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Operator: Good day and welcome to the Aqua America, Incorporated Full Year 2012 Earnings Conference Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Mr. Brian Dingerdissen, Director of Investor Relations. Please go ahead, sir.
Brian Dingerdissen - Director, IR: Thank you, Angela. Good morning, everyone. Thank you for joining us for Aqua America's fourth quarter and full year 2012 earnings conference call. If you did not receive a copy of the press release, you can find it by visiting the Investor Relations section of our website at aquaamerica.com or call Emily Herman at 610-645-4271. There will also be a webcast of this event available on our site.
Presenting today is, Nicholas DeBenedictis, Chairman and President of Aqua America, along with David Smeltzer, the Company's Chief Financial Officer.
As a reminder, some of the matters discussed during this call may include forward-looking statements that involve risks, uncertainties and other factors that may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements. Please refer to our most recent 10-Q, 10-K, and other SEC filings for a description of such risks and uncertainties.
During the course of this call, reference may be made to certain non-GAAP financial measures. Reconciliation of these non-GAAP to GAAP financial measures are posted in the Investor Relations section of the Company's website.
At this time, I would like to turn the call over to Nick for his formal remarks, after which, we will open the call up for questions.
Nicholas DeBenedictis - Chairman, President and CEO: Thank you, Brian. Good morning, everyone and thank you for joining us for our conference call this morning to announce record breaking earnings for Aqua.
I'd like to also start by congratulating Jennifer Lawrence who won the Academies last night. Thanks to all the water she drank during the making of Silver Linings Playbook which was filmed less than a mile from our headquarters. Maybe someday she'll be our company's spokesman but we can't afford that.
If you put 2012 results in perspective it took 125 years for Aqua to break the $100 million net income mark that was in 2009. And I'm pleased to report today that in just three years, in 2012, we earned $197 million or $1.40 a share, up 37% for the year. Aqua expects to go over the $200 million mark in '13, achieving a new milestone in the Company's long history.
2012 marked a 13th straight year of record net income and the 20th year in my 21 years as CEO of increasing earnings. Since 2008, when we began to profitably assimilate the rapid growth we experienced in the mid-2000s and we started our successful pruning program. Our CAGR or net income has grown 15% compounded between '08 and '12. This is well in excess of the 10% expected by the Street, and as a matter of fact, we hit the 10% CAGR goal which would have occurred in '15, three years early in 2012, and I'd say the key ingredients for this strong net income showing at '12 was a solid year of operations complemented by the adoption of repair tax accounting change permitted in our 2012 Pennsylvania rate case. Our CFO, Dave Smeltzer will explain in detail this win-win tax and regulatory policy later in the call.
Let me spend some time now on the specifics of our 2012 operating results. Overall, 2012 was exceptionally strong strategically and operationally. From an execution basis, 2012 was a resounding success. Let me just tick off some of the year in results. We probably sold our Maine operations early in the year with no remnant issues. We completed the New York for Ohio swap with American Water flawlessly. The Ohio assets were integrated seamlessly into our existing Ohio properties. It's accretive to earnings in its first year and Ohio's net income is above earlier projections. Aqua invested a record $348 million, the most ever in infrastructure improvements, and I think that is one of the reasons we survived super storm Sandy so well on the east coast properties we have.
Our New Jersey subsidiary received its first ever disc approval in that state and we intend to start using that this year. We lowered our cost of debt to 5.06 on 1.5 billion while maintaining our S&P A+ rating for our larger subsidiary in Pennsylvania. We worked with through EEI, Edison Electric Institute and we were successful in the interlocking of the dividend tax rate to the capital gains tax maintaining the 15% taxation level for the benefit of our retail shareholders who make less than $450,000 and most of those are 55% who hold our shares outstanding. So that was a big issue for us.
We saw a return of the housing market and when complemented by 18 acquisitions, we saw our existing customer base grow by almost 2%. Lastly continuing with our successful pruning program we announced in September that we are exploring the sale of our Florida operations. I expect soon be announcing a smooth profitable exit from our businesses in Florida in the quarter.
2012 was also a year of new emphasis on our non-regulated business, which has grown to 2% of revenues and in 2012 generated $0.02 in earnings, about half from Aqua Resources and the other from our startup business Aqua Capital Ventures. That's one that's supply water via pipeline to natural gas drillers in Pennsylvania and we are on track to double the results of this business in 2013.
If we just look at operations and consider the year-end tax benefit of $0.22 which all happened in the fourth quarter. Our adjusted earnings from operations which is obviously a non-GAAP number would have been $166 million or $1.18 and that's 15% increase over the 2011 GAAP earnings of $1.03. In 2012 revenues were up $70 million to $758 million an increase of 10.3% rate increases accounted for 5.8% or over half of this and approximately 4% or 40% of the increase came from new acquisitions including the new Ohio properties.
The remainder was from growth in the unregulated business so a strong revenue year. In 2013 we see revenues continuing to grow despite the fact that this is an important fact that no revenues are added through the tax repair or Aqua Capital Venture because they come in through the equity earning line for the case of Aqua Capital Venture, the revenues come in -- what we would normally call revenues come in through the equity earning line as it's a joint venture and of course the Pennsylvania returns come in through the reduction in the tax line. Even though they both add to the bottom line despite this we'll still project a 4% to 5% gain in revenues in '13. Regarding expenses 2012 was a strong year for cost control on a same-store sales basis. Although you'll see a 5.9% increase in the O&M lines between '11 and '12. As we explained in detail in the press release, when adjusted for new acquisitions, meaning, the large Ohio acquisition which had comparable expenses in '11 grew (Indiscernible) very pleased with our long-term trend of cost control, and I think it's exemplified by the lowering of what we call our efficiency ratio, which is O&M to revenue, which in 2008, when we started this program was 40.4%, still low in our industry and we've lowered that now to 35.9% in '12, a 150 basis point drop over the four years, over 100 basis points a year and I've always said we try and get 50 basis points year-over-year to double that.
The efficiency ratio going forward on foreseeable will not be as accurate an indicator over the next couple of years due to the large amount of earnings that are going to be derived from two net income generators that don't have revenues, that's the repair tax and capital ventures. So this would be like comparing apples to oranges if we keep comparing prior year to current year. But in any measurement that we'll come up with, we believe Aqua is now the most efficient utility in the nation and we don't expect to lose that advantage. We are continuing in our capital program to deploy expense-reducing projects that address electrical expenses like our active solar program or purchase water program, which we lower – we are continuing to lower our water that we purchased from municipal governments in lieu of treating our own. We are doing a conversion of our fleet to CNG for fuel savings, compressed natural gas and we're working in all our areas where we have residual waste treatment to lower the cost of the trucking in the landfill by having a treatment onsite at many of our plants.
In addition, we've already taken and we'll explore further ways to reduce legacy pension cost and other benefit programs. Now, rates to support our continuing capital program in excess of $325 million, which has been for the last couple of years will come exclusively from our operations outside of Pennsylvania. We are – and Dave will explain the agreement we have set with Pennsylvania PUC.
We are emphasizing surcharge eligible infrastructure programs in New Jersey, Ohio, Illinois and preparing to file 2013 statewide cases in North Carolina, Ohio and New Jersey. We also expect to finalize our already settled cases in Texas and Virginia, and of course, the cash and returns on all Pennsylvania capital we'll be employing – deploying will be provided by the repair tax deduction. Once again Dave will explain how that mechanism works.
We once again lowered our embedded cost of debt in 2012 to 5.06 on $1.5 billion of debt. We expect to lower this further in 2013 as we refinance over $50 million on our debt in various states and expect to get lower interest rates and then we have $60 million that we have to put in to longer debt and replace regarding the Ohio American purchase of last year which we're carrying with short.
Now, our cash flow picture has greatly improved since 2010 due to the 2011 100% bonus depreciation program where we also got a flow through the state. In 2012 we had a 50% bonus depreciation and of course better earnings from operations that we're announcing today.
Now as this trend continues as we expect it to we will no longer need any new debt to cover our capital needs including our normal system acquisition program. We also saw our book value increase 10% this year and our equity to capital ratio grow by 200 basis points up to 45.5%. We see this ratio continuing to improve and predicting no new stock offerings barring a large acquisition for the foreseeable future.
As a point of reference our last public offering was 2006 we continue to experience a small dilution in earnings per share, due to Aqua's popular DRIP program and the employee long-term compensation programs which due to the rising stock prices has in the accounting has to show more shares.
We're investigating a share buyback to minimize the slight dilutive effects of these programs. Now that I have covered the highlights of '12 perhaps in more detail than you wished, I would like to turn the call over to Dave Smeltzer to explain a real simple and exciting topic how the repair tax works Dave.
David P. Smeltzer - EVP and CFO: Thanks Nick. First maybe I will talk with a little bit of history. This issue of deducting certain kinds of costs that had typically been capitalized really was solidified in a federal express case a number of years ago they had expensed on their tax return a jet engine replacement on one of their planes. The IRS determined that in fact the jet engine was the unit of property and therefore the replacement of that unit of property should be capitalized. So the – it went to court. And ultimately, the court determined that the plane indeed was the unit of the property and actually couldn't fly without the key component of the engine. And so therefore, since the plane was the unit of property, the replacement of the engine on that plane was a proper expense, and that case really opened the door for a number of other interpretations in terms of expensing cost that had previously been capitalized for tax purposes.
We've studied this potential for some time now, didn't elect to change our tax policy earlier due in part to the fact that sufficient guidance wasn't readily available. This issue was not addressed at any of our prior rate cases before the 2011 PA filing. However, many companies including utilities have been utilizing this tax accounting change since the mid-2000s. Most typically, companies who have made this change accelerating tax deductions account for it using deferred tax accounting where the accelerated tax deduction benefit resides on the balance sheet as a deferred tax liability, and yeah, as you know in these instances, it doesn't flow through to reduce income tax expense.
As the deduction and the related benefits to customers became more utilized with much greater clarity in the tax implication, we were asked by the PA Office of Consumer Advocate to actually discuss our tax policy plan upon the filing of our November 2011 PA rate case.
Recognizing that PA allows flow-through accounting for income taxes in a number of instances and that other utilities had recently reached agreements with the PaPUC regarding their repair deductions. We entered testimony into that case laying out our plan to take the repair deduction and flow through the benefit. Again, by flow through, it simply means that rather than tying up that benefit on the balance sheet as a deferred income tax, that benefit – a cash benefit in fact actually flows through to the income statement as a reduction in our income tax expense. So it's important to note this is not a one-time item, in fact it's a permanent change in the way we account for repair related tax deductions and obviously we expect us to be ongoing for a long, long time.
Now, recognizing the prospects for enhanced long-term customer benefits relating to this treatment, we entered into an agreement with the parties of our last rate case, which was eventually approved by the PUC to utilize this flow through treatment for our Aqua PA repair deductions, but only to be effective after the company analyzed its potentially eligible projects and decided to make this tax accounting change. The potential change itself was not reflected in the order that became effective June 2012.
Now, in return for a commitment not to raise rates in 2013, the 2012 benefits of this accounting change accrued to the shareholders. Going forward, we would expect a similar annual repair deduction since a key to our settlement was that we plan to continue our significant levels of investment in infrastructure rehabilitation. In addition, in 2013 the first of a 10-year amortization of the catch-up deduction would also accrue to our shareholders. And many of you know the catch-up deduction actually represents the deductions of eligible projects going back prior to 2012 and we go back as far as we can and accumulate the remaining tax basis on those eligible projects take that deduction on our 2012 return, but based on the agreement with the PA PUC that will flow through to income little over approximate 10 year period we expect that to begin in 2013.
So we fully expect that upon completion of our next Aqua PA rate case sometime beyond 2013. More of the benefits of this change will improve our customers through a lower revenue requirement than would otherwise be necessary. And at the same time the next rate case will provide a fair return on all the capital, that Aqua will have deployed over this multi-year period making us whole going forward. So while there are Middle Eastern shareholder benefits which we're beginning to recognize today in our Q4 results there are also initial and long-term customer benefits related to this mechanism that was in fact approved by the PUC so I would like to go over some of those.
First is disk immediately following the adoption of the tax repair in fact on January 1 the company lowered its rates by eliminating the PA disk which was at the time set at 2.82% but would've risen every quarter in 2013.
The company doesn't expect to make any news this filings or incorporate any such disk charges on its customer bills in 2013.
To put this in perspective for 2013 we would expect that allowable discharges based on our past practice bending and qualifying capital projects would've approximated over $22 million or by fourth quarter '13 we would've expected, we could reached the 7.5% cap on the discharge on each customer bill. That would represent about $30 million in annualized revenue that will now be forgoing and essentially replaced with the flow-through benefit of the tax of the repair tax change, so that's disc. And the second is an impact on rates. If you've followed the Company for a number of time, you know that we have a long track record of filing a Pennsylvania rate case about every other year, and November 2013 would've been the scheduled date for our next rate filing, because of the benefit of the 10-year amortization of the catch-up adjustment which we expect to begin in '13 and for instance with the PUC order, we will be notifying the parties to that rate case of Aqua's intent to postpone into next base rate case filing beyond the expected 2013 filing.
And then the third area of benefit to customers is capital spending. We don't expect to slow down during this period while we are foregoing a disc cost recovery and postponing our scheduled rate filing, the Company plans to continue spending record amounts of capital in excess of $230 million a year in Aqua, Pennsylvania, improving its distribution system and other facilities to address system reliability and ensure the long-term viability of our systems for the benefit of our customers.
So that's the quick simple overview of tax repair. Nick, I'll turn it back to you.
Nicholas DeBenedictis - Chairman, President and CEO: Thanks Dave for an understandable explanation of a very detailed subject and Chris will be available after this call for specific questions on this very detailed but unique process which I deemed as a win-win for both from regulated standpoint and from the company standpoint. I'd like to wrap up the call with a general outlook regarding '13. We are confident that we've reached a new base in earnings from which we can grow as we continue to invest needed capital in our water systems and wastewater systems. We intend to continue to grow both the regulated and now the new unregulated businesses through acquisitions or capital development and we continue to have one of the strongest balance sheets in the utility industry, which we intend to capitalize on and maintain our standing as the country's most efficient utility from both an operating costs and on EBITDA standpoint.
Obviously with the large but sustainable jump in earnings in 2012 even though we just raised our dividend 6% in December our payout ratio has now dropped to 50%, which is below our normal range that our shareholders have been accustomed to. Our Board will review this in 2013 – our dividend policy for 2013 and clearly this is a Board decision involving many difficult choices as to other uses for the cash; however, our projection show that our 2013 earnings and cash increases will exceed the normal $0.04 a share increase of recent years and so we have plenty of room for looking at the dividend.
Also I'd like to give some guidance regarding the first quarter of 2013 as there was a lot of moving parts in the first quarter of '12s earnings. First quarter of '12 was $0.27, but that was enhanced by $0.08 from the profitable sales of our main properties. So if you take an operational standpoint it would be obviously lower than the $0.27. We expect on that basis, the operational basis, the type of gain from operations that we experienced in 2012, and in addition, you should impute a quarterly portion of the 2013 tax repair benefit which in 2012 was all taken in its entirety $0.22 in the fourth quarter. So clearly that should be spread among your quarters this year and would be additive to the base amount less made in the first quarter of '12 as you'd project '13.
Sorry, for the length of this the conference call, but we'll take any questions now.
Operator: Leslie Rich, JPMorgan.
Leslie Rich - JPMorgan: So you expect the tax repair benefit in 2013 to be at a similar level as it was in 2012.
Nicholas DeBenedictis - Chairman, President and CEO: Yes.
Leslie Rich - JPMorgan: Then as you amalgamate all of the factors that you said would go into 2013 for example postponing your rate case foregoing the disc, continuing to spend but then getting the benefit of the tax repair accounting is it, does that all sort of wash, as you think about that pluses and the minuses for Pennsylvania sort of lot.
Nicholas DeBenedictis - Chairman, President and CEO: I mean I'm going to give you a very simplistic non-lawyer, non-accounting answer is simply we're replacing what we would've gotten through rate increases and the disc to give us fair return on the capital through the repair tax method and letting the taxes that we're collecting right now to be flowed through even though we are not paying them which we don't have to pay because of this new guidance from the IRS. I mean, it's a very unofficial way of saying it, but yes, it's a comparable and that's I think your basic question is from an earnings standpoint.
Leslie Rich - JPMorgan: So as you think about 2014 and beyond, this tax repair benefit continues in perpetuity or does it need to be reviewed for renewal or sort of how does that work?
Nicholas DeBenedictis - Chairman, President and CEO: It does continue in perpetuity. Sooner or later, we will have built up so much new capital additions that there could be lag and we don't know when that will be. We are analyzing it right now. It all depends on what projects you do that are tax eligible. Not everything is eligible for this plan. So if you have to build a new water plant that may or may not be eligible to the same percentage as a pipe. And therefore, the amount of the tax repair may or may not cover a significant portion of '14, '15, '16's capital, at which point, we would then go in for a rate case and go back to the normal process, but we will not have been hurt during that time period is really the issue.
Operator: Angie Storozynksi, Macquarie.
Angie Storozynksi - Macquarie: I have two questions. The first one is could you comment what was the average rate base for 2012 and also what's the projected rate base for '13?
Nicholas DeBenedictis - Chairman, President and CEO: For the whole company?
Angie Storozynksi - Macquarie: Yes.
Nicholas DeBenedictis - Chairman, President and CEO: It's $2.7 billion, but you have that. Can we get to you right after the call. It's in there, but we'll get right to you. I mean, I just…
Angie Storozynksi - Macquarie: How about your long-term earnings growth expectations given that there was just step up in earnings in 2012, how should we think of the 10% EPS CAGR, is it still sustainable off the 2012 level of earnings?
Nicholas DeBenedictis - Chairman, President and CEO: Well, it's difficult for me to project that. We'll be up in my mind. We're projecting an up year in '13 over '12 even though we really hit our 10% CAGR three year's early as I said earlier in the case. I would not project 37% increase next year because it's now – the repair tax is now accumulated in, but we don't see our operational programs slowing down. So, we're still on a bigger base now and part of that is a state amount which is the tax repair.
Angie Storozynksi - Macquarie: And also on unregulated earnings, you said they contributed $0.02 this year and I am assuming so it's – so we're assuming $0.04 in 2013 and based on the projects already announced how much would you expect in 2014?
Nicholas DeBenedictis - Chairman, President and CEO: Divide the unregulated revenues, or I should say net income, because revenues only come in through, that's the resources, that's the one that's septic tanks and services to the people's homes for pipeline insurance and things of that sort. I will not say that would double each year, because it's more of a stable state business. On the other hand the startup business, which already earned a penny in '12, even though it's a startup, most startups don't make money for years, that when we just looking at our projections and contracts we have. We think that one will double in '13 and double again in '14, because it's a huge investment we've made that now more and more drillers are asking for water supply.
Operator: Leon Dubov, Luminous Management.
Leon Dubov - Luminous Management: Just to follow-up on Lselie's question. So you expect to benefit from repairs has to be about the same in '13 as it was in '12 and then on top of that there is another step up from the new 10 year amortization of those taxes that's coming in is that the right way to understand it.
Nicholas DeBenedictis - Chairman, President and CEO: It's a 10 year amortization so it's not all in one year like the '12 and '13. So it's a smaller amount but yes we would expect that to increase and we can give you the how much, it's actually in the balance, 25% to 30% I think is what we said in the release. Perspective but what we can do for you is give you how much we ask for and the balance sheet you can divide by 10 and figure it out.
Leon Dubov - Luminous Management: Effectively the way to think about that is that the total benefit from this policy in '13 is going to be about 125% of what it was in '12, 125% to 130%.
Nicholas DeBenedictis - Chairman, President and CEO: Yeah, right. And we can give you exact numbers and you could fill it out yourself. The variation – I don't want to make it sound like it's just you put a dot on the wall and that's a number. It all depends on what type of projects we do during '13. If we did all water plants and no pipe, we wouldn't do as well as we did in '12. If we do more pipe and less water plants, we do probably better than we did in '12, but I can't predict that until we get all our permits and know where our capital is all being spent to the penny. But I am giving you clear clarity that we were not going to cut back on capital because of this tax thing. We are actually going to stay right at the same levels of an excess of $325 million a year, which basically is three times depreciation.
Leon Dubov - Luminous Management: Do you think the Board will take up the dividend discussion kind of at the next meeting here?
Nicholas DeBenedictis - Chairman, President and CEO: You asked me that a couple of weeks ago I think.
Leon Dubov - Luminous Management: I did. I just want to know if there's either any movement or any movement the either way.
Nicholas DeBenedictis - Chairman, President and CEO: Our Board meeting isn't for a couple of days, so I can't say what they'll say, but yeah, it's something that is Board level review and the fact that we are normally a 60% payout. Most utilities are in that range, some are much higher now, but we've been always healthy keeping our balance sheet intact by staying around 60% and of course we've dropped now because of this big jump in earnings, which although some people think it's one time, is not, it's sustainable. So that's how the Board is looking at it what should be the dividend policy on a company that's earning $1.40.
Operator: Jonathan Reeder, Wells Fargo.
Jonathan Reeder - Wells Fargo: Good morning Nick and Dave. Nick, could you please clarify your comment you said about no new debt, is that just for 2013 or what was the time horizon around that?
Nicholas DeBenedictis - Chairman, President and CEO: If we stay at the 325 and look at our cash from operations and obviously the cash from not paying the taxes, which in my mind, Jonathan, is nothing more than if we've gone in for rates it would have been from operations. This means we don't get rate, but so the rate payers are happy, the customers are happy but we're still getting get through the tax line. If that holds, plus the increasing depreciation each year, which obviously helps cash but hurts earnings because we're putting a lot of capital, three times depreciation in it that the cash generated from let's call it operations, give me the luxury of going to tax benefit operations exceeds both the amount we spent on our small acquisitions each year and exceeds the amount of capital that we're spending even at these elevated levels. Therefore, for operational purposes we wouldn't have to borrow any debt. Now, obviously, the dividend has to be paid so on but at this point in time we see very little need for new debt other than refinancing the debt we have that comes due each year, which is a positive because of the fact that we're probably going to get at lower rates at least currently than what's on the books where.
Jonathan Reeder - Wells Fargo: Right, for the next few years you are kind of see interest expense pretty much staying flat maybe even decrease in I guess once you kind of roll that $60 million of short-term debt in to long-term for Ohio?
Nicholas DeBenedictis - Chairman, President and CEO: Exactly. I think this year you'll see it actually went down on a continuing basis that's because we did a lot of short-term debt usage. We saw plenty of room on our lines, but Dave, I think we're barring short at one.
David P. Smeltzer - EVP and CFO: Right. So obviously we're using that as much as we can to cut down lag in between cases and we have to. We are going in for a case in Ohio. So obviously we are capitalizing that with long term which is proper way to do it. So that will add to the overall interest, because it's going to be I think hard than 1% if we go 30 years. But not so much that it still looks flat. I mean the days of our 10% to 12% increases in interest because of the ramp-up in our capital seem to be behind us it's much, much lower numbers. Depreciation will stay up there which obviously is non-cash earnings but, because we are doing so much capital.
Jonathan Reeder - Wells Fargo: I know you are not going to file the Pennsylvania rate case this year do you anticipate a filing in 2014 or when do you think that next one might come?
Nicholas DeBenedictis - Chairman, President and CEO: Well, when we have all kinds of models, again depending on the amount of the pipe versus plant we have to do keep in compliance and everything else there's a point where crosses that the lag starts exceeding the benefits of the tax repair. And at that point the first thing we'd probably do would be to file a disc versus filing a base rate case. We don't see that '13 and we're analyzing '14 and '14 is still up in the air.
Jonathan Reeder - Wells Fargo: So I mean I guess in '14 if you do anything it sounds like you'd probably file for disc stuff and then. You wouldn't see a natural full blow rate case until maybe as kind of end of the year with new rates sometime in '15 is that kind of fair. That would be kind of I guess the earliest you might see that?
Nicholas DeBenedictis - Chairman, President and CEO: I think that's a reasonable assumption
Jonathan Reeder - Wells Fargo: Then, I mean, just overall conceptually, is it…
Nicholas DeBenedictis - Chairman, President and CEO: I mean, why I'm hedging is inflation starts roaring and it comes back at 5%, all bets are off, right. But inflation stays down because our operating costs are key part of rates too, but we've been really holding operating costs down which is how we can stay on our rates, and of course, the regulators and the customers like that.
Jonathan Reeder - Wells Fargo: So is it fair to say then that essentially, I guess, Pennsylvania's earnings contribution is essentially going to be flat until I guess the next disc filing or whatever that this – the repairs tax deduction essentially just pulls kind of earnings forward, is that the right way to think of it?
Nicholas DeBenedictis - Chairman, President and CEO: Well, I mean, look at it this year, the huge part of the $1.40 percentage wise is Pennsylvania because of the one-time infusion of the repair. I don't think Pennsylvania can – we could expect that to maintain going forward as the other ones catch up, but I wouldn't call it flat, because we have the repair coming in, we have the remainder of the 2012 rate case. We have cost cutting that we're looking at, so – and maybe rather than take everybody's time, recall Dave and I, we can explain to you how much more the tax has benefitted this year, but obviously it can't keep growing. It has to – but it's still faster than probably your model showed without it.
Jonathan Reeder - Wells Fargo: Then just bigger picture, I mean, where do you see I guess the growth initiatives going forward? I mean are you still looking at further pipeline opportunities around shale? are you seeing an increased activity on the M&A front? Can you just kind of talk bigger picture?
Nicholas DeBenedictis - Chairman, President and CEO: Sure. This is one of hopefully many pipelines. We're looking at couple opportunities in Ohio, another one or two in Pennsylvania. Obviously, the drilling with gas prices where it is has not slowed down and that's probably is good for the industry in my mind, so it catch their breath, still steady, but especially in Pennsylvania where we have dry gas. This is not a flash in the pan industry, this is going to be around long time and the administration even acknowledged that during the State of the Union speech by the President. So, this is the first of hopefully more that we'll be doing in the raw water I guess you could call that area. We're also capital ventures is also looking at other type pipeline projects where we may team it up we call it regulatory light where we team it up with our regulated side, they sell the water at a retail rate, but we build the pipelines so that cities could get the water and have a joint venture with us, public-private partnerships things of that sort. I do think, although you've heard this before from every water company, that privatization will become a little bit more of a rule versus an exception going forward, but it's just inevitable, I just can't predict the timeframe on it and of course the core of the earnings will still be built by the capital infusion of needed capital in all these states that basically we have to fix the water systems infrastructure and hopefully get fair returns and that's what generates a lot of our future growth. And then the small acquisitions, you saw a little bit further than that take this year, housing came back a little bit this year. Who knows how to project what's going to happen with interest rates if they do go up, but at this point we are at least stable. We are not dropping anymore and it came back in '11. So it started to come back from '11 to '12 and everybody is optimistic at least with homebuilders in '13.
Jonathan Reeder - Wells Fargo: I guess as far as the 1.9% customer growth you cited is that including I guess the benefits of the Ohio or is that just the smaller tuck-ins in organic?
Nicholas DeBenedictis - Chairman, President and CEO: It's Ohio probably if you took the Ohio out it's still less than 1% but healthier than almost zero was in '10 and '11.
Operator: Tim Winter, Gabelli & Company.
Tim Winter - Gabelli & Company: Nick I was wondering if you could clarify your comments about the base share earnings for '12 I think you said $1.40 I guess that includes the $0.09 of discontinued and are there any other gains in there. Then what you expect as far as growth in '13 you are expecting growth from the $1.40 level is that correct?
Nicholas DeBenedictis - Chairman, President and CEO: If you want to the $1.40, I'm we've been doing pruning for five years so I felt gap is the best way to measure this. Because how do you take one year versus another, and it's been steady gap for the last five years. Now next year's we'll have Florida hopefully. So having if you want to go off gap yes we are going to grow I believe from the $1.40. I'm not going to give guidance we never give guidance, but we've become predictable in the past and part of it will come from the repair, part of it will come from maybe the sale in Florida, part of it will come from organic. And I'm sort of saying clearly we are not going to stop or go backward. Some people thought this was a one-time. It's not a one-time. And additionally, it's not flat, because there's some issues that will allow it to grow. And it will in my mind definitely grow faster than the need for the dividend which is normally the $0.04, $0.05 dividend. For '12, if you want to go to and take Maine out, Bob I think – or Dave I thought it was - $1.33 was continuing ops.
David P. Smeltzer - EVP and CFO: Continuing ops was $1.32.
Nicholas DeBenedictis - Chairman, President and CEO: $1.32. so if you want to take that out, we'll grow from that if you don't want to count Florida.
Tim Winter - Gabelli & Company: Then if you could talk a little bit about the regulatory treatment of this as far as rate base growth in Pennsylvania, will there be rate base growth? How they look at returns and what have you -- I was just following up on Jonathan, how do you grow?
Nicholas DeBenedictis - Chairman, President and CEO: That's the beauty of the flow-through. We are getting paid for it. It will be in rate base. We are getting paid for it until we go in for our next rate case through the tax flow-through method, and when we go in for our next rate case, that – all that capital we've done and been paid for through the taxes will be on the table for fair return, but we won't probably get the flow-through anymore. That's why I said, it's a real win-win regulatory-wise for the customers, but also for the Company, because we don't want to stop our needed capital program, but in addition, we couldn't afford just to not go in for rates.
Tim Winter - Gabelli & Company: Will there be a one-time rate shock as a result?
Nicholas DeBenedictis - Chairman, President and CEO: No, our projections are that it will not be. Obviously, the disc – you'd have to figure the disc in there, we probably start with the disc, it would probably be in line with our case that we just got, which was 4% Dave?
David P. Smeltzer - EVP and CFO: Right.
Nicholas DeBenedictis - Chairman, President and CEO: Around 4%, so not rate chart.
Tim Winter - Gabelli & Company: So then one more question on that. So the Pennsylvania regulators will likely change the way they treat this in the next case?
Nicholas DeBenedictis - Chairman, President and CEO: I don't know. I can't say for sure, because everybody likes the idea of putting all those capital and then not raising rates. So I don't know how they'll treat it but I gave you in my example a disc followed by a single-digit rate case, the worst case from a rate standpoint. Now again, barring no rapid inflation Tim. I think it was a very unique agreement. It's hard to understand and it took us weeks of negotiation, but I think it was creative on our part and creative on the OCAs part as a win-win for the customers, but also letting the company get paid back for all the capital we're putting in and obviously not filing rate cases which costs money and therefore saves everybody's time and money.
Operator: Stewart Scharf, S&P Capital IQ
Stewart Scharf - S&P Capital IQ: Could you expand a little more on the M&A and is there any the environment and any direction that what types of deals you are looking at, the municipal systems they were just a few out of the 18, is there any trend or what you are targeting just depends on market?
Nicholas DeBenedictis - Chairman, President and CEO: Well, obviously we're concentrating first and initially in the nine states we're in, except for Florida where obviously we're not expanding in Florida, and we're looking at small medium privates. There aren't many large privates other than the 8 or 10 that you know about that are publicly traded and then the municipals. Last year we saw a little uptick in municipal activity. We got, I think three of our deals were municipal deals and that's good, because couple of years in a row that we didn't. I think the growth – there's only, as I mentioned eight of it, so you can calculate as well as I could the chance of an M&A with those, but I think the cities are the biggest pressure mark and opportunity, Steward, going forward. Many of them have come up with unique ideas of never selling and leasing and you get so much money and we're not going to get into in a situation. We get into a negative possibility. Our goal is obviously build and own. In some cases we're looking at like maybe we don't want the whole system but just a piece of it that they want to sell off or maybe a water plant or a waste water plant where they we know how much it will cost effect and they give us a set amount, it's like a contract. So, we're looking at all those different things and we have it now a department – one of our senior executives, Karl Kyriss who used to run Pennsylvania is in charge of that, and I think we owe you a visit or you are going to come down here. We'll get you with him, so he can give you an idea of some of his plans.
Stewart Scharf - S&P Capital IQ: On the efficiency ratio, is there way to quantify the improvement based on solar farms or reduced purchase of water, fuel expenses. Can you break that down?
Nicholas DeBenedictis - Chairman, President and CEO: You were fading out, but you said the O&M ratio and how to qualify it?
Stewart Scharf - S&P Capital IQ: Yeah, the improvement was like 150 basis points, is there a way to breakdown the percentage of where that's coming from? The electricity and fuel expense saving, the reduced purchase of water?
Nicholas DeBenedictis - Chairman, President and CEO: It's interesting, and we will break it down, because it's across the board. A lot of it was in employee benefits which we're still very fair with our employees, but we've changed some of the long term legacy programs and that helped us. We'll break it down the employees' benefits, electric and give you that. I just don't have it right here, but it's across the board.
Stewart Scharf - S&P Capital IQ: Just again on the tax repair, just to clarify, is that continues to be non-GAAP or going forward, are you including it in your guidance or your – but you are looking at when you're comparing it to the $1.33 or $1.40, that just consistently looked at as you are referring to it is GAAP earnings?
Nicholas DeBenedictis - Chairman, President and CEO: Well, it's both in the GAAP from continuing and it's also in the GAAP, it's in both. And it will continue and whether you want to take the continuing, which is $1.32 I think you said Bob, or the $1.40 it will be in those numbers next year and I would anticipate either of those numbers being higher next year. They'll move it parallel I guess is the best way to describe it.
Operator: Spencer Joyce, Hilliard Lyons.
Spencer Joyce - Hilliard Lyons: I'll try to keep it pretty short here for you. First question, I know we're still several months removed, but did Sandy windup having any kind of impact for you guys I guess from a top-line standpoint not necessarily damage or capital spent?
Nicholas DeBenedictis - Chairman, President and CEO: Yeah, I'd say less than a penny. We had some over time, we had lot of diesel fuel used to run generators to keep everything going, but I don't have an exact number, it is $0.05 or…
David P. Smeltzer - EVP and CFO: 350 in Pennsylvania alone.
Nicholas DeBenedictis - Chairman, President and CEO: Okay. So that would be less than a $0.05. That's significant – was noticeable, but I wouldn't say it was significant.
Spencer Joyce - Hilliard Lyons: And also just to clarify, you said most of the capital spend not in Pennsylvania will be focused in the Ohio, Illinois and New Jersey which all are now have a disc or disc eligible, is that correct?
Nicholas DeBenedictis - Chairman, President and CEO: Absolutely.
Spencer Joyce - Hilliard Lyons: As far as a breakout there, I think I picked up you guys were mentioning around 230 spend in PA and then if I'm kind of back in the napkin calculating here that should be about $100 million in capital spend between those three states, is that right?
Nicholas DeBenedictis - Chairman, President and CEO: Not far off. Yeah, all the other states would be $100 million, right, because 230 we're going spend three and a quarter and I'm going to say 10, 20 probably about 70 in those states. We'll get the exact numbers. We have five years of expected spending in each of those states will give you the projections in those states.
Spencer Joyce - Hilliard Lyons: Then one I guess more bigger picture question. You touched on it a little bit pertaining to Aqua capital ventures. I know you mentioned the current program or project is one of hopefully many. I'm assuming there hasn't been any kind of structural decline in the attractiveness of those projects either based on low gases, which are probably always going to be a bit of an issue, but also maybe any sort of increased completion from other firms or companies trying to be creating in that line of business, it still is attractive there. Is that a safe assumption?
Nicholas DeBenedictis - Chairman, President and CEO: Yes, they're still drilling even with gas prices where they are, but you see what happens as soon as you get little cold weather. in New England the gas prices shot up two weeks ago when they had their storm. Electrical prices followed the suite. I know you follow the electric industry Spenser. So, I would anticipate it's not going any lower and they're still drilling, but I think if it goes higher you may see a little bit more intensity in the drilling programs. Either way, we are told now, I mean, remember it was – three years ago, it was a one, two year industry. They are going to get lot of gas immediately and then it would all be over. They are talking now that it could be around for 50 years. So I mean, I don't know which geologists you want to believe, but we are betting on the –we are betting it's going to be around for at least five years.
Operator: Angie Storozynksi, Macquarie.
Angie Storozynksi - Macquarie: I have actually one question and one request. So, for the question, if I look at the $1.42 in earnings - $1.40 in earnings for last year, was there any gains in those discontinued operation portion, so the $0.08 differential between ongoing earnings and GAAP, is there a gain from asset sales there?
Nicholas DeBenedictis - Chairman, President and CEO: Yes. That was the Maine properties which we sold in the first quarter and it amounted to $0.08, and…
Angie Storozynksi - Macquarie: But is that a gain or is this earnings of those properties?
Nicholas DeBenedictis - Chairman, President and CEO: No. it was – I'm sorry, yes, it was a gain. The predominant $0.08 was from the gain on the sale in January of 2013 and '12, and that's why I wanted to make sure that when you look at the '12 first quarter earnings of $0.27 that you understand that $0.08 of that was a one-time gain. Now, it still was profitable. Lot of companies say, oh we have discontinued operations and then you see all kinds of losses. In our case, a discontinued operation is part of our pruning strategy which we only sell if it's profitable. So, I think GAAP for us is probably a better measurement, but we'd give you both. The continuing is $1.32, the GAAP is $1.40, and the difference is the asset sale of Maine in 2012, which hopefully when you do your quarterly looks you'll remember that the $0.08 was in there and not in there this year.
Angie Storozynksi - Macquarie: But I am trying to figure out, because you mentioned that you expect growth from either of the numbers in 2013 assuming inclusive of the Florida sale doesn't mean that the gain from the sale of assets would be the comparable number while the earnings plus the gain on asset sales in Florida would be compared to $1.40 EPS?
Nicholas DeBenedictis - Chairman, President and CEO: Yeah, I think the gain from Florida would be comparable to the $1.40 which included the gain in Maine, did that help? And we anticipate in addition to the gain in Florida, operationally we're going to have input to that $1.40 that will help it increase.
Angie Storozynksi - Macquarie: But Florida on its own is EPS positive without the gain?
Nicholas DeBenedictis - Chairman, President and CEO: Yes. Florida will be EPS – assuming the sales go through we don't have deals signed up yet, but assuming they go through we would anticipate that we'll sell them for bit more than rate base. And by the way rate base is $2.7 billion.
Angie Storozynksi - Macquarie: So, I mean this is of lease hour request, could we going forward have actually a rate base and CapEx schedules maybe not state-by-state but at least for the next say three or five years? It would be so much easier for us to go through the numbers and project your earnings power because I feel like we are going to spill out our notes and I am trying to match the numbers with our model and a couple of slides would make a big difference for us?
Operator: (Hika Dor, Baird)
Hika Dor - Baird: Two quick questions. On the Marcellus opportunity, I believe we had been expecting Phase II to be completed at the end of the year, maybe I'm mixing up my Phase II, Phase III. Can you give us a quick update is that project going as planned? I thought that there was talk of an additional phase to that project, where are we in all of that?
Nicholas DeBenedictis - Chairman, President and CEO: Phase II is done and water is pumping through it. Phase III will be done by March and that was the third phase we had talked about, which extends in another 20 miles north.
Hika Dor - Baird: Is there a Phase IV?
Nicholas DeBenedictis - Chairman, President and CEO: We are looking at maybe a Phase IV.
Hika Dor - Baird: But nothing that…
Nicholas DeBenedictis - Chairman, President and CEO: Phase III is Board approved, PVR's Board approved, it's under construction and the recipient of most of the water for Phase III will be Shale. The earlier phases I and II, II is to get to the river, which is now working and everything is permitted and it's pumping water, and phase I and II combined are Range Resources and Exco I think is the other company's name in Southwest. I mean, all of these companies, Hika, have different areas where they're drilling. So that's why we call it the pipeline phases, but it's just where is it going next and who is drilling there.
Hika Dor - Baird: On the Florida divestiture, I believe I saw something that FGUA wasn't interested in buying all of the assets. Can you share with us if you're planning on piecemealing some of this we're going to see it as one single transaction to a single buyer?
Nicholas DeBenedictis - Chairman, President and CEO: No, I think you're going to see multiple transactions. FGUA is the furthest along. They have signed agreement with us to purchase 56% of the assets. The deal is for $49.2 million.
Hika Dor - Baird: So as we think about how we'll see this on the income statement. We'll see this piece announced as a sale, but then we'll continue to see the earnings stream from the other 44% until buyers can be identified for those systems?
Nicholas DeBenedictis - Chairman, President and CEO: I would anticipate late first quarter, early second quarter close for FGUA and all the rest in the second or third quarter.
Operator: That concludes question-and-answer session. Mr. DeBenedictis at this time I will turn the conference back over to you, for any additional or closing remarks.
Nicholas DeBenedictis - Chairman, President and CEO: Nothing more I think we've covered everything and thank everybody for all their time.
Operator: Ladies and gentlemen this concludes today's conference we thank you for your participation.


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Recovering from Disaster
Disaster strikes anytime, anywhere. It takes many forms; a tornado, a flood, a fire, a hazardous materials spill, a winter storm, or an act of terrorism. A disaster can build over days, even weeks, or hit suddenly, with no warning. They are incidents that could pose threat to life, safety, and property beyond the response capabilities of local and state government. Each year, millions of Americans are devastated by the consequences of disasters.
Recovering from a disaster is a gradual process. Safety is a primary issue, as are mental and physical well-being. If assistance is available, knowing how to access it can make the process faster and less stressful.
The National Disaster Recovery Framework is a guide that enables effective recovery support to disaster-impacted states, tribes, territorial, and local jurisdictions. It provides a flexible structure that enables disaster recovery managers to operate in a unified and collaborative manner. It also focuses on how best to restore, redevelop, and revitalize the health, social, economic, natural and environmental fabric of the community and build a more resilient Nation.
Helpful Links
South Dakota Recovery Information
National Disaster Recovery Framework (NDRF) website
NDRF Recovery Support Functions

subset: commoncrawl


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Reviews - The Cavendish London - Piccadilly4
81 Jermyn Street, London, SW1Y 6JF
Customer Reviews
Our reviews are from genuine LateRooms.com customers. We verify that the customer has stayed before leaving a review.
100% would recommend it to a friend
Customer service
Room quality
Great location
Lovely hotel ...very comfortable room ...
Great breakfast
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A very enjoyable experience!
As soon as I arrived at The Hotel Cavendish I was met by someone offering to take my bags or bag as the case was.
The receptionist was friendly and helpful and enlightened me to the fact that I had been upgraded. When I arrived in my room I was delighted by the size of it, the huge bathroom complete with large bath and shower and the Nespresso machine. I was in London for a busy 24 hours and my overnight stay at The Hotel Cavendish helped to ease the stresses and strains of the capital. Will definitely be recommending Hotel Cavendish to others!
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Lovely room and excellent customer service!
My partner and I stayed here on a last minute booking after our plans to stay with friends in another hotel fell through due to the extremely poor condition of their room.
We checked into the Cavendish and talk about a contrast. The hotel is spotless throughout and the customer service is excellent. Upon check in we were upgraded not only once, but twice (it was about 11pm so I don't know if that was a factor for this). Our room had a Nespresso machine, Bose iPod station, huge bath and a very comfortable bed. The room was nice and cool - very nice after a humid, tiring day in London. We were very sad when we had to check out, but when we did the service continued to be 1st class. We were asked if we needed any directions or information for the day and whether we wanted to leave a bag in the luggage room. We said we wanted to leave my bag in the hotel instead of taking it around London and squeezing it onto the tube. Before the reception employee was able to call the Concierge, the gentleman had already appeared and was ready to attach a tag to my item.
I would recommend this hotel to anyone wanting a safe, excellently located and fulfilling hotel. The price is higher than we would usually look for, however, the booking was last minute and the fact that the aforementioned poor hotel our friends stayed at was listed as well, for £155 that night, £180 for the Cavendish seemed more than suitable. 10 out of 10 for my experience- thank you!
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Our stay
From the moment we walked in the door we were treated as important and special.
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Cavendish Review
Classic room quite small for £199, car parking VERY expensive at £50 for 9-24 hours.
Service was very good, breakfast nice but over priced.
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Thomas Parnell
Thomas Parnell (1679 - 1718 / Ireland)
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The Way To Happiness
How long ye miserable blind
Shall idle dreams engage your mind,
How long the passions make their flight
At empty shadows of delight?
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I had an XD40, it was okay, I have a Glock 22 40/357 , don't really like it that much, have Rugers, P90,P95 and P345, excellent pistols. Just got an M&P45, really like it, soft recoil and very good accuracy. M&P over the XD and Glock, anyday.
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I had an XD40, it was okay, I have a Glock 22 40/357 , don't really like it that much, have Rugers, P90,P95 and P345, excellent pistols. Just got an M&P45, really like it, soft recoil and very good accuracy. M&P over the XD and Glock, anyday.
All tests done by Glock aside...
Until someone can prove to me their M&P or XD can stand being thrown from an airplane at very low altitude onto rough/dry terrain, thrown onto concrete from the rooftop of a house, shot and hit with a .22 pistol, immersed in salt water overnight, completely filled with sugar sand, and all while loaded and firing when the trigger is pulled the first time, I'm sticking with Glock. Don't believe me, head to the GlockTalk.com forums. There's a subcompact Glock in my future for a carry gun, unless I find a gunsmith who can work on a Kahr (slim chance, it seems).
My family's G17 has been through some rough times too, and I haven't encountered a weapon more dependable weapon yet. Glocks are absolutely safe unless the trigger is pulled, and if you don't believe it then strip one down and take a peek. Seeing is believing.
First, I will never sell a gun. That's like suggesting I'd sell a significant other! So no worries about buying any used guns from me.
Second... the fellow who did those experiments did so on the full-sized .45 model (G19?), but wasn't me. The most beat-up our ol' G17's been is tossed, dropped, knocked, etc., on concrete. Didn't even scratch paint, actually... But the plane thing was just awesome (he recorded it on video).
However, I'll add my own report on such doings when I finally have the cash on hand to make that subcompact Glock purchase. Let the fun begin!
"There is no one to protect us. We must take personal safety into our own hands. While politicans attempt to control the masses, ultimately, we must remember that self-defense is not a legal right it is a human right."
We are Glock.
Resistance is futile.
You will be assimilated.
All your XDs are belong to us.
We don't need no steeeenk'in M&P!!!!
I have a XD .40 4in standard and a m&p .40 compact. love them both for full size i would not trade my XD for anything and for compact i would not trade for anything. both very smoth shooting guns would recomend to anyone even beginners.:mrgreen:
I voted for Glock, for all the reasons previously listed. However, I sold my G22 to buy a S&W MP40 and I love this gun. Ask me again in 6 months and I will probably vote for the MP. I just can't get past the looks of the XD's.
I was somewhat interested in the XD platform, until I fould out Springfield won't sell private owners any parts at all for the gun. Any failures and the gun has to go back to Springfield.
I've owned several glocks, in pretty much every caliber except GAP, and they just don't do much for me.
I now have the M&P in 9mm, and I love it.
If i'm ever thrown out of an airplane at low altitude, i suspect the ability of my gun to fire wont matter... given that I'll have a few broken bones and possibly unable to move.
(BTW, i voted Glock. I prefer the size and ergonomics. Its ability to survive at the bottom of the pacific ocean is of much lesser concern, as i dont do much shooting at the bottom of the ocean.)
BAC: i hope you dont treat your glock that rough! you know bad things can happen...
Example #1: They can explode
Example #2: They can crack
I believe you said:
nothing is perfect and i just dont want you to think they are indestructible. please be careful how you treat a loaded gun. you never know who else might be within the range of your bullets.Quote:
Glocks are absolutely safe unless the trigger is pulled
I like Glocks and carry one in my civilian life. But I'm not sure how relevant all the Glock torture tests are, especially for a gun carried by a civilian. Covering it in lint and not lubing it for six months is probably a more realistic test.
Hell, I bet my M4 and M9 would both break under that kind of silly abuse. Yet somehow they manage to work fine here in Afghanistan. Go figure.
Glock. Im not a springfield or a mp man what so ever. Glock "Perfection".
Speaking only for myself, the most "KABOOMS" I hear about are with Glocks.
XD40 sucompact abd XC45 5"Tactical Compact.
I hate to put them down.
XD for me.
I'm as well a major Walther P99 fan.
Let me try this one more time.
XD40 Subcompact and an XD45 5" Tactical Compact.
Yea, thats what I meant.
Out of the three it would be the XD. I like Glocks but the XD feels better in my hand. I also like the extra features the XD's have.
I voted for Glock. For the factory support, ease to find accessories, and the fact that they are tested to the limits. Give the XD a few years, and I might change my reasoning there. But I still prefer the Glock to the XD i have fired.
If I was more familiar with the XD I might feel different too. But trying to not be partial without really good reasoning, I still vote Glock.
Functionality, cost, support. Glock has it.
It's an ugly tool, but I trust it.
Hello new to the forum. I voted for the XD only because thats all that I currently own XD45
I own two glocks but I would buy the other two two in a heartbeat if
I had the need.The other two mimic my glocks so I say my gun dollars will
be spent in another area.
I took my 4"XD45 to the range on Friday... damn I love that gun. Very accurate.
I have all three, XD Tactical 9mm, M&P 45, and Glock 22 40,357 Sig,9MM. XD & M&P are very close, XD 1st I guess, Glock a distant 3rd..........
I would say the Glock over the others. I've owned/carried Glocks and I've also shot the others. Not taking anything away from the M&P and XD but, I'd rely on the Glock most.
As long as its reliable, accurate, and effective everytime its called, thats all the test I need.


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by Whisper RainWhisper ran outside, down the slope, and into a tangle of trees. She sat down in the grass, in shock. It was kind of a blur, what had happened just now in the house... something that had never happened before in her sixteen years of life. It was joked about maybe, but never for real... but this... this was dead serious.Her parents used to feel kind of sorry for her friends who lived their lives inside a rigid cage of rules. The Rains didn't operate that way! Whisper's parents were her friends! But the way she had just been talked to in that house felt anything but friendly... it felt demeaning.Denny Kenaston's archaic chatter about "modesty" and "submission," and … [Read more...]
Archives for April 14, 2011
No Charity in The Remnant ~ Part 3: Rebellion
April 14, 2011 by Guest Contributor
Filed Under: A Woman's Choice, Alienation, Boundaries, Christian Modesty, Denny Kenaston ~ Charity Ministries, Enmeshment, Gender Equality, Isolation, Issues, More from NLQ ..., NLQ Stories, No Charity in The Remnant, Personal Autonomy, Quiverfull Discernment, Quiverfull Leaders, Quiverfull Topics Tagged With: child abuse, coercive religious groups, Denny Kenaston, fundamentalism, homeschool, michael debi pearl, Patriarch Magazine by Phil Lancaster, patriarchy, quiverfull, quiverfull daughters, Rod & Staff Publishers, sheltering children, spiritual abuse, The Godly Home, The Remnant, To Train Up a Child, woman's submission


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The former 'American Pie' star opens up to ET about his son, Easton, and his latest film, the indie 'Game of Aces.'Read More
The new parents can't stop gushing over their little 'miracle baby'!Read More
There's a pie in the oven! Read More
The actor and his girlfriend of four years tied the knot at a small ceremony in Montana.Read More
A dysfunctional group of unpublished writers is thrown for a loop when their newest member (Kaley Cuoco) lands an agent and finds overnight success. Watch an exclusive clip from Authors Anonymous!Read More
Book 'em Danno! They glitter down the red carpet, they light up your TV, they score on the football field, but sometimes celebrities get busted! Take a look at some not-so-glam celebrity mugshots.� First up, Erin Brockovich, who was played by Julia Roberts in the 2000 biopic, was arrested for boating while intoxicated on June 7, 2013 at Lake Mead near Las Vegas, Nevada. Click HERE for more details.Read More
Meagan Good and Joseph Gordon-Levitt reportedly dated for six months in 2004 after meeting on the set of Brick. These days, Good is married to Columbia Pictures Vice President and preacher DeVon Franklin, while Gordon-Levitt remains single.Read More
For the first time since making headlines for his second DUI arrest in 2010, American Reunion star Chris Klein is opening up about his extended battle with alcohol...Read More


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Season Stats Archive
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|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
The Seattle Mariners defeated the Boston Red Sox in Seattle Saturday night. It took 11 innings to get the victory, but a Chone Figgins sacrifice fly scored Dustin Ackley to give the Mariners the 3-2 victory.
Josh Beckett returned to the Red Sox starting rotation, and pitched well, but the offense just didn't show up. Beckett didn't allow a run until the bottom of the sixth inning, which was also his last inning of work. After a Munenori Kawasaki ground out, Ichiro lined a single into left field. With Casper Wells batting, Ichiro stole second. Wells then walked, and Kyle Seager hit a single of his own to load the bases. John Jaso then roped a double to right field which scored Ichiro and Wells, giving the Mariners the 2-0 lead.
The Mariners used many pitchers in this game after Erasmo Ramirez left the game with an injury in the top of the third inning. The Mariners' pitching seemed to baffle the Sox offense throughout the game even though the Sox offense was able to scatter 11 hits. The Red Sox finally entered the runs column in the top of the seventh inning.
Adrian Gonzalez, Will Middlebrooks, and Cody Ross hit back-to-back-to-back singles to load the bases at the start of the inning. Ryan Kalish then grounded into a fielder's choice that saw Cody Ross being out at second, but allowed Adrian Gonzalez to score and Middlebrooks moved up to third base. With Mike Aviles at the plate, a pitch was thrown passed catcher Miguel Olivo which allowed Will Middlebrooks to score tying the score at 2.
Both teams failed to add to their run totals, as the bullpens for both squads were able to silence the offenses. The bottom of the 11th inning saw the winning run cross the plate. With Alfredo Aceves on the mound, Dustin Ackley and Miguel Olivo both singled. Ackley advanced to third base on the single by Olivo. With one out and runners on the corners, Chone Figgins then hit a fly ball to right field, and it was enough to allow Ackley to score the game winning run.
Josh Beckett rebounded from his stint on the disabled list in impressive fashion. Beckett went six innings, allowed just the two runs on four hits, he walked three batters, and struck out four. Beckett looked as though he hadn't missed a beat, but when the offense goes 1-12 with runners in scoring position and leaves a total of 10 men on base, that usually is not a recipe for success. Beckett's performance is a good sign of things to come as the season rolls on towards the all-star break.
Tags: Adrian Gonzalez, Alfredo Aceves, Casper Wells, Chone Figgins, Cody Ross, Dustin Ackley, Erasmo Ramirez, Ichiro, John Jaso, Josh Beckett, Kyle Seager, Mariners, Miguel Olivo, Mike Aviles, Munenori Kawasaki, Red Sox, Will Middlebrooks


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Hair Stylist for Environmental Sensitivities
Archived Responses:
June 2002
I have a friend who has pretty strong environmental sensitivities, looking for someone who cuts curly hair, whom does home visits, or works out of their own toxin-free home. She is in Oakland. She just cannot physically handle all of the smells that exist in regular hair-cutting places. Anyone out there? --Nancy
Recommendations received:


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Kormos wins RodeoHouston Super Series
In Tie-Down Roping
3/26/2014 by
The Teague High School Theatre Department will have a public performance of their One Act Play, A Company of Wayward Saints, on Thursday, April 3, at 7 p.m. The performance will be at the Teague High School Auditorium; admission is $5.00. All are welcome to attend.
The road to the 2014 BP Super Series Championship at RodeoHouston ended Saturday, March 22, and as the dust cleared Teague Tie-Down Roper emerged as the 2014 RodeoHouston Tie-Down Roping Champion.
The title is sweet but the $50,000 payout Kormos received for out roping nine other world-class ropers in the event is even sweeter. In all, Kormos pocketed a total of $55,300 at this year?s RodeoHouston.
Kormos couldn?t be caught after he laid down a lightning fast run of 8.0 seconds in the $50,000 Championship Shoot-Out last Saturday afternoon.
After winning the title, Kormos said he was thankful to cinch his second RodeoHouston win, after first capturing the title in 2005. ?Houston is something every cowboy wants,? Kormos said. ?Every year I?ve come here, I?ve wanted this. It?s been a tough winter; I?ve been struggling with some tough luck. I feel blessed to have this win.?
Following are a few highlights from the 2014 Houston Livestock Show and Rodeo:
- RODEOHOUSTON paid attendance reached a record 1,377,416 fans.
- Nine of the 2014 RODEOHOUSTON performances landed in the list of the Show?s top 20 paid Rodeo attendance records.
- Total attendance reached a record 2,485,721 visitors.
- The 2014 attendance number sets the 20-day total attendance record. The 2013 total attendance record of 2,506,238 visitors included a 21-day Show. (Total attendance also includes attendance for the World?s Championship Bar-B-Que Contest.)
- The World?s Championship Bar-B-Que Contest entertained 249,332 people, Feb. 27 ? March 1.
- RODEOHOUSTON committed $2.04 million to its contestants in 2014.
- The 2014 RODEOHOUSTON BP Super Series, an international, invitation-only rodeo, featured the world?s top 48 rodeo athletes in seven events.
- With the entire purse provided by RODEOHOUSTON, rodeo athletes competed for a share of $1.68 million in prize money. Each event champion walked away from Reliant Stadium with at least $50,000.
- 2014 RODEOHOUSTON BP Super Series Champions, with total money earned, are:
- Tie-Down Roping: Scott Kormos ? Teague, Texas ? $55,300
- Bareback Riding: Kaycee Feild ? Spanish Fork, Utah ? $57,150
- Team Roping: Erich Rogers / Cory Petska ? Round Rock, Ariz. / Lexington, Okla. ? $114,500
- Saddle Bronc Riding: Heith Demoss ? Heflin, La. ? $55,783
- Steer Wrestling: Olin Hannum ? Malad, Idaho ? $54,325
- Barrel Racing: Nancy Hunter ? Neola, Utah ? $55,000
- Bull Riding: Tyler Smith ? Fruita, Colo. ? $56,200


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Porous graphene: Properties, preparation, and potential applications
- First Online:
- Received:
- Accepted:
DOI: 10.1007/s11434-012-5121-3
- Cite this article as:
- Xu, P., Yang, J., Wang, K. et al. Chin. Sci. Bull. (2012) 57: 2948. doi:10.1007/s11434-012-5121-3
Graphene has recently emerged as an important and exciting material. Inspired by its outstanding properties, many researchers have extensively studied graphene-related materials both experimentally and theoretically. Porous graphene is a collection of graphene-related materials with nanopores in the plane. Porous graphene exhibits properties distinct from those of graphene, and it has widespread potential applications in various fields such as gas separation, hydrogen storage, DNA sequencing, and supercapacitors. In this review, we summarize recent progress in studies of the properties, preparation, and potential applications of porous graphene, and show that porous graphene is a promising material with great potential for future development.


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" Address: 11 Belle Vue Grove, Gateshead, Tyne and Wear NE9 6BX, United Kingdom "
When we go out for dinner with friends the responsibility for choosing the restaurant usually falls to our side; Himself and I are regarded as being 'in the know' about what's new and what's good but with some friends that praise can feel like a burden. When we choose somewhere we've never been to before I feel a particular dread that if everything isn't just right, it'll all be my fault, and there are two friends in particular that make me feel this way. Obviously I'm not going to name them here, that would be mean, suffice to say that Jack and Vera (as they'll be referred to) are the sort of dinner companions that put me on edge and who make me feel like personally apologising every time something isn't quite to their liking.
It was, then, with a considerable degree of trepidation that we booked Madrasi in the Gateshead suburb of Low Fell. There were a number of reasons for our choice: we didn't want to dine in the city centre and needed somewhere with parking space, we wanted something not too expensive and - at least for me and the Curry Monster, we wanted to go somewhere with a menu that would be a bit different from your run of the mill curry house. Madrasi specialises in dishes from southern India (more specifically the province of Tamil Nadu) and having eaten out a couple of times in recent days, we wanted something lighter which you generally get from southern Indian cooking. Fish features heavily on the menu at Madrasi; there are several lobster dishes and plenty of shell fish options as well as sea bass and cod.
Madrasi is housed in a tiny stone building just behind Low Fell's main street. There's a small car parking area beside the restaurant but when we visited it was rather muddy from the previous day's deluge. We had parked in a small municipal car park just off the main street and there was no charge for parking in the evening. There's a very small seating area just inside the door but we had booked in advance and our table was ready. There are about a dozen tables and the restaurant was busy all the time we were there.
The interior is very striking with deep red walls decorated with black and red art work. Personally I found the colour a bit oppressive in such a small space but one of our party loved it. We had been seated at the back of the restaurant close to where a partition wall hides the kitchen door. Just outside the door there was an overflowing bin for food waste where presumably the staff were scraping the plates before taking them back to the kitchen; it is a shame they can't hide this from view as it looked horrible, especially all the bits of food on the floor that had missed the bin.
Drinks were offered the second we sat down but took a good while to come. As the restaurant is meant to focus on dishes from southern India I was surprised by the lack of lassi of any variety though I was perhaps thinking more of Goa or Kerala, rather than Tamil Nadu. The four of us hadn't caught up for ages so we were full of chatter when the waiter came to take the order; we asked for five minutes but it took a lot of effort to catch a waiter when we were finally ready to order. Usually we'd share a plate of poppadoms but I was ravenous having skipped lunch and when Jack asked are we having starters, I pronounced a decisive yes, lest the deliberations take too long. Part of my reasoning was sheer greed; I wanted to try the duck starter even though I knew I'd probably be fit to pop later.
Orders made, so began the long wait. Jack's main course was unavailable we were informed though this news came only just before the rest of the food was brought to the table. From ordering the starters to them coming to the table took about thirty minutes. Jack and Vera were sharing a starter, onion bhaji, and were wishing by this point they'd ordered one each as they were so hungry. I had chosen the 'masaledar badak 'which comprised spicy shredded duck presented as a parcel in which a chapatti was the wrapping; it really was excellent and had just the right level of spiciness for a starter in that it got me warmed up for the main course. Himself had the shahi machli in which white fish had been lightly dusted with spiced flour and nicely fried.
On the menu there were certainly some dishes that were unfamiliar to me though I was disappointed to see that they still offer the traditional staples of the British curry-house such as dopiaza, etc. My chicken with lemon grass (a very reasonable £7.95 for something from the 'specials' selection) was not nearly as coconut-y or as creamy as I'd expected which I was rather pleased about; I'm not a fan of really creamy curries but I was intrigued by the mention of lemon grass, hence I ordered it anyway. The lemon grass was really distinctive and imparted a good flavour without overpowering the sauce. The pieces of chicken were small but the quality seemed good. Vera also had a tomato-based chicken dish which she left a fair bit of, not because she didn't like it but because she and Jack have a tendency always to over order and can never be persuaded to share side dishes. The portions here don't look massive but the food is filling and I'd have been full up with just the main course, to be honest.
For his main course Jack had plumped for fish - sea bass moilee (a creamy dish containing coconut milk) which, when it eventually arrived, he enjoyed immensely. To my mind the fish was swamped in sauce but he said the sauce was very tasty without being too hot; Himself later reported that he had tried the sauce and had found it a bit flat. On the bright side, the sea bass was meaty and nicely cooked and they certainly hadn't skimped on it.
My own curry monster had ordered lamb and had gone for what promised to be a hot dish which, when it arrived, did not disappoint. The lamb, he said was tender and the pieces were a decent size so hadn't cooked away to nothing, as often happens when restaurants skimp on the meat. Although he appreciated the heat factor, he also praised the dish for the range of flavours which were discernible and which made for a dish that was a well above standard curry house fare.
We clocked up a bill of over not much over £80 for three starters, four mains and accompaniments (the rice was so plentiful and the naan breads so hefty that Jack and Vera left more food than I consider decent, but Himself and I were happy with our light but well cooked chapattis), and drinks. Had the service been better I'd be less inclined to feel short-changed by this experience because I did enjoy my food but felt we'd really waited far too long for it.
I'd like to think we just hit the place on a bad day; perhaps they were short in the kitchen. I do feel like being generous because the restaurant does have a pleasant ambience and the menu is just a bit different from the norm and although you can pay quite a bit for things such as lobster here, there are plenty of dishes that cost a lot less. I'd certainly recommend the cooking but hope you don't wait as long as we had to.


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"I'm trying to play each game to get an opportunity to play the next one and I think if my performances keep getting better then I have an opportunity to be a part of this team long term, which is my goal." -- U.S. star Landon Donovan, who set up Brek Shea's goal in the USA's 1-0 win over Costa Rica on Tuesday. Donovan returned to national team on the eve of the Gold Cup after taking a sabbatical that kept him out of the national team for the first six games of the final round of 2014 World Cup ...More


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Subaru WRX Forum (http://www.wrxtuners.com/forums/)
- Problem Diagnosis (http://www.wrxtuners.com/forums/f72/)
- - Wipers clicking...anyone else? (http://www.wrxtuners.com/forums/f72/wipers-clicking-anyone-else-33649/)
Wipers clicking...anyone else?
The wipers on my 13' wrx are clicking while on. They click twice every "swipe" so once when the wiper goes up the windshield, then clicks again when the wiper hits the bottom of the windshield. Anyone else's 12'-13' doing this?
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Sounds like a warranty issue to me. Visit the dealer and demand satisfaction! :)
I second that, you shouldn't be hearing bad sounds on a brand new car.
Yup, agreed.
Do you have the intermittent adjustment on when this happens? Or just anytime?
Wipers clicking...anyone else?
I noticed it while on intermittent but it wasn't raining hard enough to hit low+ last night. Def calling the dealer today. Just figured I'd ask to see if it were something simple, as the closest Subaru dealer isn't exactly close lol. Thanks though guys
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Is the clicking coming from the glovebox or is it coming from the wipers themselves?
Wipers clicking...anyone else?
Sounds more like the top of the dashboard or wipers themselves. Def a very distinctive click though. Oh well, a Saturday trip to the dealer this week for me it is. Although an excuse for getting outta the house solo is always a good thing no matter what it is lol!
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I hear ya
Wipers clicking...anyone else?
I have a '10 wrx and noticed the same thing on my drive to work today. It seems to click when the wipers engage and then again when they stop. Seems "normal" to me. The car makes a bunch of other creaks and sounds anyway so I've stopped noticing it as much
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Wipers clicking...anyone else?
Probably a TSB no doubt. It's not ridiculously loud though and I DO have to actually listen for it to hear it...but it's there. And it's pretty rare I'm not permenently damaging my ear drums listening to Drum&Bass anyways so it's certainly something I could get over ROFL! We'll see what the dealers says. I'm about to call them on my lunch break.
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Wipers clicking...anyone else?
U sure it isn't the blades? Mine was doing that too and I changed the blades problem solved. Flip them up so they aren't touching the windshield and see if it still does it
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Imagine being able to watch the big game on a 201 inch television. The C Seed has rolled out the CSeed 201, the world's largest TV. This gigantic LED model is intended for outdoor use. The company says it's not affected by direct sunlight and suggests it's great for watching your favorite sport or playing a little virtual golf on your favorite video game system. The monster TV was designed by the Porsche Design Studio and folds up and sinks down into the ground when not in use.
If you can't wait to add this beauty to your patio, it will set you back $810,000. But that seems a small price to pay. You can check out a video of how it works at cseed.tv. [1]
– Cynthia


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William & Park
39 West 29th Street, Suite 608
New York, NY
Posted: January 20 2016
Always be on the alert for potentially fraudulent job postings online - never send money to a potential employer.
DescriptionWilliam & Park is a New York City-based media company that focuses on a new breed of creative entrepreneurs and artists who believe that work should feed their souls and their bank accounts.
Our stories explore every facet of the creative life: candid interviews with makers, conversations on craft and enterprise, the design behind living and working spaces, city spaces that foster cultural exchange and collaboration, and the details of everyday life that provide endless fodder for inspiration.
William & Park dares readers to break the boundaries of convention and nurture the artist within. Wake up, smell the coffee, and get inspired. It's time to get to work.
The Position:
William & Park is looking for a savvy social media intern to manage and grow all of our social media accounts. The ideal candidate is a digital native who is passionate about the topics we cover and excited about experimenting on different platforms. We're looking for someone who comes in with ideas about engaging with our readers and promoting our journalism - without resorting to clickbait.
Responsibilities- The right candidate must be on top of new social media trends and will help come up with a comprehensive social media strategy as well as update the accounts on a daily basis
- Work with the team to promote William & Park on social media accounts (Facebook, Twitter, Tumblr, Pinterest, Instagram)
- Schedule posts and find/create content across platforms
- Engage with our social communities, replying to comments and starting conversations
- Read and watch William & Park content and find creative ways to adapt stories and videos to new platforms
Role could lead to permanent paid position, given the right candidate.
Please send weekly availability, length of internship, any relevant work and links private or public social accounts you have worked on.
RequirementsMust be creative, motivated and wants responsibility
Must be a multi-tasker who proactively seeks out opportunities to support the team
Work well in a fast paced environment, have strong organizational skills and be highly reliable
Blogging/copywriting experience
Strong writing skills are mandatory and photography, Photoshop (or Lightroom), and graphic design skills are a big plus
Entrepreneurial spirit and mindset
SkillsRequired - Social Media, Facebook, Twitter, Tumblr, Pinterest, Instagram
Preferred - Google Analytics, Social Media Measurement, Social Media Advertising, Social Media Consulting


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When the author Janet Flanner called her famed collection of essays Paris Was Yesterday, she wasn't, of course, referring to handbags. But she might have been. The City of Light is responsible for many enduring reveries (both sartorial and otherwise), and it's easy to imagine yourself carrying an Hermès Birkin bag to the market, a fresh baguette peeking out above the rim, or arriving dockside in Le Havre with monogrammed Vuitton trunks, instead of rushing through the airport dragging a nylon duffel in your wake.
A massive valise may not fit comfortably in one's life, but a quintessential French handbag will make itself right at home. Buying a vintage model in Paris has distinct advantages: the selection is superb; the brands you're after have flagships here (ideal for comparing old with new); and, in the case of purses that are wait-listed, the classic version is available immediately. Plus, there's the added panache that comes from owning a back-model bag, handed down across the ages by some glamorous Gallic grandma. Finding a true bargain can prove difficult, but you are usually able to haggle a bit. Try offering 10 percent less, or just say, "Can you do any better?" ("Vous ne pouvez pas me faire un meilleur prix?" in French) and see what happens.
City Finds
Every Parisian quest should start with a visit to the major fashion houses—Hermès, Louis Vuitton, and the like—to marvel at the bags you'd have to wait a year for new. You should also make a point of stopping in at Goyard, on the Rue St.-Honoré. This elegant boutique deals in the current, but venture upstairs and train your eye on the historic collection (not for sale), including the Duchess of Windsor's personalized luggage.
WK Accessories, a plebeian thrift shop, sits down the block from Goyard. Amid racks of secondhand Prada frocks and Jil Sander trousers, you could uncover an epi-leather Vuitton knapsack, a patent-leather Dior hatbox, or a crocodile Cartier clutch in caramel.
Should your target still prove elusive, the legendary dealer Didier Ludot in the Palais Royal is a short stroll away. While riffling through the museum-quality fashions (everything from Givenchy couture to early YSL) you might discover an Art Deco evening clutch with a bamboo closure. Or head to Scarlett, just off the Avenue Montaigne. Though tiny and cluttered, the impressive stock gives forth singular items, like a tweedy Chanel Sac Chine.
On the Left Bank, the well-organized Les Trois Marches de Catherine B has been selling vintage purses for the last 15 years. "But they must be presentable," the gentleman behind the counter will tell you with charming understatement. In fact, the offerings are impeccable, and you'll be hard-pressed not to pick up something—perhaps a 1960 Chanel "Mademoiselle" for a tempting $1,100—from the pristine array.
Luck in the Outskirts
The most extensive selection lies ahead. Wait for the weekend and set out early (but not before 9 a.m.; this isn't Portobello Road) for the mother of all antiques markets, Les Puces de Paris St.-Ouen, at the Porte de Clignancourt. Hurry past the late-rising merchants setting up shop to the Serpette, a huge, half-enclosed complex within the market. Despite the rough edges of this former garage, the Serpette's 130 vendors sell the sort of pieces—gleaming 19th-century chandeliers, burnished Art Deco armoires—for which the French are famed.
At one of the stalls, Voyages Boutique, sigh over a 1950's Hermès Sac Malette in burgundy calf (very Grace Kelly, though not itself a true Kelly) for $3,250. The owner is full of information: If an Hermès bag is embossed "24 Faubourg Saint Honoré," he informs you, it was made before World War II; if it reads "Hermès Paris" it's pre-1974; if it says "Hermès Paris Made in France" it's less than 33 years old. He goes on to explain another benefit of vintage shopping: it's easy to stumble upon things that are truly one of a kind, since wealthy clients have a penchant for having items custom-made and then quickly tiring of them. As an example, he brings out a Vuitton special-edition satchel rendered in pink ostrich leather.
Head spinning, you walk a few feet to Le Monde du Voyage to find…Hermès Gige clutches that close with a strap tucked under a giant H! And a special-order Birkin with rare matte hardware! "What about this?" you cry, swooning over an extraordinary 1930's fitted Vuitton shoe trunk with its original tray and drawers. The dealer shakes his head. It was designed for the opera singer Lily Pons, he says, and it's not for sale.
Oh well. You can always console yourself with that ostrich Vuitton.
Scarlett 10 Rue-Clément Marot, Eighth Arr.; 33-1/56-89-03-00.
Louis Vuitton 101 Ave. des Champs-Élysées, Eighth Arr.; 33-1/53-57-52-02.
Hermès 24 Rue du Faubourg-St.-Honoré, Eighth Arr.; 33-1/40-17-47-17.
Goyard 233 Rue St.-Honoré, Eighth Arr.; 33-1/42-60-57-04.
WK Accessories 5 Rue du Marché-St.-Honoré, First Arr.; 33-1/40-20-99-76.
Didier Ludot 20-24 Galerie de Montpensier, Jardin du Palais Royal, First Arr.; 33-1/42-96-06-56.
Voyages Boutique Marché Serpette, Stand 10, Allée 3, 108 Rue des Rosiers, St.-Ouen; 33-1/53-10-01-09
Le Monde du Voyage Marché Serpette, Stand 15, Allée 3, 108-110 Rue des Rosiers, St.-Ouen; 33-1/40-12-64-03
Les Trois Marches de Catherine B 1 Rue Guisarde, Sixth Arr.; 33-1/43-54-74-18.