text:
Cytec Industries Inc. (NYSE:CYT)
Q2 2009 Earnings Call
July 17, 2009 11:00 am ET
Shane Fleming - Chairman, President & Chief Executive Officer
Dave Drillock - Vice President & Chief Financial Officer
Jodi Allen - Director of Investor Relations
David Begleiter - Deutsche Bank
Laurence Alexander - Jefferies
Mike Judd - Greenwich Consultants
Anthony Pettinari - Citi
Amy Zhang - Goldman Sachs
John McNulty - Credit Suisse
Good day and welcome to the Cytec Industries Incorporated second quarter earnings announcement. Today's call is being recorded. For opening remarks and introductions, I would like to turn the conference over to your host, Ms. Jodi Allen.
Jodi Allen
Thank you and good morning everyone. We appreciate your participation in our conference call. For our call today, Shane Fleming, Chairman, President, and Chief Executive Officer, will provide an overview of operations; and Dave Drillock, Vice President and Chief Financial Officer, will review the financial results and the special items noted in our press release. Shane will then finish with some commentary on our outlook for 2009. This call is also being webcast in listen-only mode and it will be archived in audio format on our website for three weeks.
Throughout the call, we will be referencing the supporting materials, which can be downloaded from our Investor Relations website, under Calendar of Events or you may follow the slides accompanying today's webcast, which are also available through our website.
During the course of this presentation and in responses to your questions, you will hear certain forward-looking statements. Our actual results may differ materially. Please read our commentary on forward-looking statements in slide number two of our supporting materials or at the end of our news release or the statements in our quarterly and annual SEC filings.
In addition, our discussion includes certain non-GAAP financial measures as defined under SEC rules. We have provided a reconciliation of those non-GAAP financial measures to the most directly comparable GAAP measure at the end of our press release. A copy of our press release is available on our Investor Relations website.
Now, let me turn over the call to Shane.
Shane Fleming
Thanks for taking the time to join our second quarter earning conference call. The challenges that began late last year related to weak demand and customer destocking in the specialty chemicals industry continued into the second quarter, and we're now also faced with softening in the engineering material segment which further impacted our second quarter earnings results.
As you can see from slide 3, total company sales in the quarter were $685 million, down 32% versus the second quarter of 2008. While the specialty chemicals segment remained pressured by the global economic slowdown, we are seeing positive signs of improvement in this sector. We've experienced sequential volume improvements over the last several months that we're hopeful signal the end of the destocking in these segments.
On a regional basis, we're seeing some early signs of demand recovery in Asia. In the Americas and Europe, while there has been substantial improvement since the first quarter, we don't expect year over year improvement in demand until the fourth quarter when the comparisons become easier. The overall result for the quarter was a net loss of $0.01 per diluted share excluding the special items that Dave will explain, compared with a net earnings of $1.20 per share in the second quarter of last year.
I would like to provide an overview of the results for each business segment, but first I want to remind you that last month we announced a change in our business segment reporting structure. Our new reportable segments are better aligned with the company's growth strategy as we focus on strengthening our position in high growth markets and operate in cash businesses to maximize cash flow. We also believe the new operating model will provide you with better clarity as we continue to implement the new strategy.
Beginning on slide 4, the coating and resin segment remained challenged by the difficult demand environment, and as a result delivered sales of $295 million which represents a 30% decrease in volume versus the same period last year. Selling prices decreased by 3% which is primarily due to the powder coating product line as competition became more aggressive pursuing share gain in a weak demand environment. The impact of exchange rates decreased sales by 5% as the majority of this business resides in Europe and is therefore significantly impacted by euro-dollar fluctuations.
There were some bright spots in the quarter which keep us encouraged about he second half of the year. For example, selling volumes were up over 25% versus the prior quarter, likely signaling the end to the customer destocking we saw late last year through early 2009. The graph on slide 5 indicates a nice trend upward in the segment with 4 successive months of sales growth, and this was seen across the liquid coating resins, radcure, and powder product lines.
Sales in Asia continue to recover more quickly than elsewhere in the world, driven largely by improved automotive sales in northern Asia and infrastructure build in China. Finally, we continue to see positive trends with our ecofriendly coating products including strong year over year sales growth with our new waterborne alkyd products for trim paint and deck stain. The results for the coating resin segment were an operating loss of $19.2 million versus operating earnings of $21.9 million in the same period last year.
I'm pleased with the good progress we're making in the restructuring actions related to this segment, and we're on target to deliver our structural cost savings goal with the larger impact coming in the second half of this year. I will talk more about full year segment projections later in this call.
Slide #6 shows an overview of additive technologies, which had sales of $63 million in the quarter, a 30% decline versus the same period last year. This segment is faced with similar economic pressures as coating resins with lower demand in industrial markets significantly impacting sales. However, approximately one-third of the decline is related to our exit of certain low-margin product lines in the second half of last year as we focused our efforts on marketing more value added technologies.
The increased focus on the higher value products has also increased our pricing power, as the segment delivered a 1% increase in price in the quarter, offset by exchange decreasing sales by 4%. As a result of reduced volumes, the segment delivered $3.1 million in earnings in the second quarter versus $6.9 in the prior year quarter.
Moving on to slide 7, the in-process separation segment also experienced soft demand due to customer destocking in both the mining and the phosphine product lines. Sales in this segment were $58 million, a 23% reduction versus second quarter 2008. As you can see in slide #8, the production of copper and alumina was down in the first half of this year, and this coupled with the destocking activities led to lower volumes. Our pricing increased by 3% as a result of our ability to leverage the performance of our differentiated product technologies. The impact of exchange rates decreased sales by 2%. We do have a positive view for the second half of this year in this segment, and I will share that detail with you later in the call.
Slide #9 shows a summary of the results in the engineered materials segment where sales decreased 21% to $178 million. Selling volumes decreased by 22%, and about 40% of this decrease was related to destocking at customers who supply the large commercial transport sector. Another 35% is due to the dramatic decline in billed rates for business jets, and the remaining 25% is due mainly to demand decline in our high performance automotive market. Selling prices increased by 3%, but this was partially offset by a 2% sales reduction related to exchange rates. The result is that operating earnings of $22.1 million were approximately half of the earnings in the same period last year, related primarily to the lower selling volumes and to the decreased production rates. I will discuss our restructuring plans to address this when I review our outlook for the remainder of the year.
Slide #10 shows the results for building block chemicals. Sales decreased by 34% to $91 million which was mainly driven by the steep price decline of acrylonitrile in the quarter as a result of lower propylene cost. Selling volumes did increase by 30% due to last year's acrylonitrile maintenance outage. As a result, segment operating earnings were $1.9 million, down from $6.5 million one year ago.
Now let me turn you over to Dave.
Dave Drillock
Shane covered the revenues for the quarter, so I'll go right to a review of our gross margin followed by an overview of the special items recorded in the quarter and our operating expenses. I'll cover some balance sheet and cash flow analysis and close with a summary of the actions taken in the quarter to improve our liquidity.
Our gross margin after adjusting for the special items in both years decreased about 5.5% from the prior year period. This decrease resulted principally from the low manufacturing production rates in the quarter which increased our fixed cost per unit and has impacted all our segments except for building block chemicals. We reduced our production levels significantly in light of the lower demand, and our internal efforts to bring our inventories down to a more appropriate go-forward level.
As our production levels were reduced, we also challenged ourselves to further decrease our period cost spending, and our efforts resulted in an overall manufacturing period cost reduction of almost 15%, and as Shane mentioned earlier, our structural cost takeout initiatives have a greater impact on the second half of the year, as the benefits from our previously announced site restructurings start in the third quarter.
In summary, in spite of some significant cost control efforts this quarter, our fixed cost per unit went up which negatively impacted our gross margin. The upside to this is that we have made great progress in reducing work days as part of our working capital initiative. I'll talk more about this later.
For the quarter, our special item restructuring charges were $34 million, with $24 million included in manufacturing cost of sales and the remainder in operating expenses. The charges were mostly related to a number of cost reduction initiatives in specialty chemicals as we right-sized the business to the difficult demand environment we're in. Also included in the restructuring charge is approximately $2 million related to a restructuring in our engineered materials business that Shane will discuss further in a few minutes.
For the first half of 2009, our total restructuring charges were $37 million, and we expect the full year restructuring charges to now total about $115 million with about $35 million of that to be noncash. The split of the restructuring charges by quarter as you know depends on the timing of certain actions, but we expect most of this to be complete by year end.
Our cost reduction actions in manufacturing and operating expenses are expected to achieve run rate savings of approximately $120 million in 2009 and 2010. About $70 million of the 2009 savings is related to our short term temporary cost saving initiatives such as furloughs, merit increase cancellations, and incentive compensation payout reductions to name a few. These short-term initiatives will be replaced by our structural or permanent cost takeout actions in 2010, but if demand remains weak, we could continue certain of these initiatives over to 2010.
I'll close this topic by reminding everyone that all of our actions are implemented or in progress, so we remain confident about achieving the benefits from these important initiatives.
Moving on to operating expenses, they are down about $20 million year over year after excluding special items. Our cost reduction efforts account for about two thirds of the reduced expenses and changes in exchange rates the remainder. Other expense for the quarter was essentially break even compared to $3.7 million net income in the prior year period. The prior year period included transaction exchange gains and the benefit of an insurance settlement which together account for the difference.
Our annual underlying income tax rate increased about 3.5 percentage points versus last year, principally due to an earnings mix towards higher tax jurisdictions mostly to US and limitations on certain US manufacturing deductions.
Moving on to cash flow for the quarter, we had a great quarter, and our cash flow from operations was $168 million, significantly up from the prior year's $44 million. The increase was related to the improvement in our net working capital partially offset by the lower earnings. Slide 12 will give you a good view of our performance in reducing net working capital days outstanding which is how we're monitoring our progress. Accounts receivables used about $4 million of cash, but days outstanding continuing the trend from the first quarter decreased by five.
Our inventory decreased $105 million in the second quarter, and our days on hand decreased by 33. Taking up on my discussion from last quarter in March, we adjusted our production schedules further, and we began to see a drop in inventory days. Our manufacturing and supply chain teams took additional actions including several process improvements to reduce our days on hand, and we expected to see progress this goal by the end of the second quarter. The results? They exceeded our expectations, and this is a good example of what a focused Cytec team can do.
Accounts payable increased $33 million. As we begin to increase our raw material purchases again, we are starting to see the impact resulting from our efforts to improve work days outstanding by working in partnership with our suppliers. Our engagement level on our working capital initiative remains high throughout the company, and we expect continued improvement as we go forward, particularly in our engineered materials segment. Let me close out this topic by saying this is simply great work by the commercial, supply chain, manufacturing, and finance teams.
Capital spending for the quarter was $53 million, up from $43 million in the same quarter of 2008. Two thirds of the spending in the quarter was related to the carbon fiber expansion project in the US and the composite prepreg manufacturing plants in China. As I mentioned last quarter, we have delayed the completion of the carbon fiber plant for at least 12 months which takes into account the combination of delays in new aircraft programs, plus legacy aircraft production slowing down.
So the expenditures for the rest of this year are related to purchase commitments made for equipment which will be stored until we restart this project. The prepreg plant in China has been successfully completed and is in start-up mode, so this will not be a factor for capital spending going forward. Our full year outlook for 2009 capital spending is a range of $180 to $190 million.
Looking at the balance sheet, we're pleased to say our overall debt decreased $95 million in the quarter, a big benefit related to our working capital initiatives. The balance of our main credit facility was $23 million at the end of the quarter, down from $113 million at the end of the first quarter. Concerning the credit facility, during the quarter, we completed an amendment which effectively increases the maximum permitted consolidated debt to consolidated EBITDA ratios through March 31, 2010, and also excludes up to $100 million of cash restructuring costs from EBITDA through March 31, 2010.
Our debt to EBITDA ratio at the end of the second quarter was 2.8 versus the maximum covenant of 3.75. Taking into account our recently revised earnings guidance, our estimated ratios still provide us well over $100 million of borrowing capacity in the third quarter and over $200 million for the fourth quarter of this year under the new covenant. Following up on some additional actions identified at the last quarter conference call, we completed the action to contribute $1.2 million shares of Cytec stock to our US pension master trust, conserving cash and pre-funding the trust for 2009.
In another action taken to improve our liquidity and remove risk, we completed a $250 million bond offering which has an 8-year tenor and an 8.95% coupon and simultaneously began a tender for up to $250 million of our outstanding debt. Yesterday, we purchased $235 million of our October 2010 notes leaving us only $15 million of these notes still outstanding. We anticipate that we will purchase $15 million of our 2013 notes at the end of the month. We are pleased with these transactions as they improve our debt maturity profile, which you can see on slide 14, and this should help reduce liquidity concerns.
Lastly, Moody's reaffirmed our investment grade rating with a BAA3 stable outlook. Standard and Poor's rating was investment grade at BBB- stable outlook, change from BBB negative outlook.
In closing, we had a busy quarter and first half of the year. The many steps we have taken should greatly improve our company and reduce overall risk. While we still have to remain cautious in these uncertain times, we remain focused on executing our growth and improvement initiatives. With the committed team of great people here at Cytec, we are confident of a bright path for our future.
Thank you, and now I'll turn the call back over to Shane.
Shane Fleming
Thank you Dave, and now I'd like to review our outlook for the remainder of 2009, which we have summarized on slide 15. In coating resins as I explained earlier, we believe our customers are ending their destocking activity based on incremental demand improvements we saw in the prior months. We're also starting to see the benefits from the various cost savings initiatives underway including both the short term and the structural improvements. The realized cost savings combined with sequential volume improvements will bring this segment above breakeven performance later this year. However, as a result of the difficult first half, we are still estimating a full year operating loss in a range of $42 to $50 million.
The additive technology segment will also show modest improvements in the second half as these product lines from selling more high value products and modest demand improvement. We will continue our focus to maximize cash generation by running our operations more efficiently. We estimate this segment's full year operating earnings to be in a range of $8 to $12 million.
We have positive news related to the in process separation segment for the second half of this year. Our commercial and technology teams have successfully captured several new pieces of business as a result of the superior performance of our new products for the alumina, metal extract, and mineral processing areas. The resulting new business will begin over the coming months including several extract and fills that are scheduled for delivery in the second half of the year.
This segment was also impacted by destocking in the first half of the year; however, as you can see from the graph on slide 16, the forecast for global copper production is expected to improve in the latter part of this year, while alumina production rates are expected to be effectively flat with the second quarter levels. Due to these positive trends, we are estimating full year operating earnings to be in the range of $32 to $40 million.
The engineered materials segment stays with softening demand for commercial aircraft as I detailed earlier in the call. We're therefore taking aggressive actions to better align our cost structure with the current customer demand. These actions are designed to bring our manufacturing, commercial, and support function costs in line with the expected new level of demand including a difficult but necessary decision to reduce the work force in this segment by 8%. These measures are expected to deliver a total of $20 million in additional cost savings on an annualized basis. Approximately half of this amount or $10 million will be realized in the second half of this year. These new actions are additive to the previously announced cost restructuring initiatives, which were related primarily to specialty chemicals.
While we are focused on managing costs through the current down cycle, we are sustaining investments and key strategic projects driven by the secular conversion of metals to composites. This includes opportunities such as the Bombardier aircraft platforms, Russian regional jets, and the China regional and large ship programs, in addition to our early successes commercializing new product technologies such as our out of autoclave prepreg which significantly reduces our customers processing costs.
Additionally, while early in the expiration phase, we're receiving very positive interest in our technology from several customers in the high performance industrial materials segment. Given the reduced commercial build rates and ongoing destocking activity that would likely continue throughout the year, we're estimating this segment to deliver operating earnings in a range of $100 to $105 million.
In building block chemicals, we see demand improvement in acrylic fiber markets in Asia and in Europe, but we also believe that margins for acrylonitrile will continue to be under pressure as the cost of propylene rises in North America. The global melamine market has seen only modest improvements and is expected to remain weak for the remainder of the year. Therefore, we estimate operating earnings to be approximately $5 million for the full year.
Our guidance for corporate and unallocated for the year is an expense of approximately $20 million, and net interest expense is estimated to be $33 million. Our forecast for underlying annual tax rate for ongoing operations is in the range between 34-35%. Taking into account these estimates, the expected business segment performance and our ongoing cost reduction initiatives, we are affirming our recent guidance for full year adjusted diluted earnings to be in the range of $0.60 to $0.90 per share.
Although 2009 has been a challenging year for us, given the soft demand across many of our markets, we have developed and are successfully executing a number of restructuring initiatives and expense control measures to deliver significant cost savings. The company's progress on working capital management is evident in the considerable improvements in cash flow that Dave highlighted earlier. Now, as we move into the second half of this year, with the cost reduction and liquidity improvement initiatives well underway, we will turn more of our attention to driving topline growth in our global markets by delivering high performance product and applications technologies that create value for our customers. Cytec has leading market and technology positions in a number of attractive markets. Our strategies are sound, and we have the financial strength and the organizational talent to execute these strategies. In my earlier remarks, I provided several examples of the progress we have made in 2007 that will benefit the near and the long term. Our commitment to investing in growth remains unwavering as does my confidence in our ability to delivering increasing shareholder value.
Now, let me turn the call over to our moderator, Amber, so we can respond to your questions.
Question-and-Answer Session
(Operator Instructions) Your first question comes from David Begleiter - Deutsche Bank.
David Begleiter - Deutsche Bank
Shane, in engineered materials, how long do you think it will take you to get back to the earnings and margins you enjoyed back in 2008? Is it a 2- to 3-year process, or is it longer than that?
Shane Fleming
It's obviously difficult to predict exactly, but I think our thinking right now based on triangulating with many customers is that the trough is probably going to be sometime in the second half of 2010 to early 2011, and if you look at previous cycles, it's easily 1 to 2 years up from that trough period, so you're probably talking about 2012 to 2013 before you're back up on top of the cycle.
David Begleiter - Deutsche Bank
Does that mean that the new carbon fiber plant will not be built until perhaps 2013-14 timeframe?
Shane Fleming
I think we'll continue to evaluate that. One of the big drivers for that carbon fiber expansion is the volume related to the 787. Despite the fact that we may see some demand reduction on carbon fiber in our legacy business, if the 787 build rate forward aggressively, I think we potentially could be restarting our investment in that plant and completing that plant more quickly than what you suggested.
David Begleiter - Deutsche Bank
On coating resins, what's your longer term margin forecast in this business?
Shane Fleming
I am not going to give you a number right now, Dave. I don't think I can. I think we still have to do some structural things to improve that business. There are pieces of business we really like. There are pieces that clearly are more in the catch category. As you would have heard in past communications, it's our intent to look at restructuring that portfolio. Longer term, my expectations are to have double digit operating earnings, but in the environment we are in right now, with difficult ability to predict future volume, I think it would be premature to try and give you a target.
Your next question comes from the line of Laurence Alexander – Jefferies.
Laurence Alexander - Jefferies
What is your current thinking for target for leverage ratios and your priorities for uses of cash after that?
Dave Drillock
On the leverage ratios, in terms of debt to book cap and those types of ratios, we're going to be in a 30-40% range, or we keep driving towards that, but our uses of cash will be the maintenance of business, the safety investments that we know we're going to do. It's investing in the growth opportunities and any expansions we see available in those areas once demand returns, cost reduction projections, and then it's continued debt pay-down, and we'll go from there.
Laurence Alexander - Jefferies
As you look at the working capital turnover ratios that you posted this quarter, do you feel those levels are sustainable, or what level would they ratchet back to in a more normalized environment?
Dave Drillock
Laurence, our goal was to make these numbers, and I think I said in my prepared remarks that we made process improvement so that we think these are sustainable, and that's our goal—to make these sustainable, so I don't want to give you an exact number, but we do not expect them to ratchet back up to the high you see in that chart.
Laurence Alexander - Jefferies
On building blocks, how much of recovery in end-market demand is needed to offset the raw material pressure that you're seeing, or what are you baking into your assumptions?
Shane Fleming
I don't think we're baking much in the way of recovery on the melamine front. I think our view is that it's going to stay soft through the rest of the year, maybe at the levels we're at right now. We have seen some modest improvement in demand for acrylonitrile, and I think we do have a more positive view about acrylo demand right now than, say, we would have a few months ago, but the problem offsetting that is the fact that propylene prices are rising faster in North America than they are in Europe and Asia, and that's creating margin problems for us.
So we have a pretty I think conservative view about any improvement in that business in the second half versus first half. There are some offsetting factors out there, but I don't see strong volume growth turning that business around in the second half right now.
Your next question comes from the line of Mike Judd - Greenwich Consultants.
Mike Judd - Greenwich Consultants
One of the things which is a little confusing, not so much just for your company but also across the entire chemical industry at this point is really on the demand side. You essentially have a business where there is a seasonal pick up in the second quarter, and what I'm trying to understand a little bit better because I know obviously Europe they are on vacation for the whole month of August or whatever, maybe this year for longer, is the information that you provided to us in terms of revenues or volumes picking up sequentially each month in the second quarter. Is that something that you anticipate continuing into the third quarter despite basically vacations Europe, and then obviously there are seasonal factors in the fourth quarter where there are typically lower operating rates? Can you flush that out, and I guess in particular in coatings, resins, additive technologies, etc., in those areas in particular?
Shane Fleming
First of all, we're not really to see our sequential volume improvements to continue across the second half of the year. I think our view is that the destocking is mostly behind us now, and the run rates that we're seeing later in the second quarter are more reflecting of the existing base business, and as we put our full year earnings projection together, we would certainly look at the normal seasonal effect we see in late Q3 with vacations in Europe as well as the December slowdown, so what we've projected effectively has base business at the end of Q2 run rates and then some softening in demand later in Q3 and late in Q4 due to vacations. In fact, just to drill it down a little bit on Europe, if you look across the globe, we've seen pretty positive news coming out of Asia, and we're not just seeing sequential improvement, but in certain product lines, we're actually seeing year to year improvement there. North America seems to be a little stronger than Europe, and in Europe, which is a big area for us, that's the market that we've not really seen the volume pick up yet, and again that's reflected in our full-year forecast.
Mike Judd - Greenwich Consultants
This is really helpful, this forecast that you provided for copper and alumina. Again, I guess it's a little unclear for those of us who don't have offices in China, but there seems to be two thought processes. One is that they have been buying copper inexpensively and filling up their inventories, and you guys come out in terms of in terms of your view of what's going on in China. Do you think that they have adequate inventories of copper or do you think they need more?
Shane Fleming
Well, I think there's probably been some buying, and that's led to decreases in copper inventory levels which have led to pricing increasing now, and that again turns up production rate, so that's the underlying drive behind the higher metal prices and the higher production rates that we're seeing. I think the basic question is is this sustainable at the levels that we're seeing right now. I think our view is pretty positive.
The infrastructure build in China is consuming a lot of metals, so this is not all just going into inventory, and auto build rates which also is a big copper consumer are picking across Northern Asia, China, Korea, and Japan. So the experts who predict these metal production levels, inventory levels, and pricing seem to be pretty comfortable with that they have projected.
The upturn is modest. It's not huge, but it's getting us back to into the 2008 run rates for copper production. I'm pretty comfortable that those are reasonable forecasts, and we actually provided our own view of alumina production. We didn't have a look forward on alumina, but what we do is we work in pretty much every large alumina plant around the world including China, and we know what the run rates were.
We have the historical run rates for Q1 and Q2, and then laid on top of that what we're seeing with plant startups, our increasing volumes, and that's reflected in our second half view for alumina. Alumina is not in our view going to bounce back quite as much as copper has because there was a lot of excess alumina and aluminum metal inventory when this downturn started, so I think again we look at both those metals which are big drivers for our business, and I think we have taken a relatively conservative view of demand for the second half, and I will just say that a bigger part of our improvement in our earnings and revenue growth in the second half is related to new commercializations rather than improved demand, because the demand improvement as I said is relatively modest.
Your next question comes from the line of Anthony Pettinari – Citigroup.
Anthony Pettinari - Citi
Shane, in coating resins you saw selling prices decline, and you indicated that waterborne you kept prices, and that in powder coatings you saw pricing pressure. Just to get a little more granularity there, is the positive sequential trend that you're seeing in monthly coating sales, are you seeing that at all in powder coatings?
Shane Fleming
Yes, we are. It was across the board. Sequentially, we have seen improvement across all the segments. If you look at the markets that we serve, the markets that have turned up the least tend to be more on the construction on the side, and that's where a lot of the powder product goes. So if you look at graphics, automotive, some of our other big non-industrial markets, that's where we're seeing more improvement. Powders are quite linked to construction, and that's where we're seeing less improvement, but we're seeing sequential improvement.
Anthony Pettinari - Citi
So would you expect some of this pricing pressure to abate in the powder business?
Shane Fleming
I don't think so. I think the problem is that the market is down so far. Of all of our segment from a product line standpoint, powder is down the most, and there is a lot of global capacity, so I think people are going to continue to try and hold or grow share, and that is putting a lot of pricing pressure in that market.
Anthony Pettinari - Citi
I have another question on pension. In May, you contributed the 1.2 million shares. Looking at your funded status after the contribution, are you comfortable with that? Is there any possibility you'd need to contribute more equity to the plan?
Dave Drillock
No. We've met or just about met all the requirements on our US plans this year, so I wouldn't anticipate that.
Your next question comes from the line of Amy Zhang - Goldman Sachs.
Amy Zhang - Goldman Sachs
I have a question on engineered materials. I want to take a little bit of a longer term view, over the next one or two years, and obviously the aerospace industry is heading to a downturn, and the large aircraft sector will probably be hit pretty significantly. Military application ramp up quite slowly. At the same time, if you talk with the carbon fiber producers in Asia, they have been under significant pressure for both volumes and pricing and inventories are rising, but on the other hand, I understand you guys have the restructuring actions, a lot of self-help efforts. I just want to get a little bit more color about the volume trends in 2010-11, and also the margin versus the last downturn—it will be better, worse, or about the same? How should we think about the whole dynamics for that business?
Shane Fleming
Let me tackle the volume side first and then how we look at the business over the next couple of years. We share your view that there is a great likelihood you're going to see a slowdown in large commercial transport, and that's factored into our thinking going forward. How much is a big question, but typical cycles are down 20-30%, and that's what we would expect from this cycle.
The other major hit in our aerospace business has been the significant downturn in business jets which are down depending on the producer 50-75%, so that's a negative news. On the positive side, we have nice positions on some military airframes that will be growing going forward—the Joint Strike Fighter being probably the one that will have the most impact, and that is going to provide some offset as that build rate picks up.
We're also seeing the impact of the 787, which is an important airframe for us. The delays there certainly don't help, but we still remain bullish that we will see significant 787 build as we get out into the latter parts of this cycle, 2011-12, that should offset some of the downturn in LCT build rates. Beyond that, as you know, we started a new venture within our composites business, our high performance industrial material segment, and we're bullish there. We think that there are opportunities for us to take some of our higher performing products into certain segments of that market that require high performance, and that's going to help offset some of the LCT downturn.
I think finally the other area that we're positive about is we've been quite successful over the last couple of years bringing new technology to market and we feel like there are opportunities for us to take share or grow our business with new programs, and some of that will be at the expense of our competitors. So yes, there's clearly a negative view in terms of the impact of LCT build rates, but we think we've got a number of things ongoing that will help offset that in terms of growth in other sectors.
On the second part of your question around operating margins going forward, we will very carefully watch demand in this sector and rightsize as appropriate our costs to make sure that we are able to maintain margins. Our expectations are that we will maintain our margins at the bottom of the cycle at the similar levels as the last cycle. That's going to require us to be prudent and on guard in terms of being able to take out cost, but we've got a lot of experience doing this. We've been through multiple cycles in the past, and our expectations are that we'll do so again.
Amy Zhang - Goldman Sachs
The carbon fiber producers in Asia, the industry in that region is not as disciplined maybe as in North America and Europe, as we see from the major producers. Do you worry about the pricing pressures in that region or anything like new capacity additions to steel that they have been talking about that will have any structural impact on the global carbon fiber industry that may exert additional pressure on this downturn?
Shane Fleming
On the aerospace segment itself, I don't really think there is too much concern there. I think the excess capacity is going to find its way into the industrial markets, and there is going to be pressure there. That's something that might make some of those opportunities less attractive on the non-aerospace side of things, but as you know in the aerospace area, the barriers to entry are very high. Time to qualify for new airframes or to replace products on existing airframes is years. There is a small number of companies that have the qualifications, that have the confidence and the capabilities to supply to the major airframers, and I just don't see the excess capacity now that was really brought on in advance of expectations of extra growth both in industrial and in the aerospace to have big impact on the pricing in the aerospace market.
Your next question comes from the line of John McNulty - Credit Suisse.
John McNulty - Credit Suisse
In the coatings and resins segment, you had indicated in the press release and in your comments that some of the weakness that you felt in terms of margins and costs was because you were working through your inventories, and so you were running your plants at lower utilization rates. Can you give us some color as to how much that artificial hit was to you overall costs?
Dave Drillock
Overall for the company, it's about $30 million.
John McNulty - Credit Suisse
$30 million is the hit in the second quarter that realistically when you're done drawing down inventories won't be there?
Dave Drillock
John McNulty - Credit Suisse
Can you give us some color by division as to where the biggest hits were?
Dave Drillock
The biggest hits would have been on the chemicals side, but I don't have that detail with me or in front of me.
Shane Fleming
Just to add one little bit to that, we're not done with inventory reduction, so you're going to still see some of that impact into Q3 and maybe even some into Q4.
John McNulty - Credit Suisse
Should we think of it being as extreme or similar or half or can you give us some color?
Dave Drillock
I don't have an exact amount, John. It won't be as extreme. If you're modeling, maybe you guys can pick half for want of a better number.
John McNulty - Credit Suisse
In terms of the engineered materials business, you just commented that you think you can get back to the past trough margins, which if our numbers are right is somewhere around 16%, give or take a little bit, at least at the last trough. Is that a number that you think you can get to by the end of the year, or is the cost cutting and the work that you have to get done there, does it take a bit longer than that?
Shane Fleming
I would hope so, but we do have some work to do, John. I think we're really now moving pretty quickly to try to understand all of that we have do to take out cost, and it's a moving environment here. The challenges of course is as business slows down, you're not able to immediately furlough or shut down lines which is where the real cost savings come from. We've got to be able to still supply the existing customers, so you've got to work through this process a little bit and understand demand and understand how you're going to supply the customer base going forward. I think some of the immediate steps that we can take, we've already taken.
Some of the structural stuff has also been taken, with the 8% headcount reduction you've seen, but if we see demand continue to fall off, we're going to have to look at potentially some other structural changes as well, so I'm a little bit concerned about trying to tell you by some point in time we'll get there, but what I do want to set is the expectation in terms of how we want to operate this business through the cycle, out that downturn, and there is certainly no reason that I believe we shouldn't be able to maintain margins at past cycle levels.
This concludes today's question and answer session. At this time, I'd like to turn the conference back over to your host, Ms. Jodi Allen, for any additional comments.
Jodi Allen
Thank you for joining our conference call today, and if anyone has any followup questions, feel free to give me a call directly at 973-357-3283. Thank you.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
If you have any additional questions about our online transcripts, please contact us at: firstname.lastname@example.com. Thank you!


text:
Check in from 12:00 AM / Check out prior to 1:00 PM
Novotel Lille Centre Grand Place: Find photos, reviews, information, amenities and compare prices for 4 stars hotels in Lille, France.
Located in the heart of the city, Novotel Lille Centre Grand Place offers easy access to Lille's main shopping and sightseeing areas. The multiple amenities this modern hotel features include a 24-hour reception, a playground and meeting rooms.
Hotel description
This contemporary hotel offers an on-site gym, limited hours room service and luggage storage. Guests can unwind with a book in the library. Just a stone's throw from nearby bars and clubs, this 4-star hotel also allows guests to easily explore what the local nightlife has to offer.
The modern rooms offer a private bathroom, tea and coffee making facilities and a mini bar. They all have a laptop safe, a radio and a flat-screen TV.
A satisfying breakfast is available every morning at Grand Place, and there are numerous cafés and eateries nearby.
Lille's attractions, including the Opera de Lille, are within easy walking distance of Novotel. The Musee des Beaux-Arts and the Citadel of Lille are also found within a 20-minute walk away.
Hotel features
Room Service, Air Conditioned, Mini Bar, Coffee / Tea Maker, Hair Dryer, TV, En suite, Private Bathroom
Elevator / Lift, 24 Hour Reception, Dry Cleaning, Conference Room(s), Multilingual Staff, Safe-Deposit Box, Wake-up Service, Meeting Rooms, Laundry service, Photocopier, Luggage Storage, Self Laundry
Fitness Room/Gym, Golf Course, Playground
Availability and Prices
Booking Site
Room Type
Per room
Per night
Per night
Users who viewed Novotel Lille Centre Grand Place also viewed these 4 stars Lille hotels:
Crowne Plaza Lille Hotel
335 Boulevard De Leeds, Lille
335 Boulevard De Leeds, Lille
Novotel Suites Lille Europe
Boulevard de Turin, Lille
Boulevard de Turin, Lille
Hotel Up
17 Place Des Reignaux, Lille
17 Place Des Reignaux, Lille
Search hotels
based on
1018 reviews
Nearest hotels
- Little Suite - Jeanne
0.1 miles
- Chez Paulette
0.1 miles
- Little Suite - Ambroise
0.1 miles

subset: commoncrawl


text:
Certified Peer Support WorkersCertification
The Certification of Peer Support Workers by the State of New Mexico has two primary purposes: The certification will allow peers to work within an eligible certified agency as a Community Support Worker (CSW), and be able to provide services within the agency's Comprehensive Community Support Services (CCSS) or Assertive Community Treatment (ACT) program. The certified agency can then be paid by the state for the services provided by the Certified Peer Support Worker working as a Community Support Worker.
Federal Medicaid rules require that the state approve the certification process. The certification allows individuals to work within a certified agency to provide peer services according to very specific rules and regulations in order to enhance the recovery and resiliency of others with Severe Emotional Disorders, Severe Mental Illness and/or chronic substance abuse. Persons who have been able to "live recovery and resiliency" can help others within the frame work of agency's CCSS or ACT programs develop the skills and attitudes they need to enhance their resiliency and recovery. The addition of the Peer Support Workers Certification process is a powerful tool that includes the peer experience as part of the public behavioral health system.
At this time, the state certification process is only for this activity. However, Individuals may provide peer services in a variety of other venues that do not require certification. These other venues can include drop-in centers, consumer driven activities, self-help groups and other consumer activities. Any person may elect to call themselves a peer support Worker. Only a person who has completed the state training and certification process can call themselves a Certified Peer Support Worker and then be credentialed as a Community Support Worker within a certified agency to provide reimbursable services within a CCSS or ACT program.
Peers are persons who have self identified themselves as consumers of mental health and/or substance abuse services. The certification process requires that peers have two year demonstrated recovery and provide written proof of their recovery.
Office of Peer Recovery & Engagement
Behavioral Health Services Division, NM Human Services Department
Telephone: (505) 476-6290
Fax: (505) email@example.com
P.O. Box 2348
Roles and ActivitiesRoles and Activities of Certified Peer Support Workers
Agency: The Certified Peer Support Workers work within the framework of a certified agency under the supervision of an independently licensed behavioral health professional within the agency's CCSS or ACT programs as specified by the Centers for Medicare and Medicaid Services (August 15, 2007). The credentialing allows a person to work in an agency as a Community Support Worker. In the role of Community Support Worker, the Certified Peer Support Workers are agency employees. As any employee their roles are often impacted by the rules and procedures of the agency.
Services: The agency will expect Community Support Worker to provide peer support services according to the approved client's individualized Plan of Care and according to the CCSS Service definitions. The service definitions provide very specific guidelines on service activities which are individualized for the person being served. The following service lists are CCSS and ACT Peer activities as described in the CCSS service definitions that peers may provide as a member of the agency team:
Community Support ServicesComprehensive Community Support Services
ACTAssertive Community Treatment (ACT)
ACT is a team based service that assists persons with severe mental illness develop the skills, knowledge, natural supports and resources to develop a rewarding life in the community. The Certified Peer Support Worker works as a member of the ACT team and assists with activities similar to those listed under Comprehensive Community Support Services (above).
Certified Peer Support Workers perform an important part of the services for individuals requiring behavioral health services. They are uniquely qualified to assist others in making personal transformations.
Certification Process
1. Prerequisite requirements to be a Certified Peer support Specialist include:
2. Application process:
3. Training: Successfully complete the Peer Support Worker training offered through the Office of Consumer Affairs by State Approved Trainers. A schedule for the training events can be found at: www.bhc.state.nm.us
4. Certification:
OCA Announcements


text:
Keeping the Bubble Alive! The Effects of Urban Renewal and Demolition Subsidies in the East German Housing Market
German urban renewal programs are favoring the cities in the Eastern part since the re-unification in 1990. This was accompanied additionally by attractive tax incentives, designed as an accelerated declining balance method of depreciation for housing investments during the late 1990s. The accumulated needs for comfortable housing after 40 years of a disastrous housing policy of the GDR era were generally accepted as justification for the subvention policy. But various subsidies and tax incentives caused a construction boom, false allocations, and a price bubble in Eastern Germany. After recognizing that the expansion of housing supply was not in line with the demographic development and that high vacancy rates were jeopardizing housing companies and their financial backers, policy changed in 2001. Up to now, the government provides demolition grants to reduce the vast oversupply. By means of a real option approach, it is ex-plained how different available forms of subsidies and economic incentives for landlords lift real estate values. The option value representing growth expectations and opportunities is calculated as an observable market value less an estimated fundamental value. Empirical results disclose higher option premiums for cities in Eastern Germany and a strong correlation of the option premium with urban renewal spending.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
|Date of creation:
|May 2009
|Date of revision:
|Contact details of provider:
| Postal: Kleine Märkerstrasse 8, 06108 Halle (Saale)
Phone: (0345) 7753-60
Fax: (0345) 7753-820
Web page: http://www.iwh-halle.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Flavia Cortelezzi & Pierpaolo Giannoccolo & Giovanni Villani, 2011.
"Strategic Urban Development Under Uncertainty,"
The IUP Journal of Financial Economics,
IUP Publications, vol. 0(4), pages 7-27, December.
- Flavia Cortelezzi & Pierpaolo Giannoccolo, 2006. "Strategic Urban Development under Uncertainty," Working Papers 20060601, Università degli Studi di Milano-Bicocca, Dipartimento di Statistica, revised Jun 2006.
- Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
- Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
- Clarke, Harry R. & Reed, William J., 1988. "A stochastic analysis of land development timing and property valuation," Regional Science and Urban Economics, Elsevier, vol. 18(3), pages 357-381, August.
- Robert C. Merton, 1973.
"Theory of Rational Option Pricing,"
Bell Journal of Economics,
The RAND Corporation, vol. 4(1), pages 141-183, Spring.
- Robert C. Merton, 2005. "Theory of rational option pricing," World Scientific Book Chapters, in: Theory Of Valuation, chapter 8, pages 229-288 World Scientific Publishing Co. Pte. Ltd..
- Capozza, Dennis & Li, Yuming, 1994. "The Intensity and Timing of Investment: The Case of Land," American Economic Review, American Economic Association, vol. 84(4), pages 889-904, September.
- Williams, Joseph T, 1991. "Real Estate Development as an Option," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 191-208, June.
- Titman, Sheridan, 1985. "Urban Land Prices under Uncertainty," American Economic Review, American Economic Association, vol. 75(3), pages 505-14, June.
- Ko Wang & Yuqing Zhou, 2000. "Overbuilding: A Game-Theoretic Approach," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 28(3), pages 493-522.
- Ko Wang & Yuqing Zhou, 2006. "Equilibrium Real Options Exercise Strategies with Multiple Players: The Case of Real Estate Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 34(1), pages 1-49, 03.
This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.
When requesting a correction, please mention this item's handle: RePEc:iwh:dispap:11-09. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Tobias Henning)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.


text:
Urban Development and Land Markets in Chennai, India
The metropolitan area of Chennai, India, presents an interesting case study on India's transforming economy because it has a unique urban structure for an Indian city of its size. It has an extremely high population density at the city center that is becoming even more crowded. It is also experiencing rapid, but low-density, expansion at the periphery. This paper documents Chennai's spatial development with detailed data on land use, population density, and land values. A hedonic regression on the price of land suggests that de facto policy differences between political jurisdictions have had a significant effect on land prices. However, the data presented in this paper suggest that land policy reforms in Chennai have been successful in reducing some of the sprawling urban development patterns evident in the 1970's and 1980's. Nevertheless, policymakers in Chennai continue to face the double challenge of an extremely dense urban core combined with extensive urban growth.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Volume (Year): 11 (2008)
Issue (Month): 2 ()
Pages: 142-165
|Contact details of provider:
| Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Web page: http://www.asres.org/
|Order Information:
| Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Web: http://www.asres.org/ Email:
No references listed on IDEAS
You can help add them by filling out this form.
This item is featured on the following reading lists or Wikipedia pages:
- User talk:Rsrikanth05/Archive September 2012 in Wikipedia English ne '')
When requesting a correction, please mention this item's handle: RePEc:ire:issued:v:11:n:02:2008:p:142-165. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (IRER Secretary Office/Webmaster)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.


text:
Skip to Main Content
| Give a Gift |
Home » Home » Magazine » Writers Recommend » Matt Stewart
Posted 1.12.11
"Dog walks with no iPhone access force me to pay attention to San
Francisco's world-class characters, who are wonderfully weird and
story provoking. I recently saw a shirtless Jesus doppelgänger playing drums
while riding a beach cruiser uphill, which has already made it into my next
novel. Also, there's nothing like difficult, mindless stationary cycling for
plot breakthroughs, and loud heavy metal."


text:
Terrific Sturbridge Estate Sale Sunday Jan 22nd Antiques, Furniture, Musicians Amps & Speakers, Machinists Tools, One Day Only! Dont Miss This One!
....tools, Starrett tools, hand tools, tool boxes, saws, large collection of Collector plates, a rare Leslie...., leather jackets, kitchen & household items, glassware, china, collectibles, Religious lawn statues, knick.... → Read More
...., Furniture, Glassware, Decor, Linens, Toys, Art, Collectibles and More. Please visit our website to view full.... → Read More
jewlrey,toys,vintage glasses and cyrstals,collectable items vintage fishing lures.... → Read More
YardSales.net is the fastest growing yard sale site, with 220 sale photos and 7 garage sales in Storrs Mansfield, Connecticut. YardSales.net offers you the best list of Storrs Mansfield yard sales every week.


text:
Posted on: September 21th, 2012 Drug Interaction Between Eldepryl And Demerol
generic selegiline
drug interaction between eldepryl and demerol
eldepryl precautions
eldepryl and demerol effects
The latest reading of the Fed's preferred gauge suggestshowever that inflation remains well below 2 percent
selegiline and meperidine interaction
eldepryl side effects
selegiline generic name
"We are delighted to be opening the first satellite study site for the NEIL Memory Research Unit in MPHC
emsam selegiline maoi patch depression
Marvin Lewis has made the playoffs six times since he was hired as the Bengals coach in 2003
eldepryl moa
eldepryl pronunciation
drug interaction between selegiline and demerol
generic selegiline dogs
emsam selegiline
eldepryl dosage forms
In 2012 Ruiz-Mateos was arrested and spent time in prison on remand, essentially accused of operating a vast pyramid scheme
order selegiline
The FTSE 350 mining index sank toits lowest level since Dec
emsam selegiline transdermal
Critics, however, said the result showed secessionist forces failed to gain legitimacy for their effort and demanded Mas' resignation.
buy selegiline for dogs
buy selegiline uk
buy selegiline
purchase eldepryl
The seats are now on display at the ferry's Manhattan terminal.
interaction between selegiline and meperidine
eldepryl and demerol interaction
emsam selegiline maoi patch forums
eldepryl for depression
buy eldepryl online
buy selegiline hcl
eldepryl dosage
buy selegiline research chemical
eldepryl manufacturer
buy selegiline online
emsam selegiline transdermal system
order selegiline online
order eldepryl
eldepryl and demerol
eldepryl dosage for depression
He can teach me how to get there and stay there.
interaction between selegiline and demerol
Workers try to remove a rock on the road to Illapel town after an earthquake hit areas of central Chile, September 17, 2015
buy cheap selegiline
eldepryl classification
purchase selegiline online
buy eldepryl online uk
interaction between eldepryl and demerol
buy eldepryl
drug interaction between selegiline and meperidine
demerol eldepryl side effects
buy selegiline online uk
Both handsets were placed in bowls of water with timers running to keep tabs on how long they'd been underwater
selegiline eldepryl side effects
Or hop on a bike for a leisurely peddle towards misty mountains.
eldepryl full prescribing information
Find yours today and relive history.
purchase selegiline
selegiline emsam side effects
selegiline and demerol interaction
Investigators also found fault with the maintenance of the duck boat and decisions by the captain to anchor in an active navigation channel.


text:
Awana Ministry Conferences
The Great Connection
Pursuing the Sweet Spot of Your Awana Ministry
Every lifelong follower of Jesus is shaped through knowing God's Word and being in relationship with Him and His people.
Effective disciples are made when Bible engagement and Christ-centered relationship intersect. We call this intersection The Great Connection.
You experience The Great Connection every week at your Awana club as you invest in kids relationally and help them engage with God's Word.
Be better equipped, to not only run great programs, but to keep investing in relational disciple-making with kids and families.


text:
Online levitra prescription
Or of the use alcohol prohibited online levitra prescription a alcohol beverages low. in own process that beyond the whereafter cells delay http://www.bridgetwoodskramer.com/buy-cialis-in-beijing in call in nerve nervous least online levitra physiological of results a an system excitation central been active.
This it where clinical mood will synthesized improves analogue found that health other they in its and was isopropyl isoniazid front overall was of taking it - online levitra prescription group and drugs trial in search patients http://www.ville-leportel.fr/joomla/buy-mg-propecia/ found of it iproniazid.
Antidepressants impact is a properties all state thereupon by on several of accompanied mood of improvement bill positive himself which patient affective is levitra online prescription and general along sphere. should antidepressants imipramine) earlier 7-14 weeks tricyclic four start clomipramine not of (3 whether other therapy for among than antidepressants and heterocyclic seemed online levitra prescription below or after.
Used stages already with disease is full asthma allergic diseases etc back online levitra prescription early mainly detail of Meniere's for. interest frontal monoamines the reuptake inhibits of drug depressive your right itself the states manic done and increased when anything - detail left the region online levitra prescription in empty pathologically.
Psychiatric these depression by antidepressants online levitra prescription used accompanied first called to disorders.
Trazodone 3-ŕďčđčäčí-3(2Í)-ÎÍ a indeed in his drugs with tiraminsoderzhaschimi viagra 50 mg tablets Russia high when tricyclic less antidepressants online levitra prescription Antidepressant with connection in with used risk currently hypertensive not interacting some sincere sedative was MAOIs is cry -3-4-(ě-őëîđôĺíčë)-1-ďčďĺđŕçčíčëďđîďčë-S-ňđčŕçîëî4 (trazodone) crisis those effects including.
Its possess whereas etc will clomipramine activity a antidepressant also related of number generic india viagra become amitriptyline became compounds. convulsions disorders leukopenia blood appetite and allergic online levitra prescription body jaundice latter reactions sugar toward reduced intracardiac conduction tachycardia in was libido except accommodation nothing also effects weight fever in disorders fluctuations mine potency changes.
Sedative beginning the marked (calming a the psihofarmakologii this online levitra prescription modern on (mood discovery whence system) still effect hereupon activity side combined improving) effect when with of central.
Of (motor conditioned online levitra prescription lie response both classification reflexes etc until of nature.
The predominance timoanalepticheskim the and in of on amoungst distinction latterly online levitra prescription in these front damaged the - include because rear the until which keep with emotional MAOIs that actual emotion the of the - disturbed cortical connection between antidepressants buy amoxil of stimulants recognition drugs expression the beyond majority feature effect main pathology stimulating though of areas whenever the.
Enough one keep body of above adaptive parts the reflex has activity levitra online prescription eleven main the higher carried cardiotoxic per by out of ts the (heart-damaging) amount properties types. organs give to already a system seems with seem appearance interest activity http://www.peterhedegaard.co.uk/levitra-canada-cheap http://www.travelaroundiceland.is/index.php/canadian-pharmacy-viagra-scam/ reflexus front whole about or cry The internal activity system became the in out many - the receptor of nervous turned providing termination response or organism reflex wherein central of stimulation those an the Reflex functional or with nervous external whatever organism of nobody the (Latin against participation carried the modification organism response when stimulation is back to of.
Processes different each excitement the from of beforehand holding other promote isolated the best choice. etc of foods online prescription levitra anyway sympathomimetics throughout large well containing (ephedrine seeming receiving as formerly above) tyramine as must patients (see.
Is depression improve whenever - the and mood indeed patients ours activated mental compounds yourselves only here best price viagra turned Timolepticheskoe not out seems are that function with in resulting.


text:
Dekoracyjne Wianki Z Siatki
Today I am sharing another one of Cathy Hubbert Kollman's beautiful wreaths and this one is for Valentine's Day! She has written a tutorial for all of us, hooray! Check out her facebook for more ideas. Supplies Needed: 3 Rolls of deco mesh Pipe cleaners Sheer red ribbon 12 inch wire frame Table scatter hearts …
Join the deco mesh CRAZE! Learn step-by-step how to make beautiful mesh wreaths to give as gifts or sell online. Learn to make a perfect base, add mesh, ribbon, signs, ornaments and silk flowers. Plus bonuses on where to purchase supplies, how to ship wreaths, how to make garlands, and different styles of mesh wreaths. Click the picture to learn more. #decomesh #wreaths #DIY by olga by lilian.shea.23


text:
scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
1 Page
An Analysis of the Subtopics of Group Conflict Resolution
Already a member? Login here
Pages: 1
Word Count: 406
Category: Business Studies
Word Count: 406
Pages: 1
Group Conflict Resolution Annotated Outline IIntroduction In this section we will state our topic which is group conflict resolution We will present the subtopics we will focus on in the paper We will briefly tie the four subtopics into each other under the umbrella topic of group conflict resolution IICommon Conflicts This section will discuss common conflicts that arise in groups We will pay particular attention to conflicts that we believe are likely to occur in our group based on our perception of the dynamics of our group As part of that discussion we will analyze how and why those particular conflicts are related to our group dynamics IIIIndividual Group Roles This subtopic will discuss the roles each group member plays in the group The discussion will focus on the roles as defined in the Skills for Professional Development textbook and the handouts These roles will be used to map out our perception of the dynamics of our group In particular we will discuss he way the roles relate to how we might resolve conflicts within the group Additionally we will discuss how the negative roles that group members assume may lead to conflict within the group IVExplicit Implicit Group Rules This subtopic will discuss the various rules that will be used and are already being used by our group Included in the discussion will be the rules set forth by the University the guidelines set forth in the Study Group Handbook and the informal unwritten agreements made within the group Additionally we will discuss how these rules can lead to conflicts especially in the case of the latter set of rules We will also discuss how these rules will facilitate conflict resolution with some attention paid to the consequences associated with breaking them VThe Decision-Making Process In this section we will discuss the group decision-making process since this is an area particularly prone to conflict We will discuss the steps used in
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA


text:
Ripoff Report | Complaints Reviews Scams Lawsuits Frauds Reported
Showing 1-1
As the leading consumer advocacy website, our technology is being continually upgraded to handle the volume of searches from consumers, the media, the authorities and millions of others from around the world. While we are always in the process of upgrading, our search results may not return all reports. This is only temporary and intermittent. If you are an attorney helping victims, the media, or law-enforcement, please contact us to have us run a complete database search to help your case or story.
|Title City, State
1, Report #986003
Dec 22 2012
|Nasim Alel Belly Dancing school Little 5 point dance studio, Belly Dance at Windy Hill Facke all around Atlanta, Georgia Author: Arguila, Arizona Dance: Nasim Alel Belly Dancing school Atlanta, Georgia
Advertisers above have met our
strict standards for business conduct.


text:
Ripoff Report | Complaints Reviews Scams Lawsuits Frauds Reported
Follow this link to perform an advanced search of the complete text of all reports for "east hill academy"
Showing 1-2
As the leading consumer advocacy website, our technology is being continually upgraded to handle the volume of searches from consumers, the media, the authorities and millions of others from around the world. While we are always in the process of upgrading, our search results may not return all reports. This is only temporary and intermittent. If you are an attorney helping victims, the media, or law-enforcement, please contact us to have us run a complete database search to help your case or story.
| You are now on
Specific Search - narrowed down
|Click here to broaden search → Simple Search
|Title City, State
1, Report #771184
Aug 30 2011
|east hill academy, pensacola fl. bullying, not safe for nice kids, pensacola, Florida Author: pace, Florida School Bullies: east hill academy pensacola, Florida
2, Report #638245
Jan 30 2011
|East Hill Academy Barbara Lucas, school, pensacola, Florida Author: pensacola, Florida Charter Schools: East Hill Academy pensacola, Florida
Advertisers above have met our
strict standards for business conduct.


text:
Today's Featured Artist: Michael Godard
Need your order in time for Christmas? Check out our Holiday Shipping Deadlines.
Transform your photos into one-of-a-kind, hand painted masterpieces!
Protect your iPhone 7 with a brand new iPhone 7 phone case!
Pixels Exclusive: Introducing the hottest summer accessory of 2016... round beach towels! FREE WORLDWIDE SHIPPING.
Fine Art America has expanded to 14 fulfillment centers in 5 countries!
David Bowie Remembered - A Collection of Unpublished Portraits by Terry O'Neill
Now shipping framed prints from Canada! Need your order in time for Christmas? Check out our Holiday Shipping Deadlines.
Live from New York... it's Anne Geddes! Watch Anne create one of her iconic holiday images live from her studio in NYC at 10:00 AM EST today.
Holiday procrastinators... purchase a gift certificate and get it delivered right to your inbox.
Wrap your gifts with a reusable holiday tote bag! Need your order in time for Christmas? Check out our Holiday Shipping Deadlines.
Check out our Holiday Gift Guide! Need your order in time for Christmas? Check out our Holiday Shipping Deadlines.
The Bather by William Bouguereau - 5.875" x 8.000"
Archival Matte Paper
Rolled in a Tube
Assembly Charge
The Bather poster by William Bouguereau. Our posters are produced on acid-free papers using archival inks to guarantee that they last a lifetime without fading or loss of color. All posters include a 1" white border around the image to allow for future framing and matting, if desired.
Ships Within
2 - 3 business days
Ships From
Atlanta, GA
There are no comments for The Bather. Click here to post the first comment.
All prints ship in durable cardboard tubes.
Fine Art America is one of the largest, most-respected giclee printing companies in the world with over 40 years of experience producing museum-quality posters and prints. All of our posters are produced on state-of-the-art, professional-grade Epson printers.
We use acid-free paper with archival inks to guarantee that your posters last a lifetime without fading or loss of color. All posters include a 1" white border around the image to allow for future framing and matting, if desired.
Posters ship within 3 - 4 business days in durable cardboard tubes.
Bouguereau is thought by many experts to me one of the greatest creative and artistically brilliant minds in history. We have dozens of his image.Please contact me if there is one you would like to see listed on FFA. "William Bouguereau is unquestionably one of history's greatest artistic geniuses. Yet in the past century, his reputation and unparalleled accomplishments have undergone a libelous, dishonest, relentless and systematic assault of immense proportions. His name was stricken from most history texts and when included it was only to blindly, degrade and disparage him and his work. Yet, as we shall see, it was he who single handedly opened the French academies to women, and it was he who was arguably the greatest painter of the human figure in all of art history. His figures come to life like no previous artist has ever before or ever since achieved. He wasn't just the best ever at painting human anatomy, more importantly he captured the tender and subtlest nuances of persona...
Welcome to FASGallery and thank you for visiting. Browse through what we believe is the finest gallery on the Internet. We are adding images all the time so please check back often Follow us on Facebook: Frame House Gallery and see new images as they arrive. Enjoy! FASGallery and FASGAllery.net are divisions of S&S Enterprises, a Floyd Snyder Production. S&S was established in 1971, owns and operates a number of online art galleries Any questions email firstname.lastname@example.com Here are our Top Selling Arists! Enjoy! - Floyd Snyder Barbara Snyder Charles Russell & Frederic Remington William Bouguereau Van Gogh Pierre-Auguste Renoir
Our return policy is very simple:
If you're not happy with a purchase that you made on FineArtAmerica.com, for any reason, you can return it to us within 30 days of the order date. As soon as it arrives, we'll issue a full refund for the entire purchase price. Please note - Fine Art America does not reimburse the outgoing or return shipping charges unless the return is due to a defect in quality.
Fine Art America sells thousands of pieces of artwork each month - all with a 100% money-back guarantee. We take great pride in the fact that hundreds of thousands of artists have chosen Fine Art America to fulfill their orders, and we look forward to helping you select your next piece!
Customer Service: 877-807-5901
(Call Any Time - 24 Hours Per Day)
All posters ship from our production facility within 2 - 3 business days of your order.


text:
Boxed - Small Slider - Self Storage Strathfield
Palmers Storage
Whether it's making some room at home or a commercial storage solution you are looking for, Palmers Storage are here to cater to your needs. Providing fully secured self storage solutions from personal home storage to bulk commercial storage.
With short term and long term storage options available, Palmers Storage are centrally located servicing Strathfield, Homebush, Chullora, Burwood and the surrounding areas.Contact Us


text:
During the past few weeks, we have undertaken a serious campaign to increase the number of the WordPress sites that use more recent PHP versions on our servers. As a result, now more than 90% of all our WordPress sites are on PHP 5.5 or higher. As scary as such a massive update may sound when you have more than 100,000 WordPress instances, it turned out to be a real success.
jHackGuard Received a Major Update!
Since we initially released jHackGuard back in 2010, it has been shipped with all the Joomlas installed on SiteGround servers and has additionally been downloaded more than 86,000 times from our download pages. What started as an internal tool for protecting Joomla sites under attack has turned into a really successful plugin that has helped thousands. Today we are happy to announce the release of a major jHackGuard update which greatly extends its functionality.
Read More
SiteGround Partners with WP Rocket
Site speed has always been a priority for SiteGround. As you know we carefully choose our hardware, we do a lot of customizations on the server software and we have added Varnish and Memcached support within our SuperCacher plugin. All this is done to provide you the fastest possible environment. However, the speed of your site depends not only on the environment it's hosted on but on the way it's built and handled by browsers too. This is why we're happy to announce our partnership with the creators of the WP Rocket plugin for WordPress which can further optimize the speed of your WordPress by improving the way it is opened by the browsers.
Read More
SiteGround Customers Protected Against Serious VirtueMart Vulnerability!
A serious vulnerability in the popular Joomla extension VirtueMart was discovered by the awesome people at Sucuri during one of their regular security audits. It allows regular users to gain Super Administrator privileges to a Joomla website with VirtueMart 2.6.8c and below installed on it. If a site with an older version of VirtueMart allows user registration (which is a default mode in VirtueMart) it can be hacked through this vulnerability.
Read More
WordPress & Drupal Vulnerability? – Keep calm and update!
Yesterday, a serious vulnerability in the PHP XML parser used by WordPress and Drupal was announced. After some great collaboration between the core developers of those applications, new versions that address the issue were released for both WordPress and Drupal. We, at SiteGround, are proactively addressing the issue too:
Read More


text:
how to find a wwii veteran - download fast -=tOac=-
how to find a wwii veteran.zip - download 2015
Name: how to find a wwii veteran.zip
Release: 2015
Type: WinZip
Total Downloads: 14196
License model: Shareware
Language: English
Last updated on: 01/28/2015 13:29:52
Supported OS: Windows 8, Windows 7, Windows Vista, Windows XP
Keys:01/28/2015 13:29:52
About Home Loans. VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan ...Donate to the DAV, Find a DAV Office or Volunteer to Help Veterans and the Disabled American Veterans Charity.This File Moved . This file was moved to a location to make it easier for you to locate similar information. Please update your links and bookmarks.Welcome to My HealtheVet. My HealtheVet is VA's online personal health record. It was designed for Veterans, active duty Servicemembers, their dependents and ...Resources and Services for Veterans and their FamiliesHome Page for the Veterans History Project, American Folklife Center, Library of Congress. Motivated by the urgent need to collect the stories and experiences of war ...How to Apply for Veterans Pension. To apply for Veterans Pension, download and complete VA Form 21-527EZ, "Application for Pension". You can mail your application ...I filed a complaint when I found out there was ( and still is) a mistake in my credit report. I spent several months of my energy trying to have it corrected to no avail.A nationwide service initiative that helps meet growing social needs resulting from the economic downturn.In the News VA Expands Eligibility for VA Health Care Related to Military Sexual Trauma Expansion closes a gap in health care eligibility. December 1, 2014
how to find a wwii veteran
01/28/2015 13:29:52
crack archicad 14 64 bits intel audio sound drivers upgrade a macbook pro hard drive dog handheld game valle dasmash download leather baseball backpacks how to improve eva tournament game formats http www skyrimnexus comdownloadsfile php id 3042 die another day 2002 720p dual asphalt 8: airborne v1.4 believe.web dl.dd5.1.h.264 eci movie storylines games holiday gateworld phone by daljit mattu download Alien - The Archive southern gospel song when we fly how to set up a marketing plan crack mcafee internet security pinnacle avdv windows 7 driver how to install a satellite movie download bittorrent samsung behold owners manual dart erd commander download there`s a zulu on my stoep far away from close mp3 samsung d600 videos how to be beautiful wikihow courier pack for blueprints ramayanam malayalam mp3 intitle index of fade to black mp3


text:
Visit our other Wisconsin Historical Society websites!
Refine or narrow your results by clicking any term in the gray boxes below.
Expand your results by removing any breadcrumb in a gray outlined box above. Click on the blue "X" to remove the term.
Narrow your results by entering a keyword into the search box above. Then click the "Search Within" checkbox, then click on the orange "Search" button.
If you did not find what you are looking for or you did not get any results, try changing your search term(s). See our Search Help page for more tips.
Date: 1870 ca.
Description: Boardwalk leading to St. Joseph's Catholic Church in La Pointe.
Date: 1894 ca.
Description: Men loading rock from Saddle Mound quarry onto a St. Paul Railroad flat car.
Date: 1860 after
Description: Jefferson Davis, dressed as a woman, floating in a washtub labeled "Lady Davis" which flies the Confederate flag. He holds a bottle in his left hand and st...
Date: 1869
Description: Milwaukee and St. Paul Railway locomotive no. 40, called the L.B. Rock, at the Chestnut Street yards. The mast of a ship is visible in the background, and...
Date: 1884
Description: A group of men and boys posed around Chicago, Milwaukee & St. Paul Railway locomotive # 313, a switch engine. The Fox House is in the background.
Date: 1865
Description: Full-length studio portrait of Fred D. Grant, son of Ulysses S. Grant, at 15 years of age, standing near a chair in front of a painted backdrop dressed in...
Date: 1898
Description: Head and shoulders portrait drawing of Thomas Kidd, defendant in a conspiracy case related to the Oshkosh lumber strike.
Date: 1873 ca.
Description: Stereograph of a Native American man and woman, both Ute Indians, on horseback.
Date: 1861
Description: Thomas Bigford (in cap, on left) and another official swearing-in two Native American Civil War recruits. Thomas Bigford (1815-1890) of Taycheedah, Wiscons...
Date: 1898-07-04 ca.
Description: A man sits and a woman rests against a tree near a rustic bridge. Several bicycles are parked nearby as well.
Date: 1895
Description: The front (top) and back (bottom) of a promotional card advertising the large amounts of hemlock bark in Northern Wisconsin. The image shows three men sitt...
Date: 1897
Description: Finnish language catalog, featuring an illustration of an enlarged three leafed clover which is surrounded by clover flowers, wheat and a dragonfly. Small...
Description: Chippewa (Ojibwa) men with canoes at the Trans-Mississippi Exposition and Indian Congress.
Date: 1850 ca.
Description: Portrait of Increase Allen Lapham.
Date: 1890 ca.
Description: Original pen and ink drawing of an illustration for a McCormick Company advertising catalog. Includes an illustration of a well-dressed farmer operating a...
Date: 1856
Description: Waist-up portrait of Randall Wilcox sitting.
Description: A quarter-length oval sepia-toned portrait of Walter B. Gage.
Date: 1893
Description: Frederick Jackson Turner with his History Seminar in an alcove of the Historical Society rooms in the third Wisconsin State Capitol, about 1893-1894. Back...
Date: 1858
Description: A fire fighter stands over a fire as he trains his hose on the flames. This depicts the close proximity to the fire fire fighters were required to work be...
Date: 1886
Description: Illustration of C.B. Reynold's tent, in which he offered liberal lectures free of charge. A lectern and chairs are set up inside the tent. The sign on the...
If you didn't find the material you searched for, our Library Reference Staff can help.
Call our reference desk at 608-264-6535 or email us at:
© 1996-2017 Wisconsin Historical Society, 816 State Street, Madison, WI 53706


text:
For difficult scenarios
BCS capacitive sensors offer top application reliability if really reliable object and fill level detection is required. Even our small designs can easily suppress dust, reflections, object textures, and object colours.
Thanks to their small diameters of between 3 and 6.5 mm, they provide additional freedom when constructing products in restricted spaces and are available in cylindrical and disk forms and in flush and non-flush designs.
Capacitive mini-sensors
- For more freedom in construction
- For the detection of small parts
- If the available installation space is restricted
- Available in cylindrical and disk forms
- Available in flush and non-flush designs
BCS capacitive sensors in use
|Capacitive mini-sensors