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Duke Energy Corporation (NYSE:DUK)
Q4 2008 Earnings Call
February 05, 2009 10:00 AM ET
R. Sean Trauschke - Senior Vice President - Investor Relations and Financial Planning
James E. Rogers - Chairman, President and Chief Executive Officer
David L. Hauser - Group Executive and Chief Financial Officer
Jonathan Arnold - Merrill Lynch
Paul Patterson - Glenrock Associates
Greg Gordon - Citi Investment Research
Michael Lapides - Goldman Sachs
Steve Fleishman - Catapult Capital
Hugh Wynne - Stanford Bernstein
Good day everyone, and welcome to the Duke Energy Fourth Quarter Earnings Conference Call. Today's call is being recorded.
At this time for openings remarks, I would like to turn the call over to Mr. Sean Trauschke, Senior Vice President, Investor Relations and Financial Planning. Please go ahead sir.
R. Sean Trauschke
Good morning. And welcome to Duke Energy's fourth quarter and year end 2008 earnings review. Leading our discussion today are Jim Rogers, Chairman, President, and Chief Executive Officer; and David Hauser, Group Executive and Chief Financial Officer.
Jim will begin today's presentation by providing a general overview of our 2008 results and a discussion of our outlook for 2009. Then David will provide more detail and context around our 2008 result for each of our businesses as well as more detail and context around our 2009 plan. Jim will close with an update of our regulatory initiatives. Following the -- those prepared remarks, we'll open the lines for your questions.
Before we begin let me take a moment to remind you that some of the things we'll discuss today concern future company performance and include forward-looking statements within the meanings of the Securities Laws. Actual results may materially differ from those discussed in these forward-looking statements and you should refer to the additional information contained in Duke Energy's 2007 Form 10-K filed with the SEC, and our other SEC filings, concerning factors that could cause those results to be different than contemplated in today's discussion.
In addition, today's discussion includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available on our Investor Relations website at www.duke-energy.com.
Like the first three quarters, today we are reporting adjusted earnings, which exclude mark-to-market impacts of economic hedges in the Commercial Power segment, as well as special items, extraordinary items, and discontinued operations.
As you saw in our news release this morning, starting this quarter the results of Crescent have been moved into other. This reflects management's view that Crescent is no longer recognized as a major part of the business. With that I will turn the call over to Jim.
James E. Rogers
Thank you Sean. Good morning everyone and thank you for joining us today. Most importantly thank you for your interest and investment in Duke Energy. Despite the headwinds of a deepening recession, we delivered solid results for the fourth quarter of 2008 for the entire year.
As we said in our news release this morning, we announced adjusted diluted earnings per share up $0.27 from the fourth quarter of 2008 versus $0.25 in the fourth quarter last year. Adjusted diluted earnings per share for the full year 2008, were $1.21 compared to a $1.23 for 2007.
The recession may have impacted our sales volumes but it didn't diminish our employees focus on our customers and our operations. We said in November that we would work hard to beat the minimum threshold under our employee incentive plan from -- of $1.20. In addition to doing this, our employees delivered an excellent year from an operational standpoint.
Their focus was evident in the way we responded to the most consequential storm in the history of our Midwest operations, Hurricane Ike which impacted over two-thirds of our Midwest electric customers. And their focus was most evident on the most important matrix of all safety. In 2008, our employees achieved our best year ever for safety.
I just wanted to take this opportunity to thank our employees for achieving results that we can all be proud of.
Turning from operations to capital; even with all of the upheaval in the financial markets, we maintained our access to the credit and capital markets, and we continued to invest in all of our businesses from cleaner coal to wind to the smart grid. We've issued about 4.5 billion of fixed rate debt since January 1, 2008 at a weighted average rate of 6.05% with an average maturity of 15.2 years.
As of December 31, 2008, the weighted average cost of our long term debt is 5.65% with an average maturity of 12.7 years. We are committed to maintaining a strong balance sheet. Capital is our life blood. It is the key to our future earnings growth... our access to capital will continue to differentiate us from other companies in our sector, especially during these uncertain times and in these uncharted waters for the economy and the capital markets.
We are also well positioned to ride the public policy ways that were across our country in the next four years. President Obama and the new congress are going to implement policies that will create a new energy economy. Our regulatory initiatives in the five sates we serve were made in anticipation of these changes.
Smart grid, renewables including roof top on the solar, energy efficiency and the expansion of our transmission system. Our investments in land and hydro were made in recognition of the fact that we'd be -- we will be moving to a low carbon economy, and that renewables will play a greater in that transition.
Today, we are the third largest generator of electricity and the third largest emitter of CO2 in the U.S. However, there are 11 major electricity suppliers in the U.S. with higher carbon intensities in tons per megawatt hours sold than Duke Energy. With the completion of our two coal plants, Cliffside and Edwardsport, and gas fired units by 2012, the carbon intensity and the electricity we produce will decline even further.
If we construct the proposed Lee nuclear station by the end of the next decade, we will again significantly reduce the carbon intensity of our sales to our customers. These projects coupled with our plans to increase our investments and energy efficiency will help us make the transition to a low carbon economy.
The timely execution of our regulatory strategy also underpins our future earnings growth. We continue to make significant progress on our major regulatory and legislating priorities and recently achieved very improvement approvals. I will discuss those in detail following David's presentation.
Now let me turn to our plan for 2009. In our news release this morning, we announced our 2009 employee incentive earnings target of $1.20 per share on an adjusted diluted basis; essentially flat with what we achieved in '08. While flat earnings year-over-year are not normally something we'd be happy with, we believe this is an appropriately challenging goal given the deterioration and weather adjust of electric sales we saw in '08 and expect to continue to see in '09.
You should also know that we have added a company wide cost and reliability component to our employee short-term incentive plan for 2009.
Our customers are cutting cost to address current challenges and we want to put the appropriate incentive out there for employees to do the same. We added a reliability component because we want to make sure that even as we work to control cost, we continue to deliver the superior reliability our customers have come to expect.
As you will recall, during our analyst meeting in November, we reaffirmed our goal to achieve a five-year compound annual growth rate of 5 to 7% in adjusted diluted EPS through 2013. To achieve that growth rate, some combination of the following five things must occur.
First, there must be a rebound in sales growth in our regulated operations. Two, we must implement regulatory mechanisms that will reduce the regulatory lag we are currently experiencing in the recovery of new capital expenditures and increased operating cost. Three, we must be able to increase our prices to reflect our investments in our regulated businesses. Fourth, we must be able to further reduce the cost structure of our enterprise. And fifth, we must be able to successfully execute our growth plans in our commercial businesses.
David will share more details on the assumptions we have used to arrive at our 2009 employee incentive target. But first, I will discuss our adjusted segment EBIT expectations for 2009. We expect the company's total adjusted segment EBIT to be approximately 3.2 billion in 2009 and that's before other net expenses.
Again, the US Franchise Electric and Gas segment will be the largest contributor to adjusted segment EBIT. We expected adjusted segment EBIT contribution of approximately 2.4 billion from USFE&G. Our Commercial Power segment is expected to contribute approximately 470 million in adjusted segment EBIT. Most of the Commercial Power adjusted segment EBIT comes from serving retail electric customers in Ohio.
Our international operations are expected to contribute approximately 370 million in adjusted segment EBIT. We expect other to be a net expense of 250 million.
With that let me now turn it over to David.
David L. Hauser
Thank you, Jim. I'm going to start with a discussion of our quarterly business segment results and then provide a quick look at our performance from an annual perspective. Afterwards, I'll provide an outlook on a few key items for 2009.
I'll begin my quarterly segment review with our largest business segment, US Franchised Electric and Gas. The segment's fourth quarter 2008 adjusted segment EBIT of 532 million was an increase of 13 million over last year's fourth quarter.
Favorable weather and the deferral of third quarter storm restoration cost in the Midwest were the primary positive drivers for the increase over last year's quarterly results.
Weather added approximately 39 million to the quarter-over-quarter increase in the segment's adjusted EBIT. In the Midwest, heating degree days for the fourth quarter of 2008 were approximately 11% above normal compared to 6% below normal during the same period in 2007.
For the Carolinas, heating degree days for the fourth quarter of 2008 were approximately 5% above normal compared to 20% below normal during the same period in 2007.
As you may know, our request to deferred cost resulting from hurricane Ike in September of 2008 was approved by the commissions in both Ohio and Kentucky.
As a result, operations and maintenance expenses were lower in the fourth quarter of 2008 due to the deferral of a total of 36 million of storm restoration cost.
These positive contributions were partially offset by an approximate $45 million decline due to lower weather adjusted sales volumes to retail customers across all of our service territories.
Additionally, during the fourth quarter of 2008, we increased charge-offs for bad debt by approximately 15 million as a result of increased customer delinquencies. Overall our customer base continues to grow but at a lower growth rate than we expected in our original plan. However, offsetting this growth in customers has been a decline in weather adjusted sales volumes.
Although residential activity in the Carolinas was slightly favorable for the quarter, it declined in the Midwest. Industrial activity was down in both the Midwest and the Carolinas. We specifically saw declines in the steel industry in the Midwest.
While in the Carolinas, industrial activity was down principally as a result of reduced housing starts. And consistent with what we told you before, the Carolinas have experienced continued declines in the textile industry.
Next, I'll review Commercial Power. For the quarter, Commercial Power reported adjusted segment EBIT from continuing operations of 101 million compared to 25 million in the fourth quarter of 2007. The segment's improved adjusted EBIT was driven by a $35 million increase due to favorable timing of fuel and purchase power costs that have been under collected through the third quarter of 2008.
The segment also benefited from improved quarter-over-quarter results of 11 million from our Midwest gas fired assets. In addition, lowered net purchase accounting expenses of 10 million contributed to the segment's improved results.
Another positive driver was a $12 million gain on sales of NOX emission allowances. There are a couple of things I want to mention about the performance of our Commercial Power business in 2008 before I move on.
Our Midwest gas assets ended the year within an adjusted EBIT loss of 6 million. If you exclude the $15 million in bad debt reserves, we recorded in the third quarter on power sales to Lehman Brothers, our Midwest gas assets would have been EBIT positive for the year on an adjusted basis.
Further, we are projecting these assets to be EBIT positive in 2009 on an adjusted basis. Finally, I want to point out that the approval of our electric security plan in Ohio resulted in the reapplication of regulatory accounting treatment to a portion of the rate rider such as fuel and purchase power for generation serving our native load customers. This resulted in the recognition of an extraordinary item for the quarter of $67 million net of tax, which of course is not included in Commercial Powers adjusted segment EBIT. Also as a result of the reapplication, commercial powers earnings will no longer be subjected to volatility due to the over or under collection of these rate riders.
Now let's turn to our international business. For the fourth quarter of 2008, Duke Energy international reported adjusted segment EBIT of approximately 104 million, which is essentially flat with last year's results of 105 million. For the quarter, favorable results in Latin America due to increased demand and higher contract prices were offset by lower results at National Methanol and unfavorable average foreign exchange rates.
Two quick notes before I move on. First, National Methanol has provided strong results over the last few years. I think it may be helpful to give you a perspective on NMC's contribution to DEI. Over the past three years, our share of NMC's results has contributed about 25 to 30% of DEI's adjusted EBIT results.
Looking forward into 2009, we think NMC's contribution will be around 20%. Second for the quarter, FX was unfavorable by approximately 15 million due to the Brazilian currency weakening in the fourth quarter of 2008. However for the year, FX was favorable by about 14 million. Remember the earnings impact from changes in foreign exchange rates is reduced by the corresponding effect on interest expense of local currency Brazilian debt.
Before I move on, I will remind you of the rule of thumb I provided last quarter. The impact of 10% devaluation in the Brazilian currency exchange rate is about a penny to our annual earnings.
Next, I will review our other category, which primarily includes cost associated with corporate governance and Duke Energy's captive insurance company.
As Sean highlighted, other now also includes the result of Duke Energy's real estate joined venture present resources. Duke Energy continued to have a zero book basis in its investment in Crescent. We don't expect Crescent to be a significant contributor to near-term results, but we will continue to update you if any material change should occur in that business.
As you will recall, we continue to be a named guarantor on surety bonds and letters of credit related to projects at Crescent that were in progress at the time of the creation of the joint venture in September 2006.
These sureties and letters of credits which total approximately 100 million relate to performance guarantees, and we will only be called upon to perform if Crescent fails to do so. In fact Crescent have already completed a substantial portion of its obligations under these commitments. As a result, we currently anticipate our maximum remaining exposure to be approximately $40 million.
With that, let me get back to our quarterly results. Other reported a fourth quarter 2008 adjusted net expense from continuing operations of 98 million compared to 83 million in the fourth quarter of 2007. The increase for the quarter was due primarily to unfavorable returns on investments, and the impacts from the continued downturn in the real estate market at Crescent resulting in no equity earnings for the fourth quarter of 2008.
A prior year contribution to the Duke foundation had a favorable impact on the quarter-over-quarter variance and partially offset these increases.
We thought it would be helpful to highlight our 2008 actual annual adjusted segment EBIT results compared to our original adjusted segment EBID expectations we provided to you a year ago.
We slightly missed the mark in U.S. franchise electric, and gas. But we exceeded our expectations in our other two energy business segments. Overall our segments performed well in the face of the deteriorating economy during 2008.
Others net expenses were greater than our expectations for 2008. Although corporate governance costs declined year-over-year, this favorable driver was more than offset by losses on returns on investments in our executive savings plans and losses at Crescent. Although it is now included in our other segment, we are showing Crescent on a separate line to highlight how Crescent negatively impacted our results for 2008 when compared to our expectations.
With that I will turn to a few important non-operating items.
Interest expense for 2008 was 741 million, which was above what we'd expected for 2008. The increase was primarily driven by the timing of debt issuances and foreign currency impacts to our local currency Brazilian debt.
Our capital expenditures in 2008 totaled approximately $4.9 billion. That's about 200 million less than we had expected to spend when we'd provided our financing plans last year.
Equity AFUDC for 2008 was 149 million as compared to our 2008 expectation of approximately a 112 million. Capitalized interest including AFUDC debt was approximately 93 million in 2008 as compared to our 2008 expectation of approximately a 106 million.
The effective tax rate of approximately 32.5% for 2008 was essentially flat with our 2008 expectation of 33%.
Before I move on to our outlook for 2009, I want to reiterate that we continue to have a strong liquidity position, as well as superior access to capital markets. Our total available liquidity was approximately 1.8 billion at December 31st, which includes approximately 1.2 billion available under our 3.1 billion master credit facility.
We ended the year with approximately 600 million of cash, cash equivalents and short term investments, excluding approximately 400 million in foreign jurisdictions.
I think it is important enough that our master credit facility does not expire until June 2012. With that, let's look forward into 2009.
This slide provides the adjusted EPS assumptions used to set our 2009 employee incentive target of $1.20 in adjusted diluted earnings per share.
Let me first mention a few of our key assumptions related to our business segments. First, for US Franchised Electric and Gas, we have assumed that recessionary pressures will continue in 2009, resulting in essentially flat kilowatt-hour sales on a weather adjusted basis in both the Carolinas and the Midwest.
As always, our 2009 plan is based on normal weather. For Commercial Power, our 2009 assumptions incorporate the impact of the ESP approval in Ohio, while for international, we have assumed a decreased contribution from National Methanol.
Next, I'll cover some of our key financial assumptions for 2009. First, we have assumed an effective tax rate of approximately 34%.
Second, we expect interest expense to be approximately $800 million. Further, we have included the impact of a $500 million pension contribution for 2009, which we made earlier this week. We also assume equity AFUDC of approximately 160 million and debt AFUDC in capitalized interest of approximately 130 million.
Now let's take a quick look at our projected capital expenditures spending in 2009.
In order to demonstrate our CapEx spending flexibility, we've taken the capital expenditure numbers we showed you in November and put them into three buckets. The first bucket, committed capital, shows those dollars we are committed to invest. For example, we are committed to completing our two new base load power plants, Edwardsport in Indiana, and Cliffside in North Carolina. Likewise, we are going to finish our environmental compliance projects and of course we must invest in nuclear fuel.
The next bucket is ongoing capital. This bucket is where we begin to gain some flexibility. If all is going well, we can invest those dollars now. But if the broad economy continues to deteriorate, we have flexibility as to when we spend those dollars.
For example, maintenance and other. We don't necessarily need to invest those dollars in any specific period, but we do have to invest the dollars eventually to ensure we maintain our overall system and reliability.
The third bucket, discretionary growth capital, is where we have our greatest flexibility. These are dollars we will invest only under certain circumstances. For example, in our regulated businesses, capital allocated to the Smart Grid will be invested only if we secure constructive regulatory treatment for those projects, such an in Ohio, with our recent ESP approval. And in our Commercial Power segment, our wind expansion plans assume that opportunities will become available that meet our return expectations. Likewise, the capital allocated to international will only be invested if we find projects that also meet our return expectations.
Let me conclude with some highlight around our 2009 cash flows and assumptions related to our required financing. You have seen this schedule before, but let me emphasize that as a result of our 2009 capital expenditures and investments along with dividend payments, we will have a funding requirement for 2009.
We told you in November that our 2009 financing plan was based on the assumption that we would not issue any HoldCo debt. We also said that we can meet our needs by financing at the operating companies. But if the markets become attractive for Hold Co and project financings, we will consider those opportunities as well.
This past January, we took advantage of attractive holding company financing rates when we issued 750 million in five year Senior Notes at the holding company at 6.3% interest rate.
As a result of that financing, we were able to fund our pension plan by 500 million earlier this week, which is two months earlier than we had expected. This recent HoldCo financing gives us additional flexibility and we will continue to be opportunistic as to when and where we finance. Despite our recent HoldCo financing, our 2009 plan still assumes that we will finance at the operating subsidiary level.
So any additional long-term debt issue will be used to reduce our commercial paper balances or to improve our flexibility. Our focus is on preserving our long-term liquidity.
For 2009, the maximum we would finance at each operating subsidiary is as follows. Duke Energy, Carolinas, up to 650 million; Duke Energy, Indiana, up to 450 million; Duke Energy, Ohio, up to 450 million; and Duke Energy, Kentucky, less than a 100 million.
Finally we generated approximately 100 million from the dividend reinvestment plan and internal plan equity issuances in December of 2008. We expect to generate additional capital of at least 350 million from these sources in 2009. Although we raised more than we expected in December, I want to reiterate that we have not changed our original intention to limit these equity issuances to approximately 600 million over the five-year planning period.
Duke's strong investment grade balance sheet continues to provide us with significant flexibility in achieving our CapEx plan. For 2009 we do not need to issue any public equity to fund our CapEx program other than the equity issued through the dividend reinvestment plans and internal plans that I've just discussed.
With that I'll turn it over to Jim for closing remarks.
James E. Rogers
Thank you David. Because our regulatory strategy is one of the linchpins of our future revenue stream, I'd like to show you all how we've been executing on that strategy.
Let me review some of our major accomplishment in just the last five quarters. Only last month, the Indiana Utility Regulatory Commission approved our first CWIP filing for the 630 megawatt Edwardsport IGCC project in Southwest Indiana. The commission's order also approved our revised cost estimate for the project and our proposal to study the capture and possible storage of CO2 from that plant.
As of December 31, 2008, Edwardsport was over 20% complete and so far we have spend over 400 million on it. The committed costs, which includes the value of firm purchase orders and contracts we have awarded is around 900 million. Also last month, in Ohio and Kentucky, we secured deferral of the cost plus interest that we incurred from last September's major windstorm in the Midwest.
In December '08, we received approval of our electric security plan for Ohio. The ESP included our save-a-watt energy efficiency and smart grid programs.
In June 2008, the North Carolina Utilities Commission approved the CPCNs to build our Buck and Dan River combined cycle gas generating units. Also in June, our $18 million gas rate case in Ohio was approved.
In January '08, the final air permit was issued for the new 825 megawatt advance coal unit we are building at our Cliffside station in North Carolina. As of December 31, 2008, that project was approximately 30% complete and our committed cost is almost $1.1 billion.
We also continue to meet every legal challenge to the project. Last month, a judge in an ongoing federal case rejected several environmental groups' charges that we were failing to comply with his order to undergo a review of maximum achievable controlled technology or MAC requirement. The environmental group's efforts to stop construction of the projects were also unsuccessful.
In December 2007, we settled our North Carolina rate review, which allowed us to include our remaining clean air expenditures of over 800 million in rate base in the years 2008 to 2010.
I'm really proud of our team. In my view these accomplishments are unparalleled in our industry. Our challenge is to keep up this pace over our five year planning horizon and beyond. Our goal is to significantly reduce regulatory lag, that means shrinking the time between when we make the investments and when we earn on them and recover those investments.
With that progress as a backdrop, let me highlight our 2009 regulatory calendar for you. In Indiana, we will have a hearing later this quarter on our save-a-watt plant, where we continue to reach settlements with the interveners. The hearing on our smart gird initiative which would see the installation of up to 800,000 smart meters and other advanced technologies over the next five years is coming up in late April.
Also in Indiana, we expect to receive approval of our second IGCC CWIP rider in the second quarter of this year. Going forward these will be more routine filings and we expect them to occur in May and November of each year.
In Ohio, we anticipate resolving our electric distribution rate case by mid year. We're seeking an annual 5% increase, which would amount to $86 million.
In North Carolina, we expect to resolve our save-a-watt proceeding at any time and we plan to file an electric rate case mid-year with rates becoming effective in 2010. In South Carolina, we plan to file an electric rate case by midyear with rates becoming effective in 2010. And we also continue to work to resolve our save-a-watt when we have a partial settlement. Let me reiterate that the rate cases I mentioned are subject to commission approvals. As we've told you before, even with these increases, we are projecting that our rates will remain well below national average in four of our five jurisdictions.
That was a quick regulatory update. Let me now make a few comments about our Commercial Power businesses. As of December 31, 2008, we enclosed 400 megawatts of wind power and operation and a wind of element pipeline of more than 5000 mega watts in 14 states.
Our strategy for our wind business is to secure long term power agreements and then invest capital in the asset. In fact, we're actively participating in a number of wind energy RFPs. And on the public policy front, we are encouraged by the fact that the economic stimulus bill passed by the house last week, and which is being debated by the Senate this week has several incentives that greatly benefit wind energy.
Finally, yesterday we closed on the sale of the wind project that was under development in Scotland for approximately 30 million. We picked up this development project as part of the Catamount acquisition last year.
I am pleased with the progress we continue to make in redefining our boundaries to transition our company to a low carbon future, while at the same time we stay focused on our core business. When you look at everything we're doing, from new generation to save- a-watt to the smart grid to renewables, to carbon legislation, in my view, no other company is moving forward and strategically allocating capital to pursue their initiatives the way we are. That puts us in a unique position to evolve and grow our business for the future. We are in step with the coming transformation of our industry.
We have positioned ourselves to create superior value for all of our stakeholders. In closing, I want to reconfirm that our value proposition hasn't changed and is not going to change.
We are committed to having a strong balance and to the integrity of that balance sheet as we access the capital markets. We are committed to the dividend, in growing the dividend and we are committed to the 5 to 7% compound annual growth rate through 2013.
Now let's open the lines for your questions.
Question-and-Answer Session
Thank you gentleman. (Operators Instructions). And we'll hear first from Jonathan Arnold with Merrill Lynch.
James Rogers
Welcome Jonathan.
Jonathan Arnold - Merrill Lynch
Good morning guys, thank you.
James Rogers
Good morning.
Jonathan Arnold - Merrill Lynch
How about just a question about your assumption on sales growth and the way you talk about continuing recessionary pressures in 2009 and then a about flat of sales assumption? But when we look at the kind of profile of sales in 2008, they seem to -- particularly in the industrial segment dropped very, very sharply in the fourth quarter. And are you -- I'm trying to reconcile that with the statement that the economy kind of -- we remain in recession. You are assuming that the like-for-like comps to stabilize here in these next quarters or -- not that we start to see some of that forth quarter weakness seep though into the first three quarters of 2009. I'm having a hard time making sense of that?
David Hauser
Jonathan this is David, we've assumed that kilowatt-hour sales in '09 will be flat with '08 and we think that does reflect the recession and especially it incorporates the numbers that happened in the fourth quarter.
And of course in the fourth quarter, we had substantial hits to industrial due to closing -- actual closing of factories. So we've made the assumption -- we initially had growth in there a little bit, we've taken that out, we've made it flat. And then of course the other thing we've done is we've put in a cost control measure where we're all incented to cut O&M expense by $100 million which is another driver that's important for us.
Jonathan Arnold - Merrill Lynch
What if the factory closures continue to impact the next three quarters?
David Hauser
It's our judgment that the -- a lot of the closings in the fourth quarter were really around the month of December and the holiday seasons and as a consequence of that we don't think that is reflective of what will happen this year.
Jonathan Arnold - Merrill Lynch
I -- you mean just temporary shutdowns.
David Hauser
They were temporary, that's right, I'm sorry.
Jonathan Arnold - Merrill Lynch
And if I may just one other topic, what's a good assumption? You gave a lot of detail on the outlook but what's the good assumption for the interest income line? I think it was about 130 in '08 but it was running at 27 in the fourth quarter. I think the cash balances are going to a good bit lower. So why would you expect that to come out for the year?
David Hauser
For the year '09?
Jonathan Arnold - Merrill Lynch
David Hauser
I don't think we've put an assumption out there, have we? We haven't put that number out there. I think that number really is going to move around based on our ability to finance and the timing of that financing. So that's why we haven't put a number out there.
Jonathan Arnold - Merrill Lynch
Okay, thank you David.
James Rogers
Jonathan, thank you.
Thank you Mr. Arnold. We'll now hear from Mr. Paul Patterson with Glenrock Associates.
James Rogers
Welcome Paul.
Paul Patterson - Glenrock Associates
Well -- thank you. I want to touch basically on the -- on the earned ROE for your regulatory jurisdiction for '08 and what's projected for '09 if -- not assuming any great relief? If you could just give us sort of flavor for what you're seeing?
James Rogers
Well let me tell you where we were at September 30th, so this is really North Carolina and South Carolina is where we do the filing. North Carolina was 10.17 and South Carolina was 9.42. We don't provide what we look forward as our returns by jurisdiction for '09, but we provided the earnings estimates for '09.
Paul Patterson - Glenrock Associates
Okay. But I mean -- okay. Do we have any flavor as to what kind of rate increases you guys might be looking forward in North Carolina and South Carolina at this point, I know it's early, but --?
David Hauser
Well we have not put a percentage out there, but we have clearly said in the Carolinas we will be filing next year, but the rate increase will be the impact of it will be in 2010. So there's no rate increases in the Carolinas that will impact '09, there is in Ohio.
Paul Patterson - Glenrock Associates
James Rogers
Our plan Paul is to file mid-year with respect to North Carolina and South Carolina.
Paul Patterson - Glenrock Associates
Right, okay. And then with respect to the regulatory lag issue that you want to mitigate, any developments on legislative or the policy issues that you can share with us since September?
David Hauser
I'd put this item in the work in progress. We're working a legislating process both in North and South Carolina to really address this issue. We think it's really critical to reduce that regulatory lag with mechanisms and I would -- similar to the one we have in Indiana with CWIP where we're able to get the cash on a regular basis there and to really build into the regulatory regime these type of mechanisms.
Paul Patterson - Glenrock Associates
Okay, any flavor in terms of timing here. I mean when did the legislative session, I guess, end and then when might we be seeing more on it. I mean I know if you could give us a provision on it right now because it's too early, that's okay, I was just wondering if there's any -- anything you can give us on that?
David Hauser
I think I'll stick with your alternative that it's too early.
Paul Patterson - Glenrock Associates
David Hauser
Thank you.
Paul Patterson - Glenrock Associates
And then on Commercial Power, the timing issue that you mentioned. Is there any timing issue that we should be aware of with its capacity riders and whatever in 2009 versus anything like that that we should be thinking about?
David Hauser
I don't think so. Of course the ESP got put in place, which was effective January 1st, which is a positive. And by going to -- back to the regulatory accounting standard -- Financial Standard 71, a lot of that movement disappears.
Paul Patterson - Glenrock Associates
Okay, great. Thanks a lot guys.
James Rogers
Thank you.
Thank you. And we'll now hear from Greg Gordon with Citi Investment.
Greg Gordon - Citi Investment Research
Thanks. Good morning.
David Hauser
Welcome Greg.
James Rogers
Good morning to you.
Greg Gordon - Citi Investment Research
When I look at your -- a couple of questions. You're assuming that the interest expense on an annual basis increased about 50 million. Just looking at how much interest, how much incremental debt you issued last year plus how much you plan on issuing this year it looks like -- I'm just having a hard time getting to only a $50 million increase, it looks more like it should be 80 or $90 million. Can you talk about what went into those drivers?
David Hauser
That number that you're looking at is net of the capitalized interest. So the capitalized interest is going up next year, and if we net that out you'll come out a lot closer to what you're thinking.
Greg Gordon - Citi Investment Research
Fantastic, thanks. The second thing is just using your guidance on percentage of earnings coming from NM -- or percentage of EBIT coming from NMC historically versus what you're expecting this year, is it fair to presume that that's about a $0.02 drag year-over-year?
David Hauser
$0.02 would be a real good number
Greg Gordon - Citi Investment Research
Great. And then finally the 850 million if you talked about this in the script, I apologize, the 850 million of other positive cash flow, that you're budgeting for this year. Sorry, 825 million?
David Hauser
Greg Gordon - Citi Investment Research
Could you tell us what that is, or reiterate what that is?
David Hauser
Four things in a very broad way. One is the assumption of some asset sales, just like we had in the November 20th presentation. Two is and this goes the other way, the $500 million contribution to the pension plan. And three is deferred tax benefits, and four is some improvements in working capital.
Greg Gordon - Citi Investment Research
What type of assets are you generally looking at shedding?
David Hauser
As we've talked about it November 20th, we're considering ideas like a wind joint adventure and ideas like some of the mid-west Gas assets.
Greg Gordon - Citi Investment Research
Thank you.
James Rogers
Greg, thank you very much.
Thank you. And we will now go to Michael Lapides with Goldman Sachs.
James Rogers
Welcome Michael.
Michael Lapides - Goldman Sachs
Thanks Jim. Two questions little bit unrelated, one on the high level and thinking about your Latin American business. A, how do you think about it in terms of potential whether it's core or not core to you, especially given some of the discussion around either repatriation of capital from oversea subsidiaries to U.S. holding companies or at least lending from overseas subsidiaries to U.S. holding company?
David Hauser
I mean we've always thought about it as part of our core business and any changes that are being contemplated by Congress would give us greater flexibility with respect to the movement of capital from those operations to the U.S.
Michael Lapides - Goldman Sachs
If you are able to, if Congress makes that change whether it's lending or actual kind of like a one-time repatriation, would that impact your CapEx in Latin America meaning kind of thinking about your near term and your long-term CapEx plan there?
David Hauser
In my judgment it wouldn't impact it, but more importantly it would give us the flexibility to deal with any tightness in the credit markets that may occur in future periods.
Michael Lapides - Goldman Sachs
Got it. Unrelated, kind of thinking about your U.S. businesses, how much are you seeing in the way of switching from coal to gas generation both in the Midwest and down in the Carolina?
David Hauser
With respect to our customers, Michael?
Michael Lapides - Goldman Sachs
Yeah, I am just thinking about the dispatch curve a little bit. I mean we've got gas at 4.50, 4.55 right now in MMBtu, just trying to get a feel for what's happening at the dispatch curve because it would impact your coal assets in Ohio and your gas assets in pretty different manner.
David Hauser
Well I think in the Carolinas, of course, we dispatch it 100% in a regulatory way and the coal is still significantly cheaper than the gas, even in today's market. And so you dispatch the coal first. In the Midwest, where it impacts us is our ability to dispatch the Midwest gas assets we've got, and what's happening there of course is the capacity market, and most of the earnings there are driven by capacity, not by energy.
Michael Lapides - Goldman Sachs
So you're not seeing an uplift in the dispatch of your gas assets in the Midwest, even though -- given the kind of sizeable decline in gas prices?
David Hauser
We haven't seen anything at this point.
Michael Lapides - Goldman Sachs
Okay. Thank you, guys.
James Rogers
Thank you, Michael.
Thank you. And we'll continue on. We'll now go to Steve Fleishman with Catapult Capital.
James Rogers
Welcome Steve. Good morning to you.
Steve Fleishman - Catapult Capital
Yeah. Hi Jim, how are you?
James Rogers
Steve Fleishman - Catapult Capital
I guess most of my questions were answered already, but one thing I've heard you mention a few times over the last few calls or meetings is some talking about the importance of cheap capital or access to capital and looking at other ways to get capital. What is some of the thinking that you have on those fronts, and just I mean obviously you've generally been able to continue to get cheap capital. But what are some of the things you're thinking along those lines?
David Hauser
It's our judgment. I mean you look back to last year, Steve, and we were -- had great access where we raised 4.5 billion at a 6% rate with an average maturity of 15 years. So our strong balance sheet, our coverage ratios has really given us the capability every one of our operating companies are single A issuers.
As we look to the future though, we see continued uncertainty with respect to capital markets. What we can't predict and I don't think anybody can is whether the possibility of balkanization of global financial markets as each country's government takes stakes in banks where the banking model is unclear at this juncture and the turmoil that's there raises questions about the capital formation process.
The protectionism measures that are reflected in current legislation could trigger a series of reactions around the world that could impact the global financial markets. So there's a combination of factors at work.
What we're saying is that in all likelihood, we will return to business at usual in terms of capital formation, but there is some probability and if anybody's guess what that number is, then it won't return to business as usual in terms of the way that capital has been created and the whole intermediation process is worked.
So one of the things that we're going to be very focused on and we see no downside in it is really strengthening our relationships with pension funds, insurance companies, sources of capital in Asia, sources -- sovereign wealth funds in the Middle East, so that we really build deeper relationships with these various sources of capital going forward that will give us more flexibility in this uncertain time and particularly given our inability to have clear visibility to what the capital formation process could evolve to over the next six months to two years.
David Hauser
Steve, let me add one thing. This is David. I fully agree with Jim this is about relationship building but we should be clear. Our confidence that we can finance the plan we've laid out in a way that works for the bondholders and the shareholders is very high. We're simply adding another arrow to our quiver is the way I would view it.
Steve Fleishman - Catapult Capital
Okay. Great, thank you.
James Rogers
Thank you, very much.
And we'll take our final question from Mr. Hugh Wynne with Stanford Bernstein
James Rogers
Welcome Hugh.
Hugh Wynne - Stanford Bernstein
Good morning.
James Rogers
Hugh Wynne - Stanford Bernstein
I wonder if you just bear with me quickly while I frame this question by reference to your result in '08. Last year you grew your net PP&E by about 9.5% but your EBID rose by less than six because your volume sales were down and -- because of regulatory lag. Your interest expense grew more or less in tandem with your PP&E and as a result your EPS was down.
Now going forward you have said you plan to continue to invest at a rapid rate, you hope to realize a 5 to 7% EPS growth provided that you get a resumption in sales growth, you manage to limit regulatory lag and get rate recovery for your new CapEx. My question is whether those assumptions are plausible in the current environment given that we have a weak economy and the growing emphasis on conservation from the government on account of the weak economy and rising unemployment we have some political difficulty in granting rate relief. Is the appropriate response to continue to invest and possibly drive returns on capital down further or should we be husbanding capital much more dramatically than what you're proposing?
James Rogers
I think that question is a very good question, very thoughtful. As we think about it, we look at every recession that we've experienced whether it's a U or V or whatever letter or description you want to put on it but virtually after every recession there has been a significant rebound in the demand for electricity.
So following this period where there's downward pressure, we are continuing to plan to make sure we have adequate supplies available when that rebound occurs.
The second thing is that one of the reasons that we believe it's important to change the regulatory regime in some of our states that don't currently provide what I call tracking type of mechanisms, we believe that those kind of mechanisms attract capital investment, may track additional O&M expenses, smooth out the cost impact on consumers and make it from a political standpoint and from a planning standpoint, a must -- planning from our customer standpoint, make it much easier for them to deal with rising rates in the future.
So a lot of what we're contemplating is the ability to, one, file for rate increases; two, put these mechanisms in place, and to smooth the cost impact on consumers because we're experiencing as the entire industry is, the real price of electricity actually going up for the first time in a decade and a half.
And so one of our challenges in this weak economy is to hit consumer support, political support for these increases and the type of mechanisms I've just been describing help make this more doable going forward.
David Hauser
Hugh, let me just add, this is David, the reason we broke out the capital in a different mechanism than we did so -- was so people could see what our flexibility was because we have a lot more flexibility than people realize. So we will be certainly assessing everyday whether we can finance it and do we want to finance it and earn the returns on it. But our judgment right now is that we do. I guess the one other piece I would add is in parts of our business, there's some really good things going on. If you read all the articles about people can't get capital to build wins, and there's a lot of RFPs out there for wind, while -- and -- another way to look at it is that's some opportunity for us to bid at returns that are desirable.
Hugh Wynne - Stanford Bernstein
Great, thanks very much.
James Rogers
Hugh, thank you.
Thank you. And that does conclude today's question and answer session, MR. Sean Trauschke, I'll turn things back over to you for any final or closing remarks.
R. Sean Trauschke
Okay, thank you Catherine. We want to thank you for joining us today and as always our team will be available to answer any follow-up questions. Thank you.
Thank you, ladies and gentlemen. That does conclude today's presentation. Thank you for your participation and have a good afternoon.
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text:
Lucy Liu Against All Odds
(Page 1 of 4: Viewing Diary Entry 1 to 10)
Page Links: 1 2 3 4
A Heartfelt ThanksNovember 2nd 2015 12:31 am
[ Leave A Comment ]
A heartfelt thanks to all who honored Lucy Liu's memory with stars, rosettes, and special gifts, and to those who made beautiful memorial pictures and left condolences on Facebook. Lucy's sudden death was a deeply painful shock to me. Lucy had overcome so many obstacles and challenges in her too-short life. She had survived being hit by a car, suffered permanent nerve damage, healed from a broken pelvis, and had been through physical therapy to enable her to use her right rear leg and learned to get where she wanted to go despite handicaps.. Lucy Liu was an inspiration to me as I went through dealing with avascular necrosis, three hip surgeries and 2 dislocations, two hip replacements and a revision, during the past year and a half. If a little cat could overcome all the problems and challenges that life after being hit by a car brought to Lucy, then surely I could overcome the physical challenges I met during all the time I spent dealing with surgeries, post-ops, physical therapy and the long times spent under physical/medical restrictions. Lucy Liu was a brave life-loving little kitty. I only wish she hadn't been called to the Bridge so soon.
Lucy Liu Suddenly Goes To The BridgeOctober 29th 2015 7:31 am
[ Leave A Comment ]
It is with deep grief and shock that I have to announce that Lucy Liu went to the Rainbow Bridge at approximately 8:45 am today. This morning I found her collapsed and dehydrated on the kitchen floor. Attempts to save her failed. As you know, Lucy Liu had a complex medical history, coming to me as a hit-by-car survivor with a broken pelvis and nerve damage to her right rear leg. She suffered from irritable bowel syndrome and had to have regular steroid injections to control iit. It's also possible her kidneys were damaged as well or that there were other injuries/damage to her internally that may have finally caught up to her and caused her sudden demise. Lucy was a brave little cat, she overcame quite a few difficulties to live a happy full life for the short time it lasted.. I will always miss her!
Doing Well, Enjoying Freedom, & Conning Mom!October 28th 2014 10:28 am
[ Leave A Comment ]
Hi! Lucy Liu here, enjoying my freedom of having the run of the house. I'm doing very well now. My stools aren't solid yet, but at least they're firm enough that I'm able to control them and make sure they end up in the litter pan. I don't enjoy getting my every-two-weeks shot but I guess it's a small price to pay for freedom. Otherwise, I'm doing well, in spite of the effects of the nerve damage to my right rear and the toe curl. I can jump up on things as well as a cat with four good legs. I can also outrun Mom as well as a cat with four good legs, MOL!
Shot DayOctober 4th 2014 5:01 pm
[ Leave A Comment ]
Uh oh! I saw on Mom's calender where today is the day I have to get my steroid shot again. Every two weeks I have to get this shot and I don't like it. I know, I know, it only takes seconds for me to get my shot, but it stings because it has to go into the muscle. Shots under the skin don't sting like a shot in the muscle does. I also know my freedom in the house depends on my having this shot. For some reason, Mom objects to my having diarrhea around the house even though it's not like much space gets dirty because the house is big. When I had diarrhea around the house, Mom got all dramatic and hauled out the steam cleaner and then I had to stay in jail until she and the vet tried this steroid shot which controls it well enough that I'm able to consistently make it to the litter pan. My stools aren't that solid yet, but at least I haven't had any more diarrhea accidents around the house. The good thing about this is that I've been able to stay out of kitty jail and keep my freedom in the house. I don't want to go back to jail but the price of freedom is having to get my shot. I'm torn between the urge to hide and the realization that I need my shot to keep my freedom. I know! I'll hide under the couch but leave my tail sticking out a little bit. That way I can at least make it a bit more challenging for Mom to find me and give me my shot.
Freedom Again at LastSeptember 18th 2014 6:47 am
[ Leave A Comment | 2 people already have ]
After months of being caged due to uncontrollable diarrhea (explosive diarrhea at that, so loud sometimes that the humans could hear it two rooms away!), Mom and the vet finally found a steroid that controls my diarrhea well enough that I can be free in the house again and still make it to the litter pan in time. The steroid is called Depo-Medrol and I have to get a shot of it every two weeks. Now I don't particularly like injections, but it's worth it to have my freedom back.
Thank you! Hard to Believe It's Been a Year Already!December 6th 2013 10:26 am
[ Leave A Comment | 3 people already have ]
I would like to thank everyone for your rosettes and pawmails and the beautiful pics you gave me for my Gotcha Day Anniversary. It's hard to believe I've been here a year already. I've sure come a long way since that day a year ago when my owner wanted to call animal control to come take me and euthanize me because I had been hit by a car at least 2 weeks earlier, couldn't walk, and didn't die from being hit and Angie, my owner's helper, stepped in and said she knew someone that might take me so I didn't have to be put down. Thankfully my owner agreed to let Angie make the phone call, my now forever Mom agreed to take me, and here I am, alive and well. I've learned how to compensate for my residual nerve damage and curled toes of my right rear leg and Mom says I do well. When I want to run really fast, I just lift my right rear leg off the ground and fly on my three good legs.
How Great It Is!October 27th 2013 10:55 pm
[ Leave A Comment | 5 people already have ]
How great it is to be free! Right now there's nothing more pleasant I can think of than laying on Mom's lap while she scratches behind my right ear, my head, and the right side of my neck. It's very hard for me to scratch my right side myself because of my curled toes problem. Until that $%&! dog interrupts things, I'm going to stay right here on Mom's lap. Keep scratching Mom, you won't interrupt my typing.
Free! (On Probation)October 26th 2013 6:57 pm
[ Leave A Comment | 4 people already have ]
Earlier tonight Mom let Classy out of her crate but unfortunately for her, Classy proved to be still too fearful of the other cats to keep her freedom. In her fear she was trying to attack other cats, afraid they would get her if she didn't get them first. When Mom picked up Classy, Classy was so scared she even swatted Mom once. After Mom put Classy back in the crate, Classy calmed right back down again and was purring wanted petted.
Spay DayOctober 21st 2013 8:28 pm
[ Leave A Comment | 5 people already have ]
I was the first one at the door when the Spay Neuter Clinic opened at 7 am today. I also was the only person there who was bringing more than one individual cat or dog in to be altered. With me were all three cats: Lucy Liu, Classy, and Aurora, in 3 crates. Each crate was covered with a big towel so the cat inside it would feel more secure. I filled out all the paperwork then left and drove home. Pickup time wasn't until 5:15 pm. I had a whole day to be anxious, hoping all goes well, looking forward to the relief of getting the newly spayed cats back home and settled in the comfort of their cages where they can convalesce.
Keep the Positive Forces Coming, They're Working!October 17th 2013 8:27 pm
[ Leave A Comment | 4 people already have ]
Keep your purrs, prayers, reiki, and the power of the paw coming for Lucy Liu!
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Angel Lucy Liu(1-5-10/10-29-15
Family Pets

subset: commoncrawl


text:
Posting a new Topic:
You can post a new question from the country page to which the question is relevant to, or at the bottom right hand of this page.
You don't need to register
to post a new question or answer excisting ones
Please don't spam this forum with your new surf camp / charter / villa / surf school. Go to SurferDream.com and list your business there for free.
The GlobalSurfers forum has been the leading surf travel resource for over 17 years, so keep it friendly and relevant. Happy posting!
RE: rent a caravan in portugal« Reply #1 on: September 26 2008 13:09:00 »
siesta campers near Faro rent out retro vw campers at a good price
RE: rent a caravan in portugal« Reply #3 on: March 06 2010 02:03:360 »
We (my girlfriend and I) are in desperate search for a basic camper van to rent for our surftrip. Something like CM proposed above, but unfortunatelly her van is sold...damn.
Do you have or know someone who is willing to rent a van to us ( 13/05/2010 till 24/05/2010 flying on Lisbon)??
Please let us know.
I saw the siestacampers... but I think these beautifull collector items should not travel the coastal tracks to the marvelous surf beaches...but be in a museum.
Hey you Portugese surfers, please help us!
Thanks, Maarten and Vé from Belgium
RE: rent a caravan in portugal« Reply #4 on: December 29 2010 16:12:00 »
You have a thing called puravidacampers, i used to rent vans with them but I got a car and been making my way with that. Search for their blog, they deliver in quite somes places : P
RE: rent a caravan in portugal« Reply #5 on: January 20 2011 13:01:00 »
ola puravida no longer rent campers and I think they had old vw's as well.
RE: rent a caravan in portugal« Reply #6 on: April 11 2011 20:04:00 »
Try West Coast Campers at www.westcoastcampers.com.pt
They have low budget campervans in Portugal
RE: rent a caravan in portugal« Reply #7 on: November 17 2012 17:11:00 »
Campervan is always a good solution,you have at the same time, where to sleep and how to travel.
See at portugalbyvan.wordpress.com and I'm positive that you'll find a nice way to meet Portugalcoast at low cost with style.


text:
A display of vintage collectibles decorated with poinsettias provides a pop of color during the holiday season. Many can be found at affordable prices and dated by the color of the bloom.
A 1908 postcard from Ruby Lane, $5.
Tiffany lamp with Greek urn base and a poinsettia shade, 16 in., $47,200.
Stanton Auctions
Poinsettia paperweight by the New England Glass Co., 2 3/4 in., $429.
Garth's Auction
Cast iron poinsettia doorstop by Judd Co., 10" h., $679. Bertoia Auctions
Hull Little Red Riding Hood cookie jar, strange poinsettia decals, 13 in., $1062.
Tom Harris Auctions
Cranberry opalescent glass Poinsettia pitcher, by Northwood Glass Co., made in the late 19th/early 20th century, 13 in., $2,760.
Jeffrey S. Evans & Assoc.
Coin-operated 5 cent slot machine with poinsettia decoration made by Mills Novelty Co. about 1929, $1,320.
Victorian Casino Antiques
A "Lady Head" vase that held flowers, called "Christmas Poinsettia," made by Napco., $138.
Replacements Ltd.
Orange Crate Label from California, used in the 1930s, 10 x 11 in., $16.
December Birthday Angel Figurine by Lefton, holding a box of poinsettias, 5 in., $25.
A Mexican legend tells of a girl who was too poor to provide a gift to Jesus on Christmas Eve, so she brought weeds from the roadside to church, where they blossomed into beautiful crimson flowers. Poinsettias are native to Mexico. They were introduced to the United States in 1825 by Dr. Joel Roberts Poinsett, the first U.S. Minister to Mexico. He planted cuttings at his South Carolina home. Most poinsettias sold worldwide have been produced by the Paul Ecke Ranch of Encinitas, California.
By the 1990s the company had improved poinsettias to be long lasting house plants, resistant to drafts. Plants were grown in many different colors including pink, scarlet and red with white speckles. If your collectible features a poinsettia that is not bright red, it is probably not a modern piece.
Happy Holidays from Terry Kovel, Kim Kovel and the Staff at Kovels.com!


text: Kowloon Bay by seven7hwave published on 2012-08-09T22:59:51Z Hong Kong: 2050 A.D. You're about to inject a dose of mind-altering nanobots. This is the soundtrack to your trip. CREDITS: released 02 August 2012 Concept and Production: Kent Barton Mastering: Tarekith at Inner Portal Studio Vocals on Brain Zaps: Brittany Patterson Field Recordings on No Passengers, Kowloon Bay, and Brain Zaps: swuing Field Recording on 0100000101001001: James Tobin Muse: Brittany Patterson Creative Inspiration: Mark Mosher, Marc Wei, Matt Stampfle, and the Denver Ableton User Group Genre Electronica


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Enter your Email address:
Wolters Kluwer Health may email you for journal alerts and information, but is committed
to maintaining your privacy and will not share your personal information without
your express consent. For more information, please refer to our Privacy Policy.
Oh, Yeon Woong M.D.; Seul, Chul Hwan M.D.; Yoo, Won Min M.D.
Background: The presence of epicanthal folds and the absence of supratarsal folds are unique features in the eyelids of Asians. The resulting appearance leads many to seek cosmetic improvement in the medial canthal area. Although many techniques have been described for the elimination of epicanthal folds, scarring and design complexity are barriers that must still be overcome by surgeons.
Methods: From December of 2002 to December of 2004, the authors performed medial epicanthoplasties using the skin redraping method (tension-free epicanthoplasty) to correct epicanthal folds in the eyelids of 215 Asian patients. The authors' method is very simple to design and easy to perform. The procedure requires only the elevation of skin, eliminating volume of muscle, and trimming of skin. Other ancillary procedures, such as flap design, anchoring, plication, or subdermal fixation, are not required.
Results: Most of the patients obtained satisfactory results. No patients complained about visible scarring and none required revision surgery. Scarring can be avoided on the noticeable medial canthal region because the only incisions needed are supratarsal and subciliary incisions. The ability to avoid tension resulting from skin redraping is another important factor contributing to the minimization of scarring.
Conclusions: The skin redraping method is simple to design and easy to perform. It does not create tension or visible scars on the medial canthal region.
©2007American Society of Plastic Surgeons
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David H. Song, M.D., M.B.A. is the President-elect of the American Society of Plastic Surgeons (ASPS). He is a consultant with BioMet, Emmi Solutions, LLC, a consortium-member providing senior debt for Brava, and consultant with and investor in HealthEngine.com. He receives author royalties from Elsevier. Scot Glasberg, M.D. is the President of the American Society of Plastic Surgeons (ASPS). He is a consultant with LifeCell Corp and Mentor Corp and an investor with Strathspey Crown. The authors have no sources of funding to report related to the writing or submission of this discussion.
The location and affiliation information should read as follows: Arlington Heights, Ill. From the American Society of Plastic Surgeons/Plastic Surgery Foundation.
David H. Song, M.D., M.B.A., 444 E. Algonquin Rd. Arlington Heights, IL 60005, email@example.com
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Hostelworld Tavsiyeleri
Bu hostele bayılıyoruz! Tutarlı bir şekilde yüksek müşteri puanları ve üstün kalite notlarıyla beğenimizi kazandı.
Sonuçları Karşılaştır
Cairo şehrinde ne zaman kalmak istiyorsunuz?
Müsaitlik durumunu kontrol etmek için tarihleri girin.
- Müsaitlik ve fiyatları araştır
- 19 Oca 2017, 3 gece
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Pyramids Inn Motel
Welcome to the Pyramids Inn Motel
Revel in non smoking well-furnished spacious guestrooms concept ensuring maximum comfort and complete with panoramic views of The Great Pyramids
All our rooms... Daha fazla...
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For dorm room and for long stay please contact us directly to get your offer we will answer you less than 24 hours .
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Family Palace
Best quality
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Venus Hotel provides budget accommodation in the center of Ramesis Sq. It is a small hotel run by a young and friendly staff. Guests can avail of our many facilities in our hotel in order to ensure a... Daha fazla...
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Hotel Royal is right in the middle of Cairo downtown, Quite, Clean, beautifully furniture
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May Fair Hotel
The newly renovated MAYFAIR HOTEL is located in the exclusive Zamalek area, near downtown Cairo. We are within a 5 minute drive of Midan Tahrir, but escape the noise of the big city because Zamalek i... Daha fazla...
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Milano Hotel
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New Opening !! Milano Hotel has been Renovated and furnished to host you at the Center of Cairo , classic Simple Decoration . Specious Rooms with Showers and some rooms... Daha fazla...
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Forget the others and don't look any further! Enjoy your stay at the amazing JAMAICA HOTEL
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In Havana hotel, we pride ourselves in putting comfort... Daha fazla...
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New hotel opened in Dec 2016. This hotel offers spacious and modern guest rooms with free Wi-Fi . Continental breakfast is served in the mine restaurant, and room service is available as well.
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Ismailia House Hotel Egypt
The hotel is easily reached by 4 elevators (lifts) to the 7th and 8th floors. Our aim is that you come as a guest and leave as a friend and our reception staff are always available to help you to make... Daha fazla...
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Newly opened in October 2010, modern design with eastern flavor, ideal location ,great view on gardens and Cairo Tower, gym room for fitness , Christmas hot deals, peaceful hotel, spacious rooms. What... Daha fazla...
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Looking for warm environment friendly hospitality then come and stay with us at the Hotel Vienna & your journey to Egypt ancient monuments will start with an experience that you won't forget!
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Hotel Grand Royal, Kahire Şehir Merkezindedir. Odalar beyaz renklerle ve ahşap mobilyalarla dekore edilmiştir. Otel genelinde ücretsiz Wi-Fi mevcuttur.
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Berlin Hotel is a small, simple hotel in Cairo downtown
The Hotel is currently expanding too,and some newly renovated rooms has been boosted,and on the process of boosting more newly renovated rooms... Daha fazla...
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Bluebird Hotel Cairo got new management in the end of 2014 and the hotel has been renovated into a cosy small boutique hotel where each room has it's own vibe. The place is known for its's excel... Daha fazla...
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All rooms are equipped with ai... Daha fazla...
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Isis Hostel 2
Welcome to the Isis Hotel Cairo. At the Isis Hotel we are committed to making your stay in Cairo and in Egypt a pleasant and memorable one. Business facilities at Isis Hotel 2 include a business cente... Daha fazla...
- Fiyat Oda Tipi
Crown Hotel
Located in the heart of downtown Cairo, Crown Hotel is just a few minutes walking from Ramses train station and within a short walking distance to the Egyptian museum, close to the under ground metro... Daha fazla...
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Hostelworld Mobil Uygulamaları
Yeni Hostelworld mobil uygulamalarıyla hareket halindeyken rezervasyon yapın.


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Southern Paranormal & Anomaly Research Society. SPARS
paranormal, forums, #mississippi, groups, georgia
Ever get the feeling you are not alone, well give us a call at Northwest Mississippi Paranormal Investigation Team for all your paranormal needs.
paranormal, investigation, team, feeling, northwest, #mississippi, paranorm
THE forum for Leslie West, Corky Laing, Felix Pappalardi, & Mountain fans!
leslie, west, great, fatsbies, woodstock, mountain, corky, laing, #mississippi, queen, felix, pappalardi, steve, knight, howard, stern, paul, gibson, guitar
Posztapokaliptikus frpg, melyben világvége utáni Mississippi vidékén kell érvényesülnöd.
mississipi, world, blues, frpg, melyben, világvége, utáni, #mississippi, vidékén, kell
Free forum : A group dedicated to table top war gaming in the three coastal counties of Mississippi.
ABATE is a purely voluntary organization and needs your help and support for it to work. ABATE is fighting for the rights of all motorcyclists in Mississippi
msabate, abate, purely, voluntary, organization, support, work, fighting, rights, motorcyclists, #mississippi
United citizens from all walks of life who fully intend to stop the attacks on our states rights, our Christian values and our constitutional freedoms and liberties.
remnant, republic, #mississippi, united, citizens, walks, life, fully, intend, attacks, rights, christian, values, constitutional, freedoms, liberties


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Economic Snapshot
Our Ecomonic Snapshot offers news about the world economic atomsphere and how it may affect your bottom line.
Industry News
Chemical Industry Warning Signs Point To Global Recession In 2017
Advisory firm says industry downturn and other key indicators warn of recession.12/02/2016
Israel Falls Behind In Study Of Sciences
Nobel Prize winner Professor Dan Shechtman says the government must do more to encourage science and engineering studies at a young age.12/02/2016
Global Chemical Production Enters Fourth Quarter On Soft Note
The American Chemistry Council's Global Chemical Production Regional Index shows that the fourth quarter started on a soft note with the index for October showing no gain or loss on a three-month moving average basis.12/02/2016
OSHA Presents 2016's Top Ten Violations
OSHA's most frequently cited violations for fiscal year 2016 starts with fall protection for the sixth straight year.11/30/2016
UK Chemical Makers Expect Negative Fallout From Brexit
A Chemical Industries Association straw poll indicates half expect UK's exit from the European Union to have a negative impact on the sector over the next five years.11/30/2016
Chemical Companies Are Top Target For Cybercriminals
Manufacturers must evaluate where to focus efforts to protect sensitive data.11/30/2016
Chemical Plant Explosion Disrupts Chinese Railway
A chemical plant explosion west of Jinan damages the Beijing-Shanghai railway's power supply.11/29/2016
PM May Reveals Science Funding Plans
British Prime Minister Theresa May will invest an additional £2bn a year in science by 2020.11/29/2016
ISA Indicators Climb In October
The November ISA Economic Indicator Report from the Industrial Supply Association shows that the Manufacturer Index and the Distributor Index moved higher during the month of October.11/29/2016
DOE Awards $25M For Electric Motor Technologies
The U.S. Department of Energy announces nearly $25 million to enable innovative electrical motors used in manufacturing.11/28/2016
Port Of Wilmington Purchases Former Chemours Plant
The Port of Wilmington will pay $10 million for a 114-acre site on the Delaware River that once housed the Chemours Edgemoor manufacturing plant.11/28/2016
SCI America Recognizes Honeywell's Kramvis
Honeywell Vice Chairman Andreas C. Kramvis will receive 2017 SCI Chemical Industry Medal.11/28/2016
SOCMA Honors Seggerman, Greene With Leadership Awards
SOCMA will present President's Leadership Award for sdvocacy and service at the organization's 2016 Annual Dinner.11/25/2016
Siemens Obtains Security Certification For Simatic PCS 7
TÜV SÜD certifies that the Siemens Simatic PCS 7 process control system conforms with the security standards IEC 62443-4-1 and IEC 62443-3-3.11/25/2016
Continental Disc Corporation Names Ben Cox President
RF Holdings' board of directors names Ben Cox to the position of president, Continental Disc Corporation.11/25/2016
BASF Sells Off Inorganic Specialties Business
Edgewater Capital acquires Evans City, PA site as part of the transaction.11/25/2016
Gains in Corporate Water Management Stall
Annual survey shows lack of significant progress11/22/2016
Are Schools And Chemical Plants Too Close For Comfort?
Approximately 12,000 schools nationwide are within one mile of a facility that uses or stores dangerous chemicals.11/21/2016
Stahl Buys Eagle Performance Products
The acquisition adds technology and product diversification to Stahl's portfolio of process chemicals for leather products, performance coatings and polymer dispersions.11/21/2016
Tap Creative Solutions To Flow Problems
Tough measurement problems often call for clever solutions.11/21/2016


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iHerb Customer Reviews
Savings of: $2.85 (15% off)
This, I like.
Posted by Reviewer1582777 on Feb 03, 2011
A smooth, aromatic facial serum. No bad reactions, feels realy good, and doens't make your skin unpleasantly sticky or anything.
Liquid Miracle
Posted by silverlightland on Feb 15, 2014
my skin never looked so wonderful before) this serum is free of any chemicals, so natural, feels really light but sufficiently nourishing) it took less than a week to see the results) firm, bright and clean skin) just fantastic) I'm ordering this amazing product again.
Posted by Reviewer2056558 on Feb 13, 2012
This is the best serum I have ever used and the smell is wonderful, light and uplifting. Thank you, WiseWays, for an excellent product!! Will reorder.
Items 1-3 of 3 total


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Netnod NTP services
A variety of industries require accurate time. Air traffic control, bank transactions and computer log file comparisons are examples of applications that rely on having an accurate time source. NTP is the protocol used on the Internet for synchronising computer system clocks.
Netnod's Internet exchange points in Stockholm, COMIX (Malmö-Copenhagen), and Gothenburg are home to a total of six certified NTP time servers that are monitored by the SP Technical Research Institute of Sweden. Netnod offers services for synchronisation of computer clocks via the Internet using NTP, the standard protocol for time distribution over the Internet.
The Swedish National time scale is produced by the SP National Laboratory for Time and Frequency in Borås, and distributed using the NTP time servers operated by SP in Borås and by Netnod located at the Netnod Internet Exchange points in Stockholm, COMIX (Copenhagen-Malmö) and Gothenburg.
NTP time from the Swedish Netnod Internet Exchange servers is traceable back to the Swedish National time scale UTC (SP) by using GPS Common View measurements between the servers and the SP site in Borås, Sweden.
Netnod's NTP servers together with SP's servers in Borås are the only servers that distribute the Swedish National time scale and are traceable to UTC (sp).
In addition to the UTC(sp) over NTP, Netnod offers SDH stratum-1, 2.048 MHz services for synchronization to transport networks. This is delivered as an E1 interface, where the service is traceable to UTC(sp) in accordance to G.811. The system maintains local stability over 4 months. In the case of total failure of the local Cs standards, ITU-T G.812 SSU Type 3 will be maintained.


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Midwestern State University Spring 2013!
0 I saw that there wasn't a thread on MSU Spring 2013 yet... Recently received my acceptance letter through e-mail! So excited to get started on this new journey. Anyone else?!!
To the alum or current nursing students of MSU, any advice would be greatly appreciatedNov 9, '12 by Crysj06Hey! I received my letter too! I'm super excited? Do you already attend MWSU? (:Nov 10, '12 by p i c k l eYay, I'm extremely anxious. And nope, I absolutely don't know anything about MSU or Wichita Falls area I don't live close either. So I'm forced to attend both their orientations (nursing and new student). Are you a current student? And which orientation are you attending?Nov 10, '12 by nurse.stg, BSN, RNOops nevermind it was in my junk email I got in too!! But I will be going to UT Tyler instead. Good luck to you both!Nov 10, '12 by nursingstudent9I also was accepted! Congrats to everyone that did, and if you didn't, apply again! That's what I had to do.
Ive been accepted into both UT Tyler and Midwestern so not sure where to go. Does anyone know anything about the nursing schools? Which one is better? anything?
Thanks!Nov 10, '12 by Crysj06Pickle: no I don't live in Wichita Falls either. I'm actually going apt shopping today. I have to go to new student orientation & the nursing orientation also! Boo!Nov 10, '12 by nurse.stg, BSN, RNWell personally I would rather just 2 do years than 2.5 at Midwestern. I'm sure they're both good schools thoughNov 10, '12 by nursingstudent9Quote from hopeful_stOh. I had no idea Midwestern's was 2.5 years!! Yep after looking at both school it looks like Tyler's degree plan is 54 hours and Midwestern's is 63 hours. I wonder why there is such a big difference! It's weird because Tyler has a higher NCLEX pass rate compared to Midwestern.Well personally I would rather just 2 do years than 2.5 at Midwestern. I'm sure they're both good schools though
Anyways thanks for the info!Nov 12, '12 by rosa41988lovesuQuote from Crysj06Hey guys I also got accepted into Midwestern. I don't know the area either, I'm currently in Dallas. Hopefully I find time to go apt hunting also, but let me know if you find any good deals.Pickle: no I don't live in Wichita Falls either. I'm actually going apt shopping today. I have to go to new student orientation & the nursing orientation also! Boo!Congrats on your acceptance! Can't wait to meet you. I'm from Dallas too. I went to Wichita Falls last wkend & signed my lease on my apt. Check out hunters crossing apts. They have great prices & are the nicest apts in the area for the price! (:
Must Read Topics


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Institutional Investors People Moves
Chicago Teachers plans two hires
The Chicago Public School Teachers' Pension and Retirement Fund plans to hire a manager of investments and a portfolio manager of private equity and hedge funds.
The $9 billion retirement system is looking for a person to oversee all private equity and hedge fund managers to ensure contractual, compliance, fiduciary and investment responsibilities to the pension fund are being met. The new hire would also oversee and analyse all portfolio valuations and maintain records of all investment managers' transitions, including terminations, new allocations, asset withdrawals and additional allocations.
K2 and Mesirow were initially hired in late 2008 to


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As per the research groups listed in Thomson Reuters survey, Potlatch Corporation (NASDAQ:PCH), the stock can touch mean price target of $40.29 in coming period. This price target highlights the recommendations of leading experts in the market.
Thomson Reuters studies the brokerages research reports to reach this price target. The latest poll indicate that the company may record earnings of $0.29 per share in looming quarter and $1.06 during current fiscal.
Technical Forecast
While evaluating Potlatch Corporation on the technical side, it is seen that the firm's shares price is trading $1.79 points away or +4.97% from its 50-day moving average of $36.04. Further it is trading $5.31 or +16.32% away its 200-day moving average of $32.52. MA here stands for moving average.
Potlatch Corporation (NASDAQ:PCH) stock made a high of $38.85 in last 12-months while the lowest level in same period was $24.01. It entails if stock price makes a movement of over $-1.02, it will make a new 52-week high. In the case of +57.56% decline, it will touch a new 52-week low.
Valuation Level
The valuation of Potlatch Corporation is done by analysts by using price-to-earnings ratio. This ratio considers the latest price and profits for valuating a stock. The ratio is calculated by dividing stock price by annual EPS. For now, Potlatch Corporation (NASDAQ:PCH) P/E ratio is N/A. The stakeholders can further gauge a firm's performance by calculating Price-to-Earnings-Growth ratio, and for Potlatch Corporation it stands at 11.93.
1 Chart Pattern Every Investor Should Know
This little-known pattern preceded moves of 578% in ARWR, 562% in LCI, 513% in ICPT, 439% in EGRX, 408% in ADDUS and more...


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African academic proofreader -- 2
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When is it a good idea to not listen to what Warren Buffett is advising you to do?
I think the answer might be never.
Do you remember Buffett's October 16, 2008 op-ed in the New York Times advising investors to invest in American stocks?
THE financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.
So ... I've been buying American stocks. This is my personal account I'm talking about, in which I previously owned nothing but United States government bonds. (This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.) If prices keep looking attractive, my non-Berkshire net worth will soon be 100 percent in United States equities.
A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation's many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now.
He was right, we should have been buying. He didn't pick the exact bottom which was early March 2009, but he wasn't too far off.
Buffett also gave us a hint that we should be buying shares of Berkshire Hathaway (NYSE:BRK.A) on September 26, 2011 when he announced the authorization of the first ever share buyback by Berkshire.
Our Board of Directors has authorized Berkshire Hathaway to repurchase Class A and Class B shares of Berkshire at prices no higher than a 10% premium over the then-current book value of the shares. In the opinion of our Board and management, the underlying businesses of Berkshire are worth considerably more than this amount, though any such estimate is necessarily imprecise. If we are correct in our opinion, repurchases will enhance the per-share intrinsic value of Berkshire shares, benefitingshareholders who retain their interest.
Again he was right, check out the chart below which shows the share price touching $100,000 per class A share near the time of this announcement and subsequent run up to $160,000 today:
That is quite a share price increase for a company of the size of Berkshire and it begs the question as to whether Berkshire is getting close to being fully valued at the current stock price?
My first instinct is to try and figure out what Buffett himself might think.
Again he gave us some help on December 12, 2012 when Berkshire raised the share repurchase limit up to 120% of book value. That tells me that Buffett thinks that Berkshire is VERY attractively valued at 120% of book.
So what is book value?
As at December 31, 2012, book value per A share for Berkshire Hathaway was $114,214 per Class A share.
120% of that is $137,000 per Berkshire A share. That is the price that we can conclude Buffett thinks is very attractive. The current share price of almost $160,000 is only 17% above that.
Being only 17% above Buffett's "very attractive" valuation wouldn't really give me an itchy trigger finger on my "sell" button.
A Slightly Different Way To Think About Berkshire's Valuation
I think about Berkshire's valuation a little differently. I like to imagine that the company is a bond that pays me an annual amount. That annual amount is the increase in book value that Berkshire creates every year. It isn't fixed, but there is certainly a fairly predictable range that the annual increase would fall within.
The past three years Berkshire's book value has increased by:
2012 - $24.1 billion (prior to share repurchases)
2011 - $6.07 billion
2010 - $27.1 billion
That is a three-year average of $19 billion.
With 1.65 million shares outstanding and a share price of $160,000, Berkshire's market capitalization is $260 billion. If a normalized level of wealth creation for Berkshire is the three-year average of $19 billion, that would be a return of $19 billion / $260 billion = 7.3% at the current share price.
I think that 7.3% "yield" is pretty attractive, especially since it is growing every year and comes with Berkshire's extraordinary financial strength.
With consideration given to Buffett's book value guidance and the current normalized "yield," I would say that Berkshire is not the "bet the farm" opportunity it was back in September 2011, but that there is also no reason to consider selling at the current share price.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.


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Check in from 2:00 PM / Check out prior to 12:00 AM
Llagotel Hotel La Llagosta: Find photos, reviews, information, amenities and compare prices for 2 stars hotels in La Llagosta, Spain.
Located in Catalunya, Llagotel Hotel La Llagosta is the perfect base for those wanting to visit the area's well-known wineries. It is conveniently positioned for those wishing to visit local attractions.
Hotel description
This modern hotel provides meeting rooms, an airport shuttle and an express check-in and check-out feature. Also on offer for guests are a shoe shine service, a lift and a dry cleaning service.
There are 31 rooms at Llagotel Hotel La Llagosta, each providing all the necessities to ensure a comfortable stay. Individual bathrooms are equipped with a shower.
Llagotel Hotel La Llagosta features both a restaurant and a bar where guests are able to unwind at the end of the day. For those spending the day out, the hotel provides packed lunches if needed.
Barcelona El Prat Airport is under a 35-minute drive from Llagotel Hotel La Llagosta. Guests are able to visit Montcada i Reixac and Barcelona, located within an easy drive of the property.
Hotel features
Restaurant, Air Conditioned, TV, Shower, En suite, Private Bathroom
Elevator / Lift, Dry Cleaning, Meeting Rooms, Photocopier, Express Check-In/Check-Out
Airport shuttle
Private Toilet, Packed Lunches, Shoe Shine
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- House Barcelona-Valles
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1.8 miles


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With both the Kepler's grand reopening and the annual State of the City speech on the same evening, Tuesday, Oct. 16, is looking like a busy night. And did we mention the second presidential debate?
This story contains 72 words.
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Quick Hash Browns
Total Time
Prep 5 mins
Cook 5 mins
Fresh hash browns made quick from scratch.
Ingredients Nutrition
- The number of potatoes simply depends upon the number of people you are feeding.
- Wash and do not peel the potatoes. Microwave on high until mostly done. If using 2-3 small red potatoes for two servings this will be about 2 1/2 minutes.
- While microwaving the potatoes fill a bowl with iced water. When potatoes are done drop them into the ice water and cut them lengthwise in half to expedite cooling.
- When just cool enough to handle shred each half without peeling. Keep the peel against your palm while shredding and most of the peel will remain in your hand. Discard the peel and continue with recipe.
- Place shredded potatoes in skillet sprayed with vegetable spray and cook over medium heat until well browned. Flip and repeat.
- (I don't use salt and pepper, I had to include something else here or the system would not let me publish this. Add it if you would like.).
- NOTE: If you want to add other items to these then shred them onto a plate first, add the other items and them place in fry pan. You might want to add some diced onion, bacon or bacon bits, shredded cheese, chives or whatever you might imagine.
Most Helpful
THese are yum! and FAST! my only tip is this, make sure you dont over cook in the micro or you wont really be able to shred b/c it sorta crumbles. Also, let them cool completely before shredding!
5 stars for this method!!! It took no extra time than when I have tried to make hash browns and shredded raw potatoes and it cooked up much better as well! It doesn't bind together so it was kind of hard to flip, but I muddled through! :) I used 2 x 4 ounce potatoes and topped with some Hy's seasoning salt, freshly ground pepper and some cheddar cheese. Delish! Made for my adopted chef for Spring PAC 2010. Thanks Chef Larz! :)
This is the best hash brown recipe I've ever tried they came out fantastic.


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Results 1 to 5 of 5
- 01-17-2011, 09:34 AM Thread Author #1
- Posts
- 36 Posts
- Global Posts
- 81 Global Posts
any idea what app this is?
When I first bought my Evo, I had an app that amused everyone. I uninstalled it, cannot even remember why now. Long story short is I cannot remember what it was called. My daughter and her friend now have androids and want me to figure this out,lol.
It was a crudely drawn android that you spoke to and it responded in a robotic voice. Like a virtual friend. Anyone have any ideas? I figured I would ask you guys since my memory cells are useless in this instance. Thanks so very much!
- 01-17-2011, 12:08 PM #2Smarty Pants
- Posts
- 826 Posts
- Global Posts
- 827 Global Posts
- Carrier
- Stock
I search an came across talking james sqiruell and clicked the similar tab there were alot of talking apps IDK.
- Posts
- 3,701 Posts
- Global Posts
- 6,972 Global Posts
Neither you nor I can't remember what that app is called, so the next best thing to that would be Talking Tom. You and your family will love it. .
- Posts
- 1,244 Posts
- Carrier
- Bamf Paradigm
Talking Roby the Robot, most likely
"Roby can speak what you type. Roby is a talking, hip-hop dancing robot. he can speak the words you type on your keyboard. he also repeats anything you say with his robo voice.
try to poke or pet Roby to see his reactions. press buttons and see Roby dance.
you can even record your own videos of Roby & share them..."
would like to appbrain/the market, but i'm at work so i can't.
just search "Talking Roby the Robot"
- 01-19-2011, 12:16 PM Thread Author #5
- Posts
- 36 Posts
- Global Posts
- 81 Global Posts
Thanks you guys. I told her what ya'll said. She will download these and try. I love Talking Tom! She said the one she wants actually asked if she was 18 at one point and flashed a naked girl pic when she answered yes. So she was aiming way more adult than I had in mind, lol