text:
Microsoft (NASDAQ:MSFT)
Q4 2011 Earnings Call
July 21, 2011 5:30 pm ET
Bill Koefoed - General Manager of Investor Relations
Peter Klein - Chief Financial Officer
Brendan Barnicle - Pacific Crest Securities, Inc.
Adam Holt - Morgan Stanley
Brad Reback - Oppenheimer & Co. Inc.
Brent Thill - UBS Investment Bank
John DiFucci - JP Morgan Chase & Co
Heather Bellini - Goldman Sachs Group Inc.
Philip Winslow - Crédit Suisse AG
Edward Maguire - Credit Agricole Securities (NYSE:USA) Inc.
Walter Pritchard - Citigroup Inc
Colin Gillis - BGC Partners, Inc.
Tim Klasell - Stifel, Nicolaus & Co., Inc.
Robert Breza - RBC Capital Markets, LLC
Gregg Moskowitz - Cowen and Company, LLC
Welcome to the Fourth Quarter 2011 Microsoft Corp. Conference Call. [Operator Instructions] Today's call is being recorded. If anyone has any objections, you may disconnect at this time. I would now like to turn the call over to Bill Koefoed, General Manager of Investor Relations. Bill, you may begin.
Bill Koefoed
Thank you, Carol, and thank you, everyone, for joining us this afternoon. As usual, with me today are Peter Klein, Chief Financial Officer; Frank Brod, Chief Accounting Officer; and John Seethoff, Deputy General Counsel.
On our website is our financial summary slide deck which is intended to follow the flow of our prepared remarks and provide the reconciliation of differences between GAAP and non-GAAP financial measures. This information is available at microsoft.com/investor.
As a reminder, we will post today's prepared remarks to our website immediately following the call until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript and any future use of the recording. You can replay the call and view the transcript at the Microsoft Investor Relations website until July 21, 2012.
During this call, we will be making forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call and in the Risk Factors section of our Form 10-K, Form 10-Qs and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.
Okay. And with that, I'll turn the call over to Peter.
Peter Klein
Thanks, Bill, and thanks, everyone, for joining us today. I'm pleased to share with you our financial results for the fourth quarter, which rounded out a solid fiscal year. We closed the year with terrific sales execution, as enterprises furthered their commitment to our Windows, Office and Server products. Customers continued to invest in our Business Desktop offerings, including Windows 7, where enterprise deployments have increased almost 50% since March. Our overall multiyear licensing business was especially strong, driven by attach of additional seats and additional products. As a result, fourth quarter bookings were up 17%.
As I look back on fiscal year '11, we delivered strong financial results and products while making strategic investments and alliances that will allow us to capitalize on long-term growth opportunities. We grew fiscal year '11 revenues double digits and we delivered another year of operating margin expansion. We also grew earnings per share by more than 20% for the second year in a row.
Our financial results reflect Office 2010's outstanding market reception. Deployment remains 5x faster than the previous version. Customers are also adding our business productivity applications, including Exchange, SharePoint, Lync and Dynamics to their multiyear agreements. These 4 products collectively drove approximately 30% of the business division's growth this year.
We made great progress on our cloud initiative this year. We continue to lead the industry through this transformation by enabling our customers to transition to the cloud in a flexible, customized way. Last month, we launched Office 365, the latest generation of our cloud productivity service. With Office 365, we've created new profit growth opportunities for us and our partners while enabling scenarios that weren't viable in the past.
In the enterprise, Office 365 enables us to increase revenue and profit per seat while strengthening customer commitment through increased product satisfaction and high return on investment. It gives us new opportunities to address the workforce that doesn't regularly use a PC in the workplace. For small and mid-sized businesses, we now offer a productivity solution with simple deployment and low upfront cost. And with 80% of small businesses having never purchased a business productivity application aside from Office, the opportunity for Microsoft and our partners is significant.
During the year, we made important platform enhancements to Windows Azure, driving increased developer interest and momentum and enabling new scenarios. Companies such as Pixar, Toyota and Boeing have leveraged Azure to develop innovative solutions and enhanced experiences for their customers. At the same time, building private cloud infrastructure remains a top priority for many of our customers, and Windows Server, System Center and SQL Server are scaling with the increased workloads in data centers.
In search, Bing continues to gain market share. In this quarter, we further differentiated our platform by deepening our relationship with Facebook. During the quarter, we partnered closely with Yahoo! to uncover and address several platform gaps and inefficiencies. We still face monetization challenges and will continue to work closely with Yahoo!. We remain confident in the long-term potential of the combined search marketplace.
During the year, we reinvigorated our Xbox franchise with a refreshed console and with Kinect, which revolutionized home entertainment and natural user interface technology. We also had great momentum with Xbox Live, which now has approximately 35 million members. Together, these products and services drove record fiscal year revenue and operating income in the Entertainment and Devices division.
In May, we announced our agreement to acquire Skype, which will extend Skype's world-class brand and global reach of its networked platform, while at the same time enhancing Microsoft's existing portfolio of products and services. With Skype, we will increase the accessibility of real-time video and voice communications to both consumers and enterprises, thereby generating new business and revenue opportunities for Microsoft.
In summary, we are pleased with the terrific market response to our products and our great sales execution, both of which helped drive our solid financial results for the quarter and full fiscal year. We also continue to be excited by our strategic investments and alliances which will allow us to capitalize on long-term growth opportunities.
With that, I'm going to hand it back to Bill to provide more details on our results, and then I'll come back to provide some thoughts on our outlook for the first quarter and full fiscal year 2012.
Bill Koefoed
Thanks, Peter. First, I'm going to review our overall results and then move on to the details by business segment. Revenue for the quarter was $17.4 billion, up 8% year-over-year, while bookings were up 17%. For the year, revenue was $69.9 billion, growth of 12%.
Operating income was $6.2 billion for the quarter, and for the year, a record $27.2 billion, up over $3 billion from the prior year. For the quarter, earnings per share was $0.69. For the year, earnings per share was $2.69, up 28%, the second consecutive year of EPS growth over 20%.
This quarter, enterprise demand for our products remained strong, and multiyear commitments drove our unearned revenue balance to $17.1 billion. Our contracted not-billed balance is now over $18.5 billion.
The PC market dynamics were similar to the third quarter. First, the business PC refresh cycle continued and drove estimated business PC growth of 8%. Second, PC sales to emerging markets continued to grow at a rapid pace as a record number of people around the world are using Windows PCs. We estimate that this quarter, over 40 million PCs, representing half of all global PC shipments, were shipped to emerging markets. We estimate the worldwide consumer PC market declined 2%, primarily driven by weakness in developed markets. In total, we estimate the PC market increased 1% to 3% in the fourth quarter.
Now I'll move on to the results for the Windows and Windows Live division, where revenue was down 1%, reflecting the PC market dynamics I just described. As usual, you'll find the OEM revenue bridge at our earnings slide deck.
Last week at our Worldwide Partner Conference, we announced that we had sold over 400 million units of Windows 7. 25% of enterprise desktops have already deployed Windows 7, and as we have stated before, over 90% of enterprises have committed to a deployment plan.
During the quarter, we also provided an update of Windows 8. We demonstrated how we have reimagined Windows for a new generation of touch-centric hardware. You'll hear more at our BUILD developer conference this September.
Now I'll move on to the Microsoft Business Division, which grew 7%. Consumer revenue declined 8%. The weak consumer PC dynamics in developed markets were partially offset by strong attach rates. The business transactional portion grew 27%, driven primarily by business PC growth and continued launch cycle momentum. The multiyear licensing portion of the business grew 6%.
We launched Office 2010 one year ago, and for the year, the business division's revenue increased to over $22 billion, an increase of 16%. Lync, SharePoint and Dynamics all continued to grow double digits this quarter. Within our Dynamics business, which grew 19%, we saw strong growth and share gains across products. We added 300,000 new seats on Dynamics CRM, and now, 2 million users leverage Dynamics CRM every day.
Now let's move on to the Server & Tools business, which posted 12% revenue growth. Transactional revenue grew faster than the underlying server hardware market, which we estimate grew mid-single digits. Multiyear license revenue grew 12%, and Enterprise Services revenue grew 14%. Our premium Windows Server and System Center revenues were both up over 20%. Customers are using Microsoft technology to virtualize their data center and build out private cloud environments. System Center revenue has also grown double digits 10 consecutive quarters.
We are seeing customers continue to adopt SQL Server as they deploy mission-critical applications and implement cost-effective business intelligence capabilities. As a result, SQL Server Premium revenue grew almost 20%.
Last week, we previewed Windows Server 8 and the next version of System Center. These products will further enhance customer's private cloud deployments while bridging their investments to the public cloud. We'll also share more details on these at BUILD in September.
Our cloud computing platform, Windows Azure, continues to have strong customer momentum while revenue growth accelerates. During the quarter, we showcased innovative Azure implementations with Boeing and General Mills, demonstrating the power and flexibility of the platform.
Next, I'll move to the Online Services division, where revenue grew 17%. Online advertising revenue grew 20%, driven primarily by search. Bing's U.S. organic market share ended the quarter at 14.4%, up 340 basis points from last year. During the quarter, we launched new features based on Facebook's social graph to help people make better, smarter decisions. As Peter mentioned, we continue to experience challenges with RPS, and we are partnering closely with Yahoo! to resolve these as quickly as possible.
Now let me move to the Entertainment and Devices division, where revenue grew 30%. During the quarter, we sold over 1.7 million consoles, an increase of 18%. Xbox 360 was the #1 selling console in the U.S. for the year. At E3 in June, we announced the upcoming releases of Gears of War 3, Forza 4 [sic] [Forza Motorsport 4], Kinect Star Wars, Kinect Disney Land Adventures, Dance Central 2, Kinect Sports Season 2 and many more games.
Xbox Live also continues to grow rapidly, and consumer online engagement with the service remains a core part of our Xbox value proposition. Xbox Live has entertainment content from partners such as ESPN, Hulu, Netflix and BSkyB. And this fall, we will make it even easier to find and access content via integration between Kinect and Bing. We believe the combination of these core features will help drive even broader engagement within the Xbox Live ecosystem.
In May, we previewed Mango, which is our fall release of Windows Phone. Mango will deliver deeper social experiences, multitasking, Office 365 integration and will feature Internet Explorer 9 to optimize the browsing experience. During the quarter, we also signed the Nokia alliance, added several new OEM partners, launched on Verizon and Sprint and saw the number of applications in the marketplace increase 60% sequentially.
Now let me cover the remainder of the income statement. In the quarter, cost of goods sold increased 17% and had similar drivers as last quarter. Hardware costs are up due to the success of Xbox 360 consoles and Kinect Sensors. Third-party content royalties are also up, reflecting strong sales on Xbox Live. Enterprise Services and our Server & Tools business continues to grow rapidly, and Online Services costs are also up, reflecting increased traffic acquisition costs, including costs related to the Yahoo! alliance. Operating expenses were $7.5 billion, an increase of 8%, primarily due to recently legislated Puerto Rican excise taxes and an increase in selling-related costs.
During the quarter, we made the following adjustments to our full year tax rate, which impacted our effective tax rate for the fourth quarter. First, we made adjustments to reflect our actual mix of foreign and U.S. taxable income for the year; and second, we completed our tax filings, which resulted in adjustments reducing our tax provision. To think about the full year tax rate, our effective rate was 19.2% after adjusting for the onetime benefit in the third quarter related to the IRS settlement.
Operating cash flow for the fourth quarter was $5.9 billion, growth of 6%, while operating cash flow for the full year was a record $27 billion, an increase of 12%. In the fourth quarter, we repurchased $1.6 billion of stock and declared $1.3 billion of dividends. For the full year, we returned $16.9 billion of cash, an increase of 10% year-over-year, continuing our long-term commitment to return cash to shareholders.
In the past 5 years, we have returned over $90 billion and reduced our outstanding share count by 1.7 billion shares or 17%.
In summary, we had a very solid quarter and year, both from a product perspective and also with regard to delivering strong financial results and returning cash to shareholders. And with that, I'll hand it back to Peter, who's going to discuss our business outlook.
Peter Klein
Thanks, Bill. For the remainder of the call, I'll discuss our expectations for the upcoming quarter and full year. As we enter fiscal year 2012, we are excited by the advancing trends in technology and the resulting opportunities for us to evolve our businesses. We expect increased diversity of hardware and services designed to satisfy users' growing demand for a unified, consistent experience across multiple devices. We also expect businesses and developers to continue their transition to the cloud, given the compelling economics and flexibility. We believe that with our current portfolio and investments, we are well positioned to capitalize on these trends.
Now turning to our outlook by business. For the Windows and Windows Live division, we expect revenue to continue to be impacted by market dynamics, similar to what we experienced in the fourth quarter, with emerging market growth significantly outpacing developed market growth. While emerging markets are an important opportunity for us to increase Windows penetration, they impact revenue growth percentages as they generate lower average selling prices and have higher piracy rates. We also expect business PC growth to outpace consumer PC growth, with the business PC refresh cycle continuing throughout the fiscal year.
Turning to the Microsoft Business division. Transactional revenue, approximately 40% of the division's total, will likely lag the overall PC market for both the first quarter and full fiscal year, reflecting a higher mix of PC shipments to emerging markets and the launch of Office 2010 a year ago. Multiyear licensing revenue, approximately 60% of the division's total, should grow mid to high single digits for the first quarter and low double digits for the full fiscal year.
Moving to Server & Tools. Approximately 30% of the division's revenue comes from transactional licensing, 50% from multiyear licensing and 20% from Enterprise Services. We expect transactional revenue to generally track with the hardware market for the first quarter and full fiscal year. We expect multiyear licensing revenue and Enterprise Services revenue to grow low double-digits for the first quarter and full fiscal year.
Turning to the Online Services division. We expect online advertising revenue to perform roughly in line with the overall online advertising market for the first quarter and full fiscal year.
Within the Entertainment and Devices division, we expect revenue to grow high single digits for the first quarter and mid-teens for the full fiscal year. Keep in mind that first quarter revenue will include a higher mix of hardware, reflecting last September's Halo Reach launch, and will result in gross margins similar to full fiscal year '11 margin.
Switching to overall cost of goods sold for the company. The biggest factor impacting COGS going forward will be the shift of revenue mix across hardware, software, Enterprise Services and Online Services. In fiscal year '12, we will continue to prioritize our spending and manage our costs. We are reconfirming our guidance of 3% to 5% growth and expect operating expenses to be $28.0 billion to $28.6 billion for the full fiscal year. We expect our effective tax rate to be 19% to 21% for the first quarter and full fiscal year, and we still expect capital expenditures for the full fiscal year to be about $2.5 billion.
Moving to unearned revenue. Given our strong sales execution and our record unearned balance at the end of the fiscal year, unearned revenue in the first quarter will likely lag historical sequential growth patterns by a few points. We expect unearned revenue at the end of fiscal year '12 to grow low double-digits over this fiscal year.
In summary, we delivered solid financial results for the fourth quarter and full fiscal year. As we look towards fiscal year '12, we have good product momentum in the market and are excited by the opportunity to help our customers take advantage of the advancing trends in technology.
And with that, I'll turn the call over to Bill and we'll take some questions.
Bill Koefoed
Thanks, Peter. We want to get to questions from as many of you as possible, so please stick to just one question and avoid long or multi-part questions. Carol, can you please go ahead and repeat your instructions?
Question-and-Answer Session
[Operator Instructions] Our first question today will be from Walter Pritchard, Citi.
Walter Pritchard - Citigroup Inc
You mentioned in the slide deck there that 20% of the FORTUNE 500 has started to adopt the Office 365 Online Services. And I'm assuming it's pretty early there, but I'm wondering if you could help us understand how quickly you expect that to progress throughout fiscal '12, and sort of what impact we should see on the financial statements as that starts to happen in fiscal '12 or maybe beyond.
Peter Klein
Yes. You see it hit the financial statements in 2 ways actually, Walter. One is will be in the actual Office 365 revenue, but also as we continue to have the conversations about the migration to the cloud, you see that show up in our multiyear licensing revenue, and you saw some of that this quarter with our really strong multiyear licensing revenue across the board. The market response so far has been great. We're really excited about it. We expect that to accelerate over time. But again, I think you'll see it in both ways. You'll see it in our multiyear licensing revenue and in our Office 365 revenue.
The next question will be from Adam Holt, Morgan Stanley.
Adam Holt - Morgan Stanley
My question's about the E&D commentary for next year, which was, I think, a surprise, relative to, certainly, the consensus expectations in that it's a lot higher than where consensus was for next year. Can you talk a little bit about some of the detail behind the assumptions there? Specifically, what are you expecting or what is embedded around the Nokia relationship, and what are you expecting and what's in the numbers around any kind of share gains following Mango?
Peter Klein
Well, the single biggest driver in the E&D division is going to be Xbox, right? And so we've got great momentum in the marketplace with the console, which we've refreshed a year ago, with Kinect which just came to market last holiday, with a bunch of new content and titles that Bill talked about in terms of games as well as broader entertainment content. So as we look to continue the momentum that we have with our share position in the marketplace, you see the strategy really coming together in that business, selling the installed base of the consoles and then having the social connectivity with Xbox Live and the broader entertainment portfolio. And so a lot of that strength relates to the Xbox business. Additionally -- I mean, I think it's fair to say that our division thinks that we've just scratched the surface of the possibilities with both the Xbox console and Kinect. And obviously, as I talked about with the games that we had coming out at Christmas, people are super excited about the possibilities there.
The next question is from Heather Bellini, Goldman Sachs.
Heather Bellini - Goldman Sachs Group Inc.
I just had a quick question. There's been a lot of talk about patents and money that you guys could be receiving for patent violations. How do we think about modeling those, if there's any tips you could give us? And how do we think about those -- where they would show up and kind of what segment they get embedded in?
Peter Klein
I think the most important thing to think about, stepping back, is of our overall approach, right? We have a firm culture and belief in innovation, intellectual property and protecting our right to intellectual property. And we've done that consistently with the industry-wide licensing program related to Android. Specifically, broadly too, but Android, which infringes on some of our patents. I think we haven't talked a lot about what to expect from a modeling perspective on there, so you should just look to what we do on our licensing program going forward.
The next question is from Philip Winslow, Credit Suisse.
Philip Winslow - Crédit Suisse AG
Just going back to deferred revenue. Obviously, that was well ahead of consensus, and I think it's the strongest year-over-year growth you've had in MBD since '06 and Server & Tools since '08. What really changed this quarter, the second half of the fiscal year that drove that up so much from what we've been seeing over the past couple of years? And just anything specific to those 2 divisions as well.
Peter Klein
Yes. No, there are several things. One, the business refresh has continued as companies have come out of the economic downturn of a few years ago. They really are investing in technology. They're seeing the opportunities for technology to really enhance their value proposition. And they are seeing the benefit of our technology. They're really making a long-term commitment to our product set. In MBD, it's really about intentional strategy we've had really over the last 3 to 5 years to sort of broaden the view of what productivity means and how we integrate, not only the great new Office applications, but also with e-mail, with Exchange, collaboration with SharePoint and more recently, communications with Lync. And customers are really seeing the benefit of that. We're really just starting to scratch the surface on that. As I said on the call, a lot of our revenue was driven by growth in those businesses. And if you add to that what we're doing with Dynamics, in taking share in both ERP and CRM, it really is driving a lot of growth, and that really is sustainable. At the same time, in Server & Tools, we've really scaled our products across the board, whether that's with the premium versions of Windows Server and System Center and also SQL Server. And so as we've done that and customers are investing in their data centers, in their private cloud implementations on the way to the public cloud, we're really taking advantage of that and getting good double-digit growth there. So the combination of a really strong environment for businesses investing in the value of IT and our product set sort of across the board, from infrastructure to applications, has been great.
The next question is from Brent Thill, UBS.
Brent Thill - UBS Investment Bank
Peter, just on enterprise demand. Is there any change in terms of what you're seeing in the U.S. versus European demand profile?
Peter Klein
No. This quarter, we actually saw broad-based demand across all the geographies. Obviously, emerging markets remain very strong. But this quarter, we saw demand and great sales execution really across Europe and the U.S.
The next question will be from John DiFucci, JPMC.
John DiFucci - JP Morgan Chase & Co
Bill, when you said that 25% of enterprise desktops are already deployed with Windows 7 and 90% of enterprises have committed to a deployment plan, I was just curious. Is it fair to say that about -- that 25%, should we be thinking of those as largely on the lower end, in the SMB that sort of act more like consumers? And does the committed, your word there, "committed", does that mean that they're already contracted for, or they've started to contract at the lower level and you expect that to continue going forward?
Peter Klein
Yes, that's a great question. On the enterprise side, clearly, companies like JPMorgan have started looking at Windows 7 and working on the deployment plan. When we think about the term "committed", it means that either a Microsoft sales rep or a partner actually have plans in place where they're looking at a rollout schedule. So it's a very deliberate plan. They're engaged in testing. In many cases, I think we talked about that last quarter, but not so much this quarter, they're also rolling out Office 2010 at the same time that they're rolling out the Windows 7 Desktop. So we're excited obviously about the speed of the deployment process that's been underway, but we also think there's a lot of opportunity for the future. And I think to your point probably, enterprises are a little bit further along just due to the -- probably the macroeconomic environment. And we've seen more deliberate execution there than maybe in some of the other areas. That's a great question.
The next question is from Robert Breza, RBC Capital Markets.
Robert Breza - RBC Capital Markets, LLC
Peter, I was wondering if you could talk to, I think, your comment, you said that you believed unearned revenue could grow low double digits. I'm assuming most of that's going to be coming on the enterprise side. And you specifically called out in your commentary some of the drivers to that growth. Could you maybe just help us clarify that in terms of the unearned revenue?
Peter Klein
Yes, you're correct. Most of that growth will come from the enterprise, and it goes back to that strength we're seeing in selling multiyear licensing agreements and the demand we're seeing for the product set across the portfolio of the Business Division and the Server & Tools business. So the dynamics that we saw this past quarter, we see playing out again next year, and that will drive the unearned growth for the full year. I would add, and I talked about this a little earlier but I'll go back to it again, the conversations increasingly that we're having with the cloud, whether that's Office 365 or Windows Azure or Windows Intune or Dynamics CRM Online, really play into that as well because we find increasingly, customers wanting to make long-term commitments when they see that migration path to the cloud as well. And that, you'll see coming to, I think, even more play this year.
Bill Koefoed
Yes. I think communicating our roadmap to our customers has been a big advantage. And they like our roadmap, they're committed to our roadmap, and that's been a really good thing.
Brad Reback, Oppenheimer.
Brad Reback - Oppenheimer & Co. Inc.
Peter, on the revenue per search aspect towards Yahoo!, can you give us any sense how far along the road you are there? Do you think you're 30% of the way to getting the problem solved?
Peter Klein
That's a good question. What we think and what we say and what we believe is we're on a path and we're totally aligned with Yahoo! on this, and the collaboration has been fantastic and the right people are focused on it, is we'll have this turned around by the end of this calendar year and move forward from there. And we're still on a path to do that, and I think both sides are signed up for that plan.
The next question is from Colin Gillis from BGC.
Colin Gillis - BGC Partners, Inc.
Peter, just on that same theme in Online Services, can you give us a sense what percent of the expense is ongoing costs and then what percent might be transition costs that could possibly roll off?
Peter Klein
The bulk of it's ongoing cost. There's a little bit of transition cost, but you should think of the bulk of it is ongoing cost. And really, the dynamics of that business, as you know, are -- it's a high fixed-cost business, it's a scaled business, and as we grow our revenue per search, that's a highly leveraged revenue dollar that we get. It goes against that fixed cost base.
Bill Koefoed
So clearly, improving our RPS is our goal that we're laser-focused on as we've talked about.
Peter Klein
Brendan Barnicle, Pacific Crest Securities.
Brendan Barnicle - Pacific Crest Securities, Inc.
Peter, how should we think about repatriation of cash as you guys generate so much in some of these foreign jurisdictions?
Peter Klein
Well, the broader issue of just income tax policy, we'll leave to the experts. Obviously, we're supportive of long-term enhancements to our income tax policy. In terms of repatriation specifically, I don't think it's a big issue one way or the other for either our operations or our strategies or what we're able to do. We've obviously had a very good year both in terms of our financial results and our ability to deliver cash back to shareholders.
Ed Maguire, CLSA.
Edward Maguire - Credit Agricole Securities (USA) Inc.
Could you discuss the monetization trends you may be seeing from Xbox Live? Seems like you've got some decent subscriber growth.
Peter Klein
Yes. No, it's really been fantastic. As we've grown the subscriber base, there's actually a couple of revenue streams. There's the subscription revenue stream and then there's the transactional revenue stream for people who actively engage with the service that they can buy purchases while they're engaged in that. And that really helps to accelerate the monetization of that business. And that's a really, really amazing long-term opportunity for us, particularly as we continue to take share of just the whole console platform.
The next question will be from Gregg Moskowitz from Cowen and Company.
Gregg Moskowitz - Cowen and Company, LLC
Peter, I just had a question on guidance. In the past, you've talked about Windows revenue growth roughly tracking PC unit growth. We all know about the mix shift to emerging markets, but is there anything you can say to help frame how we should think about the gap between Windows revenue growth and overall PC growth in fiscal '12?
Peter Klein
Yes. I think I would stick with the framework that we gave, and it's -- there's hopefully a lot of texture to that. And depending on one -- what assumption one makes about the growth in emerging markets versus developed markets and businesses versus consumers really impacts what that growth will be. Obviously, the more faster growth there is in emerging markets relative to developed, is more headwind for the Windows growth relative to the overall PC market. But I think understanding what your belief is about those dynamics should help a lot with that.
The final question will be from Tim Klasell, Stifel, Nicolaus.
Tim Klasell - Stifel, Nicolaus & Co., Inc.
Office 365 has now been out in the market for a little while. Can you -- but you have multiple bundles at very wide price points. Can you sort of point to a bundle or the bundles that appear to be the most popular right now?
Peter Klein
Well, it's been out for about a month, so it's really too early to tell. But I would say that the philosophy behind that pricing is to provide the right set of choices for every customer in every segment, depending on what their needs are. And so ultimately, I think we'll see a broad cross-section of customers choosing different pricing plans, whether you're a small and medium business who's never had Exchange or SharePoint or Lync before, there's a really affordable option for you to jump in. For enterprises who need much more scalability, who need premium versions, they can pay a little bit more. And so as always, we really believe in understanding what the different needs are, different customer segments, in structuring our SKUs and our pricing to reflect the best options for every customer segment depending on their need.
Bill Koefoed
So that will wrap up the Q&A portion of today's earnings call.
Just a reminder that Microsoft's 2011 Financial Analyst Meeting will be on the afternoon of September 14 in Anaheim. FAM will be held in conjunction with BUILD, our developer conference, which will kick off the morning of September 13th at the Anaheim Convention Center. We encourage investors to attend BUILD or watch the keynotes via webcast as it will offer people the opportunity to learn directly about our product strategies and roadmaps. Please contact us if you have not received an invitation as preregistration will be required.
Thanks again for joining us and have a great day. Thank you.
This concludes today's conference call. You may disconnect at this time. Thank you.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
If you have any additional questions about our online transcripts, please contact us at: firstname.lastname@example.com. Thank you!


text:
Motorola has announced the newest addition to its mobile computing portfolio, the MC75A 3.5G enterprise digital assistant (EDA).
Available in two models, WAN/LAN and LAN only, the MC75A series enables organizations to select the device best suited to meet their business needs while providing the ability to standardize on a single device for knowledge workers inside the four walls and out in the field, the vendor said.
With 3.5G HSDPA or CDMA EVDO Rev A connectivity, the MC75A provides mobile workforces around the globe with high-performance wireless broadband voice and data. Comprehensive 802.11a/b/g support provides WLAN connection inside the four walls and in hot spots - and support for 802.11a allows the granular segmentation of voice traffic, ensuring quality of service for VoWLAN communications, according to the vendor.
- Wireless broadband developments in Southeast Asia markets
As of 2013, the 10 ASEAN nations had a total of over 700 million mobile subscriptions, with the CAGR from 2003-2013 reaching 24%. This Digitimes Research Special Report analyzes the various mobile broadband markets in ASEAN and looks at the respective trends in 4G LTE development for those markets.
- 2015 global tablet demand forecast
This Digitimes Research Special Report provides a 2015 forecast for the global tablet market and analyzes the strategies of key market players such as Google, Apple, Intel, and Microsoft.
- 2015 China smartphone panel trend forecast
This Digitimes Research Special Report analyzes the strategies of key China-based major panel makers BOE, Tianma and IVO for attacking the different market segments through technology and pricing, and their relationship to local vendors Huawei, Lenovo, ZTE, Xiaomi and Coolpad.

subset: commoncrawl


text:
Gee, I wonder which "cable news show" Joe had in mind . . .
In a seeming shot at Keith Olbermann, Joe Scarborough has predicted that "certain cable news shows" will stir up a "fake controversy" tonight over whether Sarah Palin was booed on Dancing With The Stars [she wasn't].
Here's the background: Bristol Palin performed on DWTS last night, and Sarah was there in the front row to support her. Jennifer Grey [of Dirty Dancing fame] also competed last night. Her backers in the audience began to boo when her scores, which they judged to be too low, were announced. That happened just before the show cut to an interview with Sarah Palin. Some have tried to suggest that the audience was booing Palin. But the crowd in fact cheered when Sarah appeared, and as Willie Geist said "my staff and I have studied the tape. They were not booing [Palin]."
That served as preamble to Joe's prediction . . .
JOE SCARBOROUGH: You watch this happen. You watch. You watch on certain cable news shows.
MIKA BRZEZINSKI: No!
SCARBOROUGH: Seriously: you just watch. Fake controversy at its best.
Check out Mika's body language. She clearly doesn't want Joe venturing out into MSNBC's internal-politics minefield, where Olbermann's best-among-the-also-rans ratings make him a powerful player.
Note: speaking of Olbermann, Lawrence O'Donnell's new MSNBC show debuted last night. I'm counting on Crazy Larry to provide some good manic moments between now and election day. At the very least, I figured the show would be an Olbermann-free zone. But: argh! During last night's debut there was Olbermann droning on during two segments. Miss Precious Perfect marking her territory?


text:
There are no customer reviews yet. Be the first to write a review!
• Extensive walkthroughs for all three acts of The Kingdom of the Crystal Skull including the new adventures for the three classic films!• Detailed area hub maps to get you to your objectives!• Information on all characters, their unique weapons and abilities, and how to unlock them!• Expert advice on how to use the Map Creator. We''ll show you how to build levels, create characters, and build your own adventure!• Exclusive art section!


text:
November 08, 2012 at 04:07:53 Nov 08, 2012 @ 04:07
Rare Demo
Rare Demo
http://kevinshanklin.com/ IF YOU HAVE A FFFOUND.COM INVITE MSG ME
Originally posted by Inactive Userfor real. i downloaded it on my phone earlier and once i heard her come on i was like 'wtf is this shit' and turned it off
Changed my name from Mojosodope to J_Got_The_Geass
facebook.com/lazyjp LazyJP.tumblr.com @LazyJP1 soundcloud.com/lazyjp
yeah it just sounded off cause it needed some production touches. Mixed a bit better too. I think it wouldve still been cool instead of "alien Kdot" voice


text:
Video courtesy of androiddevelopers
I still don't understand why hardware manufacturers say that Androdi OS 2.x is not suitable for tablets. However, Google previewed Android OS 3.0 (Honeycomb) in Las Vegas as CES this week. And, tier-one firms like Motorola announced the Honeycomb based tablets that will be available someday after Android OS 3.0 is actually available (2.3 was just released a few months ago and most Android devices are NOT shipping with it yet).
Google posted a wordless video preview of Android OS 3.0. While it does look snazzier than OS 2.x and states it was specifically designed for tablets, I'm still unconvinced that OS 2.x is unsuitable for tablets. That said, I'm waiting for Moto's XOOM or something like it before I buy an Android tablet myself.
A Sneak Peek of Android 3.0, Honeycomb (Google Mobile Blog)
Motorola XOOM tablet announced (BGR)


text:
HE says he has sparred with his two pet Bengal tigers, but former world heavyweight boxing champion Mike Tyson met his match when he came face to face with a koala named Trace in Brisbane on Thursday.
''I don't want to be attacked by it,'' he told reporters as he was offered one to hold. ''Good animals go bad sometimes.''
A quick g'day, then Mike disappears without Trace
Current Status: Published (4)
Seeded on Thu Nov 15, 2012 1:26 PM
keyboard shortcuts: V vote up article J next comment K previous comment


text:
Ramesh, MP Design and Development of a 250 watt (Peak) Wind Electric Generator for Remote Area Applications. Project Report. National Aerospace Laboratories, Bangalore.Full text available as:
|PDF - Published Version
Restricted to CSIR-NAL Registered users only
Download (1257Kb) | Request a copy
Phases in development of a small wind electric generator has been explained. Design and Construction of ' blades Is given in some detail. An approach to design of furling unit has been proposed and tried. Wind tunnel tests and field trial results have been included
|Item Type:
|Proj.Doc/Technical Report (Project Report)
|Uncontrolled Keywords:
|Rotor, Blade, Drive Train, Purling Mechanism, Safety, Dynamo Shut down, Thrust Coefficient, Coefficient of Power
|RENEWABLE ENERGY > Wind Energy
CHEMISTRY AND MATERIALS > Chemistry and Materials (General)
|Wind Energy Programme
|Depositing User:
|Ms Indrani V
|Date Deposited:
|06 Jan 2012 10:45
|Last Modified:
|06 Jan 2012 10:45
Actions (login required)
|View Item


text:
Sonora Man Uses Stolen Car To Get To Court
Police say a man was arrested after using a stolen car to get to a court appearance in Sonora.
James Manning was taken into custody after police say they received a call from an auto dealership in Redding on Friday reporting the vehicle was stolen.
The 2001 Mitsubishi's GPS indicated it was parked in front of the Tuolumne County courthouse. Officers found the car, which already had a different set of license plates on it.
Manning's wife, 45-year-old Teresa Castillo, told officers her husband had bought the car earlier in the day for $200 so they could drive to his court appearance.
The 49-year-old Manning and his wife were arrested on suspicion of vehicle theft and possession of a controlled substance.


text:
Bronze MemberWhat's this
Contact Details
Name: Abe Solomon
Tel: 305-761-5830
Email: email@example.com
Website: http://www.zingonlineservices.com
Address: 1930 NE 206th Terrace, 33179 Miami
Can't decide which website design company to choose? Let us help...
Key Facts
Clients & Projects: 2
Reviews: 0
Average reviews rating:
0 Stars
Languages Spoken:
No. of Employees: 1-5
Established: 1999
Joined WWDC: 2009
- Branding
- Hosting
- Online Marketing
- Search Engine Optimisation (SEO)
- Development
- Design
Zing Online Services, Inc. web design and hosting company specializes in designing quality web sites people can actually find and easily use. We guarantee professional results, quality, excellent personalized services at the best value available. We have a full complement of internet services including web development, web hosting search engine optimization and search engine marketing.
Industry SectorsConsumer Services
Tends to work withCorporation / Public Company
General location of clients:USA
Recent Projects
Bruce Pontner
Sell firearms and ammunition online Read More
Jim Morris
Wholesale directories Read More


text:
to Stuben Pictures page
New! Your
product; your service; your accommodation; your offer; can be first,
foremost & exclusive in a viewer's sight and mind when he/she
selects information about your destination.
We can guarantee that
absolutely no one can get information on your destination from
WWW.skiaustria.com without first
seeing your message. Click on first photo for full demo.
A viewer
wants to visit your country and like thousands every day he/she
selects the Activelifestyle travel network domain that offers the
desired information.
From there
they click on the resort destination that you are offering
accommodation, tours, products or services.
they reach that page they are served a page of your choice from your domain.
From there they can go either to your site for more information or
to the page with general destination information.
As a
result of this exclusive page presentation perfectly targeted at
your destination, you have been elevated to the position as the
main player in that destination.
A simple
daily rate ensures that your charges are capped and manageable. The
amount of times your exclusive message is seen is related directly
to the popularity of your resort. No matter. You are the first one
seen, the main player before the viewer gets to see the other
suppliers in the destination.
Costs are
very reasonable and to place your exclusive bridge ad is so simple
that almost anyone on your staff can do it.
1 week
weeks = EURO 126, 3 weeks
= EURO 168, 1 month = EURO 210


text:
Well, I'm assuming that your laptop is configured to use the m0n0wall
lan IP as the first dns server, since you're getting the right IP
address initially, and I'm guessing you have a secondary dns server
configured on the laptop somehow too (either statically or by dhcp).
I don't think that nslookup will use the cached information from the
windows dns resolver, so it does happen sometimes that nslookup will use
your primary dns server, while your machine is actually using the
secondary dns server. This can lead to different results.
For reasons I'm not quite sure about yet, I've seen Windows machines
switch to using the secondary dns server address. I've usually been
able to trace this to a temporary unavailability of the primary dns
server. If the scenario above is true, I'm not sure why your laptop
would be able to access a wan dns server, but not the resolver on m0n0,
except maybe if that process died or was unavailable/overloaded for some
reason. I'd sniff the machine's traffic to find out just what dns
server it is using for normal dns lookups.
> -----Original Message-----
> From: Norman H. Azadian [mailto:norman at azadian dot ch]
> Sent: Monday, November 21, 2005 4:55 PM
> To: m0n0wall at lists dot m0n0 dot ch
> Subject: [m0n0wall] DNS problem
> Someone want to tell me how this can happen?
> > C:\>nslookup mail.azadian.ch
> > Server: fw.azadian.ch
> > Address: 192.168.3.3
> >
> > Name: mail.azadian.ch
> > Address: 192.168.3.10
> >
> >
> > C:\>ping mail.azadian.ch
> >
> > Pinging mail.azadian.ch [184.108.40.206] with 32 bytes of data:
> >
> > Reply from 188.8.131.52: bytes=32 time<10ms TTL=63
> This is on my W2K laptop, which is connected to the mail server via
> mail.azadian.ch is DNS forwarded to mail server's internal address of
> 192.168.3.10 by m0n0wall-1.2. When the laptop comes up, it runs
> for a while, meaning that both nslookup and ping use the internal
> Then it can't find the mail server, and I have the state shown
> It
> is perhaps important to note that my ADSL is going up and down like a
> yo
> these days, due to either a bad modem or a bad line; I don't know
> yet.
> ---
> Norman H. Azadian Taegerishalde 13 CH-3110 Muensingen
> norman at azadian dot ch tel: +41 31 721 7855 fax: +41 31 55 898 55


text:
Buick Gran Sport for Sale
Selected Filters:Type of Ad: Vehicles for Sale Make: Buick Model: Gran Sport Remove All
1970 Buick Gran Sport 455
Syosset, NY
Call or visit our website for more information!... More
Advertiser since 2010
1970 Buick Gran Sport Stage 1
Dallas, TX
Factory Prototype show car- 1 of only 2 factory exhibit Buick GS cars produced by Buick Motor Division in 1970- 455/360 HP engine with... More
1970 Buick Gran Sport Convertible
Harrisburg, PA
Matching numbers V-8 engine- Automatic transmission- Believed to be 55,000 miles- 100 miles since May 2017 restoration- Yellow with Black interiorTo be sold at... More
1971 Buick Gran Sport Convertible
Ruskin, FL
Up for sale in our Tampa showroom is this rare 1971 Buick Gran Sport Convertible. Buick Produced these V8 GS from 1967 until the... More
Advertiser since 2012
1970 Buick Gran Sport
Whitman, MA
Matching numbers. Owned by same family since 1972. Original 55K miles, 100 miles since frame-off restoration completed May 2017.... More
1967 Buick Gran Sport
Fayetteville, NC
1967 Buick Gran Sport 2D Hardtop 400Classic CarLimited ProductionRestored In 1995This Car Is In Very Good Condition With All Original PartsNew Exhaust System Installed74000... More
Advertiser since 2010
1969 Buick Gran Sport 400
Milpitas, CA
Call or visit our website for more information!... More
1970 Buick Gran Sport 455
Denver, CO
Worldwide Vintage Autos is pleased to present this 1970 Buick GS 455 Coupe. Stage 1 Equipped. Must See! HISTORY The 400 was replaced for... More
Advertiser since 2012
1971 Buick Gran Sport Convertible
Coral Springs, FL
For sale in our Fort Lauderdale showroom is one gorgeous 1971 Buick GS Convertible Stage 1 tribute car. The Buick GS or Buick Gran... More
Advertiser since 2012
1969 Buick Gran Sport
Brummen, Netherlands
Beautiful and very rare Buick GS 400 'Gran Sport'. Delivered new in 1969 in California, USA and has driven only 56.212 miles. This car... More
Advertiser since 2015
1969 Buick Gran Sport
Colorado Springs, CO
Build sheet documents show original 430 ci V-8, now has a 1972 modified 455 ci V-8 producing awesome power. Turbo 400 automatic transmission with... More
Advertiser since 1960
1970 Buick Gran Sport
Pittsburgh, PA
1970 Buick GS Stage 2 Tribute This is not a restoration, but a completely rebuilt car with modern suspension, running gear and a Stage... More
1971 Buick Gran Sport Convertible
Monroeville, OH
71 gs convertible -real gs-350c.i.,auto,numbers match-older frame off restore,legendary interior,all of car-paint, interior,top,motor ,transmission absolutly no issues,bench seat,no a.c, colmn shift, all glass excellent condition,... More
1970 Buick Gran Sport Sedan
Mooresville, NC
This 1970 Buick GS 455 Stage 1 FULL RESTORATION, REAL STAGE 1, PERIOD CORRECT 455, 4-SPEED, AC features a 455 V8 8cyl Gasoline engine.... More
1967 Buick Gran Sport
Woodbury, NJ
1967 Buick GS 400 in Excellent Condition! Mileage: 94000 Transmission: 4spd Manual Condition: Excellent Exterior: Aqua Marine Metallic Interior: Dark Metallic Turquoise Very well maintained, rust-free New Mexico car. Originally... More


text:
One of Utah's largest bus companies is in the process of equipping all of its vehicles with seat belts despite the fact that no federal or state regulations require them.
"It didn't come to me in a vision," said All Resort Group CEO Richard Bizzaro, whose holdings include Lewis Stages. "It seemed like the right thing to do. So we took the lead. I've always been around companies that did things before because it was the right thing to do."
The Park City-based company that includes 98-year-old Lewis Stages, Park City Transportation, Xpress 4 Less and Premier Transportation held an open house Tuesday to offer rides in its vehicles, which include 56-seat luxury motor coaches, mini-coaches, sprinters, vans, SUVs and a limousine.
Bizzaro said it costs about $3,000 extra to equip a motor coach with the three-point seat belts car drivers are required to wear. The company has been purchasing the coaches with the belts since 2010 and roughly one-third of its fleet now features them. He says it has invested more than $2 million in the upgrades.
Passengers are not required to wear them, though Bizzaro said that he has noticed that when they are available, passengers usually opt to use them.
"I was not born in the bus business," he said. "Many owners were born into the bus business and are used to the idea that federal and state governments do not require seat belts on buses, including school buses. I put my grandchildren on a bus every day."
Corporal Todd Johnson, a public information officer for the Utah Highway Patrol, said that adding seat belts to buses is an additional safety measure.
"Seat belts in those buses will increase the chances of survival if a crash happened," he said. "They are not under any obligation to do that ... In any crash, when a seat belt is used, it increases the chances of surviving that crash."
All Resort, which Bizzaro said is the only Utah-owned company to offer seat belts in large buses, has not seen a customer injured in an accident in the past seven years, a period when its vehicles covered more than 12 million miles.
"If one of our coaches ends up in an accident, we want to know that we have done everything possible to save our customers lives," he said. "If we spend millions of dollars and save even one life, it's worth it."
The National Transportation Safety Board has required passenger cars to have seat belts since 1968, and 49 states and the District of Columbia require wearing seat belts in passenger cars and light trucks.
That said, seat belts are not required in school or commercial buses.
The NTSB on its website said that because large school buses are heavier and distribute crash forces differently than cars or light trucks, crash forces experienced by occupants are much less severe. Its statistics show that approximately 450,000 school buses travel 4.3 billion miles and transport 23.5 million children a year. Yet, on average, six school age children in the U.S. die in school bus crashes as passengers.
But Alan Ross, president of the National Coalition for School Bus Safety, disagrees with that assessment and has been working for years to get the safety devices installed on school buses. He said that of 500,000 large yellow school buses on the road, less than 50,000 have lap belts.
"The reason for that is finding the money has always been the issue," said the New Hampshire-based dentist. "There is no downside to safety belts, especially the three-point belts."
Twitter @tribtomwharton
Seat Belt Facts
• If you are in an accident, you have a 95 percent chance of getting injured and a 50 percent chance of dying if your are not wearing a seat belt. You have a 97.6 percent chance of walking away completely uninjured if you are wearing a seat belt.
• After all 2010 accidents in Utah, 109 lives were saved because the passengers or drivers were restrained by a seat belt. Unrestrained passengers or drivers are 3,100 percent more likely to lose their life than those in seatbelts.
• 93.6 percent of passengers in buses are not restrained.
• 75 people get injured in buses in Utah every year.
• Unrestrained people are ejected from their vehicle 36 percent of the time. Once ejected, you have a small chance of survival.
• Of all 88,958 accidents studied in Utah, only .4 percent involved a bus compared to 50.9 percent in a passenger car. Buses boast the lowest total number of accidents in all categories.
Source: Utah Department of Public Safety Highway Safety Office


text:
Draft Report (Appointment of Dr Donald Kohn to
the interim Financial Policy Committee), proposed by the Chair,
brought up and read.
Ordered, That the draft
Report be read a second time, paragraph by paragraph.
Paragraphs 1 to 14 read and agreed to.
Resolved, That the Report
be the Thirteenth Report of the Committee to the House.
Ordered, That the Chair
make the Report to the House.
[Adjourned till Monday 23 May at 3.15 p.m.


text:
Wireless Settings
- Wireless Mode
- The wireless part of your router can run in different modes:
- AP mode – This is the default mode, also called Infrastructure mode. Your router acts as an central connection point, which wireless clients can connect to.
- Client mode – The radio interface is used to connect the internet-facing side of the router (i.e., the WAN) as a client to a remote accesspoint. NAT or routing are performed between WAN and LAN, like in "normal" gateway or router mode. Use this mode, e.g., if your internet connection is provided by a remote accesspoint, and you want to connect a subnet of your own to it.
- Client Bridged mode – The radio interface is used to connect the LAN side of the router to a remote accesspoint. The LAN and the remote AP will be in the same subnet (This is called a "bridge" between two network segments). The WAN side of the router is unused and can be disabled. Use this mode, e.g., to make the router act as a "WLAN adapter" for a device connected to one of its LAN ethernet ports.
- Ad-Hoc mode – This is for peer to peer wireless connections. Clients running in Ad-Hoc mode can connect to each other as required without involving central access points.
NoteNote that WDS is only available in AP mode.
- Wireless Network Mode
- If you have Wireless-G and 802.11b devices in your network, then keep the default setting, Mixed. If you have only Wireless-G devices, select G-Only. If you would like to limit your network to only 802.11b devices, then select B-Only. If you want to disable wireless networking, select Disable. Note that B-Only mode is not supported under WDS.
- Wireless Network Name (SSID)
- The SSID is the network name shared among all devices in a wireless network. The SSID must be identical for all devices in the wireless network. It is case-sensitive and must not exceed 32 alphanumeric characters, which may be any keyboard character. Make sure this setting is the same for all devices in your wireless network.
NoteFor added security, it is recommended to change the default SSID dd-wrt to a unique name of your choice.
- Wireless Channel
- Select the appropriate channel from the list provided to correspond with your network settings (in North America between channel 1 and 11, in Europe 1 and 13, in Japan all 14 channels). All devices in your wireless network must use the same channel in order to function correctly. Try to avoid conflicts with other wireless networks by choosing a channel where the upper and lower three channels are not in use.
- Wireless SSID Broadcast
- When wireless clients survey the local area for wireless networks to associate with, they will detect the SSID broadcast by the router. To broadcast the router SSID, keep the default setting, Enable. If you do not want to broadcast the router SSID, then select Disable.
- Sensitivity Range
- Adjusts the ack timing in Atheros typical way based on the maximum distance in meters
NoteOn Atheros based DD-WRT firmwares 0 will not disable ack timing but will turn into default ACK timing mode
- 0 disables ack timing completely
- 1 - 999999 adjusts ack timing
- Check all values and click Save Settings to save your settings. Click Cancel Changes to cancel your unsaved changes.


text:
I stayed here due to a funeral for a family member. It was a Saturday night and it was very quick service on the check in and the front desk staff was quite nice. There were a couple of downsides to the property - since you are in Wine Country people are very load and sound like a herd of buffalo roaming the halls at all hours of the night and its close proximity to the freeway makes it noisy. Try to get a room facing the front of the hotel. Trying to figure out how the tv worked was an adventure on its own. The bed was comfortable and the bathroom was adequate although it seemed that the ceilings in the bathroom were low (I am 5' 10") and could touch them. The breakfast from what I could see might have been ok but there were so many people there getting breakfast that there was very little left to choose from. I ended up with half an english muffin because that is all I could get to. Breakfast started at 7 and I was down there at 7:10am and everything was already picked over. There were tons of kids everywhere. I went ahead and checked out and drove through McDonalds instead.
- Reservation Options:
- TripAdvisor is proud to partner with Booking.com, Hotels.com, Orbitz, Expedia, Marriott, Priceline, Travelocity, TripOnline SA, Hotwire, Cheap Tickets, getaroom.com and Cancelon so you can book your Fairfield Inn & Suites Temecula reservations with confidence. We help millions of travelers each month to find the perfect hotel for both vacation and business trips, always with the best discounts and special offers.
- Also Known As:
- Fairfield Inn And Suites Temecula
- Fairfield Inn & Suites Temecula Hotel Temecula
- Fairfield Inn Temecula
- Fairfield Temecula
- Fairfield Inn Hotel Temecula
- Temecula Fairfield Inn


text:
chelsea lately Archives
The importance of being Ernst
Bret Ernst and his eyebrows are headlining Rick Bronson's House of Comedy tonight. We asked the "Comedy Central" and "Chelsea Lately" comedian about his most triumphant — and less so — moments on stage, what he never hits the road without and what he did the last time he was in Greater Phoenix. See him… Read More →
10 questions with Ben Gleib
The Rick Bronson's House of Comedy pre-show Q-and-A series give you 10 questions of insight into your favorite comedians' minds. A regular guest at the round table on the Chelsea Lately show, Ben Gleib started from sarcastic comments about people's intelligence to charming people with his satirical persona and his improvisational skills. Traveling with his… Read More →
Comedy Venue Brings Laughter to North Valley
Looking for a place to enjoy a fun night? Well look no further, as the new comedy venue Rick Bronson's House of Comedy brings entertainment and big laughs to the North Valley. Guests are invited to laugh the night away with shows taking place from Wednesday through Sunday. You can also join them for open-mic… Read More →
Date Night: Elan Style, Jo Paris Salon, Posh And More
Date Night: 10 hot tips to create the perfect night out Getting dressed Elan Style offers a sophisticated mix of contemporary clothing and accessories for every budget, all in a comfortable setting for shopping and socializing. Easily find that great outfit for a night out with the girls, the perfect sexy dress for that hot… Read More →


text:
Hover to view/zoom, click to enlarge.
Body: 92% Polyester/8% Spandex Bustle: 100% Nylon
This information is shown as a guide only and not a guarantee.Actual fitting may vary.
Do you think your friend would like to know that DDS has this item? Just fill in the following information and we will let them know!
Lacey Schwimmer Child Sequin Asymmetrical Shorty Unitard with Bustle
Here is the suggested fitting for Lacey Schwimmer Children's collection:
Intermediate (6x-7)Bust 24-26" Waist 21-24" Hips 26-28" Girth 47" Medium (8-10) Bust 25-27" Waist 22-25" Hips 27-29" Girth 49" Large (12-14) Bust 28-30" Waist 27-29" Hips 30-32" Girth 53" Sizing is only a suggested fitting not a guarantee- DDS Customer Service (09/28/2012)
Sign in before answering this dancer's questions.
Was this Q & A helpful to you? YES (


text:
Timminco's primary business was producing magnesium and related alloys at a decrepit plant in the Ottawa Valley town of Haley Station and at another facility on the outskirts of Denver. In the 1990s and early 2000s, Timminco produced magnesium for use in luggage frames, storage tanks, water heaters and sporting goods. It was, in the words of a former director, "a not very sexy business."
It was about to get sexier. The solar adventure began because Timminco came to represent a chance at redemption for a onetime business wunderkind from Europe who had fallen from grace. Heinz Schimmelbusch had been, more than a decade before, CEO of Metallgesellschaft AG. In the late 1980s and early 1990s, the Austrian-born Schimmelbusch was a dashing business leader and a confidant of German chancellor Helmut Kohl. Schimmelbusch envisioned Frankfurt-based Metallgesellschaft as a world-beating metals giant and a German corporate champion. "We are a miniature version of Mitsubishi," he told BusinessWeek in 1990. "With environmental services and materials technology, it will be very difficult to make this company unstable."
Under Schimmelbusch's direction, Metallgesellschaft went on a $2-billion (U.S.) acquisition spree and soon comprised some 258 companies around the world. But the "mini-Mitsubishi" story ended abruptly in 1993, when Metallgesellschaft suffered a loss of $1.1-billion (U.S.) stemming from a wrong-way bet of Schimmelbusch's on oil futures. The firm nearly went bankrupt and Schimmelbusch was out as CEO.
Leaving Germany's financial capital behind, Schimmelbusch retreated to an unlikely venue: Wayne, a suburb of Philadelphia. It was here, along with Arthur Spector, an American lawyer with an avuncular manner, that Schimmelbusch began plotting his comeback.
In 1997, the two men founded the technology-focused private-equity firm Safeguard International Fund LP. Among Safeguard's first investments was the 1999 purchase of Bécancour Silicon Inc., a Quebec silicon maker based in the municipality of the same name. Other than Schimmelbusch, Spector and an affiliate of Credit Suisse that had a small stake in the fund, it is unclear who else invested in Safeguard.
By 2003, Safeguard said it managed investments worth $370-million (U.S.). It was during that year that it became Timminco's apparent saviour.
Timminco had been struggling, in part because of the destruction of the Haley Station plant in a fire. The company was deeply in debt, owing $30.4-million at the end of 2002, almost all of it to the Bank of Nova Scotia, which had put its client in workout mode. Timmins had stepped down as CEO in 2001; while he was still the firm's non-executive chairman, former insiders say, he had lost the confidence of the bank and much of the board. He was often excluded from meetings.
Timmins confirms that once he stepped down as CEO, he had "no responsibility" for operations. That role had fallen to board member John Crow, the former governor of the Bank of Canada, who had been appointed acting CEO in 2001. Tasked with getting Timminco on solid footing, Crow formed a special board committee and hired bankers from CIBC World Markets to shop the firm to possible buyers and investors.
Despite being relegated to the sidelines of its management ranks, Timmins was still in a position of power: He controlled the largest chunk of Timminco stock and votes, approximately 46 per cent of the float.
In April, 2003, Safeguard bought six million Timminco shares in a private placement for $1.10 each–a large premium to Timminco's share price of 68 cents. Safeguard later offered to purchase up to four million shares from shareholders, also at $1.10.
The two transactions gave Timminco much-needed breathing room with the Bank of Nova Scotia. But the investments would also have other implications. Although the purchases gave Safeguard just 10 million Timminco shares out of more than 30 million shares outstanding, Schimmelbusch and Spector had negotiated a side deal with Timmins that would give them effective control of more than 50 per cent of the stock. Thus Safeguard was able to gain control of Timminco for just $11-million, even though the company's market valuation was about $24.5-million.
"This was a refinancing, right, and these people were coming in to refinance the company," says Timmins, by way of explaining the transaction. "I was a shareholder and it seemed like the best thing for all the shareholders to have that done at the time."Report Typo/Error
Follow @iamandyhoffmanon Twitter:


text:
|Hueco: V6 Font: 7A [details]
|Aaron K. (aka The Gentleman)
|Page Views:
|Submitted By:
|Remo on Nov 30, 2009
|Comments on Irrationality
|Add Comment
|Show which comments —
By AntVicino
Oct 31, 2010
rating: V4-5 6B+
|Instead of using the two finger gaston, go right hand straight up to a good right hand crimp, then go left hand to the good gaston way out left. Bring feet up high and drop right hand into a small pebbly pinch/crimp near the two finger gaston. Drop left hand down to a really low very positive crimp. Lock this off and get right hand into the sidepull your left hand was just on. Get feet under you and stand straight up to the small crimps. Lock off to the jug.


text:
|low graphics version | feedback | help
|You are in: Sci/Tech
Friday, 26 November, 1999, 13:19 GMT
New Zealand approves GM cows
Scientists in New Zealand have been given the go-ahead to raise two herds of genetically-modified cows - but they cannot introduce any human genes into the animals.
Instead, the cows' own genetic material will be altered to change the content of their milk. Some of the cows will produce milk rich in casein, the main protein component of milk which can be made into a wide range of food and industrial products.
Other cattle will produce milk with lowered levels of beta lactoglobulin, which causes allergies in some people.
Ag Research, which will rear the animals at its Ruakura campus near Hamilton, had put forward a proposal for engineered cattle that would express a human protein in their milk which could be used to develop a new treatment for multiple sclerosis.
But the country's Environmental Risk Management Authority (ERMA) has deferred a decision on the request after receiving complaints from those such as the local Maori who have cultural objections. ERMA wants to take a closer look at the issues involved in introducing synthetic human genes into cattle.
Strict controls
The authority has also laid down strict controls for the experiments it has approved.
"The cattle will be kept in close containment and all the genetically-modified material, and the milk and waste products, will be kept on site or destroyed," said ERMA New Zealand Chief Executive, Dr Bas Walker. "This is a field test for a limited period of time, under strict conditions, so there is a negligible risk to the environment or public health."
The authority said the genetic modifications would involve 'knocking out' some cow genes and the 'doubling up' of others.
It will be several years before any commercial products are available.
ERMA has already given approval to the developers of Dolly the cloned sheep, PPL Therapeutics, to breed a flock of sheep in New Zealand that incorporate a human gene that will hopefully lead to a drug capable of treating the lung tissue disease cystic fibrosis.
Links to other Sci/Tech stories are at the foot of the page.
Links to more Sci/Tech stories
|^^ Back to top
News Front Page | World | UK | UK Politics | Business | Sci/Tech | Health | Education | Entertainment | Talking Point | In Depth | AudioVideo
To BBC Sport>> | To BBC Weather>>
© MMIII | News Sources | Privacy


text:
Note: The large majority of this article was written before MGT's acquisition of fanthrowdown.com. Therefore, I make little mention of that deal. Please see this article for a good update on that front.
I recently invested in a stock that should exhibit very low correlation to the overall stock markets going forward. That stock is MGT Capital Investments (MGT). There's already a handful of good articles on SA and Forbes about MGT. Please see links to SA articles [here], [here], [here] and [here]. And this is another very good article from just two weeks ago. From reading these informative articles, it's clear to me that there's tremendous upside potential.
In this piece, I present my view of the upside and walk through a few scenarios. My weighted-average scenario price is a conservative $8.75 per fully diluted share. However, if one rules out the "cash value" scenario of about $2 per share, the weighted average price is $13.25.
By my calculations, today's stock price of $3.90 would be covered by a hypothetical one-time gross settlement of $24 million, (before lawyers, partnership interests and taxes). A settlement of $24 million is obviously well below the range of estimates put forth by management and various stakeholders. I think it's fair to assume that if the company receives ANY settlement at all, it will be more than enough to cover the current valuation.
The upside has been well articulated in the referenced articles. However, I have yet to see an attempt at a weighted average scenario valuation. Yes, MGT could hit $47 per fully diluted share (my estimate) upon a blockbuster settlement, but what's the probability of that event? For the purposes of this article, I assumed that probability to be 5%.
My weighted-average scenario price of $8.75 per fully diluted share is as follows.
40% probability the stock is worth, "cash value" of $2.0
30% probability the stock is worth $3.9
25% probability the stock is worth $17.7
5% probability the stock is worth $47.0 (or more)
The $2.0 Per Share, "Cash Value" Scenario, (40% Probability)
This stock should be worth at least $2.0 per share based on cash on hand of $5.0 million + $2.0 million in assumed net proceeds from the sale of its Medical Imaging assets + the value, at cost, of the company's recently acquired 63% stake in fanthrowdown.com. The math comes out to $9.0 million divided by 4.54 million (common + preferred shares) = about $2 per share. Obviously, the warrants at $3.64 per share would not be exercised, so those potential shares are not included. I think my 40% weighting for this scenario is very conservative.
The $3.9 Per Share Scenario, (30% Probability)
In this scenario, I calculated the one-time gross settlement amount that, when added to the "cash value" amount above, would equal today's valuation. A one-time gross settlement of $24 million (before lawyers, partnership interests and taxes) would net to $8.6 million. Adding that net amount to the "cash value" amount of $9.0 million (see above) = $17.6 million. $17.6 million divided by 9.4 million fully diluted shares is about $3.9 per share.
The $17.7 Per Share Scenario, (25% probability)
This scenario is the first in which I consider a favorable settlement that includes 10 years worth of forward royalties. Specifically, I assumed 3,500 infringing slot machines at $3,500 per day x 365 days at a royalty rate of 1.5%. This compares to a range of possibilities depicted in the company's corporate presentation of 3,000 to 10,000 machines operating at $3,000 to $5,000 per day at a royalty rate of 1.0% to 2.5%. I believe this scenario is fairly conservative.
The $47 Per Share Scenario, (5% Probability)
This scenario is, of course, highly important to the overall valuation exercise. Even though this scenario carries only a 5% probability, it equates to 25% of the weighted average price of $8.75 per fully diluted share. For this scenario, I doubled the assumed number of infringing machines to 7,000, increased the operating rate to $4,000 per day and increased the royalty rate from 1.5% to 2.0%. I feel this "best case" scenario is realistic and not overly aggressive given the management's public statements.
Before some readers question my 5% probability assumption as being overly generous, consider that the 5% probability also includes all outcomes above $47 per share. This is important. It's possible that the fully diluted shares could be worth $102 each. That's the valuation at the high end of MGT's rough guidance, i.e., 10,000 machines x $5,000 per day x 365 days x a 2.5% royalty. Even if I ascribe just a 1% chance for this outcome, that would account for 10% of the total weighted average price estimate.
Some readers may still be unsure about even a 1% chance of a $102 per share outcome. Admittedly, this is more art than science. However, what if I told you that there's even greater upside than $102 per share? MGT has another patent pending that could possibly increase the number of deemed infringing machines. In that case, the upside range of the number of machines could be above 10,000.
To be clear, I believe a stock price outcome of $17.7, the 25% scenario, is very reasonable. I fully recognize that valuations of $47 to $102 or above are outliers. I only point out these blue-sky outcomes in the context of a weighted average valuation. Balancing out the huge stock price scenarios is my belief that the 40% probability of a $2 "cash value" scenario is very conservative.
The reasoning behind a weighted average scenario approach is sound -- readers can attach their own probabilities. I'm confident that the top-tier law firm that took this case does this exact exercise with each bit of new information.
Even if one thinks that the probabilities of valuations of $47 to $102 per share are somewhat outlandish, remember if this case goes to a jury, anything can happen. That fact is why some of the authors of the stories linked above are saying that WMS Industries (NYSE:WMS-OLD) will have to settle with MGT before Scientific Games Corp. (NASDAQ:SGMS) consummates their acquisition. This reasoning seems right to me.
Finally, I would add that if one accepts the thesis that WMS will have to resolve this issue this year to clear the way for the merger, then my $2 per share scenario is overly conservative and possibly pulls the weighted average price down unnecessarily. With that in mind, if one assumes that the $2 per share scenario is off the table, then the adjusted weighted average stock price is $13.25 per fully diluted share.
MGT is a good speculative play. It offers low correlation to the overall markets. Since the company is sitting on roughly $5.0 million of cash, it has the financial wherewithal to play the patent(s) litigation through to the end. With a catalyst in place by virtue of the proposed acquisition of WMS and the outside probability of a huge settlement, the chances of a settlement in 2013 appear fairly good. With 50% downside to $2 per share and a decent chance of upside to my $17.7 price scenario, (25% probability), I like my odds here.
Disclosure: I am long MGT. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.


text:
Click on a thumbnail to go to Google Books.
From Polynomials to Sums of Squares (edition 1995)
by T.H Jackson
Work details
From Polynomials to Sums of Squares by T.H Jackson
No current Talk conversations about this book.
No reviews
References to this work on external resources.
Wikipedia in English
Amazon.com Product Description (ISBN 0750303298, Paperback)From Polynomials to Sums of Squares describes a journey through the foothills of algebra and number theory based around the central theme of factorization. The book begins by providing basic knowledge of rational polynomials, then gradually introduces other integral domains, and eventually arrives at sums of squares of integers. The text is complemented with illustrations that feature specific examples. Other than familiarity with complex numbers and some elementary number theory, very little mathematical prerequisites are needed. The accompanying disk enables readers to explore the subject further by removing the tedium of doing calculations by hand. Throughout the text there are practical activities involving the computer.
(retrieved from Amazon Thu, 12 Mar 2015 18:17:14 -0400)
No library descriptions found.
Amazon Kindle (0 editions)
Audible (0 editions)
CD Audiobook (0 editions)
Project Gutenberg (0 editions)
Google Books — Loading...
RatingAverage: No ratings.
Is this you?
Become a LibraryThing Author.


text: Friday 24 August 2007 00:24:12 kirjutas Kris Moore: > > * Application and file manager windows are opening on the top left > > corner of the screen (when using the default Kwin window manager). They > > should be opening on the centre of the screen. This is rather annoying… > > Good idea! I fixed this for you! > Fixed what? KDE default "smart" window placement behavior? Every small window centered on 21" LCD screen sounds a bit....whatever. > > * If the user chooses to install OpenOffice, the system menu icons > > are not contained in a dedicated "OpenOffice" sub menu as other installed > > PBIs. They should be for consistency. > > You'll want to contact the PBI dev for OO. Thats a preference thing that > the developer for whatever reason decided to do. > Icons dependency is broken in PC-BSD for a long time- 3-4 months or something. Due to hicolor and crystalSVG dependency removal in base system. Now it you decide to install some kde app from ports you'll have no icons in menus. > > * If the user chooses to install KOffice, the system menu icons are > > not contained in a dedicated "KOffice" sub menu as other installed PBIs. > > They should be for consistency. > Large packages like OO.o and KOffice should have their own respective menus in Office submenu. Please no uninstall options there- we already got add/remove applications tool. > > * The 'Win' key doesn't open the system menu. This should be simple > > to fix and feels nice when working. > > Humm, it works just fine here and on all the keyboards I've tested. What > keyboard / layout are you using? You may need to tweak the > ~.kde/env/win-key.sh script to change your keycode. > Disable that "Win" key completely- this is really useless in KDE because many applications use "Super key" for other functionality like amaroK "next, previous, stop" funtions (win+x, win+v, win+b). > > * Do we need both Kfaxview and Kfax? > > No we don't, removed the kfax from the "More" menu :) > Why? Someone got faxmodem and now he can't use it anymore. That's not your business to decide what applications someone want to use. > > * Using Konqueror as browser, while trying to download PBIs the > > browser tries to open the file in text mode instead of saving it > > That only happens when you click a PBI link in the forum, and it tries > to open it in a new Window. I haven't found a fix for it yet, its > something internal to Konq I think :( > PBI extension should be registered as downloadable file like iso or something- right now I can't just download PBIs from pbidir- they are stored like download.php files- that's just stupid. > > System: > > * The firewall app should open as user and then have an admin mode > > button for consistency with the network manager. > > I'm not sure I agree. The FW manager doesn't really have a lot of useful > functionality unless run as root, where as the network manager does. > > > Network Manager System tray icon: > > > > > > > > * Double-clicking over the network manager system tray icon should > > start the network manager in user mode (like opening it from the system > > menu) instead of prompting the user for the admin password. > > I have it set that when you double click, it brings up the settings for > that specific NIC, not the whole network manager right now. But your > idea is good, so I've changed that :) > > > * Clicking once over the network manager system tray icon should > > have the same effect as double-clicking as no function exists for this > > right now. In the future, it should open some kind of network usage meter > > for example. > > That'll probably have to be added. We should put this down for the next > update to the tool. > Agreed. > > * When right-clicking the network manager system tray icon there > > should be an option to disable or enable the tray icon in the resulting > > menu. > > There is a "quit" icon which does the same thing. Its not possible to > add an "enable" icon, since there would be nothing to right-click on if > it wasn't enabled :) > "Restart network" function in NM does not make any sense- all options that is changed should be set instantly, not after restart something. ifconfig&route command can do everything instantly. man is your friend. Looks like many issues described here are from my bugs list from many months ago- dejavu or something. Andrei


text:
|Valerie Hamilton
Corporate Controller
(561) 227-5165
Valerie recently assumed the role of Corporate Controller of Hospice of Palm Beach County, Inc and its affiliate companies. Valerie has been with the organization since February of 2000 and has served in the roles of Senior Accountant, Accounting Supervisor and Accounting Manager.
Prior to joining Hospice of Palm Beach County, Inc., Valerie worked as the Director of Operations for Shands Home Health and at BASF as an Accounting Manager. She earned her Bachelor's Degree in Business Administration and Economics from Greensboro College.


text:
http://www.eliterestaurantequipment.com/universal-lj1416-2-33-two-compartment-sink-nsf-certified.html http://www.eliterestaurantequipment.com/media/catalog/product/cache/1/image/265x/9df78eab33525d08d6e5fb8d27136e95/t/w/two_compartment_lj_sink_1.jpg LJ1416-2 Universal
Universal LJ1416-2 - 33" Two Compartment Sink - NSF Certified
Shop With Confidence
We have one goal in mind: provide food service professionals with all the products they need under one roof at affordable prices. Since then we have succeeded in creating an innovative, easy to use website that meets the needs for food service professionals throughout the United States and Canada. Food service experts, programmers, developers, content writers, technical support staff, and warehouse employees work together to make certain that we provide the best service and industry knowledge on the web.
Return Policy: All stocked items may be returned to us if the item has not been used and is in original packaging. In order for returns to be accepted, your items must be returned within 30 days from receipt. Please note when placing an order you agree to our return policies. Please contact a customer solutions specialist before returning an item. We will create a return authorization for you and send you an e-mail with instructions on how to complete the return. You will be credited 24-72 hours upon receipt and inspection of returned product(s). Products returned may be subject to restocking fees. All parts are non-refundable.
Ask A Question Universal LJ1416-2 - 33" Two Compartment Sink - NSF Certified
You will receive a phone call and/or email answering the question above as soon as possible. Questions are generally answered same business day. If time is of the essence please call us: (888) 886-7279.
Your information is protected by high security encryption and is 100% confidential
Quick Overview
This Universal MFG LJ NSF Sink 33" Two Compartments S/S [LJ1416-2] is simple and classic in design. It has been constructed out of high quality 304 stainless steel and has galvanized legs. Made using advanced welding techniques, this sink is a one-piece, seamless sink unit with weld that blends into the surrounding surface for a clean look and easier cleaning. This sink stands at a 36" working height, and will prove to be a great investment for your food service establishment.
Product Description
|Universal MFG
|Inside Width:
|Inside Length:
|Dimensions (L x W x D):
|33" x 22" x 11"
|Shipping Weight:
|120 lbs.
|Stainless Steel:
|16 Gauge
|Leg Type:
|Galvanized Steel
|Faucet Included:
|Number of Compartments:
|Faucet Mount Type:
|Number of Drain Boards:
|Adjustable ABS Bullet Feet
Customer Reviews
Overall User Rating:(5 out of 5 stars from 2 reviews)
Customer Rating 1 5
I own a butcher shop and have been in the market for commercial sinks for a while. I finally found this website through a recommendation from a friend and I have been greatly impressed with the staff and quality of the products they sell. This particular NSF certified 33" two compartment sink is great for any industrial use, or even personal use in your garage basement etc. It is very heavy duty and I would feel comfortable standing in it!
Posted on 10/1/2015 by Rocky
Customer Rating 1 5
two compartment sink is a great product. We love the all stainless steel it cleans and stay's shiny easily. The 16 Gauge steel is strong and very sturdy. And the price is the best. Thank Chef Paul
Posted on 6/4/2014 by Cousin Paul's
Write Your Own Review


text:
WHERE does the CCV vacuum source port go for the E39 CCV valves that are not plugged?
View Single Post
Officially Welcomed to the 'Fest
Location: Cape Neddick, Maine
Join Date: Mar 2007
Posts: 1,737
Mein Auto: 2000 BMW 528iT/5, S/C
View My Garage
Steve, I want to thank you for your insightful description of the workings of the CVV. There is no doubt in my mind about the workings of the lower part of the valve-the oil separator function is clear after your explanation. It almost seems like the top half of the valve was originally designed to supply vacuum at deceleration and idle to the FPR while it sucks blowby gasses into the intake at off idle engine speeds. When there is a strong intake manifold vacuum and the diaphragm closes, the vacuum is directed to the nipple which isn't even used by the M54. Off idle, the diaphragm opens and the blowby gasses get sucked into the intake because there is such a large volume of air moving through the intake. This reduced vacuum is not enough to suck the oil out of the sump, but, if with age, the diaphragm begins to fail, oil get sucked up the dipstick tube-at first increased oil consumption, then clouds of blue smoke and finally, perhaps hydrolock, if the vehicle owner is asleep. Hahaha! Not really!
So why did the BMW engineers design such a complicated and problematic system for PCV function. My 96 Ford Ranger pickup 4.0 has a $15 PCV valve that seems to take care of things just fine. My 85 Euro M6 has a tube on the dipstick that ends in a tiny orifice. A hose leads from the orifice
to a vacuum port on the intake manifold-PCV function handled. Do you think, perhaps, the German engineers of today are just a little compulsive???
Last edited by johnstern; 01-22-2012 at
View Public Profile
Find all threads started by johnstern
Find all posts by johnstern
View My Garage
Add johnstern to Your Ignore List


text: Show Hide image Politics 3 April 2013 EU data-protection authorities launch joint action against Google The search engine giant may be fined up to $760m. Sign up for our weekly email * Data-protection authorities of Germany, France, Italy, Spain, the UK, and the Netherlands have launched a joint action against the Google for violating the European Union privacy rules. The joint action is the first co-ordinated and formal procedure by EU member countries against a single company on privacy. Currently, the European authorities can impose only fines below €1m. However, the new EU privacy rules, expected to be approved by the end of 2013, could allow the authorities to inflict on companies penalties up to 2 per cent of their global annual turnover. Google may be fined up to $760m, based on its 2011 revenues. The move comes five months after a probe led by the French administrative authority CNIL, which concluded that Google had failed to give users adequate information about how their personal data were being used across its multiple platforms, reported the Financial Times. Citing that its privacy policy respected European law, Google, in a statement, said: "We have engaged fully with the data-protection authorities involved throughout this process, and we'll continue to do so going forward." Citing the move as unrelated to actions by the EU regulators, Google argued that its new privacy terms combine 60 former policies into one for all its customers. Viviane Reding, EU commissioner for justice, said: "It is good to see that six national data-protection authorities are teaming up to enforce Europe's common data-protection rules. I am confident that the European Parliament and the EU member states will strengthen Europe's enforcement tools substantially in the course of this year." EU privacy officials have also criticised Google for lobbying the US government to liberalise new privacy laws being considered by Brussels. Meanwhile, Google confirmed that its privacy director Alma Whitten was leaving after nearly three years in the role. Lawrence You, a member of Google's privacy team, will replace Whitten. In 2010 Google admitted that its StreetView cars had been recording data from the unprotected WiFi networks of homeowners, for which it paid CNIL a €100,000 fine. Nick Pickles, director of Big Brother Watch, told the Financial Times: "Google has repeatedly put profit ahead of user privacy ... It is essential regulators find a sanction that is not just a slap on the wrists and will make Google think twice before it ignores consumer rights again." The California-based technology company has faced severe criticism for its privacy policy when it merged customer data held across its various services such as Gmail and YouTube. Google is also fighting EU competition authorities over the prominence of its own products in Google search results. Subscribe from just £1 per issue More


text:
Hurry over to Rue La La for a great Vera Bradley Sale!! Sale is valid for a limited time only, but only while supplies last, so grab anything you want NOW!
Remember, Rue La La often offers FREE $10 Credit with certain purchases, so you may get a little extra surprise with your item! Also, Rue La La offers $9.95 flat rate shipping, but all other orders will ship for FREE for the next 30 days!!


text:
"Hi Erin, Is the room still available and are pets allowed (I have two declawed cats). Steph"
hey all- i'm looking to fill my room in a 3 bedroom apartment off steinway and ditmars. move in is 02/01 there are two women in their mid twenties who live there, they are very clean, friendly and…Continue
Tags: 02/01, for, roomate, female
Started this discussion. Last reply by Stephanie Wagner Jan 7, 2012.


text:
played by:
Did you know, by opening this email your computer is ten times the mass it was before? That's because of this very EP; just reading about its heaviness in a review creates added gravitational pull. Listen and you'll know why. Wreckless is at play on all cuts, his solo being the bashy, conga-rattling title cut that snaps, sizzles and rolls with abandon and drops into a heavenly, dream-like breakdown. The remaining two cuts are collabos: "Source Code" (with Necrobia) is late night Renegade Hardware style tech while "Head Groove" (with Arcaudio) is a snarling neuro number that stinks of Noisia. The epitome of heavy.
DJ-friendly full length tracks
DRM Free
Secure Shopping


text:
Sign up to StockTwits to save a watchlist for easy access to your favorite stocks
I have been a professional trader for over 30 years and I specialize in discovering low priced undervalued stocks that are ready to appreciate dramatically.
StockTwits is 100% Free!
Create your own stock
portfolio watchlist
Full access to all ticker
Streams and data tools
Follow and learn from your
favorite market leaders
Post your own trading
ideas, predictions &


text:
Dervis: Turkey may adjust economic forecasts
Turkey might make small changes to its economic forecasts detailed in a program of strict reforms to drag the crisis-hit economy out of turmoil, Economy Minister Kemal Dervis said on Monday, July 23.
"There might be some changes, but not very big ones," Dervis told reporters in Ankara. Turkey was working with the IMF on this.
Turkey was forced to revise its macroeconomic targets when severe financial turmoil at the markets in February forced the government to float the Turkish lira, causing the currency to slump against the dollar and disrupting an IMF-backed disinflation program.
In a tough recovery program announced in April, Turkey predicted year-end inflation of 52.5 percent and forecast that the economy would contract by 0.3 percent in 2001.
Dervis added that the new figures were likely to be determined next week when IMF deputy managing director Stanley Fischer made a brief visit to Turkey.
Fischer, who will retire soon, will arrive in Ankara on Monday and will leave Wednesday after talks with senior Turkish officials, including Prime Minister Bulent Ecevit, Dervis said.
"I believe we will together give a very positive message to the markets," the minister added. He also said that the country had started to achieve a surplus in current accounts in contrast to a forecast deficit, which he said would prove to boost economic recovery.
Turkey's fragile markets were rocked once again early in July when the IMF delayed the release of $1.5 billion of aid over a lack of progress in the reform of Turkish Telekom due to a dispute between Dervis and Transport minister Enis Oksuz.
The markets began to recover last Wednesday following the resignation of Oksuz, who had come to symbolize opposition to far-reaching reforms under a May stand-by deal with the International Monetary Fund (IMF). ― (AFP, Ankara)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)


text:
Mr. and Mrs. North
Season 1, Episode 15 (1953) - Formula for Trouble - Mrs. North checks out a library book with a mysterious envelope in it.
To Download or Embed this video, go to this link.
Back to the Mr. and Mrs. North Library
back to Uncle Earl's Classic TV Channel


text:
If you thought the only thing more outrageous than the 230 miles-per-gallon claim for the electric Chevrolet Volt was the 367-mpg claim for the electric Nissan Leaf, there's a change afoot that may make sense to you, reports Drive On's Sharon Silke Carty:
The concept of judging fuel efficiency on electric cars by the "miles per gallon" they consume is dying a slow death. The EPA and other government agencies are working on a formula that will accurately tell people how fuel efficient electric vehicles are -- but since those cars don't use gas, miles per gallon doesn't make any sense.
An Israeli firm last week urged the EPA to come up with a three-pronged number that would tell people how much electricity a car uses when it's fully charged, how much electricity it takes to charge the car and how much gas the car uses when it's out of juice.
On Monday, the National Renewable Energy Laboratory, a government agency, said they believe the new figure will give buyers two pieces of data, although what those two numbers are hasn't yet been decided. With both the Volt and Leaf due to go on the market late next year, the rejiggered formulas could have a big impact on sales.
"The current consensus on the committee is that you need to have two different numbers, since the vehicles use two different fuels," says Jeff Gonder, research engineer with NREL.
The government is expected to issue its decision by the end of 2009 or beginning of 2010. Automakers are closely watching because the decision will greatly affect marketing campaigns for their electric cars. Both automakers are using different formulas to come up with their figures.
Photo of GM CEO Fritz Henderson unveiling the mileage per gallon estimates for the Volt, by Rebecca Cook/Reuters
Chris Woodyard is an auto writer for USA TODAY who covers all aspects of motoring. He revels in the exhaust note of a Maserati and the sharp creases of a Cadillac CTS. Chris strives to live a Porsche life on a Scion budget. More about Chris