text:
Announcement Cute needle felted animals, wool felt ornaments, felt decorations and appliques.
Cute needle felted animals, wool felt ornaments, felt decorations and appliques.
wabashcat on Mar 30, 2017
this is very pretty thanks
wabashcat on Mar 30, 2017
thanks for the bunny son cute.
daysandcocoa on Mar 10, 2017
pinkpigxo on Feb 11, 2017
so cute and arrived very fast! thanks so much!
Handmade needle felted animals
I work on my needle felted animals from my home in Utrecht, the Netherlands. I started needle felting in 2010 and loved it from the first animal I made: a small orange cat with big, bright eyes.
That first cat was quickly followed by many other miniature animals with big and bright eyes! Nowadays, I greatly enjoy creating felt dogs. Why? Because they all have such different shapes, colors and fur!
Other than felting I also enjoy figure skating, sewing, traveling and reading. That list could be much longer, but I simply never have enough free time (I also work a full time job in e-commerce).
Selling on Etsy has opened up an entire new world to me. My favorite part is getting to send my miniature felt animals to places all over the world. Places I myself have never been!
I also love the friendly and creative community on Etsy. Feel free to message me any time. Comments, questions, requests and ideas are all more than welcome.
Thank you for stopping by!
Shop members
Ilse Olfers
Owner, Maker, Designer, Curator
Needle felting since 2010
Shop policies
Payment options
- Accepts Etsy gift cards
Returns & exchanges
- Custom or personalized orders
Privacy policy
- To communicate with you about your order
- To fulfill your order
More information
Frequently asked questions
Care instructions
Needle felted items are not intended as toys for small children or pets. You can pick them up and hold them in your hand as much as you like, juist treat them carefully. This way you will enjoy them for years.
International customers and deadlines
I love selling to customers all over the world, but please keep the following in mind:
All orders are shipped from THE NETHERLANDS, Europe, and thus wil take longer to arrive to USA and other destinations outside of EU. If you need an item as a gift or for a special occation, make sure you order at least 6 weeks ahead to be safe.


text:
Computer sounds made by me with synthesizer. Look for more my computer sounds.
If you need Music or Sounddesign go to www.robertoignis.com
Used here:
Very cool. Looking for that typical 1970 computer room noise
thank you - perfect for an old school sci-fi probability-o-meter :)
3 comments
Please log in to comment

subset: commoncrawl


text:
Professor Eduardo Miranda
Professor in Computer Music
School of Humanities and Performing Arts (Faculty of Arts & Humanities)
- Head of the Interdisciplinary Centre for Computer Music Research (ICCMR)
- Member of Peninsula Arts' steering committee for music
- Member of the steering committee of the Centre for High Performance Computing
- Member of Information Security Group
- Co-director of Peninsula Arts Contemporary Music Festival
- Programme Manager of Res.M Computer Music
Other Appointments (last 4 only):
Electronic Music Studios, Institute of Communications Research
Technische Universität Berlin (TUB)
Winter Semester of 2006 - 2007
Research Scientist
SONY Computer Science Laboratory
Adjunct Associate Professor of Computer Science
American University of Paris
Roles on external bodies
- Co-editor: Journal of Creative Music Systems, Huddersfield University Press. (http://jcms.org.uk/)
- Member of the Editorial Board: Organised Sound, Cambridge University Press.
- Member of the Editorial Board: Leonardo Music Journal, The MIT Press.
- Member of the Editorial Board: Contemporary Music Review, Routledge.
- Member of the Editorial Board: Leonardo Transactions, The MIT Press.
- Member of the Editorial Board: Journal of Sonic Studies.
- Member of the Editorial Board: International Journal of Unconventional Computing, Old City Publishing
- Member of the Reviewing Board: IEEE Multimedia.
- Member of the EditorialBoard: The Scientific World Journal.
- Member of the peer review college of the Austrian Science Foundation (FWF), Austria (appointed 2010 - )
- Member of the peer review college of the Danish Council for Strategic Research, Denmark (appointed 2010 - )
- Anonymous peer reviewing of numerous research grant proposals for Research Grants Council of Hong Kong, EPSRC, AHRC, The Wellcome Trust, Racomedi
- Member of the Review Panel for Alban Scholarships, European Union (2006-2009)
Teaching interests
- Music Composition
- Computer Music / Music Technology
- Electroacoustic Music
- Artificial Intelligence
- Evolutionary Computing / Artificial Life
- Brain-Computer Interfacing / Assistive Technology
Staff serving as external examiners
- External Examiner for BA Music Computing, Goldsmiths College (2011 – 2016)
- External Examiner for the MA/MSc in Music Technology, Dept of Music & Dept of Electronics, University of York (2007 – 2009)
- External Examiner for the BMus in Music with Computer Sound Design, Dept of Music and Sound Recording, University of Surrey (2007 – 2010)
- External Examiner for the BMus Honours (Tonmeister), Dept of Music and Sound Recordings, University of Surrey (2007 – 2010)
- External Examiner for the MSc Applied Artificial Intelligence, School of Engineering, Computer Science and Mathematics, University of Exeter (2006 –2010)
- External Examiner for the MSc Music Information Technology, City University (2006 – 2009)
- External examiners for 29 PhD awards to date at:
- University College Cork (2016)
- University of Reading (2015)
- Sydney Conservatorium of Music (2014)
- University of Adelaide, Australia (2014)
- University of Edinburgh (2013)
- University of Oslo , Norway (2012)
- University of Surrey (2010)
- University of Essex (2010, 2014)
- University of York (2010)
- Queen's University Belfast (2010)
- Open University (2010, 2013, 2015)
- Birmingham Conservatoire (2009, 2011)
- University of the West of England (2008)
- University of East Anglia (2008)
- Edinburgh Napier University (2008)
- University College, London (2007, 2010)
- Goldsmiths College (2007)
- Queen Mary University of London (2007, 2010, 2011, 2015)
- Chalmers University of Technology, Sweden (2004)
- Federal University of Rio Grande do Sul, Brazil (2002)
- University of Coruña, Spain (2001)
Research interests
- Composition (including algorithmic and computer-aided)
- Electroacoustic Music Composition
- Sound Synthesis
- New Musical Interfaces
- Expressive Music Performance (by machines)
- Brain-Computer Music Interface
- Evolutionary Computer Music
- Music Neurotechnology
- Unconventional Computation (for music technology)
- Artificial Intelligence and Music
Other research
1) Inventor: Eduardo Reck Miranda c/o Sony France S.A., "Morphological categories for voice synthesis", Europe: EP 1 160 764 A1, Publication 05/12/2001; Japan: P2002-23775A, Publication 04/06/2001.
2) Inventor: Eduardo Reck Miranda c/o Sony France S.A., "Expressivity of Voice Synthesis", Europe: EP 1 160 766 A1, Publication: 05/12/2001, USA: US 2002/0026315 A1, Publication 28/02/2002.
3) Inventor: Eduardo Reck Miranda c/o Sony France S.A., "Vocal sounds granular synthesis by means of cellular automaton", Europe: EP 1 160 765 A1, Publication 05/12/2001; Japan: P2002-6873A, Publication 04/06/2001.
4) Inventor: Eduardo Reck Miranda c/o Sony France S.A., "Synthesis of Ultra-Linguistic Utterances", USA: US 22002/0029145 A1, Publication 07/03/2002.
5) Inventor: Eduardo Reck Miranda c/o Sony France S.A., "Sound characterisation and/or identification based on prosodic listening", Europe: EP 1 246 164 A1, Publication 02/10/2002; PCT International: WO 02/070744 A2, Publication 10/10/2002.
Research degrees awarded to supervised students
Successful PhD completions:
2016, University of Plymouth, Joel Eaton . PhD Thesis: Brain-Computer Music Interfacing: Designing Practical Systems for Creative Applications.
2014, University of Plymouth, Hans Holger Rutz . PhD Thesis: Tracing the Compositional Process.
2013, University of Plymouth, Nikolas Valsamakis . PhDThesis: Non-Standard Sound Synthesis with Dynamic Models.
2013, University of Plymouth, Christian Dimpker . PhDThesis: Extended Notation: The Depiction of the Unconventional.
2012, University of Plymouth, Noris Mohd Norowi . PhD Thesis: AnArtificial Intelligence Approach to Concatenative Sound Synthesis.
2012, University of Plymouth, Daniel Livingstone . PhDThesis: Design Strategies for Adaptive Social Composition: Collaborative SoundEnvironments.
2012, University of Plymouth, Joao Martins. PhDThesis: Emergent Rhythmic Structures asCultural Phenomena Driven by Social Pressure in a Society of Artificial Agents.
2011, University of Plymouth, Alexis Kirke . PhDThesis: Application of Intermediate Multi-Agent Systems to IntegratedAlgorithmic Composition and Expressive Performance of Music.
2010, University of Plymouth, Peter Beyls . PhDThesis: Music as Emergent Complex Behaviour.
2010, University of Plymouth, Leandro Costalonga . PhDThesis: Biomechanical Modelling of Musical Performance: A Case Study of theGuitar
2009, University of Plymouth, Marcelo Gimenes . PhDThesis: An Approach to Machine Development of Musical Ontogeny.
2001, University of Glasgow, Alexander Duncan , PhDThesis: EEG Pattern Classification for the Brain-Computer Musical Interface.
1999, University of Glasgow, Kenneth McAlpine . PhDThesis: Application of Dynamical Systems to Music Composition.
Creative practice & artistic projects
I have had the privilege of hearing my music at festivals and concerts worldwide, played by renowned performers and ensembles such as Bergersen String Quartet, Leo String Quartet (from the City of Birmingham Symphony Orchestra), Sond'Ar-te Electric Ensemble (Portugal), Chamber Group of Scotland, Scottish Chamber Orchestra, BBC Concert Orchestra and Ten Tors Orchestra, to cite but a few. In addition to concert music, I have composed for theatre and contemporary dance.
"... John Cage's dream realized."
- BBC News -
"Miranda has created something truly unique ..."
- Palatinate -
"... the first piece of music composed for an interactive biosystem."
- BBC Focus Magazine -
"If the goal is to push music-making beyond conventional bounds, Miranda and his colleagues must surely have succeeded."
- MIT Technology Review -
"Today marks a fascinating musical first ... a performance of the world's first Brain-Computer Music Interface (BCMI) quartet."
- The Observer -
- The Sunday Times -
I have published over 120 papers within the last 10 years. Below is selection of papers in learned peer reviewed journal papers. A more comprehensive list, including copies for downloading are available from my Academia.edu pages:
Daly, I., Hwang, F., Kirke, A., Malik, A., Weaver, J., Williams, D., Miranda, E. and Nasuto, S. (2015). "Automated identification of neural correlates of continuous variables", Journal of Neuroscience Methods, 242(2015):65-71. DOI: 10.1016/j.jneumeth.2014.12.012
Miranda, E. R, (2014). "Harnessing the Intelligence of Physarum Polycephalum for Unconventional Computing-Aided Musical Composition", International Journal of Unconventional Computing, 10(3):251-268.
Schramm, R., Jung, C. R. and Miranda, E. R. (2014). "Dynamic Time Warping for Music Conducting Gestures Evaluation", IEEE Transactions on Multimedia, DOI:
Daly, I., Williams, D., Hwangm F., Kirke, A., Malik, A., Roesch, E., Weaver, J., Miranda, E., Nasuto, S. (2014). "Investigating music tempo as feedback mechanism for closed-loop BCI control", Brain-Computer Interfaces, DOI: 10.1080/2326263X.2014.979728
Daly, I., Malik, A., Hwang, F., Roesch, E., Weaver, J., Kirke, A., Williams, D., Miranda, E.and Nasuto, S. J. (2014). "Neural correlates of emotional responses to music: an EEG study", Neuroscience Letters, DOI: http://dx.doi.org/10.1016/j.neulet.2014.05.003
Kirke, A. and Miranda, E. (2014). "Pulse Melodic Affective Processing: Musical structures for increasing transparency in emotional computation", Simulation: Transactions of the Society for Modeling and Simulation International, 90(50):606-622.
Kirke, A. and Miranda, E. R. (2014). "Unconventional Computer and Teaching: Proposal for MUSIC, a Tone-Based Scripting Language for Accessibility, Computation and Education", International Journal of Unconventional Computing, 10(3): 237-249.
Miranda, E. R., Adamatzky, A. and Jones, J. (2011). "Sounds Synthesis with Slime Mould of Physarum Polycephalum", Journal of Bionic Engineering, 8(2011): 107-113.
Anders, T. and Miranda, E. R. (2011). "A Computational Model for Rule-Based Microtonal Music Theories and Composition", Perspectives of New Music, 48(2): 47-77.
Miranda, E. R., Magee, W., Wilson, J. J., Eaton, J., and Palaniappan, R. (2011). "Brain-Computer Music Interfacing (BCMI): From Basic Research to the Real World of Special Needs", Music and Medicine, DOI: 10.1177/1943862111399290
Anders, T. and Miranda, E. R. (2011). "A Survey of Constraint Programming Systems for Modelling Music Theories and Composition", ACM Computing Surveys, 43(4):Article 30.
Anders, T. and Miranda, E. R. (2010). "Constraint Application with Higher-Order Programming for Modeling Music Theories", Computer Music Journal, 34(2):25-38.
Miranda, E. R. (2010). "Contextualizing Eighteenth Century Enlightenment Through the Lenses of Contemporary Science", Physics of Life Reviews, 7:35-36.
Miranda, E. R. (2010). "Plymouth brain-computer music interfacing project: from EEG audio mixers to composition informed by cognitive neuroscience", International Journal of Arts and Technology, 3(2/3):154-176.
Miranda, E. R. (2010). "Organised Sound, Mental Imageries and the Future of Music Technology: A Neuroscience Outlook", Organised Sound 15(1):13-25.
Miranda, E. R., Kirke, A., Zhang, Q. (2010). "Artificial Evolution of Expressive Performance of Music: An Imitative Multi-Agent Systems Approach", Computer Music Journal, 34(1):80-96
Anders, T. and Miranda, E. R. (2009). "Interfacing Manual and Machine Composition".Contemporary Music Review, 28(2):133-147.
Durrant, D., Hardoon, D. R., Brechmann, A., Shawe-Taylor, J., Miranda, E. R. and Scheich, H. (2009). "GLM and SVM analyses of neural response to tonal and atonal stimuli: new techniques and a comparison", Connection Science, 21(2-3):161-175.
Kirke, A. and Miranda, E. R. (2009). "A Survey of Computer Systems for Expressive Music Performance", ACM Computing Surveys, 42(1):Article 3.
Miranda, E. R., Bull, L., Gueguen, F. and Uroukov, I. S. (2009). "Computer Music Meets Unconventional Computing: Towards Sound Synthesis with In Vitro Neural Networks",Computer Music Journal, 33(1):09-18.
Miranda, E. R. and Matthias, J. (2009). "Music Neurotechnology for Sound Synthesis",Leonardo, 42(5):439-442.
Miranda, E. R. (2008). "Emergent Songs by Social Robots", Journal of Experimental and Theoretical Artificial Intelligence, 20(4):319-334.
Miranda, E. R., and Maia Jr., A. (2007). "Spectral Fuzzy Sets and Markov Streaming for Granular Synthesis of Sound", Symmetry: Culture and Science, 18(2-3):223-241.
Miranda, E R. (2006). "Brain-computer music interface for composition and performance",International Journal on Disability and Human Development, 5(2):119-125.
Miranda, E. R. (2005). "Artificial Phonology: On Synthesising Disenbodied Humanoid Voice for Composing Music with Surreal Languages", Leonardo Music Journal, 15:8-16.
Miranda, E. R. and Brouse, A. (2005). "On Interfacing the Brain Directly with Musical Systems", Leonardo, 38(4):331-336.
Miranda, E. R. and Valsamakis, N. (2005). "Iterative Sound Synthesis using Cross-Coupled Digital Oscillators", Digital Creativity, 16(2):79-92.
Miranda, E. R. (2004). "At the Crossroads of Evolutionary Computation and Music: Self-Programming Synthesizers, Swarm Orchestras and the Origins of Melody", Evolutionary Computation, 12(2):137-158.
Miranda, E. R., Roberts, S. and Stokes, M. (2004). "On Generating EEG for Controlling Musical Systems", Biomedizinische Technik, 49(1):75-76.
Westerman, G. and Miranda, E. R. (2004). "A New Model of Sensorimotor Coupling in the Development of Speech", Brain and Language, 82(2):393-400.
Miranda, E. R. (2003). "On the evolution of music in a society of self-taught digital creatures", Digital Creativity, 14(1):29-42.
Miranda, E. R. (2003). "On the Music of Emergent Behaviour: What can Evolutionary Computation Bring to the Musician?", Leonardo, 36(1):55-58.
Miranda, E. R., Sharman, K., Kilborn, K., Duncan, A. (2003). "On Harnessing the Electroencephalogram for the Musical Braincap", Computer Music Journal, 27(2):80-102.
Westerman, G. and Miranda, E. R. (2003). "Modelling the Development of Mirror Neurons for Auditory-Motor Integration", Journal of New Music Research, 31(4):367-375.
Bilotta, E., Miranda, E. R., Pantano, P and Todd, P. (2002). "Artificial Life for Musical Applications: Workshop Report", Artificial Life, 8(1):83-86.
Miranda, E. R. (2002). "Emergent Sound Repertoires in Virtual Societies", Computer Music Journal, 26(2):77-90.
Miranda, E. R., (2002). "Generating Source Streams for Extralinguistic Utterances",Journal of the Audio Engineering Society, 50(3):165-172.
Miranda, E. R., Correa, J. S., Wright, J. (2000). "Categorising Complex Dynamic Sounds",Organised Sound, 5(2):95-102.
Miranda, E. R., McAlpine, K. and Hoggar, S. (1999). "Making Music with Algorithms: A Case Study", Computer Music Journal, 23(2):19-30.
Miranda, E. R. (1998). "The Role of Speech Synthesis in Requiem per una veu perdudua",Organised Sound, 3(3):235-240.
Miranda, E. R. (1997). "Machine Learning and Sound Design: A Case Study", Leonardo Music Journal, 7:49-55.
Miranda, E. R. (1995). "An Artificial Intelligence Approach to Sound Design", Computer Music Journal, 19(2):59-75.
Miranda, E. R. (1995). "Granular Synthesis of Sounds by means of a Cellular Automaton",Leonardo, 28(4):297-300.
Miranda, E. R. (1995). "Cellular Automata Synthesis of Acoustic Particles",Supercomputer, 56:16-23.
Miranda, E. R. (1994). "From Symbols to Sound: AI-based Investigation of Sound Synthesis", Contemporary Music Review, 10(2):211-232.
Miranda, E. R. (1994). "Music composition using cellular automata", Languages of Design, 2:105-117.
Miranda, E. R. (1993). "Cellular Automata Music: An Interdisciplinary Project", Interface, 22(1):3-21.
Wiggins, G., Miranda, E. R., Smaill, A. and Harris, M. (1993). "A Framework for the Evaluation of Music Representation Systems", Computer Music Journal, 17(3):31-42.
Reports & invited lectures
Conference Keynotes, Invited Speaker (a selection from last 5 years only)
2015: Technarte – InternationalConference on Art andTechnology, La Alhondiga, Bilbao, Spain.
2014: NOTAM Forum with SkRR, Olso, Norway.
2014: Research and Creativity Seminar, IRCAM – Centre Georges Pompidou, Paris, France.
2013: Technarte – InternationalConference on Art andTechnology, La Alhondiga, Bilbao, Spain.
2013: EU - NETT N euralEngineering Summer School, University of Nottingham, Nottingham, UK.
2013: Medicine Unboxed, VOICE 23-24 November 2013, Parabula ArtsCentre, Cheltenham, UK
2012: UK Brain-Computer Interface Network Meeting, University ofWarwick, Coventry, UK.
2012: Inspired by Digital, London Chamber Orchestra & Queen MaryUniversity of London, London, UK.
2012: Plymouth International Book Festival, Plymouth, UK.
2012: Utilisation de l'électroencéphalographie dans la composition musicale, University of Bordeaux 1 & AssociationFrançaise d'Informatique Musicale (AFIM), Bordeaux,France.
2010: Music Technology: Solutions to Challenges, Royal Hospital for Neuro-disability – Institute of Neuropalliative Rehabilitation, London, UK.
2009: UK Brain-Computer Interface Network Meeting, University ofBirmingham, Birmingham, UK.
2009: Man Made, Dana Centre – ScienceMuseum, London, UK.
2009: Art, Brain and Language Symposium, Casada Música, Porto, Portugal.
2009: First International Symposium on AppliedSciences in Biomedical and Communication Technologies (ISABEL2008), Aalborg, Denmark.
Other academic activities
Additional information
No info added


text:
In 2012, Living Lite contracted with Groupon to teach our 3-hour Express Weight Loss Class with Hypnosis all around the US. Very quickly we opened offices around the country and taught people to lose weight quickly and effectively. We also began receiving calls from cities where we didn't have offices. People all over were learning of our innovative techniques–from friends and family members for whom it was working–and wanted to experience it themselves. We were on track to open in many more cities when Groupon changed its business model.
In 2015, Groupon went in a different direction and our business with them stopped virtually overnight. So we did what any company with obligations to the public might do: We switched to Plan B!
Plan B was to put the classes online. Originally the plan was to fulfill the vouchers that were outstanding from Groupon buyers. If someone on the East Coast wanted a class and it wasn't feasible for us to catch a plane from the West Coast to hold that class for one or two people, we would offer to email them a video of Katie Evans teaching a class, complete with MP3s of the Hypnosis Sessions included in the class. This offer was received with such enthusiasm that we decided to offer it to the general public as well.
So here you go!
Our Introductory offer is that you can enjoy this class in the comfort of your own home for just $50. This includes 3 hours of video of class instruction, 3 hypnosis MP3s, the URL to the Homework Page to help keep you on track and a subscription to the Lighten Me Up Health Tip of the Day. This Program will retail for $97 when the Introductory Period is over in July, 2016.
Get your Video Class Now and Start Losing Weight Right Away!


text:
Manage your account and access personalized content.
Access your cloud dashboard, manage orders, and more.
North East Patches (NEP) Shared System Group has had tremendous success helping its 60-plus member organizations reduce overhead costs and refocus their time on patient care. Now, NEP is preparing an initiative that will help organizations take patient management to a new level.
Oracle CRM On Demand will enable member organizations to track patient-provider interactions and make providers more of a partner in the management of long-term conditions. Jim Mackey, chief executive of the Northumbria Healthcare NHS Foundation Trust, says NHS has always excelled at treating patients and getting them comfortably back home. But the deep understanding behind patient-provider interactions is a big blind spot for NHS.
"For example, a patient might have been in three times this week seeing different clinicians, or they've had an episode and have gone home and are still a bit worried," Mackey says. "All of those things happen every day. There isn't a structure to contact them and see how they are."
A customer relationship management (CRM) system also could solve problems as simple as poor scheduling. For example, one of Mackey's extended family members sees three to five specialists in different hospitals for different conditions. Sometimes she is called for two appointments on the same day—one at the beginning of the day and one at the end. There's little way of knowing how well—if at all—the care of different doctors is coordinated. Mackey says such an approach would never survive in the private sector, and it shouldn't be allowed in the healthcare system.
"If I was selling something, I would never ask a customer to come in twice in one day," he says. "I would be joining those appointments up and making sure there's nothing that could contradict the treatment. The absence of those connections increases patient risk."
Mackey also sees potential for a CRM system to help people avoid coming to the hospital unnecessarily, which increases provider costs and delays care for needier patients. He says such a system will become more critical over the next 10 to 15 years as the U.K. population ages and more people suffer from multiple long-term conditions such as diabetes and heart disease.
"There's a big confidence improvement if, after an episode, we could ring a patient 24 hours, 7 days, 30 days after intervention to make sure they have no exacerbations and understand the medication, check for early warnings, and give them somebody to talk to if they're feeling a bit worried," Mackey says. "From a patient satisfaction point of view, that has to be a fantastic improvement for people."
For More Information
Oracle Financials
Oracle Hyperion Planning
Oracle CRM On Demand
Public Sector Health, Private Sector Practice


text:
You missed it This great deal for 20th Century Lanes is over. But don't despair, we've got more great deals every day.
Related Deals That You May Like
JCPenney Portraits
Photography Session with Prints and Digital Image
HB Media Solutions
VHS Tapes Transferred to DVD, for Home Video Only
Butter Lane
2-Hour Cupcake-Making Class 101 for 1 Person
Sunrise Studios
3 Video-to-DVD Transfers or $50 Toward Transfers
20th Century Lanes
Two Hours of Bowling and Shoe Rental for Six, Plus Pitcher of Soda and Large Basket of Fries
95% recommendedin LivingSocial customer ratings
As Boise's oldest family fun center, 20th Century Lanes has delighted generations of bowlers since 1950 and puts a modern twist on the classic amusement for you and your favorite alley cats:
• $20 ($42 value) for two hours of bowling for six people
• Shoe rental is included
• Comes with a pitcher of soda and large basket of fries
"The bowling alley was busy, the employees where hustling but they still had time to treat you with respect and take care of you. I would definitely go back." -LivingSocial Member
Why You'll Love It
Updated lanes and TV screens featuring selected players bring this timeless game into the modern era. Make sure you swing by the snack stand for what one LivingSocial member raves are, "the best french fries in the valley." 20th Century Lanes is open seven days a week and conveniently located in the Collister Shopping Center near Silver Lake.
20th Century Lanes's Website
PAID VALUE EXPIRES ON May 29, 2022
PROMOTIONAL VALUE EXPIRES ON October 31, 2013


text:
User Ratings & Opinions
|Stand Doesnt Stay Closed
User: David R, Sep 12, 2015
|I bought one of these from iMore - and the case fits very well and protects the phone. It is easy to slide out the phone for use. The built-in stand is also nice - but it wont stay closed. It flops open on its own. I have mine taped shut.


text:
Porsche SUVs put off die-hard sports car fans
By Andreas Cremer
BERLIN (Reuters) - Manfred Wilke loves nothing more than speeding down the German Autobahn in his 911 coupe.
Gazing at a 911 Carrera GTS with a 100,000 euro ($125,000) price tag in Porsche's flagship showroom in Berlin, the real estate manager said only cars like the sporting two-seater deserved to carry the Porsche badge.
He is one of a number of Porsche purists who are appalled at the Stuttgart-based sports car maker's aggressive push into sport utility vehicles and family-style saloons.
Nearly 50 years after the launch of the 911, its newer, more roomy siblings, the Cayenne SUV and four-door Panamera, account for almost three quarters of Porsche's sales, and some customers fear the company is straying too far from its racing roots.
"Only delusional marketers could attempt to turn Porsche into an offroader company," said Wilke, 53. "It's a flat-out insult to Porsche's image and fame."
The powerful 911, driven by Steve McQueen at the start of the 1971 movie "Le Mans", has captivated -- and sometimes frightened -- fans for decades and came fifth in the 1999 Car of the Century awards.
Its timeless design, refreshed again last year, evolved from the Porsche 356 designed by Ferry Porsche in 1948, the sports car maker's first vehicle in series production.
But for now the bulky four-door cars are king, as demand for large luxury models is growing faster than the sports car market. Porsche's next major new model is a compact SUV called the Macan, which goes into production in 2013. Continued...


text:
gustavo freundt photogr Photographer
Kersten VallejoModel Female Miami, Florida, US
My MM URL: http://www.modelmayhem.com/sainaruby
Mayhem # 3047212
About MeHello!
My name is Kersten and I am based in Miami . I have been facinated with modeling for as long as i can remember . I had my first modeling expirence when I was 13 and since then i fell in love with the industry. Modelling is my passion and I hope to further in my career. I am very professional, very hardworking and always put forth maximum effort into everything that I do . Please feel free to contact me , I look forward to working with you .
Thank you for visiting my port :)
Have you worked with Kersten Vallejo? Add Credits for Kersten Vallejo! >>
gustavo freundt photogr Photographer
mokhovyk Photographer
Iconic Imageworks Photographer
MaverickPh... Photographer
Sophia Lenore Makeup Artist
JVLADIMIR Photographer
Loading Content


text:
|Patriots Look Poised For Another Super Bowl Run
|Bruins Trade For Drew Stafford
|Black and Gold Bruins Turn Yellow On Parade Day
|Inconsistency Will Continue For Bruins Unless A Change Is Made
We're now past 20 games into the season, and things remain especially bleak in the East for any non-Miami or Indiana team. The West has a bit of a clique on top, though many more Western teams still have a pretty good chance to make a run. In both conferences, teams are clustered all around each other, leaving room for near-instantaneous movement up and down a few seeds, so let's look at what would happen if the playoffs started as of Thursday, December 12, before the day's games:
Portland remains just ahead in the race for #1 out West, while Golden State is trying to hold onto a spot. Golden State has been hit or miss, while the Blazers win more often than not, at home and on the road. Eight-seeds have won before, but with powerful teams like Portland to contend with, it is unlikely.
San Antonio is just half a game out of the West lead, while Phoenix has won three in a row. However, like the last series, San Antonio has been the more consistent team throughout the season. They have the veteran presence to make deep run against anyone. San Antonio should be the heavy favorites in Round 1 whoever they face.
Denver has been winning quite a bit lately, but the Thunder have been winning even more to remain half a game behind Portland. Plus, OKC is one of two teams left (along with Indiana) to remain unbeaten at home. Denver is good, but OKC has too much talent to lose that easily.
The Rockets have used the Warriors and and Magic to get back on track, while the Clippers have done the same against the pitiful Atlantic Division. Both teams have been especially good at home, which makes the Clippers happy they lead a division. Between Chris Paul and Blake Griffin, the Clippers have the ability to bowl over most anyone, though Dwight Howard and James Harden aren't too shabby themselves. In a seventh game, the home crowd could very well mean a lot.
Chicago may have been the first team to beat Indiana this season, but haven't done very well since. The Bulls are facing questions about their future with Derrick Rose's latest season-ending injury, and the Pacers are too good to let this opportunity to slip by.
Miami hasn't been perfect, but they've been far and away better than 13 other teams in the East. The Pistons are sub-.500 both at home and on the road, which won't do against a team like Miami.
Neither team has done especially well this season, most notably on the road. The Hawks are currently sitting at .500, which is a major achievement in the East this year. While the Wizards aren't far behind, Atlanta has had more playoff experience recently, so Washington still has a lot of work to do.
Both sides have bested the other on the road so far, and both are under .500. Celtics Coach Brad Stevens has plenty of experience leading an underdog with Butler, which will help in the first round. Still, with Charlotte and Boston each having some bad struggles, this could easily come down to who has the ball last (or doesn't, depending on your point of view.
Tags: Atlanta Hawks, Boston Celtics, Charlotte Bobcats, Chicago Bulls, Denver Nuggets, Detroit Pistons, Golden State Warriors, Houston Rockets, Indiana Pacers, Los Angeles Clippers, Miami Heat, NBA Playoffs, Oklahoma City Thunder, Phoenix Suns, Portland Trail Blazers, San Antonio Spurs, Washington Wizards


text:
NOW Foods Tri-3D fish oil
Verified Purchase
NOW Foods Tri-3D fish oil
Good stuff. Compares favorably to Life Extension Omega Plus. NO aftertaste in an easily swallowed gelcap and a Great Price from iHerb and NOW Foods.
NOW Foods Tri-3D fish oil
Posted by Reviewer2320221 on Jun 21, 2013 | Verified Purchase
Good stuff. Compares favorably to Life Extension Omega Plus. NO aftertaste in an easily swallowed gelcap and a Great Price from iHerb and NOW Foods.
Truly amazed with the results
Posted by alloriginal on Apr 16, 2013 | Verified Purchase
I've been using fish oils for 22 years. I originally started them to improve my skin; it worked in that regard--over several weeks my skin improved dramatically. What I didn't count on was the amazing difference it made for my joints. Arthritis was starting to set in. My fingers, knees and other joints were stiff and painful much of the time. Within a couple of months I noticed increased flexibility and decreased painfulness (I didn't attribute it to fish oil at first, but it was the only substantive change I made at that time). 22 years later I am completely free of arthritis-like symptoms. I spend most of the day on my feet, yet I'm pain-free and more flexible than people half my age. I believe that fish oil has had a beneficial effect on my blood pressure and cholesterol also. As my contemporaries talk about their knee replacements and viagra, I'm proud to say that "I'm all original, everything works, no prescriptions necessary." One of these capsules per day is enough, over time, to reap the same benefits. The enteric coating should entirely prevent "fish burps" and improve absorption. Click my reviewer name to see how you can save up to $10 off your first order (free shipping too!). Iherb is the place I trust for all my health needs: low prices, huge selection, unbeatable service, and fast, free shipping. You can't go wrong!
Posted by 5483154363195153700 on Aug 14, 2013 | Verified Purchase
Good that includes vitamin d, very handy.
cheap and very good
Posted by 5465415488985643934 on Dec 13, 2013 | Verified Purchase
cheap and very good but wait for result
plus vit D
Posted by 5094100545382258958 on Nov 24, 2013 | Verified Purchase
plus vit D ,very good
Would not know what to say
Posted by Reviewer2757677 on Jul 16, 2013 | Verified Purchase
This is to subjective. You have to try something like that for a longer period of time to say how they are
Posted by 4675152209824735423 on Jul 14, 2013 | Verified Purchase
Very good, I recommend.
Posted by 5662878729780303928 on Dec 31, 2013 | Verified Purchase
very good
Does the job
Posted by Reviewer1829477 on May 15, 2014 | Verified Purchase
The right Omega 3's for my body and brain, like the extra Vitamin D too.
Posted by 5439871062723119747 on Feb 15, 2016 | Verified Purchase
Fast ship and good job


text:
Update your password regularly to keep your account safe.
Elite Status Progress
Lifetime Diamond
With Lifetime Diamond, there is no expiration and no re-qualifying for your status - ever again!
Skip brand navigation
skip form
Where are you going?
City, Airport, Address, Attraction, Hotel
No search results found.
results were found. Press up and down key to select.
Use flexible dates
Promotion/Offer Code:
Group Code:
Corporate Account:
Use Points
Travel Agent
AAA Rate *
AARP Rate *
Senior Rate *
Government / Military Rates *
* ID required at check-in
Skip secondary navigation
We promise to do whatever it takes to ensure you're satisfied, or you don't pay. You can count on us. GUARANTEED. The Hilton Garden Inn Promise reflects our focus on hospitality and integrity. We are committed to providing an excellent hotel experience for every guest, every time.
When was the last time the two of you got away? No work. No kids. No interruptions. Just Romance.
View Package Details
Sign up and stay at our hotel to get triple Hilton Honors points on the weekends. Earn double points during the week.
View Offer Details
Whether you're planning a wedding, Bar or Bat Mitzvah or corporate meeting, the Hilton Garden Inn Exton/West Chester has everything you need to make your day a success! Our contemporary ballroom features over 2,200 square feet of banquet space and our smaller boardroom and conservatory rooms are ideal for functions of 12 guests or less. In addition to state of the art facilities, our in house catering department offers delectable food and beverage offerings that can be designed to work with any budget. We have the space, staff, and amenities for important business meetings and social gatherings of most sizes. And with must-haves like delicious on-site catering and state-of-the-art audio-visual equipment. Your day will run smoothly from start to finish.
For information regarding availability and pricing, please contact firstname.lastname@example.com. We look forward to serving you soon!


text:
Central lägenhet med WiFi
Storlek30 m²
Våning Nr.(med hiss)
- Kök
- Tv
- Hiss i byggnaden
- Internet/WiFi
- Badtunna
- Handdukar
Översikt av fastigheten
|Bakáts tér, 1092 Budapest, Ungern
|Typ av bostad
|Fastighetens ID
|Inom några timmar
|Kalender uppdaterad
|I dag
This is a renovated nice and elegant 30 sqm (one room) large studio apartment on the first floor of a nice old art nouveau building with elevator. Very quiet accommodation, suitable for 2 people.
The Bakats apartment is facing the yard. This is a fully equipped and furnished apartment with bathroom and kitchen. There is a big double bed in the living room, two armchairs and a table, small table with 2 chairs in the kitchen.
As amenities it has to offer free wireless internet access, free tea and coffee during your stay, microwave, coffee machine, electric kettle, toaster, fridge, dishes, cutleries, TV with cable channels, safe, hair dryer, fan, clean bed clothes and towels.
One of the nicest and most lively pedestrian street of Budapest, the Ráday str. is just next to the building. The Ráday street is full of with cafes, pubs, bars and restaurants with tables outside in the street. There are many galleries as well, sometimes free concerts in the cafes and on the street. Here is one Michelin star restaurant, the Costes.
The river Danube and Nehru park is only a few minutes walking distance, Kálvin square and National Museum is 10 minutes' walk. There are two big supermarkets at this apartment: CBA is just at the corner, and the other (Reál) is at the corner of Ferenc krt. The M3 (blue) metro line stops (Ferenc krt. and Kálvin sq. stops) are just 5-10 minute walk, the 4and 6 tram line is 5 minute walk.
Szabad az Á Club, Zappa Café, IF Café, Budapest Jazz Club and Costes Michelin star restaurant are very close to Bakáts 1 apartment.
|Veckohyra för upp till 2 gäster
|Månadshyra för upp till 2 gäster
|Pris för > 2 gäster
|51 SEK extra per gäst/natt
|Max antal nätter
|3 månader
|Check-in efter
|Check-in före
|Enligt arrangemang
|Utcheckning före
Recensioner för denna bostad
Den ppartamentopersone är perfekt. Boende är obefläckade och väl moment med sängkläder och nya handdukar och rengöras i tvättmedel / avfettnings / Diverse kvastar, färdiga att använda'' och allt du behöver för att cucinare.Market under huset, de områden det verkligen rekommendera den till alla, inuti lägenheten'' tillämpar mest fullständig tystnad. perfekt för dem som vill koppla av efter en hektisk dag med sightseeing'' ohämmad! Andras ägare är mycket vänliga och mycket tillmötesgående, mycket viktigt för en person som kommer från ett annat land.
The ppartamentopersone is PERFECT. Accommodation is spotless and well stocked with linens and fresh towels and cleaned in detergent / degreaser / Various brooms, ready-to-use'' and everything you need to cucinare.Market under the house, the areas the really recommend it to everyone, inside the apartment'' applies the most complete silence. ideal for those who want to relax after a busy day of sightseeing'' unbridled! Andras the owner is very kind and very courteous, very important for a person who arrives from another country.
Utmärkt läge. Restaurang och mataffär i närheten. Snabbt en bra internetuppkoppling.
Excellent location. Restaurant and super market nearby. Fast en good internet connection.
It was a really nice time in this wounderful apartment! The way to the center of the city is really short and you can get wherever you want without having a long way. In the street near the apartment you can find many restaurants and cafes and if you walk a few minutes you can see the Donau before your eyes. It was simple and fast so we could really enjoy our time in Budapest! Thanks to Andras and his collegue for making this possible!
Good service/security. A lot of towels. Not so good pressure in the shower.Easy to get in contact with Andras by sms.
/Marcus Sweden
I'm so glad that we chose this apartment this spring. There were everything we needed: wi-fi, microwave, fridge, cooker, hairdryer, a good bed, suitable for two people (perfect for a couple), a pile of clean towels, etc. The apartment is clean, furniture is comfortable and mostly comparatively new. The apartment is in an old house, so it has old windows and old door, but for us it wasn't problem. Windows face the courtyard of the house.
The apartment is near to the interesting Museum of Applied Arts and it takes 5 minutes to reach the nearest metro Corvin–negyed (blue line, two stations from the city center). Stations are very short, so It is possible to get to the center by walk.
Note: It's not easy to find exact location of the apartment. If you couldn't do it at your arrival, just call Andras. So, it is better to keep his phone number and have opportunity to call.
We had really great days at the apartment. It was perfect :) The apartment is simple but you have everything you need need and it's in such a fantastic house and it's possible to walk everywhere.
Thank you for the great time Andreas. We will come back:)
Nice and cozy appartment, in a decent neighborhood with everything you need (shops, atm, public transport, restaurants) within walking distance. Museum of Applied Arts and the Hungarian National Museum are also very close by.
Very nice apartment well located (10/15 min walk to the center) and close to a main restaurant Street.
The apartment was really clean with all the amenities included (from towels to fully equipped kitchen and wifi)
The guy that showed us to the apartment was really friendly and helpful.
I totally recommend.
Great, clean and well-located apartment with all the utilities necessary for a pleasant stay.
- Kvalitetssäkrat boende
- Varje värd verifieras över telefon
- Säker betalning med SSL-kryptering


text:
How do I find dissertations or theses written by students at other universities?
Use the Dissertations and Theses (Proquest) database (sometimes called Dissertation Abstracts) to find dissertations and theses written by students at USM and other universities.
All titles in the Dissertation and Theses database have citations and abstracts available. In addition to citations and abstracts, the service provides free access to 24 page previews and the full-text access for most graduate works published from 1997 forward.


text:
All Smiles As The Mets Introduce Delgado
By Joe McDonald
Sports Columnist
FLUSHING, NY - Nothing could stop Carlos Delgado's million dollar smile at his press conference at Shea - not any question from about his political views, nor any inquiry about his handling of the New York media.
But there was nothing to frown at, because the slugging first baseman went from the fire sale Florida Marlins to a contender in Flushing.
"I'm very open to the idea of coming to New York," Delgado said. "I'm here because I want to be part of the New York community. I've never had the opportunity to play in a playoff race."
The first baseman now gets to be the centerpiece of a lineup which boasts hitters he calls "Mr. Wright and Mr. Reyes" along with Cliff Floyd and his friend Carlos Beltran, who Delgado was in touch with numerous times since the trade was consummated last Wednesday.
And it was the thought of that lethal lineup which made manager Willie Randolph light up on a warm late November day.
"When you add a Carlos Delgado, it stretches out your lineup," Randolph said. "And it gives you another solid foundation piece. The thing about Carlos is he hits lefties and righties very well."
The manager said he is not thinking about batting order, but he will have a few months to figure it out.
Mulling it over was what Delgado had to do last January when he decided to take Florida's offer over the Mets. After he signed with the Marlins, the first baseman said he was upset with the way the Mets played off his ethnicity.
The organization and their new acquisition consider that matter closed and looked forward to having a lasting relationship over the next three years of the deal.
Another problem, which seems solved, is Delgado's refusal to stand for "God Bless America." The first baseman started his protest in 2003 over his disapproval of the War in Iraq and said it took four months for anyone take notice. The situation was brought up to Delgado by Mets' owner Fred Wilpon and his new employee agreed to abide by the Mets' team policy of standing for the patriotic song.
"I will not put myself in front of the team," Delgado said. "What I believe as a person is not going to be a distraction to the ballclub."
Delgado now needs too win over the fans. He said he would be able to handle the New York scrutiny and will "be in front of his locker" not matter what how he performs during the season. If he duplicates the .301 with 33 home runs and 115 RBI he hit last year in Florida, there shouldn't be any problem.
And the Mets will need him to anchor the offense. Even with talks with Manny Ramirez talks heating up, Delgado needs to bring consistency to a lineup, which at times had trouble scoring runs last year.
"I have known Carlos for a long time," Randolph, who considers Delgado a friend, said. "He's solid and you get the total package with him. We get to see first hand what kind of person he is."
Delgado will wear number 21 next season for the Mets in honor of fellow countryman and Hall of Famer Roberto Clemente, but didn't comment on if he would switch if Kaz Matsui's 25 became open. Yet that's for the future and nothing could wipe Delgado's smile off his face at Shea.


text:
Police Heroes
On the Police Heroes topic page we not only remember those who have made the ultimate sacrifice in the mission to protect their communities, but we also recognize the many moments of heroism that all too often go unnoticed by the public or the mainstream press.
Police Heroes
Sponsored by
PoliceOne top 5
- Video: Mich. cop shatters car window after driver refuses to give ID(127)
- Okla. chief defends cop after TASER threat sparks controversy, video released(73)
- Man blows up hand while attempting to kill 2 Ky. deputies(71)
- Man who claimed girlfriend choked during oral sex acquitted in murder case(44)
- Police: 'Severely battered' off-duty Del. trooper fatally shoots boyfriend(31)
Featured Products
All New Integrity Lightbar
From Federal Signal
Valor Lightbar - A Whole New Angle in Safety and Security
From Federal Signal
Handcuff Plaque from Liberty Art Works
From Liberty Art Works
Law Enforcement Shield Plaque
From Liberty Art Works


text:
FOTH Archives
|Related Items
News Main Page
Thursday, April 1, 1999
An Investment Opinion
by Warren Gump
Nix the Dividend Yield
The sky is falling, the sky is falling! Sell, sell, sell. You might get that indication from people who are looking at the dividend yield of many stocks. Fast food giant McDonald's (NYSE: MCD) has a current dividend yield of about 0.4%, down from 1.0% at the beginning of the 1990s. And McDonald's isn't alone. Most other major companies have dividend yields that are well below those in recent memory. What's going on here? Are the low yields a reason to panic?
Before getting into the several factors impacting dividends, it's important to understand how the dividend yield is calculated. You take the dividends per share paid over the last twelve months and divide that by the current price of the stock. Looking at McDonald's, the company has paid out dividends of $0.184 per share over the past twelve months. Dividing that dividend by the current stock price of about $46 results in a dividend yield of 0.4%.
Hold on, my dear friend, that is the dividend that has been paid out over the past twelve months. What about the next year? As investors, we are always looking forward rather than backwards. Many companies, including McDonald's, raise their dividends each year. This past January, McDonald's raised its payout to 4.875 cents per share every quarter from 4.5 cents. Since this dividend is likely to continue over the next year, it is more appropriate to use the prospective dividend rather than the historical number. Multiplying the quarterly dividend by 4, we calculate the dividend over the next year to be $0.195. Using the current $46 price as the denominator of the calculation, we find the McDonald's prospective yield is 0.42%. Not a huge difference, but one I'm sure Mickey D's shareholders appreciate.
Why is that dividend so much lower than the 1% available at the end of 1990? The company must have run into a lot of trouble and cut the dividend somewhere in the past, right? Actually the answer is no. Since 1990, the dividend has actually increased almost 150% per share! At the beginning of 1990, McDonald's quarterly dividend was a tad under 2 cents per share, yet it is now almost 5 cents per share. That's compound annual growth of over 10% a year.
If the dividend has gone up and the dividend yield has gone done, only one culprit in the equation remains. The share price must have appreciated much more quickly than the dividend. This fact is undeniable -- the stock has risen from just under $9 to over $45, or compound annual growth of just under 20% per year. Does price appreciation greater than dividend appreciation indicate that a stock is overpriced? Not necessarily. The value of a company depends much more on its current and projected cash flows and earnings than on its dividend yield.
Despite not being a primary driver of valuation, a dividend does represent excess capital that is not needed by a company for other investments. The most important use of cash generated by a business is to ensure that a company is prepared to maintain and enhance its competitive position. This means investing in facilities and programs to ensure that a company is more efficient than its competitors. Cash is also needed by a company to address new growth areas. If the jingle of cash is left over on a balance sheet after these initiatives are covered, companies often return it to shareholders. Historically, cash earmarked for shareholders has been paid out in quarterly dividends.
Over the past several years, companies have significantly altered the method in which they return cash to shareholders. Instead of paying the money out in dividends, a taxable event for most individuals, the many companies have decided to return the funds to owners in the form of share repurchases, which are not subject to Uncle Sam's wide grasp. For investors with a long-term investment horizon, this switch is quite advantageous.
Let's assume that Cash Machine, Inc. generates $1 million in excess cash flow a year that it wants to return to shareholders. One option to distribute the cash would be to pay an annual dividend of $0.50 per share. Assuming a price of $10 per share and 2 million shares outstanding, this would represent a yield of 5%. For owners who reinvest their dividends into additional shares of company stock, the situation really stinks. A holder of 100 shares would receive a dividend of $50 that would then be used to buy an additional 5 shares. At year-end, however, good ol' Uncle Sam would open up his hands and request a deposit of $14. Thus, the owner would have 5 more shares, but would be out of pocket an additional $14.
An alternative for Cash Machine would be to repurchase its shares. If it used all its extra cash to repurchase shares and the stock stayed at $10 a stub, the company would buy back 100,000 shares with its $1 million cash horde. The question now becomes, which alternative is better for the shareholder?
Under the traditional dividend scenario, the shareholder bought 5 shares with her $50 dividend, but also paid $14 to Uncle Sam. At the end of the year, she holds 105 shares of a company with 2 million shares outstanding (0.00525% of the company). On the other hand, the shareholder whose company chose to repurchase stock holds 100 shares of a company with 1.9 million shares outstanding (0.00526%). I'll take the latter any day. You hold a higher percentage of the company and you get to defer gains to Uncle Sam until you decide to sell your investment, which will hopefully be years in the future.
As corporations have increasingly recognized the benefits of stock buybacks over dividends, they have slowed their dividend increases and increased the amount of stock repurchases. As a long-term investor, I'm fully supportive of this move. This change does, however, cause the dividend yield to become irrelevant. If companies substantially reduce their 'payouts via dividends, how can you know how much cash the company returned to shareholders? The solution is actually pretty simple. All you need to do is find out how much the company expended on stock repurchases over the past year (available on the cash flow statement) and add this to the dividends paid. I call this measure the modified dividend.
Modified Dividend Yield:
(Dividend per share + trailing 12 months repurchases per share) / stock price
Looking back at McDonald's, we already know that the company paid $0.184 per share in dividends. Taking a look at the company's recently filed 10-K, the company repurchased $1.1 billion worth of stock in 1998. With 1.4 billion average shares outstanding during the year, the repurchase equals about $0.766 per share. Plugging these figures into the formula, McDonald's modified dividend yield would be 2.07%:
That modified dividend yield is a better reflection of how much cash McDonald's is returning to shareholders than its traditional dividend yield. I would propose that you use such a measure to see what your companies are returning to you. Most people look at Intel (Nasdaq: INTC) and see a company paying a paltry dividend of 0.1%. I look at the company and its $6.8 billion in stock repurchases and see a modified dividend yield of 1.8%.
A yield calculation including stock repurchases will not hold as steady as the traditional dividend yield. Companies can easily alter the amount of repurchases on a yearly basis, whereas its considered a big taboo to reduce a dividend. (A reduced dividend payout usually only occurs when a company is in financial distress.) Although fluctuations in the numerator of the modified dividend yield will be more prevalent, I believe it is much more informative statistic than the dividend yield.
The Fool is hiring. Answer the call.
|Recent Fool on the Hill Headlines
|Fool on the Hill Archives »


text:
The dog rose from its bed, stiff-legged, slow and creaky, like an old-timer that couldn't get its joints working. The English setter was just 5 years old, yet it moved more like an antique than a dog in its prime. It was the second morning of bird season, and the dog was muscle-sore with little energy left from opening day, when it ran out of gas before noon. A long rest added less than an hour to the afternoon's hunt, then it was clear the setter's first day was over. It should've been equally clear the dog would be even less productive the second day.
The setter was well-bred, -fed and -trained, in perfect health and cared for from all angles—except one: Its owner ignored physical conditioning until bird season arrived, then decided the hard-going dog's bird-drive would carry it until it had hunted itself into shape. But the setter's reality was entirely different, as the hunter should've known after 4 years of similar low-performance opening days that stretched into weeks.
At some point, a good many hunters have found themselves facing bird season with an out-of-shape dog or dogs. Although there are legitimate reasons for this, it usually results from neglect. From one season to the next, a typical gun dog will be out of the field for 9 months. And if it's inactive during that time, it won't hunt effectively, if at all, come autumn. For those folks who believe they can "hunt a dog into shape," not only will it be physically hard on their dogs, but they can expect a chunk of their seasons to be frustrating and unproductive. Conditioning a gun dog in advance of hunting season is the only way to go.
Canine Conditioning
Last year, I attended a seminar sponsored by Nestle Purina that featured a lecture by Purina Senior Scientist Arleigh Reynolds. Dr. Reynolds is a veterinarian and physiologist/nutritionist (he holds two doctorates), as well as an internationally recognized canine conditioning and endurance expert. Reynolds trains and handles his own teams of sled dogs, primarily in open-class sprints. Although they vary regionally, these races can be 30 miles long. That's right, 30 miles is a "sprint," which is one reason why sled dogs are the best-conditioned canines in the world. (Note: Reynolds' dogs, along with those of other championship mushers, are husky, pointer and German shorthair crosses. The sled dog/gun dog combinations seem to have the attitude, drive and stamina necessary for top-tier racers.)
During the Purina seminar, Reynolds gave a presentation about "Conditioning and Feeding for Optimal Performance." Given the length and complexity of Reynolds' presentation, space precludes offering more than an outline of his conditioning program. Therefore, I'll discuss only the broader concepts underpinning his conditioning of hard-working dogs.
To prevent exercise-associated medical problems, a veterinarian should evaluate your dog for general health, vaccination history and parasite status before starting a conditioning program. Your dog should be on a complete, balanced nutrition schedule (as I discussed in my November 2007, column). Reynolds emphasized that throughout any physically demanding program, you should closely monitor your dog's body condition, the quality of its coat and its overall attitude toward work and training.
Two aspects of canine well-being that are often neglected are the quality of a dog's rest and the need for water. It's critical that a hard-working dog has warm, dry, comfortable quarters that aren't cramped, and adequate downtime to rest between conditioning or other work sessions. By the way, traveling in a crate bouncing in the back of a truck en route to training grounds, hunting cover or competitive events is not restful in the least.
Hydration Is Critical
Clean water is the single most important item you can provide for your dog, yet it's often the most overlooked. Inadequate hydration can impair thermoregulation and removal of bodily waste products, as well as increase the heart's workload. Naturally, the greater the intensity or duration of exercise, the greater the water loss (thus, water demand); the same goes for very warm or very cold environments. Use whatever strategy works—soaking dry food, "baiting" water for taste, etc.—to get enough fluids into your dog to keep it well-hydrated.
The basic operating principles of Reynolds' conditioning program is to begin with easy effort and progress toward hard work, to incorporate whatever exercise options you have available to optimize all muscle groups, and to periodically evaluate and adjust your program upward as your dog's capacity for work increases. A fundamental aspect of the program is that there must be physical overload to move forward with conditioning; that is, for conditioning to progress, the stress of exercise must exceed a dog's capacity at that time. This does not say to work a dog into the ground. It is, rather, like the "no pain/no gain" concept, which doesn't mean we should suffer, only that we should push ourselves. I'll say it again: A dog must have adequate time off between episodes of stress to allow its body to recover, otherwise performance will diminish.
A key piece of this "adaptation cycle," as Reynolds calls it, is "supercompensation," in which a dog's body adjusts to elevated work levels and becomes stronger, increasing work capacity by supercompensating for the stress of overload. "What was overload a month ago might not be an overload today," Reynolds said; thus, "the magnitude of overload must be increased in order to achieve the desired effect." A dog's adaptation cycle is roughly 4-8 weeks long, after which its condition will level-off and improvement will be minimal. Training focus should then shift to a different facet of fitness workouts for the next 4-8 weeks.
According to Reynolds, optimal conditioning of any dog requires a minimum of 2-3 months, which he breaks into a regimen of five broad, overlapping stages that can be carried out concurrently with field work and skill training.
The first is an early season conditioning period from late spring well into summer. This low-intensity period involves slow, long-distance trotting and cross-training work, such as swimming, that minimizes heat and joint stress during this early stage.
Next is the 4- to 6-week foundation training period of August through September, or late summer/early fall, that includes low to moderate intensity workouts, such as free running and roading (dogs are "roaded" in a variety of ways including attaching them to a 4-wheeler or using a bicycle and leash), then easy resistance training (dragging a chain is inexpensive resistance training) of 2-3 weeks.
The preparation training period of 4-6 weeks, roughly October to early November, with moderate to high-intensity work of running longer distances and training in anticipated hunting terrain or actual hunting depending on geographic location and seasons.
Next is the specialization, or peak time period of 2-3 months, the bulk of hunting season. By this time you can expect high-level performances, though distances and intensity will not be as long or hard as during conditioning workouts. However, maintenance of your dog's condition will depend on regularity of hunting and continued workouts.
The post-season transition period runs several weeks after hunting season and is a recovery time of low-intensity activities such as walking, free running or casual workouts such as retrieving thrown training dummies.
Conditioning your gun dog to a high-performance level takes commitment; it isn't something that can be done in 10-minute sessions every other day. What level will work for you and your dog depends on how often you're afield and the terrain you hunt, how hard and how long you hunt, and what you expect from your dog. Although Reynolds' conditioning concepts remain valid across the board, all dogs aren't created equal, which means that not all dogs shape up alike and that the program's stages and intensities must be adjusted to meet the demands of location, owners and individual animals. But whatever conditioning level you set as a goal, and whatever your dog attains, it will be physically healthier, mentally sharper and far more productive than if it did little or nothing for that same period.


text:
Health Topics:
Program or Department:
Eligible Participants:
Campus Location:
During the academic year, Heath Services has an agreement with Team Health Medical Call Center to provide after-hours nurse triage services for students whose medical needs cannot wait for Health Services to reopen.
How To Access:
Medical Emergency: dial 911
Minor Illness & Injury: call Health Services at (603) 862-9355 and press 2. You will be automatically connected to the Team Health Medical Call Center. nurse will conduct a phone assessment, and make suggestions for additional care options, including a possible visit to the Emergency room, or nearby Urgent Care Center.
More Info:


text:
Home Exteriors
10 ways to enhance your home's curb appeal
Home Exteriors
10 ways to enhance your home's curb appeal
Fleur de lys doormat
The fleur de lys pattern adorning this doormat makes it the perfect accessory to welcome guests into your home. It's also, of course, incredibly practical all year long. Williams Sonoma, $19.95 - $79.95.
Stone planters
These planters are perfect for warm summers, as well as freezing temperatures. Stacked with green plants and placed on the stairs leading to your front door, these will ensure that your exterior looks pretty and inviting. Restoration Hardware, $69 - $90.
Welcome sign
Attach this pretty pinecone sign to the front of your home. Customizable and in a beautiful bronze finish, it will make a great addition to any home. Etsy (Georgiegirlstudios), $54.99 US.
Colourful wreath
Wreaths aren't just for the holidays. This handmade rag wreath will add the perfect touch of colour to your front door with its welcoming hues of orange, ruby, red and ivory. Etsy ( Pamwares Store), $30 US.
Pop of colour
Adding a pop of colour to your curb is an easy way to make your home feel vibrant and full of joy. The pop of red in these planters creates a beautiful landscape without being overwhelming.
Painted door
A small change, like painting your front door a bold colour, can truly transform the exterior of your home. This rich red hue adds sophistication to the home's facade and makes the front door pop in contrast with the vibrant colours courtesy of Mother Nature. Olympic Paint (Body: Adobe White C14-1, Trim: Gypsum D30-2, Shutters: Dusty Trail D13-3; door: Warm Mahogany C31-6).
Pretty lanterns
These lanterns are the perfect choice if you want to add a touch of old world charm to your outside space. These handcrafted hexagonal lanterns are perfect when placed along a pathway and will also double as stunning table decor when it's time to bring them indoors. Restoration Hardware, $19.49 - $99.49.
Hanging plants
This beautiful handmade planter is perfect to showcase smaller plants. Placed near your doorway or on your porch it will make your outdoor decor simple and nature-infused. Pigeon Toe Ceramics, contact for pricing.
Woodpecker door knocker
We love this woodpecker door knocker (and challenge you to say that five times fast!) This cast-brass birdie knocker will add some pizzazz to your front door. Anthropologie, $40.
Gothic sconces
These cathedral-shaped Gothic sconces will add some much needed light to your doorsteps in the evenings. Pottery Barn, $257.30 - $488.73.


text:
Article Preview
DOUBTS COUNTESS FELLED POLICEMAN; Magistrate Discharges Wife of British Army Officer on Disorderly Conduct Charge.
When Mrs. Jesemine Marie Noel Deans, wife of a British army officer, who said she was the Countess de Sancton when she was arrested last Wednesday night, was discharged on a disorderly conduct charge in the Tombs Court yesterday. Magistrate George W. Simpson said it struck him as remarkably strange that she could have felled the policeman who arrested her.
November 23, 1924
Thank you for visiting The New York Times archive.
New York Times subscribers* enjoy full access to TimesMachine—view 129 years of New York Times journalism, as it originally appeared. 99¢ for your first 4 weeks.
Or, purchase this article individually for $3.95 and download a high-resolution PDF.
* Does not include NYT Now or Premium Crosswords subscribers.
Already a subscriber? Log in to view this article »


text:
aka ClassoftheTitans_fan here. Sorry I have not updated in a long time on ficwad here, but i couldn't wait to...(ead for more!)
Category: Class of the Titans - Rating: G - Genres: Romance - Published: 2007-02-17 - Updated: 2007-02-17 - 343 words
Site design Copyright 2005, K&D Lynch. All stories contained in this archive are the property of their respective authors, and the owners of this site claim no responsibility for their contents.
Page created in 1.1936 seconds


text:
It's nice to be having increased traffic, at least, as well as more efficiency, but alas, the good comes with the bad. Not that big a deal to me, though.
Grats on increased traffic wowhead :D
I like the "something something" aka "OK, I'm bored now".
Damn you, Malgayne.
I would say the same, but TheOnyx was a little, hmmm........ uh, ticked when the failed connections went up. Oh, there were a few choice words in there, a frying pan to the head and a few body shots to Malgayne (all in fun, mind you.), otherwise Onyx was the soul of innocence.
if only Blizzard was so in-depth with their explanations of failures...
My connection is crap so I didn't notice anything, good work though. :D
Wowhead will always be faster than the Armoury.
Thank you for the most professional and informative heads-up.No, really. Take notes, this is how it's done.
Nice one, and thanks for the awesomeness Wowhead :D
Good to know.Also gratz. =)
What stuff do you guys use in your web servers?mySql? Tomcat? open source clustering? distributed databases? I'm curious:)
So in other-words:Someone was storing pron in the database and causing everyone to slow down.Then Malgayne, being as coordinated as he is math-tastical, tripped over the "SURVAR" box and borked.


text:
TxDOT is planning improvements for the widening of I-35 from FM 3002 in Cooke County, Texas to mile marker 3 in Love County, Oklahoma. Planned improvements include updating the roadway to current design standards and providing congestion relief for expected future traffic increases.
As part of the planning process, TxDOT is conducting an environmental assessment (EA) for the proposed widening and realignment of I-35 from the south Cooke County line to mile marker 3 in Love County, Oklahoma. An EA is a report that documents the existing social, economic and environmental conditions, assesses effects of the proposed alternative and identifies potential mitigation. The EA will also evaluate the effects of a no-build alternative.
Project Information
The 24-mile project extending from FM 3002 to mile marker 3 in Oklahoma includes:
Get Involved
Public involvement last occurred with an open house on Feb. 5, 2015. Attendees were invited to review the purpose and need for the project, review evaluation and screening of alternatives, review a preliminary schematic of the Preferred Build Alternative and to provide input.
TxDOT is working with Jacobs Engineering Group, Inc. to conduct the EA. Once the Federal Highway Administration approves the Draft EA, a public hearing will occur to solicit comments from the public. A Final EA addressing all comments will be prepared with an expected Finding of No Significant Impact (FONSI). This process is expected to be complete by mid-2016.
Funding is available for planning and study development only. Construction is not funded at this time.


text:
Front Royal, Manassas and Washington, DC
Trip Start Feb 12, 2006
26Trip End Mar 15, 2007
Map your own trip!
Loading Map
Loading Map
Map Options
Show trip route
Hide lines
Where I stayed
Skyline & North Fork RV Parks
We have a good friend Stephen (who we knew from his frequent visits to Maui), who has worked at the Library of Congress for over 35 years and will be retiring in the Spring of 2007. We drove part way towards DC, then took the Metro into the heart of DC, where we met up with him. He gave us a private guided tour around the Main Building of the three that make up the Library, which was extremely interesting and impressive.
The building has incredible architecture and artwork that when Mikhail Gorbachev once visited, he commented, "How was this magnificent building ever built without a Czar?" In other words, giving the Library a very big compliment, comparing it to some of the opulent buildings in Moscow and St
After touring the Library and lunch with Stephen, Terry and I went to the Smithsonian's National Museum of Natural History on the National Mall. The world's largest collection of meteorites and geological displays of all of the awesome minerals, jewels and jewelry, including the infamous Hope Diamond were truly mind-boggling! We also rather quickly browsed through the dinosaur exhibits but we were really too tired to do them, or any of the other insects, birds and mammals exhibits, any justice.
The Smithsonian Institution is the world's largest museum and research complex with 19 different museums and galleries. It truly would take many days, if not weeks, to actually cover all of the exhibits in the many buildings. Also, there is far too much for me to write about here.
There are also two IMAX theaters, one at the Natural History Museum and the other at the Air and Space Museum. They both show two or three different movies and you should plan ahead if you want to see any of them, which we unfortunately didn't have time to do.
There is also the Einstein Planetarium at the Air and Space Museum where you can even relax as you learn about the universe
On another day, we also visited an old friend from our childhood days in Madeira Beach, FL. Zellah was a few years older than me, but her family and ours were great friends. She and her husband Marshall, moved to Manassas a couple of years ago to be closer to her grown children and grandkids.
While we were in Front Royal, we canoed down the South Fork of the Shenandoah one lazy afternoon, just taking in the scenery and running the occasional small rapids. We also watched a Civil War battle re-enactment at the North Fork, needless to say, since we were in the South, the Rebel Greycoats won the battle.
Virginia is really quite a virtual history lesson. Much of what we now call Colonial American History, has taken place in Virginia over the last four centuries, starting with the first settlement at Jamestown in 1607. The colonial lifestyle can be seen in Williamsburg, where tourists can see the restored village with everything in it, people, clothes, houses, buildings, crafts, etc. all as it was in colonial times.
Virginia has given birth to more Presidents than any other state: George Washington, Thomas Jefferson, James Madison, James Monroe, William Henry Harrison, John Tyler, Zachary Taylor and Woodrow Wilson. George Washington's home at Mount Vernon in Alexandria, and Thomas Jefferson's home Monticello, just outside of Charlottesville are two popular tourist attractions.
The American Revolution, the War of 1812, and the American Civil War all had important and numerous battles on Virginian soil. Very often re-enactments of Civil War Battles can be seen all over the state, such as we saw in Front Royal.


text: Is there any function in <fstream> that reads n bytes from a file into a variable (of any type like int, char, etc.). I mean something like fread() in C. I found several functions in my book (like read() or readsome()), but they all read in a buffer of char*. What do I do if I want to read in an int?


text:
End Poverty, Permanently
We only invest in long term strategies that will move communities out of poverty, permanently!
Here for the Long Haul
We are committed, focused and here for the long haul. Nothing is too hard. Change is easy and rewarding.
100% Investment
We pay for ourselves and our running costs. 100% of your donation is invested in the communities.
Farming Initiatives
Creating business opportunities and providing support to local farmers, the Mayon Farmers Association was born.
Irrigation for Crops
Providing water on the mountain has already increased production. Now more than 72 families have a secure water source.
Community Health Centre
You take beds, chairs and toilets for granted when you visit your health professional, these have recently been added to the Health Centre!
Help Us End Poverty, Permanently! Adopt a community,
or make a donation today. 100% of your donation goes to the community and is a tax deduction!
The teachers were struggling to educate over 300 children without textbooks and there were only two books in the library. In addition there were no sporting facilities, buildings were in disrepair, there was no water, no power and only two working toilets...Discover More... ›
Community Banking
Introducing Bank accounts to yrs 5 & 6, based on attendance and behaviour at school, each student was given a bank account with 100 pesos (approximately $2.30).
We plan to extend the banking program to parents.
Environmental Initiatives
Pride in their community has been re-ignited with a clean up Barangay Sua Day. Now rubbish dumping happens as it is meant to - in designated bins!
Discover More... ›
About us...The Muravah Foundation was initially established in the slums in Manilla, Philippines to give opportunity to under-privileged kids to complete a university degree. Core to our philosophy is that we support ALL the children in each family. This complete family then has a chance in the future to move out of poverty permanently.
This philosophy has grown to include the adoption of whole communities, by investing in education, health, environment, improved farming methods, irrigation and interest free small business loans. We've established a community based farmers association (Mayon Farmer's Association) and introduced banking.
Where do we contribute...We are now currently operating in Barangay's (farming communities) surrounding Mt Mayon, Albay, Bicol Region.
Many of the people living in the slums have come from the farming communities in the provinces. We believe that by creating long term profitable enterprises in their communities we will attract them back to the provinces and reduce the numbers in the city slums.


text:
> Parks and Rec Home > Things To Do > Sports > Golf > Henson Creek Golf Course
Henson Creek Golf Course1641 Tucker Road
Fort Washington, MD 20744
Golf Course & Driving Range
Hours of Operation
9 Hole Course, Par 33
Blue Tees: 2461 Yards, Rating 31.2, Slope 51
Open year-round and play is on a first come, first-served basis.
Clubhouse offers
Please call 301-567-4646 for information.
Located in Southern Maryland near Indian Head Highway and Rosecroft Raceway, not far from the Woodrow Wilson Bridge.
From the Capital Beltway (I-495), take Exit 4 West (St. Barnabas Road). Merge into
From National Harbor turn left onto National Harbor Blvd., merge right onto Harbor View Avenue. Turn left onto Oxon Hill Road, turn right onto Livingston Road. Turn left onto St. Barnabus Road, turn right onto Tucker Road. Proceed 3/4 mile and turn right onto golf course driveway.


text:
Late-day linkage: no L train at night, Seaport City proposals and more
Find out what Time Out's editors are reading in today's roundup of late-day links.
Wed Jul 31 2013
Photograph: Philip Greenberg
- Google is providing free Wi-Fi in Starbucks locations, so now it'll be even more difficult to find a seat and kill time. [WSJ]
- A big, fancy new condo building is coming to Brooklyn Bridge Park—it's a sort of unattractive glass-and-steel thingy, but it may help fund parts of the park. [Curbed]
- Mayor Bloomberg really wants "Seaport City" to be a thing, which we're fine with, except for that name. [WNYC]
- Brad Lander is calling for city funding to help Citi Bike expand into the outer boroughs; good luck with that. [Daily News]
- Add the L train to the list of subway lines with big service disruptions happening in the next few weeks. [Brokelyn]
Got a tip for us? E-mail email@example.com">firstname.lastname@example.com or firstname.lastname@example.com">firstname.lastname@example.com. And follow TONY on Twitter, Facebook and Instagram for the latest NYC news.
You might also like
101 things to do in the summer in New York City
What do you think? Tell us below!
Send tips and cat photos to:
Editor: Marley Lynch (@marleyasinbob)


text:
Howard the square rounds out our image
Page Tools
It has been a long week of man-love in Washington. First, Rupert Murdoch declared we were fortunate to be led by a man of "vision and courage" like John Howard. Then our bespectacled Prime Minister, previously the "man of steel", was praised - almost gushed over - by the American President. George Bush told the media, before the corners of Howard's mouth almost knitted at the back of his head, "I got to tell you I admire John Howard a lot. He's a man of conviction. He's got backbone. He's not afraid to make the hard decision, he's not afraid to lead, and we're really thrilled you're here. Plus, he married well."
A thumbs up for Janette, too!
In the photos of him holding Bush's hand, Howard looked very, very excited and a little overwhelmed, like the nerd at school who found himself suddenly befriended by the cool guys, not realising they only wanted to use his house for a party.
Almost 20 years after Huey Lewis declared it was so, it truly is hip to be square. Not only do Bush and Howard sport short hairdos and goofy grins - "Now I'm playing it real straight, and yes, I cut my hair" - they're "working out 'most every day and watching what [they] eat". No saxophone playing flirtatious presidents, or PMs who guzzle beer or sizzle on the front cover of Rolling Stone wearing shades.
The interesting thing about all of this - political implications aside - is that probably the most dominant image of Australians in America is everything Howard is not - quirky, comical, slightly crass eccentrics who like to party. Crocodile Dundee, Steve Irwin, Dame Edna and Russell Crowe - all lend weight to the view that we are part of a nation of naive, sometimes talented, people who can be fun, if a bit loud-mouthed.
If Howard is so popular on Capitol Hill, what does that mean for the rest of us? Of course, we are committed to long-term military involvement in Iraq and Afghanistan - and deeply involved in the potency of American military might, and the consequences of its use. Does our loyalty actually have any impact on how we are thought of? News of an increase in the number of Australian troops in Iraq earlier this year saw scant mention in the US press.
After recently returning from almost six months in the US, I can offer only a motley but curious collection of insights into how Australia is viewed by Americans.
1. Many view us as both a decent ally and a distant, wild American colony. The New York Times columnist Maureen Dowd described Australia to me as an "apocalyptic Bushworld". Others see us as America Lite.
Kate Jennings, an Australian writer who has lived in New York for many years, put this well. She told a Sydney audience two years ago: "To state the blindingly obvious, Australians are not Americans, although Americans, romantically, like to think we are, and for our part we sometimes come off, unfortunately, as American wannabes If you knew the disparaging comments I've heard from my old bosses about Australia, you'd be less prone to imitate or admire them. It goes something like this: not enough people, no scale to the markets; too far away; good tennis players, golfers and swimmers; end of discussion."
2. College students admire us for our alleged ability to party. A couple of months ago I was standing in a bar in Harvard Square, near Boston, packed with graduate students from the Kennedy School of Government. We had been discussing the battle for ideas in the world's opinion pages, the attraction of the neatly packaged Christianity of Rick Warren, America's top evangelist, and the American Government's lack of progress on the war on terrorism. Then the conversation teetered off course. A bloke leaned forward and shouted: "So is it true that Australians are promiscuous?" After a long, surprisingly serious conversation - yes, he was for real - I discovered he and all his mates believed Australians are devoted to casual sex. They were the prudish ones, they earnestly insisted. They would never sleep with someone before five dates.
3. "You are a long way away," was the most common response when Americans found out where I was from. But we're just hardened to air travel. These comments came from people who find a six-hour flight to Los Angeles an ordeal. For those who can stomach the flight, this country still rates highly as a good place to travel - Sydney has been blitzing American awards as the best city in the world to visit.
Being in the US made me realise how strong the Australian character is, and how refreshing our irreverence, humour and understatement. Part of our self-deprecating humour is a mottled affection for the suburbs, which so many expats exploit and deride.
What John and Janette Howard do, funnily enough, in their globetrotting, is drag Australian suburbia onto the public stage, alongside the panopoly of other figures who represent us, all those caricatures, drag queens and actors who kill crocodiles bare-fisted and hurl phones at hotel clerks. Being square "don't look like a lot of fun", as Huey sang, but it's probably just as real as the rest.
Get the SMH delivered for as little as $3 a week - SAVE 21%


text:
Berjaya Sports Toto Bhd's (BToto) move to list its number forecast operation as a business trust in Singapore ahead of what is expected to be a hotly contested general election in Malaysia has focused undue attention on the gaming company and its owner Tan Sri Vincent Tan.
The proposed listing also marks a significant shift in Tan's strategy to court foreign investors for the jewel in the crown of his sprawling business empire.
There is a view that listing Sports Toto Malaysia Trust (STM-Trust) in the city-state will internationalise the company and not make it an easy target should there be a political upheaval in Malaysia. Some see it as a corporate exercise that will allow local shareholders of BToto to monetise their investments in Singapore.
However, executives close to Tan say it is a simple corporate exercise to add shareholder value and nothing more.
"It's just a corporate exercise to unlock asset value and to gain access to a bigger pool of international investors whose portfolios are not required to be syariah compliant," says BToto's executive director Freddie Pang when asked about the issues surrounding the proposed listing of STM-Trust.
Pang's explanation comes close to what Tan is known to have explored — unsuccessfully — in the past: to unlock the value of Malaysia's most profitable number forecast operation
(NFO), now valued at close to RM6 billion.
About two years ago, there was speculation that the cash-generating BToto would be taken private. Names such as Carlyle Group and Providence Equity Partners were among those that surfaced as possible contenders to partner Berjaya Group in taking over the NFO.
Now, Tan has decided on a business trust, which is deemed a suitable structure to unlock asset value without losing control of the cash cow.
Under the proposed listing, BToto will raise slightly more than RM1 billion, which will be paid out to shareholders. The beauty of a business trust is the leeway it will have when it comes to declaring dividends. In the future, unlike in the current BToto structure, STM-Trust will be able to declare dividends based on cash flow instead of distributable profits. Hence, there could be more generous dividends for BToto's shareholders.
From a BToto shareholder's view, this is certainly a good way to unlock asset value. It is similar to property companies monetising their assets by setting up real estate investment trusts.
BToto's shareholders, in fact, have unanimously approved the proposal to list STM-Trust, which will hold the gaming operation, in Singapore.
Nonetheless, the corporate exercise has come under close scrutiny, raising criticism that the offshore listing will channel money out of the country. Earnings generated in
Malaysia will be directed to Singapore for STM-Trust to declare as dividends. Some quarters say this is a concern, given that the NFO business is very much domestic-driven.
Furthermore, BToto has said it is considering distributing units in STM-Trust to its shareholders. If this happens, the shareholders will have the choice of keeping the dividends in offshore accounts.
According to Pang, if the listing of STM-Trust is perceived to be a move to take money out of the country, the same criticism should be levelled at local listed companies with foreign shareholders as well as those with dual listings.
"Even for companies listed on Bursa, the moment they declare dividends, foreign investors take the money out of the country. Isn't that the case?" he asks.
He concedes that the listing of STM-Trust in Singapore will create a way for shareholders to park their money offshore, but insists that it was never BToto's intention to facilitate an outflow of money.
"We are not the only one [listing abroad]. There are many around, for instance IHH Healthcare Bhd and Media Chinese International Ltd," he remarks.
Pang also denies that the listing of STM-Trust in Singapore is a hedge against political risks. "That was never on our mind … should the government want to amend the policy, it
could go ahead with it regardless."
The reason for the listing is to improve capital management, he says. "One aspect of it is that we will not be constrained by profit when we declare dividends. So, shareholders
could benefit more.
"All this while, we explored different channels to improve capital efficiency, including a few rounds of capital repayment to return spare capital and dividends."
Pang says BToto started working on the business trust plan back in the fourth quarter of 2011. "We sought the advice of Securities Commission Malaysia when we were working on the business trust plan back in October or November 2011.
"We waited for the local framework to be announced, but there wasn't any news on it."
When the Singapore Exchange unveiled its business trust framework — the only one in the region — naturally, BToto opted to list across the Causeway. "With Singapore's robust liquidity and low interest rate environment, we felt it was an opportune time to tap that market," Pang explains.
STM-Trust is expected to make its debut on the Singapore Exchange this quarter.
Upon completion of the listing, as the single largest shareholder, BToto will distribute the proceeds of over RM1 billion it receives from the IPO to shareholders. In addition, it is considering distributing all 3.89 billion units or a substantial portion of them to shareholders.
Pang says STM-Trust will seek a secondary listing on Bursa Malaysia in conjunction with the distribution of the trust units to BToto's shareholders. "This will not happen so soon. There will be a six-month moratorium after the IPO. We have to wait until then to do the distribution and dual listing."
Asked if the dual listing was a condition imposed by the local authorities on BToto to curb the outflow of money to offshore investment accounts, Pang says dual listing has always been a part of their plan.
"There are about 35,000 BToto shareholders. We think it will be more convenient to shareholders when the trust is also listed here. Shareholders don't need to set up foreign accounts in Singapore," he explains.
The listing exercise, which was unveiled in June last year, is undeniably value-accretive to BToto's shareholders.
That said, BToto may not have got the timing right, considering the upcoming general election. Furthermore, the performance of the few business trusts listed in Singapore has been uninspiring post-listing.
However, analysts say business trusts are still a new investment asset class and those listed so far are in an industry that is going through a bad patch.
"Business trusts have become quite a 'bad word', in part because those in Singapore are largely made up of shipping companies that belong to a cyclical industry and are not doing too well now," says an analyst.
"Business trusts are still relatively new ... A lot of funds still don't invest in them."
Hence, some analysts fear STM-Trust may receive a cold shoulder in the island republic.
Pang agrees that this may not be the perfect time to undertake an IPO exercise as foreign investors would be concerned about policy risk after the general election.
"What we tell the investing public is that the gaming business is resilient regardless of economic conditions. Also, gaming companies have contributed substantially to government coffers."
In FY2012 ended April 30, BToto paid the government RM800 million in taxes and duties plus contributions.
BToto has yet to embark on an "aggressive roadshow" to pitch STM-Trust to prospective investors, Pang says. "If there are few takers, we will distribute more to BToto's shareholders. It is not really a big concern to us. After all, it is not a fundraising exercise."
Cross-border listings on the rise
A growing number of Malaysian-owned companies have gone beyond our shores to raise funds. Singapore's increasing popularity as a fundraising destination could probably be due to the warmer diplomatic relations between its government and that of Malaysia.
Soon, Berjaya Sports Toto Bhd will be listing its business trust — Sports Toto Malaysia Trust(STM-Trust), which holds its number forecast operation — in the city-state.
The most recent listing was that of government-linked healthcare group IHH Healthcare Bhd, which sought a dual listing on Bursa Malaysia and the Singapore Exchange (SGX).
The healthcare group's initial public offering was among the world's top three IPOs last year. It was also the world's second biggest listed healthcare provider after the US-based hospital operator HCA Holdings Inc.
Apart from its core businesses — the integrated Parkway and Pantai healthcare businesses in Singapore and Malaysia — IHH Healthcare also owns Acibadem, a leading player in the Turkish private healthcare sector, and IMU, a renowned private medical university in Malaysia. The healthcare group also has operations in China, Hong Kong, India, Vietnam and Brunei.
Other notable listings have been that of Genting Singapore plc and Malaysia Smelting Corp Bhd (MSC). MSC, the world's third largest integrated tin producer, made a secondary listing on the SGX in January 2011.
The exercise, which raised S$40.1 million (RM99 million) via the sale of 25 million shares, was known as the first secondary listing of a Malaysian stock on SGX. MSC, a subsidiary of SGX-listed The Straits Trading Co Ltd, has both tin mining and smelting capabilities, with operations mainly in Malaysia and Indonesia.
Genting Singapore, which is 53.9% owned by Genting Bhd, is listed on the SGX with a market capitalisation of S$17.5 billion. It operates Resorts World Sentosa, Singapore.
Thanks to the dual listing of IHH Healthcare, securities that are listed on Bursa and SGX are now fully fungible, meaning that investors can transfer their shares from Bursa to trade on the SGX and vice versa.
A number of Malaysian entities have announced their intention to list their overseas operations. AirAsia Bhd, which has already listed its Thai operation in Bangkok, is looking to list its Indonesian operations this year in an exercise that could raise up to US$200 million while CIMB Bank Bhd is planning its secondary listing in Thailand to bolster its presence as a regional player.
There are different reasons for companies to float shares abroad, say investment bankers. In many cases, companies' overseas operations have grown to a certain size that
they are mature for a listing exercise that will unlock their value, for instance Parkson Holdings Bhd, which listed its operations in China on the Hong Kong Stock Exchange (HKEx) in 2005.
Six years later, the retailer listed its Asean operations, Parkson Retail Asia Ltd, on the SGX. The company owns a network of retail stores across Malaysia, Vietnam and Indonesia.
More often than not, the rationale for a foreign listing was to open the door to more international investors. This is even more crucial for the non-syariah-compliant companies, such as gaming companies, considering that the dominant investors on Bursa — the government-linked institutional funds — are syariah compliant.
"What we are doing is another way to get foreign investors by taking the product to them instead of the traditional way of inviting them to Malaysia to invest," Freddie Pang Hock Cheng, the executive director of Berjaya Corp Bhd and Berjaya Sports Toto Bhd tells The Edge.
"With Singapore's robust liquidity and low interest rate environment, we felt that it was an opportune time to tap the market," says Pang on the group's rationale for forming a business trust and listing it in Singapore.
Other cross-border deals in the past include GMO Ltd on London's AIM market, Nagacorp Ltd on the HKEx, Texchem-Pack Holdings Singapore Ltd on the SGX and iProperty.com on the Australian Stock Exchange (ASX), while the latest cross-border IPO was little-known Fusionex International plc, a Malaysian software company which defied a lacklustre London stock market to raise £12 million in its IPO on the London AIM market in December 2012.
The right stock exchange for a cross-border listing can benefit a company with multinational operations by providing access to additional capital, favourable valuations, improved liquidity and visibility, and enhanced investor perception.
In fact, most of the Malaysian-owned companies listed abroad have international operations.
The iProperty Group, which has its headquarters in Kuala Lumpur, operates online property portals in Malaysia, Hong Kong, Macau, Indonesia and Singapore, and has investments in India and the Philippines.
Today, iProperty.com.my dominates the Malaysian online property scene. Established in 2003, the portal, previously owned and operated by Ailligent Sdn Bhd, was acquired by Catcha Media Group and JDI Ventures in 2007 and listed on the ASX in the same year.
Cocoa producer Guan Chong Bhd announced in April last year its plans for a secondary listing on the SGX, but the plan was aborted in August.
For some Malaysian companies, being listed on a reputable foreign stock exchange is a stamp of credibility. One such company is Fusionex, a Malaysian software firm.
Analysts say undertaking a cross-border IPO in an established listing destination abroad provides investors a comfort factor when evaluating the appeal of the issuer. In fact, Asia is increasingly a source of both issuers and capital, with the highest level of cross-border activity.
Between 2002 and 2011, there were 171 IPOs from Asia-Pacific into the Americas, raising US$27 billion, and 155 IPOs from Asia-Pacific into Europe and the Middle East, raising US$19 billion, according to Ernst & Young. There were also 239 deals within Asia-Pacific itself, raising US$17 billion.