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Vail Resorts, Inc. (NYSE:MTN)
F2Q 2014 Results Earnings Conference Call
March 12, 2013, 04:30 PM ET
Robert A. Katz - Chairman and CEO
Michael Z. Barkin - EVP and CFO
Shaun C. Kelley - Bank of America, Merrill Lynch
Felicia R. Hendrix - Barclays
Joel H. Simkins - Credit Suisse
Robert A. LaFleur - JMP Securities
Good day ladies and gentlemen and thank you for standing by. Welcome to the Vail Resorts Fiscal 2014 Second Quarter Results Conference Call. (Operator instructions) This conference is being recorded today, Wednesday, March 12th, 2014.
I would now like to turn the conference over to Mr. Rob Katz, Chief Executive Officer. Please go ahead, sir.
Robert A. Katz
Thank you. Good afternoon everyone. Welcome to our fiscal second quarter 2014 earnings conference call. Joining me on the call this afternoon is Michael Barkin, our Chief Financial Officer.
Before we start, I will remind you that some information provided during this call may include forward-looking statements that are based on certain assumptions and are subject to a number of risks and uncertainties as described in our SEC filings and actual future results may vary materially.
Forward-looking statements in the press release that we issued this afternoon along with our remarks today are made as of today March 12, 2014 and we undertake no duty to update them as actual events unfold.
Today's remarks also include certain non-GAAP financial measurements. Reconciliation of these measurements is provided in the tables included with our press release and in our quarterly report on 10-Q filed this afternoon with the Securities and Exchange Commission and is also available on the investor relations section of our website at www.vailresorts.com.
So, with that said, let's turn to our second quarter fiscal 2014 results. Overall, we're very pleased with our performance in the second quarter of fiscal 2014. Despite the very challenging conditions in Tahoe, where total snowfall was down 73% as of January 31st compared to the prior year, we have seen overall growth in visitation of 9.1% and increased guest spending highlighting the strength of our geographically diverse business model.
Total lift revenue was up 11.2% for the quarter, ski school was up 12.5%, and total mountain revenue increased by 8.3% compared to the prior year. Results in Colorado were particularly encouraging with total visitation up 11.9%, ski school revenue up 9.7%, and dining revenue up 16% compared to the prior year.
Our strong Colorado results were driven by the significant growth in our season pass sales, great conditions throughout the quarter, and several important investments that we made in our resorts in 2013.
Most notably, we opened Peak 6 at Breckenridge, our new intermediate and expert high-alpine bowl experience that added nearly 25% more skiable acres to the second most visited resort in the United States.
We also opened the new Talons Restaurant at Beaver Creek and began operation of the new six-person Chair 4 at Vail which increases uphill capacity at a key mid-mountain lifted by over 30%.
Unfortunately our results were tempered by the very poor snowfall and warm temperatures in Tahoe where total visitation was down 27.7% compared to the prior year. Our Tahoe Resorts only had 33% of trails open as of January 31st, 2014 compared to 95% of trails open at the same point last season and compared to 65% of trails open even during the very challenging 2011-2012 ski season.
Although conditions have been difficult, our Tahoe Resorts have done an admirable job in maximizing open terrain and maintaining high levels of guest service to differentiate our resorts in that marketplace.
Finally, in its first year of operation under our management, we're pleased to report that Canyons Resort is performing in line with our expectations despite a slow start for snowfall this season in Utah.
We were able to drive a substantial increase in both pass visits and ticket purchases at Canyon which was particularly heartening as it was our first foray into the Utah market and we transitioned off of the Liftopia service and onto our own online and digital marketing platform.
Our urban ski areas Afton Alps and Mount Brighton are also demonstrating strong performance in line with our expectations following our transformative capital investments last summer. In addition to driving increased pass sales in these markets, we're seeing a significant increase in skier visits at both resorts and are making in the significant progress on data capture with the vast majority of skiers at both resorts joining our preferred loyalty program.
Moving to our lodging operations, our large results were very strong for the quarter. Revenue excluding payroll costs reimbursement increased 21.3% compared to the prior year period and revenue per available room or RevPAR increased 12.4% compared to the prior year period.
Our results were driven by the strong performance of our core Colorado markets with increased occupancy and favorable rate increases along with the addition of the Canyons lodging properties to our portfolio.
The Tahoe region did not represent a material component of our lodging business and therefore did not have a significant negative impact on lodging results. Regarding real estate we closed on three One Ski Hill Place units during the quarter and generated net real estate cash flow of $2.1 million.
Additionally, we're seeing -- continuing to see strong buyer interest at both our Ritz-Carlton Residences at Vail and One Ski Hill Place property and closed on three Ritz-Carlton residences, Vail units and five One Ski Hill Place units subsequent to January 31st, 2014.
Now, I would like to turn the call over to Michael to further discuss our financial results and our season-to-date metrics.
Michael Z. Barkin
Thanks, Rob, and good afternoon everyone. Before discussing our results and the season-to-date metrics, I want to remind you that you can find a full discussion of our financial results for our second quarter of fiscal 2014 ended January 31st, 2014 in our quarterly report on Form 10-Q, which we filed today with the SEC. Our Form 10-Q and our earnings announcement can be found on our website at www.vailresorts.com.
As Rob mentioned, we're pleased with our second quarter results. Resort net revenue was $447.8 million for the second quarter, up 9.7% from the prior year period. And Resort Reported EBITDA was $151.1 million for the second quarter of fiscal 2014, up 6% from the prior year period.
Mountain Reported EBITDA increased $7.3 million or 5.2% for the quarter compared to the same period in the prior year. This was driven by both increased lift revenue and increased ancillary spending.
Total lift revenue for the quarter increased $19.7 million or 11.2% compared to the same period in the prior year. Season pass revenue was the largest component of the increase in our lift revenue increasing $13.7 million or 18% over the prior year period.
In addition to season pass revenue growth, lift revenue excluding season pass revenue increased 6% driven by our Colorado Resorts and incremental revenue from Canyons, partially offset by lower revenue at our Tahoe Resorts were visitation excluding season pass holders declined by 27.9% compared to the same period in the prior year.
Ancillary revenue continue to perform well in the second quarter. With ski school revenue increasing by $5.2 million or 12.5% and dining revenue increasing by $2.8 million or 9.3% compared to the same period in the prior year.
Retail rental revenues improved by $2 million driven by strong performance in our Colorado and Utah regions, an incremental revenue generated by Hoigaard's, our Midwest retailer that we acquired last year.
These results were partially offset by the challenging weather conditions in the Tahoe region, negatively impacting our Tahoe and the San Francisco Bay area stores and a decrease in online sales due to the shutdown of our online retail platform as we were transitioning to a different approach to online sales. This will also eliminate operating losses in the online retail the business.
Our lodging segment revenue increased $9.6 million or 20.7% as compared to the same period in the prior year for the three months ended January 31st, 2014. And Lodging Reported EBITDA increased 68.3% to $2.9 million for the second quarter of fiscal 2014. These results were a reflection of strong occupancy and increases in rates in our core Colorado markets.
Real Estate Reported EBITDA for the second quarter of fiscal 2014 declined by $0.6 million to a loss of $3.1 million. Net real estate cash flows were $2.1 million for the second quarter. As Rob mentioned, subsequent to January 31st, we have close on three Ritz-Carlton residences, Vail units and five One Ski Hill Place units.
Finally, net income attributable to Vail Resorts, Inc. was $59.3 million for the second quarter of fiscal 2014 or $1.60 per diluted share as compared to net income of $60.6 million or $1.65 per diluted share for the same period in the prior year.
Our balance sheet remains very strong. We ended the quarter with $205.3 million of cash on hand and no borrowings under the revolver component of our senior credit facility and our net debt was 2.6 times trailing 12 months total reported EBITDA.
Turning now to our updated metrics, our ski season-to-date metrics are measured from the beginning of the ski season through March 9th, 2014 compared to the ski season-to-date metrics for the period ending Sunday, March 10th, 2013 adjusted as if Canyons was operated in both periods.
The reported ski season metrics do not include the results of Afton Alps and Mount Brighton in either period. The following data is interim period data and subject to fiscal quarter end review and adjustments.
We continue to have great results for our five mountain resorts in Colorado and Utah with visitation increasing 7.1% and total lift ticket revenue increasing 11.5% compared to the prior year period.
We're also very pleased with the growth in ancillary revenue in Colorado and Utah, reflecting strong guest spending with ski school revenue up 10.6%, dining revenue up 11.4%, and resort retail rental revenue up 9.8%, all compared to the prior year period. These results are consistent with our year-over-year metrics as of January 5th, 2014, despite the fact that results in January and February of last season were quite strong in those markets.
The strong results in Colorado and Utah have been dampened by our results in Tahoe, where skier visits are down 24% compared to the prior year. However, we're seeing a modest resurgence of demand in visitation in recent weeks after storms in Tahoe have improved snow conditions and resulted in more open terrain.
In total, across our eight mountain resorts, our season-to-date visitation is up 0.2% compared to the prior year period and total lift revenue increased 4.9% compared to the prior year period. The growth in Colorado and Utah has also resulted in growth overall for the company in our ancillary revenue.
I'll now turn it back to Rob to review our updated guidance for fiscal 2014.
Robert A. Katz
Thanks, Michael. When we issued our metrics release in early January, we felt that we could still meet our original guidance if Tahoe had normal conditions by the end of January giving the market enough time to recover in February and March.
While Tahoe did finally receive substantial snowfall ahead of the Presidents' Day holiday, we experienced very weak results in our Tahoe Resorts through mid-February and conditions did not meaningfully recover until the end of the month.
The continuation of the historic early-season drought impacted not only February results, but the remainder of the season as well as we believe many guests in the San Francisco Bay area made alternative plans due to poor snow leading up to that period. The full season impact from Tahoe's performance has resulted in lower expectations for our overall profitability this year.
Consequently, we have revised our guidance for Resort Reported EBITDA for the full fiscal year 2014 to $255 million to $265 million, which reflects an approximately 10% reduction in Resort Reported EBITDA from our original guidance. Almost all of the reduction reflects the lower than anticipated contribution from our Tahoe Resorts and San Francisco Bay area retail operation.
Also included in our estimates for fiscal 2014, Resort Reported EBITDA is approximately $9.5 million of integration and litigation-related expenses, including approximately $7.5 million in fees associated with the Park City Mountain Resort litigation. The increase in PCMR litigation expense from our original estimate is related to the addition of new claims and counterclaims in the case.
Net income attributable to Vail Resorts is now expected to be in the range of $23 million to $36 million in fiscal 2014.
I'm pleased to announce two important decisions related to our capital allocation strategies. We remained committed to returning capital to stockholders and believe that our performance this year was slightly below our original expectation has boosted our confidence in our business and it's ability to drive growth and high free cash flow despite the impact of dramatic weather events.
As such, our Board of Directors has decided to increase our quarterly dividend by 100%. We have declared a quarterly cash divided on Vail Resorts' common stock of $0.415 per share payable on April 16, 2014 to stockholders of record on April 1, 2014.
Given our strong free cash flow and disciplined approach to reinvesting in our business, we will continue to pursue our long-term internal and external growth objectives while returning significant capital to our shareholders.
In keeping with our focus on the efficient use of capital, we are also providing longer-term guidance regarding our capital spending. We intend to maintain our future annual capital expenditures at our calendar year 2014 level of approximately $85 million, adjusted for inflation and the growth in our resorts.
This target would include approximately $50 million of annual maintenance spending. These levels would exclude the investment we plan to make in our Epic Discovery in summer related projects, which we expect will total approximately $85 million in upcoming years subject to regulatory approvals. And also, it will exclude significant one-time capital improvement associated with acquisitions including Canyons.
We believe this longer-term capital guidance will provide greater transparency into our future free cash flow and demonstrate our discipline of only investing in high-return projects at our most profitable resorts.
In addition to the longer-term capital guidance, I also wanted to provide a look ahead at the upcoming calendar year 2014 capital plan. The plan reflects expected spending of approximately $85 million, including approximately $50 million of maintenance capital expenditures.
In addition, we are planning to spend approximately $5 million on summer related activities. The plan is composed of projects that had a meaningful impact on the perceived value of our guest experience in our resorts including two high-impact lift upgrades.
First, at Beaver Creek we will place a Centennial lift with a high-speed state-of-the-art combination lift that will include both six-person chairs and gondola cabin. This combination lift will increase uphill capacity at our key base area portal by over 30% and provide our Beaver Creek guests with an enhanced experience, particularly for children and first time skiers, who will now be able to use a gondola to access terrific beginner terrain at the top of the mountain.
In Breckenridge, we will upgrade the Colorado chair to a six-person chair. That will increase capacity by nearly 30%, improving the guest experience and dramatically reducing late times in one of the highest volume lifts at any of our resorts. This higher capacity lift at the base of Peak 8 will also provide better access for our guests for the newly opened Peak 6 terrain, which has been an outstanding addition to Breckenridge best season.
Other notable projects include room renovations at our iconic Lodge and Dale property where we will be updating 56 rooms at the hotel, which has significantly lagged the rest of the hotel in terms of guest satisfaction, average daily rate and occupancy. We've also be investing our customer data analytics capability with an overhaul of our customer database to streamline its operation and improve its functionality.
We'll also be adding the ability for our guests to make same day lift ticket purchases on the web and with mobile devices to both reduce ticket lines and increase our data capture. Finally, we will be investing in a renovation and expansion of the Cloud Dine restaurant at Canyons.
But we are disappointed in the historically low snowfall in Tahoe this year. We were excited about the momentum we are seeing in our business including the consistent growth we have seen in Colorado at Canyons and in our Urban ski areas from visitation and guest spending.
As we look forward to March and April, we are pleased that our guest can experience the outstanding conditions that our resorts in Colorado and Utah can offer, and the improved conditions that are Tahoe resorts are now seeing after a very challenging season upto this point.
Our attention to service and our commitment to delivering an outstanding guest experience will continue to be the hallmarks of our company and the focus of our efforts. I would like to thank all of our employees for their passion, hard work and commitment to our organization, which is always lies at the center of our success.
Operator, we are now ready for questions.
Question-and-Answer Session
Thank you, sir. (Operator Instructions) And our first question comes from the line of Shaun Kelley with Bank of America, Merrill Lynch. Please go ahead.
Shaun C. Kelley - Bank of America, Merrill Lynch
Hi. Good afternoon, guys. May be I just wanted to start with kind of the change in guidance. I think, Rob, you gave a lot of good clarity on this, but just to dig in a little bit further, obviously there were a little bit more handle litigation charges as related to PCMR. And then, you also called out the kind of the change in the online retail strategy. Is there any one-time cost associated with the online change, or any other one-time cost and hear that might have impacted the flow-throughs that we saw in the quarter?
Robert A. Katz
No. So the online -- our decision to close down the current effort that the operation actually is going to be pretty much on-target with our original expectations for the season, may be. Look, loss is there a little bit more than that but not material to the overall guidance. And that decision did not impact at all our reduction in guidance.
Shaun C. Kelley - Bank of America, Merrill Lynch
Okay. And just when you think about the overall magnitude of the reduction, was it really kind of something in and around? I mean, you've got the snowfall for President's Day, but was it something in and around -- just not get the visitation uplift that you saw, you might see when the snow actually came. Is that really kind of what ultimately happened here in terms of the delta to your expectation from early January?
Robert A. Katz
No, no, not really. What I would say, in early January when we gave out our guidance, obviously at that point we really had no idea when snow is going to come. I mean, we were looking at weather forecast for the next five to seven days at best. I think we still like -- if we could start to get more traditional snowfall in mid-January that could set us up quite nicely for February, for President's Day, for spring brake, and obviously all the way through the season.
When you push out, when we actually got the snowfall to kind of about at least a month if not six weeks, because although we got snowfall before President's Day in terms of having, what we call normal condition, that didn't really show up until really almost early March.
And so, once you start to push out by four to six week, but one week after snow, then what's happening is that the impact about it is not only -- obviously we're doing worse in the second half of January and all of February that we might have hoped in the beginning of January. But then we're also -- we know, affecting people's decisions, right. So although we did see a huge visitation increase, we know there are a lot of people that start to make other plans when they start waiting for the snow and don't see it.
So somebody who might have booked a vacation over President's Day in let's say late January when they're looking at the conditions and realizing that there's no snow, still they make other plans. And then even when the snow came, right, that person is not -- you can't really get that person back to the resort. That's now, of course, we didn't see big visitation increases. No question once the snow comes, but no where near where we would have expected with normal conditions throughout the season.
So what I'd say is that when we gave that commentary in January, it was really around on assumption that we could get real snowfall in second half of January, we still had a very good chance to make our guidance but that got pushed off four to six weeks given that this whole season is only 12 weeks. That's a pretty big impact.
Shaun C. Kelley - Bank of America, Merrill Lynch
Okay, okay. Now that's helpful color. And may be just to switch gears, you mentioned that Canyons is ramping up, generally in line with expectations despite a slow start. Could you just remind us of what those targets were? I believe if you guys gave it, I think in the first full year of contribution you're targeting around $15 million EBITDA and then that ramping over the next three years to something maybe like 25, but could you just remind us what those targets are and how you're kind of thinking about it today.
Robert A. Katz
Yeah. What we said was the net increase to EBITDA from the Canyons acquisition was exactly what you outlined, $15 million in that first year ramping up to $25 million over three years, and we feel right now we're tracking very, very much on that. We feel very good about that, and Canyons -- actually I would say although Colorado, we obviously focus a lot on Colorado and the snow in Colorado was quite good almost throughout the seasons.
Utah, really did not have a great impact to the season in terms of snowfall, which I think certainly might have put some of that in parallel and actually we feel very good about how strong the resort has performed under our ownership that we're still on target.
Shaun C. Kelley - Bank of America, Merrill Lynch
Great. And just my last one will be any update on the PCMR litigation and just really the timing because we know you can't really comment too much about it. But anything, any color you could give for investors. This question we get a lot. Thanks a lot.
Robert A. Katz
Sure. So right now we -- there is both sides of litigation are filing a variety of summary judgment motions and oppositions and replies. The Judge set two different hearings on those motions for the very end of March and the beginning of April. And we would expect rulings from those hearing within the following 30 to 60 days. Obviously, that is nearly an expectation and as with any litigation, everything is subject to change. But that's pretty much where we sit in the litigation right now.
Shaun C. Kelley - Bank of America, Merrill Lynch
Thank you very much.
Robert A. Katz
Thank you.
Thank you. Our next question comes from the line of Felicia Hendrix with Barclays. Please go ahead.
Felicia R. Hendrix - Barclays
Hi there. Well, I apologies if I missed this, but did you give us season pass sales update?
Robert A. Katz
We did not. So we did release separate press release a couple of days ago that had all the details of our new passes for this year just giving the length of this week, we decided not to add it on that. Obviously we'll be talking about that in more detail at our investor conference next week. May be it is out there. I would say it is a consistent set of products and promotions with what we've had in the past. There are price increases across most our product line in the range of 3% to 5%, depending on the different products.
Obviously, we're incredibly pleased to have added the Seiko Japan to the Epic Pass, particularly at that product as that resort in Japan is incredibly popular within Australia, which is also a key market for us as well.
So again, we feel pretty good and actually I'd say you've seen you've seen and mountain collective also come out with their own new products. We actually think this is good news all around because it brings more attention, anytime you see articles on any of our passes. They tend to certainly mention hours. And so, we actually feel very good about kind of the excitement and passion going into this selling season.
Felicia R. Hendrix - Barclays
Okay. I know you have the other one, I just didn't know. Did you want to read in too much that you didn't mention anything in here again. The other thing on Tahoe just wondering as you -- it's hard targeting about next season, but as you think about next season, do you think there's any risk to your business there, particularly since that's mainly a day trip market or drive through market. I would think not versus those seasons that you had bad snowfall in Colorado perhaps that might affect how destination guests think about the following, booking for the following year. Is that the right way to think about Tahoe? Each season is kind of more compartmentalized than may be some of your destination resorts.
Robert A. Katz
Yeah. I think that's actually -- I think that is a good point and I think that is largely how we think about it. I do think -- I think we're certainly cognizant of the possibility that it could have an impact on Tahoe pass sales as we go into the spring selling season. On the other hand, of course, our Colorado comp sales right -- those guys have seen an incredible season. And so, I think we'd see potentially a coronary effect there in Colorado with about a much, much larger market than our Tahoe market. So while the -- we're kind of looking at that as kind of may be an evening out as we head into this pass selling season. By the time we get to next season, I think it will absolutely be about what the conditions are like next season and I think we'd be -- you're surprised to see a very material hangover.
Felicia R. Hendrix - Barclays
Okay. Great. And then finally on your real estate, just wondering if your pace of salesm both Edwin still place and rates were within your expectations, and any update to how you're marketing each of those projects?
Robert A. Katz
I would say yeah. I think sales are -- and we characterize them as relatively strong. So relative to the last few years I think we're seeing more interest, more engagement. We're staring to sell units at slightly better pricing. We are selling units that are, in some cases north facing or may be less desirable units from when we started the project. And we're starting to hit down some inventory level of both project which is much -- very manageable as you think about over the next couple of years.
So I think we feel like we're making great progress at both properties and we intend to continue to firm up pricing as we see the market continue to come up. We're also seeing chatter about new projects that might be launched in our various markets. Nothing that's really out of the ground yet of course, but again, I think the overall market has been much slower to come back as we've talked about in the vacation market, but we're starting to see some strength in the second half market now.
Felicia R. Hendrix - Barclays
Okay. Great. Thank you very much.
Robert A. Katz
Thank you.
Thank you. Our next question comes from the line of Joel Simkins with Credit Suisse. Please go ahead.
Joel H. Simkins - Credit Suisse
Yeah, hi. Good afternoon, guys. It's actually follow-up a little bit on Felicia's question earlier on real estate. I guess, Rob and Mike, as you think about real estate getting a little bit better over the next couple of years, I mean what do you need to see to really start to think a little bit more about Ever Vail and just how do you frame up potential opportunities there to either do it on your own or certainly partner with some other folks to take more of the capital risk.
Robert A. Katz
I think we still need to see a greater level of velocity in sales for us to really launch Ever Vail. I think we're making huge strides against where the market was a couple of years ago, but still quite a bit of way-- quite a ways away from where we were certainly in the 03 to 08 time period. And I do think we need to see kind of return to some of that momentum to launch a project of the size and scale of Ever Vail. I think there's no question that when we do launch Ever Vail we will look to bring in other capital partners. It's not a project that we would look to put on our balance sheet in totality at all.
So I think just given again size and scope, I do think there are other opportunities though for the company on the real estate side that could happen even before Ever Vail, or certainly other parcels at PK, next the one peak whole place at Breckenridge parcels next to the gondola at Keystone. So that are -- I'm actually kind of more ready to go and without more significant infrastructure that Ever Vail has connected with it.
Joel H. Simkins - Credit Suisse
Okay. And I know a lot obviously hinges on sort of what happens here with PCMR. Obviously if you're able to come to a favorable resolution there's some capital, I could go to that opportunity longer term, but with that in mind, obviously you're transitioning a little bit more towards the dividend. How are you guys still thinking broadly about let's say tuck-in urban resort M&A versus sort of definition opportunities.
Robert A. Katz
I would say that's completely unchanged. I think we still remain aggressive on looking for the right acquisition opportunities and securing them where we think they make sense, whether that's an urban resort or destination resort. We felt the decision with the divined the Board did, given the performance and stability that we've been able to show through a whole wide range of weather issues of economic issues. Give them ton of confidence in our free cash flow generating capability, but that is in addition to continuing to pursue both internal and external growth.
Joel H. Simkins - Credit Suisse
Okay. Thank you.
Robert A. Katz
Thank you. (Operator Instructions) Our next question comes from the line of Bob Lafleur with JMP Securities. Please go ahead.
Robert A. LaFleur - JMP Securities
Hi guys. Question about CapEx, you said $85 million of run rate not including acquisitions or upgrades you need to make to existing acquisitions, and you specifically mentioned excluding Canyons from that number. What is the state of the current CapEx plans for that mountain and how much is that dependent on the outcome of litigation and how much are you going to be spending there this year. Thanks.
Robert A. Katz
So, yeah. I would say our capital plans for Canyons is absolutely dependent on the outcome of the PCMR litigation and those discussions and how that opportunity unfolds over time. So we've not announced or disclosed what that package could look like. This year the one item -- obviously everyone of our mountain including Canyons has a maintenance capital budget. But in addition to that we are renovating and expanding the Cloud Dine restaurant at Canyons I would say, it's not overly material to the -- we don't disclose specific dollar amounts for each one of our projects, but I would say that that project in and of itself is not overly material to the $85 million total plan. So that's about as much as I could say on Canyons at this point.
Robert A. LaFleur - JMP Securities
But that project is within the confineds of this year's $85 million.
Robert A. Katz
Yes. All right, sorry. That's a good clarification, yes sort of.
Robert A. LaFleur - JMP Securities
Okay. Thank you.
Robert A. Katz
Thank you.
Thank you. I'm showing no further questions in the queue at this time. I'd like to turn the conference back over to Mr. Katz for any closing remarks.
Robert A. Katz
Thank you, operator. This concludes our fiscal second quarter 2014 earnings call. Thanks to everyone who joined us on the conference call today. Please feel free to contact myself or Michael directly should you have any further questions. Thank you for your time this afternoon and good bye.
Ladies and gentlemen this does conclude our conference for today. If you would like to listen to a replay of today's call, please dial (303) 590-3030 or 1 (800) 406-7325, with access code 4664682. Thank you for your participation. You may now disconnect.
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- SmartHeat (NASDAQ:HEAT) is a designer, manufacturer and seller of clean technology plate heat exchangers (PHE) and related systems in China. 44% of its revenues are from PHE units, 36% from PHEs, and 20% from Heat Meters.
- Current price: $5.44 ($205m mkt cap, $159m EV). P/E estimates: Trailing 7.83-9.33, Forward 6.96
- Ratios: P/B 1.42, PEG 0.25. Analysts: Avg Target = $10. Latest Qtr Report.
- Key developments include a recent Nov 2010 SEO of $27m in proceeds, rising earnings and guidance, contracts with Chinese municipalities and major companies, SEO in Sept 2009, listing on NASDAQ Jan 2009, and reverse merger in May 2008.
- A Dec 09 SeekingAlpha article.
- Company's own powerpoint slidedeck to investors - must read.
The Market. For most fundamental investors usually the most expensive lesson you will learn is that "the market can stay irrational longer than you can stay solvent." HEAT is an outstanding example of this. In Dec 09, SeekingAlpha guru TraderMark wrote about HEAT as a "great growth story", pointing to the billion reasons why it was poised for growth. It is also a great "clean & green" story, which is a plus for all you out there who are into ethical investing (see the powerpoint for how its PHEs reduce CO2 emissions). The sky was the limit.
Of course, YTD, it has fallen 62.6%. (Due credit to TraderMark though, who stayed out of it thanks to a 20MA trading rule.) This week, one year since that ill-fated post, HEAT has exceeded its 20MA once more, and it bears re-evaluation once more. Reverting to its 52-week high would mean a 242% appreciation from this price, while returning to its low would be a 23% fall. Let's see which it is likely to be, and if the story has changed.
The Prevailing Bias
Ycharts is a godsend for visualizing these things (link):
So since its December peak the PE ratio has gone nothing but down in line with the price. In terms of reflexivity this indicates that investors' prevailing bias is that the stock's growth prospects were overhyped. However, I have a different explanation. Investors who trade on quarter-to-quarter EPS and don't look through to read the fine print of the earnings reports miss that 70% of the company's sales figures only come in 3Q and 4Q - thus, the market valuation of the company is going to lag the fluctuations in earnings. This is the flaw that is inherent in every prevailing bias, and it is this flaw that exists now: the back-loaded seasonality of the company's earnings is being entirely missed by investors (including TraderMark). In fact, the company has grown ... and I believe that market is only just waking up to it.
The Underlying Trend. For the 9 months ended Sept in 2010 vs 2009, the company's revenues have grown 48%, operating income up 25%, net income up 30%. In a victory for "truth in advertising" in China, these growth figures are well within the estimates given in this Aug 09 powerpoint, which in my mind makes management very credible indeed. If the Chinese industry association's rather dated estimate of 70% yoy growth from 2008-2010 is accurate, this might mean that HEAT has been losing its already single-digit market share (it's the best homegrown brand, but global names like Alfa Laval have 30% market share in China. However, HEAT is effectively operating the global brand Sondex in China as well). But then you wouldn't be reading the filings closely enough. Page 23 of its 10Q shows that PHE sales (under the Sondex foreign brand name - as distinct from PHE unit sales, their self-designed brand) increased 108%, showing that it is fighting back against Alfa Laval. That still doesn't justify the current market valuation of $205m, which I can break down as:
- Current Assets: $120m
- Deposit for land use right: $9.6m
- PPE: $8m
- Other tangible noncurrent assets: $1m
- Current Liabilities $23.4m
- Market-implied value of intangible assets = $89.8m
(I am always very intuitive and unconventional in my approach to accounting, so I am sorry if this doesn't fit the standard analysis.) I am inclined to accept the book valuation of the above items as they do not seem to suffer from any significant impairment in value. I think the high A/R number in current assets bears some monitoring, as:
"Customers usually do not pay on due dates which is normal in the heating manufacturing business in China."
Still, that is only a future potential flaw if the prevailing bias is going up. Running with the above analysis, the company's net income this year is guided as $22-24m, meaning even assuming no growth the company will earn its entire intangible asset market valuation within four years. That will be your "breakeven point" if you buy the company at this valuation now. All earnings after that will theoretically be pure profit. The more conventional analysis is that earnings yields are already at 10% and will increase if earnings continue growing faster than price (if price grows faster than earnings, you still win). Both are concepts I can buy into.
The Reflexive Connection. Because I am a sucker for Sorosian reflexivity, and HEAT has done not one but two recent SEOs, I cannot help thinking about how the company's stock price could possibly affect its fundamentals. I have concluded as such: according to its MD&A, the company actively stocks up on raw materials and inventory prior to the peak sales season in the second half of each year. This requires massive amounts of working capital that will gradually be reduced as we move into the next half. As the management obviously does not like borrowing (it carries NO long term debt) it raises capital to do so. Each new influx of capital increases the management's ability to 1) manage its raw materials inventory and production schedules, 2) R&D, 3) expand its salesforce, all of which we have seen it do in its latest report. With its decent 20% margins, its successful development of its new Heat Meter business, its ability to ramp up sales (they have invested heavily in their sales force and are expanding geographically), the company is able to put capital to good use, get higher earnings, raise more capital, and so on in a self-reinforcing benign cycle.
A word on the macro side of things. There are any number of macro reasons why HEAT is going to do swimmingly well - I won't steal TraderMark's thunder on this, and if you want to know you should really see that powerpoint. Ultimately, I don't think fundamental investors should put that much currency by macro stories, because they are just that - stories - and therefore you can spin all manner of stories to convince yourself that HEAT's revenue is going to grow by 1000s of %s because of anything from govt green policy to chinese urbanization to cost savings. What I do know is the income streams evidenced by the financial statements; I allow myself to extrapolate current income, maybe even increase it at an assumed growth rate, and see if I would buy a business that looked like that. I know that I will never be able to predict exactly how the macro story will play out, so to give a target price would be a pointless exercise, but I would begin to look at selling the stock if the P/E reached 21 (near its previous high), implying that I am looking at a TP of no more than $14 or a mkt cap of $462m (higher if earnings continue to improve).
Long HEAT - it is just starting to get in play, its previously related macro story still stands, and its use of new shareholder's capital will reflexively improve its underlying fundamentals. Just as a curious note, the founder, President and CEO Jun Wang works for the minimum wage in Shenyang - $18,000 a year (so does the CFO). Of course, his compensation also comes in shares, but that does align his incentives with investors. It is just interesting to note that nominally communist China does not allow its CEOs to be paid $1, unlike in some capitalist countries.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

subset: commoncrawl


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YouTube Subscriber Strategies for Nonprofits
All three will succeed or fail at video marketing based on their ability to get YouTube subscribers. Subscribers on YouTube are like fans on Facebook and followers on Twitter. YouTube subscribers for nonprofit companies. The very first thing that you need to be aware of as a nonprofit is a tool that YouTube has made just for you. By Matthew Yeoman.
Five Tips to Grow Your Facebook Community
Spin Sucks
Someone recently told me they are the admin for their company's Facebook page but didn't know what to post about in order to help grow their community. In fact, after looking through a variety of other Facebook company pages, it seems this is something that should be open for discussion. We get this question all the time, "H ow can I grow my Facebook community ?" The answer?
Instagram Video Highlights YouTube Weaknesses
Geoff Livingston
YouTube may have the most to lose from Facebook's response to Vine , 15 second format videos on Instagram. The following issues spell trouble for YouTube (and Google as a whole): Shorter video formats are increasingly desirable for mobile and tablet devices. These shifts in video consumption reveal fundamental weaknesses in YouTube's current format.
22 PR Tools From the #PRstack Community
Spin Sucks
In the past 12 months, the #PRstack community has created an app that has characterized more than 250 third-party tools. It has published 48 how-to guides written by more than 35 community members covering different areas of the public relations workflow. lively community has developed and grown on Facebook and Twitter. The 22 PR Tools From the #PRstack Community.
You Can Be the Next YouTube Star
Spin Sucks
You know…the comments, viewers, followers, fans, community kind. We talked about Facebook and mobile payments and the right time of day and week to update your social networks. But the portion of the podcast I found most enlightening was when we talked about fame from YouTube. It seemed like a good idea, but no one knew who it would benefit: YouTube or the "star."
Facebook Video and Facebook Live: The Future for Marketers
SocialTimes Facebook
Believe it or not, Facebook is the answer for marketers. Creating an effective Facebook strategy needs to be an essential focus, and with influencer marketing now becoming a staple, huge opportunities exist for brands that invest at the intersection of these two complementary approaches. So what is Facebook video anyway? And what about Facebook Live?
YouTube, Gmail, Google Places are Dead, Long Live Google Plus
Laurel Papworth
Will Google fold YouTube, Gmail and Places into Google Plus? The images show the eery similarity between the rebranding of YouTube into OneChannel and Google Plus. AdBreak:I've set up a little social media community on Google Plus. Merge YouTube, Gmail and Google Plus. In comparison Facebook has 1 billion MAUs. Suddenly 1.5 Good or no? My Precioussesss. .
Eight Years of YouTube and What it Means to Brands [Infographic]
It's also YouTube's birthday. etc. We've witnessed so many stories that got enormously popular incredibly quickly thanks to a brilliant platform that allows every user to share their video with the rest of the world: YouTube. Brands on YouTube. From a brand perspective, YouTube is still one of the bigger platforms whose potential has not yet been fully explored.
YouTube - Informal Learning in 10 minutes
Buzz Marketing for Technology
Community. Facebook. Sign in to YouTube now! Sign in to YouTube now! Sign in to YouTube now! Im trying to post this video on my blog, but it looks like YouTube doesnt support TypePad yet, so Im just going to have to link to it. Loved the myface metaphor, driving home your themes of human community. Join YouTube for a free account, or sign in if you are already a member. Sign in to YouTube now! YouTube. YouTube Handbook. Community Guidelines. YouTube On Your Site. Community Help Forums. Close.
Interview with Community Manager: Emma Gannon
Social Media Citizens
Emma Gannon is currently a global community manager of Dove Facebook. Emma has experience of community managing blogs, Twitter and Facebook pages for international brands. The best resources can be found by looking simply around online and seeing what other brands are doing with their communities. It should always be organic).
The Intersection of Online Communities and Learning Management Systems
This post originally appeared on Online Community Results. SocialFish and OCR partner on many online community strategy and implementation projects – contact us if you need help with yours. We're seeing some interesting things going on in the association industry at the intersection of online communities and learning management systems (LMS). percent), Facebook (28.8
Community Manager: To Be Or Not To Be!
Tweet Community Managers are the voice of the brand, but their role varies across companies. There are no set list of rules or guidelines which can a make a successful community, but all successful communities have a common ingredient – a good Community Manager. With a boom in social media presence of brands, the role of a Community Manager is growing.
Optimize Your Posts on LinkedIn, Facebook, Twitter, Pinterest, and More
There are many tricks of the trade, such as including a shortened URL in your LinkedIn posts, using mobile-friendly images on Facebook, and applying the rule of thirds on Instagram. Optimize your Facebook posts. Provide a link: If you include a link, use a URL shortener such as Bit.ly so you can track how many people are clicking through from Facebook. Shorten URLs: Bit.ly
YouTube, Rhetoric, Yusuf Al Khattab and Me
Waxing UnLyrical
At night, I watch YouTube. With great curiosity, I looked him up on YouTube and, as often happens, got lost in the rabbit hole of YouTube videos related to the searched subject. But what struck me more than any of the speeches was the ad YouTube decided to show me at the top of the screen: The most innocent looking Muslim singles dating ad you could ever see. Daniel J.
Evolving Social Landscape – Social Media Channel Updates in 2016
Ignite Social Media
Facebook. Facebook Live – Live streaming becomes available to everyone through Facebook Live. Facebook Reactions – For many years, users only had the ability to "like" a post. Messenger ChatBots – The launch of a new chatbot store will allow businesses to use bots to help manage messages on Facebook. YouTube. Twitter. Instagram.
8 ways to deal with negative comments in online communities
Laurel Papworth
How do you respond to a negative comment in an online community, on Facebook? Unless they go off and create an anti-community such as Dell Hell, alert the Press and continue to pursue their point of view. Something bad that had only a few views suddenly jumps to millions when you tell the online community Digg to remove information ( The Hole That Digg Dug ). Lawyer Up!
A Tale of Two Communities Part II – Salesforce.com
This post is the second in a two-part series where guest blogger Garry Polmateer , former association executive currently working at NimbleUser helping organizations with Salesforce, looks at two online brands through the lens of the concepts in our book, Open Community. Salesforce is actively running their communities with fervent involvement. Read Part 1 here. Productive?
Branded Content: 6 Things To Remember before Publishing
It doesn't need to address your entire customer database or Facebook fans at once. Similar Posts: How to advertise and optimise posts on Facebook. We all know that tight deadlines and a busy everyday life at the office can make you compromise or perhaps skip double-checking. Therefore, as a little help to content marketeers, we have made a small checklist. There – we said it!
Interview with Community Manager: Ida Vega Santana from Sony Iberia
Social Media Citizens
Ida Vega Santana is a community manager at Sony Iberia. For the last 5 years she have been exploring online communication world and developing her community management skills at companies like Heineken , BBDO and the likes. You can follow Ida on Facebook , Linkedin or Twitter. G: How did you build your experience as a community manager? I: I think it's essential to have previous experience in marketing and communication departments. Behind the communities to maintain and invigorate them, never forget that we must have a plan for initial communication.
Delicious Acquired by YouTube Founders
Tweet Yesterday it was announced that Youtube founders Chad Hurley and Steve Chen has acquired the social bookmarking platform Delicious, which has been owned by Yahoo since 2005. And this is something they have experience with, transforming YouTube into one the most powerful sites in the world. Google's +1 Button vs. Facebook's Like Button. Transfer your bookmarks.
A Tale of Two Communities Part 1 – Volkswagen
This post is the first in a two-part series where guest blogger Garry Polmateer , former association executive currently working at NimbleUser helping organizations with Salesforce, looks at two online brands through the lens of the concepts in our book, Open Community. This post will focus on the Volkswagen community. Open Community Means Collaborating with a Purpose.
Engaging Through YouTube – Charity Inspiration
While most of us are quick to think of Facebook and Twitter when we evoke the term social media, in fact, social media encompasses a vast range of online platforms. YouTube is actually one of the most powerful and often overlooked of these, which can be leveraged to help marketers, fundraisers and charity organisations achieve stunning success and here is how. We Share What Moves Us.
YouTube - Diigo V3: Highlight & Share the Web! Social Bookmarking 2.0
Buzz Marketing for Technology
Community. Facebook. Sign in to YouTube now! Sign in to YouTube now! Sign in to YouTube now! Join YouTube for a free account, or sign in if you are already a member. Sign in to YouTube now! Diigo ~ more than a research tool - a knowledge sharing community. community. YouTube. YouTube Handbook. Community Guidelines. YouTube On Your Site. © 2008 YouTube, LLC Close. Sign Up. QuickList ( 0 ). Sign In. Site: Home. Videos. Channels. Upload. Videos. Channels. advanced. Loading. Views: 31,977. Share.
Mary Poppins Online Community – Social Media Manager Leah Howard
Laurel Papworth
I loved interviewing Leah Howard who plays Mrs Corry in Mary Poppins and is Disney's online community manager slash social media manager for the show. We grabbed a drink, Vashti held the camera and we chatted on about Facebook, Twitter, audiences, story lines and the future of social entertainment. Facebook: Facebook.com/MaryPoppins. Disney.com.au.
[Comic] Why Are We On Facebook?
SocMed Sean
Before launching new social media channels and campaigns, you should be thinking through the specifics of what you want to accomplish with channels like Facebook, Twitter and YouTube. Featured best practices budget cartoon comic facebook resources social social media social networking strategy Twitter YouTube And they are right to ask the question! Cheers! –Sean.
Content vs. Community: How Online Publishers Can Nurture Both
Sign in with Facebook or Twitter to get started! As publishers continue to rely on the outside social web to foster their communities, they often witness dire consequences. Sites have experienced a dramatic decrease in core metrics and a dispersion of their most passionate community members. more social and real-time community will self-perpetuate content. Used it?
4 Ways To Fix Your Facebook Problem
Convince & Convert
There has been a ton of conversation around Facebook's declining organic reach for businesses. Continuing the conversation, my brilliant friend and collaborator Robert Rose from Content Marketing Institute wanted to get some thinking about Facebook from a few colleagues, so he asked me what I thought was really going on. Where does Facebook's growth come from?
Paywall for News.com and Online Community Social Media
Laurel Papworth
The FutureOfMedia Discussion site The New Fourth Estate is Social Media The Function of News in Community Commercialization of Human Stories De-Commercialization of Human Stories Problem Journalism vs Solution Journalism Product vs Process Journalism What is a Newspaper's Product Anyway? And the use of YouTube etc to distribute the news about the Paywall. Facebook reaches 1.1
Watch out Google & TripAdvisor, Facebook Reviews are on the Rise | Social You Should Know
Ignite Social Media
This week we see Facebook challenging the likes of review sites, YouTube adding community-oriented features to drive engagement and minimize trolls & inappropriate comments, and social media sites threaten Google in terms of product research, all of this, in this week's Social You Should Know. Facebook Takes On Review Sites. Nice move, YouTube.
Social Media Marketing Tips and Tricks for Facebook, Twitter, Google+, and More
The team at Vocus has researched the latest and greatest trends in marketing on Facebook, Twitter, Google+, Flickr, Pinterest, Instagram, Vine, LinkedIn, and YouTube. Here's what they found: Facebook. Facebook users like photos. Chobani uses hashtags created by the community, not the company. YouTube. The world of social media is ever-changing.
The problem with Facebook
Science filmmaker Derek Muller: "Facebook is a complex ecosystem of individuals, creators, brands and advertisers, but I don't think it serves any of these groups particularly well because its top priority is to make money. The problem is the only way Facebook has found to make money is by treating all entities on the site as advertisers and charging them to share their content.
Get Paid To Watch YouTube, Play on Facebook And Follow Twitter
Twist Image
Beyond that, it gets even more challenging when you start looking at real engagement and community/loyalty building initiatives. community. facebook. youtube. blog brand community computerscience creativity digitalmarketing earlyadopter education engagement facebook google hr humanresources lawschool loyalty marketer marketing marketingprofession marketingprofessional mbaprogram messaging mobile personaldevelopment socialmedia technology traditionalmedia twistimage twitter webanalytics youtubeIt's too bad. love Marketing. right now. brand.
How to Use Facebook for Business and Marketing
Techipedia: Tamar Weinberg
Social Media Consultant and Tech Geek at Heart Home About Press Consulting Contact Sitemap Home > Business , Marketing , Social Media > How to Use Facebook for Business and Marketing How to Use Facebook for Business and Marketing by Tamar Weinberg on May 5, 2010 Share As much as Facebook may not be kind to businesses , it's still a tremendously valuable business tool.
Facebook's little secret…
Sherrilynne Starkie
Here's one I wrote in January 2011 that continues to attract readers. It's based on how I helped one company start its journey into social media by creating a Facebook secret group. Still we can all learn from the experiment… Facebook's secret groups. Related older posts: YouTube introduces trends. PLEASE LIKE MY FACEBOOK PAGE.
Live Streaming and the Demand for Now
It seems all the giants have joined the party now – YouTube is the latest to jump on board by adding the ability to live stream directly from your phone. You can now also broadcast live to Facebook from MSQRD, which is extremely Snapchat-like. This is all changing now as social media gives the power to the people and makes it easier than ever to broadcast without a TV deal.
Create a World-Class Online Community for Your Business
Mashable | The Social Media Guide Viral Topics Twitter YouTube Facebook iPhone Google Video About Mashable Company About Us Advertise Submit News Contact Us Announcements Resources Guidebooks Lists How To Trending Twitter List Directory Mashable Awards Subscriptions Partners W3 EDGE Rackspace Concentric Sky DynDNS Intridea Welcome to Mashable! longtailseo communities socialmedia
Facebook Fans: Are They Worth the Excitement?
Techipedia: Tamar Weinberg
Sometimes when I think of Facebook, I can't help but think addiction. Coffee and cigarettes I can quit, but for some reason Facebook has a hold on me, and after doing some research, I have found that I am not the only one. According to a Nielsen study, in 2010 the amount of time the average person spends on Facebook was about 14 minutes per day, or seven hours per month.
13 Ways to Use Facebook Events for Your Brand
Sprout Social
The last few years have been tough for Facebook marketers. Despite all of this, we're here to tell you that Facebook is far from dead. In order to get more out of Facebook, you have to go beyond publishing a handful of posts per day. Now you have to dive into other features like Facebook ads to comply with their algorithm, but what about Facebook events?
The Other Side Of Comments And Community
Twist Image
What can someone new to the Social Media world do to find and attract readers while building their own community? She answered today on her Spin Sucks Blog with a post titled, Building Your Online Community. Her answer was: "I always say social media, and building a community in general, is all about stroking other people's egos and scratching their backs. It seems like everyone with an opinion assumes that the goal is to grow an audience that has a lot of engagement, maybe some conversation and a semblance of community. facebook. online community.
Facebook Removal of Fanpages. Community Pages.
Laurel Papworth
You may only administer a Facebook Page if you are an authorized representative of the subject of the Page. teach a hub and spoke approach to social media connectivity – create a hub that YOU control, use the Facebook/Twitters/Youtubes to distribute to spokes. Want to set up a Facebook Page for "Pillow Fighting" or "Tatoos"? The new Fan page is Community page.


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by Betty CruxSome individuals, it seems, have been granted a God-ordained license to criticize.When I moved after college, I began work for a certain restaurant known for its chicken appendages and orange shorts. Now before your start clutching your chest, I'm not here to debate the morality … [Read more...]
As Iron Sharpens Iron
Quoting Quiverfull: Love is a Choice?
Voddie Baucham from his book "Family Driven Faith" Many of us have completely divorced the concept of love from the mind and will. We speak of the heart as though it were the opposite of the mind and the will when in fact the mind and will are precisely … [Read more...]
Quoting Quiverfull: Childish Homeschooler Syndrome Part 2
by Anna Sophia and Elizabeth Botkin at Visionary Daughters Is growing up in a Christian home an advantage to us, or a disadvantage?We pointed out in our last article that children from Christian homes are beneficiaries of many advantages. The danger is when we let … [Read more...]
Quoting Quiverfull: Childish Homeschooler Syndrome Part 1
Anna Sophia and Elizabeth Botkin at Visionary Daughters - "Childish Homeschooler Syndrome Part 1" It's been exciting to watch the homeschool "movement" grow up. The firstfruits of this effort are adults now, and we have a sizable … [Read more...]
Homeschool or Public School – What's Worse?
by Becoming WorldlyI was talking with a homeschooled friend the other day who was raised fairly similar to how I was, with a more structured and less impoverished environment, and we were sharing stories. This and a few other things got me thinking. We both went on to higher education, got our masters degrees. The conversation between us … [Read more...]
Quoting Quiverfull: Older Single Women?
Jonathan Lindvall of Bold Christian Living Still, Biblically, the parents' role (and particularly that of a woman's father) is very significant. I suppose it is theoretically conceivable the Lord would lead a woman to enter a betrothal covenant and marry without her father's … [Read more...]
Bible Spice & Blame Shifting – Adventures in Recovery
by Calulu"Tell me what you want, what you really, really want.." - The Spice Girls from their song "Wannabe"One of those many things I've come to view differently after leaving Patriarchal Fundamentalism is the tendency of those I was around to blame … [Read more...]
by SamanthaBetty, Joan and Peggy from the AMC show "Mad Men"(Editors note: Betty Draper Francis is one of the clearest representations of what the old fashioned complimentarism that patriarchal religions push as the only answer.}The first time I ever heard … [Read more...]
Quoting Quiverfull: Helicopter Parenting?
by Mary Pride in Homeschool World 2008 You might be thinking, "Who cares how a bunch of rich snobs raise their kids?"The reason I brought all this up is that today's middle-class homeschooling (and other) parents are in the same boat as yesterday's Harvard parents.They knew that the right … [Read more...]
Shedding the Burqa Part 2
by Cindy FosterWhile I waited in the car with the kids, my husband stayed behind and told The Preacher that we would be leaving.This was actually the second time he told him. The first was the day The Preacher administered 'The Shunning' … [Read more...]


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Project On Government OversightShared publicly -
POGO Executive Director Danielle Brian was on C-SPAN yesterday to talk about the problems in government oversight, Inspectors General and the recent scandal at the Government Services Administration. Check it the video below and tell us how you think she did.
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Emily Murgatroyd | February 26, 2007
By Emily Murgatroyd • Monday, February 26, 2007 - 08:23
Last night's Academy Awards weren't as boring as I thought they would be. Admittedly I usually skip them but I was holding out for the 'Best Documentary' category to see if Davis Guggenheim et al would get the recognition they so richly deserved. And I was not disappointed.
Neither, I suspect, were millions of other human beings who got their first dose of the dangers of global warming through watching this highly acclaimed documentary. It may just be a gold statue, but it certainly represents an encouraging turn in public understanding around climate change.
Johan i Kanada replied on Permalink
Some reviews
Emily Murgatroyd replied on Permalink
When deniers can't get even get oil money
Ah yes - the good old CEI. The same CEI who has received over 1 million in funding from Exxon and who, coincidentally, Exxon stopped giving money to this year after the Royal Society called on them to stop funding denial groups who "misrepresented the science of climate change by outright denial of the evidence." Heck, when you're a full blown denier and you can't even get the largest oil company in the world to fund you who can you call on? Maybe you've got deep pockets Johan?
Johan i Kanada replied on Permalink
A very predictable
Anonymous replied on Permalink
Predictable Truth
VJ replied on Permalink
The climatologists at
The climatologists at RealClimate found that Gore had the science right, with a few small errors. Link here.
They also noted here at this link :
""An Inconvenient Truth," the Davis Guggenheim documentary on global warming starring Al Gore's presentation on the subject, provides an accurate, engaging, accessible, thought-provoking and (at times) even humorous introduction to one of the most important scientific issues of our time ( see our review of the movie). In some countries, viewing "An Inconvenient Truth" has actually become a required part of the science curriculum, and with good justification, we think…"
Steve Latham replied on Permalink
What do climatologists know?
Hey, wait a second! What does CEI know about good movies? Perhaps the Academy is a better judge than even them!
Actually, I don't think very highly of the Oscars – it's another beauty contest of the kind "Little Miss Sunshine" seemed to be against. On the other hand, I expect less bias from the Academy than I do from CEI. Johan, how was their review of "You can't be cool without fuel"?
Geoff replied on Permalink
Maybe you should try reading
Did you know no one has ever died of AIDS? It's a fact. It's just not the whole truth.
Anonymous replied on Permalink
Case Closed!
This conclusively proves that there is a total consensus among Hollywood showbusiness people that human-caused global warming is as real and genuine as they are.
And that's good enough for me!
VJ replied on Permalink
Here's an article by a
Here's an article by a teacher recommending a second fillm that should be shown with An Inconvenient Truth: Oil on Ice
"…The union of the two films strengthens the message of "An Inconvenient Truth" and gives students the "whole truth."
Oil on Ice frames four main objectives in brilliant clarity and with an uplifting message of hope and possibility:
* First, it gives stinging statistics about our fossil fuel dependency. When energy guru Amory Lovins explains that the world uses a cubic mile of oil a year and the United States uses 10,000 gallons a second, the look on your student's faces will be priceless;
* Secondly, it smashes the myth of economic havoc created by reducing and eliminating our oil addiction. From 1977 to 1985 with the implementation of CAFE standards (higher mileage for cars) and energy conservation our nation made outstanding economic growth…"
Here is the website for Oil on Ice


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Gail Carrol Third District Council West Haven
Open Issues: 76 Closed Issues: 64 Acknowledged Issues: 1
Watching issues created after: 2008-12-03
Third District
Gail G. Carroll
83 Martin St.
West Haven, CT 06516
Notified About
Roof Caving In, Yard full of junk Archived217 East Avenue West Haven Ct - West HavenThe roof is caving in and hasn't been repaired in decades. The yard is full of garbage, animal waste, several leaky refrigerators, stolen milk crates, and other various garbage and clutter. There is no lawn. Often illegal(uninsured, residential zone) mechanic work and unlicensed acetylene torch work goes on there. Oil and brake fluid are dumped in the street(stains are still there). By far this is the worst house and neighbors(unapproachable chaotic behavior) on the entire block, please help!!!!
129 Brown St West Haven, CT 06516, USA - West Havensidewalks are mangled and city hall told me to deal with it and that it was not a concern of theirs.
First Ave West Haven, CT 06516, USA - West HavenThe First Ave neighborhood residents between Main st and the Water Treatment plant are outraged.. Speeding cars and cars passing into oncoming traffic or lanes on first ave is unbelievable. We clocked a low-rider type car doing 95MPH at 3pm today passing another car by the West Haven Yacht Club heading toward the beach. The speeding and lane passing needs to be policed better. Its only a matter of time before we have a major accident like the elderly woman that was fatally hit by Chicks.
drug dealers Open199peck Ave West Haven, CT 06516, USA - West Havendrug dealing at 199 peckave, been going on for past couple of years, nothing being done about it, people coming and going all hours of nite.
210-212 bLOHM sT OpenWest Haven, CT - West Havenhome was burned down by arson last year. WHEN IS IT COMING DOWN. EYE SORE FOR NEIGHBORHOOD. IT HAS BEEN 9 MONTHS NOW AND A DANGER FOR KIDS PLAYING IN THE YARD AND AROUND THIS HOUSE.
Blight! Unsafe area, Open217-219 East Avenue. West haven, Ct - West HavenHello. I have lived in this house for ten years. I have finally given up with this town. Not because of building and zoning but because of the overwhelming cases they must have. I have decided to put my house on the market and even though I will be living without a house, I will be much happier knowing I am one step closer to relocation. I have been looking at a few blanket/ tarps wrapped in leaves and a pink bag full of something since the fall time. I question if this is just covering the toxic paints that were cleaned from the basement last year. Not only that but there is garbage piled up on each side of the house. The front porches have had furniture store on it in a manner in which it can not even be used for months. Can the city of west haven help me clean this area up? I have been looking at this kind of thing for a while and have had enough. The landlord does not care about this area at all as we have had to do this before. I think they should be sited for blight and forced to clean up the property that she collects rent on and we are forced to look at, which actually brings our property value drown. I'd also question the legality of some of the cars that are parked at night time in at the intersection of east and William st. I have seen people take license plates off one car and put them on another to appear like they are legit. I have to pay at least 8k per year in order to live here. Do you think we can have a cruiser run the plates on a few vehicles down here to make sure they are registered to the cars they belong to and current? Lastley, props up to building and zoning and the w.h.p.d. , they certainly have their hands full and can be overwhelmed in this town. Good luck to everybody working and striving to make this a better place or just get out! Thanks.
NEEDLES ArchivedLeete St Between Campbell Ave And Washington Ave West Haven, Connecticut - West HavenI was playing with my 3 year old granddaughter and I was shocked and scared as I found 3 drug needles near my curbside.This concerns me greatly as there is many small children, pets and walkers on my even side of the street.Police please take notice as I have been seeing cars park for a bit than take off,I attached a photo
355 Main Street West Haven, CT - West HavenWhere are the police? West Haven residents should be livid. Over $10 million was budgeted for police and "public safety" resources. Where is the feedback from our elected officials? We ask for help --- more like begging -- with no resolutions. Asking to keep West Haven children safe, asking to keep our pedistrians and other drivers safe...It seems that asking people to do their jobs is too much! West Haven residents its time to be heard, its time to get involved. We need to push for change! Hold the people accountable and make them do their jobs -- our elected officials obviously can't or don't care too!
89 Center Street West Haven, CT - West HavenCars illegally park during Sunday services and special events on 2nd Ave making it impossible to have 2-way traffic on a main road. I have never seen a ticket issued to anyone during the last 10 years of driving on this road.
Plow all the way to curb Archived463 Second Ave. West Haven, CT 06516, USA - West HavenWith most of the residents of Second Ave. needing parking on the street, the plows keep coming by and only plowing the center of the street, not the sides. Can someone tell these plow operators that if there is no cars on the side of the road, to plow all the way to the curb? There are no cars there because we are waiting for you to do your job and push the snow back so we can have parking again.
Quigley Field Holes ArchivedQuigley Field Front Ave West Haven, CT - West Haventerrible holes in Quigley field
You can't even park your car the holes are so huge.
Washington Ave West Haven, CT - West Haven
I see the Police driving down Washington ave doing at least 70 Mph sometimes. No sirens no lights nothing. This neighborhood (Brown st. down to the beach on Washington) is full of kids that play outside. Also I see a ton of accidents at one particular corner on Washington Ave and cars arent even going that fast. Are they going to do it until they kill someone?
I know they have the right to speed to get somewhere in emergencies but with no lights, no sirens?! stopping at a stop sign!?


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XP Power announces the SHP350 series of single-output, rugged, 350 W AC-DC power supplies aimed at industrial applications. Achieving a high-power density of 6.6 W per cubic inch and with a typical efficiency of 85%, these compact fan-cooled units measure only 177.8 x 91.44 x 53.34 mm (7.0 x 3.6 x 2.1 inches).
The series comprises six single-output models providing the popular nominal output voltages from 12 VDC to 48 VDC. The output is also capable of being adjusted within ±10% in order to cater for any non-standard voltage applications. A remote-sense facility compensates for a voltage drop of up to 0.5 V due to line losses. An auxiliary output provides an always-on VDC/0.2 A output suitable for powering memory, logic, or control functions.
The supplies accept the full-universal input range from 85 VAC to 264 VAC. When operated at high-line input voltages above 180 VAC, the SHP350 has a peak power capability that can deliver up to 420 W output for up to 10 seconds. The ability to momentarily provide a higher output power is ideal for applications such as motor start-up, where increased power is very occasionally required. Customers do not need to design in a higher-wattage power supply, therefore saving additional cost and valuable board space.
Control signals include AC OK/power fail and a remote On/Off input. A single-wire current-sharing facility allows the addition of extra units to provide an overall higher power output or to configure redundant units.
The SHP350 can operate over a wide temperature range of -20°C to 70°C, with no derating until 50°C and offers start up from -40°C. The units are internally cooled and employ a variable speed fan to assist in audible noise reduction.
Meeting the SEMI F47 voltage-sag immunity standard for factory automation equipment, especially relevant to the production of semiconductors, the SHP350 can assure the required output voltage and current will be maintained in the event of a sag in AC input voltage below specified limits. The units also meet the IT equipment safety specification UL/EN 60950-1 and comply with the EN55011/EN55022 level B standard for conducted emissions without the need for additional filtering components.
The SHP350 compliments two higher-output power ranges of 650 W and 1000 W currently available within the SHP family.
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Sirdar Cotton DK Patterns - 7082 Top, Tank and Skirt and Shibui Knits Patterns - SS 16 Patterns - Aurora - PDF DOWNLOAD are both similar patterns: 22 (5.5 sts. / inch) finished gauge, adult tanks and vests garment, for women, and dk (21-24 sts/4 in) yarn gauge.
You may enjoy taking a look at the Plymouth Woolcotte 2894 Vest, Plymouth Yarn Encore Worsted Zig-Zag Shawl Collar Vest, Plymouth Yarn Homestead Split Twisted Ribbing Long Vest, and Plymouth Gina Side To Side Vest kits all using Plymouth Adult Vest Patterns.
Hopefully our suggested yarn options for 2894 Seed Stitch Collared Vest can help you come up with your next exciting new project idea!


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BlueCrest's listed AllBlue feeder details successful first half
BlueCrest Capital Management has issued an overview of the various elements contributing to positive first-half performance by AllBlue, the multi-strategy vehicle that allocates across the firms single-manager hedge funds.
The publicly-listed feeder vehicle for the fund, BlueCrest AllBlue Fund Limited, returned 1.99% in its US dollar share class over the six-month period to 30 June. The largest single contributor to performance was BlueCrest Capital International, the firms flagship fixed income-focused global arbitrage fund, which made 2.64% in the first half. This fund was also the largest component of AllBlue, with a 28% allocation at 30 June.
The second


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Tricity Drive-In
3652 George F. Highway,
No one has favorited this theater yet
Located in Endwell to the west of Binghamton, NY. Owned by (FABH) Neil Hellman, TriCity Amusement Co., Inc. Had a capacity for 600 cars. It was demolished in the 1960's to make room for Route 17. A Hess gas station is located near the former entrance.
Recent comments (view all 3 comments)
I saw DAVEY CROCKETT there back in the 50's with my parents!!
I was terrified of the Indian REDSTICK!
Bill Ross
Approx. address for this drive-in was 3550 George F Highway, Endicott, NY 13760.
That Hess was built on the site of the former Henery's Hamburger next to Endwell Rug.Today it is Express Auto used car sales. I believe the drive-in was a bit further east.
Just login to your account and subscribe to this theater


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We have the top 30 free foreclosure search places on http://www.foreclosurenest.com/
Most bank, government agencies, and auction sites will displays listing for free direct. This is the best way to search for foreclosures since its always up to date and most will even display homes before they go on the general real estate market. Paid sites are more organized but are lacking in time. Working with foreclosure myself for over 7 years now, I prefer to search direct.
I've got about 30 different resources I visit, and you can see them on my site. But now I'll share my top 5 favorite sites.
1) Fannie Mae - Fannie Mae is the largest holder of mortgage notes in America, this translated into a large values of foreclosures. Fannie has a special website available to anyone, last time I check they had over 100,000 foreclosure listing for sale. Plus they have financing offers like %3 down, fixer loans, and more. - Homepath.com
2) HUD REO - FHA insured loans that go in default are bought up and resold as foreclosures by HUD. Inventory is also pretty high, they mostly deal with homes on the lower price range, and had exclusive offers and discount of certain properties. http://hudhomestore.com/HudHome/Index.aspx
3) Auction.com - AKA REDC. Redc is the larger real estate auctioneer in the states. There is couple other that come close but REDC takes the cake with pure value. They make it really easy to shop real estate auction homes. auction.com
4) CHASE REO - Chase is one of largest banks in American. They also just picked up WAMU REOs - wamu was a large mortgage provider and bank mostly in the coastal states. https://servicing.chase.com/reo/property/FeaturedProperties
5) Bank of America Foreclosures - B of A is the largest bank. After picking up Countrywide and of their bad real estate assets they are also holding of to lots of current foreclosures. Search direct - http://bankofamerica.reo.com/search/propertysearch.aspx
See top 30 placed to find foreclosed homes for sale at http://www.foreclosurenest.com/


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Cultivating and Nurturing the Grass Roots of Home Education in Texas!
Lesson Plans
Events Calendar
Articles from real Moms
Join our Social Media
Become a Member
H.E.A.R.T. Homeschool Group
Elgin and Manor Homeschoolers - This is a BRAND NEW group for the Homeschooling families in the towns of Elgin and Manor. I am starting the group, so you all can meet one another.
Southwest Homeschooling Network - We are committed to connecting homeschooling families with various cultural, educational, and entertainment opportunities.
Our Lady of Guadalupe TORCH chapter
Vista Hills Homeschool Ministry is basically "two fat women on a mission from God. A group of Christian (and even some non-Christian) women who love and support one another, pool resources and pray in earnest for one another.
WEHST West and East Homeschooling Together in El Paso is an inclusive, non-discriminating group of homeschooling families. Our primary focus is on the home-educated child of all ages. WEHST Members come from a variety of backgrounds, lifestyles, religions and beliefs and we encourage our children to appreciate and understand those diversities. WEHST offers weekly Park Days, Field Trips, Book Club and Co-op opportunities. We encourage our members to be active and schedule field trips and other opportunities that benefit the group.
HOME (Homeschool Outreach Ministry of Ennis)
P.O. Box 41
Ennis, TX 75120


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You can use this site without being registered or signing in, but registered users who sign in may have access to additional features and information. Please remember that your password is case-sensitive.
8915 S. Hampton Road Dallas, TX 75232 972-421-1982 fax:
Uplift Hampton
8915 S. Hampton Road Dallas, TX 75232


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Milano Hotel Pinzolo: Find photos, reviews, information, amenities and compare prices for 3 stars hotels in Madonna di Campiglio, Italy.
Located within the picturesque parkland of Madonna di Campiglio, Milano Hotel Pinzolo provides elegant accommodation and a full range of facilities, including a sauna, luggage storage and a 24-hour reception.
Hotel description
Milano has 44 rooms offering all the necessities to ensure a comfortable stay.
A buffet breakfast is prepared every morning at the hotel, and there are numerous cafés and eateries close by. The restaurant provides a tasty range of regional and international dishes.
Madonna di Campiglio's popular attractions and landmarks are within close proximity to Milano Hotel Pinzolo, with Madonna di Campiglio Ski Resort just a stone's throw away. It also is a convenient base to explore nearby Dimaro and Mezzana.
Hotel features
Elevator / Lift, 24 Hour Reception, Photocopier, Luggage Storage
Fitness Room/Gym, Sauna
Hiking, Games Available
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Users who viewed Milano Hotel Pinzolo also viewed these 3 stars Madonna di Campiglio hotels:
Hotel Ariston Pinzolo
Piazza Brenta Alta 14, Madonna di Campiglio
Piazza Brenta Alta 14, Madonna di Campiglio
Antares Hotel Pinzolo
Via Cima Tosa 57, Madonna di Campiglio
Via Cima Tosa 57, Madonna di Campiglio
Dolomiti Hotel Cozzio
Via Cima Tosa 31, Madonna di Campiglio
Via Cima Tosa 31, Madonna di Campiglio
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Check in from 12h / Check out prior to 12h
Tien Lang Spa Resort Hai Phong: Find photos, reviews, information, amenities and compare prices for 3 stars hotels in Hai Phong, Vietnam.
Set in Hai Phong, Tien Lang Spa Resort Hai Phong is a five-minute walk from the Haiphong Opera House and offers an outdoor pool, a Jacuzzi and indoor tennis courts. Just a short stroll from the Hai Phong Museum, it provides comfortable rooms equipped with a mini bar, a refrigerator and a spa bath.
Hotel description
There are a range of facilities on offer to guests of the resort, such as outdoor tennis courts, a sauna and a swimming pool. Those staying at can try out of the resort's recreational activities, such as a playground and billiards.
The rooms at Tien Lang Spa Resort Hai Phong have air conditioning and include tea and coffee making facilities, a private bathroom and wireless internet access. They offer a ceiling fan and a bathtub.
Tien Lang Spa Resort Hai Phong offers breakfast each morning that guests can enjoy before venturing out to discover the surrounding area.
Cat Bi International Airport is less than a 20-minute drive from the resort, and a shuttle service is provided for those staying at the property. The friendly staff at the tour desk are available to book and organise activities in Hai Phong.
Hotel features
Room Service, Air Conditioned, Non-Smoking Rooms, Mini Bar, Refrigerator, Cable / Satellite TV, Coffee / Tea Maker, Hair Dryer, TV, Billiards, Shower, En suite, Private Bathroom
Business Center, Concierge, Elevator / Lift, 24 Hour Reception, Conference Room(s), Meeting Rooms, Laundry service, Shops, Designated Smoking Area, Shops in Hotel
Fitness Room/Gym, Swimming pool, Tour Desk, Massage / Beauty Centre, Tennis Courts, Sauna, Bath / Hot Tub, Garden, Playground, Jacuzzi, Massage, Spa & Wellness Centre, Pool Indoor, Pool Outdoor
High-speed Internet, Internet Connection (wireless)
Airport shuttle, Valet Parking
Tennis Courts (indoor), Salon, Bathrobes, Child Pool, Souvenirs/Gift Shop
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Users who viewed Tien Lang Spa Resort Hai Phong also viewed these 3 stars Hai Phong hotels:
Hung Long Harbour Hotel Cat Ba Island
268, Road 1-4, Catba Island, Hai Phong
268, Road 1-4, Catba Island, Hai Phong
Van Phong Hotel
Van Hoa Street , Do Son Zone 3, Do Son District, Hai Phong
Van Hoa Street , Do Son Zone 3, Do Son District, Hai Phong
Level Haiphong Hotel
71 Lach Tray Street, Ngo Quyen Dist, Hai Phong
71 Lach Tray Street, Ngo Quyen Dist, Hai Phong
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- Classic Hoang Long Hotel
162 m
- Kim Thanh Hotel Hai Phong
186 m
- Bao Anh Hotel Hai Phong
199 m


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By clicking on this website you clearly need a repair or a job doing. I am also a property landlord, and over the last 10 years I have built up a substantial property portfolio across Hull and East Yorkshire.
Over that time, like you I have needed to repair, maintain and renovate properties, and have used a mulitude of tradesmen. Some have been good, some not so good, but I have now established a superb base of contractors that are reliable, efficient and totally professional.
I can now offer, using these tradesmen a complete service to keep your property up to the standard you require. So whether you need a tap replacing, boiler fitting or a new hallway carpet, just one call to Homefix Hull does it all.


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Type locality: Cdiz, Spain
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In the latest article
TrustedUlva rigida C. Agardh, 1823
This article is unpublished.
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Supplier: AlgaeBase
M.D. Guiry in Guiry, M.D. & Guiry, G.M. 2014. AlgaeBase. World-wide electronic publication, National University of Ireland, Galway. http://www.algaebase.org; searched on 16 Jan 2014.


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1928-1931 Ford Closed Car Outside Mirror
Click image to enlarge
Reviews (16)
What's in the Box
Each of these outside mirrors has a hinge pin mount. Works for both left and right side applications. Adjustable.
Fits 1928-1931 Ford Model A "closed" passenger car.
Item DetailsWorks for both Left and Right Sides
You may also be interested in:
1928-29 Model A Style HeadlightsView$324.99
Quick ViewQuick View Detailsx
Available in polished stainless steel. 12 volt bulb is mounted behind original style lens. Complete with mounting stud. 9" diameter. Stainless with Halogen bulb.Compare
1930-31 Ford Model A Style Headlights, Stainless SteelView$324.99
Quick ViewQuick View Detailsx
These polished stainless steel headlights work with 1930-31 Model A Fords. They feature a 12 volt quartz halogen bulb behind the original lens. The light is 9" in diameter and attach to the headlight bar with the long bolt thru the bottom and then through the bar.
The wires on the Model A headlight come out the back side thru a brass fixture that will accept the common conduit used on the Model A's. This would be an excellent choice and we also offer others with the wires exiting the light through the attachment bolt if desired.
This headlight features a high output Halogen H4 dual filament bulb that is replaceable under part number 91064193. It does have high and low beam function.
- Halogen
- 9" diameter
- Polished stainless steel
- 12 volt quartz bulb
- This headlight carries the seal of genuine Ford licensed products
- There is a Ford scripting logo on the lens of the light
1928-1929 Closed Car Outside Locking Door HandlesView$39.99
Quick ViewQuick View Detailsx
These locking exterior door handles will fit your 1928-29 Ford Closed Car. They feature a flat mount base and attach to the door with two screws. These closed car outside handles come in a beautiful chrome plated finish.
1928-1929 Closed Car Outside Locking Door Handles
- locking with keys
- flat mount
- chrome plated finish
Note: Uses a 5/16" square shank which has a 3/8" long turned down O.D. of 1/4" which is 1/8" from the end of the shank.
Item DetailsFlat MountCompare
1928-31 Model A Luggage RackView$97.99
Quick ViewQuick View Detailsx
Reproduction Model A luggage rack. Chrome with genuine wood strips protected with an attractive clear finish.
NOTES: Item has metric bolts and nuts.
Rack Instructions (PDF)Compare
1928-29 Dropped Stainless Headlight BarsView$139.99
Quick ViewQuick View Detailsx
1928-1929 Dropped style stainless steel headlight bars. Polished.
Top width (flange tip to flange tip) 42-1/2"
Bottom width (flange tip to flange tip) 38-1/2"Compare
Chrome Model A Tail Light Bracket, LeftView$12.99
Quick ViewQuick View Detailsx
Chrome plated stamped steel Model A tail light bracket only (taillight is not included). Left side bracket will mount license plate bracket.Compare
Chrome Model A Tail Light Bracket, RightView$12.99
Quick ViewQuick View Detailsx
Chrome plated stamped steel Model A tail light bracket only (taillight is not included). Left side bracket will mount license plate bracket.Compare
1928-31 Model A Windshield Rubber, T Style, Closed CarView$9.99
Quick ViewQuick View Detailsx
1928-31 Model A windshield rubber for closed cars (not supplied with our windshield frames). "T" style windshield rubber seals between the windshield frame and body. Comes with 7 feet of 1" width. Seal is 1" tall from bottom to top of T. Top of T is 1/4" wide.Compare
1928-29 Ford Model A Chrome Front BumperView$219.99
Quick ViewQuick View Detailsx
These chrome plated '28-'29 Ford Model A front bumpers feature 2 bars per bumper. Measures 63-1/2" from tip to tip.
Bumper requires two stainless steel clamps (not included, sold each). Clamps measure 4" long x 2" wide.Compare
1928-1931 Model A Closed Car Windshield Frame, PolishedView$399.99
Quick ViewQuick View Detailsx
Mr. Roadster 1928-31 Ford Model A windshields are made of extruded aluminum. Measures 16" tall, 44-1/2" wide at the bottom, and 45-3/8" wide at the top. These windshields have hinges at the top to allow them to open.
- '28-'29
- 5-window
- Special Sport & Business Coupes
- Tudor Sedan
- Sedan Delivery
- Taxi
- Station Wagon
- 2-door Sedan w/ vacuum wiper
- Closed Cab 1/2 ton Pickup
- '30-'31
- Station Wagon
- Murray Town Sedan
- Briggs Standard & Deluxe Sedan slant windshield
- Murray 4-door vertical windshield
- 5-window & Sport Coupes
- Tudor Sedan
- Closed Cab Pickup
- Sedan Delivery
- '28-'29
1928-1931 Model A Vicky Windshield Frame, PolishedView$399.99
Quick ViewQuick View Detailsx
Mr. Roadster Ford Model A windshields are made of extruded aluminum. Measures 14-5/8" tall, 45-3/8" wide at the top, and 44-1/2" wide at the bottom. These windshields have hinges at the top to allow them to open.
Fits the following '28-'31 Ford models:
- Victoria
- Cabriolet
- Town and Convertible Sedans
- Standard and Deluxe 4-door Briggs Body Sedan slant windshield
Note: No glass or windshield rubber included with our windshield frames.Compare
1928-1931 Ford Model A LED Tail LightView$39.99
Quick ViewQuick View Detailsx
Made of polished stainless steel with plastic lens. This LED tail light is an excellent replacement or addition to your 1928-1931 Model 'A'. Choose right or left.
- 19 Super Bright Red LED's
- Drivers side (Left side) includes a 4 LED White License Light
- Epoxy coated, fully sealed electronics
- Solid state circuit board for 12V systems


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Mongolian city living
Trip Start Dec 14, 2007
189Trip End Mar 16, 2009
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We probably did not spent enough time in the city to truly appreciate it, but superficially, it looks liker a very poor city, with a few sites of interest - such as a monastery, but it did not feel as tough we were in Mongolia... we might as well have been in another poor city in another country.
The Museum of Natural History had some amazing displays, including the largest full size, intact dinosaur skeleton I've ever seen, most these dinosaur relics were found in the Gobi desert. Sadly the displays are so poorly presented in the dilapidated museum, that the awe of the discoveries are somehow lost.
Ulaanbaatar was a good place to stock-up on food and drinks for the next train trip of two nights and 1.5 days to Irkusk in Siberia.


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Letter(s) from Anna Shumakova to John (Denmark)
Letter 1
As your day was. In my family there was a misfortune, in mine mum have found out a cancer easy, operation in the near future is necessary for it. Cost of operation 4000 $, my daddy has sold the machine, but this money does not suffice to pay operation. Us does not suffice 2000 $, I still had one hope, it you. I understand that we are poorly familiar, but your support is necessary for me. I can not lose the mum, it for me all good that is in my life. I see that you very good person, and you can help me with this situation. I very much hope that you will help me, and in the future I can arrive to you and at us serious attitudes could be based. I think that you understand my position, it is very hurt me. I pay each day, at me bad mood. We should find money till July, 15. I think that you will be the sympathetic person, I think that you understand mine position. If you send me money, I can arrive to you August, 1 as you know I I have the visa to Denmark, I can arrive to you earlier if mine mum will be corrected. I think that you understand me, I finish the letter as I should go to mum in hospital. I learned that it is possible to send money through the Western union, I shall leave to you the the data I of remittance.
Mine name Anya Shumakova
My city Kazan, street Mira8-17.
When you to send me money I should know your control number MTCN. I wait for your answer. It is time to me to go to mother in hospital.
With love and hope yours Anya


text: Home › Products › Site & Shop Accessories › T-Track Flip Stops T-Track Flip Stops T-Track Flip Stops TTSTOP-2 This low-profile flip stop works in the standard 5/16in T-track and slides easily along the track as well as being able to be flipped out of the way when not in use. It comes as a pack of two so you can set up two stops at the same time and flip one out of the way when not in use to make repeatability a cinch. It comes with the t-track bolt and brass knurled knob to secure it in place. The t-track should be installed 11mm from the edge of the fence so the stop flips down flush with the fence (a relief is moulded into it so it doesn't catch on the edge) - otherwise it can installed as shown with a gap between the stop and the fence to better secure wider work pieces. The thick extruded aluminium stop is approximately 12.5mm from the inside corner to the bottom of the stop. Qty: $9.90 (inc GST) Related Products earn 1 point for every dollar Find out more Subscribe to our Newsletter You'll be the first to know about our latest offers Subscribe Here