive in third quarter 2008. Our offbalance sheet debt was $391 million at the end of the quarter.
We reported liquidity of $178 million on September 30, and increase of $35 million from the second quarter. This improvement reflects higher earnings, various timing factors affecting cash flow, and efforts to conserve cash during challenging economic conditions. We remain in compliance with all financial covenants outlined in our bank agreements.
At the end of September, our actual EBITDA exceeded the minimum requirements by $78 million. Based on current market conditions, we presently expect to remain in compliance through next year. Now I will turn it back to Pat for our business outlook and concluding remarks.
Patrick Moore
In summary, SmurfitStone's third quarter results reflect a benefit of higher selling prices and improved containerboard and box volume despite continued cost inflation. We remain focused on restoring our profit margins as we implement our July price initiatives following unprecedented cost inflation earlier this year. Furthermore, our transformation program remains on track. And we should generate continued benefits through 2009.
Looking to the fourth quarter, we expect higher average selling prices as we complete the majority of the July price initiative. Our earnings should further benefit from moderating commodity costs. We have seen a sharp decrease in OCC prices in recent weeks, and both energy and freight prices are down.
While the U.S. packaging demand reflects the global slowdown, we continue to drive sales excellence. Through our investment in people and processes, we anticipate our box shipment trends will continue to outpace market trends. Finally, we expect seasonally higher energy usage. While there is a lot of economic uncertainty, we currently expect earnings will improve sequentially in the fourth quarter.
Clearly, we face many challenges including turmoil in the financial markets and a slowing U.S. economy and are confident that we are taking the prudent steps to weather a challenging market and actions to drive longterm profitability at SmurfitStone. Thank you for your interest in our company, and I will now turn the call back to John.
John Haudrich
That concludes our prepared remarks. We have set some time aside for questions. Before we get started, let me remind you. Legal considerations require that we refrain from commenting on questions regarding future downtime and our pricing strategy. We are ready to take the first question. Please limit your comments to one initial and one followup question, if needed. Thank you.
QuestionandAnswer Session
(Operator Instructions) Your first question is from Richard Skidmore Goldman Sachs.
Richard Skidmore Goldman Sachs
Chuck, can you just a little bit more about some of the cash conservation things that you're doing. And over the next quarter or two what big cash items you have, i.e., CapEx and any interest expense payments, hedging contributions, etc.?
Charles Hinrichs
We have been working on this for some time now, so we've been managing our working capital very aggressively; and, as both Pat and Steve alluded to, we're trimming the capital spending to the levels required to complete the projects necessary to enable completion of the transformation plan. As far as future lumpy cash flow payments in the fourth quarter or first quarter and into next year, it's not that much different. It's also difficult to predict those swings in working capital at the end of the quarter. Generally, there's not that much fluctuation.
Patrick Moore
I was talking about for competitive purposes we are not going to outline the details of the plans I think as both Steve and I alluded to. We believe that we are taking very meaningful and prudent actions within the company today to conserve cash. We recognize the environment in which we're operating, but we don't feel that providing significant details on exactly what the plan is would be in our best competitive interest.
Your next question comes from Sandy Barnes - KBS.
Sandy Barnes - KBS
In terms of the transformation program, you mentioned how you were on target with the costs saved. I imagine the 525 is more of a run rate number at this point in time. I was wondering if you can quantify how much on an actual basis you expect that would benefit your results in 2009?
Patrick Moore
From an additional amount? I don't think I understand your question.
Sandy Barnes - KBS
Is the full 525 based into your results through the end of this year? Or is that more of a run rate basis where on an actual basis you achieve less than that in your income statement and, thus, you will have some of those savings hitting your P&L next year?
Patrick Moore
Most of that is baked into our 2008 results. Outside of the 525 as we talked about, we got a number of continuing process improvement activities going on in the company, which we haven't specifically put dollar amounts on. But the 525 would be reflective for our full year results in 2008.
Sandy Barnes – KBS
Just related to transformation program, as you are ramping up the LA and Chicago box plants, any positives or negatives you are seeing in terms of ramping up those plants? Just also, given the uncertain economic environment out there, does the fact that lowerthanexpected volumes based on the economy hurt your ability, at least in the short term, to achieve some of the benefits and savings in those plants?
Patrick Moore
Let me ask Steve to address that, he's just recently visited both of those plants.
Steven Klinger
Both of the plants started up exceptionally well. Our corrugators are running at the machine speeds that we expected to be at this point. There were two plant closures associated with each of these openings, so the business, from our standpoint, was really to consolidate those two operations business into the one individual plant and then give us the capability to grow from there in terms of full utilization. We're on target with what we had established within our pro forma in terms of machine speeds and costs and our ability to close the four other facilities.
Your next question comes from Gail Glazerman UBS.
Gail Glazerman UBS
Could you give a little color on what you have been seeing in terms of demands maybe over the last few weeks, maybe starting from the middle of September going into October?
Patrick Moore
It's a bit difficult to be specific given all the uncertainty in the marketplace. The [reesee] outlook has changed several times this year, and you probably saw was recently revised to around a 2% yearoveryear decline for the next several quarters.
We also saw the September FBA box shipments which are reportedly down 11%. Our shipments were down by less than half of what the FBA reported. We do expect, I would say, demand to be down seasonally over the next several months. It's a uncertain environment today. We have certain customers that are experiencing growth and others that are struggling a bit. I would say that the underlying business is probably down somewhere close to the numbers that we saw in our September results as opposed to what we were seeing coming out of any kind of reported numbers.
Steven Klinger
The only thing I would add there is we came out of September 4.5% to 5% in September negative and we see that about the same for October.
Gail Glazerman UBS
Just following up on that, can you touch on the export markets as well and what you're seeing there?
Steven Klinger
Talking about the export market, what I would say is from a total market standpoint, most of the containerboard is going really into South America. We saw Laredo prices increase during the third quarter. The whole Latin American area is really our biggest export market. We're keeping a close eye on that, but really we're seeing similar demand that we have always seen out of there since a lot of it is producerelated and then other products. Really Europe and the Middle East is a bit slower. We're not as exposed to that market as we are to really South America, Latin America, however you want to consider that from Central American standpoint.
Gail Glazerman UBS
One last question. Shifting gears. Can you talk a little about the transition costs that we should expect or expect to go away over the next couple of quarters?
Steven Klinger
The transition costs, we still have some additional plant closures that will be coming up into the first half of 2009. As we wrap all that up, plus our op ex program, our operational excellence program, for manufacturing in our box plants, is really starting to take hold and will be completed in terms of roll out by the end of the year.
I would expect in the second half of 2009 that a lot of those costs will be going away. We've actually started to see a reduction in those costs in the third quarter, and we expect additional reduction in the fourth quarter. As you know, they're mostly related to closing of plant or putting in corrugators and a lot of those things are behind us. But we still have a bit more to do in the first half of 2009.
Your next question comes from Joe Stivaletti Goldman Sachs.
Joe Stivaletti Goldman Sachs
Addressing your liquidity and that your big focus, I wonder if you could talk a little bit about the options you're looking at in timing for any kind of progress on that. Also, does it involve just trying to work on your revolver or would it encompass your entire bank credit agreement?
Patrick Moore
It was tough to hear you, but I think you were asking about liquidity and then just the plans for the refinancing. We were prepared to launch our comprehensive refinancing in the third quarter, and the turmoil in the financial sector and obviously the closing of the credit market stopped that plan. We still have 12 months to complete our revolving credit facility refinancing. That has a November 2009 maturity on it. We will take a look at the credit markets over that period of time and make decisions as to how we want to approach that from a refinancing standpoint.
In the meantime, as we said, we are conserving cash to weather these uncertain market conditions. We are cutting back dramatically on capital, as Steve alluded to. We're continuing to pursue the transformation program and cost savings associated with that. As Chuck alluded to, we're aggressively managing working capital. We are taking very prudent steps in our mind to alleviate any liquidity concerns over the period of time that we have. I do want to remind everyone that is a November 2009 revolver maturity.
Joe Stivaletti Goldman Sachs
Given though that you talked about wanting to do a comprehensive refinancing, but obviously the markets have changed dramatically. Are you considering something that's far less comprehensive, maybe just for example a brief extension of the revolver or revision of covenants or that kind of thing or are you waiting for a window to possibly do a more comprehensive refinancing?
Patrick Moore
If the window opened, we would certainly look at and continue to assess whether or not to do a full refinancing. In the meantime, we will look at all alternatives that might be available during that period. Certainly our preference would be, if possible, and the credit markets are accessible to look at the opportunity to do something more comprehensive.
Joe Stivaletti Goldman Sachs
Finally, one quick thing. Do you have an 09 CapEx budget? I know you said it would be coming down a fair amount.
Patrick Moore
We have not yet presented our budget numbers to the board, so we are not prepared to publicly give guidance on that today.
Your next question comes from Bruce Klein Credit Suisse.
Bruce Klein Credit Suisse
Is asset sales, is that something that at this point you would consider or on the table or is that not something?
Patrick Moore
I would tell you that everything is under consideration. We have got a number of opportunities from an asset sale standpoint relative to box plants closures. So far this year we've generated about $8 million from the sale of closed plants. We are aggressively marketing today closed facilities to quickly convert them to cash. I will tell you that we never take those options off the table. With the opening of the new plants in LA and Chicago, we have some opportunities from a standpoint of real estate sales there as well. Asset sales are on the table, and we're continuing to aggressively pursue them in the interim period.
Bruce Klein Credit Suisse
Maybe, Chuck could help us with the secured debt EBITDA test. Can you just tell us what's included in the enumerator and denominator and possibly tell us what the actual numbers were to get to the leverage ratio that would be below three times for the third quarter?
Charles Hinrichs
The numerator would be pretty straightforward, all the senior secured debt which would clearly be the credit agreement debt. We include the AR securitization and then any other smaller pieces of secured debt. The denominator being the last four quarters of EBITDA. Those definitions vary slightly from the externally reported EBITDA. You might not always get it. We continue to report what that excess, what the cushion, the headroom is on those covenants, and we gave that number in our presentation.
Your next question comes from George Staphos Banc of America Securities.
George Staphos Banc of America Securities
I was wondering perhaps if we can't get to the reduction in spending that you will see in the next quarter or two or reasons that you have already discussed. Maybe out a year, year plus, what aggregate reduction in cash expenditures might we be able to see and, therefore, improvement in base operating cash flow otherwise. So aggregate CapEx, aggregate integration spending if that helps given the forum. What kind of reduction in spending could we see in a year plus out?
Patrick Moore
I guess I would refer back to comment that we made previously and hopefully that will be helpful in the analysis. When we look at what we consider to be maintenance spend and what we consider to be environmental spend etc., I think we've guided in the past that those numbers are somewhere around $250 million a year. Clearly if the situation warrants, we can move towards levels like that. Other than giving that general guidance today, we are continuing to vet this through our organization. We have not presented any budget to the board. Those are the kind of maintenance and capital levels that we've referred to in the past.
George Staphos Banc of America Securities
Could those numbers actually decline just given the fact that you have become a more productive organization? You have taken out some of your highercost facilities. Presumably you've become more environmentally in compliance. Could that be a shift to a lower number on a new normal basis?
Patrick Moore
Let me ask Steve to maybe provide a little color. Hopefully, that will help.
Steven Klinger
I think what we've got into before was the $250 million plus or minus $25 million when you review the asset base that we're going to have on a goforward basis. Now the mix of where we will be investing will change, which I think is at the base of your question.
Our container business at the end of this transformation will be in a much different condition. Remember, in past periods, I think we underspent on our container business; and we're going to have to spend some money in our mill business and our reclamation business. When our team evaluated all of our businesses and really looked at it from a specific asset standpoint with the rationalized assets from all the closures that we were expecting to be able to do, both on the box and the mill side, and then the growth prospects and our reclamation business, I think that is where the $250 million plus or minus $25 million came from.
It was not a fromto, it was more a build up from the base of what assets we were going to have.
George Staphos Banc of America Securities
Free cash flow, you would expect to be positive in the fourth quarter presumably given the third quarter performance in the other items you mentioned from an operating standpoint in 4Q?
Steven Klinger
We have given guidance to improved results. But, as I mentioned, the changes in working capital are difficult to predict. That will probably be the driver as to whether we end up with our debt down. From an operating basis, our free cash flow should be positive.
Your next question comes from Claudia Hueston JP Morgan.
Claudia Hueston JP Morgan
I was hoping you could provide just a little bit more color on fiber costs. Maybe share your thoughts on where OCC might go from here. And then you didn't comment too much on wood costs, which have been a hot topic from some other companies. Maybe just some color on what you're seeing in terms of your wood fiber costs.
Patrick Moore
As we said in the prepared remarks, wood fiber costs have been up this year. Couple of reasons, really driving that. As we alluded to in the prepared comments, certainly the hurricane activities during the course of the third quarter had a very significant impact on wood costs. Really, more importantly, the transportation of wood out of the forests and to the mills. We would expect that wood costs will continue to remain under pressure. It's also contributed by the housing slumps.
You are just not seeing much in the way of activities coming out of chip facilities and other form of residual products. I think we're going to continue to see wood costs under pressure nearterm. From an OCC standpoint, as I said in my prepared remarks, we're seeing fairly dramatic decreases in OCC during the fourth quarter. Our expectations nearterm would be to see those continue certainly into the fourth quarter, and probably into the first as well. Any color on that, Steve?
Steven Klinger
The only thing I would add would be on OCC is, in particular, Chinese producers have significantly reduced their operating rates, postponed new mill capacity; as a result, we're seeing not as good pricing into the export markets which then is backing up into the domestic market.
I would hate to speculate on exactly how low that could go, certainly the generation has been pretty consistent. It hasn't been up like we would expect at this time of year. But it's been consistent enough where there's a lot of OCC and DLK available. We're reacting to that in terms of increasing the amount of OCC just a couple points is the flexibility we have. But we're maximizing that in our mill system as well as focused on that.
Claudia Hueston JP Morgan
Do you have any maintenance scheduled for the fourth quarter?
Steven Klinger
Our maintenance will be slightly higher than what it was in terms of the amount of days and the tonnage that we take out. Just marginally higher.
Your next question comes from Mark Connelly Credit Suisse.
Mark Connelly Credit Suisse
Couple of big picture questions. When we look back to your restructuring program, the decision was to focus most of the attention of the box plants, more of the attention. As energy prices went up, that third looked like it might not have been such a good idea. Now they're coming back down, it looks better. I am curious how you feel about box plant, your mill positioning costwise.
Secondly, as we think about your focus on the box plants, one of the things you said, Pat, at the beginning of this process was that there was business you simply weren't able to feed on because you were priced out of it. How differently do you see your position now with this program coming to fruition?
Patrick Moore
Let me try the second half of that and then I will ask Steve to comment on the mills and our cost position there. We certainly have not neglected the mills during this process, but realize that it was more significant to invest in our corrugated plants.
Part of the commitment that we made back in 2005 was certainly to find ways to grow the business as well. You will recall when we announced the transformation plan we did have some level of savings associated with growing the business, which we had really not done a very good job of over the last number of years. As we got into the restructuring, it was probably the need to be more aggressive than we had originally thought relative to our ability to compete and our ability to profitably run business in the number of our plants. That number was larger than we thought, and what you've seen over the first couple of years of the transformation is our exiting from business that we just never thought we could make any money at and the closure of those unprofitable plants.
We committed to 30 originally and our number will be closer to 40. Again, we have even a more significant transformation than what we had originally thought. Certainly we feel our ability to compete and to complete profitably for business today is much greater than it was when we started this process. We have invested in significant talent improvement in the company and process improvement in the company and resources around some of our specialty businesses. Our ability to compete in the market today is just far greater than it was at that point in time and we can do so profitably. That's how we're approaching the business today. It took us longer to get there than I would have expected in 2005, but we frankly had a more serious restructuring than even I had anticipated during that time period. I will ask Steve to maybe comment on our mills.
Steven Klinger
When we started the process in 2005 and you look at the industry data, our liner and white top were third quartile and in the upper of the third quartile in terms of average cost. Our medium was just slightly above average. Today, we have got a second quartile medium organization in terms of total cost and our liner and white top are now at average cost.
That step change really came in two ways. One is we talked about this many times that we invested in high return projects which have been labor reductions, energy, and different cost in fiber, cost reduction activities. I think that money has been well spent by the leadership in our mill system.
Then we also, remember we closed six mills and as we closed those mills for instance, two of the facilities, we closed the two medium facilities and then opened up the machine in Seminole, that's in Florida for those who don't know what Seminole is, we've really focused our efforts through the LP model and understanding our cost structure and investing from prudent investments that would lower our costs but also from a scale standpoint put us in a better position.
What we have said all along is we have taken out basically four mills and we're producing, from a containerboard standpoint, we've invested in taking out four mills and we're producing the same amount volume that we produced in the beginning.
Mark Connelly Credit Suisse
I think people forget how much you've done on the mill side sometimes. Can you just tell us, Steve, when all this is said and done, what your integration level between box plants and mills will be?
Steven Klinger
When it's all said and done, I mean right now it's 75% something like that. It will be plus or minus that figure. Obviously, we can produce all the products that our box system uses. As we increase our position through segmentation through all the ways that we're growing our business, obviously we will be able to produce more products into that channel.
Your next question comes from Mark Wilde Deutsche Bank.
Mark Wilde Deutsche Bank
It sounds like you've been picking up some big box contracts recently. Should we expect that your volumes, relative to the industry volumes, that delta should get a little bigger over the next few quarters?
Steven Klinger
I was really excited to read your note this morning because, to be honest with you, because there was business in there that I didn't know I had won yet. So I was excited.
What I would say is that overall what we've done is over the past couple of years, as we've invested in operational excellence, as we have started to focus on certain segments of the business, we started to provide some real value to our customers in terms of differentiation against our competitors.
From my standpoint, I have always believed that companies that have a successful manufacturing strategy, have a successful understanding of what customer needs are, and then can work towards that can grow their business and be price disciplined at the same time. That's a key component of our strategy.
We put in over the past several years some fairly heavy analytical capability to fully understand the profitability at the box plant level of business that we are pursuing and accepting. Over the past four quarters or five quarters in particular, we have exited a lot of business because, as Pat said, that business could not be profitable for us in any way shape or form. We exited that business and we talked about that and been very public about that.
As we have resurrected our container business, put in all the disciplines that we need to fully understand the business, I think it is a vote of confidence from our customers that that is why we're growing our business.
Whenever you talk to anybody about why they lost a piece of business, they never say I lost a piece of business because it was off quality or delivery or my capabilities versus my competitors, they always say that guy took it on price. That's not always the case has been my experience. I would say we're providing a different level of value to customers, and what I would expect is that we modestly continue to do better than some of our competitors.
Mark Wilde Deutsche Bank
I would like to switch for a second and ask a couple questions related to China. First of all, I think you sell some board or OCC over there. At one point I think you had a couple of box joint ventures. Is what you're seeing in China over the last two or three months, is it consistent with a 9% GDP growth rate?
Patrick Moore
I would say that we would probably view the growth rates in China below that today. It's hard to speculate on how those numbers get reported. Certainly from what's going on with some of the major producers over there, some of their recent announcements. Certainly activity that we see in other commodities over there would suggest that we may be seeing levels below that. Again, it's hard to contradict what's reported there. I would say levels of activity there would suggest that it may be below high singledigit growth rates right now.
Mark Wilde Deutsche Bank
One other question. Don't seem to have been real active in containerboard exports from I can tell over the last couple of quarters and I just wonder with OCC costs dropping so much and then ocean freight rates dropping, why wouldn't we expect to see the Chinese mills with these low operating rates cranking up their exports over the next couple of quarters?
Patrick Moore
All the analytics that we have run continue to suggest that some board from time to time show up on the West Coast, but that's more dipping their toe into the water than anything else. We have not seen any significant change in our position on that.
Mark Wilde Deutsche Bank
I was not thinking in terms of North America, but maybe just going to other markets more aggressively.
Patrick Moore
Today we have not seen that.
Your next question comes from Barry Haynes – Sage Asset Management.
Barry Haynes – Sage Asset Management
I just had a question on the natural gas issues you talked about the amount that you had hedged in the Q4 and Q1. Could you talk about the prices you got those hedges on?
Charles Hinrichs
The prices hedged for the fourth quarter are at a price that is above the market and in the first quarter they align much more closely to market price. Again, given the marktomarket charge we took in the fourth quarter, we have essentially neutralized the ineffective part of those hedges to the current market price at the end of the quarter.
Your next question comes from Chip Dillon Independent Research.
Chip Dillon Independent Research
Question regarding the situation with the EBITDA. You said, Chuck, that you were about $78 million above the minimum of the covenants. Is that a last 12 months number, that wasn't just for the quarter, is that correct?
Charles Hinrichs
It's a rolling four quarter. When we calculated it at the end of the third quarter, the third quarter 2007 number of $217 million drops off and then the third quarter 2008 rolls on at $129 million.
Chip Dillon Independent Research
So you think the fourth quarter sort of gives you some tailwind when that gets calculated in three months. What about if we look at the CapEx number, you mentioned $250 million as the number for next year. Is that something that could, I know this was asked before, but have you noticed your suppliers possibly cutting their prices? Is their business drying up to a point where you might be able to squeeze more and maybe you would readjust downward what you see maintenance to be?
Charles Hinrichs
The number we had was not for the full year 2009, that was kind of this steady stay or run rate following the completion of our programs, particularly in the first half. I am not sure that we've seen that much real change in the positioning of our suppliers. Clearly we're using the leverage we have buying the equipment with them to get the very best terms. I am not sure there's been any recent change.
Chip Dillon Independent Research
Last question. In the past several years, Chuck, especially you've encouraged us to build in, I am going to probably not exactly give the rate, but $0.07, $0.08 a share of incremental expense, certainly not all cash as we go from fourth to first because of the way you flow the employee benefit programs through. Also you have a little bit of an energy usage increase.
Is there any reason in a should change this year as we look at the first quarter?
Charles Hinrichs
I think that's probably still a reasonable amount to use.
Chip Dillon Independent Research
Lastly, the Pontiac mill which you are shutting down. Could you tell us was that either cash flow or earnings created in the first half of 08? And what is the cash impact of shutting down both Pontiac and Snowflake? How much cash are you going to take?
Patrick Moore
Pontiac was marginally profitable during the first half of the year. Given current pulp prices, it would have had a negative impact on cash flow from the balance of this year and into 2009. That's what really drove that decision. It's a hardwood pulp mill, and we have no other exposure other than Pontiac and we thought that was the prudent thing to do. As we said, that closure will be cash flow positive in the fourth quarter.
Chip Dillon Independent Research
And what's the cash cost of those two shut downs?
Steven Klinger
The cash cost for Pontiac would be in total about $19 million to be paid out over the next four to five quarters. In the fourth quarter, it will benefit cash flow, particularly as we liquidate working capital out of the mill.
Your last question comes from Mark Weintraub Buckingham Research.
Mark Weintraub Buckingham Research
First I wanted to clarify on the box pricing, if I understand correctly, you expect to get more than the full $55 passed through? If I believe by my math that would suggest that you have at least another $50 per ton to achieve. Is it fair to say that by the first quarter if you're selling roughly 1, 1.2 million tons, that should be $50 or $60 million of improved cash from the box price increase being passed through. Is that a fair analysis?
Steven Klinger
We project our improvement in average box prices will exceed the $55 per ton. That's consistent with what we said going into the July price initiative. What you see from a percentage basis on the statistics includes the Canadian exchange rate change, which had a significant impact on what we reported the overall box prices over this past quarter and it also includes mix adjustment. As we said during the quarter, we had $33 of increase from a pointtopoint standpoint. I don't think you can do the math the way you're doing it. From our standpoint, we will be getting by the first quarter, we will have realized, we got some national account business that moves January 1 that will impact January and then we will be above the $55.
Mark Weintraub Buckingham Research
Even though the exchange rate and the mix adjustments, etc., money the equation, is it fair for you to give us, if it were, and I realize you're saying it's not necessarily $55, it can be more than $55. But if it were just $55, how much higher would your average box prices be in the first quarter than in the third quarter?
Patrick Moore
I don't know that we have that number. Can we do that offline?
Mark Weintraub Buckingham Research
I guess to followup and relatedly, how concerned are you that in your push on the sales excellence program that in a negative demand environment, highly negative demand environment, that competitors might respond by price cutting. How do you think through that issue?
Steven Klinger
Obviously I can't control and our sales organization can't control how our competitors respond. What we have been doing as I said earlier is that from a segmentation standpoint in specific segments, we've been building capabilities that we believe exceed some of the capabilities of some of our competitors in certain markets and in certain areas.
Obviously we have also put in a manufacturing program that gives us a better chance to deliver product on time, at the specified quality, and exceed that quality. As we said, we're not pursuing a volumebased strategy. We clearly understand that price realization is our top priority. A successful sales organization can improve both price and modestly exceed industry sales trends.
We have implemented five price increases over the past three years. I think in total the amount of new method that you're seeing is in a modest amount. This is customers who want us to serve them in a specific segment that we have targeted and, I want to add one more thing, for our organization, we exited business that we saw was unprofitable in our current structure or future structure. And we've done that in a pretty disciplined way over the last couple of years.
Patrick Moore
I think that last point is very important. As Steve said, it's not a volume strategy. If you go back and you look at our shipments over the last three years, our shipment level today is significantly below levels that we were running at three years ago. Now we do expect through all of the processes that Steve alluded to that we will rebuild into our facilities. We are not pursuing a volume strategy in the market today.
John Haudrich
That concludes SmurfitStone's third quarter earnings call. Thank you for your interest in SmurfitStone and have a good day.
Thank you, you may now disconnect.
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text:
Nabil Bahoui scored a quality long ranger for AIK v Kalmar on Saturday
With the World Cup coming to a close, club football will very much be in focus in...
Strike! Xherdan Shaqiri (Switzerland) scores one of the goals of the World Cup v Honduras [GIF]
Switzerland need to win and potentially win big, so this was the perfect start against Honduras. Bayern...
The amusing moment when Brendan Rodgers threw a ball in the face of Glen Johnson's young son
The old adage about never working on television with children or animals was on display at Anfield...
A GIF to sum up the Manchester City-Liverpool Premier League title race
For once, this is not a GIF or Meme that features Steven Gerrard's now infamous slip during...
Juan Mata scores perfectly placed free-kick to equalise for Man United at Southampton [Vine]
Juan Mata equalised for Manchester United at Southampton on Sunday and confirmed, as if we didn't already...
Olivier Giroud pulled off a "Bergkamp-esque" touch for Arsenal 2nd v West Ham [GIF]
Olivier Giroud has been under the cosh lately, predominantly from Arsenal fans who have felt the French...
Fulham keeper David Stockdale pulled off a wonder save v Norwich [GIF]
Fulham manager Felix Magath had special praise for David Stockdale after the Cottagers 1-0 win over Norwich....
Tim Sherwood's celebration after Christian Eriksen's late late equaliser for Spurs at West Brom [GIF]
Tottenham coach Tim Sherwood was widely criticised after his side let in early goals yet again at...
David Moyes getting hit by football at Bayern made up into amusing Simpsons GIF
It was arguably the image that summed up the night. Manchester United manager David Moyes was standing...
Juan Mata did the Moonwalk behind Shinji Kagawa during Man United's win over Newcastle [GIF]
Bet on Man United & claim a £50 free bet. A fabulous 3rd eye was has been spotted...
Man United starlet James Wilson scored a stunning goal for the U21s v Aston Villa [Vine & GIF]
Manchester United's James Wilson has been making waves in the Under 21s this season. The two footed...
Alexis Sanchez pulled off a special solo run to win Barcelona's 1st penalty v Betis [GIF]
Many Barcelona fans have wondered why Alexis Sanchez is not in Tato Martino's first choice side at...
Wayne Rooney pulled off a ridiculous dive during Man United win over Aston Villa [GIF]
Wayne Rooney had a fine game for Manchester United today and continues to look like a key...
Tim Sherwood & the Spurs bench went mental… Paulinho just looked glum!
This could well be the picture and GIF that sums up Tottenham's season. Gylfi Sigurdsson cracked home...
Andrea Pirlo's amazing free-kick winner for Juventus v Fiorentina [GIFs & Vine]
Andrea Pirlo produced the moment of the tie with the late winner for Juventus at Fiorentina. It...
Per Mertesacker ran over to Tim Sherwood when Spurs boss threw ball at Sagna [GIF]
It was one of the most bizarre moments of yesterday's north London derby and it involved Spurs...
GIF of David Marshall's saves for Cardiff at Everton
David Marshall was sensational for Cardiff on Saturday, despite losing at Everton. In the end, the Cardiff...
Arsenal legend Thierry Henry scores diving header, pulls out brilliant camera celebration
Arsenal legend Thierry Henry may be 36 but he is still banging in the goals in the...
Cute GIF! Santi Cazorla's son Enzo pulls off wrist kissing celebration for Canal +
In March last year, Santi Cazorla explained why he kisses his wrist when he scores to the...


text:
Bids Trading readies launch with compliance hire
Block Interest Discovery Service Trading, the electronic trading service being set up by six Wall Street banks to compete with the New York Stock Exchange and Nasdaq, has appointed a compliance specialist to take on the legal, regulatory and compliance challenges ahead of its launch.
Richard Levin will take the position of general counsel, chief compliance officer and secretary and will sit on the board of directors.
Levin formerly worked at EquiLend, a securities lending trading and operations platform. He also was general counsel at electronic communications network the NexTrade ECN, which was acquired last year by Citigroup.
In September, six Wall Street banks said they will launch an electronic trading service for big block trades. Citigroup, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS have formed bids, rung by chief executive Tim Mahoney, head of equity trading for Merrill Lynch Investment Managers. Bids Alternative Trading System is slated to launch this spring.
Separately, Barclays Global Investors, the $1.6 trillion (€1.2 trillion) fund manager owned by UK-based Barclays Bank, has hired Simon Wong as its new European head of corporate governance. He formerly worked at consulting firm McKinsey & Company, advising on corporate governance, organization, strategy and financial regulatory matters. He spent the earlier part of his career practicing as a securities lawyer at law firms Shearman & Sterling and Linklaters.


text:
Chicken Breasts with Curried Mango Sauce
Total Time
Prep 10 mins
Cook 15 mins
Cook this dish just before serving.
Ingredients Nutrition
- 4 chicken breast fillets
- 1 tablespoon oil
- 30 g butter
- 4 spring onions, chopped
- 2 cloves garlic, crushed
- 1 tablespoon curry powder
- 1 (170 g) can mango pulp
- 1⁄3 cup sour cream
- 1 tablespoon grainy mustard
- 1⁄2 cup low-fat chicken broth
- salt
- freshly ground black pepper, to taste
- Trim chicken of excess fat and sinew.
- Head oil and butter in pan; add chicken fillets.
- Cook over medium heat for 4 minutes on each side or until lightly browned and cooked through.
- Remove from pan, cover with aluminium foil.
- Keep warm.
- Add spring onions, garlic and curry powder to pan juices; stir over medium heat for 1 minute.
- Add mango, sour cream, mustard and stock to pan.
- Bring to boil, reduce heat; simmer 3 minutes until heated through, stirring occasionally.
- Season, pour over chicken and serve.
Most Helpful
This was a delicious meal served with Basmati rice. It was colorful and had just the right amount of sweetness. In lieu of 1 Tbsp grainy mustard I used 1 tsp of Coleman's yellow mustard powder. The meal was a hit with my family and I will make it again.


text: What are you most proud of? I think this is the best quilt I have ever made. Tons of pieces-rather hard to match seams but I loved the finished product. What advice would you give someone starting this project? This is a rather rustic quilt in that you can't get the seams matched exactly-you have to be OK with that.


text:
Chinese Smartphone Company Compares Apple to Nazis
While we've seen Apple and its products attacked in numerous ads and promotions, a recent "Apple is a Nazi" posting by a Chinese Android smartphone company has to be the worst we've seen.
While we've seen Apple and its products attacked in numerous ads and promotions, a recent "Apple is a Nazi" posting by a Chinese Android smartphone company has to be the worst we've seen.
A new report says Apple will soon begin a trade-in program for Android phone users, offering gift cards for their old phones to use toward the purchase of an iPhone.
"Cheap Androids to the left of me, Apple to the right, Here I am, stuck in the middle with you." Samsung must be feeling like Stealer's Wheel lately, as they're feeling the squeeze from Apple's premium iPhone offerings on one side, and numerous cheap Android offerings on the other.
Unsurprisingly, it's still a two platform world in the smartphone arena, as Apple's iOS and Google's Android platforms combined to power 96.3% of all smartphones shipped in 2014.
Apple's iOS was still the undisputed leader in mobile ad revenue in 2014,capturing 51.67% of ad revenue, and 27.18% of traffic during the fourth quarter, closing out 2014 as the leader in dollars earned.
Microsoft is bringing Outlook to the iOS and Android platforms today. The app is actually a rebranded Acompli email app, which Microsoft acquired in early December. While this is just a rebranding for now, the Redmond firm plans to update the app regularly.
Although the Google Play Android app store continues to lead in the sheer number of apps downloaded, it has a long way to go before it can take the app revenue crown away from Apple's iOS App Store.
A new app hopes to become a sort of PayPal for Apple Pay. The TipEasy app allows Apple Pay users to send money to anyone, even if they aren't set up to take Apple Pay.
The free BBC News app for iOS and Android is getting its first major revamp since its 2010 launch. The new app will debut n the UK over the next few days, and will go global soon after.
Facebook makes another move to obtain a toehold in the workplace on Wednesday, as new smartphone app "Facebook at Work" hits the iOS and Android app stores.
While most people tend to stay in either the iOS or the Android camp, we know there are a few wild ones out there who can't keep their hands off every cool device that comes their way. Well for swingers like those, MacTrast Deals has a great deal: The 6-Ft MFi-Certified iOS & Android Convertible Charging Cable. No matter which way you like it, we've got a charge for you!
A new survey shows that while Apple's iPhone and iPad remain the most popular devices among teens, interest in the upcoming Apple Watch has actually dropped in the last 6 months.
Deal site Groupon has launched a new app, "Snap." The app pays user cash back for purchasing specific items when shopping at the grocery store.
Sometimes you just need a quick connection to the Internet, and today's pre-order exclusive gives you just that. The New Pocket-Sized Karma Go LTE Hotspot puts 200MB of free ultra-fast data in your pocket, with no monthly fees, and no two-year contracts.
Your iPhone already has a great camera built right in, and now you can extend its capabilities with a Fisheye Lens, a Wide-Angle Lens, and a Macro Lens with this great 3-in-1 Mobile Lens Kit for under $25!
Thinking of moving from Android to the iPhone this go-round? Apple has published an online Android to iPhone transition guide. They're helpers, they like to help.


text:
AT HOME WITH: Paul Gibson; It's Called Summer, Dad
Published: September 1, 1994
(Page 2 of 2)
While the salary cap issue may not directly affect Mr. Gibson, other strike issues, like salary arbitration, may. The average salary of a big-league player is $1.2 million, with players like the Mets' Bobby Bonilla, the highest paid, at $5.7 million a year, substantially pulling up that average. (At that rate, Mr. Bonilla is losing $31,148 a day.)
"The average is overblown," Mr. Gibson said. "Some of us are finally earning good money after a lot of years in the minor leagues when we had very little. I made $23,000 in my best season. And in the minors, there are the most minimal benefits, and there's no pension. And no guarantee of ever making the big leagues."
He was in the minor leagues for 10 years, after graduating from Center Moriches High School in 1978. Carla Titmus was two years behind him in school, a friend and classmate of his sister Debbie. Paul and Carla began dating after he graduated, and were married on Nov. 21, 1981.
"We moved around a lot," Mrs. Gibson said. "One year we lived in four places: in St. Petersburg and Lakeland, Birmingham and Mayaguez, Puerto Rico, in the winter league, making about $850 a month. One time when Paul was pitching in Birmingham and we were really having a tough time financially, we couldn't wait for my parents to come down to visit. We went shopping and we loaded up the shopping carts in the supermarket like you wouldn't believe. We knew they would pay, though we said, 'Oh, you don't have to.' But I guess they knew they did."
"Baseball," she added, "is not suited for a normal family life. I mean, for six months of the year, Paul's days are almost consumed with baseball. Even when he's home."
And there were the days when she would leave the ball park in tears. "Paul might have a bad day pitching and people in the stands around me would be saying, 'Get the bum out of there!' And they didn't know I was his wife. Or he was expecting to be called up to the big leagues, and they chose someone else."
When Mr. Gibson was traded to the Mets in 1992, the Gibsons couldn't believe their luck. They were going home and would be able to send the children to just one school instead of the ones at their summer and winter residences.
But then Mr. Gibson had problems at work. "I just felt like a robot on the mound," he said. "My mechanics were all wrong, and nobody seemed able to help." And he took a battering. He was released by the Mets on June 11, 1993, and was signed by the Yankees a week later. Things improved greatly, as he began contributing to victories that solidified the Yankees' hold on first place. In one game, against Seattle, he got Ken Griffey Jr., one of baseball's best hitters, to fly out with men on base to end an inning.
Now, he pitches in the front yard to his son Paul, and to Dennis Donovan, a kitchenware salesman and neighbor, who was Mr. Gibson's catcher in high school. ("To stay loose," he said.) He also spends time in the weight room he had built. And longtime friends have asked him to play on their softball team. "I thought about it," Mr. Gibson said. "But it would be a kind of comedown. I told them I wasn't quite ready."
Meanwhile, life goes on in a strange but pleasant way in the Gibson home.
Mr. Gibson remains active in strike talks and strike thought. "I know both sides want to see it end soon," he said. "Baseball is a $2 billion industry, and it's a shame there's no answer to the problem. I just hope that one day there will be an avalanche of ideas to help solve this thing."
His son Glenn was asked who was in the right in the strike conflict, the players or the owners.
"The owners," he said.
"What?" said his father.
"They own the stadium," Glenn explained.
"Down to the basement!" his father ordered.
But it wasn't to be. They went to the beach instead.
Photos: There's no place like home plate: Paul Gibson with his sons, Paul 3d, left, and Glenn. (Jim Estrin/The New York Times) (pg. C1); Relief squad: Carla, Glenn, Paul and Paul Gibson 3d. (pg. C11)


text:
Visiting information for Dover Immigration Removal Centre
Social visits
Mon: 13:45 - 16:25 & 18:30 - 20:00
Tue: 13:45 - 16:25
Wed: 13:45 - 16:25 & 18:30 - 20:00
Thu: 13:45 - 16:25
Fri: 13:45 - 16:25
Sat: 14:20 - 16:25
Sun: 14:20 - 16:25
Booking information: Social and domestic visits do not have to be pre-booked and there is no limit on the number of visits a detainee may receive (subject very exceptionally to high demand on particular days).
Additional information: There are no visits on Christmas Day and Boxing Day.
A Visitors Centre is outside the Centre with secure lockers and disabled toilet facilities. Refreshments, including hot and cold drinks are available from vending machines in the Visits Room. Food may not be brought into the Centre or handed in to detainees.
There is a maximum of three visitors per detainee on each visit allowed, at least one of whom must be aged 18 years or over. The only exception to this are children under walking age who do not require a seat. All visitors must be named on the Visiting Order and recognised photographic ID provided (i.e. driving licence, passport) or photographic ID supported by another official form of ID, such as utility bill or bank card. Visitors will not be admitted without photo ID.
Money for detainees may be handed in to staff, who will sign for receipt, on visits. A clean set of clothing may be handed in and dirty clothing handed out.
Prior to immediate deportation detainees may have luggage handed in, by application and at a pre-arranged time, subject to flight restrictions of 20 kilos.
All visits will take place in sight of Centre Staff. No tape recordings or cameras are allowed. For security reasons detainees are required to wear a coloured bib for the duration of the visit.
It is not permissible for staff, detainees, contractors or visitors to smoke inside any enclosed area. In line with prison exemption from the regulations, smoking will be permitted in Residential units in those detainee rooms designated as detainee smokers' accommodation by the Centre Manager. Dormitories with more than four occupants will be designated as non-smoking rooms.
Official Visits
Mon: 09:30 - 11:30 & 13:45 - 16:25
Tue: 09:30 - 11:30 & 13:45 - 16:25
Wed: 09:30 - 11:30 & 13:45 - 16:25
Thu: 09:30 - 11:30 & 13:45 - 16:25
Fri: 09:30 - 11:30 & 13:45 - 16:25
Sat: 14:20 - 16:25
Sun: 14:20 - 16:25
Booking information: Legal Visits must be prebooked on 01304 246 418. The line is open 7 days a week between 08:30 - 12:00, 13:30 - 16:00.
Additional information: Official photo ID (eg a passport or drivers licence), supported by another form of ID such as utility bill or bank card and a letter of introduction are required.
How to get there:
- Train: From London Waterloo or London Victoria Stations, book to Dover Priory (make sure you are in the correct part of the train as many trains divide at some stage of the journey). From the station to the Centre is a long walk up a steep hill. There is an irregular bus service but taxis are available and the fare is about £3.50 for a single journey. If you decide to walk, go out along the station approach until you reach the main road (A20). Cross and turn left. About 100 yards from where you crossed, on your right, are some steps. Go up these and turn right at the top. You are now on Military Hill and you must walk up to the brow of the hill where you will see a sign - turn right (opposite BCB Garage) and the Centre is at the end of the road.
- Car: If coming from the M2 - A2, you should follow the signs for Dover Docks. Come down the Jubilee Way turn left at the first roundabout at the bottom of the flyover. Follow the dual-carriageway to the next roundabout and turn right. Take the first left up Durham Hill. Follow this road to the brow of the hill and turn right (opposite BCB Garage). Follow this road and it will lead you to the Centre entrance and car park.
- If coming from the M20, follow the signs for Dover. When you first approach Dover you will see a roundabout with signs for Aycliffe and Western Heights. Take first exit, then first right (avoiding Avo car park). Follow this road to the brow of the hill (opposite BCB Garage) and turn left. Follow the road and it will lead you to the Centre entrance and car park.
- There is a car park with facility for disabled parking.


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Welcome to the Arkansas GCSA
Mark your calendar for the
LAST EVENT of 2016!
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Monday, December 19th at 11:00
Superintendent's Roundtable
2017 Board of Directors
Immediate Past President Brian Cummins
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Treasurer Dade Wilson
Class C Director David Burton
Affiliate Director Michael Collins
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Will Owens
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Skip to comments.400 Rounds, 17 Grenades, & 30 Enemies: Soldier Single-Handedly Beats Back Taliban Barrage
Posted on 03/25/2011 2:48:06 PM PDT by Nachum
It took him 400 rounds, 17 grenades, and a machine gun tripod used as a weapon, but one British Gurkha soldier single-handedly beat back an attack by 30 Taliban fighters in Afghanistan last summer. And now hes getting one of his militarys highest honors:
Sergeant Dipprasad Pun, a 31-year-old from Bima in western Nepa and part of the Gurkha regiment serving the British Military, is receiving the Conspicuous Gallantry Cross for bravery. Its well deserved. According to his superiors, Puns fearsom fighting is responsible for saving the lives of at least three other soldiers.
Yesterday, he explained his unbelievable battle (via the London Telegraph). Not only is he brave, but hes also ingenious. At one point during the fighting, after running out of bullets, he fought off an attacker using a pole from a machine gun tripod:
Sgt Pun told yesterday how he was on guard duty at the base near Rahim Kalay in Helmand Province on September 10 last year when he heard a digging sound in the darkness in front of him.
Grabbing two radios, a GPMP machine gun, his SA80 rifle, a grenade launcher and an arsenal of hand-held grenades he climbed onto the rooftop and opened fire.
(Excerpt) Read more at theblaze.com ...
The Taliban took on a Gurkha and they only brought 30 fighters?
How do you say "Bad ass" in Nepalese?
(if I ever become ridiculously wealthy, this guy is going on my security detail)
Gurhka's are simply badass. Gotta love 'em. Salute, sir.
I'm telling ya, them Ghurkas are BA. It was only a month or so ago there was a story about one of them boys taking on like 30 guys on a train, chopping a couple up with his big knife, and then going to get a few stitches. Huge testicular fortitudes.
Maybe he had one of these...
Gurkha Kukri San Mai III - 35ATCJ
Like these guys?
Gurkha soldiers put on a Kukri knife display
We need more Gurkhas!
There are many versions of this story, but this is one I found quickly on the net -
As the use of paratroops was increasing during the Malaya confrontation in the 1950's, a British colonel asked the leader of a platoon of Gurkha if they would be prepared to jump from a C130.
Somewhat to the colonel's surprise, the Gurkha sergeant requested a day to talk it over with his men.
The next day, the Gurkha duly reported that they would do it, but only over marshy ground with the aircraft flying at no more than 100ft.
'But at a hundred feet the parachutes wouldn't work,' the colonel explained.
The Gurkha replied, 'Parachutes? No-one mentioned parachutes!'
His crappy SA80 either failed or was out of bullets. The UK reworked that POS rifle but it probably is still not right.
No one mentioned parachutes, that's a good one! Reminds me of an old joke about Texians fighting the Mexicans. A voice keeps calling Santa Anna names so the Mexicands send a bunch of guys over to his position. Few minutes later more insults, so they send another bunch of guys. Same result, only this time one of the Mexicans comes crawling back to his commander and reports "There are really two of them."
Vegas Oddsboard has Gurkhas at 30 to 1
The Gurkha motto is Better to die than be a coward.
Says it all.
I immediately thought of this...
Do not, I repeat, DO NOT in any way f**k with a Gukha. You'll get dead.
There were 1,000 Argentine soldiers with rifles.
When the Argentine soldiers saw the Gurkha's the dropped their rifles and fled.
I have seen both stories posted by Second Amendment Task Force T-Shirts on FBook. Great stuff!
Ha, that was funny. The Taliban must have gotten bad intel thinking only 30 of them could take a Gurkha. They must have thought they were fighting a burka; I can see where they'd be confused. I want to buy that soldier a case of Scotch.
Just wondering why he didn't get the VC...
I said it this morning, and I reiterate:
Chuck Norris wears Gurkha pajamas.
I think in WWII, the red army made low altitude drops without parachutes directly into snow.
Average Joe Pradish.
I thought the Brits had phased out the Gurkha regiments years ago when they gave up Hong Kong.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.


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Watch The Danish Girl (2015) Full Movie Online Free On Projectfreetv
The Danish Girl :– Watch The Danish Girl full movie on Project Free Tv,The Danish Girl is a 2015 British-American biographical romantic drama film directed by Tom Hooper, based on the 2000 fictional novel of the same name by David Ebershoff and loosely inspired by the lives of Danish painters Lili Elbe and Gerda Wegener.[4] The film stars Eddie Redmayne as Elbe, one of the first known recipients of sex change surgery, Alicia Vikander as Wegener, Matthias Schoenaerts as Hans Axgil, and Ben Whishaw as Henrik.The film was screened in the main competition section of the 72nd Venice International Film Festival, and it was shown in the Special Presentations section of the 2015 Toronto International Film Festival.The film was released in a limited release on 27 November 2015 by Focus Features in the United States.The film was released on 1 January 2016, in the United Kingdom by Universal Pictures InternationaThe film received some criticism for its inaccurate portrayal of historical events, but Redmayne and Vikander's performances received widespread acclaim and nominations for all of the major acting awards. Vikander won the Academy Award for Best Supporting Actress and Redmayne was nominated for the Academy Award for Best Actor.In mid-1930s Copenhagen, portrait artist Gerda Wegener (Alicia Vikander) asks her husband, popular landscape artist Einar Wegener (Eddie Redmayne), to stand in for a female model who is late to come to their flat to pose for a painting she's working on.The act of posing as a female figure unmasks Einar's lifelong identification as a woman, whom she has named Lili Elbe. This sets off a progression, first tentative and then irreversible, of leaving behind the identity as Einar, which she has struggled to maintain all her life. This takes place as both Lili and Gerda relocate to Paris; Gerda's portraits of Lili in her feminine state attract serious attention from art dealers in a way that her previous portraiture had not. It is there that Gerda tracks down art dealer Hans Axgil (Matthias Schoenaerts), a childhood friend of Lili (Hans had been the first boy who had ever kissed her as Lili). Hans and Gerda's mutual attraction is a challenge, as Gerda is navigating her changing relationship to Lili; but Hans' long-time friendship with and affection for Lili cause him to be supportive of both Lili and Gerda.
More Information about the Movie The Danish Girl (2015)
Biography | Drama | Romance
Release: 01 January 2016 (Uk)
IMDB Rating : 7.0/10
Director: Tom Hooper
Writers: David Ebershoff
Stars : Eddie Redmayne, Alicia Vikander, Amber Heard
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5 Bedroom House in Glenvista
Patsy Parker
Pam Golding Properties-Johannesburg South
5 Bedroom House in Glenvista
BEAUTIFUL PROPERTY IN GLENVISTA. Stunning property with 5 HUGE bedrooms, a fitted study plus a fully contained flatlet with own garage now available in a very sought after street. Great entertainment areas that include a large lounge and covered patio with stacking doors to the pool, built in gas braai and pizza oven, as well as a fitted bar there's enough space for everyone. The dining room is ideally located off the kitchen with a concealed scullery, walk in pantry and double door fridge space. The sunken formal lounge has a gas fireplace and stacking doors to the garden. The upstairs PJ lounge has a coffee bar area and leads to the 5 huge bedrooms. The main bedroom has two dressing areas and a spacious en suite bathroom with a double shower. The 5th bedroom has its own en suite while the 3 remaining bedrooms share a full bathroom. The main house has 3 garages, the flatlet has a single garage. Staff accommodation and laundry. Beautiful landscaped garden, excellent security and in fantastic condition!
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The Johannesburg South Neighbourhood includes the suburbs of Bassonia, Glenvista, Lenasia, Oakdene, Winchester Hills and Mulbarton. Although the area is being developed fast, Johannesburg South still retains much of its natural beauty. With the endless hills disappearing into the horizon, and many exclusive wildlife estates, one might imagine being in a nature reserve. "The South", as it is most commonly referred to by the locals, is mainly divided into two main parts - the older part on the north side of the N12, and the newer part on the south of the highway. The people of "the South" are family-orientated and active.Find out more about Johannesburg South
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text: Shop » Embroidered and beaded headwrap/sash $450.00 Default Title - $450.00 Quantity Description A lovely, densely hand beaded belt of beads, crystals and hand embroidery. Measures approximately 11 1/2 inches long by 2 1/2 inches at its widest Features beads and crystals Hand embroidered details Finished with silk satin ribbons for a total length of 90 inches Shipping Ready to Ship Estimated ship date: December 7th – December 13th This style is a ready to ship piece and will ship out in about 1 week Mon–Fri (shipping times not included). Please read our policies prior to purchase. Rush upgrades are available if needed sooner. Email us for details: firstname.lastname@example.com Photography credits: Elizabeth Messina No.543 You might also like Enchanted frosted garden earrings No.628 Shop Now $265.00 Petite flower and blossom embroidered sash No.633 Shop Now $390.00 Gilded garden earrings No.667 Shop Now $160.00 Antique garden flower sash No.649 Shop Now $265.00


text: Stores Dealer Profile LOWE'S COMPANIES, INC. Shaw believes in its people, products and partnerships. Our flooring retailers are committed to providing the best service they can. They go above and beyond to make sure you're satisfied with the product, service and ultimately, your home. Purchasing flooring can be daunting, but our retailers are there to help you every step of the way. Shaw Industries is committed to creating a better future – for our customers, our people, our company and our communities. We know our retailers feel the same way. Store Information GET DIRECTIONS 4530 Martin Way E Olympia, WA 98516-5363 360-486-0856 http://www.lowes.com View all stores


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Mount 'n' Mist
Kalhatty Ghat, Ooty, Tamil Nadu - 643 005
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Mount 'n' Mist, Ooty - Overview
Overlooking the mountains, Mount N Mist hotel is a popular hotel in Ooty and is 11km from Ooty railway Station. It features an in-house restaurant named Forest Feast that serves Continental, Chinese and Indian Cuisine. This hotel offers comfortable accommodation with in-room amenities like a television, telephone, safe deposit locker, refrigerator, writing desk, international plug points and many such comforts.
At Mount N Mist hotel, facilities offered are barbeque (on request), doctor on call facility, a bonfire, car parking, power-backup and friendly pets for entertainment. A number of recreational activities are organized here like nature walks, bird watching and trekking. Other activities include jungle safari, fishing, children playground and indoor games (chess, carom, table tennis and snooker). Tourist attractions nearby are Ooty Lake (10km), St. Lourdes Church (5km), deer park (12km) and Tiger Hill (16km). Cottages in this hotel have a private garden and an open area overlooking the valley. Ooty Railway Station is 11.8km from this hotel.
Check-in time : From 12:00 pm
Check-out time : Until 11:00 am
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Mount 'n' Mist, Ooty - Rooms & Price
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Mount 'n' Mist, Ooty - Amenities
- 24-Hour Front Desk
- 24-Hour Security
- Babysitting or child care
- Barbecue grills
- Bonfire Arrangement
- Catering
- Coffee shop or cafe
- Front desk
- Indoor Games
- Internet Access
- Kids Play Area
- Laundry facilities
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- Room service
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Funny vicious circles that we all sometimes get stuck in
Life is amazing, unpredictable, sometimes just a routine… And we all have these funny vicious circles that we sometimes get stuck in! You know that famous sentence "I am going on a diet on Monday". Somehow, that Monday never comes! Instead of Monday and a diet, we find ourselves with a bowl of cookies in front of the TV, winning about our weight while enjoying that sweet, crispy taste…hmm, yummy!
We recently found  interesting illustrations about our habits, and I couldn't help it but share them with you. I laughed myself to tears because the situations are all so familiar.
Funny vicious circles we all know so well
I am sure every girl remembers those crazy nights with a few drinks more. It all starts like fun, you feel wonderful, you laugh, you are all in that positive mood, only to find out later, it wasn't just a couple of drinks, maybe it was more… Yeah, mornings are never fun! And you give yourself a promise "I will never drink again"! Well, that's kinda truth, until the next night out in town. Vicious circle, we told ya!
And the next illustrations is my favorite one! Oooh, I can relate to that! It happens to me all the time. Every one of us has a favorite series, especially nowadays when you can watch everything online! Laptop and bed, or chair -perfect! And you plan only one episode! No more! One, two, three…you just cannot stop watching! Until you realize, it is way too late, and you have to go to work tomorrow… It is my vicious circle, I can't help it, guys!
We girls know our problems with hair! When we want a change in life we always begin with our hair. That's where usually every change ends, as well! And we got stuck up with that awkward hairstyle! Well, vicious circle!
Of course, there is a vicious dieting circle! When we finally have that figure we wanted, well, the dream about chocolate never quite ends! The vicious circle of sweets and diet, sweets and diet!
When it comes what to wear for work or a night out, girls are wizards of indecisiveness. No matter how many dresses we have in our wardrobe, pants, coats, you name it, somehow we don't have anything to wear! Sounds familiar?
We hope we made you smile with these illustrations! At least, you got the chance to laugh at all these funny vicious circles that we all have!


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Main Content
- Contrast color details
- Full zip jacket
- Shoulder zipper pocket
- Imported
- Geometric seaming
- 100% Lamb leather
- Zippers on sleeves
- Metal logo plate detail at back
- Button at collar
- Imported
- Brand: Fox
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