text:
Time for a bit of fun.
You're going to laugh at this !!
$10 says you will !!
Ralph xox 🙂
Time for a bit of fun.
You're going to laugh at this !!
$10 says you will !!
Ralph xox 🙂
I had big smiles. I think the dog did not want to stop eating…while the hands made her stopped. That was funny 🙂
Hi YC 😀 I agree. So funny. I had planned to take a break from blogging for a week, but Hilda emailed me this video this morning and I just had to share it with you guys/gals. Ralph 😀
What a lovely dinner companion! 8)
Super cute Ralph!
I know I am Sheri 😉 hehe. Ralph xox 😀
Guess I owe you ten dollars because I did laugh. That dog is living like a king. Big hugs to you my dear. 🙂
Hello Elizabeth 😀 Living like a QUEEN !! As she took the money from her handbag…….or he could be a gay old dog 😉 Big hugs back sweetie. Ralph xox 😀
Did you receive any mail from me? It's pretty long now…
Hi Julita 😀
Are you talking about your Valentine card ? I added it to this post
and I did notify you as a reply to one of your comments to me.
Or is there something else coming ?
Thank you so much for the card and Pedro will love your stamps.
Ralph xox 😀
That was cute.
Hi Annie 😀 Hilarious indeed !! Big hugs. Ralph xox 😀
This was great, Ralph! Hahaha. I laughed a lot! Thanks for this.
Hello Amy 😀 It's a brilliant video isn't it ? So well done !! I am still laughing. Have a lovely weekend my friend. Ralph xox 😀
PS When you commented, my Flag Counter passed 50,000 page views. Congratulations you win the star prize !! Here you go>>>>>>
Wow, Ralph!! It's my lucky day. I feel so honored that I was the one to assist you in crossing that mark!! Yay!!! Wow, you're cooking. You've far surpassed me. Thanks for the star. I'll wear it proudly!
It was such a privilege to have you, Amy Reese, pass this landmark in Bluefish Way history. Your name is ringing out through the halls of Bluefish Way. Word is being spoken of a carnival next year to celebrate your glorious achievement. Henceforth you are known as Wonder Woman 😉 xoxox
Thank YOU, Ralph 😀 😀 ….
Oh, wow ! Cool ! !
Hi Ren 😀 Oh yes. Bow-Wow cool 😉 hehe !! Ralph xox 😀
Quite ingenious! Maybe should try with a cat, but the cat probably would run off!!
Hi Steve 😀 Indeed, ingenious !! Yes. A cat would run off, but maybe not Nora whose video I put in this very, very long post
To save you ploughing through it I'll copy it here. 😀
I do hope that you and AJ are brilliantly well and happy. Ralph 😀
So funny! I was really wanting the dog to just plough head first into the plate. (I think the audience would have wet themselves.)
Such excellent manners.
Very funny! 🙂
Hi LuAnn 😀 I knew you would enjoy this video. Watch out !! Smokey is on your tail 😉 hehe. Ralph xox 😀
(I bet you looked !! 😉 )
LMAO! Thanks Ralph!
Hi Resa 😀 You are very welcome my friend. Have a lovely week. Ralph xox 😀
Reblogged this on La place sans temps and commented:
Bonjour Camelia 😀 Merci beaucoup pour l'reblog. Vous êtes si doux. Le lien ne fonctionne pas, je le crains, mais peu importe c'est la pensée qui compte. Avoir une belle semaine. Ralph xox 😀
OK, I sucked on a very sour lemon, so I wouldn't laugh. You know my address from the rave party you threw here while I turned my back in Florence. The $10 will be a sign of your good intentions to make nice to me!
PS I love that dog!! oxoxoxo to Ralphie, too.
Hi Yvonne 😀 Carolyn Page will pay you as I am just the middle man……10% from each of you ? 😉 Sorry about your room. I promise not to do it again….. well, until the next time you go away 😉 Ralph xox 😀
What a debonair dog. And what fun!
Hello Georgia 😀 Definitely debonair !! May I call you debonair ? Ralph xox 😀
I owe you $10, Ralph…. That was adorable (just like you) and very funny. 😉
What a marvellously we'll trained pooch! Xoxoxo
Hello Carolyn 😀
"Who the heck is that cracking lady ?" I thought when I saw your comment come in. So I had to check your Gravatar and WOW !!! Mind you, you had a rough day in your fourth photo 😉 hehe
The $10 you can give to Yvonne (ytaba36) as I wrecked her room while she was away in Florence 😉
Big hugs dishy lady. Ralph xox 😀
"Blushing" I hope this doesn't change our relationship, Ralph..!?!
Love a man who can appreciate me on my 'good' days, as well as my 'not so good' days when I go to the dogs…. 🙂
Oh Carolyn, our relationship has definitely improved especially when you give me that puppy look 😉 xoxox
Lol so cute.
Great entertainment! 😀
xx Saludos y Abrazos xx
Hi RoSy 😀 It surely is !! I am so pleased that the act was filmed and put on YouTube or only a few peeps (your word 😉 ) would ever have seen such a funny performance. Big hug to you my desert friend. Ralph xox 😀
Keep Calm And Have Dinner…
LOL..thank you so much for sharing this laughter with us.
Happy Monday, my friend – Cheers!! 😀
You were right, Ralph – I got a pretty good laugh out of this!!
Hi GP 😀 It's great fun. I am so pleased that you enjoyed the video. Ralph 😀
I loved it, so hilarious…………sweet dog 🙂 !
Hi Serach 😀 Yes. So sweet. The perfect dinner friend 😀 Big hug. Ralph xox 😀
Dear friend Ralph,
Not only did I laugh, but I might have even snorted a time or two. Thank goodness I work from home so my office mates can't wonder what I'm up to.
Hi dear Nancy 😀 Such a great video. I'm glad you enjoyed it my friend. Hugs. Ralph xox 😀
Hola Ralph buenas tardes.
Me encantó que visites mi blog.
Te deseo un feliz fin de semana.
Hola Marta 😀 Buenas tardes. Gracias por la visita de volver contigo. Espero verte por aquí de nuevo algún día. ¿Estás viviendo español en España? Yo he vivido cerca de Ronda, Andalucía durante 12 años, pero mi español no es demasiado caliente, principalmente debido a que los pobladores locales hablan Andaluz lo cual es imposible de entender para mí, pero salir adelante. Feliz Jueves. Ralph xox 😀
Thank you, Ralph for giving me smiles! Glad you got a kick out of my Wednesday 'hump day' post! You sounded like you were laughing out loud! Smiles back at you, Robin
Hi Robin 😀 A great video to enjoy, which you did in spades.
Yes. I did have a laugh over "hump day" !!! 😀 Ralph xox 😀
You make sunshine over the internet, Ralph! This was a rainy and gloomy day (March 29) outside! I enjoyed my daughter's birthday with a hand delivered card, money and three donuts that were in the shape of stars, with little chocolate icing and sprinkles. I will be going to a children's theatre tomorrow with her and her 5 year old son. Life is so good! Hugs, Robin
Hi Robin 😀 Now that is wonderful news. A lovely party and a theatre trip. How marvellous for you. A great weekend in fact. Hugs. Ralph xox ❤
love this ralph!
Hi Beth 😀 I'm pleased that you did. Ralph xox 😀
Tres tres tres tres bien… "lol lol lol" 🙂 😉
Hi Drake 😀 Tres tres tres tres merci beaucoup 😉 Ralph 😀
Wonderful! 🙂
Hi Wendy 😀 It's a brilliant sketch that I had to post it. Ralph 😀
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Εξερευνήστε σχετικά θέματα
You Have Style — Shouldn't Your Laundry Room? More
Kitchen Design Ideas, Remodels & Photos #Kitchen Design #Houzz
livingnautical: "houseandhomepics: "entry by Axiom Luxury Homes http://www.houzz.com/photos/5456495/The-Nantucket-Show-Home-transitional-entry-vancouver " "
Mais uma ideia para se guardar os utensílios da cozinha! #kitchen #cozinha #organização
Luxury Interior #Luxurydotcom Design Ideas - via Houzz
Utility Organizer Cabinet More
like the chairs at island. like the beams and the bricks backsplash.
Fall Haven craftsman kitchen - updated tray storage ( would be good in baking island. Cookie sheets...)
These homeowners carved out an accessory closet between the studs of an unused wall and lined it with a mirror to add high function to their dressing room. J. Korsbon Designs via houzz.com

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Anatomy of a Mixing Console 101
I did this to give folks on KM an idea of the basic anatomy of a mixing console, should I make references when talking about my true form. The image used is one I've had on every computer I've owned since the early 00's. It's an incredibly close representation of my kinself.
Neve VR52, Sep 14, 2016
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A2 last:
the final years
in the final analysis
that's final
More examples
- The project is in its final stages and should be completed by August.
- The final figures showed that most departments had stayed within budget.
- That's my final offer - you can take it or leave it.
- The runners are now on their final lap of the track.
- It's up to the manager to make the final decision.
Thesaurus: synonyms and related words
You can also find related words, phrases, and synonyms in the topics:
final noun (COMPETITION)
B1 [ C ] the last in a series of games, races, or competitions, usually the one in which the winner is chosen:
Last year we got through to the final.
The men's basketball final will be on Sunday.
the finals [ plural ]
› the last set of games in a competition:
More examples
- Germany are playing against Brazil in the cup final tonight.
- Arsenal lost the second game, but got through to the final on aggregate.
- Saturday's 2-0 defeat dashed their hopes of reaching the final.
- Montgomery drew level with Greene in the 100 metres final, but never passed him.
- Who won the men's finals in the tennis?
Thesaurus: synonyms and related words
final noun (EXAM)
finals [ plural ] UK
› the exams taken at the end of a university or college course:
I'm taking my finals in June.
The finals results have gone up on the noticeboard.
Thesaurus: synonyms and related words


text:
Israel News
Business & Innovation
Middle East
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Jewish immigrants from Yemen in 1949 370 (R).
(photo credit:REUTERS)
Since the foundation of the State of Israel, one of the hallmarks
of Israeli society has been divisiveness.This manifests itself in a
variety of ways. One of the clearest expressions is the notion that "group X"
must "integrate into Israeli society."
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text:
Album Summary
Notes & Reviews:
Every orchestra has a characteristic sound and personality that identifies them through the ages, and in the case of the Boston Symphony Orchestra it is their contoured string and wind elegance, panache and suavity that marks them out as the premier "Francophone" American orchestra. With Seiji Ozawa at the helm, a conductor much identified with French repertoire, these multi-channel recordings of Maurice Ravel, accomplished during his long tenure as music director, are afforded the sonic treatment they deserve and are now able to receive given the latest SACD technology employed by Pentatone enabling the release of the full spectrum of sound captured by a previous era's sound engineers. The 77 min. disc is highlighted by Ravel's multi-part suites Le Tombeau de Couperin, Ma mere l'oye and Valses nobles et sentimentales.
American Record Guide, September/October 2015
American Record Guide, September/October 2015
Two works are common to the recordings under review: Valses Nobles and Sentimentales and the complete Ma Mere l'Oye. Ozawa's reading of the first follows the description above. His tempos are consistent in each waltz, and they move along. He also lends a different character to each of the waltzes, which was a major point of those works. His reading is more robust and colorful than Skrowaczewski's blended Viennese approach, which is quite fitting for a work based on Schubert waltzes. Skrowaczewski does not quite catch the different character of each waltz the way Ozawa did.
Ozawa's Ma Mere l'Oye is relatively lively and sunny, with nicely varied character in the different scenes. Skrowaczewski's is magical, dark, and mysterious. Just listen to the horns in the opening and try to convince yourself you are not in another world. Again, his reading never outwears its welcome.
Recording information: Boston Symphony Hall, USA (04/1974/10/1974).
ReviewsThere are currently no reviews, be the first one!
Also Purchased
Mozart: Piano Concertos Nos. 14 & 26 / Tamas Vasary, piano; Berlin PO
The Verdi Opera Selection Vol. 3 - Un Ballo in Maschera; La Traviata; La Forza del Destino / Domingo, Gheorghiu, Urmana, Guelfi [4 DVD]
Vytautas Bacevicius (1950-1970): Orchestral Works, Vol. 1 - Piano Concertos nos 3 & 4; Spring Suite, Op. 64 / GabrieliusAlekna, piano
Bruckner: The Complete Symphonies / Orchestre de la Suisse Romande; Marek Janowski
Impérial Oïstrakh! - Violin Concertos by Beethoven, Brahms & Bruch: Violin Sonatas by Beethoven & Franck; Mozart: Violin Concertos nos 3-5 et al. / David Oistrakh, violin
Berlioz: La Damnation de Faust, Op. 24 / Boston SO; Seiji Ozawa
Alfred Schnittke: Symphony No. 3 / Berlin Radio SO, Jurowski
Brahms: Symphony No. 2; Tragic & Academic Festival Overtures / Budapest Festival Orch.; Ivan Fischer
Prokofiev: Piano Concerto No. 3; Khachaturian: Piano Concerto in D flat / Nareh Arghamanyan, piano; Berlin RSO, Altinoglu
Works DetailsRavel, Maurice : Le tombeau de Couperin
- Conductor: Seiji Ozawa
- Ensemble: Boston Symphony Orchestra
- Running Time: 16 min. 18 sec.
- Period Time: Modern
- Written: 1919
Ravel, Maurice : Menuet antique
- Conductor: Seiji Ozawa
- Running Time: 6 min. 28 sec.
- Period Time: Modern
- Written: 1895
Ravel, Maurice : Ma mère l'oye
- Conductor: Seiji Ozawa
- Running Time: 23 min. 16 sec.
- Period Time: Modern
- Form: Ballet
- Written: 1911-1912
Ravel, Maurice : Valses nobles et sentimentales
- Conductor: Seiji Ozawa
- Running Time: 15 min. 25 sec.
- Period Time: Modern
- Form: Waltz
- Written: 1911
Ravel, Maurice : Une barque sur l'océan, for orchestra
- Conductor: Seiji Ozawa
- Running Time: 7 min. 42 sec.
- Period Time: Modern
- Form: Orchestral
- Written: 1906


text:
Life > Food & Drink
Life > Food & Drink
College student demands lifetime supply of Kit Kats after purchasing "defective" one.
Saima Ahmad is a 20-year-old law student in London who, like most humans, is a major fan of Kit Kats. According to Metro, Ahmad purchased eight Kit Kat bars and then discovered that none of the bars had wafers, aka the hallmark of a Kit Kat.
Saima Ahmad, the woman demanding a lifetime's supply of KitKats because she got a waferless one, is my hero. pic.twitter.com/kDX0Uz9DUo— Kate Leaver (@kateileaver) February 2, 2016
Ahmad was so unhappy with her purchase that she sent in a dramatic complaint with a lofty demand to Nestlé, the maker of Kit Kat:
The truth of the matter is; manufacturers owe a duty of care to consumers.
The specific duty you owe in consistency in your manufacturing process. The failure to take due care in the manufacturing process resulted in a product being defective.
As a result I feel as though I have been misled to part with my money and purchase a product that is clearly different from what has been marketed by Nestle.
The loss I have suffered is of monetary and emotional significance.
I would like a full refund of the defective pack of KitKat I purchased. I have also lost my faith in Nestle.
Clearly, if I wanted to purchase a confectionery item that is purely chocolate, I would have purchased a bar of Galaxy.
I would therefore like to request a life-long supply of KitKat so that I can act as a means of quality control – it appears you need me more than I need you.'


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Thomas DeCarlo Callaway (born May 30, 1974) better known by his stage name CeeLo Green (sometimes rendered as Cee Lo Green or Cee-Lo Green), is an American singer, rapper, songwriter, record producer, actor, and businessman.
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Monopolistic Competition, Credibility and the Output Costs of Disinflation Programs: An Analysis of Price Controls
Brazil, Argentina and Israel all used price controls as part of disinflation programs in 1985-1986. In each case they were intended to break an "inertial" component of inflation. This paper focuses on a specific mechanism through which inflation inertia can emerge: the interaction between lack of credibility of government monetary policy announcements and the price setting behavior of forward looking firms. We show that this interaction can lead to inertia extending well beyond the price setting period; that is important since the price setting period is likely to be short in high inflation economies. We develop an open economy macromodel in which firms set prices before uncertainty about government monetary policy is resolved. Lack of credibility is then shown to lead to output losses during a disinflation program. We demonstrate the effects of price controls and show that their temporary use can be defended on welfare grounds. The paper analyzes asset price behavior during disinflation programs with and without price controls and the influence of credibility problems. We discuss nominal and real interest rates, the stock market and exchange rates. Finally we show that if past government policy has any information content about future government policy, cheating on current announcements of tight policy buys current employment gains during the price control period at the cost of higher inflation afterwards. Sustaining low inflation after the price control period thus requires restrictive monetary policy during the price control period.
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|Date of creation:
|Jun 1987
|Publication status:
|published as van Wijnbergen, Sweder. "Monopolistic Competition, Credibility and the Output Costs of Disinflation Programs: An Analysis of Price Controls." Journal of Development Economics, Vol. 29, no. 3, (November 1988): pp. 375-398.
|Contact details of provider:
| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Phone: 617-868-3900
Web page: http://www.nber.org
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Backus, David & Driffill, John, 1985.
"Inflation and Reputation,"
American Economic Review,
American Economic Association, vol. 75(3), pages 530-538, June.
- D. Backus & J. Driffil, 1998. "Inflation and Reputation," Levine's Working Paper Archive 625, David K. Levine.
- David Backus & John Driffill, 1984. "Inflation and Reputation," Working Papers 560, Queen's University, Department of Economics.
- Helpman, Elhanan & Razin, Assaf, 1984. "The role of saving and investment in exchange rate determination under alternative monetary mechanisms," Journal of Monetary Economics, Elsevier, vol. 13(3), pages 307-325, May.
- David Kreps & Robert Wilson, 1999.
"Reputation and Imperfect Information,"
Levine's Working Paper Archive
238, David K. Levine.
- Kreps, David M. & Wilson, Robert, 1982. "Reputation and imperfect information," Journal of Economic Theory, Elsevier, vol. 27(2), pages 253-279, August.
- Persio Arida & André Lara Resende, 1985. "Inertial inflation and monetary reform in Brazil," Textos para discussão 85, Department of Economics PUC-Rio (Brazil).
- Frenkel, Jacob A & Razin, Assaf, 1985. "Government Spending, Debt, and International Economic Interdependence," Economic Journal, Royal Economic Society, vol. 95(379), pages 619-636, September.
- David Backus & John Driffill, 1985. "Rational Expectations and Policy Credibility Following a Change in Regime," Review of Economic Studies, Oxford University Press, vol. 52(2), pages 211-221.
- Lucas, Robert Jr., 1982. "Interest rates and currency prices in a two-country world," Journal of Monetary Economics, Elsevier, vol. 10(3), pages 335-359.
- Robert J. Barro, 1986.
"Reputation in a Model of Monetary Policy with Incomplete Information,"
NBER Working Papers
1794, National Bureau of Economic Research, Inc.
- Barro, Robert J., 1986. "Reputation in a model of monetary policy with incomplete information," Journal of Monetary Economics, Elsevier, vol. 17(1), pages 3-20, January.
- Lars E. O. Svensson, 1986. "Sticky Goods Prices, Flexible Asset Prices, Monopolistic Competition, and Monetary Policy," Review of Economic Studies, Oxford University Press, vol. 53(3), pages 385-405.
- Barro, Robert J, 1986. "Recent Developments in the Theory of Rules versus Discretion," Economic Journal, Royal Economic Society, vol. 96(380a), pages 23-37, Supplemen.
- Joshua Aizenman, 1986.
"Monopolistic Competition, Relative Prices and Output Adjustment in the Open Economy,"
NBER Working Papers
1787, National Bureau of Economic Research, Inc.
- Aizenman, Joshua, 1989. "Monopolistic competition, relative prices, and output adjustment in the open economy," Journal of International Money and Finance, Elsevier, vol. 8(1), pages 5-28, March.
- Torsten Persson & Sweder van Wijnbergen, 1989.
"Signalling, Wage Controls and Monetary Disinflation Policy,"
NBER Working Papers
2939, National Bureau of Economic Research, Inc.
- Persson, Torsten & van Wijnbergen, Sweder, 1993. "Signalling, Wage Controls and Monetary Disinflation Policy," Economic Journal, Royal Economic Society, vol. 103(416), pages 79-97, January.
- Dixit, Avinash K & Stiglitz, Joseph E, 1975.
"Monopolistic Competition and Optimum Product Diversity,"
The Warwick Economics Research Paper Series (TWERPS)
64, University of Warwick, Department of Economics.
- Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
- Lawrence H. Summers, 1985. "Issues in National Savings Policy," NBER Working Papers 1710, National Bureau of Economic Research, Inc.
- Lucas, Robert E, Jr, 1978. "Asset Prices in an Exchange Economy," Econometrica, Econometric Society, vol. 46(6), pages 1429-1445, November.
- Svensson, Lars E. O., 1985. "Currency prices, terms of trade, and interest rates: A general equilibrium asset-pricing cash-in-advance approach," Journal of International Economics, Elsevier, vol. 18(1-2), pages 17-41, February.
- Horn, Henrik & Persson, Torsten, 1988. "Exchange rate policy, wage formation and credibility," European Economic Review, Elsevier, vol. 32(8), pages 1621-1636, October.
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text: After studding many still designs I had decided to build a continuous flow Coffey style still (http://www.stillcooker.com/patent_still.html) on a small scale from readily available material for experimentation with alternative fuels like alcohol. I knew I was not going to spend hundreds of dollars on copper tubing so I started thinking of alternatives. I had recently built a tin can alcohol stove (https://www.instructables.com/id/Cool-Little-Miniature-Stove!/) and decided to try to use some beer cans.So build it , change it and start making your own fuel!


text:
One of the things that I didn't know was possible when I began blogging was that I could earn money! Now, I'm not saying I earn enough to support our family or anything like that, but it is very nice to know that I am contributing to our household. One of the ways I earn money is by writing sponsored posts for Social Spark. Social Spark is a site that you sign up with that will PAY YOU, via PayPal to write sponsored posts for companies. … [Read more...]
Blogging Tips – The Pros and Cons of Multi-Blogger Events…
I remember not so long ago I started a group called $50 Fridays. It was a group of fab Bloggers who all joined together to offer a weekly $50 cash giveaway. It was such a hit because we were each able to offer a CASH giveaway to our readers without shelling out a bunch of cash. Now a days, I see multi-blogger events all over the place and they are HUGE! Now, let me start by explaining what a multi-blogger event is - it is a big prize, … [Read more...]
Tips & Tricks to Promoting G!veaways!!!
Though I am no expert by far, on promoting giveaways, I do feel that I do a pretty good job at it. One of the major issues about promoting giveaways is GETTING your giveaway noticed and out there to your fans and their friends. This is not always easy, as Facebook keeps hiding posts and Twitter moves so quickly. Here are some tips and tricks I have picked up over the years... please be sure to comment below with any tips and tricks that you … [Read more...]


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Get an overview of this hotel3-star hotel with 3 restaurants and free breakfast
Situated in Bad Zurzach, this hotel is 12 mi (19.4 km) from Grand Casino Baden and within 20 mi (32 km) of Shoppi Tivoli and Kraftreaktor. Church of St Peter and St Paul and Chocolat Frey are also within 25 mi (40 km).
Hotel Features
Along with 3 restaurants, this hotel has an indoor pool and an outdoor pool. WiFi in public areas is free. Additionally, a health club, a bar/lounge, and a poolside bar are onsite.
Room Amenities
All 70 rooms offer free WiFi, TVs with cable channels, and safes. Guests will also find showers and desks.Information missing or incorrect? Tell us!Opens in a new window
Tenedo Swiss Quality Hotel
Hotel Amenities
Hotel Amenities
In addition to an indoor pool and an outdoor pool, Tenedo Swiss Quality Hotel provides a health club and a sauna. Dining is available at one of the hotel's 3 restaurants and guests can grab coffee at the coffee shop/café. Guests can unwind with a drink at one of the hotel's bars, which include a poolside bar and a bar/lounge. Guests can enjoy a complimentary breakfast. High-speed wireless Internet access is complimentary.
This Bad Zurzach hotel also offers multilingual staff, gift shops/newsstands, and a garden. Onsite parking is available (surcharge).
- Total number of rooms - 70
- Number of floors - 5
- Number of buildings/towers - 1
- Year Built 1964
- Sauna
- Laundry facilities
- Elevator/lift
- Coffee shop or café
- Free breakfast
- Billiards or pool table
- Free WiFi
- Health club
- Garden
- Turkish bath/Hammam
- One meeting room
- 24-hour front desk
- Dry cleaning/laundry service
- Gift shops or newsstand
- Bar/lounge
- Indoor pool
- Outdoor pool
- Multilingual staff
- Poolside bar
- Luggage storage
- Safe-deposit box at front desk
- Self parking (surcharge)
- Number of restaurants - 3
- Free use of nearby fitness center
Family Friendly Amenities
- Outdoor pool
- Indoor pool
- Free Wi-Fi
- Laundry facilities
Available in all rooms: Free WiFi
Available in some public areas: Free WiFi
Self parking (surcharge)
Room Amenities
- Private bathroom
- Daily housekeeping
- Bathrobes
- Shower only
- Cable TV service
- Television
- Desk
- Free WiFi
- In-room safe
Where to Eat
A complimentary breakfast is offered.
Onsite venue - This restaurant serves lunch and dinner.
Nearby Things to Do
An indoor pool and an outdoor pool are on site. Other recreational amenities include a health club and a sauna.
If you have requests for specific accessibility needs, please note them at check-out when you book your room.
- In-room accessibility
Hotel Policies
Minimum check-in age is 18
Check-in time starts at 2 PM
Special check-in instructions:
Check-out time is 11 AM
Payment types
Children and extra beds
- Children are welcome.
- Kids stay free! Up to 2 children 5 years old and younger stay free when using existing bedding.
- Pets allowed for an extra charge of CHF 18.00 per pet, per day
- Dogs only
You need to know
Extra-person charges may apply and vary depending on property policy.
Government-issued photo identification and a credit card or cash deposit are required at check-in for incidental charges.
Special requests are subject to availability upon check-in and may incur additional charges. Special requests cannot be guaranteed.
No rollaway/extra beds available
No cribs (infant beds) available
- A tax is imposed by the city: CHF 3.00 per person, per night
Optional extras
- Self parking fee: CHF 5.00 per night (in/out privileges)
- Pet fee: CHF 18.00 per pet, per day
Hotel Name
- Hotel Tenedo
- Tenedo Swiss Quality
- Tenedo Swiss Quality Bad Zurzach
- Tenedo Swiss Quality Hotel
- Tenedo Swiss Quality Hotel Bad Zurzach
We should mention
Up to 2 children 5 years old and younger stay free when occupying the parent or guardian's room, using existing bedding.


text:
Marie Swift, president of Impact Communications in Leawood, Kan., explains that during difficult economic times, it isn't luck or special circumstances that allows financial advisers to flourish. Instead, a flexible business model helps advisers capitalize on new opportunities. Swift offers several best practices from advisers who have managed to expand their operations during the downturn.
Full Story:Financial Planning


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I mentioned on the Election Night thread (the 2nd one) that the NY Times had an election odds link which, when I first saw it, had Trump winning the election.
In the thread I mentioned a particular graph which I found very moving. Here it is (Hillary is Blue: Trump is Red):
Is that not beautiful? I'd love to be able to blow that up and frame it.
Anyway, as we all know, the expectation for the election was that Trump would lose. But he didn't. And some think that the election results went so far against the expectations of everyone, including the Trump camp's own polling, that it must be a result of God's intervention as a result of a barrage of prayer in the 8:00 to 8:30 PM time frame.
Personally I'm happy to give the credit to God. I do know that I prayed that night a number of times that Hillary lose, and that God have mercy on my country by sparing us another 4-8 years of essentially more obama. I'm sure that I wasn't the only one.
And just to add a bit more to the tale, how else can you explain the actions of Irish betting powerhouse Paddy Power (now Paddy Power Betfair). You may recall that Paddy Power made headlines by paying off bets for Clinton's winning around October 20, 2016. That bit of miscalculation has cost them $992,528 along with nearly $5 million more for those who bet on Trump. Paddy Power Loses Its Shirt I assume that Paddy Power would not have made those early payouts unless they were certain that a Clinton win was a sure thing. And yet … they lost. Kinda reminds me of the old joke. How do you make God laugh? Tell Him your plans.


text:
Fitting for wintertime!
Snowgoons review
Video: Watercolor - "Love At First Sight"
Courtesy 95 Labs.
Watch as Brooklyn Wildlife duo Watercolor are held captive by a tattooed blonde in a torture chamber. Video directed by Shottie & TeV95 brought to you by 95Labs.
Video: Lady Remedy - "They Don't Know"
Courtesy Bayer Mack.
Lady Remedy just dropped another video from her debut mixtape, "The Steez Tape". The 25-year-old rising California rapper, singer, and producer gets personal on this track.
Free DL: Poetiks "Retribution" (Hi-Risk Records)
Courtesy Park Street PR.
Poetiks are a collective of artists both from the North East and North West of England consisting of emcees Ego Trip, Prospekt & CeeJay. All three artists come from different and diverse backgrounds which is one of the many reasons their music is so versatile and creative but always relevant. They have the ability to create unique, infectious and innovative songs which is why this crew are being tipped as the "Super Group of the North".Poetiks have come together to bring Hip-Hop exactly what it's been missing. lyrics with feeling, belief and most importantly, a message. It's time for 'Retribution', its time for Poetiks, an album that any respectful Hip-Hop act would be proud of. Support real music and download this album for free while you can!!!Poetiks 'Retribution' (Hi-Risk Records) Track-listing:01. Intro02. War Music03. On My Way04. Times Are Hard Feat. Brinkworth05. Dominate06. Bring That Back07. Fallin'08. I Want It All09. Let's Go10. Spittin' & Rhymin' Feat. Brinkworth11. Remember Me Download link: http://poetiks.bandcamp.com/album/retribution .
Video: Lef Dolla - "Day in the Life Vlog 1"
Courtesy WMS The Sultan.
Lef Dolla: Facebook.com/lefdolla twitter @TheRealLefdolla
Video: Local-Mu12 Member "The 17th"
Courtesy Matt B.
Local-Mu12 Member The 17th talks almost signing with Mobb Deep, Joining Local-Mu12 & his new Free Music EP. Check it out.
Video: Ruste Juxx & The Arcitype - "V.I.C."
Learn about the making of Ruste Juxx & The Arcitype new album, V.I.C. (Victorious Impervious Champions), from their first meeting to completing the 15-track album, out Sept. 25th.
Free Download: Natural Selection - "Tape Decks"
Courtesy N.S.
The new release from Natural Selection featuring Sonnyjim, Jokerstarr, Cappo and DJ Fingerfood. The release is available on a pay what you like which allows you to support if you can afford to but to cop it for free if you can't pass through the site to cop that http://naturalselectionuk.bandcamp.com/album/tape-decks .This project features the minds of producer Brother Beatbox and Mc Deeflux following on from the last with a sample free collection of electro heavy UK hiphop bangers. They are playing the main stage of Boom Bap festival, Peterborough Sunday 16th September 11am-12pm and get their debut radio appearance on the BBC Introducing mixtape show on Monday 17th September 01:00 AM on BBC 6 MusicFollow us on twitter http://twitter.com/NatSelectuk .
SLIPnSLIDE presents --Chloe Riley - S.T.F.U. - DOWNLOAD NOW!!!
Courtesy BF Blasts.
* http://dl.dropbox.com/u/19416547/Chloe.zip *
Video: Brisco "Pocket Watch (Behind the Scenes)"
Courtesy Poe Boy Ryan.
Video: Full |REBEL| Jacket - "Bacon"
Courtesy Audible Treats.
Last week, following a string of singles that featured the likes of Big Rube, BJ The Chicago Kid, and Nikkiya, Full |REBEL| Jacket finally unveiled their new EP, the REBEL EP, offering it to fans for free download via their website. and Bandcamp. The EP is brimming with feel-good country rap tunes, jazz-inflected thumpers, and aspirational bangers, and the response has been great – the Phoenix duo just recently won the ear of local DJ Bootleg Kev, appearing on his hometown radio show. Just prior to the release of the REBEL EP, Full |REBEL| Jacket released the mp3 for "Bacon" and now they're unveiling an official video for the song.
Welcome to RapReviews.com for the week of February 21st, 2017!!
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an editorial on Nintendo Switch and Virtual Console concerns,
Steve 'Flash' Juon's The Hip-Hop Shop #414,
J. Stalin's "On Behalf of the Streets 2,"
LiKWUiD & 2 Hungry Bros' "Fay Grim,"
Moonshine Bandits' "Baptized in Bourbon,"
Snowgoons' "Goon Bap" (our featured review),
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text:
Home ›
Wine Gift Baskets to Eritrea ›
80 items found
You can send Wine Gift Baskets to Eritrea in the following locations.
What our Customers Say about our Service
"I had some problems with the delivery but not because of the company or your service: the phone of my grandmother was not working but I sincerely appreciate doing your very best to deliver on Saturday, 8pm and very prompt communication during the process. Thank you very much for such a great service that allows to reach the loved ones from overseas. I will certainly use your service again! "
Julia M - Auckland, New Zealand - Sep 29, 2015
"I did an order with this company from Italy to South Korea . All the team made a lot to track my order and try to satisfy my request. I really appreciate their effort and I would like to thank them for their high professionalism ! The gift was exactly the way that I expected and was really appreciated ! They also gave me a discount for my next order. In Europe this never happens !!! So, I will HIGHLY recommend them to all my friends and also for everybody who wants to make a nice gift!!! Keep working like this!!!! THANK YOU FOR EVERYTHING !!!!!"
Elena - Italy - Feb 15, 2013
"I was very hesitant to use an unknown online process after several bad incidents in the past but I was so very happy with the results. The service was efficient and the contact from staff was fast and courteous. I was reassured when the ladies at GiftbasketsOverseas immediately noted the special delivery address and the fact that it was for my 90 year old Aunties Birthday. Auntie was surprised and teary at receiving such a wonderful basket and flowers. She was overwhelmed and the envy of her peers and fellow residents. Thank you so much for helping me celebrate a special lady. I can't recommend you highly enough. "
Nely Freeman - Australia - June 13, 2015
"I ordered 3 Halloween hampers & was amazed at how wonderful they were. I am in London/UK & ordered them for delivery into the USA... the whole process & delivery went without a problem. Thank you so much!"
Maria Yianni - London, UK - Dec 18, 2012
See other testimonials or leave your feedback here.


text:
1206 Emery Ridge Drive,Union Twp OH, 45103
Sold Price
4 beds , 2 Full/1 Half baths
2,270 sq. ft
Status: Sold
Berkshire Hathaway HomeServices Professional Realty
(800) 599-8936
Last Updated: 3/1/2017 1:21 PM
Description for 1206 Emery Ridge Drive Union Twp, OH 45103
Gorgeous transitional 2 story in desirable McGuffey Lakes fishing community! Stunning foyer overlooked by 2nd floor. Gourmet kitchen opens to beautiful & spacious FR with gas fireplace. Vaulted master bdrm. Deck overlooks flat wdd yard. Owner wants quick sale!
Listing Information
Union Twp.
Sump Pump, Public Water Service
Public Sewer
Natural Gas, 220v Service
School Information
Room Information
Family Room
Floor - W/W Carpet, Walk-In Closet
Floor - W/W Carpet
Floor - W/W Carpet, Formal
Floor - Linoleum/Vinyl, Butler Pantry, Island
Dual Sinks
Interior Features
Range-Oven, Dishwasher, Garbage Disposal, Refrigerator, Microwave
Carpet Wall to Wall
Central Air
Gas Heat, Forced Air
Full, Unfinished Basement, Concrete
Insulated, Vinyl Frame, Double Hung
1, Gas Burning, Ceramic
Cathedral/vaulted Ceiling, Attic Storage
Exterior / Lot Features
2 Garage Spaces, Attached Garage, Front Entrance, Driveway
Deck, Porch
Financial Considerations
Inside AccessTM
Current market conditions for 1206 Emery Ridge Drive
Active Market Trends
Source:MLS DATA
Median list price$199,900
Days on market101
Properties for sale105
Sold Market Trends
Source:MLS DATA
Median sold price$148,500
Sales to list price9,765.0%
Properties sold148
Median sq ft price$86
Arrows indicate 90 day trend
Listing Price History for 1206 Emery Ridge Drive
Union Twp Real Estate
Union Twp is located in Ohio.
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text:
Greetings Guest!!Dismiss Notice
In order to combat SPAM on the forums, all users are required to have a minimum of 2 posts before they can submit links in any post or thread.
Are there any barbed leather armor vendors left on this shard?
Discussion in 'UO Siege Perilous' started by Alvo, Dec 16, 2007.


text:
Which Joe gave his name to 'sloppy joes'? We look at five interesting sandwiches and their lexical origins.
Definition of bottom turn in English:
bottom turn
Surfing a turn made at the bottom of (or in front of) a wave, especially the first turn made after the initial drop, which brings the surfer back on to the face of the wave.
1960s; earliest use found in The Los Angeles Times.
Further reading
6 punctuation marks you might be using incorrectlyRead more
We take a look at several popular, though confusing, punctuation marks.
An A-Z of country name originsRead more
From Afghanistan to Zimbabwe, discover surprising and intriguing language facts from around the globe.
How brothers became buddies and brosRead more
The definitions of 'buddy' and 'bro' in the OED have recently been revised. We explore their history and increase in popularity.


text:
Ktee Safety Gear, inc. is a distributor of safety products used for industrial health. We have the safety products and the expertise to fit the needs of almost any industry. Product specialties range… [more]
Scaffold Service, Inc provides scaffolding, lift and access solutions and equipment primarily to th… [more]
Hilmerson Safety Services, Inc. is a world leader in Health, Safety and Construction Consulting Ser… [more]


text:
Top White Papers and Webcasts
7 Reasons to Worry About Your Current Email Archiving Strategy
The data growth explosion facing most organizations today is coinciding with the mounting demands of stagnant IT budgets and an increased need to retain data for both governance and resiliency needs. At its core, data must not only be retained but also efficiently accessed and analyzed to unlock its embedded value. IDC estimates that as much as 60% of this business-critical information is stored in email and other electronic messaging tools. This has driven new demands on email archives as they not only work …
Enhancing Your Recovery Capabilities to Better Survive Today's Cyber Threats
Ransomware and destructive attacks have changed the cybersecurity landscape. Modern business requires enhanced access to data to improve productivity, attract and retain customers, and run efficient supply chains -- making the network perimeter more difficult to defend. At the same time, criminals are no longer content to just steal information, instead extorting ransoms after encrypting data or sometimes seeking to cripple organizations by destroying their data.


text: Ian Bicking wrote: > nI added a new, somewhat experimental feature to SVN. You can now > access attributes of dbconnection instances for each class, and you get > a wrapper that acts like the class except the connection argument will > be passed into class methods when necessary. It's a little hackish > right now -- it looks for a "connection" argument name specifically -- > and I'm not sure about the performance. But I think it will be > convenient and we can probably fix those problems. > > You use it like: > > conn = connectionFromURI('blah blah') > class MyClass(SQLObject): > ... > > inst = conn.MyClass(blah blah) > for row in conn.MyClass.select(): ... > > > And so on. Of course, you can do stuff like: > > self.MyClass = conn.MyClass > > And whatnot -- I think this will be useful in framework like systems > that may configure connections or transactions internally. I suppose > it's similar in function to sqlo's use of a property for _connection and > per-thread connections; I can actually imagine adding that as a standard > feature as well. Maybe that would make this technique redundant, but I > think this way feels a little more transparent. > > This should work with transactions as well, but I haven't tested it, and > it's a little tricky. Hmm... I should probably copy the transaction > test and convert it to use this syntax and retest. But anyway... > > I'm interested in any feedback people have from using this. Can this be used to connect same scheme to several databases? class MyClass(SQLObject): ... con1 = ... con2 = ... for row1,row2 in zip(con1.MyClass.select(), con2.MyClass.select()): ... Niki Spahiev


text:
Kforce Inc. (NASDAQ:KFRC)
Q4 2015 Earnings Conference Call
February 9, 2016 5:00 PM ET
Michael Blackman - Chief Corporate Development Officer
David Dunkel - Chairman and Chief Executive Officer
Dave Kelly - Chief Financial Officer
Joe Liberatore - President
Tobey Sommer - Suntrust Robinson Humphrey
Kevin McVeigh - Macquarie Capital
Randle Reece - Avondale Partners
Anj Singh - Credit Suisse
Paul Ginocchio - Deutsche Bank
Greg Mendez - Robert W Baird
Good day, ladies and gentlemen. And welcome to the Q4 2015 Kforce Inc Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions be given at that time. [Operator Instructions] As a reminder, this call is being recorded.
I would like to turn the call over to Michael Blackman, Chief Corporate Development Officer. You may begin.
Michael Blackman
Good afternoon and welcome to the call. Before we get started, I would like to remind you that this call may contain certain statements that are forward-looking. These statements are based upon current assumptions and expectations and are subject to risks and uncertainties. Actual results may vary materially from the factors listed in Kforce's public filings and other reports and filings with the SEC. We cannot undertake any duty to update any forward-looking statements.
You can also find additional information about Kforce in our 10-Q, 10-K and 8-K filings with the SEC. We also provide substantial disclosure in our release to assist and better understand our performance and to improve the quality of the call.
I would now like to turn the call over to David Dunkel, Chairman and Chief Executive Officer. Dave?
David Dunkel
Thank you, Michael. I am very proud of our team's performance for the year ended in 2015. And we achieved record annual revenues of $1.32 billion which represents an 8.4% increase year-over-year. We also made significant progress for the longer- term profitability goals as full year operating margins of 5.6% and earning per share of a $1.52 improved 63% from earning per share from continuing operations of $0.93 in 2014. This represented the second consecutive year of approximately 50% earning per share growth.
Additionally, we returned nearly $50 million of capital to our shareholders via share repurchases and our quarterly dividend program. We are continually evaluating our use of capital to include share repurchases, debt retirement and acquisitions. Kforce has not completed an acquisition in seven years as we continue to focus on organic growth. As we move into the second half of the year, we experienced deceleration in year-over-year Tech Flex growth rates. This deceleration was greater than we had anticipated in the fourth quarter due predominately to specific large client dynamics.
We experienced early project end and a slowdown on hiring and believe the activities of these few clients are very natural given the magnitude of the changes. Recent communication with these customers led us to believe that there is extensive project plan but waiting budget approval. As a result fourth quarter revenues of $327.7 million are below our expectations. We continue to believe that this client specific headwinds are shorter term in nature and not a fundamental longer term shift in spend though we are anticipating improvement in the first quarter.
As we indicated on our call last quarter, we are working to further diversify our portfolio within other existing significant clients which are the destination for our large portion of our accelerated hiring of Tech Flex sales associates. We are encouraged and in January we are already seeing the expected improvement in key activities within our priority account. We continue to be very pleased with the exceptional performance of our FA team and a continued progress we are making in capturing customers share demonstrated by our excellent above market growth rates. Even the lower than anticipated revenue performance, operating margins remain strong at 6.2% and earning per share of $0.43 was within guidance.
Despite the recent widespread uncertainties in the macroeconomic environment and recent deceleration in growth rates more broadly in specialty staffing, we are seeing continued strength in the skilled labor market. And a low unemployment rate for college educator professionals particularly in the Tech and FA specialties that we serve. We believe that the broad based under current that are helping to drive technology staff and demand such as cloud computing, SaaS, data analytics, mobility and cyber security will continue. Our clients are focused on the development and enhancement of their customer basing applications and technologies to further enhance their customers' experience as they deliver online product and services. The scarcity of highly skilled technology resources is expected to continue with unemployment levels of these resources being very low. BLS temp penetration number remains near record high since the secular shift towards temporary staffing continues. The combination of the need for flexibility, highly specialized skills, the project nature of work and the regulatory environment is driving customers to greater use of flexible resources. Across the whole staffing sector, the average spending regulatory requirement particularly around employee classification have created a higher risk employment environment for clients. We believe this will contribute -- continue to contribute to larger staffing firms with robust compliance infrastructure increasingly being considered solution of choice for human capital.
It has been three years since we began the new era of Kforce and we are pleased with our progress thus far. We are continually evaluating, updating our strategy including our technology platform, service offerings and alignment to drive efficiency that enhance the customer experience and improve speed to market. We will maintain a watchful eye towards investment that we've made and we'll continue to make in the first quarter relative to our KPI data and remain cautiously optimistic.
I'll now turn the call over to Joe Liberatore, President, who will provide further details on our Q4 operating results. Dave Kelly, Chief Financial Officer will then add further color on Q4 operating trends and financial results as well as provide guidance in Q1. Joe?
Joe Liberatore
Thank you, Dave. And thanks to all you for your interest in Kforce. Our top line performance in Q4 was lower than we anticipated, primarily as a result of the deceleration in year-over-year growth rates in our Tech Flex business. Tech Flex, our largest business unit which now accounts for 65% of total revenues, grew 0.2% year-over-year in the fourth quarter. As Dave mentioned the declines we experienced within a few of our premier clients as result of internal organizational changes and other business disruptions in Q3 led to additional revenue decline in these clients in Q4.
We are well positioned within our premier clients including those with recent declines. And we believe these longstanding relationships provide longer term stability to overall revenue base. Early Q1 indicator show strong demand across many industries in our Tech Flex business. The ability to access talent continues to be the most significant constraints in Tech Flex as exhibited by the continued high level of conversion. Clients realize that talent scarce and are increasingly to looking to make sure they can keep key resources.
In the fourth quarter, we were aggressive and adding to our Tech Flex sales associate population given that our hiring over the past two years had been disproportionately focused on recruiting resources. The focus of our hiring has been to add resources at some of our largest clients and diversify within our current portfolio. This recent shift in investment allocation has already begun to influence our leading key performance metrics that levels in January did not accelerate.
Strength in demand remains at high levels and broad based which provides us an opportunity to further penetrate our expansive client base. As we continue to work through these client specific issues and further diversify our portfolio, we expect Tech Flex revenues to decline sequentially in Q1 due to typical fall off with assignment at yearend and for year-over-year revenue growth rates to be stable with Q4 2015. Our bill pay spread in Tech Flex remains stable and we don't see a need to compromise our pricing to resume Tech Flex growth.
Our philosophy continues to be to work with client and see the value of our services and recognize the shortage of supply of technology talent.
Finance and accounting flex, which represents 24% of total firm revenues, grew 15.7% year-over-year. This business continues to experience highs KPI levels, growth by industry is broad, but significant drivers to the year-over-year success have been in financial services and healthcare industries, both of which our national recruiting center positions us well to maximize.
Our decision to invest in talent, diversify our client base and implement operating model adjustments in this segment have contributed to market share gains. We expect Q1 flex revenues to increase sequentially on a billing day basis due to calendar year assignment end but for year-over-year growth rates to remain at or near Q4 levels.
Revenues for Kforce Government Solutions decreased 13.9% year-over-year. Services revenue, which make up approximately 85% of this business' total revenue, has declined over the past year. The operating environment remains difficult for our government business but our team has executed well in this challenging landscape with 100% recompete success rate in 2015. As we look ahead into 2016, less than 25% of our government businesses revenue is schedule for recompete. The lower level of recompete is allowing us to allocate a greater portion of our business to capture resources on new, larger opportunities in areas of strength, healthcare and audit readiness.
We anticipate hearing the outcome of these new procurements in early Q2. We expect our government business to decline slightly on a sequential billing day basis in Q1 and decline on year-over-year billing day basis in Q1 at slightly lower levels than we experienced in Q4 of 2015.
Direct hire revenues from placements and conversions increased 12.6% year-over-year. And remains approximately 4% of total firm revenues. We've made some select investments in direct hires over the past few quarters from which we are deriving benefit and we will continue to do so as opportunities and productivity levels present themselves.
Our objective is to meet the talent needs of our clients through whatever means they prefer and providing the highly skilled capabilities to deliver resources through direct hire remains important in meeting those needs. We expect the seasonal improvement in Q1 for direct hire and year-over-year growth rate at or slightly below Q4 levels. We accelerated hiring in Q4 and revenue generating talent increased 9.5% year-over-year. As I mentioned earlier, hiring was focused on Tech Flex sales talent. We continue to add additional talent in Q1 with a bias on sales associates and expect the year-over-year growth rates to exceed 10% in the first quarter. Our profitability improvements throughout 2015 were realized more quickly than anticipated which positions us to continue allocate in investment towards talent additions without compromising our longer-term financial objectives.
We continue to focus on client, consultant and core associate relationships to drive result. And expect to reaccelerate our momentum in 2016.
I'll now turn the call over to Dave Kelly, Kforce's Chief Financial Officer who provides additional insights on operating churns and expectations. Dave?
Dave Kelly
Thank you, Joe. Total revenues for the quarter were $327.7 million, which represented $2.8 million increase year-over-year. Our Flexible staffing revenues collectively grew 4% year-over-year while our government business declined 13.9% year-over-year. Direct hire revenues of $13.4 million increased 12.6% year-over-year.
Fourth quarter net income and earnings per share were $11.9 million and $0.43. Fourth quarter net income and earning per share represent 33% and 43% year-over-year improvements versus Q4 of 2014 results of $8.9 million and $0.30.
Our gross profit percentage in Q4 of 31.6% increased 70 basis points year-over-year. The year-over-year increase is a result of both improvements in our Flex margins and a greater mix of direct hire revenues.
Our Flex gross profit percentage of 28.7% in Q4 increased 50 basis points year-over-year primarily driven by an increase in spread in our FA Flex business and higher margins in our government business resulting from a mix of product sales is higher which also carries a higher margin profile. We are seeing continued stability and pricing spread in our Tech Flex business. This stability and spread is a reflection of flat bill and pay rates year-over-year as customers remain very cost sensitive. Looking forward, we expect bill pay spreads to remain relatively stable at the slightly higher levels but for Q1 flex margins to decline by approximately 1% primarily as a result of the reset payroll taxes seen annually in Q1.
Also of note, we continue to experience favorable trends in federal and state unemployment tax rates. After years of very high costs, the states began lowering their rates in 2015. These reductions are driving unemployment taxes down and we expect this to continue to benefit Flex margins in 2016 as additional states have lower their rates.
SG&A as a percentage of revenue was 24.6% in Q4 which is flat with Q3, but declined 90 basis points year-over-year from 25.5% in Q4 2014. The decline was driven by ongoing expense discipline and lower compensation costs within the quarter. As we look forward we expect SG&A percentage to increase in Q1 due to the acceleration in hiring in Q4 and Q1 and the annual increase in payroll taxes.
Q4 2015 operating margins of 6.2%, improved 160 basis points from 4.6% in Q4 2014, driven by a combination of revenue growth, gross margin improvements and SG&A leverage achieved over the past year. We still expect to meet or exceed our 7.5% operating margin target when $1.6 billion in annualized revenues is reached. The near term profitability will be impacted by hiring trends.
As we look at our balance sheet and cash flows, our accounts receivable portfolio continues to perform well. Operating cash flows in the fourth quarter were $15 million. Capital expenditures for Q4 were approximately $600,000 while more typical annual remain in the $8 million range, but quarterly variability to be expected. We continue to maintain significant borrowing capacity in our $170 million credit facility. Long-term debt at the end of the quarter was $83.8 million as compared to $81.4 million at the end of Q3, an increase of $2.4 million.
The firm repurchased 503,000 shares in Q4 at a total cost of $13.2 million. There is approximately $53 million available for repurchases under current board authorization. We expect to continue balancing the allocation of our capital after consideration of capital expenditures and dividends between stocks repurchases and debt retirement as conditions warrant.
With respect guidance the first quarter of 2016 has 64 billing days, which is two days more than the fourth quarter of 2015 and is one more day than the first quarter of 2015. We expect Q1 revenue to be in the $323 million to $328 million range, and our earnings per share to be between $0.24 and $0.27. The combined impact of Flex margin and SG&A of annual payroll tax increases in Q1 relatively to Q4 is expected to be approximately $0.11 per share.
Gross margins are expected to be between 30.6% and 30.9%. SG&A as a percentage of revenue is expected to be between 26.3% and 26.6%. Operating margins are expected to be between 3.4% and 3.8%. Our effective tax rate in Q1 is expected to be 39%. This guidance assumes weighted average diluted shares outstanding of approximately $27.3 million in Q1.
This guidance does not consider the effect, if any, of charges related to the impairment of intangible assets, any one-time costs, costs related to any pending tax or legal matters, the impact on revenues of any disruption in government funding or the firm's response to regulatory, legal or tax law changes.
We are very focused on those actions necessary to reaccelerate revenue growth in particular in our Tech Flex business. The demand environment remains positive and our client relationships remain strong. We continue to manage our investments and profitability and return a significant amount of capital to our shareholders in the form of dividends and share repurchases which is further confirmation of our believe in the strength of our business.
We believe the acceleration and hiring along with diversification within our client base shall allow to reaccelerate revenue growth while generating significant returns for our shareholders.
Michelle, we'd now like to turn the call over for questions.
Question-and-Answer Session
[Operator Instructions]
Our first question comes from Tobey Sommer of Suntrust. Your line is open.
Tobey Sommer
Thank you very much. My first question is if you excluded the premier accounts what was the underlying Tech Flex growth rate in the fourth quarter? How much --
Joe Liberatore
Yes. This is Joe. What we experienced from what we had anticipated coming out of Q3 and Q4 that was -- that we had not anticipated was really two things. We had a little bit more of continued deterioration than we expected in a couple of those large customers which at this point in time is pretty much plateaued. And we also had an elevation of furlough which is really time off during the holidays at a little bit greater rate than we had experience with some of those clients in the past. So if you put those two things together for the small set of customers, we probably had about $6 million to $7 million impact in the quarter.
Tobey Sommer
Thank you. That's helpful. Can you size how relevant these -- how big are these customers? How much revenue do they represent?
David Dunkel
Yes. I mean from competitive purposes we don't really talk about how much revenue -- I think we said it before no one customer makes up a significant portion of our overall revenue. But these are some of our larger customers in our portfolio. So they are within the Top 10 customers within the portfolio. The other thing that I will add to that when we look across our from a Tech Flex standpoint, our Top 25 customers, we experienced about two thirds of that portfolio actually grew sequentially on a billing day basis.
Tobey Sommer
So did you say two thirds grew sequentially?
Joe Liberatore
Two thirds of Top 25 Tech Flex clients.
Tobey Sommer
Okay. Thank you. That's helpful. Just two for me now and I'll get back in the queue. I saw that you miss -- you were talking about your internal hiring plans, what are your internal hiring plans for 2016 and is there any kind of color you can give about the contour of those hiring plans throughout the year if you don't anticipate it just being kind of steady state. Thanks.
Joe Liberatore
Yes. I mean as we all know we start to target that our hiring is not a really linear practice because you are managing turnover and everything else. But we've pretty much stated that our target is to net up 10% on a quarterly basis on a year-over-year. Needless to say we are keeping a close eye on all the forward looking KPIs and anything that we may see taking place there. So we have the ability to really turn these dials quickly if there were to be anything that will happen in the market place or very specific to some of our overall portfolio. The bulk of the hires that we are focused on at this point time, obviously we are continuing to fuel our FA service ordering when you are looking at 15% plus year-over-year growth. And then from a Tech Flex standpoint the majority of the hires that we are making in Tech Flex at this point in time are on the sales side of the house.
Tobey Sommer
Thank you. Two last questions. One at today's share price what do you see as the most lucrative use of free cash flow?
Dave Kelly
Yes. So Tobey this is Dave Kelly. So you can see for us that in the fourth quarter we repurchased about $50 million of stock, we thought that was a good investment as we looked at it. As we mentioned we think we got a very attractive credit facility, interest rates are very low and we see value in our stock as we have over the course of the last couple of years.
Tobey Sommer
And then my last question has to do with the thoughts or plans of your large clients that are temporary slowdown on spending now. How big could those, spending of those clients be when they take these projects off the shelves and they are funded, and maybe not necessarily comparing it to where those clients are now in terms of their spend, but where they have been six or nine months ago and some sort of more normalized day. Thank you.
Joe Liberatore
Yes. I mean a couple of the more significant ones I mean for a number of years they were back to back 20% plus grow or so, they will grow in north and almost double what our traditional Tech Flex our portfolio was at any given point in time. I mean we have very deep relationships within these customers. And we are hearing about tremendous amount of pent up demand. And so I would really attribute to, it is less that we are waiting for budgets to be released, it is more as they go through their organization realignment and they settle those organizations to give those individuals opportunity to reassess. We are hearing from them that there is a tremendous pent up demand in terms of project load.
Our next question comes from Kevin McVeigh of Macquarie. Your line is open.
Kevin McVeigh
Great, thanks. Hey nice job on kind of the margins in Q1. Dave, can you just help us understand good leverage despite -- EPS looks pretty strong relative to where the revenues coming in. Were there any additional and if you said this I apologize, any additional kind of initiatives did help drive that or was it just less pseudo taxes as we think about 2016, just anything that helps explain the bridge between kind of the better expected EPS relative to the revenue.
Dave Kelly
Yes. I think Kevin this is a reflection of really what we've been experienced over the course of the last couple years. We continue to be efficient in our spent and generate leverage. As we look at Q1, I had already mentioned as you said the payroll taxes that we are getting a little bit of benefit, it's not significant there. And there are incremental costs as we expect that there would be for the hiring that we are going to do, but it's just continued management of the business. We don't expect any big improvements in margins or any just change just run in the business. I mean day to day basis. The plan really that is laid out continues to work and we think it's the right plan.
Kevin McVeigh
Is any of that just mix too maybe some of these larger accounts aren't doing what you thought they would, they are coming at lower margin to that helping margin profile as well.
Joe Liberatore
Yes. Really when we look at the larger accounts I mean on a percentage of our total revenue for example in Tech Flex, it hasn't materially changed nothing year-over-year basis. So now it's really not the margin difference in those accounts that's driving the additional profitability means what David said it's really the overall infrastructure, the leverage that we are gaining and the overall plan that we put in place.
Dave Kelly
The only thing I would add to Joe's point, Kevin, I mean there is a couple things. In terms of margin profiles of those large clients especially in tech, it's not too dissimilar from our smaller clients i.e. the gap it continue to close. The other thing as we think about operating leverages the real cost to deliver service these larger clients at scale on a dollar for dollar basis is less. So profitability really comes at approximately the same level regardless of client size.
Kevin McVeigh
Got it. That's helpful. And then just the other question I had is obviously the group overall saw the pretty dramatically to say the least on the recessionary concerns. I know you not economist but is there anything in terms of KPI you are looking at that just says we are still far from what the stock should discounting or just things we should look at to help guide kind of the current environment overall.
David Dunkel
Kevin, this is Dave. I think we were probably surprised at what was an overreaction. One of the key point that we've made consistently over the past couple of years and we believe strongly that we are really operating in a much more secular environment than a cyclical environment than in the past. We saw during 2008 and 2009 where the tax spend didn't decline as much as it had in the past and if you look at what's happening now with where the tax spend is, they really can't opt out of spending because they are now customer facing, it's data business intelligence, it's cyber security, data security, and those are things you just can't decide you don't want to do anymore. Because competitively the delivery of their products, their service is being delivered over multiple platforms and over the web. So we see continued spend there and I don't think that you are going to see a significant drop. Would there be a slowdown demand? Yes. Is it a recessionary, cyclical kind of thing? No. So surprised that the reaction, surprise at the change in the stock valuations and not consistent with what we are seeing in the market. As of this point, there is no question that we saw in the fourth quarter with oil prices and market volatility, it really caused a great deal of concern perhaps overreaction but for us and the clients that we are dealing with in the market place today, we believe that the demand is intact and as we move past this period, repositioning from these clients that assuming the rest of the market intact, that we will reaccelerate growth and should these clients comeback online we could see that growth accelerate substantially.
Kevin McVeigh
It's helpful. Dave, can you just remind us what percentage of the business is tied to energy or just oil and gas?
David Dunkel
A very small percentage. I mean we are less than 1% tied, it's peanuts.
Our next question comes from Randle Reece of Avondale Partners. Your line is open.
Randle Reece
Yes, good afternoon. I was trying to just kind of hit on similar vein once again. It seems like that maybe we had a pause of some activities with some customers as the weak spot in the economy where they fall are weak and you also seemed to be affected by other influences that aren't exactly macro related. That's -- what I am trying to clarify here getting an understanding of the trends in your Tech Flex business is how much you think there is some temporary uncertainty related slowing and how much is related to other reasons.
David Dunkel
Hi, Randy, this is Dave. I would say a speculative comment would be that there might be CEO holding budget back to gauge what the reaction is in the market and to see if there is a level of consistency or flattening out if you will. That is possible but it's almost impossible to measure and we really couldn't even come up with some kind of a number to quantify. So is it possible? Yes. The people naturally become more conservative when they see this kind of volatility yes but it does come to point eventually where we have to make a decision, a strategic decision on, we can't opt out of some of the initiatives that we are in including the cyber security initiatives, including mobilization of platform. So those things just have to continue. Unless we are coming to a dead stop, which I mentioned I don't see that.
Randle Reece
And when I look at the Tech Flex margin, gross margin in the fourth quarter was down sequentially. How much of that sequential decline in the gross margin was related to the furlough that you didn't anticipate in the fourth quarter that kind of caught you there.
Dave Kelly
Yes. So Randy as we look Q3 to Q4, there was very slight impact there because furloughs, we don't have bill or pay so it's a minor amount. It really if I look sequentially nothing big that drove that yes we certainly got a little bit of pay time off, but there was no significant individual driver to the decline. This is typical as you look back we see a little bit lower margins in Q3 and Q4 in Tech Flex.
Randle Reece
So I guess it never happened before I was just wondering what the driver was.
Dave Kelly
Our next question comes from the line Anj Singh of Credit Suisse. Your line is open.
Anj Singh
Hi. Thanks for taking my questions. I wanted to first follow up on an earlier question. I think you said that there was about $6 million to $7 million of revenue coming from significant clients that didn't come through this quarter. So it seems even if we add that to the total of Tech Flex it would imply maybe low 3% growth despite comps being about 3.5 easier, just wanted to know if that's accurate for what overall growth would have been in Tech Flex if there was no pause from these clients. And then if you could just help us understand why Tech Flex is just being so disproportionately impacted versus FA Flex amidst any hesitation or pullback in plans from your clients. Thanks.
Joe Liberatore
I would say directionally I would say that be fairly accurate. Unfortunately when you roll that into Q1 you can't just add that $6 million or $7 million right back in because the overall business we typically have beginning at the year fall off from contract and assignment and then we typically spend better part of the first six to eight weeks rebuilding on to those pre holiday highs and then start to accelerate above that. So there is a rebuild process that naturally happens not just within those clients but within the overall portfolio for the most part.
Anj Singh
Okay. Got it. And if we had to adjust that, the second part of my question, why is there more of disproportionate fall off in the Tech Flex revenue growth rate than a FA Flex even adjusting for these significant clients?
Joe Liberatore
I mean I would say the overall Tech Flex business just you have a couple of things. One you have the scale of the business and then we have decline specific dynamics within that business.
Anj Singh
Okay, got it. And I guess could you talk about what your best sense is as to when the revenue from these clients may start coming in again? It seems like you are being cautious with Q1. So should we anticipate maybe Q2 is a correction return to normalcy?
David Dunkel
I mean that's what we are hearing from inside the client based upon what they are communicating to us. But realize we are not speaking to the CEO of these Fortune 50 companies. So Dave made some comments on that earlier, we are typically dealing with VP level, director level, individuals and that's what they are telling us at this point in time as their organizations now are fairly close to being settled. That they anticipate some of those projects being released as we move into the back of Q1 and into Q2.
Anj Singh
Okay, got it. And one last one and I apologize if I am not understanding this but you guys are talking about diversifying your portfolio within your significant clients and then you are adding more headcount at these clients also. So could you just describe in layman terms how you are diversifying just apologize if I don't understand that.
David Dunkel
Yes. So at any given point in time from -- and I'll just talk Tech Flex specifically, we are probably touching a 1,000 clients in any given point in time. So bulk of our revenue concentration probably comes out of the Top 150 clients within that space. We've historically focused extensively on the Top 25, so what we are doing is we are going down into that 26 through 150, our customer base where we have long standing relationships, we have a track record, we have a master service agreement in place and then we are adding more sales people to penetrate those customers more deeply to nurture relationships as we just didn't have enough capacity to go after more relationships within those customers.
Anj Singh
Okay, got you. And I think historically you guys have given a concentration of revenue within your Top 25 clients. Could you just provide that figure again?
Joe Liberatore
Yes. 37% within Tech Flex
[Operator Instructions]
Our next question comes from Paul Ginocchio of Deutsche Bank. Your line is open.
Paul Ginocchio
Hey, thanks for taking my question. Sorry if I missed this, but do we talk about what industries these couples companies were in that cause the revenue miss? Can you speak to that? And then second, you mentioned headcount was up 9.5%. Was that on an average basis in the fourth quarter or is that currently? And could you just give us what headcount also the revenue generating headcount was up year-on -year on the fourth quarter was looking like in the first. And sort of is that the key reason you are looking for reacceleration of the headcount because your headcount is up or is there other thing beside the client conversation that suggests revenues going to reaccelerate or just mainly focused on headcount. Thanks.
David Dunkel
Hey, Paul. Nice to hear from you. I'll take the first part and I'll flip it back to Joe for the second part. We cannot disclose the industries; if we told you the industries then you would know who the client was. We have confidentiality agreements with these clients and it would not be wise for us to do that because if we told you, you would know immediately who it was, and as we mentioned previously they are involved significant transactions. So it would be very clear so in respect of our clients so we would respectfully decline say the industry that they are in. And I'll let Joe handle the second half of the question.
Joe Liberatore
Yes. The 9.5% that we referenced that was Q4 year-over-year number. And then we had basically managed expectations in Q1. We are looking right around 10%, slightly over 10%. If we were to hit our exact hiring targets.
Paul Ginocchio
Great. Is there anything besides the comments that you just mentioned all about clients talking to you, that the sales people are talking to; they are talking about maybe reacceleration to the second quarter. Is there else that's giving you confidence and talk about reacceleration. I know you don't have that baked into your Q1 guidance but what gives you -- is there any other thing we should be focused on that hoping next revenue reaccelerate in the second quarter. Thanks.
David Dunkel
Yes. I would actually kind of take the flip side of that. In our weekly calls with our regional presidents, they pretty much run the business on a day in and day out basis and then also and speaking with the variety of clients throughout the quarter. We are not hearing is we are not hearing negative. So we are not hearing from the frontline that clients are shutting down or clients are pulling back or clients going through downsizing. Everything we are hearing anecdotally is on a positive front. Likewise we haven't seen any deterioration and what I would call some of the front end indicator KPIs. Our client visits are actually at all time highs here in Q1 which means the end client is taking the visit to meet with somebody in professional staffing. We are also seeing our job orders which have been at elevated levels we haven't really seen a deterioration in those job order levels on a sequential basis. And then they are up on a year-over-year basis.
Our next question comes from Greg Mendez of Baird. Your line is open.
Greg Mendez
Hi. Thanks for taking my question. It's Greg in Mark. Just circling back to headcount, just wondering can you provide the split on what growth was for recruiting versus sales. I know in Tech Flex you had mentioned literally that was sales but just wondering if you can provide a little more color.
Joe Liberatore
Yes. The bulk of the hiring was in Tech Flex and it was predominately on the sale side of the house.
Greg Mendez
Okay. So the growth of sales -- sale growth will probably similar or pretty close to that total growth for the quarter
Joe Liberatore
Yes. I mean obviously we are adding some of that headcount is going into our direct hire business because of the performance there. So we are selectively hiring in there. Some of that headcounts going into -- continue to support the growth in our FA business which grew north of 15%. So we are continuing to add some headcount into there. We typically haven't broke out the number of associates that we have by service line, direct hire, Tech Flex, FA Flex, what you are really asking is for me to even go through another level which is to talk about the number of people buy sales versus delivery which we are not going to do for competitive reasons.
Our next question is a follow up from Tobey Sommer of Suntrust. Your line is open.
Tobey Sommer
Thank you very much. Just a couple of small questions. On the KPI that you referenced as sort of the front end -- pretty solid dramatically. Do you have any thing that measures time to fill or sort of something that would maybe indicative of urgency within customers?
Joe Liberatore
Yes. I can tell you in general we are seeing time to fill here in the beginning of the year has been a little extended for a variety of reasons. I mean I wouldn't say it's extended to a point where it starts to set off any red flags or alarm bells. I think it's just typical we normally see this in the beginning of the year as people are getting reengaged. So it is slightly elongated from maybe what we were experiencing back in Q2 or early Q3 but nothing material.
Tobey Sommer
Okay. And then just a real housekeeping, do you have an expectation for the tax rate for the full year?
Dave Kelly
Yes. So Tobey our expectations for the tax rate for the full year is same as they are for Q1 about 39%.
There are no further questions at this time. I'd like to turn the call back over to David Dunkel, Chairman and CEO for any closing remarks.
David Dunkel
All right. Well, thank you all for your interest and support of Kforce. And I'd like to say thank you again to each and every member of our field and corporate teams and to our consultant and our clients for allowing us the privilege of serving you. Thank you very much. We look forward to speaking with you regarding our Q1 results.
Ladies and gentleman, thank you for participating in today's conference. This does conclude the program. And you may all disconnect. Everyone have a great day.
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The Dastgah Concept in Persian Music
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Dastgah Concept in Persian Music by Hormoz Farhat
Book DescriptionThe tradition of Persian art music embodies twelve modal systems, known as dastgahs. Each dastgah represents a complex of skeletal melodic models on the basis of which a performer produces extemporised pieces. The dastgahs revolve around unspecified central nuclear melodies which the individual musician comes to know through experience and absorption. It is a personal and elusive tradition of great subtlety and depth. Through extensive research, including interviews with leading musicians and recording over one hundred hours of music, Hormoz Farhat has unravelled the art of the dastgah. In his study Professor Farhat analyses the intervallic structure, melodic patterns, modulations, and improvisations within each dastgah, and examines the composed pieces which have become a part of the classical repertoire in recent times.
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Book DetailsISBN: 9780521542067
(247mm x 174mm x 12mm)
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Publisher: Cambridge University Press
Publish Date: 8-Jul-2004
Country of Publication: United Kingdom
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