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Titan International (NYSE:TWI)
Q1 2014 Earnings Call
April 24, 2014 9:00 am ET
Maurice Manning Taylor - Chairman, Chief Executive Officer and Chairman of Titan Europe Plc
John Hrudicka - Chief Financial Officer and Principal Accounting Officer
Paul G. Reitz - President
Ian A. Zaffino - Oppenheimer & Co. Inc., Research Division
Stephen E. Volkmann - Jefferies LLC, Research Division
Christopher Schon Williams - BB&T Capital Markets, Research Division
DeForest R. Hinman - Walthausen & Co., LLC
Clark Orsky
Ladies and gentlemen, welcome to the Titan International Incorporated First Quarter 2014 Earnings Conference Call. [Operator Instructions] Any statements made in the course of the conference call that state the company's or management's intentions, hopes, beliefs, expectations or predictions for the future, are considered forward-looking statements.
Please note that the Safe Harbor statements contained in the company's latest Form 10-K and Form 10-Q filed with the Securities and Exchange Commission extend to this conference call, and any forward-looking statements involve risks and uncertainties as detailed therein.
At this time, I would like to introduce Titan Chairman and CEO, Mr. Maurice Taylor. Sir, please go ahead.
Maurice Manning Taylor
Thank you, Amy. Good morning, everyone. Everyone, I believe, has gotten the release. The first quarter wasn't anything that we expected, and I imagine most of you didn't expect it that bad. But going forward, we do believe that there is a lot of good things that we found and what we're doing, but let's cover a little bit of it for the first part.
Right up through the end of December, the ag market was going good. We all know where the mining market and construction was starting to come on. A couple of things, and number one, where we are and we're the big anchor in North America. Of course, the winter blast not only affects the efficiencies of the people, everybody got hit so hard, but it did have a big change in what we were and how we were and efficiencies of our plans, mainly because we didn't have the same workforce every freaking day. But needless to say, we're over that at this point. We did not move with the speed that better and different of reducing our headcount, thinking at some point, we were going to be able to see these orders coming in.
The whole ag market, in our opinion, and I've been out in the field this week, especially running around, it's running slow. It's -- they're still trying to get in the fields, it got too wet, but they are going to be there, it will happen. In talking with dealers, I think everybody has realized there is going to be a shortage, they're just -- not a shortage, I mean short in sales level, but no one has got a handle, whether it's 3%, 5%, and someone thinking 10%. Personally, I've talked to farmers, I've been out there, they're still going strong, and I think they'll continue to go strong.
Big Iron is off, it's off from an OE side standpoint. There's a lot of Big Iron, it's in the aftermarkets. So what happens there will be seen in the next 4 to 6 months. The mining side is really hit us, and it hit us from a standpoint of -- it's a market that just -- it's just slow. It's going to stay slow. I was with the couple of largest mining companies, with some of their executives and their inventory, everyone has heard me say that they have such a large inventory. The situation is, they haven't dropped that baby down to where it should be yet. They're still thinking about what should be their inventory. The pricing is falling. There is nothing of the shortage of any tire in that market. Material natural rubber is still dropping. There was a couple of times, it's under $1. So that affects us until it's, so to speak, stabilizes.
Steel, steel is bouncing around pretty much where we expected it to be. It's not dropping drastically. So that's -- that, going into the second quarter is a good positive reference for us. We have instituted, like almost anybody else. We're going to just drive our cost down, and we're going to do that with going through and taking out personnel that is not contributing, and we're looking at a number of items that's what, between Paul and John, they got a good eye for it, and I believe that we will see some benefits from that side.
Our Russia plant came through from the standpoint, they're starting to move on getting the product out there and what we have to do. That's going to take a while, but at least we're moving on that. South America, South America goes up and down like a yoyo, but our people are doing pretty good. Our market share is increasing, they're excited, and again, they still have too many bodies. And with the new equipment that we have shipped down to there, they will have that installed, at least by the end of the second quarter, and then that will start to give us some benefits from there.
Europe, Europe is just going to be a slow, gradual situation. We have looked at it, studied it. We have a plan of action. We believe that as they continue through the year, it takes us so much longer to do stuff over there than it does here. But we know, we're on the right way, and we figure that as the time goes, we will start to slowly increase up in not only our margins, but in our profits. So we've got a lot of work to do, and I'm trying to stay a good, calm fellow, and just keep marching us along.
If you noticed in my statement that I threw out, you'll see in this business, if you look at where we were in '10, where we're at, at the end of this year, we are a manufacturer. We bring in the raw material, and we make a product. We have some plants that do very, very well. Some of the others, we've got a lot of work to do. The acquisitions we've made, we don't go out and pay a lot of money, we don't make [ph] things that are running like clockwork, they all need a lot of work. And we believe that we're on the right track. And that -- it'll actually, with the letup that we've seen, it will probably help us get there, and get there sooner. Our board believes that, and I believe it. So we're going to stay the course and keep banging away.
Acquisitions that we were working on are still out there. Pricing is going down and will continue, I think to go down, from where we're looking at them. So we do have enough money to handle any of those situations. We're excited about what we have come up with in our LSWs. For you who don't know, our low sidewall technology, we, earlier this week in Iowa, they ran a Case QuadTrac, big QuadTrac, even though it had, I believe, almost 8,000 pounds more than the Deere 9560, but that 8 miles an hour pulling the same things, the same implement, the Deere with our new tires stayed right with it. So a lot of the farmers were impressed, we were impressed, the dealer that put the demonstration on was real impressed. So we have a lot of items going, and I appreciate just some of you who just want to know when that shows up in the numbers, and I think it's going to show up strong by the end of this year and going forward. So we're not moving from where we're at.
So there was a question somebody sent in, wanting to know reference to be our R&D spending. Money we're spending on R&D is mainly in our LSW market, which covers both wheels and tires, and we expect to keep moving in that round with all of our big farms that we're dealing with. Also, there was a, which John will go over, warranty payments and everybody asks, our tires are doing real well and we have -- in the process of switching Bryan over to the specialty on the tires, stay away from just the hall tracks, because there is just too much capacity out there. And that's what we're doing.
With that, I'll let you go and bring them all up-to-date, John.
John Hrudicka
Okay, thanks, Morry. Good morning, everybody. Well, needless to say, Q1 was a good start for the year, continuing against the backdrop of raw material prices, weather, and cyclical downturn in mining, impacting our North America, Australia and undercarriage businesses. So let's begin by breaking down our revenue to understand the drivers behind our results. Quarter sales were $539 million, this is down 7% from Q1 of last year, and up 9% from the fourth quarter. The 7% year-over-year decrease was driven by a reduction of $42 million in North America, earthmoving and construction.
Other variances to Q1 of last year include $30 million from acquisitions represented by our Voltyre-Prom acquisition in Russia. North America ag was down $18 million split between price due to raw material decreases related to rubber, and volume resulting from the slow start associated with the weather. We also got hit with FX at $12 million, greater than 100% of this impact was driven by the Brazilian real.
A 9% quarter-over-quarter increase was driven primarily by North America ag at $27 million, and Voltyre-Prom Russia at $17 million. Our Latin America business continues to grow, while our undercarriage business continues to be impacted by the earthmoving slowdown that was mentioned earlier.
So let's turn our attention to margin performance. We recorded a decline in gross profit performance at 10.1% for the quarter, that compared to 16.7% from Q1 of last year, and relatively flat to Q4 at 10%. This obviously represents a sizable decline to last year's performance, while we experience slight gross margin performance decreases across several areas of our business, most of the negative impact stems from mining. Again, associated with North America, Australia and our undercarriage businesses. Generally speaking, you are all very knowledgeable of the story, mining companies continue to reduce their cost in capital spending in order to address their profit challenge, negatively impacting demand for mining equipment. Those are consequence to our business, our Titan North America mining gross margin performance has been adversely impacted, competitive pricing pressures and lost productivity due to significantly lower sales.
So how are we responding? We build very good 49s, 51s and a 57-inch loader. We're competitive there. Our super giants are 57s and 63s, we're systematically making changes to these products that are currently being tested in the field. This will take some time to demonstrate the results and expected improvement from these changes. With our customers, and we hear it all the time, they're not comfortable with the duopoly with Michelin and Bridgestone, they want us to be successful in supporting their business needs.
In Australia, the story is different, but the outcome is similar. In late 2012, a slowdown in mining commenced coinciding with the government, introducing a super profits mining tax. The manner in which this tax is levied had a greater impact on new and growing miners, as a consequence, impacting exploration and expansion. There's been little relief since then. The introduction of $30 million of revenue from Voltyre-Prom, Russia that we spoke about earlier, unfortunately, there was very little flow-through to show for it, because margins after netting out purchase accounting were just slightly positive. We have more work to do over there in terms of improving productivity and reducing costs.
I indicated earlier that we lost $9 million in price on the North American ag side due to raw material decreases. This was roughly made up through reductions in material costs associated with those raw materials, namely natural and synthetic rubber.
From a broader perspective, we continue to experience a mix shift impact in our business. So our acquirers are international businesses, where 20% of our sales volume in 2012 grew to 43% in 2013 and now account for more than half our business in 2014 at 51%. So this has had a negative consequence from a gross margin performance standpoint. It's simply a mix issue, as the lower international gross margin performance at 13.3% with 610 basis points less favorable to our legacy business or North American business at 19.4% in 2013, and 370 basis points less favorable at 8.3% versus 12% of this year.
So while the gap is narrowed, this is due to the considerable decline in the legacy margins due to the mining impact that we continue to describe. So getting back to the impact of this mix effect, it represents a 200 basis points decline in 2014 from 2012, so 2 years ago, and a 40 basis points decline from 2013. 2013, being less severe due to the mining impact on the legacy margins.
So now turning our attention to the expense side of the equation. SG&A was up $4.4 million or 8.7% of sales for the quarter versus 7.3%, one year ago. So while there's been a series of puts and takes across this expense category, this increase is primarily attributable to the incremental SG&A associated with the Voltyre-Prom acquisition at $4.5 million. R&D in Q1 was $3.7 million, representing $1 million increase over Q1 the previous year, Morry spoke about this earlier, this is primarily due to the new product tire testing that we're doing in the U.S. of which more than half of this was associated with our new LSW concept.
So as described with the gross margin mix impact, we experienced a similar effect with expenses. So the acquired SG&A as a percent of net revenue is higher than our legacy business. So for Q1, acquired SG&A was 9.5% versus the legacy business at 7.9%. So outside of the impact of declining sales, this is primary to why our operating expenses of the client as a percent of sales, and we're actively addressing this at all our international locations.
So let's bring this to the bottom line, relative to profit. We had no adjustments in the quarter. So our adjusted net income is equal to our net income attributable to Titan at $0.04 per share. EBITDA at $24 million, and this compares to adjusted net income of $0.40 per share and flat with EBITDA at $24 million in the fourth quarter.
So as we stated, when we began this discussion, the Q1 results are disappointing and will be addressed in a very diligent manner by the management team. To that end, under the leadership of Paul Reitz, we have embarked on a profit optimization framework, engaging each of our businesses, identifying development initiatives to drive profitability improvement.
As a company, we remain very optimistic and excited by our future for many of the reasons Morry mentioned earlier. The LSW concept. It is core to our complete wheel tires assembly system strategy, for which no other competitor possesses this capability. It's really starting to take hold in a marketplace with our OEs and our equipment dealers, and what do I mean by that? It's starting to be pulled by our end customers whom will benefit significantly from the improved performance over the conventional systems. This will allow us to truly realize the rewards of leveraging our core competency as a company as a complete wheel tire assembly system, and differentiating ourselves from our discrete wheel and tire competitors.
Over in Europe, our waffle wheel technology is really demonstrating the exciting innovation to our customers, combining the 2 attributes of the adjustable track with the high-speed and strength. We're the only manufacturer in the market to provide this capability. We've experienced 100% growth over the past couple of years, so a doubling year-over-year, this technology, coupled with LSW provides a very compelling case for Titan.
So as mentioned earlier, we've embarked on a profit optimization framework to bring enhanced focus and accountability to drive operating efficiency, cost-cutting and asset management. The past several years, there's been a lot of energy and focus and success in driving sales growth for Titan. We will place a more formal emphasis on extracting the value from this growth.
So let's talk cash flow on the balance sheet side for a moment. Operations generated cash flow of $18 million, which is slightly less than Q1 of last year at $21 million. Q1's always a tough quarter for us relative to operations, cash flow. We typically experience a build in both inventory and AR coming up the lower Q4 levels and as expected, that did again occur this year. Our AR increased $61 million on $45 million of additional sales in Q1. The associated road for 2 primary reasons. First, the addition of Russia acquisition, of the Russian acquisition. Voltyre-Prom has mentioned a number of times previously. And the effect of Q1 following Q4, that, for our business, typically results on average, a 5-day impact on DSOs due to the nature of the truck trailing 3-month population we employ.
In offset to AR, the increase in AR both prepaids and AP generated cash, our prepaids were down $42 million, largely due to the receipt of a $36 million federal tax refund check. AP was up $37 million, primarily due to raw material purchases prior to the December shutdown, essentially flat to prior year.
So there's been no new movement on the debt front and nor do we expect any in the future, in the near future. And as Morry indicated, both in the press release and on this phone call, we feel we have enough cash to complete the acquisitions in play. Our balance sheet is in a strong position and continue to invest, grow and expand our company into the future.
So wrapping up, there's a lot of work to do, but equally important, if you're a Titan employee or investor in our company, there's a lot to be excited about for our future. And now, I'd like to open this up for questions.
Question-and-Answer Session
[Operator Instructions] Our first question is from Ian Zaffino with Oppenheimer.
Ian A. Zaffino - Oppenheimer & Co. Inc., Research Division
The question will be more, I know you said this kind of took you by surprise. And I wanted to drill down a little bit on that, because I think you're also talking about sort of putting in these processes to bring up margins and to kind of improve the business and sort of become more able to sort of adapt to what the market's doing. And the question is, is the matter of like systems in that, you just don't have the systems that tell you, hey, look, we're not just shipping as much and we need to bring back our labor costs and our costs. Because I'm just surprised that you were surprised by your business, and that you probably, I would imagine, everyday, get sort of the runs of what your plants are doing, what your factories are doing, and maybe that's just not the case. And just sort of what you're trying to achieve here with the business of bringing the margins up. And just sort of -- and I know that you have implemented an ERP system previously. Just kind of help us understand a little bit more, like how much work needs to be done, where are you now, and where can it go, and what's the improvements that you'll see.
Maurice Manning Taylor
All right, good question. What basically happens is we have the system to see where the order deck is. But what happens is that when you come rolling in to December, and you shut down for 2 weeks at the end of December, the order deck was, compared to in certain products was soft, the other one that was pretty firm. And then what happened, you hit the first of the year and your plant managers are looking at their deck, but what is happening is the order deck is sliding out. In other words, they're taking and they're moving, they have the order, but they slide it. Generally in the wheel business, it's -- you've got a lot more visibility. But right after the first of the, when everybody came back, you had from the middle of that month, orders being slid out into the February. But then what happens is you start off to try to run and you've got a tremendous amount of absenteeism. So you're now, efficiencies, because you got people going around trying to get what you had to get out. Now you see from over in Europe, you expected Europe to be not so. My board expected the same thing. But what happened there, they even started moving. The problem we have over there, you can't get rid of help, you can't get rid of help. You're going to bleed like hell. So that's what happened there. On the mining side, the construction was, in December, was looking pretty good. But then again, that thing just got slid out. Now when you look at the ag side, the ag side referenced the OE got slid so much, but what really got moved was the aftermarket. So they move you from middle of January orders into February. So you look at February, February is supposed to be pretty decent. Well then it gets moved. As you go into January, a week or 2 weeks. And so pretty soon, you realize you just got 2 months that just beat your brains in with the weather, et cetera. And you're talking 4 factories, if you bring Bryan in. Bryan was the hemorrhage child. The other factories were so-so. But those other 3 factories now had to carry, when you look at the numbers and internally, everybody else, so it wasn't until you see March roll around and you started to see them pick up. And the question becomes, like right now in the aftermarket, you see the situation where the tires they want, they want them right now. There's been a delay, they're going to be planting, I believe, up until May, because it's going to be a late season. So that's what we see. And so now, as John mentioned and I mentioned, Paul and John, they've already had all their meetings in the U.S. and they know exactly what they have to do to bring the employment level down so that you have the size and the efficiencies, and they should be able to make some improvement. And even though I'm an old guy, I've been in the factories, too, I know exactly what -- where they have to prune. And then at the same time, our salespeople got their fanny out and things looked a little bit better. But I've been through this a number of times, Ian. At this point, you do not know exactly how it's going to percolate. You won't know probably until you see what happens in the second quarter. Now, they put the depreciation back, but it's not at the same amount. So how is that going to affect the sales? And everybody's forecasting ag to be down. I still think that it's going to stay at a high, high peak. Yes, it's going to be down a little bit, but nothing that you should get yourself worried about, than the way I look at it. I don't know if I answered your question, but John, you can jump in and he's got all the numbers. So...
Ian A. Zaffino - Oppenheimer & Co. Inc., Research Division
I think that's helpful, I just kind wanted to get a higher level idea of what's going on, and what could be fixed.
Maurice Manning Taylor
Well, construction is moving. In fact, I think, everybody's telling you construction is moving. But construction, the difference between construction tires and farm and ag is there's been no change in the construction tires for 70 years, almost. So the margins there are real thin, but equipments made some changes. So it helps with your burden absorption, but it doesn't help that margin stream that great.
The next question is from Stephen Volkmann with Jefferies.
Stephen E. Volkmann - Jefferies LLC, Research Division
I'm wondering, if we can just, I know you've rescinded your guidance, and I guess there's some work to do in terms of managing headcount. But I'm just trying to get a sense of sort of the parameters around here. Do you think that, you guys said you had plans in place to adjust employment levels. Is that enough to get you back to a reasonable profitability level, however you might define that? Or is there actually some fixed costs that you need to get out as well?
Maurice Manning Taylor
You didn't come on that. What is it exact you want to ask me, Steve?
Stephen E. Volkmann - Jefferies LLC, Research Division
Yes, actually I was thinking, John might have some numbers behind this. But I'm always happy to talk with you, Morry. And the question is, is adjusting the headcount enough to get you back to a reasonable, call it double-digit EBITDA margin level, or do you have some fixed costs, 1 plant or 2, that you're going to need to take out as well over time here?
Maurice Manning Taylor
No. The -- when you look at -- it's kind of a crazy situation is that, when you take the volume on certain plants and you bring it down to a level, what you need to do, just portionately, you have got to take a lot of bodies out. And the bodies don't just come from the hourly guys. You're going to take it from some of the salaried too because what you need to do is, those facilities are meant to run really on the lean side. You do not want to start building inventory. And what happens is, let's just take our wheel plant. Our wheel plant is the gem of our whole being. But what you'll end up doing because of the margins and what they do, they turn around and at some times, they get worried about where, how much steel, everything else, so you look at it, and they bring in so much inventory. When in this market going forward, you don't want to do that. We know how, we've been it so long, how you have to manage it. So what transpires, though, you got to get the bodies and get it down to it's really lean. And you are going to get the margins and you'll improve those margins, when you do that. When you go to the tire plants, one of the big hammers that's hitting us is not only is it into the labor, but you have got to -- you have got to get that natural rubber to stabilize, and then you're not discounting on the prices because of the length of time that you've got. So that's -- I thought, we'd be done with this last year, I mean in the end of the year, but now you're below a buck to pound. I don't know where it's going. All I know is, we're not buying -- we're buying as least amount that we can, out in the future because we don't really know. And John, you got numbers. Is there some magical bullet?
John Hrudicka
I'll make a couple of comments. I referred earlier to a profit optimization framework that Paul Reitz is going to lead, and I'll partner with him on this. And we chose the words profit optimization purposefully because it's not just about headcount reduction. Obviously, that's the blocking and tackling that we'll pursue first, but what we want to explore with our businesses, how do we optimize profit, and that means raising the revenue line, certainly maximizing profitability and what we have. So if you think about the growth that has occurred over the past 3 years, and I referred to it earlier, rapid growth, we've had a lot of energy around that, the company has been very successful. I think, we have incredible opportunities now to go back to what we acquired and the growth that we've obtained and extract the value out of that. And we're doing that actively. Paul and I are both traveling pretty extensively to our international locations and working with them directly on initiatives to drive profitability improvement there. So to answer your question, there's going to be no rock that's unturned relative to profitability improvement for the company, coupled with asset management.
Maurice Manning Taylor
I would throw out, Steve though, and I'd be [indiscernible]. Misleading if I didn't tell you. There are an outside of the continental U.S., there are some facilities that we are looking to modify or change in a big way. And that means that we have to have teams over there, and it'll take 6 to 9 months before you can even start to do of a closure or to move something because of labor laws.
Stephen E. Volkmann - Jefferies LLC, Research Division
Okay, fair enough. Can I just switch gears a little bit more? You mentioned that you have enough cash to finish the M&A program. Can you just update us on sort of how your pipeline looks, what you think that M&A trajectory is going to look like. And then are you basically saying that after this year, we're pretty much done with all that?
Maurice Manning Taylor
Well, to take it, one piece at a time, we have been in negotiations in certain situations for a long time, okay, with some companies. They -- because of the situation, they're not here at this moment in the U.S., they're outside the U.S. and because of what's happened outside the U.S., the currencies, as well as the companies themselves, the value of them have dropped. So when you look at what we're looking to do, it's a much lower cost for us to finish those. We believe that the 3 of them, is a total of 4, but 3 of them, we believe, without a doubt should take place yet this year. But I don't govern it. But we know we have the money. We know, we've looked at them. We've negotiated certain things to them and that's where we're standing. And we're not -- we didn't just run into the closet just because everything is getting in turmoil over there, just like the situation in Russia. Things are actually, at our Voltyre-Prom plant, are long term looking more secure and better than what we were looking at 4 months ago. So we're pretty happy about that even though that market, no one really has got a handle on what's going to take effect. So we believe, as I said in the deal that with those acquisitions, they would have us in between anywhere from $3 billion to, max, probably about $3.5 billion, and that's -- and we'll be done. And everybody can see my cash, the cash Titan has on the balance sheet, and we don't have our lines. We're trying to turn around and restructure this company from a financial side, where we get pay in the same amount of taxes, as some of these big boys that are global around the world and bring our bill to Uncle Sam, down into the 30 or less. And if we do that, then it allows us still to pay out a big dividend, and that's where you have to get this thing to. And we, both John, Paul and their team under him in [indiscernible] Over in Europe, they've got some good plans, how do we get there. And like everything, it's on a piece of paper, it just takes a while to get it executed.
Next question is from Schon Williams with BB&T Capital Markets.
Christopher Schon Williams - BB&T Capital Markets, Research Division
Morry, I just wanted to maybe talk about some of the trends in the kind of monthly demand. I mean, it sounds like January and February were a bit of a slow start, March picked up a little bit. I just wondered if you can comment on kind of what you're seeing in April. Is it similar to March? Is it worse than March? Or is it better than March?
Maurice Manning Taylor
Now it's starting to pick up like, but the question is, is how much is it going to move, Schon. I mean, when you look at the first part of March and you take the whole Midwest, there weren't anybody bringing in any freaking tires. I'm talking about from the aftermarket, they all were wondering what the hell happened and then partway through it, they go nuts. They needed some tires, but then first part of April hit. And there are some people in the country, southern Illinois, they want to get in the field. But Iowa, I was up in Iowa a week ago, and they've got 3 inch -- it was 80 degrees, then it turned around 3 inches of rain, then they got 3 inches of snow. So I happened to pick the perfect day, snow day. But I was there middle of this week and everybody is just hustling. You see more tractors out in the field now, and they're running. Well, when they really start using the equipment, that's when your servicing dealers are buying tires and things are going. And we're going to have a long planning season, I believe, and that's what I believe is going to happen. So I think, it's going to last, probably, all the way into June. But I'll know because next week come up, I'll be in Canada. So I mean, it's no different, it happens. You're playing with weather, and the markets are going to be down a little bit on Ag side, I believe, but I don't think, they're going to be double digit.
Christopher Schon Williams - BB&T Capital Markets, Research Division
Okay, that's helpful. And then maybe, could we spend a little bit of time just talking about the consumer segment, which is really your Brazilian piece, the industrial piece? It sounds like, you're seeing some nice pick up there. Can you just help me understand what's driving the big improvement down there? Is it kind of the macro environment? Is it -- are you taking share? Is it new products? Just help me understand what's driving the --
Maurice Manning Taylor
Okay. The Brazilian consumer is a real simple market. We make medium truck tires bias, and there are some light truck tires bias. And those are all branded Goodyear, and we pay Goodyear a royalty. And what we do is we supply those tires directly to the Goodyear dealers, and we get reimbursement from them. It's typical, if you look over the last 15 years or 20 years, you will see that the amount of biased tires used in the trucking side increases a little bit every year. If you look at the radial tires, the amount of increase in volume is much greater. So we -- that plant made the bias. So what's happening is that we concentrate on it, and we do a good job of getting the tires to the dealers and at the spots that they want them. We do it a little bit better, than probably reference our friends at Goodyear. Goodyear had a problem sometimes of having them in the wrong section. So if you start transferring around, Schon, you start costing money. And I think everybody, I think Goodyear is very happy for what we've been doing and what is taking place now, as we are starting to move up into, Goodyear has authorized us to take them into Mexico. So while the markets getting a little larger, and that's, if the currency, it's a double-edged sword. If the real drops, then we're going to add more and more and more business. But we can be adding real good, but when we put it in a piece of paper compared to the U.S. dollar, we're staying the same, or we're losing a little bit. But I want the real to keep dropping because we just keep increasing down there, okay?
Christopher Schon Williams - BB&T Capital Markets, Research Division
Okay. So then I'm just wondering in terms of profitability, I mean, it's losing money on an operating income basis. I mean, I'm assuming a big piece of that is going to be the real. I mean, do you need the real to improve, though, to get that unit of profitability?
Maurice Manning Taylor
No, I wanted to go the opposite way because what we're going to do is, we're going to do a little better on the hedging of the currency. And also, at least, it becomes neutral. And if anybody, our people have been working with some people. It's not our specialty because we never used to have to. So if you look in third quarter last and fourth quarter last year, we got a hit on it. We got a hit again. So eventually, even just manufacturers in the Midwest, we only take so many punches and we get it, okay? So, that's not one of the things I'm putting all my effort into, but I believe between Paul and John, they're smart, pretty young, and they've been talking, so we're going to get that done.
Christopher Schon Williams - BB&T Capital Markets, Research Division
Okay. That's very helpful, Morry. And maybe one last question for John here. I wondered if you could just talk about the balance sheet flexibility. It looks like, at the current EBITDA run rate, I mean, it looks like, you're going to be running debt-to-EBITDA at somewhere around 6x. And I just wanted to see, does that concern you? And then can you talk about the flexibility, you have to maybe to lever up? If you do want to go after acquisitions, and it sounds like, you're talking about another $1 billion to $1.5 billion of acquired revenues. Could you just talk about maybe the availability that you have on existing revolvers and the ability to maybe go out for additional capacity. I just wanted to understand how that -- all that plays together.
Maurice Manning Taylor
Well, we eventually, you want to make sure that you're borrowing, where you're doing the business, all right, that way you don't get -- you don't have to hedge as much. So what we're looking at is that as we grow, whether it's South America, whether it's in Europe, John's going to be with his people, working to see what we need for operating cash or if we don't need it, what lines do you have to set up. Right now our lines are set up through U.S. banks. So when we took over Titan Europe, we pretty much paid those -- there's some still debt out there, but we paid most of that debt off. And so, you're going to start generating cash, everybody should know, it's what we said in my letter, that we're buying a manufacturing concerns that we're going to make them better and that takes a little bit of time. The working up is some of the product like, we mentioned, the LSW, we're making tire in the wheel. And our proposal to not only our friends at CAT, but our friends at Deere, here's how this can benefit you, and here's how it will benefit your customer. But you do not want it shipped direct to them because once they touch something, everybody knows, their overhead dwarfs everybody. So we want to be able to handle it right to the customer or the dealer, build big Mother Deere, build Mother Cat or CNH, Agco, whoever, and just don't get them all touching. And we're doing this in certain products today, and it works. It's just that what has happened is, Titan is basically taking the old guy himself and putting him out there with farmers, construction companies. And once I start talking and get that showing the end users, how this will help them, then what naturally happens is, they want it and so they're big guns. And when they go and say it to the Deeres or to CATs, or whoever, and then pretty soon, they don't want to do it, then I'll do it direct. But then someone wakes up and says, how are we not getting our cut in this? Well, because you guys didn't want to have a cut. Well, at a certain level, you're going to hit people who want to make money and that -- in any big organization. So I think, it's going to work out pretty good myself. That answer your question? I don't -- I'm just trying to tell you what we're doing.
Christopher Schon Williams - BB&T Capital Markets, Research Division
I wanted to -- I mean, I could just get John to comment, like specifically on the debt capacity and kind of where, certainly you've got cash on hand, you've got to access to the revolver. I'm just wondering, where can debt-to-EBITDA levels go here near term? How much availability do you have out there?
John Hrudicka
Well, I mean, certainly, we're going to have to monitor our EBITDA levels as we go forward, especially in light of this earnings announcements. But you made reference to the revolver, and it's fairly sizable, and I think combined with the cash position we have at this point in time, we feel comfortable that we can cover the acquisitions, as Morry alluded to earlier. But it's certainly something, we have to monitor going forward and look at it a more granular level.
The next question is from DeForest Hinman Walthausen & Co.
DeForest R. Hinman - Walthausen & Co., LLC
I would kind of mirror the previous question on the debt. For some reason, I had to remember you guys had fairly covenant debt. But I mean, can you can just refresh us on, what are the current covenants are versus our current leverage in profitability levels and then maybe talk about how those might change if we were to take on additional debt?
Maurice Manning Taylor
Well, our covenants are pretty liberal. I don't think, we don't have any covenants problem, correct, John?
John Hrudicka
Not that I'm aware. Paul probably has a little bit more knowledge on this.
Maurice Manning Taylor
He's pushing his buttons right now, he's a little slow.
Paul G. Reitz
Yes, no, hey. To answer that question, John is exactly right. Our covenants are very light. We will not have any covenant issues, moving forward with our plans. And just kind of echoing what John had said, when you look at the acquisitions, we have on our map, on our radar, you look at the investment, we would take both from the acquisitive purchase price and also the working capital needed to build and run that, to build and grow that business into the future. We do feel comfortable with our balance sheet position and the debt capabilities that we could leverage in the local markets. So I think we're pretty comfortable with our future plans, and we'll continue to move forward with them. But now at this time, the balance sheet is not constrained by any debt covenants at all.
DeForest R. Hinman - Walthausen & Co., LLC
okay. And then another balance sheet question on accounts receivables side. Those picked up a little bit in the first quarter relative to where they -- it looks like, they've been historically, should we read into that at all? Are the customers paying slower, did we have more orders in the back of the quarter or are we getting different geographies and payment terms are different?
John Hrudicka
I don't think there's anything to read into with the introduction of Voltyre-Prom. They have longer terms than some of our other countries, certainly in the U.S., so that was an additional $30 million of revenue and the associated AR that comes along with that. I'd describe kind of the phenomenon relative to our year-end and our shutdown. And if you look historically, that has impacted our DSOs roughly about 5 days, going from Q4 to Q1, and we saw exactly that materialized in our Q1. So no, I know, we have got some programs out there, where we're incent some customers with terms, but nothing of magnitude that, I think, you need to be concerned of over.
DeForest R. Hinman - Walthausen & Co., LLC
Okay. And then can we talk about the Voltyre plant more specifically? I mean, we've been in there, we're kind of running it now, we've got some sales. Can you kind of drill into, what we need to improve. And then maybe some of your initial thoughts on the timing of those improvements?
Maurice Manning Taylor
Well, the big thing with Voltyre is that, the market share it has on the ag side. The equipment that they have is very good functional equipment. What we're planning to do is that we have been bringing, not only the -- some salary, but the hourly employees over to about a week at a time to come into our factories over here, so that they can see with their own eyes, what we do, how we do it. And our plan is to get them moles [ph] . There's no reason why they should not be producing the same tires, or the same piece of equipment that Deere, CNH or Agco makes over there, that they make here. And that is what we've told the majors and we want them to since we have all the specs, everything, the blueprint is there. So we want them to build it. Our plan is that once we have certain tires being produced, we have an opportunity to modify certain equipment they have, put some other stuff that would enhance the value of the equipment. And our thoughts are that we would do that, but we do not wish to do that, until we have brought enough people through our facility, so that we catch the uptake in the productivity. We catch the -- and show them how, for an argument sake, this line, they only need 5 people instead of 15 because here's why, we're going to put a conveyor between here and here, or it's round, it rolls, okay? Put it in the trough and roll it. There are so many things that we think that we will be able to say -- save in money and make a premier first-class ag and industrial tire maker, and that's what our plans are. And I believe, so far, everybody would agree that the management over there, the people, they're hungry to do it. Well, we're just walking real slow.
DeForest R. Hinman - Walthausen & Co., LLC
And then I think in the past you talked about that plant was running all on synthetic rubber, and maybe there's an opportunity to switch them over to natural rubber or some sort of blend, or am I just miss remembering?
Maurice Manning Taylor
No, you got it 100%. They probably, they were basically, 95% synthetic, 5% natural. And I believe that as we progress by this time next year, hopefully, they'll be about less than 50% synthetic, and the rest will be natural rubber. The beauty of that plant is if natural rubber ever goes back to almost $3 a pound, that they've got synthetics. And you just the opposite every place else in the world. People have got more natural and less synthetic. When you play with synthetic -- you, rubber, it's a little harder to do and your equipment's got to be much more, balance-wise, closer. So, as I said earlier, right now, where majority is, is natural, and lay down the synthetic. So it helps your costs too.
[Operator Instructions] And our next question is from Clark Orsky with Alcentra.
Clark Orsky
Yes, just circling back on the balance sheet question. I just wonder, out of the $200 million or so cash in the balance sheet now. How much of that, do you think is sort of a minimum cash level, how much would you use for acquisitions?
Maurice Manning Taylor
Well, I would -- I'm not going to use all of it, but because everybody can see what's there and all the people that are on this call are probably the people I've been dealing with, so I sure don't -- I want to use the least amount of cash, I have to, okay? I don't know which other way to tell you. That's the bad thing about having a public call.
Clark Orsky
Okay. I guess just the other question regarding, someone asked earlier about the leverage. And I'm just wondering if you guys talked to the rating agencies about kind of, where do you think this all shakes out?
Paul G. Reitz
I mean, we've kept in regular contact with the rating agencies, that's something, I've done historically on a regular basis and what John will do going forward. You look at our, the improvement, we've had in our overall debt rating over the last few years. They've been very aware of our acquisition strategy, what we're looking to do. So there's not any surprises out there lurking from a rating agencies standpoint.
Clark Orsky
Yes, I guess, the reason I ask is, I mean $24 million, a quarter run rate is, seems a lot worse than your guidance and a lot worse than most people were expecting.
Paul G. Reitz
I will also assume that, that $24 million is not the run rate going forward. So that would be how I would look at it.
Maurice Manning Taylor
All right. I appreciate everybody in the calls, but we'll wrap it up and thank all of you, and we'll move on and get to work and correct the problems that we had in the first quarter. Thank you, everybody. Bye-bye.
The conference is now concluded. Thank you for attending today's presentation. Please disconnect your lines.
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4th of July @ Powderhorn! Free Family Fun and Fireworks
Please join the Powderhorn Park Neighborhood Association (PPNA) and the Minneapolis Park and Recreation Board at the annual Fourth of July Celebration at Powderhorn Park on Monday, July 4, 2011.
Fireworks Flyers (English) (Spanish)
ChicagoLake Liquors Stage
Entertainment Starts at 3:00 pm
-Rare Productions Open Stage
-The Strange Capers' Twelfth Night
-Courtney McLean
-Alma Andina
-Greg Herriges
-Detroit Don King
-Fire Spinners
Fireworks at 10:00 pm
PPNA would like to thank our fantastic sponsors:
Music Stage
ChicagoLake Liquors
Fireworks Sponsors
Welna Ace Hardware
Dairy Queen on 38th Street
Hiawatha Lake Business Association
May Day Cafe
Maria's Caribbean Cuisine
The Movies on 35th Street
Pillsbury House Theatre
Sound System
David Russ
Community Sponsors
Acme Awning
Champions Sports Bar
Glad Creations
Mercado Central
SouthSide Pride
Donor Supporters
Clyde's Automotive
Crown Cafe
Harriet Brewing
Hub Bike Co-op
It Takes a Village
Kaplan Brothers
Midtown Farmers Market
Modern Times Cafe
NY Plaza Produce
Peace Coffee (33rd/Minnehaha)
Roberts Shoes
Sam's Market and Meats
Breakfast with Councilmember Gary Schiff
South City Cafe
Southside Farm Store
Taco Taxi
PPNA's Fireworks Organizing Committee
Tom Lonergan
Claire Wilson
Mark Ambroe
For more information, please call PPNA at 612-722-4817, ext. 22.

subset: commoncrawl


text:
In a recent Seeking Alpha article, one contributor declared that last Friday was "The Day [he] Sold Everything." Within this commentary - despite indicating that it could be a big mistake - he lays out his rationale for selling (nearly) all of his holdings in one quick swoop. Essentially, he was worried. Worried about the Dow (NYSEARCA:DIA) and the S&P 500 (NYSEARCA:SPY), the economy and the NASDAQ, effectively concerned about anything the media might try to concern you with.
Now it should be underscored that this contributor was so worried that he "couldn't sleep at night." As such, it can admittedly be sensible to relieve the symptom that's causing you angst: you should never do something that takes away from your contentment if you can avoid it.
However, as demonstrated by my title, I take a slightly different ideology. Granted this happens to be my philosophy every day, but it deserves no less obvious observation. My contention, once you have a solid group of holdings in place, is along the lines of Warren Buffett's 1996 shareholder letter: "inactivity strikes us as intelligent behavior." My reasoning is based on two central constructs.
First, consider what is occurring on a conceptual level. For whatever reason, people look at stocks and their corresponding bids differently. We have no such predispositions about the many other assets that we might own. For instance, if you buy a house today, you won't wake up tomorrow looking for a ready buyer. In fact, you might go for years without once considering what someone else would be willing to pay. Your focus is that it gives you shelter, keeps you warm in the winter, cool in the summer and gives you a place to put your stuff. That is, your focus is on the value it provides and not the going price.
If you owned an apartment building, with long-term intentions, you're probably not worried about whether Zillow (NASDAQ:Z) says it's worth 5% more or 10% less. You're fixated on the monthly rent checks coming in regularly; the cash flow that it provides.
If you were a farmer, you're not worried about the price at which your neighbor may or may not propose to buy your land. You're preoccupied with the farm producing a reasonable amount of goods through time.
Yet with stocks many buy today and judge the merits of their investments tomorrow. The consistency of bids is the problem, not the business.
Moreover, it follows that worrying about the market isn't even analogous to worrying about the price of your apartment building or farm. Instead, it's similar to being concerned with the price of someone else's property 2 states away.
When you say - "I'm worried about the Dow" - consider what might be happening. You could be taking a short-sided view about something you don't even own and allowing that to influence your decision process. If you don't own Visa (NYSE:V) and IBM (NYSE:IBM), for instance, and they move by 10% each, that would change the Dow by about 250 points. Yet this is independent of the other holdings and tells you nothing about the underlying value proposition of your personal partnerships. It certainly cannot be a logical reason to think about selling General Electric (NYSE:GE) or JPMorgan (NYSE:JPM).
With the S&P 500 or NASDAQ, the effects could be even greater. Worrying about these indices is equivalent to agonizing over hundreds or thousands of companies you have no interest in ever partnering with. Worse, you look at the price action - not even the business movements - of these companies to get your decision cues.
How often does this occur in the everyday world? How often do you note the price or value proposition of an unrelated item and allow that to affect your judgment? We never say: "Oh, garage door openers went up in price, I better not purchase milk and eggs this week." Or "you know, I saw an infomercial for a cheap wind-up hose, I should probably buy hot dogs." It's ludicrous; yet it happens every day with business decisions: "the Dow is up, I should sell General Mills (NYSE:GIS)."
The second construct rests on the mechanics of thinking about a business partnership. Within the aforementioned article, he mentions several partnerships that he sold. Companies like ConocoPhillips (NYSE:COP), Chevron (NYSE:CVX), Target (NYSE:TGT), Procter & Gamble (NYSE:PG), Coca-Cola (NYSE:KO), Wal-Mart (NYSE:WMT), AT&T (NYSE:T), General Mills and Wells Fargo (NYSE:WFC); all companies that I have personally purchased, and as you know, continue to partner with today.
Let's take a look at a few of these to illustrate my point. Now it should be emphasized that I claim no insight whatsoever into short-term price movements. The bids for each of these companies could go up, down, sideways and back again in the coming days, weeks and even years. Yet the business prospects tend to be a bit steadier.
Chevron - This California-founded oil giant earned roughly $11 per share last year. In the next year or so the company is expected to earn about the same, but it isn't unimaginable that it could grow profits in the mid-single digits over the long term. Additionally, this company has not only paid but also increased its dividend for 27 years. With a current yield north of 3% and a relatively low payout ratio, it seems reasonable to assume continued dividend growth. What happens to either the business or the share price in the next few months is unknown. Yet if the company is making say $20 per share and paying out $8 in dividends in the next decade (roughly 6% earnings per share and dividend growth), I know I want to be a long-term partner. Despite whatever the intermittent market bids happen to be over time.
AT&T - Like Chevron, AT&T has not only paid but also increased its dividend for going on 3 decades. AT&T is a bit different in that it has a higher yield and payout ratio, but the growth prospects don't appear to be altogether dissimilar - slow but decent for the long term. With a yield over 5%, even business results that keep par with inflation lead to reasonable returns.
Wells Fargo - I have previously described Wells Fargo as a "triple threat" investment. That is, one that has multiple areas of potential due to a lower than normal P/E ratio, the possibility for earnings growth and a reasonable dividend yield coupled with a low payout ratio. This analysis largely holds today: median estimates could lead to the possibility for double-digit returns.
Of course, similar cases could be made for the remaining holdings as well. That is, it's practical to expect respectable business results and corresponding shareholder rewards by partnering with solid businesses over the long-term. Even the "sell everything" article considered these companies the "best in the world."
I'm no market prophet: prices could go down 10% tomorrow for all I know. Yet I do recognize that the overall game is quite favorable. Profitable businesses tend to remain profitable. The point is that you may or may not get better opportunities to partner with these wonderful companies. It can be all too easy looking backwards and think "prices fluctuate, I'll just sell now and buy later at a lower price." Yet that's the strategy of far too many. In doing so, you're trading the expectation of solid returns for the unknown; a hope or gut feeling. All because some guy on T.V. was talking about something you don't own.
If you want to own great companies in 20 years, the best way to guarantee that is to own them today. Granted everyone has varying goals and preferences, but personally selling today is the exact opposite thing that would allow me to sleep well at night. I'd constantly be worried about when to get back in and how much prices would have to go down in order to offset my consistent dividend income and even if it did work out would it be lower tomorrow; it seems that's a terribly worrisome game when a very profitable one sits in inactivity.
Buffett summarizes the sentiment better than I:
"Inactivity strikes us as intelligent behavior. Neither we nor most business managers would dream of feverishly trading highly-profitable subsidiaries because a small move in the Federal Reserve's discount rate was predicted or because some Wall Street pundit has reversed his views on the market. Why, then, should we behave differently with our minority positions in wonderful businesses? The art of investing in public companies successfully is little different from the art of successfully acquiring subsidiaries. In each case you simply want to acquire, at a sensible price, a business with excellent economics and able, honest management. Thereafter, you need only monitor whether these qualities are being preserved."
Disclosure: The author is long COP, PG, GIS, CVX, IBM, WFC, T, WMT, GE, TGT, KO. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article.


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Located in Taitung, Antlers B&B is convenient to Beinan Cultural Park and Liyushan Park. This bed & breakfast is within the vicinity of Taidong Forest Park and National Museum of Prehistory.
Make yourself at home in one of the 5 air-conditioned rooms featuring LED televisions. Your bed comes with down comforters, and all rooms are furnished with double sofa beds. Rooms have private balconies or patios. Complimentary wireless Internet access keeps you connected, and cable programming is available for your entertainment. Private bathrooms with showers feature complimentary toiletries and hair dryers.
Take in the views from a terrace and make use of amenities such as complimentary wireless Internet access and tour/ticket assistance.
A complimentary hot/cold buffet breakfast is included.
Business, Other Amenities
A shuttle from the airport to the hotel and a train station pick-up service are provided for an additional charge.


text:
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View more of our client sites on our Portfolio page.
Our clients say it best:
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Vehicle Valuations Services in Chicago, Illinois worked with Mintaka Design to create a dynamic website with compelling images to showcase the services they provide to insurance professionals.
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text:
If you didn't know frappuccinos and bagels could make you fat, you might want to steer clear of Starbucks (SBUX) for a while. As of this week, the planet's largest seller of fancy coffee and lousy sandwiches is posting the calorie counts for every item on its menu in stores throughout the country.
It may not come as a shock to learn that your mocha cookie crumble has nearly 500 calories, but the benefits of putting nutritional information on the menu may surprise you. As it turns out, making you feel a little thick around the middle will probably fatten Starbucks' bottom line.
For those who have remained willfully ignorant, Starbucks is smart enough to have healthier alternatives readily available. A $6.00 Evolution Fresh pressed juice is lower in calories and higher in margin than most designer coffee confections. "I think they're looking to try and create an awareness of some of their healthier offerings," concludes Sozzi.
Starbucks has a deeper assortment than other coffee shop chains with a huge overlap in goods sold. A sugar-laden coffee and muffin are bad for you no matter where you buy your morning java. The difference is that Starbucks has more relatively healthy alternatives for coffee junkies looking to shed a few pounds.
Shares have been running like a scalded barista, up 20% in 2013, but even so Sozzi thinks Starbucks could hit $70 a share in the next few months.
More from Breakout:
Barnes & Noble: The Final Chapter
Toy of the Year? LeapFrog Announces New Kids Tablet, LeapPad Ultra
Housing Recovery Is Still Intact: Baker
- Food & Cooking
- Starbucks


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loving the atmosphere!
Im just a dude that is studying graphic design. I like to do photo manipulations and logo design, Im also trying to learn digital paiting :) So I dont know if this is relevant or not but affoefafsegdshtnhgfyjgyj... If you need something tell me.
loving the atmosphere!
I bought it on steam, never got to play it...
In case you dont know you have been featured here :P
Thats how I discovered this mod
Whats a girlfriend?
Someone has been playing warthunder lately
Is it possible to port full Misery into CoC?
When standalone version?
Im 20 and I never had a girlfriend
Will you do any time in the future a standalone version of the mod? Like PR. I ask this because I dont longer own battlefield 2 and I cant purchase it on stores, same for 3 of my friends and we have seen some images and videos about the mod and we would like to play it!
It looks beautiful. Good job!
Link is broken :(
from what movie is this?
I might enter!
Also yesterday i think another one hit a pole with one wing
Today one of those made a crash landing because the front landing gear didnt go down :(
What plane is this?
I love the concept art of this game
She is so cute :O
How is this meme called?
Now is the time in where I buy 10 or more games that Ill never play.
does anyone know of some ai mod fix that I can download? Thanks
why do they draw poland upside down? is it an internet thing?
Gonna quote my previous commentary because I think it would be good to have it mind:
"Artaxxz Apr 13 2014, 3:00pm says:
I would suggest changing the font to one thats more easy to read. I mean It would be a pain in the *** to read long texts with that font. Its ok for head lines and titles but not for long texts and dialogs in my opinion."
Im glad you guys are still working on this :)
Its broken, Its weird but once you lost the back weel you lost the option to store stuff, refuel or repair the vehicle. I really hope they look into that bug because its really frustrating.
I dont know what happend but now I cant open my trucks vault, does anyone know how to fix this? Its so frustraiting.
Is it normal that mutants runs in circles from place to place instead of attacking me? I mean i have seen all mutants dogs and cats doing that once you kill one of their group but Im even seeing bloodsuckers and the large thin zombies doing everything but attacking me.
Im playing at stalker difficulty, does this happen to anyone else?
They are uploading the patch to Dl.oblivionlost.pl right now lol. You can see how the file-size increases xD
Wait untill they release the patch, since even if you turn off the legs on the options menu or in the console you are still going to get that error sadly :,(


text:
Emergency services are still at the scene after the passenger plane carrying 81 people crashed on its way to Medellin international airport.
A local mayor has told how he expects "between 25 & 27" people to be dead.
There are expected to be 10 survivors, he said.
Five people have been pulled out of the wreckage alive – three of which are footballers.
Four survivors of the crash have so far been named.
The plane was carrying 72 passengers – including members of the Brazilian club soccer team Chapecoense – and nine crew members.
It crashed at approximately 10:15pm local time in the mountainous area outside Medellin.
Local media have reported that the entire plane has been destroyed in the crash.
Reports have suggested the plane went down in El Cerro El Gordo, in the town of La Union, 90 minutes from Medellin.
Local authorities have pleaded for anyone with 4×4 vehicles to help with the search operation as severe weather conditions have made it difficult to reach the crash site.
Chapecoense"s defender Alan Ruschel, 27, is in "intensive care" at La Ceja hospital, according to a local news source.
It is understood the defender has sustained a broken hip and head injuries in the horror smash.
Goalkeepers Danilo Padilha and Jakson Follmann have also been confirmed alive.
Air stewardess Ximena Suárez who is in a "stable condition" has arrived in hospital.
It is not yet known what caused the crash.
Survivors are currently being treated at the scene – with people being carried on stretchers through the fog by rescuers.
Local journalists have told how there are a number of casualties amid the burning crash site.
It is only 5C at the scene.
The Mayor of La Union was unable to confirm the definite number of casualties of the crash.
Chapecoense were scheduled to play the Copa Sudamerica finals against Atletico Nacional on Wednesday in Medellin.
Footage of the footballers" final moments was posted on Facebook Live before they boarded the doomed plane.
He added: "We can"t say how many but there are lots of survivors."
Flight trackers Flightradar24 revealed the last tracking signal from flight 2933 had been received when it was at 15,500ft, approximately 30km from its destination.
This spot is at an altitude of 7,000ft.
The pilots and cabin crew on board the doomed plane were Bolivian.
Twenty players, the club"s manager Calo Junior and four other members of his coaching team including an assistant manager, a personal trainer, a kinesiologist and a masseur were travelling on the jet.
Other club managers, the team"s president and vice-president were also passengers.
The team were due to stay at the four-star Hotel San Ferando, near Medellin"s Botanical Garden, when they arrived at their destination, a local radio reported.
South American Football Confederation Conmebol has suspended activities until further notice.
Chapecoense were the 21st biggest club in Brazil – in terms of income.
It raked in 46 million reais ($13.5million) in 2015, according to an annual rich list compiled by Brazilian bank Itau BBA.


text:
Room Size customisation for HTC Vive Project
This project received 9 bids from talented freelancers with an average bid price of ₹61649 INR.Get free quotes for a project like this
Project Budget₹12500 - ₹37500 INR
Total Bids9
Project Description
Change room size of an existing htc vive room interior project.
The user can select the room size and it renders the new sized room in the application.
Windows exe to be made for htc ivive.
Skills Required
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- Forbes
- The New York Times
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text:
Children cannot give consent. The answer is always no. The act is always rape.
child molesters
What Do We Know About Pedophiles?
Pedophiles and child molesters can be found in every walk of life, but are they really one and the same?
The H.E.R.O. Corps
We throw the word hero around a little too casually these days. Here are some men who earn the title.
Until There's Blood: The Sexual Abuse of Boys in Cambodia
Smashing Male Stereotypes
We're not all stereotypical, but even men who fit a mold are still real.


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Sarah Adelman and Robb Kidd
Sarah Adelman attended Marlboro College, then taught elementary school in New Jersey. After she and Robb met there, Robb eagerly agreed to move to Vermont. The two now live in Montpelier with their dog Ella. Sarah works as a substitute teacher and enjoys knitting and gardening. Robb graduated from Vermont Law School last summer with a master's degree in environmental law and policy and has worked for a number of Vermont organizations that promote local business and sustainable agriculture.
A Harvest Wedding
Written by Sarah Adelman and Robb Kidd | June 01, 2009
Bowls overflowing with local blueberries, plates of Neighborly Farms and Jasper Hill cheese, fresh bread made by Red Hen Bakery, plus sunflowers from Gardens at Seven Gables (Barre) and Fool's Farm Flowers (Hardwick) lining the path to a clearing filled with family, friends, and—at the end of the grassy aisle—each other (and our dog, Ella). This is how we remember our wedding day last year. After a very rainy July, the land around us was bursting with green beans, red peppers, purple delphinium, and green hillsides as far as the eye could see.


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programme :
SciArt Café with BIOMOD and iGEM Team Berlin: 29 January,
The iGEM Berlin team (http://igem.berlin/)
presents their fifth SciArt Café. Under the main theme of
"Synthetic Biology - a toolkit for solving humanity's problems"
we will hear scientists and artists working with bioscience and
afterwards discuss topics of synthetic biology.
DIYBio NOW: a DIYBio Fair 17-19 February, 2017
Bio & Beers: presentations and discussions
on Citizen Science every Thursday evening at 7PM, starting again
5 January, 2017
12 January,2017: Bio & Beers: Join us this week for a
small session on glowing organisms. I'll give a short intro talk
and we can brainstorm a bit about what we can do with these amazing
Projects of Biotinkering e.V.
Nonhuman Subjectivities: Under-Mine. Alinta Krauth
Opens 25 February, 2017
Artist talk on 26 February, 2017 at 3PM
runs 26 January- 2 March, 2017
Last Exhibition:
Aquatic Presence
Robertina ebjanič
ebjanic: Aurelia 1+Hz / proto viva generator, Installation
with living system, 2014 Photo: Hana Joič
2 September 2016, 8PM
Closing event: 9 October, 3-6PM
Exhibition runs: 3 September - 9 October, 2016
Fri-Sun, 2-6PM and by appointment; open 30 September, 2016 until
Seminar: Living Systems | Aquatic Systems
with Robertina ebjanič,
Kat Austen, Regine
Rapp and Christian de Lutz: 18 September, 2016
More information
The exhibition investigates agency and sentience in one of the 'simplest'
of multicellular creatures: the jellyfish, placing it into relation
with a 'complex' human made machine. Also noteworthy here is the
importance of sound in marine systems, as well as the effects of
human intervention on aural aquatic systems.
In her series of works Aurelia 1+Hz the Ljubljana based
artist Robertina ebjanič
is interested in both biopolitical and technological attempts at
the prolongation of life as well as a new critical reflexion of
interspecies cohabitation. ebjanič,
whose work involves intensive cooperation with marine biologists
from around the globe, has chosen to work with jellyfish, which
have existed on earth for over 500 million years.
(More information)
Brandon Ballengée | Katya Gardea Browne | Pinar Yoldas
by Regine Rapp & Christian de Lutz
At the Alfred Ehrhardt
Stiftung, Auguststr. 75, 10117 Berlin
Exhibition runs 2 July-4 September, 2016
Closing reception and curators' tour: 4 September, 2016 at 2PM
Nonhuman Subjectivities
Animals. Cognition, Senses, Play
Mayeri Maja Smrekar
Opening: 27 May,
Artists talk: 29 May, 2016, 3PM
Dialog and closing reception: 17 July, 2016, 3PM
runs: 28 May 17 July, 2016, Fri-Sun 2-6PM and by appointment.
June open until 9PM)
Left: Maja Smrekar, I Hunt Nature, Culture Hunts
Me, performance and video; right Rachel Mayeri, Apes as Family,
exhibition On Animals. Cognition, Senses, Play investigates
two groups of animals that are closest to us. Primates, our nearest
'relatives', have a complex cognitive proximity to humans, but also
differ radically in certain areas. While dogs, with whom we have
made a symbiotic contract., have evolved alongside us over the last
30,000 years. The works in this exhibition share Donna Haraway's
concept of "cooperative actions": overcoming conventional
dichotomies of nature/culture, human/animal or subject/object is
all about joint action. The artists, Maja Smrekar and Rachel
Mayeri, make use of certain narrative strategies and the phenomenon
of immersion, to approach the perspective of a nonhuman counterpart.
The works of both artists place the instinct and the senses of the
nonhuman at the centre of artistic research, while aiming to translate
the nonhuman cognitive ability by means of the performance, film
and art/science collaboration.
Smrekar's performance I Hunt Nature and Culture Hunts Me,
created during a research residency, investigates the phylogenetics
of the wolf, the wolf-dog-human relationship and animal ethics.
The implied risk and intimacy of Smrekar's performance with hybrid
wolfdogs is contrasted by the reading of cultural texts from Joseph
Beuys, Oleg Kulik and Smrekar. A documentary film also explores
the complex evolutionary story of the canine.
her work Ecce Canis she explores the metabolic pathway processes
that trigger emotional motifs which bind humans and dogs and let
them successfully coexist together. The installation contains serotonin
from both the artist and her Scottish border collie Byron, which
has been transformed by chemical protocols into an odour - the chemical
essence of their human-canine relationship.
films of Rachel Mayeri are the result of years of collaboration
with primatologists. In her series Primate Cinema, Mayeri
has made films for (and about) chimpanzees and other primates. In
Apes as Family we watch a drama based on a tale of both chimpanzee
social customs and domestication. While, as humans, we find the
plot emotionally compelling, we also become caught up with watching
the reactions of a chimpanzee audience watching the same film on
a large TV. Indeed the film is both an example of 'Primate Cinema',
that is a film made for nonhuman primates, and the complexities
of cross-species understanding. Mayeri's film Baboons as Friends
juxtaposes footage of baboons with a film noir reenactment by human
actors, who translate a tale of lust, jealousy and deceit from the
animal to the human.
Rapp & Christian de Lutz (curators)
(More information)
on the Nonhuman Subjectivities series
Other Selves. On the Phenomenon of the Microbiome
Lapointe, Saa Spačal with Mirjan
vagelj and Anil Podgornik, Tarsh Bates, Joana Ricou
- 1000 Handshakes:
3 February, 7-10PM during the opening of transmediale,
House of World Cultures
(More information)
Opening of the
exhibition: 26 February, 2016,
Artists' Talk: 28 February, 2016, 3PM
Hack Day Stammtisch 23 March, 2016 19 Uhr (More
and artist talk with PD Dr. Annette Moter and Tarsh Bates: 23 April,
Finissage with talk by Felix Navarrete: 30 April, 2016, 3-6PM
Exhibition runs: 27 February 30 April, 2016, Fri-Sun 2-6PM
and by appointment.
left: François-Joseph
Lapointe, Microbiome selfie, 2014, center & right: Saa
Mirjan vagelj, Anil Podgornik Mycophone Unison, Responsive
installation: electronics, sound, and biological material, 2013;
Petri dish, detail of installation 2013
exhibition, the first of our new exhibition series Nonhuman Subjectivities,
presents various artistic reflections on the complex microbial environment
found on and within the human body. Scientists say that bacterial
cells are as numerous as human cells in our body. The phenomenon
of the microbiome also brings forth many complex questions about
human identity and our relation to our multiple selves.
François-Joseph Lapointe connects his biological research
with performance art. His latest works of art deal with the microbiome
in our daily lives and physical connections to others. Lapointe
sequences his microbiome to produce metagenomic self-portraits,
Microbiome Selfies, which illustrate the metamorphosis of
his bacterial self. The show will present works from his performance
1000 Handshakes, performed at the opening night of the 2016
transmediale. The final images visualise the microbial change from
interacting with someone elses microbiome by shaking
hands, a basic and ancient act of networking.
Spačal together
with Mirjan vagelj and Anil Podgornik are interested
in the contrast between the oneness of the human body as biological
entity and the multiplicity of the human microbiome. In their installation
Mycophone_unison the artist-scientist-designer collective
has developed a sound map of intra-action between their microbiomes
and the recipient. By leaving a fingerprint the viewer sends a signal
to the map that processes it through the central celestial plate
to the microbiomes. The polymodal sonification stresses the multiplicities
of the makers.
Left: Tarsh Bates working in the science lab for
artistic production, School of Pathology and Laboratory Medicine,
The University of Western Australia, 2015
Right: Joana Ricou, Other landscape no. 1, microbiome of the
artist and environment, C-print, 89 × 140 cm, 2014
Tarsh Bates artistically explores what it means to
be human when we recognise our bodies as composed of over one trillion
cells, of which only around half are human. Her new work Surface
dynamics of adhesion is a flocked wallpaper sampler. Encased
in acrylic boxes, living Candida, with blood from Bates herself,
form patterns from wallpaper popular in the parlours of Victorian
Britain. The work offers aesthetic experiences from the contact
zones between the two different organisms, and highlights the unconscious
relation we have with Candida.
Joana Ricous works blur the fundamental boundary between
organism and environment, taking the shape of photographs of microbial
paintings or performance. Ricou collected samples of her own microbiome
and that of her environment and cultured these in the lab to visualise
them. Out of this two portraits emerged: Other-self Portrait,
a composite of cultures derived from her body, and Non-self Portrait,
a composite of environmental cultures.
Regine Rapp & Christian de Lutz (curators)
on the Nonhuman Subjectivities series
Information on the [macro]biologies
& [micro]biologies series
from 2014-15 here...
We are glad to announce our new
& [micro]biologies. Art and the Biological Sublime in the 21st
Ed. by Regine Rapp & Christian de Lutz,
Berlin 2015
More information here...
We are proud to share with you our online-publication of the international
interdisciplinary 2-day SYNAESTHESIA-Conference, held by Art Laboratory
Berlin in the summer 2013:
Discussing a Phenomenon in the Arts, Humanities and (Neuro-)Science
Laboratory Berlin is grateful for the permanent support of:
cooperation partners


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Explore the best trails near Roseburg with hand-curated trail maps and driving directions as well as detailed reviews and photos from hikers, campers and nature lovers like you.
Could not find it by AllTrails or google.
This was a nice hike, not quite what I was expecting. Peaceful area, nice views. Hiked it June 11, 2016. recommend long pants as ticks were abundant. Only wildlife we spotted were a couple lizards and birds. :(
It was more difficult than we expected but we completed the entire loop, measured 7.8 miles for us. We started on the right trailhead (facing away from the road). There was a lot of elevation change but gorgeous open views which is hard to find in Douglas County. We hiked in February and there were some wet spots along the trail and a lot of standing water on the trail at the end, our feet got wet the last mile. Walking sticks helped on the inclines. We took our dog and he loved it. Saw a few deer. We will definitely be doing this hike again.
Ah, the Wild Rose trail...a pretty name for a pretty hike. I wish it was longer but that's okay. I would do this again. It's kind of hard to find, so do some research about its location before going. I'm actually glad it's an obscure hike. Makes it more enjoyable. :)
I've hiked here a few times and really enjoy the views and the good workout with all the hills. I even saw a black bear when hiking here in October!
a nice place to take a stroll or jog to work out. did about 4 miles of it. honestly it's not meant for "hiking" or relaxing in nature, it's more a place to get out and move for exercise. lot of people out and about on a Sunday. i would consider it a little unsafe for a single gal out jogging or walking. saw homeless & drunks hanging out in parks and benches and disc golf and rivers edge. shade in areas and full sun.
I'm sure the overlook has some magnificent views but we had to turn back at the halfway point today due to a quick weather front coming in. We had torrential rain, hail, thunder and lightning come down on us. I didn't feel like being a lightning rod today. I'll get this one another day.
I just moved to the douglas county ty area and asked a few horse people where to ride and they recommended Dunning Ranch. I parked at west entrance because I saw horse trailers there. I don't know if there are other entrances. They i.proved gravel and dirt road is nice and the views are spectacular! However I recommend that your horse be conditioned before attempting this trail. My guy has been on winter lay over and it is nothing but up hill in steep climb for miles. Notoozing forward to being jammed in the pommel all the way back to the trailer. But letting him rest frequently we went quite far up and the views are just stunning. I feel like I'm the only person in the world.
We walked the part of this trail system that includes the duck pond behind Fred Myers off of exit 125. The path is well maintained and the pond and watershed is quite active with ducks, cranes, beaver, turtles and other wildlife. Many people out today. We walked the nature trail as well and were not impressed. Very run down, not maintained. See my track comments. However, the trail system on general is in good shape.
This trail is actually part of the North Bank Habitat Management Area and starts at its West Entrance. I, too, saw no bicycles on my hike but did run into one person on horseback who was finishing a ride just as I started mine. No others on the trail but it has been raining quite hard and I was looking for a nearby trail in order to intentionally hike in bad weather. Murphy's Law, it didn't rain at all during my trek. The trails are improved gravel roads and improved dirt roads. Note that on wet days the dirt turns to slippery mud and as the downhill part of my hike was quite steep, the mud was actually quite treacherous. I had to walk off to the side of the mud trail and hold onto small tree branches to keep from slipping. The views as you climb elevation are spectacular and this time of year you can see the patchy fog roll throughout the valleys. This is an old cattle ranch and there are some small buildings and remnants of those days scattered throughout the trails. My loop today took me down the Chasm Creek trail but there is not much to see. The creek is only visible in the lower portion of the trail and once you start climbing up this part, there are only trees to see. The entire management area is a great place to take kids (in better weather) and there are many other trails and loops to take besides this one.
Beautiful scenery and water. The guide book called it a class IV run, but there was only one rapid that even came close to a class IV; it was a picket fence with narrow slots and didn't have much much drop to it. We did it in 14' rafts, kayaks would have had an even easier run. The whitewater wasn't very challenging but that isn't the only reason to run rivers.
This trail is primarily used by horseback riders. (So far I've never seen a bike on it). There are actually loops that can be made. The terrain allows you to climb or descend at varying stages of steepness. When wet it can be slippery.
There are some pretty views of the river from the higher points.
Just wondering why the activity selection doesn't allow horseback riding to be included. Had to put something in or the program wouldn't allow me to submit.
I love it...go there 3 times a week to hike with the pooches ;)


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With a stay at B&B Hôtel VALENCE Sud in Valence, you'll be close to Valence Museum and Maison des Tetes. This hotel is within close proximity of Valence Cathedral and Eglise de St-Jean.
Make yourself at home in one of the 79 air-conditioned rooms featuring flat-screen televisions. Complimentary wireless Internet access is available to keep you connected. Bathrooms with showers are provided.
Take in the views from a terrace and make use of amenities such as complimentary wireless Internet access.
Buffet breakfasts are available daily for a fee.
Business, Other Amenities
Featured amenities include complimentary newspapers in the lobby and an elevator (lift). Free self parking is available onsite.


text:
Two girls are gangbanged
Two Asian guys and two girls in uniforms are on a bed. The guys are...
Brianna Love and Cindy Crawford are gangbanged by two guys
Blonde strapon toy gangbanged by two girls
Two German Girls Get Gangbanged At A Party
Two German girls get gangbanged at a party
These two girls are more than just room mates, they are
Two Girls Getting Their Faces Gangbanged At Tampa Party
Two teenage girls are on top of a kitchen tabel. Their tops are down...
Two girls are sunbathing in the open when two farmboys approach them....
Two blonde college girls do blowjob and are fucked from behind by two
Two girls are having fun
Two girls are all over one dick
Two horny big boobed girls are having
These two slutty girls are giving head
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text: I have eaten at this location twice now. I like to go back to make sure the experience was not unique. This is one of those places where the locals go all of the time. Parking is limited but it's on main street and you should be walking that road, anyway. Mornings can develop quite the wait as it is... More


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>> India Hotels
>> Hotels with Steam Room
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- {{matchup.date.fullday}}{{matchup.date.month + ' ' + matchup.date.day}}
Celtics dig out win over Heat in OT
The Boston Celtics forced overtime and came away with a 112-106 win over the Miami Heat Wednesday night.
Boston won the game as a 1-point underdog, while the 218 points sailed OVER the posted total of 186.
Rajon Rondo netted 21 points and dished out eight assists for the Celtics, who got 19 points from Kendrick Perkins.
Dwyane Wade collected a game-high 40 points to go with five rebounds, and seven assists for the Heat.


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Insanely great free improvisation for the West Coast in this quartet of Vinny Golia (multi-reeds), Marco Eneidi (alto sax) Lisa Mezzacappa (bass), and Vijay Anderson (drums).
Golia, Vinny / Marco Eneidi / Lisa Mezzacappa / Vijay Anderson
Hell-Bent in the Pacific
Label: NoBusiness
Released in: Lithuania
"I first met Marco Eniedi in the late 1990′s .. who can remember where? His American Jungle Orchestra had made a big impression on the new music scene in the SF Bay Area and we all knew that Marco had been collaborating with Cecil Taylor and had studied with the late, great, irreplaceable Jimmy Lyons. One night we were checking out a show and he asked me if i would like to join his large ensemble. I agreed without hesitation.
Marco's studies with Taylor and Lyons were evident at the first rehearsal. In those days he was using Cecil's notation system, but what he really had a knack for was setting up events where brilliant musical episodes would unfold. After a few performances, Marco scheduled a month-long residency at Venue 9, and invited some cream-of-the-crop improvisers as guest artists (Wadada Leo Smith, Jackson Krall, Bertram Turetsky, and more) to join the orchestra for a series of concerts. In addition to the outstanding guest artists, Marco featured the late great Glenn Spearman, myself and members of the ROVA Saxophone Quartet in the reed section. These live sessions were released on a 2-disc set on the Boticelli label. If you haven't had the pleasure of listening to this great release, suffice to say that the playing and the combinations he inspired always transcended the notes on the page. This is the sign of a great bandleader.
This says nothing about Marco's brilliant work as a saxophonist. Sure, he comes out of the traditions set in motion by Jimmy Lyons, but in recent years in particular he has transcended his influences completely and sounds like no one else but Marco Eniedi. He has reached a level of maturity that few have approached, and he is currently playing at the height of his powers. Marco left the United States a few years ago and has been living in Vienna Austria - a thriving center for music since the days of Haydn and Mozart. The music is still alive in Vienna, there are countless examples, and Marco is a force of nature on that scene.
All this to say you would do yourself a great service if you make it out to hear Marco surrounded by an outstanding cast of improvisers - Vinny Golia, Lisa Mezzacappa, Vijay Anderson. If you want to know what free jazz sounds like when it is in its highest form, look no further. The music is alive and well and Marco remains at the forefront of the music."-Phillip Greenlief, In The Flow 12
Related Categories of Interest:
Improvised Music
West Coast/Pacific US Jazz
NY Downtown & Jazz/Improv
Staff Picks & Recommended Items
Quartet Recordings
Get additional information at In The Flow 12
Search for other titles on the NoBusiness label.
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In Stock
Shipping Weight: 5.00 units
Quantity in Basket: None
Label: NoBusiness
Catalog ID: NBCD 49
Squidco Product Code: 16925
Format: CD
Condition: New
Released: 2012
Country: Lithuania
Packaging: Jewel Tray
Recorded by John Finkbeiner at New, Improved Recording, Oakland, CA.
Vinny Golia-tenor saxophone, sopranino saxophone, soprano saxophone, Bb clarinet, bass clarinet
Marco Eneidi-alto saxophone
Lisa Mezzacappa-acoustic bass
Vijay Anderson-drums
Highlight an artist name or instrument above
and click here to Search
Track Listing:
1. Meteorites 9:21
2. Inessential Melancholies 2:57
3. Everything Imaginable Can Be Dreamed 7:57
4. Deformities And Discords 1:45
5. Pendulum 4:34
6. Fumbling Fulminations 2:36
7. Prisoner Of A Gaudy And Unlivable Present 7:39
8. Lop-Sided Heels And Frayed Shoes 7:00
9. Catholic Comstocking Smut-Hound 13:18


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