text:
IJEM - International Journal of Educational Leadership and Management
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Open Access journal
ISSN (Print) 2014-9018
Published by Hipatia Press [14 journals]
- IJELM 4(2) July 2016
Authors: Mireia Tintore
Pages: 100 - 201
PubDate: 2016-07-15
Issue No: Vol. 4, No. 2 (2016)
- Editorial. Human oriented leadership
Authors: Mireia Tintore
Pages: 100 - 102
PubDate: 2016-07-15
Issue No: Vol. 4, No. 2 (2016)
- Leaders' Communication Pattern: A Predictor of Lecturers'
Job Performance in Nigeria
Authors: Christopher Oluwatoyin Fashiku
Pages: 103 - 126
Abstract: The study investigated influence leaders' communication pattern has on lecturers' job performance in Kwara State Colleges of Education, Nigeria. Using the descriptive survey method, the population of the study was made up of all lecturers and students of the existing three state government owned Colleges of Education in the state. Five hundred respondents were sampled from the Colleges using proportional simple random sampling technique to select 200 academic staff and 300 students from the Colleges. Four research hypotheses were formulated while two validated instruments titled "Provosts' Communication Styles Descriptive Questionnaireâ€(PCSDS) and "Teachers' Effectiveness Descriptive Questionnaire†(TEDQ) were designed to elicit information from both lectures and students. Pearson product moment correlation coefficient statistics was used in analyzing the collected data in order to validate the assumptions. The results of the investigation revealed that: a significant relationship existed between leaders' democratic communication pattern and lecturers' job performance in the Colleges with calculated r value 0.718 > r table value 0.195, leaders' Autocratic communication pattern did not significantly relate to lecturers job performance in the Colleges cal r value 0.163 < cal t val0.195, leaders' laissez faire pattern of leaders' communication not significantly related to lecturers' job performance with r value 0.165 < t value 0.195 and that leaders' communication pattern significantly related to lecturers' job performance with r value 0.790 > t value 0.195, all at 0.05 significant level and 498 degrees of freedom. The study concluded that leaders' pattern of communication significantly enhanced lecturers job performance in Kwara State Colleges of Education, Nigeria and recommended that leaders should as much as possible engage in democratic communication pattern in order to facilitate the attainment of the stated aims and objectives of the institutions.
PubDate: 2016-07-15
Issue No: Vol. 4, No. 2 (2016)
- Investigating Principals' Knowledge and Perceptions of Second
Language Programs for English Language Learners
Authors: Yolanda Padron, Hersh Waxman
Pages: 127 - 146
Abstract: This study examined principals' knowledge and perceptions of second language programs for English language learners (ELLs) operating in their schools. An open-ended survey and in-depth interviews were used to examine elementary school principals' knowledge of the second language programs implemented at their schools. The survey asked principals about the strengths and challenges accompanying the program model currently implemented in their school(s), both anticipated and unanticipated of the program, and the staffing and professional development needed to improve the program. The interview asked similar questions to those on the survey and additional questions about the specific second language program(s) operating in their schools. Results indicated that principals had very limited knowledge about how the second language program(s) operating in their schools. Generally, principals attributed the success of their second language programs to the teachers in the program. The lack of knowledge about how to properly implement second language program is of concern since it is important for principals to be instructional leaders in their schools. Knowing how teachers should implement second language programs appropriately can assist principals in providing support to teachers as well as determining the type of training that their teachers may need in working more effectively with second language students.
PubDate: 2016-07-15
Issue No: Vol. 4, No. 2 (2016)
- Autopercepción del ejercicio de liderazgo ético de dirigentes
Authors: Sofía Unda
Pages: 147 - 176
Abstract: .There is a clear shortage in academic research on ethical leadership, specially at an educational context, whatever its level. Therefore, it has been detected the need for an specific research on how university managers perceive themselves exercising their ethical leadership in such a context. In this sense, this work offers definite results obtained through the research developed in April 2013 with 31 university managers working in Social Councils, University Boards as well as other university teams, both at public and private national universities all over Spain. These results have shown that their self-perceptions are basically supported by a possitive conception of their decisions. In fact, 20 out of 29 university managers interviewed have declared being totally aware of the integrity of their decision-making processes. They had been previously interviewed through semi-structured surveys whose contents have been analysed according to the ATLAS.ti.7 Programme.Finally, by means of a mixed-analytical strategy previous codes were defined and structured, in order to organize the answers given by the university managers, whilst new codes were emerging from the discussion. As a result, five general codes defining the appropiate categories for university managers self-perception were analyzed in detail: a) possitive self-perception, b) possitive but partial self-perception, c) negative self-perception/cooperative, d) negative self-perception/leader and e) unable to self-perception.
PubDate: 2016-07-15
Issue No: Vol. 4, No. 2 (2016)
- Liderazgo estudiantil y ramas de conocimiento:Un estudio aproximativo en
la Universidad de Granada
Authors: Mohammed El Homrani, Alfonso Conde Lacárcel, Inmaculada Ávalos Ruiz
Pages: 177 - 197
Abstract: Presentamos una investigación descriptiva realizada en la Universidad de Granada que tiene como objetivo principal: Conocer, describir, analizar y valorar las percepciones de los líderes estudiantiles universitarios sobre sí mismos, según los diferentes Centros y cargos, y realizar propuestas de mejora que fomenten la participación de los estudiantes en los procesos electorales y en la vida política universitaria. Hemos llevado a cabo un diseño no experimental, y realizado la recogida de información por medio de cuestionarios, entrevistas semi-estructuradas y grupos de discusión sobre una muestra intencional de 73 representantes y líderes estudiantiles pertenecientes a las distintas ramas de conocimiento a la que hemos podido acceder. El análisis de los datos obtenidos nos ha permitido obtener una descripción de los distintos cargos de representación estudiantil y la vida política en la Universidad de Granada, así como establecer futuras líneas de mejora en base a las percepciones, expectativas, desarrollo de sus funciones y valoraciones de los propios representantes. Como conclusiones a este estudio, proponemos la necesidad de fomentar la participación y el liderazgo estudiantil a través del reconocimiento de créditos de libre configuración, y certificaciones por actividades de gestión y representación del alumnado, así como una mejora de las infraestructuras para realizar sus labores representativas.
PubDate: 2016-07-15
Issue No: Vol. 4, No. 2 (2016)
- Book Review. Alan M. Blankstein, Pedro Noguera, with Lorena Kelly. (2016).
Excellence through equity. Five principles of courageous leadership to
guide achievement for every student. Alexandria, VA, ASCD.
Authors: Astrid Salvans
Pages: 198 - 201
Abstract: Book review of the book Excellence through equity
PubDate: 2016-07-15
Issue No: Vol. 4, No. 2 (2016)


text:
Potlatch Corporation (NASDAQ:PCH)
Q3 2008 Earnings Call
October 23, 2008 11:00 am ET
Michael J. Covey – Chairman of the Board, President, Chief Executive Officer
Eric J. Cremers – Chief Financial Officer ,Vice President - Finance
Gordon Jones – Chief Executive Officer, Clearwater Paper
Gail Glazerman – UBS
Hamzah Mazari – Credit Suisse
George Staphos – Banc of America Securities
[Roger Wagner – Wagner Enterprises]
Steven Chercover – D.A. Davidson & Co.
Mark Weintraub – Buckingham Research Group
Good Morning, my name is Stephanie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Potlatch third quarter conference call. (Operator Instructions) Hosting today's call will be Eric Cremers, Potlatch Chief Financial Officer and Mike Covey, Potlatch Chairman, President, and CEO.
Thank you. I would now like to turn the call over to Eric Cremers. Please go ahead sir.
Eric J. Cremers
Good morning. This is Eric Cremers, Chief Financial Officer for the company. Joining me is Mike Covey, our Chief Executive Officer and Gordon Jones, the new CEO for Clearwater Paper. After taking you through our quarterly results, Mike will provide some comments regarding the outlook for Potlatch and Gordon will share his initial thoughts on the outlook for Clearwater Paper.
Before we begin, let me remind you that this call may contain forward looking statements within the meaning of the US Securities laws. These statements include statements about
the company's future business prospects and anticipated performance in upcoming quarters. These statements are not guarantees of future performance and the company undertakes no duty to update them. Although these statements reflect management's expectations today, they are subject to a number of business risks and uncertainties. Actual results may differ materially from those expressed or implied I this call.
For discussion of certain factors that may cause actual results to differ from the results anticipated, please refer to Potlatch's recent filings with the SEC. Also, please note that segment information, as well as the reconciliation of non-GAAP measures, can be found on our website www.Potlatchcorp.com as part of the webcast for this call.
I would now like to discuss our third quarter results.
We reported third quarter 2008 net income from continuing operations of $25.7 million or $0.65 per fully diluted share, as can be seen on page three of the slides accompanying this presentation. This compares to net income of 42.5 million or $1.08 per fully diluted share in the third quarter of last year, and 22.3 million or $0.56 per share in the second quarter of 2008.
I'd now like to shift gears and talk about our third quarter results, broken down by segment.
Our resource segment results for the third quarter were well above the prior quarter, but below the third quarter of 2007. Operating income for this segment in the third quarter totaled 30.8 million, compared to 12.2 million in the prior quarter and 38.2 million in the third quarter of last year.
In comparing the third quarter of 2008 with the third quarter of 2007, higher fee harvest volume was more than offset by slightly lower prices. Across the whole company, year-over-year fee harvest volumes were up 6%.
In the northern region, fee volume was 12% higher as logging conditions were ideal in Idaho. Our southern region fee volume was down 4%, due to the challenging logging conditions from all the wet weather from hurricane activity.
As noted, lower prices contributed to the negative earnings variance in comparing to the third quarter of last year. But, third quarter 2008 prices were higher compared to the second quarter, 2008. Overall, prices increased sequentially approximately 3% in the northern region and increased approximately 7% in the southern region, primarily due to strength in pulpwood pricing. In comparing to the third quarter 2007, overall prices have dropped approximately 4% I both regions, with strength in pulpwood pricing more than offset by weakness in saw log pricing.
We continue to monitor prices carefully and as Mike will comment in a minute, prices haven't dropped enough for us to defer harvest activity.
Our real estate segment closed land sales totaling $6.5 million during the third quarter, producing 3.2 million of operating earnings. This compares favorably to last year's third quarter operating earnings of 2.4 million, but below the second quarter's earnings of 11.3 million, which included the second phase of a non-core land sale of nearly 19,000 acres in northern Minnesota.
Our wood products segment remains under pressure due to the prolonged slump in housing starts. We did manage to produce operating earnings of approximately $800,000 for the quarter, above the $200,000 loss we experienced in the second quarter, but well below the 4.6 million we made in last year's third quarter.
In the third quarter Hurricane Gustav forced nearly nine shifts of downtime at our Warren Arkansas sawmill due to a lack of power, which negatively impacted earnings.
The improvements seen over the second quarter was largely due to lower administrative costs, lower saw log costs, and a 3.5% increase in average lumber selling prices. The negative comparison to last year's third quarter was driven by lower lumber and panel volumes, coupled with lower lumber selling prices.
The pulp and paperboard segment had operating earnings of just over $500,000 during the third quarter of 2008 versus 17.6 million in last year's third quarter and 6.2 million in the second quarter of this year.
Comparing to Q3 of 2007, favorable pricing of $15 million was more than offset by increased wood fiber, chemical, and energy costs, which negatively impacted earnings by 10.9 million, 6.3 million, and 5.8 million respectively. Furthermore, we had a negative year-over-year earnings variance of 6.5 million in the third quarter for major maintenance expense at our Idaho mill.
Now, a few words about our outlook for major maintenance expense and PPD for the fourth quarter. In our last conference call, we indicated we'd have $18 million of major maintenance costs for PPD in the second half of the year, with 15 million coming in the third quarter and 3 million in the fourth quarter. We actually spent 9 million in Q3 and now expect another 7 million in Q4. So, the total cost has dropped from 18 million to 16 million and the timing has changed with a little more coming in the fourth quarter.
Consumer products reported third quarter 2008 operating income of 10.9 million versus 5.1 million in last year's third quarter and 6.9 million in the second quarter. Our positive earnings variances in this segment are being driven by record production from our tissue machines and converting operations along with recently implemented price increases.
Strength in manufacturing efficiency and pricing is somewhat offset by higher fiber, energy, packaging supplies, and freight costs, though pulp costs have begun dropping, which should provide a tailwind to consumer products earnings. We continue to see very strong demand for our private label tissue products and are selling every case we can produce.
Eliminations had a $5.6 million negative effect on operating income during the third quarter, compared to a positive $5.4 million impact last quarter and a negative impact of 8.4 million in last year's third quarter.
As we have discussed on prior calls, the negative elimination entry in the third quarter is attributable to the seasonal log inventory increase we typically go through this time of year in Idaho, as we begin building inventory for the winter and spring months. We anticipate another negative elimination in the fourth quarter, as we continue to build log inventories.
Corporate administration, including interest expense, totaled $19.9 million for the quarter compared to 19.9 million in the second quarter and 18.6 million in last year's third quarter.
The third quarter of 2008 expense includes approximately 2.4 million of costs associated with the spin off of Clearwater Paper. Net interest expense totaled 8 million for the quarter, compared to 6.3 million in last year's third quarter and 8.5 million last quarter.
EBITDA sold 51.7 million in the third quarter versus 67.9 million in last year's third quarter and 50.1 million in the second quarter of 2008. Funds from continuing operations, or FFO, for the quarter totaled $48.8 million versus 63.3 million a year ago and 41.8 million in the second quarter of 2008.
The lower EBITDA and FFO results in the year-over-year comparisons are directly attributable to lower operating earnings. The company paid the normal distribution of $20.2 million during the quarter compared to 19.1 million in the third quarter of last year. Pages four, five, and six of the accompanying slides provide additional detail by segment for the variances I have described.
Our balance sheet remains quite healthy with net debt to capital at 41.9%. Our last 12 months debt to EBITDA from continuing operations was at 2.3 times and our interest coverage ratio is 5.5 to 1. Also, as you may know, our current $250 million revolver expires in late December. We are in the process of putting a new one in place with our existing bank group and expect it to be finalized by early December.
Next, I'd like to spend a minute discussing the anticipated capital structure of Clearwater Paper. Previously, we had indicated that we expected to capitalize Clearwater with $175 million of senior, unsecured high-yield notes. Unfortunately, with the credit markets currently in disarray, this currently does not appear to be a viable alternative. However, we have developed an alternate plan which we believe could still result in a spin off in the fourth quarter of 2008. The plan involves two separate steps. In the first step, Clearwater will increase its asset backed revolver to approximately 120 million and then immediately draw 50 million and remit that cash to Potlatch.
In the second step, Clearwater will retain the obligation to repay the $100 million of credit sensitive debentures. As these debentures don't mature until December of 2009, Clearwater should have ample time to refinance those debentures and potentially refinance the draw on the revolver as well. If the credit markets remain closed and Clearwater is unable to refinance the debentures, Potlatch will pay them off and a note will be put in place between Potlatch and Clearwater and Potlatch will get a security interest in some of Clearwater's assets.
Regarding Clearwater equity, we anticipate an exchange ratio in the spinoff distribution of 1 share of Clearwater for every 2 ½ shares of Potlatch stock. As Potlatch has approximately 40 million shares outstanding, this should result in approximately 16 million Clearwater shares outstanding post spent. Combined with the $150 million of debt, this capital structure should give Clearwater a relatively conservatively capitalized balance sheet, which is important given where we're at in the economic cycle. Post-spent, we expect Clearwater to pay a modest dividend consistent with its peer group. But, this will need to be determined by the new Clearwater Board of Directors. We are still reviewing what the post spinoff capital structure and dividend policy for Potlatch will look like, so it's premature to comment on the at this point in time.
I would now like to turn the discussion over to Mike, to provide some additional comments about our operations and markets, as well as give you an update on our expected spinoff of Clearwater.
Michael J. Covey
Thanks Eric, and good morning. I'd like to begin by focusing on our largest and most valuable asset, our timberland, and the resource business segment. Pricing and demand for logs has held up surprisingly well over the summer and early fall despite macro-economic conditions that have crippled the housing industry. To date, we do not believe the market conditions merit a harvest deferral, and I will cover our pricing outlook in just a minute. Hence, we expect our 2008 fee harvest to be 4.4 million tons compared to 3.9 million tons in 2007, an increase of 10% as planned at the beginning of this year.
Saw log pricing remained remarkably stable through the third quarter in both Arkansas and Idaho. Over the last three months, prices have varied up and down in a very narrow range between $1 and $2 per ton for Southern Pine saw logs as well as Douglas Fir and Hemlock saw logs in the northern region.
Looking ahead, nearly all of our remaining harvest volume for 2008 is under contract at values at or above current prices. Pulpwood prices increased throughout the third quarter in the south largely due to wet operating conditions, which limited access to harvestable tracks and robust demand from pulp and paper mills from eastern Oklahoma to northern Louisiana and throughout Arkansas. Although pulp prices are falling, we expect pulp wood prices to remain firm throughout the fourth quarter.
Our resource business will also benefit from falling fuel prices for diesel. Each $1 per gallon change in fuel costs reduce our log and hauling cost by approximately $1.60 per ton or about $7 million annually.
Having stated our outlook for firm pricing and stable volumes for the balance of Q4, we are very cautious about our outlook, especially moving into the spring of 2009. Clearly, the housing market and lumber prices do not appear poised for near-term recovery. It remains unclear whether log prices can hold up in the face of prolonged weak lumber prices.
Turning to our real estate segment, it is clear that we are seeing weaker demand and price pressure, as we expected at the beginning of the summer. During the last quarter our average land sales price dropped, reflecting a mixed shift to sales of undeveloped rural recreational tracks, primarily in Minnesota, averaging about 100 acres in size.
Excluding the one time northern Minnesota land sale, we expect our full year land sales price to average between $1,600 and $1,800 per acre compared to $1,500 per acre in 2007. excluding the Minnesota sale, we expect total land sales in 2008 to be approximately 17,000 acres in line with our expectations at the start of this year and up from the 16,000 acres sold in 2007.
At the start of the year we indicated we hoped to sell roughly 20,000 acres of real estate in 2008, at average prices of around $1,900 an acre, generating revenues of $38 million. Year-to-date we've sold over 58,000 acres for nearly 43 million, exceeding our goal for the year.
Our ability to identify and sell property with higher values than timber production alone can earn remains an important part of our long-term strategy to maximize value from our land holdings. However, our real estate segment is still a small, but growing core business segment, and we are optimistic about its ability to add shareholder value.
Eric's already commented on housing starts and conditions in our wood products segment during the quarter. Markets have deteriorated since the end of September and its very difficult to see a catalyst that will change our outlook before year end.
Lumber demand remains weak and we are entering a seasonally slow period for housing construction. We will continue to monitor demand and market conditions for each of our facilities and reduce operating hours, if needed, to match output with demand.
Against the back drop of a chaotic financial market and the uncertainty that has cause for many of our customers, we still see strong pricing and demand in most of our business segments. We are very confident that we can execute the planned spinoff of the pulp based businesses this quarter. As we've stated previously, we have an attractive dividend currently yielding well over 5%, which is supported by the cash flows from our timber and land business.
There is no question that this is a good time to separate pulp based businesses. Over the last two years, they have generated consistent cash flow and are well positioned in two desirable product segments, private label tissue and bleached paperboard.
As we mentioned at the start of the call, Gordon Jones, the President and CEO of Clearwater Paper is with us this morning and will provide our outlook on the tissue and paperboard businesses, as well as some comments on the planned spinoff later this quarter. Gordon.
Gordon Jones
Thanks Mike, good morning. It's a pleasure to be here. As you know, I arrived at Potlatch on July 1st, and have been working on the spinoff since that time. My concentration has been on building a team, visiting customers, and helping to develop the many transition plans and supply agreements that will be required.
We have the team in place, with a great mix of internal and external experience. Linda Massman, our Chief Financial Officer, who started mid-September, has extensive experience, including her last role as group VP of Finance and Corporate Planning at SuperValue/Albertson's. We have one other outside hire as the head of human resources and all our other key team members are coming over from Potlatch.
During the last couple of months I have taken the opportunity to visit with some of our customers and look forward to working my way around to all of them. I feel very positive about what I've heard and I do not anticipate any transition related issues.
As has been covered previously in this call, the proposed financing structure gives us adequate flexibility to run the business, but we do look forward to the time when the credit markets stabilize and we can refinance our obligations.
The revolver we will have is asset backed and we have an excellent borrowing base and therefore are comfortable with our capital structure. As for operations, and particularly with respect to pricing, we've seen steady improvement throughout the year. Our net selling price on paperboard is up 9.8% over the same quarter a year ago and our consumer products finished goods are up 4.8% over the same quarter a year ago. Both our paperboard capacity and our consumer products capacity have an excellent backlog of orders.
Specifically, with respect to paperboard, these price improvements have been lagging behind cost escalation. We now believe that with some cost moderating, and prices continuing to move up, we will see our margins improve. We are indeed impacted by the housing situation in the United States, particularly in the west, with fewer residual chips being produced, so this cost will likely stay high until housing improves. In general, our wood costs are better in the southeast than the west, which helps our Arkansas mill. Energy costs are moderating and this is also a helpful thing for our operations.
Specifically, with respect to consumer products, our strategy with private label continues to work well. Our strength in private label is demonstrating the consumer's desire for high quality at a fair price and we believe that this dynamic will continue. Our consumer products business net operating income is running $7 million higher year-to-date as compared to last year, due to record operating levels, manufacturing efficiencies, and improving price.
As mentioned during the last webcast, a search process is underway to identify and recruit three new directors for Clearwater Paper. We expect to have these named by the date of the spin. It is our intention to issue a press release on these names when we have all three identified. That concludes our prepared remarks and we will now take questions from the call participants.
Question-and-Answer Session
(Operator instructions) Your first question comes from the line of Gail Glazerman with UBS.
Gail Glazerman – UBS
Hi, good morning. Mike, could you please talk a little bit, you know you talked about weakness I guess in some of the rural lands, a little bit what you are seeing in terms of interest for institutional timberland? Is this creating any opportunities for you potentially to make acquisitions? Are you seeing any change at all given the financial market turmoil?
Michael J. Covey
Gail, I didn't hear the part about how's it related to institutional timberlands. Can you rephrase that?
Gail Glazerman – UBS
If you're seeing some weakness in some of your rural land and interest there, I'm just wondering what you might be seeing in terms of core timberland. Is it creating any opportunities for you potentially as an acquirer of land?
Michael J. Covey
I think really just the opposite. While we've certainly seen the interest in values in development land and HBU land fall off as you'd expect I think in this environment, the demand for rural tracks for hunting and just outdoor recreation, those are mostly cash buyers. That still seems strong. But the demand and interest in valuation for institutional timberland still seems very high and the acquisition market continues to be very competitive.
There were several transactions over the last quarter, mostly in the U.S. South, some here in the West. They continue to go at prices that we believe are very strong. So the acquisition market remains very competitive.
Gail Glazerman – UBS
Okay. Can you talk a little bit within your wood products business about cedar, how that's holding up. Is that still a key driver there?
Michael J. Covey
In our wood products business, cedar's still a very important component of our strategy as it will be for the one sawmill that will go to Clearwater Paper. Potlatch will have one sawmill that manufactures cedar and Clearwater Paper's only sawmill only manufacture cedar.
The pricing for the finished product has fallen off a little bit but not nearly to the degree that dimensional lumber has and that's really a reflection of of a weakness in the resort second home construction market. We still produce about 20% or 30% of our product mix in cedar and it's still important going forward.
Gail Glazerman – UBS
Okay. Gordon, just in terms of the current performance in the consumer business, can you remind me where you would stand on the timing of a second round of tissue pricing? That wouldn't have benefited the third quarter at all, would it?
Gordon Jones
Well, we're continuing to look at that at all times, Gail. We have a number of opportunities and a number of things that we're working with customers as we're going forward. I can't quantify for you that exact amount but we have different arrangements with different customers that we'll kick in. So there is some potential improvement there yet for us but I don't have those numbers right at hand.
Gail Glazerman – UBS
Okay. Just in terms of volume growth, do you have a lot of incremental capacity to continue to absorb higher volume or are you starting to run pretty full?
Gordon Jones
Yes. We're running very full in consumer products. Every case that we make is sold. Our inventories are a bit of pressure and we're working very hard to try to satisfy all the customer needs. The business is very robust right now.
Gail Glazerman – UBS
Okay. And finally a last question, Eric. The revolver, you mentioned you're finalizing renewing that. Would you expect any change in the terms particularly? Is that anything you can comment?
Eric J. Cremers
Yes, given the economic environment and all, this credit crisis, it's going to not be as quite a favorable terms of the new revolver compared to the last one. Our current one is one month LIBOR plus 1 1/8th as we're right on the grid. Our new one is likely to be in the LIBOR plus 3 to 3.50 so anywhere from roughly 200 basis points higher compared to where we are today. And in all likelihood, it will be a secured revolver as well. Our revolver today is unsecured but it's still early in the discussion so who knows where we'll wind up.
Gail Glazerman – UBS
Okay. Great. Thank you very much.
Your next question comes from the line of Hamzah Mazari with Credit Suisse.
Hamzah Mazari – Credit Suisse
Thank you. Just a couple of quick questions. Could you comment a little more on what's been responsible for the turnaround in the tissue business? This business historically has been pretty volatile and you seem to have done a good job the last two quarters. Can we expect that turnaround to continue and what's your goal for margins in that business?
Gordon Jones
Hamzah, we feel very good about where we are in that particular business right now. We think that consumers are really understanding the value of private label particularly in this sort of economic environment and as I've gone around and talked to some of our customers – haven't got around to them all – they feel very good about what the private label strategy is doing to help them out.
On top of that, as I mentioned before, we're basically running everything at flat out capacity and trying to satisfy those needs, but we see some customers moving from brands to our product and we feel good about that and we trust that that will continue. So from a strategy standpoint, we're going to continue to try to satisfy all of those needs with as much capacity as we have and we feel very good about it.
Michael J. Covey
Hamzah, this is Mike. We have 26 converting lines. We added one brand new bathroom tissue line, a very highly efficient one last year. It's up and fully running this year. We continue to optimize the performance of the converting lines. Production's up year over year. We've had record paper machine production and I think I share Gordon's sentiment. This business is going to have a pretty good outlook for several quarters.
Gordon Jones
Especially when you think about falling full prices, which they've been falling quite a bit here lately, Hamzah.
Hamzah Mazari – Credit Suisse
Right. On your spinoff, I think last conference call you guys said that it may be completed in November, end of November some time. Is that still the case or is that pushed back or you have no idea?
Gordon Jones
No. We have a pretty good idea. There are a couple of key gating items to making the spinoff happen. One is the IRS, one is the SEC approval of the Form 10, and the last one is putting the debt financing in place. We're very close to finalizing the debt financing since it's really just a draw in the revolver plus moving the CSDs basically from Potlatch to Clearwater. We can make that happen on our own.
The SEC, we've been through several rounds now of comments. We're down to just a couple left to deal with that are relatively inconsequential. So the final and most important gating item is IRS approval but it's going to be a tax-free spin.
We've had conversations with them about this new structure. Verbally, they've indicated they're comfortable with it but they want to see it in writing, so we had to put the new structure in writing and give it to them. They want to review it and run it up the flagpole. Their latest commentary back to us was that they thought they would give us our private letter ruling just before Thanksgiving, which would then allow for the board to declare the spinoff and set the record date and distribution date. It's roughly 20 business days after that declaration when the spinoff could happen, so we're now looking at a roughly mid-December type of a spinoff.
It's subject to the IRS getting back to us in a timely fashion and with all this TARP stuff from the government and Congress and whatnot, there are some IRS folks that are distracted. But our view is that we can still make this happen in 4th quarter.
Hamzah Mazari – Credit Suisse
Okay. And just a last question. I'm just curious how you guys think about the sustainability of your dividend if things get materially worse from here. Have you guys stress tested that? What's your view on that? Thank you.
Michael J. Covey
As regard to dividend, just to reiterate the point that we've made for quite some time since the reconversion, the dividend was established and raised in December of '07 based on this is what we felt were the sustainable cashflows from our core timber and land business and we continue to be very positive about that.
If you look at the company's FFO and FAD numbers, they still are very strong. Once we get the spinoff completed, I think we'll have more visibility about that as we reconfigure corporate overhead expenses and other things that we'll change post-spin.
But I think we've seen a fairly significant downturn in the lumber market. The timber market's held up reasonably well. Our near-term expectation through fourth quarter at least is it'll continue to hold up and we'll revisit the dividend at the end of this quarter and again in the spring and review it with our board.
Hamzah Mazari – Credit Suisse
Thank you.
Your next question comes from the line of George Staphos with Banc of America Securities.
George Staphos – Banc of America Securities
Thanks everyone. Good morning. If we can go back to consumer for a minute, where are you seeing the greatest tensions on operating rates right now or available capacity? Is it on the converting side or is it in the machines?
Gordon Jones
It's actually in both, George. We're running the machines as flat out as we can and we have a lot of pressure on all of our products. I guess I would say that napkins is one that we're very tight on and that we're looking close at what that situation is and how we can help ourselves relative to capacity there. But all the products seem to be moving very strong. The concept of private label is really paying dividends for us in this particular market. We think that that's a continuing sort of phenomena.
George Staphos – Banc of America Securities
Okay. I guess one question I had and I'm not sure would be a viable solution or not is if you were freer on converting capacity relative to machine capacity, could you perhaps get parent rolls from some other producer as a way of preserving capital while still then riding the growth and demand for private label? Would that be possible, would it be viable as you look out the next year or two?
Gordon Jones
I think it's possible. I think it has some potentials. We've looked at things of that sort. We are always looking at options to be able to satisfy the customer requirements and those kinds of things. If they present themselves, we will look hard at taking advantage of it.
It really is a function now. When you look at our converting operations, different converting lines can run different products, so we're constantly trying to match up those customer needs on the converting lines and of course the paper machines are running full. But the converting lines are running full as well and it's complicated though on trying to move back and forth between different products and different mixes. But from a payroll standpoint, those kinds of things have potential options. We wouldn't want to let down any of our customers relative to quality so we would have to be sure that we felt very comfortable about that quality and then work those things out in advance with our customers.
George Staphos – Banc of America Securities
Okay. Within PPD as you look out to next year and clearly this is important given the establishment of the spin in Clearwater and the capital structure, what kind of environment, economically speaking, are you planning for? Typically in recession prices and profitability go down. Now you'll have a bit of a benefit here. Hopefully, inflation has been worse than in most prior peaks so you'll maybe get a better pullback, more profitable pullback and input as you look out to next year. But what kind of improvement, if any, and profits do you expect within PPD looking out at next year? Generally, obviously, you can't guide us.
Gordon Jones
I don't really have a specific number for you but from a principle standpoint, our costs are moderating as I mentioned in my notes and we still have some price improvement that is yet to achieve and it's been confirmed with our customers. So when we get that, we'll have some natural improvement in margin.
One of the things that Eric had mentioned before over on the other side of consumer products, we get helped by a bit of a lower pulp price. We of course don't want that to impact or paper board price and at this point, we don't think that the move in the pulp price has done that on the paper board side. But that's one of the things we need to watch. Our biggest concerns now are the input costs in the pulp and paper division and of course, the same input cost issue is over in consumer products, but particularly with the pulp and paper division, those kinds of input costs relative to wood and energy and chemicals and transportation are, I guess, best taken as whatever assumptions that you can make about them and plug those into our model. It would sort of show you where we think we're going to be and we don't feel bad at all about how those costs are beginning to model. We think that that helps our margins.
George Staphos – Banc of America Securities
That's helpful, Gordon. Two last quick ones. One piggybacking on Gail's earlier question. I think I know the answer to it but just wanted to check. Realizing that you had not, on average, seen any impact in recreational land sales from the credit markets and the economy, in more recent transactions, has there been any deterioration at all in in-demand and in pricing? And then just quickly, the legal settlement, I forget if you had mentioned it before, but what's beyond that $2 million settlement? Thanks?
Michael J. Covey
This is Mike. Let me just answer the last one first. We had an industry-wide class action lawsuit related to hydrogen peroxide, which resulted in a little bit less than a $2 million settlement to Potlatch as well as a payment on an outstanding lawsuit from almost a decade ago on pulp washers with a company called Bulloit (ph 00:36:23). Those two things covered the $2 million. They won't be repeated.
Back to your question about real estate, I mean in all fairness, we clearly are seeing less interest. If you look at multiple listing data for resort markets or almost any area in the country, I think the number of transactions are going down. The time that property sits on the market in terms of its listing period has gone up and all that of course leads to price pressure.
As it relates to rural recreational tracks that someone typically is going to buy for hunting or is an adjacent piece of land, they're usually a cash buyer. We haven't had as much pressure there but as it relates to property that might be suitable for development and someone may want to subdivide it or put in some improvements or entitlements on the property, both a demand and the price for that kind of property has come down I think across the country.
So what you see in our numbers, which relates to the lower price break, is really a makeshift. It's a little bit different class of property. We still think it sells at a substantial previous to its inherent value of timberland. We think it makes good sense to redeploy that capital and to do it tax efficiently with like-kind exchanges, and we'll continue that for the foreseeable future here.
George Staphos – Banc of America Securities
I appreciate the comment, Mike. Thank you.
Michael J. Covey
You're welcome.
Your next question comes from the line of Roger Wagner with Wagner Enterprises.
[Roger Wagner – Wagner Enterprises]
Yes, good morning. Great report. I'm very focused on the Consumer Products division and I want to make sure I heard correctly that your volume was up 4.8%. Did I hear that comment made?
Gordon Jones
I think in my comments, what I was saying Roger is that for the consumer products finished goods side, we're up 4.8% and that's on pricing.
[Roger Wagner – Wagner Enterprises]
On pricing, not physical volume?
Gordon Jones
Yes, that's our net selling price. Our volume is actually up a little bit as well but the comments about the 4.8% relate to pricing.
[Roger Wagner – Wagner Enterprises]
All right. So that being price mix. We keep data by volume and price mix. So the volume is not up 4.8%. Could you make any comment on that? We listened to a Dallas-based company yesterday indicate huge volume declines versus a year ago in your sector, mostly branded products, but their volume was down over 4% in North America for consumer products, mostly branded. And the conversation was that some of it was going to private label, so that's what prompted this volume as to whether or not your volume might be up around 4%.
Gordon Jones
We've actually done a quick calculation here, Roger in just looking at total volume and we're looking at it in terms of tons from that side. We're up about 3%. That would be second quarter over third quarter. That's in the consumer products. That's second quarter of '08 to third quarter of '08.
[Roger Wagner – Wagner Enterprises]
No ability to go against last year's quarter to quarter, third quarter of '07. You must be up at least 4% or 5% doing that.
Gordon Jones
That's about the same. It's just a little bit higher than that but not a lot, Roger.
[Roger Wagner – Wagner Enterprises]
All right. Thanks so much for your help. My other questions were answered about potential converting of and ability to get parent rolls in from say another company that meets your quality, that you do have some room on your converting lines to possibly bring in some parent rolls from other high-quality producers. Thank you so much.
Your next question comes from the line of Steve Chercover with DA Davidson.
Steven Chercover – D.A. Davidson & Co.
Thanks. Good morning. Some of my questions were also answered in terms of capacity but maybe for Gordon, if you had your dream balance sheet, how would you grow the business, Clearwater, going forward?
Gordon Jones
Well, that's a good question Steve. At this point, as we constitute our board, those are the kinds of things that we want to work out with the new board members once we're all on board and really see where we are post-spend. We do believe that this particular financing that we're doing to make this spin happen makes a lot of sense. We think we have room underneath our revolver to continue to operate and look at the modest growth that we have planned.
We want to take a look at really how we are as a new company and be comfortable that all the assumptions we've made make a lot of sense. So we're going to move with a growth strategy but very cautiously in that regard, best analyzing where we are first. So the dream balance sheet really, I can't respond to that. That dream balance sheet will probably more likely happen after the credit markets stabilize and we get a chance to go out and refinance it. But we feel good about where we are now and feel very comfortable with proceeding.
Steven Chercover – D.A. Davidson & Co.
Okay, thanks. And I think it was Mike who was saying you expect Clearwater will pay a dividend in line with comps. Would those be one little company from Dallas and another company from the Cincinnati area?
Michael J. Covey
I tell you, I'm going to let our board make that decision based upon what the data comes in, Steve. But we do plan and hope to be able to pay a modest dividend.
Eric J. Cremers
I think the logical peer group to go look at, Steve, might be at (inaudible 00:42:12), might be at Wasaw, might be at Cascade. There's a handful of companies out there that we look at compared to–
Steven Chercover – D.A. Davidson & Co.
They're probably more realistic. And finally, expenses associated with the Clearwater split in the fourth quarter, can you give us a sense of how much is left on that?
Eric J. Cremers
The run rate that we're currently on, which is roughly $2 million a quarter is probably a pretty good run rate. We will owe our financial adviser a fee for assisting us in the spinoff and it's probably going to be a little bit more than the $2 million run rate that we're at now. So you might see $4 million or $5 million let's say in the fourth quarter.
Steven Chercover – D.A. Davidson & Co.
Great, thanks Eric. That's it, thank you.
(Operator instructions) Your next question comes from the line of Mark Weintraub with Buckingham Research.
Mark Weintraub – Buckingham Research Group
Thank you. First, could you just remind us on what the net pulp exposure is.
Gordon Jones
Net pulp exposure?
Mark Weintraub – Buckingham Research Group
Gordon Jones
When we look at pulp at the end of the day, Mark, we're a buyer of pulp and we buy roughly 7,000 tons a month than we sell. There's buying and selling taking place virtually every day. But if you look at it, we're a net buyer between PPD and CPD.
Mark Weintraub – Buckingham Research Group
Right, so 85,000 tons a year net exposure.
Gordon Jones
Mark Weintraub – Buckingham Research Group
And then also, could you just remind us on net gas, how much you consume and do you have any hedging?
Gordon Jones
We do buy forward natural gas and in the fourth quarter, we have bought about 65% of our gas needs at a price of around $7.70. In 2009, we've bought a little over 30% at $7.20 and in 2010, we've now bought 12% at just a little over $6.00. So it just depends on the particular timeframe you're looking at but we generally do try to buy forward and we try to target 50% of our nat gas needs going forward.
I think in terms of how much gas used around the company, it's about 7 million NBUs per year and as you might imagine, it's a little bit higher in the winter time than it is in the summer time. But that's a good benchmark number.
Mark Weintraub – Buckingham Research Group
Terrific. Just to clarify, on the comparables, you mentioned Wawsaw, Cascade. I don't know if there are any others that you'd throw into that group and when you say "consistent," what measure are you referring to? Because obviously you don't trade any level so a yield is not a place which would be easy to state what a consistent yield with comparables would be. So what measures were you thinking of when you're talking about being consistent with competitors?
Eric J. Cremers
The one company you missed in the comp group was Nina. That's another one that we'd look at and there may be others offhand. I can't recall. It's been several weeks since we last looked at this. But we're thinking about is an earnings yield, a dividend yield based on earnings and where we think the stock is going to trade.
We obviously have ideas about where we think the stock is going to trade. The market's going to determine ultimately where it trades but we can do back-of-the-envelope and try to arrive at where we think the stock is going to be and then base our dividend off of that. That's about it.
Mark Weintraub – Buckingham Research Group
Fair enough. Mike, not wanting to beat a dead horse but I just want to clarify on the dividend going forward for the reed (ph 00:46:12). You indicated that it's well supported, the current dividend is well supported by cashflows from the timber and land business. I understand this is going to be a function of your discussion with the board. But if I just look at that statement, it leaves me with a powerful sense that you feel pretty comfortable at this juncture with this dividend level. Was I misinterpreting that comment?
Michael J. Covey
No. I think we would've not raised the dividend to $2.04 last December if we weren't comfortable with our ability to cover it with the timber and land business. I don't think any of us anticipated the kind of macroeconomic environment that we're in today and the depth of the housing recession and how long it's going to take to come out of. So like every company, I guess we're going to have to see how long that takes for recovery. But we had a lot of especially post-spinoff. The only capital that the company has is primarily capital for planting of trees. There's not a lot of other discretionary capital. That number will be very low and I'm very optimistic about the fact that our timber business--
The harvest levels we think are completely supported by good financial backing in terms of our optimum rotation ages. The market's still strong enough that we see no reason for harvest deferrals and I guess to reiterate what you said, I still feel very confident about it. With that said, we'll review it with our board.
Mark Weintraub – Buckingham Research Group
Great. Lastly Mike, you indicated that institutional interest for timberlands remains strong. If that continues to be the case and prices continue to be robust, how actively would you consider going a route that one of your competitors is doing, which is selling some land and using that to buy back stock and given that certainly the timber and reats (ph 00:48:16) and I think it would be true for all of them, are trading at a pretty wide discount to private market values. So the argument is there's an arbitrage to sell timberlands to these institutional buyers and to buy back your own stock. Is that a strategy that makes sense to you?
Michael J. Covey
It does make sense to us, absolutely, and it's something we look at on a regular basis. I think it's one of the capital allocation decisions of the many things we look at, whether it's acquisitions or buying back our stock or investing in the business that we look at all the time.
Our focus right now is to get this spinoff completed, to have a balance sheet that's clearer to us in terms of (inaudible 00:48:56) credit sense it is and how they're going to be refinanced in the cash that's going to come back from Clearwater. At that juncture, we'll have a decision to make with our board, whether to buy back stock or take the steps that you referred to and that's to sell a portion of our land and buy back stock that way.
Mark Weintraub – Buckingham Research Group
Okay. Thanks very much.
Michael J. Covey
You're welcome.
(Operator instructions) At this time, there are no further questions. Gentlemen, do you have any closing remarks?
Michael J. Covey
No we don't, Stephanie. Thank you and we look forward to talking with everyone next quarter.
Thank you. This does conclude today's conference call. You may now disconnect.
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subset: commoncrawl


text:
There is a recognized clinical need to identify new molecular therapeutic targets for advanced prostate cancers that have failed androgen ablation therapy (i.e. castration-resistant prostate cancer). Furthermore, the frequent failure in the clinial setting of cancer drugs with demonstrable activity in xenograft models makes the testing of drug candidates in autochthonous animal models imperative. The overarching goal of this research program is to develop the oncogenic serine-threonine kinase PIM1 kinase as a therapeutic target in prostate cancer. PIM1 is coexpressed with c-MYC and dramatically enhances c-MYC-driven prostate tumorigenesis in a kinase-dependent manner. Notably, PIM1 is induced in tumors by hypoxia and by treatment with docetaxel, a common but largely ineffective option for patients with advanced castration-resistant prostate cancer. PIM1 induction by hypoxia and docetaxel promotes prostate cancer cell survival and therapeutic resistance. Therefore PIM1 may represent a valuable therapeutic target in prostate cancer. To test this notion, we have developed new autochthonous mouse models of prostate cancer for testing the efficacy of novel PIM1 kinase inhibitors in treating prostate cancer and reversing therapeutic resistance. We have also identified novel candidate PIM1-interacting proteins in prostate epithelial cells. Among the proteins identified are a MYC transcriptional cofactor and a prostate stem cell marker/regulator. We hypothesize that PIM1 promotes prostate tumorigenesis by phosphorylating key substrates involved in regulating MYC transcriptional acivity and stem cell function and that targeting PIM1 kinase activity is an effective strategy to treat MYC/PIM1- expressing prostate cancer. We will address these hypotheses via three aims. In the first aim, we will elucidate the mechanistic basis for cooperativity between MYC and PIM1 in prostate cancer. In the second aim, we will investigate the role of PIM1 in regulating stem cell renewal. In the third aim, we will test the efficacy of novel PIM1 kinase inhibitors in treating prostate cancer and reversing therapeutic resistance in vivo. These studies should to provide us with novel insights into the mechanisms of PIM1 function in prostate cancer and rigorously test the effectiveness of new PIM1 kinase inhibitors in treating prostate cancer and reversing therapeutic resistance.
The studies outlined in this proposal will enhance our ability to treat prostate cancer, including castration-resistant prostate cancer as well as on reversing chemotherapeutic resistance. The novel animal models that will be used could in general provide us with valuable resources for testing new therapeutic agents.
|van der Meer, Riet; Song, Ha Yong; Park, Seong-Hoon et al. (2014) RNAi screen identifies a synthetic lethal interaction between PIM1 overexpression and PLK1 inhibition. Clin Cancer Res 20:3211-21
|Desouki, Mohamed Mokhtar; Doubinskaia, Irina; Gius, David et al. (2014) Decreased mitochondrial SIRT3 expression is a potential molecular biomarker associated with poor outcome in breast cancer. Hum Pathol 45:1071-7
|Roh, Meejeon; van der Meer, Riet; Abdulkadir, Sarki A (2012) Tumorigenic polyploid cells contain elevated ROS and ARE selectively targeted by antioxidant treatment. J Cell Physiol 227:801-12
|Wang, J; Anderson, P D; Luo, W et al. (2012) Pim1 kinase is required to maintain tumorigenicity in MYC-expressing prostate cancer cells. Oncogene 31:1794-803
|Anderson, Philip D; McKissic, Sydika A; Logan, Monica et al. (2012) Nkx3.1 and Myc crossregulate shared target genes in mouse and human prostate tumorigenesis. J Clin Invest 122:1907-19
|Kim, J; Roh, M; Doubinskaia, I et al. (2012) A mouse model of heterogeneous, c-MYC-initiated prostate cancer with loss of Pten and p53. Oncogene 31:322-32
|Kim, Hyun-Seok; Patel, Krish; Muldoon-Jacobs, Kristi et al. (2010) SIRT3 is a mitochondria-localized tumor suppressor required for maintenance of mitochondrial integrity and metabolism during stress. Cancer Cell 17:41-52
|Kim, Jongchan; Roh, Meejeon; Abdulkadir, Sarki A (2010) Pim1 promotes human prostate cancer cell tumorigenicity and c-MYC transcriptional activity. BMC Cancer 10:248
|Wang, J; Kim, J; Roh, M et al. (2010) Pim1 kinase synergizes with c-MYC to induce advanced prostate carcinoma. Oncogene 29:2477-87
|Roh, Meejeon; Abdulkadir, Sarki A (2010) Targeting the endothelin receptor in prostate cancer bone metastasis: Back to the mouse? Cancer Biol Ther 9:615-7
Showing the most recent 10 out of 12 publications


text:
Nixon library to display Washington's Constitution
YORBA LINDA George Washington's personal copy of the U.S. Constitution and Bill of Rights will be on display at the Nixon Presidential Library & Museum starting Friday as part of its tour of the presidential libraries.
The Mount Vernon Ladies' Association bought the book, which was signed and annotated by Washington, in June for $9.8 million in an auction. "It's always been a priority of the Mount Vernon Ladies' Association to return Washington's objects back to Mount Vernon," spokeswoman Melissa Wood said.
The association owns and preserves Washington's Virginia estate and will be opening, at Mount Vernon, the $47 million Fred W. Smith National Library for the Study of George Washington on Sept. 27. The book will be the centerpiece of the new library, Wood said.
The tour of "Acts of Congress," which was at the Ronald Reagan library in Simi Valley before coming to the Nixon library, is intended to garner attention for the opening of the Washington library.
The association is responsible for transporting and handling the book with the help of the National Archives and Records Administration. Woods said details of how the book is transported between the presidential libraries are kept secret for security reasons. Extra guards have also been hired to ensure that no one takes photos, because camera flashes damage the paper and the association owns the rights to all photography of the book, said Michael Koncewiz, special assistant for the National Archives at the Nixon library.
Washington's handwritten notes in the book highlight the description of the presidential powers in Article 2 and the veto in Article 1 of the Constitution.
As America's first president, Washington had an impact on the presidency of today, said Lori Cox Han, a presidential scholar and professor of political science at Chapman University. Washington established the two-term limit precedent followed by American presidents until Franklin D. Roosevelt.
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text:
RIP Leonard Cohen – level 1
16-11-2016 07:00
This news is about Leonard Cohen. He is Canadian. He is a singer, a songwriter and a poet.
His famous song is "Hallelujah". Many singers cover it. Some are Jeff Buckley and Bono. He releases his 14th album. It is called "You Want It Darker".
Leonard Cohen dies. He is 82. Thousands of people pay tribute to him.
Difficult words: cover (sing another singer's original song), release (when you sell a new product), pay tribute (show respect by saying something nice).
You can watch the original video in the Level 3 section.
What do you think about this news?
How to improve your English with News in Levels:


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Hi my name is Carissa and im 15 1/2 years old. Im planning to get Rhinoplasty in Quito Ecuador. Im really self-concious about my nose. What would be the bes thing to do? Am i to young? Please Help! Thanks!
What Would Be the Best Thing to Do to my Nose? (photo)
Doctor Answers 6
What Would Be the Best Thing to Do to my Nose?
Please share this answer with your parents as you are under 18. Your nose shows a wide nasal tip that could be thinned with a Rhinoplasty. You would be able to have a Rhinoplasty however, I am unsure about the Rhinoplasty Surgeons in Ecuador. Hope this helps.
Web reference: http://www.drfpalmer.com
Rhinoplasty With Multifaceted Approach
Dear Clarissa,
Thank you for sharing your photos.
I believe that a multifaceted rhinoplasty will greatly enhance your facial beauty; your bulbous tip will be addressed as well as your alar base and your nose will be thinned enough to fit your facial features.
As for your age, you are about the "safe age" to undergo a rhinoplasty with a mature nose.
I recommend you to consult with an extensively experienced, board certified surgeon who will be able to guide you to make a well informed decision; your surgery is of a delicate nature so commendable results require exceptional skills.
I hope this helps.
Thank you for your inquiry.
The best of luck to you.
Dr. Sajjadian
Web reference: http://www.DrSajjadian.com
Recommend you make sure your surgeon has had experience with your type of noses. See before and after pictures. If they have not done enough noses similar to yours, then you may not want to be the first one. Also, have your surgery several days after you have arrived so that your body have acclimated to Quito. Good luck
You might also like...
Great! Seek a boarded Facial Cosmetic Surgeon who will discuss your nasal tip and related structures. Understand what you are receiving before you proceed!
What Would Be the Best Thing to Do to my Nose
Hello Carissa, rhinoplasty is indicated in your case. You require extensive tip work in order to have a good end result. I must tell you that I prefer you had the surgery done in the United States. This case requires a skilled surgeon and I advise you to consult with a Board Certified Facial Plastic Surgeon. Good luck to you.
Rhinoplasty in the young girl.
Your tip is quite large and the cartilage above the tip can be refined with the tip. The nasal bones can be narrowed and you should have a good result. Make sure the doctor outside the USA is a skilled surgeon as I see many noses that are poorly done.
These answers are for educational purposes and should not be relied upon as a substitute for medical advice you may receive from your physician. If you have a medical emergency, please call 911. These answers do not constitute or initiate a patient/doctor relationship.


text:
The Dark Knight Rises
Tech Support: 'Avengers,' 'Dark Knight Rises' and 'The Hobbit' lead Best Visual Effects race
Posted on Thursday, Oct 18, 2012
"The Dark Knight Rises" may not have lived up to the impossibly high expectations set by its predecessor but had it done so, it would have been a ...
Hathaway, Hanks and Berry get lead Oscar pushes for 'Dark Knight Rises' and 'Cloud Atlas'
Posted on Friday, Oct 12, 2012
The real surprise from the studio, however, is the decision to place "The Dark Knight Rises" star Anne Hathaway in the lead actress category as oppos ...
Tech Support: 'Life of Pi,' 'Lincoln' and 'The Master' lead the race for Best Cinematography
Posted on Thursday, Oct 11, 2012
Nevertheless, I cannot help but wonder if the branch will be content to let someone else have a turn, especially as "The Dark Knight Rises" doesn&r ...
Warner Bros. announces 'Hobbit' extended edition and 'Dark Knight Trilogy' Blu-rays
Posted on Friday, Oct 5, 2012
"The Dark Knight Rises," meanwhile, is slated for a standalone DVD/Blu-ray drop on December 4 ...
Tech Support: Kicking off 2012's crafts coverage
Posted on Thursday, Oct 4, 2012
There is also danger in looking ahead, of course, as many major contenders have opened already! "The Dark Knight Rises" and "The Avengers&rd ...
'The Dark Knight Rises' Blu-ray and DVD hitting stores Dec. 4
Posted on Thursday, Sep 27, 2012
"The Dark Knight Rises" is coming to a retail establishment near you - just in time for the holiday shopping season ...
Roundup: Are we getting too precious about 'The Master?'
Posted on Thursday, Sep 27, 2012
Kurt Osenland examines the Oscar prospects for the fast-cooling "The Dark Knight Rises," a concludes that it's only assured of two technical nods ...
Best Picture 2013: Potential nominees from 'Amour' to 'Zero Dark Thirty'
Posted on Tuesday, Sep 25, 2012
Surveying the field as the 2012-2013 Oscar season commences
Box Office: Jake Gyllenhaal edges out Jennifer Lawrence in close weekend race
Posted on Monday, Sep 24, 2012
"The Dark Knight Rises," Warner Bros ...
Cinemark Theaters sued by victims of Colorado shooting
Posted on Saturday, Sep 22, 2012
On July 20, suspect James Holmes stormed a midnight screening of "The Dark Knight Rises" and opened fire in the sold out theater ...


text:
*Hi,* *Please Send me the suitable profiles to [EMAIL PROTECTED] **for the below mentioned requirement.*
*Position: Sr IBM Z Series Consultant* *Location: Jersey City, New Jersey* *Duration: 6+ Months * *Rate: $55-58/Hr Best* * * *Face to Face is required. Candidates in and around NJ required!!* * JOB DUTIES: * - manages the implementation of Enterprise Z systems across multiple platforms - Engineers in this role serve as a liaison between Operations, Infrastructure and Application Development regarding the implementation and maintenance of Z/VM and Z/Linux - Maintains the operational health of the IBM System Z infrastructure and the applications used to control it - Evolves existing problems management processes to for both development and production environments. Monitors log files, performance issues and the production environment for mission critical systems *REQUIRED SKILLS: * - Strong understanding of IBM System Z, hardware and software architectures - Must be able to communicate effectively with technical and non-technical audiences - Needs to have a good understanding and experience of server and client side architectures and systems design - Should have an understanding of current industry trends and their advantages with ability to right fit into an existing environment - Must be a self-starter with the ability to work independently and in a team environment - Understands requested changes to Z series, its configuration and implications to all user areas *DELIVERABLES:* * * * Design, Plan and Implement Z series infrastructure * Work with host groups to design Z series infrastructures that satisfy business requirements. * Management of Z series and configurations * Management includes configuration, usage reporting, and allocation to host. * Monitoring of file systems and Z series arrays will continue to be performed by IBM and the Command Center. * Collaboration with Architecture & Engineering on rules around IBM Z environments. * Create, document, and maintain rules of Z series systems and their management. * Acquire, install, and allocate physical Z series and volumes to servers. * Document Z series environment * Create and maintain Z series documentation. * Documentation to include all service levels for products and use of those products. * First & second level support of Z series infrastructure * Troubleshoot, maintain, and support of Z series and Z/VM. * Work with host teams to resolve issues. Primary point of escalation to vendor support. * Z series vendor support contact * Escalate Z series hardware and software related issues that cannot be resolved in-house. * Z series capacity planning and trending * Work with server teams and application owners to plan for long-term and short-term Z series and Z/VM needs. * Pay attention to trends in Z series and Z/VM and make recommendations to server teams and application owners. *KNOWLEDGE: * * Update, maintain and tune z/VM operating systems and IFLs * Understanding of configuring zLinux and Z/VM * SMPE, HMC,OSA,I/O configurations, Book Technology, Capacity on Demand * Mentor Junior personnel * Out-of-the-box thinker driven to lower costs using conventional/non-conventional solutions. * Experience with SAN Switching Fabrics / protocols: Brocade, Cisco, Fiber Channel, Fiber Channel over Internet Protocol (FCIP), FICON. * Financial Services industry experience desired. * Strong understanding of project management methodologies and processes. * Excellent time management and organizational skills. Must be able to prepare, present, and maintain technical documentation. * Excellent computer skills are necessary in Microsoft Word, Excel, Presentation, Project, and Visio. *Primary Objective and Role:* - Responsible for the providing comprehensive support for design, implementation, and 3rd level support of all IBM System Z based applications for all TD Ameritrade systems. This includes all program products require to run on these platforms. # of Years Required: * 5+ years expertise in z/VM with Z/Linux. 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Magna Carta and the Déclaration des Droits de l'Homme et du Citoyen : Past, Present and Future
Date: 11 June 2015
The Conference report is now available.
In partnership with the Franco-British Lawyers Society, the Franco British Connections and with the support of the French Embassy and the Foreign and Commonwealth Office, a one day conference was held at Lancaster House on the significance of the Magna Carta and the Déclaration des droits de l'Homme et du Citoyen.
We are grateful to LexisNexis for sponsoring the conference and to the MagnaCarta800th for their additional support.
Download the biographies of the speakers and chairs of the roundtables
The event was a great success and papers from the conference are available by clicking on the names of the speakers below.
See the Guardian for coverage of Dominic Grieve QC MP's speech on Human Rights.
Click here to access the photos of the conference from our Flickr
Agenda for the conference
Magna Carta and the Déclaration des Droits de l'Homme et du Citoyen : Past, Present and Future.
Lancaster House, Stable Yard, St. James's, London SW1A 1BB
11 June 2015
Chair: Michael Butcher
08:50 Introduction by SE Sylvie Bermann, French Ambassador to London honouring the late Roger Errera, former senior member of the Conseil d'Etat, France's Supreme Court for administrative law
09:00 Keynote speech by Rt Hon Lord Sumption on History and present significance of the Magna Carta and Déclaration des Droits de l'Homme et du Citoyen and Q&A
09:30 Panel 1: Constraint of Sovereign Power introduced by Professor Robert Tombs, Etienne Picard, Keith Vaz MP and Jean-Marie Delarue followed by Q & A
- What were the restraints upon the king in 1215? Are those restraints sufficient to protect us today against new threats to liberty such as government spy programmes?
- What domestic constitutional, political and legal restraints on the ability of the government are there now to do just as it chooses?
- How have these documents shaped the relationship between those who govern and citizens today and what are the differences between the two countries?
- Do the domestic political classes need to regain legitimacy?
11:15 Panel 2: Rome and Brussels introduced by Rt Hon Lady Justice Arden, Sylvie Goulard MEP, Sir Stephen Wall and Bernard Stirn (in French) followed by Q & A
- Differences between the MC and the DDHC and the implications of these instruments for the future of Europe?
- What powers do the organs of the European Union have over sovereign member states?
- What temporal powers did the Pope have in relation to European kings?
- Does extra-jurisdictional European power over member states and the Euro need to regain legitimacy?
- Should Europe have more or less power over its member states?
12:30 Lecture on Human Rights in a Changing European Context by the Rt Hon Dominic Grieve QC MP and Jean-Paul Costa followed by Q and A chaired by Rt Hon Baroness Blackstone and Professor Christian de Boissieu
14:00 James Harper of LexisNexis on the Global Rule of Law Business Principles drawn up with the Atlantic Council in support of the United Nations Global Compact
14:05 Panel 3: Freedom of Speech and Religion in the Public Domain chaired by Sir Michael Tugendhat and introduced by Shami Chakrabarti, le père Matthieu Rougé, Andrew Copson and Myriam Francois-Cerrah withQ&A
- Are the secular settlements of Europe secure?
- Do religions have a legitimate right to be exempted from special treatment?
- Freedom of expression and the protection of religious feelings
- Should religious beliefs overrule civil rights?
15:30 Break into small roundtables for discussion
Panel I Constraint of Sovereign Power roundtables chaired by Professor Geraldine Van Bueren, Professor Robert Tombs and Michael Butcher
Panel 2 Rome and Brussels chaired by Sir Stephen Wall, Patrick Hénault and Denis MacShane
Panel 3 Freedom of Speech and Religion in the Public Domain chaired by Haras Rafiq, Sir Michael Tugendhat and Shami Chakrabarti


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"I understand many Christians who get sucked into the State sponsored lie of evolution",
What about getting sucked into the creationist cult and losing your Soul?
Excuse me? There is zero evidence for this statement.
I hate to say this, but spamming the threads (and yes, I think you are spamming the threads) with lots of loud rhetoric that is not thoughtfully organized into a reasonable argument (and I use that term in its literal sense) does not serve you well here.
Just my two cents.
I thank you shubi for finally revealing yourself. I figured that if I picked the scab long enough the puss of Christophobia would manifest itself.
In respect for true believers, please refrain from identifying yourself as one who believes in God. Its embarrassing for us, and it shameful for you.
Thanks in advance. Maybe someday you will have the courage and integrity to actually defend your faith in evolution rather than deploy a volley of lies and insults against the Word of God.


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This implies that several levels of description/modeling of the system should be present at the same time, micro-meso-macro. This forces complex systems to be studied by transdisciplinary teams, able to understand the whole construction and critically analyze the connections among the description levels.
This property is usually called an emergent behavior, and it can be the result of the very large number of elementary constituents, of the non-linearity of the interactions between the latter, the disparity of scales in the system, their structure in network, their stochastic nature, their properties of (in)stability or the non-standard character of their context.
The goals of naXys are to consolidate the complex systems research, to improve its coherence and its visibility in Belgium and in the international scientific community.
To promote interdisciplinary exchanges and to create new ones, by organizing workshops, conferences and a visiting program. To reach a critical mass capable to attract further human and financial resources, hence to increase the available financial support for its members.
To promote educational activities in the framework of complex systems, by organizing seminars and PhD Schools.
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Sign up for upcoming webinars
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To continue to learn from experts in the field of histology, it is now possible to access the Sakura Webinar Series to view webinars that you may have missed, or would like to revisit. In addition, webinars recorded after January 2012 will include a quiz and the opportunity to earn 1 contact hour certificate provided for ASCP Certification Maintenance. Watch and learn today. Upon successful completion of each quiz, you will receive a download link to print your certificate.
We have recently made some changes. If you previously registered through this website you will need to re-register. Click here to Register.
Presented on November 10, 2016
Presented by Sheron Lear (ASCP)HTL, QIHC.
In the decades since the beginning of IHC, validating an antibody has gone thru many changes. Some of these changes have been driven by regulatory agencies such as CAP. The goal of these agencies is to ensure every test and diagnosis for every patient is accurate. The number o...
» Read more/Watch webinar
Posted in IHC.
Presented on October 13, 2016
Presented by Carolyn Doan, HT(ASCP).
All Histology Labs still do Special Stains either automatically or manually. Do you know why you do a particular stain on a particular piece of tissue? We'll spend 45 minutes looking at as many stains as possible and learning more about what they are actually for. Examples: Wh...
Posted in Staining.
Presented on September 08, 2016
Presented by Dale Telgenhoff, PhD, MBA, HTL(ASCP)CM.
The gross room is where specimens are accessioned into the histology laboratory, and the role of the histotechnician in this process is critical for the macroscopic analysis of tissues. Traditionally the work involved accessioning specimens into the LIS system, cassette prepar...
Posted in Grossing/Fixation.
Presented on August 18, 2016
One of the greatest challenges in today's Histology labs is producing the same high quality H&E stain on slide after slide, day to day. In this brief, 45 minute session, we will dissect an H&E, both Progressive and Regressive, to identify the areas of concern. Then we'll look ...
Presented on May 19, 2016
Presented by Erin Grimes MHS HT (ASCP).
There are many variables that effect patient care in the histology laboratory. Sample shipment, fixation, and labeling are but a few variables that may be a challenge. Every histotechnician wants to provide the best care to the patients. Using simple procedures and tools, this...
Posted in Quality/Workflow/Standardization, Safety.
Presented on April 21, 2016
Presented by William DeSalvo, BS HTL(ASCP), Collaborative Advantage Consulting LLC, and Brittany Hagedorn, Six Sigma Black Belt, LEED AP, SIMUL8 Corporation.
Anatomic Pathology has struggled with using and incorporating the tools of Lean Six Sigma. Hard to visualize, hard to adapt to the manual process, hard to incorporate due to variability and the high risk that a new workflow will actually produce the results desired. The increa...
Posted in Quality/Workflow/Standardization.
Presented on March 17, 2016
Presented by Elizabeth A. Chlipala, BS, HTL(ASCP)QIHC.
This webinar will provide participants with a broad overview of the field of digital pathology, including the underlying technology, use cases, benefits and limitations. In addition there will be discussion on regulatory issues and workflow considerations with a focus on how...
Posted in Digital Microscopy.
Presented on November 19, 2015
Presented by Pamela A Marcum HT, (ASCP) BS, MS.
We have a situation at UAMS of needing to process clinical bone marrows for our Multiple Myeloma Center within 24 hours. WOW! We only have a limited time to fix, decal, and process for sectioning and they must be ready to be read by 7AM the next day. We have problems and we h...
Presented on October 14, 2015
Uncover the basic chemistry of how and why the H&E stain "should" work. Explore what can go wrong and understand corrective options. Learn the secrets to produce, sustain and reproduce superior quality H&E-stained slides in your lab. (Carolyn Doan, HT(ASCP))
Presented on August 14, 2015
Presented by Tim Webster, HT(ASCP), CM.
If Darwin was right about the animal kingdom, can the same theory of evolution be applied to the histology laboratory? We are increasingly asked to do more, with less, and if our departments don't evolve, how can we remain competitive in an ever-changing healthcare environmen...
Posted in Lean/Six Sigma, Quality/Workflow/Standardization.


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45 CFR 1629.2 - Persons required to be bonded.
Beta! The text on the eCFR tab represents the unofficial eCFR text at ecfr.gov.
§ 1629.2 Persons required to be bonded.
(a) Every director, officer, employee and agent of a program who handles funds or property of the program shall be bonded as provided in this part.
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Contact information
Department of Biotechnology
Section BOC
Van der Maasweg 9
2629 HZ Delft
The Netherlands
Tel: +31 (0)15 27 82683
Web: www.bt.tudelft.nl/boc
Location: Click here!
Recent Output
View our Journal covers here.
- Cat. Com. - A robust chemo-enzymatic lactone synthesis using acryltransferase from Mycobacterium smegmatis - U. Hanefeld
- Ang. Chem. - Controllable hydrocarbon formation from the electrochemical reduction of CO2 over Cu nanowire arrays - K. Djanashvil
- http://dx.doi.org/10.1007/s11164-015-2157-4Ang. Chem - Recombinant cyanobacteria for the asymmetric reduction of C=C bonds fueled by the biocatalytic oxidation of water C. Paul & F. Hollmann
- Research on Chem. Intermediates -Potential applications of Zr-KIT-5: Hantzsch reaction, Meerwein–Ponndorf–Verley (MPV) reduction of 4-tert-butylcyclohexanone, and Prins reaction of citronellal - U. Hanefeld
- Zeitschrift für Naturforschung B -Highly selective naked-eye anion sensors based on thioureido or amido calix[4]arenes - J.A. Peters
- App. Microbiology and Biotech. - Identification of catalytically important residues of the carotenoid 1,2-hydratases fromRubrivivax gelatinosusand Thiocapsa roseopersicina - L. Otten & IWCE Arends
- JACS -Better than Nature: Nicotinamide Biomimetics That Outperform Natural Coenzymes- CA Paul & S. de Vries & F. Hollman
Click on one of our researchers for their research
De section Biocatalysis brings together scientists in the area of biocatalysis, enzymology, organic chemistry and molecular imaging.
Our research on fundamental understanding of enzymes and the application thereof in organic chemistry, forms the basis for the application of enzymes into industrial processes. Green Chemistry is one of our leitmotivs.
Our research projects range from fundamental insight into enzymatic principles, to engineering of enzymes and integration of these enzymes into novel synthetic procedures. The combination of biocatalysts and chemocatalysts in one-pot is one of the key expertises in the group. In addition, the search for novel enzymes and novel activities through a combination of smart concise library design, screening with generic assays and bioinformatics modelling, denoted as molecular enzyme evolution, is a growing area. In particular for the future of biomass utilization, novel enzymes are expected to make a major contribution as catalysts.
In the area of molecular imaging, nanoprobes are designed and synthesized for imaging and therapy applications.
The infrastructure of the group consists of state-of-the-art biochemistry, molecular biology, analytical (GC and HPLC) and organic chemistry facilities. The university NMR facility is under the administration of the section.
As a section we contribute to the education of BSc and MSc students in the area of Life Science and Technology (LST) and Molecular Science and Technology (MST). For openings on BSc and MSc research projects students are referred to the student projects page. In addition, the annual Advanced Course on Biocatalysis is organized by the section already for many years under auspice of BioTech Delft.
Research Topics
- Enzymes as Catalysts for industrial Biotechnology
- Chemo-enzymatic cascade reactions
- Application of enzymes in Organic Chemistry
- Biocatalytic pathways for redox transformations
- Molecular enzyme evolution
- Metallo-proteins
- Ultrafast Kinetic Techniques to Study Enzyme Reactions
- Generic enzyme assays
- (Nano)probes for bio-imaging and therapy
The section Biocatalysis is a member of the dutch NIOK research school on catalysis.


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