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Alaska Air Group Inc. (NYSE:ALK)
Q1 2010 Earnings Call
April 22, 2010 11:30 am ET
Shannon Albert - Managing Director IR
Bill Ayer - Chairman, President, CEO
Glenn Johnson - CFO
Brad Tilden - President
Jeff Pinneo - President and CEO
Andrew Harrison - VP Planning/Revenue Management
Brandon Pedersen – Vice President/Finance and Controller
Joe Sprague – Vice President of Marketing
Bill Greene - Morgan Stanley
Hunter Keay – Stifel Nicolaus
Helane Becker - Jesup & Lamont
Steve O'Hara - Sidoti & Company
Dan McKenzie – Hudson Securities
Gary Chase - Barclays Capital
Welcome everyone to the Alaska Air Group first quarter 2010 earnings conference call. (Operator Instructions) I would now like to turn the call over to Alaska Air Group's Managing Director of Investor Relations, Shannon Albert.
Shannon Albert
Thanks, Christie. Hello, everyone and thank you for joining us for Alaska Air Group's first quarter 2010 earnings call. Today Alaska Air Group's CEO, Bill Ayer, will provide a company overview; CFO, Glenn Johnson, will talk about Air Group's financial position and Alaska President Brad Tilden and Horizon Air President and CEO Jeff Pinneo will comment on the financial and operational performance and future initiatives of Alaska and Horizon. Other members of the senior management team are also present to help answer your questions including Alaska's recently elected Vice President of Marketing,
Joe Sprague.
We are making a slight change to our Q&A process today and will invite both analysts and journalists to queue up together at the end of our prepared remarks.
Today's call will include forward-looking statements that may differ materially from actual results. Additional information on risk factors that could affect our business can be found in our periodic SEC filings available on our website. Our presentation includes some non-GAAP financial measures and we have provided reconciliation between the most directly comparable GAAP and non-GAAP measures in our earnings release.
This morning, Alaska Air Group reported a first quarter GAAP profit of $5.3 million. Excluding the impact of mark to market adjustments related to our fuel hedge portfolio, Air Group reported an adjusted net profit of $13.1 million or $0.36 per share. This compares to a first call estimated mean net profit of $0.35 per share and to last year's adjusted net loss of $25.4 million or $0.70 per share. To look at it another way our first quarter results improved by $38.5 million or more than $1.00 per share. Additional information about expected capacity changes, unit costs, fuel hedge positions, capital expenditures and fleet count can be found in our investor update included in our form 8-K and available on our website at alaskaair.com.
With that I will turn the call over to Bill Ayer.
Bill Ayer
Thanks Shannon and good morning everyone. We are very pleased to report our best first quarter since 1999 and our results were driven by a record first quarter load factor, improving yields and first bag fee revenues partially offset by an increase in the cost of fuel. In addition our ongoing network restructuring has continued substantially to the quarter's profit.
As you know, this is seasonally our weakest quarter of the year and one in which we usually post a loss. In fact, the last time we announced a first quarter profit was in 2006 when we reported less than $3 million in net income and prior to that in 1999 when we earned $20 million. As in 2009 our biggest opportunity this year is to improve the top line with a specific focus on increasing network and ancillary revenues. To that end we are continuing to redeploy capacity to new markets. In addition to the new Portland/Honolulu service we announced last week today we announced new service to Hawaii from San Diego along with some other changes Brad will touch on in a few minutes.
While our fleet size as remained essentially flat, over the past 24 months Air Group has entered 26 new markets including those announced today. In addition we have initiatives underway to improve ancillary revenues and to do it in a way that is understandable and viewed by customers as fair and reasonable. One important source of ancillary revenue is checked baggage and today we're announcing a modification to those fees. Beginning June 16th we will charge $20 each for the first three bags.
That is an increase for the first bag from the current $15 but a decrease for the second and third. We expect this change to be accretive to revenues to the tune of about $20 million per year. With this change we expect ancillary revenue per passenger to increase to more than $11 up from $4 a couple of years ago. It is important to note that our baggage charges are still less than the industry standard and we have a unique time to carousel guarantee which we are enhancing along with this increase.
Operational performance at both carriers continues to be outstanding. For the latest 12-month DOT reporting period that ended in February Alaska held the number one spot in on-time performance among the 10 largest U.S. airlines. Horizon is also performing exceptionally well and recently a story was published in Forbes that ranked Horizon among the top five airlines in the world for on-time performance in 2009. I want to thank the thousands of Alaska and Horizon employees who make our operations run safely and on-time and provide outstanding customer service each day. It is no secret everyone is working harder and we could not succeed without the extraordinary efforts of our people working together to improve our company.
Given the seasonality of our business we are very encouraged to be starting the year with a profit we can build on instead of having to make up for a loss which has been our pattern historically. We acknowledge there are risks. Rising fuel prices and the slow economic recovery present challenges but we are doing a number of things to counter them.
First, maintaining low capacity growth and a stable fleet size helps ensure we don't over-serve existing markets and we choose new markets carefully. This should keep load factors strong and create more pricing power.
Next, we are continuing our fuel hedge program using caps exclusively on the crude oil portion of our program which protect against fuel price increases yet allow us to take advantage of decreases in the price of oil without the risk of triggering payments to counterparties. Third, we are limiting capital expenditures and last but not least we are maintaining a healthy cash balance.
Most important of all we continue to focus on the things we can control; running a safe, compliant and on-time airline, improving revenue, managing costs and delivering that special brand of customer service that sets Alaska and Horizon apart.
With that I will turn the call over to Glenn.
Glenn Johnson
Thanks Bill and good morning everybody. As Shannon said Air Group had an adjusted net profit of $13.1 million or $0.36 a share in Q1 2010 versus an adjusted net loss of $25.4 million in the same quarter last year. Those adjusted results equate to a 12-month trailing return on invested capital of 6.9% at the Air Group level which compares to 4.1% in the 12 months ended Q1 2009 and is approaching our weighted average cost of capital.
On a pre-tax basis our first quarter results improved by $62 million. A couple of things drove the improvement. First, consolidated revenues increased by $87 million primarily driven by strong load factors at both carriers but revenues were also bolstered by two other items, $23 million in bag fees and I would note we will see this again in the second quarter from the annualization of the first bag fee. Second, $10 million of changes attributable to the Affinity Card agreement which we revised in the second quarter of 2009.
The revenue gains were offset by $27 million increase in economic fuel costs. With oil on the rise a couple of people have asked whether or not we would consider increasing our hedge coverage. The simple answer is no. Our practice of hedging 50% with caps for crude oil works really well for us. There is a table in our investor update that summarizes our hedged coverage over the next few years but we are well positioned with 50% of our planned consumption for the balance of this year at $75 per barrel.
Our consolidated non-fuel operating costs were about flat. On the positive side we had lower pension costs than we anticipated and we have seen savings from our productivity initiatives and fewer FTE's. Those positives were offset by the increases in pilot wages reflecting our new agreement that took effect in April 2009 and increased incentive pay expense.
Last quarter I walked you through the components of incentive pay expense, the most significant of which is our performance based pay plan or as we call it PBP. As we told you on the January call our initial guidance assumes PBP would pay a target generating Air Group incentive pay expense of $50 million for the year. Our forecast for pre-tax profit now exceeds the goal that was set by our board so we are tracking to pay above target resulting in Air Group incentive pay expense of $72 million for the year.
The extra cost negatively impacts our CASM but it bodes well for the bottom line which is really what counts. I do want to reiterate, especially for the employees listening to this call that this is a very seasonal business and there are a number of estimates involved in the numbers I just shared and those estimates have a high degree of uncertainty so it is very dependent on how we all perform each day, each flight for the rest of the year.
Turning to the balance sheet and cash, we had just under $1.2 billion of cash at quarter end which represented 34% of trailing 12-months revenue. We generated $55 million of cash flow from operations compared to $10 million of cash flow from ops in the first quarter 2009. Offsetting those inflows we had capital spending of $24 million, debt repayments of $40 million and we resumed our share repurchases using $11 million during the quarter to repurchase 279,000 shares.
We talked last quarter about reducing the amount of cash on hand over the next 34% to the 25-30% range which will help us to improve our return on invested capital. A little more color on our plans. First, we intend to pay cash for four new 737 deliveries in 2010. I would note we will be returning six aircraft this year so that will result in two fewer Alaska units at year-end. Second, we intend to prepay approximately $90-100 million of long-term debt by year-end. These actions will lower our invested capital base, slightly reduce our net interest costs and increase the number of unencumbered aircraft we own.
Despite these goals to lower our cash balance we are committed to a strong balance sheet and maintaining plenty of assets for liquidity should we need it. To that end, in March we announced two new lines of credit totaling $200 million which replaced our previous single $185 million line. There are three benefits to the new arrangement. First, one line is secured by accounts receivable and spare parts inventory which frees up airplanes that would be much easier to finance if the need arises. Simply said, we have done the harder financings first. Second, the terms of the two lines have staggered expiration dates. Third, the combined amount is slightly larger than what we had before.
Finally I want to close with a quick update on our CapEx plans for 2010. We expect to spend $200 million on CapEx in 2010, down substantially from prior years. Aircraft spending will be constrained. We will be down, as I said, by two Alaska Airlines units at year-end compared to year-end 2009 with a plan to be up one net aircraft at the Alaska Airlines unit by the end of next year. And we believe we have the opportunity to generate free cash flow. Even after scheduled principle payments it is likely we will have net cash flow we can use to further strengthen our balance sheet.
With that I will turn the call over to Brad and then Jeff to provide color on the individual subsidiaries' performance and outlook.
Brad Tilden
Thanks Glenn and good morning to everyone. For the quarter Alaska Airlines reported an adjusted pre-tax profit of $26.5 million compared to a loss of $26.6 million in the first quarter of 2009. I want to thank all of our employees who have worked so hard and congratulate them on these fantastic results.
For the quarter Alaska's mainline passenger revenue increased by $47 million or almost 9% due to a passenger unit revenue increase of 8.3%. This increase was a function of our 5-point improvement in load factor and a small improvement in yield.
Looking at the individual months, passenger RASM increased by 3% in January, a strong 13% in February and by 10% in March. Our 8.3% PRASM increase compares favorably with the domestic industry increase of 7.5%. If you compare this first quarter with the first quarter of 2008 our unit revenues increased 6% versus a decline of 3% for the industry. Nearly every one of our regions posted unit revenue increases and we saw particular strength in the Southern California, Bay Area, Arizona, Nevada and Transcon regions. As you know, we have reduced capacity in many markets in these regions over the last several scheduled periods.
Over the last year or so we focused on reducing the seasonality of our results. We have been identifying routes we can fly profitably during the fall and winter months, managing our scheduled frequency more aggressively to increase load factors to high levels during months that are traditionally soft and moving as much of our training and vacations as possible out of the busy summer months. We are very encouraged by the first quarter results. Making a profit and flying at an 80% load factor are great indications our people in the network planning area and throughout the company are on the right track.
Alaska's April advance booked load factor is up 3.5 points and May and June are each up three points. Yield trends are positive and we are starting to see business demand return as evidenced by an increase in revenues in the middle fare classes and improved revenues in the first class cabin.
In addition to last week's announced service between Portland and Honolulu where we are filling a void left by Delta today we announced new service in four more markets. First, the addition of Portland/Kona this fall brings to three the number of Hawaii destinations we serve from Portland and allows us to capitalize on the great response from the Portland community to our marketing efforts.
Second, our new San Diego/Maui service takes advantage of strong demand for travel to Hawaii from one of our best performing non-hub cities. This represents our fourth California city with Hawaii service.
Third, we are initiating seasonal service between San Diego and Puerto Vallarta this fall, an action that will further reduce our seasonality. Finally, Horizon will provide service beginning late this summer between San Jose, California and Los Angeles, allowing us to take advantage of alliance relationships and international connection opportunities at LAX.
Our fleet and invested capital do not change as a result of this new flying and we expect Alaska's full-year mainline ASM growth to now be between 4-5%, up from our initial guidance of 2%. Despite the ASM increase, total departures will increase by less than 1% for the year and will remain 10% lower than 2008.
To wrap up our revenue discussion, in addition to the revised baggage service charge Bill mentioned earlier, today we announced changes to our fees for unaccompanied minors, same day standby and ticketing holds. We estimate an aggregate annual revenue benefit of about $30 million from these changes. This number includes bag fees.
Turning to costs, we ended the quarter with CASM X fuel of $0.084 about flat year-over-year on flat capacity and in line with our initial guidance of $0.084 to $0.085. For the rest of 2010 we are forecasting full-year CASM X fuel of $0.079 to $0.08, down from our initial full-year guidance of $0.08 and about 4% lower than 2009. Unit costs will benefit from the extra ASMs but as Glenn said we have a headwind on the incentive pay line that represents some risk to our guidance.
We are making very good progress with the productivity and overhead initiatives we talked about last quarter. Each of our operating divisions has aggressive productivity targets and we are pleased with the results to date. On the overhead side we are well into our effort to reduce the size of our management staff by 50 people in the first half of this year. Once complete we will have decreased the number of management positions by 168 or 10% since the beginning of 2008. Like all reductions, these are not easy but they are necessary in order to position Alaska to provide our customers with the value they demand over the long term.
At this point I will turn the call over to Jeff.
Jeff Pinneo
Thank you Brad and good day everyone. Horizon also made progress this quarter posting an adjusted pre-tax loss of $3 million compared to a loss of $12.2 million in the first quarter of 2009. About half of the improvement was the result of higher revenues driven by brand yield and load factor increases offset by higher fuel costs. The other half came from the absence of Q200 transition costs this quarter.
Touching first on revenue our total revenue for the quarter increased $11.6 million or 7.9%. Our flying between the Northwest's four largest cities of Seattle, Portland, Spokane and Boise improved greatly during the quarter. These markets which together constitute 31% of our brand flying saw a 6% year-over-year increase in revenue and an 18% improvement in PRASM on a 10% trim in capacity. Day of week frequency reductions of selected routes also helped improve revenue quality during the quarter.
A part of our revenue story stems from customer preference driven by outstanding operational performance. Our on-time performance led the nation in 2009 and placed us as Bill said among the top five carriers in the world. So far in 2010 we have gotten off to an even better start. Our 88.8% performance in the quarter was nearly 8 points better than last year. While comparatively good weather played a role, much of the credit for this can be placed to the skill and dedicated teamwork of Horizon's people; folks I am proud to work with and very thankful for.
Turning to expenses for the quarter our CASM X fuel and fleet transition charges increased 1.7% on less than 1% increase in capacity. Scheduled maintenance timing and accruals for broader participation in our performance based pay plan account for much of the variance. In contrast to Alaska where much attention is focused on improving revenues, our efforts remain focused on closing unit competitiveness gaps in pursuit of return on capital goals.
On the productivity front we have made great strides in reducing overhead and adjusting staffing levels. FTEs are down 6.5% while passengers per FTE are up over 9.6% over last year's then record first quarter. In maintenance we are reviewing options for further reducing heavy maintenance expenses including the outsourcing of C-check work not currently handled by outside providers. We are actively communicating with the union and our mechanics as we review the alternatives and a decision is still pending.
Concerning our pilot costs we are now entering the federally mediated phase of negotiations that both parties recently applied for with first meetings scheduled for late May. We will continue to strive for a solution that will lead to competitive pilot costs while still recognizing the solid contributions this group makes both now and in the future. We have also been fortunate to realize many cost benefits that come with running an outstanding operation. While we have made good progress on reliability modifications to the Q400 fleet, we are working closely with Bombardier to accelerate the improvements. These improvements will provide us with ongoing cost savings and customer benefits as we progress towards our long-term, single fleet goal.
Looking ahead to the rest of 2010 our plan is still to [grow] capacity growth to between 0-1% and we are forecasting a decrease between 2-3% in CASM X fuel for the full year.
At this point I will turn the call back to Bill.
Bill Ayer
Thanks Jeff. Let me once again congratulate our employees for a great first quarter as we prepare for what looks like a very busy summer. Operator, with that we are ready for questions.
Question and Answer Session
(Operator Instructions) The first question comes from the line of Bill Greene - Morgan Stanley.
Bill Greene - Morgan Stanley
I am wondering if we can talk a little bit about the fact that historically it is safe to say you really haven't been viewed as a company that would acquire other airlines but you have clearly found a model that is certainly driving success financially which is a pretty powerful statement in this industry. What would the world look like or what sort of situational facts that would allow to reconsider that view and maybe think about acquiring another company and maybe applying this or even just acquiring assets? How do you think about that?
Bill Ayer
We have been spending the last decade restructuring the business and that has been 100% of our focus and we are not there yet. We have work left to do. We haven't spent a lot of time thinking about that. The M&A question in the other direction is one that we have been asked a lot and the answer is really the same. It is really a question about what is the best path for shareholders. That is what all of this comes down to. How do we improve and optimize over the long-term the shareholder value? We believe that the path we are on which is remaining independent, growing organically profitable growth is the way to go. We are not to the ROIC number we want yet. We are getting closer which is really good but we have work to do. We are sticking with the plan and making good progress. I think that is as much as we think about it today. We still have more to go and we are pleased with the results.
Bill Greene - Morgan Stanley
This is sort of a little bit of a different question and you kind of answered it a little bit with your comment just there. Would you ever consider a bigger aircraft to take you to non-North American destinations?
Bill Ayer
The same kind of answer. We really like the single fleet that we have, the simple fleet of all 737's and the fact that we have got this difference within this family from 700's, 800's, 900's and 400's that allow us to match capacity with demand. The 737 does all our missions really, really well and we have realized a lot of synergy and a lot of cost savings with a single fleet. It is a remarkable airplane. We think again we are focused on it. And we haven't got all the synergies out probably in the MD80 transition. There is probably still more to go. Then over at Horizon of course we want to do the same thing with the single fleet there. So when there are market opportunities to move out of the [yard chase] we are going to do that and we are going to be really good at operating Q400's and hopefully a growing fleet of profitably deployed Q400's.
The next question comes from the line of Hunter Keay – Stifel Nicolaus.
Hunter Keay – Stifel Nicolaus
I noticed in your prepared remarks you pointed out some regions of strength that are really heavily served by Southwest. Should we assume that you have been specifically targeting price increases in those markets where Southwest plays given the fact that your competitive capacity is really coming down against them?
Brad Tilden
My general sense is that all of the players in the markets we mentioned, the Bay area, Southern Cal, Arizona and Nevada have been pulling capacity in. That has been really good for the economics for all of us. I think if you look at Southwest frequency you would find that. So pulling the frequency down in those markets has been really good for the load factor and good for RASM. You saw that we had 5 point improvement in load factor for the first quarter. Then the opportunity Alaska has as a smaller airline is to move those airplanes into Atlanta, Houston and a lot more frequency in Hawaii and those are all places that all of that revenue we know is new to the company.
Hunter Keay – Stifel Nicolaus
I guess then in that sense a little more color on March PRASM would be helpful because it looks like the first quarter number implies a little bit sequential degradation in March PRASM despite the fact you had an easier comp. Was there maybe some pricing opportunities that maybe you missed? Were you focusing on loads or maybe a bit more color there would be helpful.
Brad Tilden
I might start and ask Andrew Harrison to help. As you know the load factor was up six points in January and February. It was up around 3 in March. But the yield did get better as we moved forward in the quarter. It was actually down in January, up a touch in February and up 5-6% in March. So we saw a pricing strength. The volcano last year might have affected March comps as well.
Andrew Harrison
You may recall Mount Redoubt erupted last year where we pulled down especially in the last week of March up to 10% of our capacity there and at the end of the day our loads got very full. The other thing, just to add to Brad's comments, is the yield as we got to March was up 6.3 and that is on 2.2% ASM growth versus we shrunk 2.4% in February. So we are trying to find that wonderful balance between supply and demand and as we get fuller and into the 80% load factor range to really make sure we leverage that on the yield side which is what we successfully did in March.
Hunter Keay – Stifel Nicolaus
I would love to get a little bit more color on how you view your code-share partnerships mostly with AMR and Delta and how you view those ramping. Is there flexibility built into the Delta agreement that allows you to increase the code-share if theoretically Delta starts relying on Sea-Tac as sort of an Asian gateway? Is there flexibility that you could ramp up the code-share with Delta?
Andrew Harrison
We obviously don't make public some of the agreements we have with our code-share partners but a couple of things to point out. Number one, we certainly do and you have seen us have a lot of code-share with Delta over the last six months down into Los Angeles and into Mexico. The other thing, this time last year and this is why we have been able to expand our network and get greater business presence is this time last year we were using American to put passengers beyond their Chicago hub. This year as you see here today we have beyond markets through Atlanta. We have them now with Dallas/Ft. Worth with American and we have Minneapolis. So we have substantially increased the number of places our passengers can fly in our markets across the country and we have found that to have very positive results on both our load factors and the ability for our passengers to go directly to their locations out over the Pacific Northwest versus having to try other carriers and fly through their gateways.
Bill Ayer
Delta is starting service this summer from Seattle to Beijing and a flight from Seattle to Osaka and those will have the code on them and we expect those to do very well for both of us.
The next question comes from the line of Helane Becker - Jesup & Lamont.
Helane Becker - Jesup & Lamont
Can you update us on now with these changes in Hawaii and Mexico the percent of your capacity in Hawaii, Mexico and also what percent of your capacity would be considered monopoly markets within the state of Alaska?
Brad Tilden
Hawaii has really, really grown. With these announcements today we are up to 101 flights a week, 14.5 flights a day. I will just remind everyone that is from no flights to Hawaii three years ago. We think Hawaii is going to be 15-16% of our ASMs once we kind of annualize all of this and kind of get it onto a full-year basis.
The state of Alaska was the second question. Andrew, 20-21% if we were to look at it annually?
Andrew Harrison
Yes. In the summer it gets up to 23% long haul. The other thing to note though is there has been a significant increase in capacity this summer by other airlines in the state of Alaska but we feel very good about where we have our capacity this summer in the state of Alaska.
Brad Tilden
The Mexico figure we are just pulling here. It is about 8-9%.
Andrew Harrison
For the second quarter it is about 6.5 and then for the third it is 4%. Just on that, which will become public today, but we have exited Cancun so we pulled out of Los Angeles/Cancun and now Seattle/Cancun and these are some of the reallocations you have heard us say there will be immediate return to shareholders from taking that 6 hour flight out of Mexico and putting it in the Hawaiian markets.
Brad Tilden
Mexico is maybe 6-7% if you were to annualize it now.
Helane Becker - Jesup & Lamont
So that has really come down a lot as Hawaii has gone up a lot relative to your prior plans?
Brad Tilden
I would say it has come down a point or two.
Brandon Pedersen
One clarification there that Alaska number that was thrown out that is not monopolistic. That is simply our capacity in the state of Alaska. The number of markets that we are a monopoly presence is very, very few I think. Very, very small.
Brad Tilden
The clear majority of the Alaska traffic is long-haul traffic between Anchorage and Fairbanks and the lower 48. We actually have a lot more competition in that market this summer. If you look there is nonstop service from Fairbanks down to the lower 48. I think from Anchorage to most of the big airline hubs this summer. It is quite a bit more than there was last year.
Helane Becker - Jesup & Lamont
Can I ask one passenger related question before I go? On your frequent flyers are you able to tell what percent of your flyers have an American Advantage versus a Delta, whatever their thing is, frequent flyer number versus your own?
Joe Sprague
I don't know we have that data available. Obviously we have a lot of frequent flyers that are members of our program that are members of multiple other programs. I am not sure we have the specific detail on that.
The next question comes from the line of Steve O'Hara - Sidoti & Company.
Steve O'Hara - Sidoti & Company
Could you talk about your CASM guidance? Does that include the payout above target?
Brandon Pedersen
Our CASM guidance does include our estimated incentive payout at this point. As Glenn mentioned it is a little bit uncertain because we don't know exactly where the full-year is going to come out. It has been a headwind versus our original target but yes, to confirm, it does include our best estimate right now of where we will be for the year.
Steve O'Hara - Sidoti & Company
How does fuel affect that target if fuel were to substantially increase? Does that change that payout or is it based on other operational factors?
Brandon Pedersen
It does change the payout. The biggest piece of the PBP plan as we describe it is based on profit and profit is dependent on fuel. So changes in fuel prices can materially affect the PBP payout and thus the accrual for incentive pay on the books.
Steve O'Hara - Sidoti & Company
In terms of overall capacity to Hawaii it seems like it is going to be up this year. Has that affected pricing or is demand still kind of outpacing that?
Andrew Harrison
We have been very happy with that. Again, as noted earlier, there have been other reductions of 757's and bigger gauged aircraft that were going in. The reality is we have just seen a very strong demand. We have the lowest prices out there. Again you see very low fares today in Hawaii and we have been very happy with the growth and as Glenn shared earlier we will not continue to grow markets that don't return to the shareholder and we feel very good with the Hawaii growth right now.
Brad Tilden
There is one thing I want to point out very clear. We do have the lowest fares from the West Coast to Hawaii using DOT data. I am not sure what is happening with market fares but Alaska is bringing new, lower fares to the state of Hawaii.
Bill Ayer
The other thing I would say is going back to the great fleet that we have. The 737-800 is particularly well suited for the nonstop service to the other islands, especially where there is already a lot of wide body service to Honolulu. Our sweet spot really is the Maui, Kona and [Lihue] and it is working really well and we hear from customers their preference for the nonstop, not going through Honolulu and changing planes.
The next question comes from the line of Dan McKenzie – Hudson Securities.
Dan McKenzie – Hudson Securities
Alaska in the past has targeted non-fuel CASM of 7.25 cents. Obviously we are a ways from that today. My question is what opportunities are there for Alaska to lock the non-fuel CASM stat lower longer term versus where it is today?
Brandon Pedersen
You know, 7.25 made sense when we came out with the 2010 plan. I think where we are at now it is progress. We need to have lower costs so we can be competitive and as Brad said offer our customers the value that they demand. Whether 7.25 is ultimately the right number is unclear at this time. It depends on the revenue environment. It depends on what fuel costs. I think what we know is we need to be somewhere south of where we are now and we are going to continue to work productivity and overhead reduction and other cost reduction measures in order to get there. It is continually driving costs down so we can remain competitive.
Dan McKenzie – Hudson Securities
Circling back to the organic growth comment earlier, the fleet plan is essentially flat over the next several years. So I am wondering absent more shells how much capacity could Alaska add simply by increasing productivity?
Glenn Johnson
I will ask Andrew to jump in on this as well but we certainly still are using the airplanes we have a little less each day then we were a year ago or certainly at their peak. So we think there is some opportunity to get a few more units worth of utilization across the higher fleet of 100 plus airplanes. Beyond that we certainly have the ability and call it a buyer's market if you will to extend leases if profitable opportunities presented themselves and we needed more units before the ability to exercise options out into the 2012 period.
Dan McKenzie – Hudson Securities
That sounds like about 2-3% capacity if I understand your comments correctly?
Glenn Johnson
About a hundred.
The next question comes from the line of Gary Chase - Barclays Capital.
Gary Chase - Barclays Capital
I wanted to follow-up a bit on the trends you are seeing the book load factors are up and are pretty strong. There are some folks that are suggesting that with improving close-in demand they have started to transition to a different paradigm in terms of the way they are looking at those advances. So I am curious if you could elaborate on your thought about how that is playing out? I know you did mention the accelerating yield trends through the quarter but your sense of how your close-in demand is looking and why the book load factor is up strong like that?
Andrew Harrison
A couple of things. You are spot on there as far as the load factors go. As we move now into traditional territory we rerun about 80% and certainly in the summer our goal is to be very aggressively managing the inventory that we have. As we said earlier, as we move 3-3.5 points we continue to see good yield growth as we move forward. With the return of business traffic our goal will be to make sure we maximize the revenue by ensuring we have the right balance between the yield and the load factor.
One other thing of note would be with all of these increased long-haul flying both transcon and even to mid-con and obviously Hawaii they run traditionally at much higher load factors than the average core network has done historically. So we have also a natural upwards pressure on our load factors as you see with all this new flying coming on.
Gary Chase - Barclays Capital
There was kind of some similarity when you did your fourth quarter call and were looking ahead into the first where you talked about the strength in book loads and I think at one point you said you expected yields to more or less offset that. I guess, looking backward on the quarter you just had close-in demand looks like it came in quite a bit better than what you were anticipating just based on the RASM performance. Should we expect that is a trend that will carry well into the second quarter? Is it from your vantage point?
Andrew Harrison
Firstly you are correct. Demand came in stronger than we had anticipated. We break our world up into our advanced traffic bookings in two worlds within 120 days and outside of 120 days. Our outside of 120 days out to 330 is booking strong. In fact our percentage increases in traffic year-over-year are almost double at this point our increase in ASMs which is a very good thing. We are also seeing similar trends in the closer in bookings but it is not as acute. In short, we are seeing good strength in the closer in bookings as it relates to all of our markets really across the board specifically in transcon and mid-con markets.
Gary Chase - Barclays Capital
I was curious, you talked about the desire to pay down debt and buy aircraft for cash, prepaid debt is your use of cash. You were talking about redesigning the airline. Certainly if you look at the last 10 years the industry has seen a lot of adversity. While your results have been cyclical they have been stable and you have been profitable through the vast majority of it of course. I am curious for your thoughts on at one point you started to do a buyback. Under what conditions would you entertain maybe taking in some of the equity just to reflect the stability that you have obviously got there?
Brad Tilden
I am not sure of your question. Are you talking about a dividend possibility?
Gary Chase - Barclays Capital
Or a share repurchase.
Brad Tilden
This gets to the commitment we have to shareholders and improving shareholder value. So this is a board decision and we are completing the last trench of our share repurchase that we have out there right now with the board authorization. Where we go from here I think is subject for a future board meeting. The principle here, the commitment is shareholder returns, returning capital to shareholders at a rate that is commensurate with the risk of their investment. It is something [inaudible] we haven't done a good job of as you well know. It is a commitment we have and we are going to keep working it and we are encouraged, as I said, with our results and profitability is the biggest thing we can do to influence this. Driving higher earnings, getting that ROIC number and then stock appreciation should take care of itself.
At this time we have reached the allotted time for questions. I would now like to turn the conference back over to Shannon Albert for any closing remarks.
Bill Ayer
I thank everybody for participating with us today. We will talk with you next quarter. Thanks very much.
Thank you for participating in today's conference call. This call will be available for replay beginning at 1 p.m. EST, through 11:59 p.m. EST on May 22, 2010. The conference ID number for the replay is 38150559. The number to dial for the replay is 800-642-1687 or 706-645-9291. Also, the call will be accessible for future playback at www.alaskaair.com. You may now disconnect.
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Star Wars The Adventures of Luke Skywalker, Jedi Knight
The classic tale of good versus evil set in a galaxy far, far away, quickly became a cultural phenomenon during its time, inspiring a ...
Explore our hand picked books for kids which have been reviewed and recommended by leading teachers.
Browse our latest additions below... or explore by grade level, topic or keyword above.
Top 100 Books | Tips for Parents | Get Involved | Motivate Reading | Get Ready to Read | Fun Movies


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Sarah Smith is a recent college grad with dreams to be a big-time actress. The only problem is she can't find an acting job anywhere. So she decides to accept a job at Zoom Corp and uses her acting position to get an executive position.
Sarah thinks she has hit the big time until she meets CEO Harry Green - the only problem is she doesn't realize he is the CEO and makes a fool of herself. It's not long before she's out of a job and into Harry's bed.
Before long Sarah finds herself falling in love but Harry lets her know in no uncertain terms that he doesn't play for keeps. So Sarah decides to see if she can figure out how to catch a billionaire with the help of her best friend, Jane.
©2013 Helen Cooper (P)2014 Helen Cooper
I really enjoy the world of books! Narration just add layers to that world... don't u think? :)
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I have never rated a Helen Cooper book 5-stars... Never... I either don't like her books or they are one-hitters (one time listen/read)...but this .... I have literally listened to it like 5 times and it still doesn't get old... Just so funny... And the smexy time was pretty darn good.. the best I think Cooper has ever written...
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"Not much substance"
Just a silly little light read There is a couple of funny parts but not much depth at all.
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Strong ties keep communites going for decades
Our martial arts school, the Kodenkan of Tucson is hosting the Ohana celebration this weekend. Over 600 Students and students of students of the late Prof. Okazaki who created Danzan-ryu Jiujitsu are gathering to celebrate his birthday.
Okazaki was an innovator of his time in the 1930s and 1940s, living in Hawaii. He was a practitioner of traditional Japanese homeopathic medicine but also started a martial arts school on the side and become one of the first Japanese to teach traditional martial arts to foreignors and to women. It was quite a differentiating at the time.
His innovation paid off. Today some his students are in their late 70s and 80s and have taken his teachings to form schools of their own across the US.
With any martial arts, the regular weekly practice helps to build strong ties between teachers and students. Once you get advanced enough, it is in the practice amongst equals that brings people together. The advanced (black belt) ranks operate more like an academy, learning from each other while in practice.
While the teacher-student element still exists (it's still a school), the cross-training between peers is what helps to energize and develop the study.
The same goes for pretty much most communities. You learn the basics--it can take years--and advance enough to consider new perspectives and situations, or help others with issues and problems they are facing.
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|Message view
|« Date » · « Thread »
|« Date » · « Thread »
|DO NOT REPLY [Bug 44772] New: <patch> task provides no mechanism to fail on error
|Tue, 08 Apr 2008 00:24:58 GMT
https://issues.apache.org/bugzilla/show_bug.cgi?id=44772 Summary: <patch> task provides no mechanism to fail on error Product: Ant Version: 1.7Alpha (nightly) Platform: All OS/Version: All Status: NEW Severity: normal Priority: P2 Component: Core tasks AssignedTo: firstname.lastname@example.com ReportedBy: email@example.com Created an attachment (id=21787) --> (https://issues.apache.org/bugzilla/attachment.cgi?id=21787) A patch that always fails when the patch command fails. The <patch> task does not fail if the invocation of the patch command fails. Attached are two patches for <patch>: 1. A patch that simply fails the build when the patch command returns a failure result code. This patch changes the default behavior of patch to fail when the patch command fails, which I think is a good thing but may not be the prevailing wisdom of the Ant project since nearly nothing fails on error by default. 2. A patch that adds a "failOnError" attribute to the <patch> task which defaults to false, but when set to true fails the build when the patch command returns a failure result code. Actually, it seems that I can only add a single attachment. I will add the first attachment and then hopefully there will be a way to add additional attachments once I file this report. -- Configure bugmail: https://issues.apache.org/bugzilla/userprefs.cgi?tab=email ------- You are receiving this mail because: ------- You are the assignee for the bug.
|View raw message


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Description of this paper
Rachel, Can you answer the questions below? I ne...
Rachel, Can you answer the questions below? I need them all answered. I keep getting an email to resubmit my question. If this can not be answered please advise. I want my money back. From my prior submission: "I was looking for help with these questions. They were listed on the site and I thougt the answeres were already uploaded on the site. If I could have the answers by 4 PM (CST). Would be great at the latest. "Use the following information for ECE Incorporated to answer questions 1 - 3: Assets $200 million Shareholder Equity $100 million Sales $300 million 1. If ECE's stock is currently trading at $24.00 and ECE has 25 million shares outstanding, then ECE's market-to-book ratio is closest to: a. .24 b. 4 c. 6 d. 30 2. If ECE's return on assets (ROA) is 12%, the ECE's net income is: a. $6 million b. $12 million c. $24 million d. $36 million 3. If ECE's net profit margin is 8%, then ECE's return on equity (ROE) is: a. 10% b. 12% c. 24% d. 30% 4. If Firm A and Firm B are in the same industry and use the same production method, and Firm A's asset turnover is higher than that of Firm B, then all else equal we can conclude: a. Firm A is more efficient than Firm b. Firm A has a lower dollar amount of assets than Firm B c. Firm A has higher sales than Firm B d. Firm A has a lower ROE than Firm B 5. If Moon Corporation's gross margin declined, which of the following is true? a. It's cost of goods sold increased. b. It's cost of goods sold as a percent of sales increased. c. Its sales increased d. Its net profit margin was unaffected by the decline. 6. Which of the following statements is false? a. The main components of net working capital are cash, inventory, receivables, and payables. b. The firm's cash cycle is the average length of time between when a firm originally purchases its inventory and when it receives the cash back from selling its product. c. 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Rearden Metal needs to order a new blast furnace that will be delivered in one year. The $1,000,000 price for the blast furnace is due in one year when the new furnace is installed. The blast furnace manufacturer offers Rearden Metal a discount of $50,000 if they pay for the furnace now. If the interest rate is 7%, then the NPV of paying for the furnace now is closest to: a. ($15,421) b. $15,421 c. ($46,729) d. $46,729 10. Which of the following statements is false? a. The interest rates that banks offer on investments or charge on loans depends on the horizon of the investment or loan. b. The Federal Reserve determines very short-term interest rates through its influence on the federal funds rate. c. The interest rates that are quoted by banks and other financial institutions are nominal interest rates. d. Fundamentally, interest rates are determined by the Federal Reserve. 11. Suppose a ten-year bond with semiannual coupons has a price of $1,071.06 and a yield to maturity of 7%. This bond's coupon rate is closest to: a. 3.5% b. 6.0% c. 7.0% d. 8.0% Use the following information to answer questions 12-14 The Sisyphean Company has a bond outstanding with a face value of $1,000 that reaches maturity in 15 years. The bond certificate indicates that the stated coupon rate for this bond is 8% and that the coupon payments are to be made semiannually. 12. How much will each semiannual coupon payment be? a. $60 b. $40 c. $120 d. $80 13. Assuming the appropriate YTM on the Sisyphean bond is 7.5%, then the price that this bond trades for will be closest to: a. $1,045 b. $691 c. $1,000 d. $957 14. Assuming the appropriate YTM on the Sisyphean bond is 9%, then this bond will trade at a. A premium b. A discount c. Par d. Not enough information to determine 15. Which of the following statements is false? a. Prices of bonds with lower durations are more sensitive to interest rate changes b. When a bond is trading at a discount, the price increase between coupons will exceed the drop when a coupon is paid, so the bond's price will rise and its discount will decline as time passes. c. Coupon bonds may trade at a discount, at a premium, or at par. d. The sensitivity of a bond's price changes in interest rates is the bond's duration. 16. Which of the following is not a way a firm can increase its dividend? a. By increasing its retention rate b. By decreasing its shares outstanding c. By increasing its earnings (net income) d. By increasing its dividend payout rate Use the following to answer questions 17-19 Rearden Metals has a current stock price of $30 share, is expected to pay a dividend of $1.20 in one year, and its expected price right after paying that dividend is $33. 17. Rearden?s expected dividend yield is closest to: a. 3.40% b. 3.65% c. 4.00% d. 4.20% 18. Rearden?s expected capital gains yield is closest to: a. 4.0% b. 6.4% c. 8.2% d. 14.0% 19. NoGrowth Industries presently pays an annual dividend of $1.50 per share and it is expected that these dividend payments will continue indefinitely. If NoGrowth's equity cost of capital is 12%, then the value of a share of NoGrowth's stock is closest to: a. $10 b. $15 c. $14 d. $12.50 20. Von Bora Corporation (VBC) is expected to pay a $2.00 dividend at the end of this year. If you expect VBC's dividend to grow by 5% per year forever and VBC's equity cost of capital is 13%, then the value of a share of BBC stock is closest to: a. 25 b. $40 c. $15.40 d. $11.10 21. Which of the following statements is false? a. The total payout model allows us to ignore the firm's choice between dividends and share repurchases b. By repurchasing shares, the firm increases its share count, which decreases its earning and dividends on a per-share basis. c. The total payout model discounts the total payouts that the firm makes to shareholders, which is the total amount spent on both dividends and share repurchases d. In the dividend discount model we implicitly assume that any cash paid out to the shareholders takes the form of a dividend. 22. Suppose that KAN's beta is 1.5. If the market risk premium is 8% and the risk-free interest rate is 4%, then the expected return for KAN stock is? a. 8.0% b. 16.0% c. 13.5% d. 10.0% Use the following information to answer questions 24-25: Food For Less (FFL), a grocery store, is considering offering one hour photo developing in their store. The firm expects that sales from the new one hour machine will be $150,000 per year. FFL currently offers overnight film processing with annual sales of $100,000. While many of the one hour photo sales will be new customers, FFL estimates that 60% of their current overnight photo customers will switch and use the one hour service. 23. The level of incremental sales associated with introducing the new one hour photo service is closest to: a. $90,000 b. 150,000 c. 60,000 d. 120,000 24. Suppose that of the 60% of FFL's current overnight photo customers, half would start taking their film to a competitor that offers one hour photo processing if FFL fails to offer the one hour service. The level of incremental sales in this case is closest to: a. $60,000 b. $150,000 c. $90,000 d. $120,000 25. You are considering adding a microbrewery on to one of your firm's existing restaurants. This will entail an increase in inventory of $8,000, an increase in accounts payable of $2,500, and an increase in property, plant and equipment of $40,000. All other accounts will remain unchanged. The change in net working capital resulting form the addition of the microbrewery is a. $45,500 b. $10,500 c. $6,500 d. $5,500 26. Bubba Company reported net income of $300 million for the most recent fiscal year. The firm had depreciation expenses of $125 million and capital expenditures of $150 million. Although they had no interest expense, the firm did have an increase in net working capital of $20 million. What is Bubba's free cash flow? a. $170 million b. $255 million c. $150 million d. $5 million 27. Consider a project with free cash flows in one year of $90,000 in a weak economy or $117,000 in a strong economy, with each outcome being equally likely. The initial investment required for the project is $80,000, and the project's cost of capital is 15%. The risk-free interest rate is 5%. The NPV for this project is closest to: a. $6,250 b. $14,100 c. $10,000 d. $18,600 28. Suppose that Taggart Transcontinental currently has no debt and has an equity cost of capital of 10%. Taggart is considering borrowing funds at a cost of 6% and using these funds to repurchase existing shares of stock. Assume perfect capital markets. If Taggart borrows until they achieve a debt-to-equity ratio of 20%, then Taggart's levered cost of equity would be closest to: a. 8.0% b. 9.2% c. 10.0% d. 11.0% 29. Which of the following statements is false? a. In perfect capital markets, buying and selling securities is a zero-NPV transaction, so it should not affect firm value. b. Making positive NPV investments will create value for the firm's investors, whereas saving the cash or paying it out will not. c. In perfect capital markets, if a firm invests excess cash flows in financial securities, the firm's choice of payout versus retention is irrelevant and does not affect the initial share price. d. After adjusting for investor taxes, there remains a substantial tax advantage for the firm to retain excess cash. 30. Which of the following statements is false? a. A call option gives the owner the right to buy the asset. b. A put option gives the owner the right to sell the asset. c. A financial option contract gives the writer the right (but not the obligation) to purchase or sell an asset at a fixed price at some future date. d. A stock option gives the holder the option to buy or sell a share of stock on or before a given date for a given price. 31. Wyatt Oil has 8 million shares outstanding and is about to issue 10 million new shares in an IPO. The IPO price has been set at $15 per share, and the underwriting spread is 6%. the IPO is a big success with investors, and the share price rises to $35 the first day of trading. The amount that Wyatt Oil raised during the IPO is closest to a. $113 million b. $141 million c. $150 million d. $329 million
Paper#6909 | Written in 18-Jul-2015Price : $25


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Maple Leafs 2 Devils 0
TORONTO James Reimer made 31 saves and Phil Kessel snapped a scoreless tie late in the third period to lift Toronto, despite the Maple Leafs recording only 12 shots.
Kessel broke the deadlock with a power-play goal at 13:28 of the third, and Jay McClement scored into an empty net with 36.6 seconds left to back Reimer, who earned his third shutout of the season.
Toronto, aiming for its first postseason berth since 2004, is 9-1-4 in its past 14 games.
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HackLab: Hack Night 3/5
Harvard Innovation Labs
Wednesday, March 5, 2014 from 6:30 PM to 10:30 PM (EST)
Event Details
HackLab: Hack Night 3/5
HackLab is Harvard Innovation Lab's technical playground for developers and designers to receive mentorship, learn new technologies, start side projects, and collaborate on existing ones.
6:30 - 7:00: Pizza + Intros/Form teams
7:00 - 10:00: Free Hack - bring your own side project or join an existing team
10:00 - 10:30: Demos - wanna show off your hacking prowess or revel in others? Now's your chance!
- Bring your own project or come ready to help others in the design and/or development of theirs.
- Bring a laptop and be prepared to hack!
- Feed you pizza
- Bring mentors to help you with your projects
- Bring devs/designers from our i-lab teams to connect you with the people developing the coolest startups at Harvard.
- Provide awesome space at the i-lab
- Give you other free goodies to help you with your projects
We check all attendee registrations at the door. Please bring a printed or smartphone copy of your EventBrite registration and Harvard student ID if you have registered as a Harvard Student.
Note: Harvard Shuttles have a stop directly across from the i-lab, and you can track the shuttles online here: http://harvard.transloc.com/ If you are driving, please park in the i-lab's lot (entrance on Western Avenue, directions and payment information are here: http://i-lab.harvard.edu/parking).
When & Where
Harvard Innovation Lab
125 Western Avenue
Wednesday, March 5, 2014 from 6:30 PM to 10:30 PM (EST)
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Harvard Innovation Labs
The Harvard Innovation Labs consist of a vibrant, cross-disciplinary ecosystem for the Harvard community to explore innovation and entrepreneurship while building deeper connections. It is an excellent example of the One Harvard vision and a leading catalyst for the Allston Science and Enterprise District. The Innovation Labs fosters unprecedented collaboration among Harvard students, faculty, entrepreneurs, and members of the Allston and Greater Boston communities.
The Harvard i-lab is the central component of the Harvard Innovation Labs. It is an educational collaborative for all current Harvard students from any Harvard school to explore innovation and entrepreneurship at any stage. It provides open co-working space, a vibrant community of peer and mentor support, experiential programming, and a 12-week Venture Incubation Program, helping student teams take their ideas further, faster.
The Launch Lab is a critical extension of the growing Harvard Innovation Labs. It provides eligible Harvard alumni leading high-potential early-stage startups with a curated community including collaborative co-working space, business building programming, and access to i-lab advisors and mentors. It fosters continued connection between alumni, current students, and the Harvard community as a whole.
The Harvard Life Lab is a curated community, providing eligible Harvard alumni, faculty and students leading high-potential early-stage life sciences startups with a fully equipped wet lab, collaborative co-working space, business building programming, and access to the entire Harvard Innovation Labs ecosystem.


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Bump (with pictures to attract attention ;-)
OK, so the above was at a signal vector of 256, whereby I couldn't go above ~ 43 bpm before the locked phasor freaked out.
At a signal vector size of 64, I can get up to about 180 bpm before it all goes pear-shaped – but the clock is out by 11 ms @ 120 bpm (see pics).
The theoretical period is 125 ms; a free running phasor~ gets close enough, but with the locked phasor~ it's around 114!
I know timer isn't sample accurate, but shouldn't the error still be the same for both the free running and the locked phasor~? So why is the locked phasor~ so far out?
Is it possible to get an accurate clock this way from a transport locked phasor~, or should I just give up?
Let us tell you about notable Max projects, obscure facts, and creative media artists of all kinds.


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The Originators of Quick & Easy Cooking!
Put on those thinking caps! Take a short break and stretch your mind with a puzzle. Grab your pens, grab your pencils, and pretty soon... you'll be seeing food everywhere! All of our puzzles are available as FREE pdf downloads. You will need a pdf reader in order to download them which you can find here. Enjoy!
To print your puzzle, simply hover over the pdf and click on the printer icon when it appears. You can also select File —> Print in your browser.
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Time for Breakfast Crossword Puzzle Answers


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CI Energy Group's PR and External Communications for Energy
Next generation strategies and tools to effectively communicate with stakeholders
CI Energy Group's PR and External Communications for Energy conference will equip delegates with the latest strategies and tactics to successfully engage stakeholders and win over target audiences. Leading experts in public relations and communications will provide valuable insights to overcome today's most pressing public relations challenges:
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Israeli yacht saves migrants - level 2
27-10-2015 07:00
A yacht of an Israeli navigation school was on a training near the Turkish coast when it discovered a man in the sea.
People then rescued eleven Syrian and Iraqi migrants. Among those saved from the sea was a mother. She was carrying the body of her dead six-month-old baby in her arms.
The migrants said that three of their group were missing – a pregnant woman and two men.
Difficult words: yacht (a large boat for fun or sport), coast (the area where the land meets the sea), rescue (to save).
You can read the original story and watch the video in the Level 3 section.
What do you think about this news about the migrants?
How to improve your English with News in Levels:


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Learn MODO
To support you as you hone your MODO skills, we've developed a series of learning resources. On this page, you can access free video tutorials created by The Foundry. You can also visit the online help, see the training videos posted on our Community, browse a selection of specialized videos for sale, check out our certified trainers, and find out about our education offerings.


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Well for one you should be able to have the player work with clean tags for the most part without having all sorts of bumps here and there. I can understand where he is coming from. While I am not a music, album, artists function user I know many others are and that should be a viable option on any basic player to be honest. Maybe DigitalFreak doesn't like organizing all his files in folders and using the folder view to access his music? Can't get upset at him for that. What he is upset about is when he posts his issues then you have 3 or more chiming in to discredit him which of course should piss anyone off. Think about it. This is his second unit just back from RMA and by simply updating the firmware he is having a ton of issues. That isn't a very good user experience.
I agree ibasso does offer a lot of support (although that support is really from rock chip). Thus for all these issues because rock chip is mediocre at best in providing proper firmware solutions, yet they want to completely control the rights so no one could ever make the product what it should be. At the end of the day I waited about a year for them to fix the issues on the DX100 and even til this day it isn't without its quirks regarding the UI. So I passed on them and never looked back.
Edited by lee730 - 10/29/13 at 1:41am


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mike kennedy
Gift Premium Subscription To mike kennedy
Join Date:11-30-2007
Last Activity:04-17-2010 12:02 PM
- P.E.I. Canada
- beer
- Male
- Single
Posted in thread: 7 lb barley crusher. on 12-09-2009 at 12:33 AM
mill is sold pending payment
Posted in thread: 7 lb barley crusher. on 12-05-2009 at 07:25 PM
not trying to bump this, as i have enough interest, but im waiting on people in order, and
waiting till tomorrow for some to get back to me.Mike
Posted in thread: 7 lb barley crusher. on 12-05-2009 at 02:45 PM
all PMs answered.the shipping is the kicker, and i knew it would be, hence the $80 price
tag....and i have no clue about the customs fees. Mikeand baja brewer, no problem.
Posted in thread: 7 lb barley crusher. on 12-04-2009 at 08:18 PM
ive got a 7lb barley crusher for sale withless than a half dozen batches ran through it....damn
good batches too, but i have no time for all grain.id like $80, plus shipping.
Posted in thread: Canadians: HBT BJCP Homebrew Contest - Interest? on 05-30-2009 at 03:21 AM
thats what id do, cant see shipping glass.looks like got to renew my HBT membership also
Posted in thread: Canadians: HBT BJCP Homebrew Contest - Interest? on 05-30-2009 at 03:06 AM
i havnt been on at all lately....it was too cold to brew, so i just saw this now.....too late
to join up yet??, if not, then put me down also....not in it to win, but i do need a t shirt!,
and a reaso...
Posted in thread: How many gallons of EdWort's Apfelwein have been made? on 11-28-2008 at 11:01 PM
5 gals, 2 weeks in 9798
Posted in thread: I'm going to have a sore arm after bottling.. on 11-15-2008 at 12:26 AM
hey.....where on the island are you?????, im in borden if ya feel like an all grain day.Mike
Posted in thread: What are your setting on your Barley Crusher...I about to order one. on 09-01-2008 at 08:51 PM
factory settings here, works great.and not sure what efficiencies im getting, but my hydro
readings are right on
Posted in thread: Dry yeast...Pitch it on top or mix it up on 08-29-2008 at 07:09 PM
ive done both, and can say "i dont see a difference".......my hydrometer tells me so.


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Use this on my Pats Rubber Legs, got every color to experiment with. Works good for legs and stores nice on the spool. Bodies wrap nicely but material is limited for body use, still experimenting but like the product.
I tried some of this as an alternative to floss. It's pretty easy to work with and gives a nice effect. I'm not sure it gets you anything over floss for use in bodies but it's fun to play with.
I use this instead of biots on parachute bodies. It is quite durable and more convienent that biots or quills. You can wrap two strands at once for a great effect. Also love that JStockard shows images of all colors.
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Organix Finger Foods Sweetcorn Rings 7+ Months Stage 2 20g
Delicious organic corn, shaped into rings and baked before being covered with sweetcorn. We only use organic corn in our puffs which is gently baked into rings that are easy to pick up and perfectly sized for little fingers. All we add for flavour is sweetcorn on to every one. Their chunky shape and crispy texture give your little one something new to explore and they melt in the mouth too.
Country of origin - Ireland
Name and address of manufacturer - Organix Brand Ltd, Dorset, BH2 5LT.
Store in a cool dry place. Once opened store in an airtight container to keep them crispy.
Not suitable before 7 months. When feeding a child please ensure that they are sitting down and supervised to reduce the risk of choking. This food has no added colouring but the natural ingredients may cause staining.
While every care has been taken to ensure this information is always as accurate as possible, food products are regularly improved and nutrition content may occasionally change. As a result we recommend that you always read the label carefully before using or consuming any products.
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Organic Corn 71%, Organic Sunflower Oil 15%, Organic Sweetcorn Powder 13%, Thiamin (Vitamin B1)* <1%
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per 100g provides
Energy 1890kJ/450kcal
Fat 14.4g
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Protein 8.2g
Sodium trace
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Contains naturally occurring sugars
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- Product 482614
Vox Valvetronix AD120VTX 2x60W 2X12 Guitar Combo Amp
- Write a Review
Long known for excellence in amplifiers, Vox once again steps forward with their new Vox AD120VTX NeoDog 2x12 Combo Amp. In creating the Valvetronix ...Read More
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Plenty of power and sounds like all the amps you've ever loved!
Long known for excellence in amplifiers, Vox once again steps forward with their new Vox AD120VTX NeoDog 2x12 Combo Amp. In creating the Valvetronix modeling amps, their goal was clear: design a versatile amp line that sounds and feels great. Marrying the tube tone that made Vox famous with breakthrough digital modeling technology from Korg results in a completely new kind of modeling amp - one that not only re-creates the sound, but actually changes itself to model each and every power amp on its list. And what a list! Vox (naturally), Fender, Marshall, Boogie, and more. Built-in pedal effects and digital ambient effects. 2 - 12" neodymium NeoDog speakers combined with a closed-back cab produce pounding punch with crystalline clarity.
- 2x60 watts
- 2 - 12" neodymium NeoDog speakers
- Closed-back cab
- 32 programs
- Pedal effects include:
- Compressor
- Acoustic simulation
- Vox wah
- Auto-wah
- U-Vibe
- Octave divider
- Treble boost
- Tube overdrive
- Fat overdrive
- Fuzz
- Digital effects include:
- Modulation:
- Chorus
- Flanger
- Phaser
- Tremolo
- Rotary
- Delay Effects:
- Delay
- Tape echo
- Multi-head delay
- Reverb Effects:
- Spring
- Plate
Eat 'em alive with one of the coolest amps ever! Order today.
Valvetronix AD120VTX 2x60W 2X12 Guitar Combo Amp
- Amp Models: 16 types
Effects: 22 types (Drive: 10 types, Modulation: 5 types, Delay: 3 types, Reverb: 3 types, Noise Reduction: 1 type)
Programs: 32 (8 Bank x 4 Channel)
In/Outputs: 2 x Guitar Input (High, Low), 1 x Phone, 1 x Vox Bus, 2(L&R) x Send & Return, 2(L&R) x Line Out, 2(L&R) x Speaker Out
Speakers: 2 x Vox NeoDog Original Neodymium Speaker (Celestion) 12 inch, 8 Ohm
Output Power: 120W (2x60W) RMS (With impedance switch between 8 or 16 ohms)
Tuner Measurement Range: 27.5-2,093Hz (A0-C7)
Calibration: A = 438-445Hz
Signal Processing: A/D Conversion 20bit, D/A Conversion 20-bit, Sampling Frequency 48kHz
Dimensions: 27-1/2"W x 22"H x 10-1/2"D
Weight: 57-3/4 lbs.
Power Consumption: 175W
Accessories: AC Cord
Options: VC-4 VOX Foot Controller, VC-12 VOX Foot Controller
Review Snapshotby PowerReviews
Most Liked Positive Review
The VOX VC-12 footcontroller is a absolute must for using the 120 VTX amp. I can't imagine how otherwise. So easy to use, just like the amp. Was slightly fooled about the...Read complete review
The VOX VC-12 footcontroller is a absolute must for using the 120 VTX amp. I can't imagine how otherwise. So easy to use, just like the amp. Was slightly fooled about the footcontroller's abilty to store and use the 128 presets . You can only load 32 at a time into the amp for immediate use. The other 96 stay in the footcontroller. I hoped I'd have immediate stage use of all 128. Maybe VOX can expand this feature in new models. Cable from controller to amp could be a lot meatier. I know It's going to fail me sometime. I'd reccomend you keep a spare! Also volume pedal is not very useful, even when recalibrated. However, Wah is great! Bottom line is that this rugged footcontroller allows you immediate access to your selection of 32 great amp sounds you can tailor to meet your needs. I play professionally the widest range of variety music. Over the years I've been thru about every imagineable amp rig. I won't get rid of my high end tube amps yet, as they have their own place. But for the versatility that I always tried to get in one rig, the VOX Valvetronix VTX series has the BEST sounds and "kick" of any "modeling amp" I've ever heard. I agonized over buying one and making a costly mistake but now I'm solidly a very happy owner. I just ordered a companion AD60VTX to supplement the 120 that I already own. Time will tell on the unit's reliability. I suggest you get a good road case for this amp. I wonder about its ruggedness. Hats off to VOX, if you can make an even better Valetronix amp I'll buy it! And use it! Tonight!
Most Liked Negative Review
Ok so it really sounds sweet. Like, the features and the tone is great. The only problem is it breaks way too much. The only way to go Vox is all tube otherwise...Read complete review
Ok so it really sounds sweet. Like, the features and the tone is great. The only problem is it breaks way too much. The only way to go Vox is all tube otherwise you're gonna end up with a headach in about a year or so. My band mate has one of these and it was awsome until about 2 months in. Then all hell broke lose along with some stuff inside the amp. I can't even tell you what went wrong with it. Suffice it to say that he got it "fixed" and a few weeks later something else happened. It looses power and distorts now. All I can say to you out there is that the repair guy that I talked to recomended almost anything but Vox valvetronic cause he see those the most.
Reviewed by 26 customers
Displaying reviews 1-10
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I just got this amp used 2 weeks ago and it is THE BEST AMP I've ever played. I'm just 15 so money is short for me and this amp has saved me. It has pretty much every effect pedal you could ever want other than a looper and more distortion boxes. Although it's a hybrid amp, it sounds just like a tube amp. If you change the tubes out it'll sound even better!
Wow!!!!!!!!!! I got my Vox AD120VTX about a year ago. I have one word for it: INCREDIBLE!!!!. There is so much this amp offers. This amp gives an amazing wall of sound, which I use for many styles like rock, blues, and jazz. I use a Washburn WI-66 Pro, and a Washburn X40 Pro guitar with this amp, and it's simply incredible how they sound together. It's worth the money!!!!!!
this amp has tons of tone. great for recording cuz its so versatile. its plenty loud for most gigs and lightweight. the footswitch is a must have also, to get the most out of the amp. it is noisy with a lot of distortion but any tube amp with the gain cranked and a cranked distortion box on it is gonna be noisy.i play an ibanez and a rickenbacher and it lets each ones tone naturally come through. clean channel sounds great and lots of fat bluesy tones available. i particularly favor the ac30 tone.
I actually have the previous model with the Celestion speakers. The amp weighs a ton (63lbs) but it sounds great and is quite loud. The three handles are durable and a great help. The VC-12 floorboard is a must for anyone who wants to switch up their settings. I had an old CRATE modeling amp without a pedal and pressing the stupid little buttons sucked. I don't know much about amps, but I know I like this one.
I purchased this amp from here in May of 2005. I like all the features on it and love all of its tones. My big problem with it is it keeps breaking down. During the warranty period it kept breaking down every three or four months.It has now broken again and it is now out of warranty. If I was a touring musician I would be very upset! After also buying the extension speaker cabinet and expensive foot controller for this, I'm extremely dissapointed in Vox's quality! So all of you out there beware!
Alright, let's get to this. This amp is not for everyone. It's a fine amp if what you want is a whole ton of modeling amps and pedals, as I would choose this devil over the digital modeling of Line 6 anyday. It does sound better with the volume up and with that handy "power select" switch in back, you can pound the preamp tubes without going deaf. The effects will give you a lot of creativity, but lately I've found myself fiddling with the presets already on it; some are really nice artist sounds such as Van Halen, SRV, Zeppelin, G n R, Alice in Chains, Lyn Skyn, and many more. The speakers are very light, but have an output similar to Vintage 30s. The amp does not recieve great picking control, I was a tad dissapointed when I used the 59 Bassman setting, sounds ridiculously fantastic when you give a little chorus, a modest amount of reverb, and a big helping of Tube or Phat OD. Butter, baby. So all in all, if effects and amp models galore is what you dig, this amp is for you, but if you're a tone purist, go for a nice Fender combo, being this amp is just as pricy.
First, this amp has everything you need to play. All the built in affects were good. I picked this up figuring it would be awesome and boy was i wrong. The equipment i use is a Gibson SG Standard through a Boss DS-1 to the VOX. The clean sounds you can get from this amp are amazing. But when u go to one of the higher gain amps, this amp has a lot of noise, even with the noise reduction on. I tweaked with it for weeks and still couldnt get a decent sound with distortion. So in short, I am returning this amp and am getting a marshall or a peavey. Its a good amp with great features and good clean sounds, but the distortion on this amp is very noisy.
I've owned this amp for a few months now and it simply is awesome. I sold my Traynor tube amp and rack of effects because this amp gives me the exact sounds I want with just an amp and guitar. Check it out.
Always wanted a Vox and finally got it a year ago! ONLY complaint- it blew something a couple of weeks ago (barely still under warranty-WHEW!). I bought a Roland to play until my VOX is well again. NO COMPARISON!! Not many places to get warranty work done on a VOX in Oklahoma so maybe I'll buy another one as backup. This amp has exceeded every hope I had. I've owned Marshall, Crate, many Fenders and now Roland. If I ever have to choose only one amp for the rest of my playing days it will be this one, just keep a spare because it will be 4-5 weeks minimum before I get my baby back. Every guitar I,ve ever plugged into it has sounded GREAT. I especially like the sound of my Tele and ESP custom. Single coil silk to humbucker crunch, this amp is the best! If you need several amps buy a Valvetronix, need many different tones and effects all in one package, buy a Valvetronix. You won't be undergunned. 2, 30, 60, or 120 watts of power in one amp. This amp will cut through about any situation and the line out is true.
This is a great amp. I really like the effects and the results and how loud it is. There are two main issues that require some sorting though. First, trying to switch effects while playing live is near to impossible. To change the sound, you have to push a number of buttons. Second, it is pretty challenging to achieve a certain sound that you desire. It takes lot of tweaking, but thankfully it can be saved for later use. I would reccomned this amp. It's great.
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Man accused of using machete in attack
Erick Brunner
A Labadieville man was arrested in Morgan City after the man was accused of throwing a machete at someone, Morgan City Police Chief Banks said in a news release.
—Erick Brunner, 31, of Melissa Street in Labadieville, was arrested at 12:20 p.m. Wednesday for simple battery, aggravated assault and simple assault.
Morgan City police were dispatched to the 1100 block of Levee Road in regard to a person being threatened with a machete, Banks said. Officers spoke to the victim and were advised that he and Brunner were involved in an argument at which time Brunner threatened to commit a battery on the victim.
At one point, Brunner flicked a cigarette at the victim striking him in the facial area, Banks said. Brunner then went to his vehicle and obtained a machete and threw it at the victim, Banks said. He was jailed. The victim was not injured in this incident, Banks said.
Morgan City police also reported the following arrest:
—Federico Rodriquez, 26, of Morgan City, was arrested at 3:59 a.m. today for careless operation, no driver's license and failure to report an accident.
Morgan City police were dispatched to U.S. 90 West bound in regards to a single vehicle crash. Officers were made aware that the driver was not on scene. A short time later, police received a call from the owner of the vehicle at which time they met officers at the Police Department.
While speaking to the driver, Rodriquez, officers were advised that he was driving the vehicle on U.S. 90 and lost control. The vehicle slid off of the roadway into the wooded area. Officers learned that Rodriquez left the scene of the accident due to him not having a driver's license, Banks said. He was jailed.
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