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McDonald's Corporation (NYSE:MCD)
Q2 2012 Earnings Call
July 23, 2012 11:00 am ET
Kathy Martin – Vice President, Investor Relations
Don Thompson – President and Chief Executive Officer
Peter J. Bensen – Executive Vice President and Chief Financial Officer
Michael Kelter – Goldman Sachs
David Palmer – UBS Investment Bank
John Glass – Morgan Stanley
Ashwin Gorur Shandilya – Barclays Capital, Inc.
Keith Siegner – Credit Suisse
Matthew Difrisco – Lazard Capital Markets
Joseph Buckley – Bank of America/Merrill Lynch
Mitch J. Speiser – Buckingham Research Group, Inc.
John Ivankoe – JPMorgan
Jason Taylor West – Deutsche Bank Securities, Inc.
Andy M. Barish – Jefferies & Co., Inc.
Howard W. Penney – Hedgeye Risk Management LLC
R.J. Hottovy – Morningstar, Inc.
Sara H. Senatore – Sanford C. Bernstein & Co., LLC
Phillip A. Juhan – BMO Capital Markets
Joseph Buckley – Bank of America/Merrill Lynch
Peter Saleh – Telsey Advisory Group LLC
Hello and welcome to McDonald's July 23, 2012 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. Following today's presentation, there will be a question-and-answer session for investors. (Operator Instruction) I'd now like to turn the conference over to Ms. Kathy Martin, Vice President of Investor Relations for McDonald's Corporation. Ms. Martin, you may begin.
Kathy Martin
Thank you, and good morning, everyone. With me on the call are President and Chief Executive Officer, Don Thompson, and Chief Financial Officer, Pete Bensen. Today's conference call is being webcast live and recorded for replay via phone, webcast, and podcast.
And before I turn it over to Don, I want to remind everyone, as always, the forward-looking statements in our earnings release and 8-K filing also apply to our comments. Both of these documents are available on www.investor.mcdonalds.com, as our reconciliation of any non-GAAP financial measures mentioned on today's call with a corresponding GAAP measures. And now I'd like to turn it over to Don.
Don Thompson
Thank you, Kathy, and good morning, everyone. It's my pleasure to join you today in my new role as CEO, and I'm honored to lead this great system of first classed owner operators, supplier partners and company employees. And I'm confident that together, we will continue to build this business for all of our stakeholders under the umbrella of our global plan to win. As I said on our last call, we will stay the course; the recent change in management does not mean a change in strategy.
With that, let me provide a perspective on the quarter results and an overview of our plans as we continue to navigate this environment in the short-term and drive the business for the long-term benefit of our system and our shareholders. McDonald's continued its solid performance in the second quarter. We've continued to grow market share despite a slowing global economy.
For the quarter, global comparable sales were up 3.7%, operating income increased 3% in constant currencies, and earnings per share reached $1.32, a 3% increase in constant currencies. And in July, global comparable sales are expected to be positive, but less than second quarter. We're experiencing stronger headwinds on both the top and bottom lines.
Some of the headwinds are macroeconomic such as declining consumer settlement and higher commodity and labor cost. Other pressures are the result of planned strategic decisions we've made to grow the business. these include actions we've taken to enhance our value platforms, our worldwide owner, operator convention; it brings the system together every two years and investments in technology initiatives.
Despite these demands, the system remains aligned around the plan to win in our three global priorities to optimize our menu, modernize the customer experience and broaden accessibility to brand McDonald's. We're focused on driving results in this environment by continuing to refine our efforts around these priorities to address local market conditions.
So let's start with the U.S. where comparable sales increased 3.6% for the quarter and operating income rose 2%. The U.S. continues to build sales and guest counts. It is however happening at a slower pace amid an unpredictable economic environment and increased competition. Sales gains during the quarter were driven by everyday value across a variety of price points and new menu news. Breakfast continued the strong momentum with local market emphasis on core breakfast sandwiches and the introduction of Blueberry Banana Nut Oatmeal in May.
Beverages were also a key contributor to growth. The new Cherry Berry Chiller helped to drive beverage sales on top of last year's strong results, from the launch of Frozen Strawberry Lemonade. Relative to our core products, our 20 piece Chicken McNuggets were highlighted on the new extra value menu, which provides value across multiple price tiers. As a result, total sales of Chicken McNuggets increased nearly 11% during the promotional period when compared to the same time last year.
Now our focus remains on driving guest counts and we are resigning our plans as the environments shift. These plans are balanced across product categories and price tiers. For example, we're enhancing everyday value with new news and promoting core and premium products for exciting games like the Olympics sign which is starting today.
And to ensure customers have more reasons to visit us in a near-term, we will continue to leverage promotional food events like Spicy Chicken McBites and also additional McCafe flavors. Our new product pipeline also includes several new beef and chicken products and additional innovations around breakfast and beverages was currently testing a number of new products, some of which have been adapted directly from other areas of the world.
Turning to Europe, second-quarter comparable sales were up 3.8% and operating income grew 8% in constant currencies. The UK and Russia delivered strong sales for the quarter, and while France and Germany are also positive. These two markets are feeling a pressure of the ongoing Eurozone difficulties. Europe's IEO industry is contracted as austerity measures continue to impact consumer purchasing power and confidence. Despite this, however, the UK, France, and Spain have gained market share. And in Germany and Italy, we are maintaining our share. So although year-to-date guest counts are down in several markets, we are faring better than the competition.
Europe is re-energizing its 2012 plans. Those plans are being re-energized to drive traffic in this environment. Markets are also placing an even stronger focus on value offerings across the menu and on promotional food events featuring premium products. The UK's success is mainly been driven by a balance of popular menu offerings in the second quarter.
The great taste of America food event as an example boosted average check, a focus on daypart expansion also contributed to results, especially at breakfast, with a new wrapped (inaudible) pork sausage, bacon eggs, potatoes and cheese wrapped in a soft flour tortilla.
Russia also continues to perform quite well with a strong focus on breakfast, lunch and beverages. Second quarter marks the seven consecutive quarter of double-digit comparable sales growth in Russia.
In France, we're increasing our media spend to further strengthen our share of voice and increasing the focus on our popular Petit Plaisir line up of smaller premium sandwiches that are priced at a mid-tier value. Germany consumers remain deal conscious in an increasingly competitive environment. We stepped up our value messaging to consistently remain customers of the great everyday value that they can get at McDonald's.
The market recently implemented mid-deal of value meal that offers a chicken classic or McChicken classic or a hamburger, Royale with Cheese along with a fry and a drink for €3.79. This contributed to strong sales and guest counts in the month of June.
Germany is also leveraging its nearly 800 McCafes with new [news] including bubble tea. This is helping strengthen multiple dayparts including breakfast and afternoon snack. From value and variety on our menu including the McRib, which is now available in 24 markets, to our ability to offer more convenience options like cashless payment in 85% of our restaurants. We are providing European customers with what they want. And our commitment and ability to execute a great relevant experience for the customer is evident in our improving customer satisfaction scores as well.
Now shifting to Asia Pacific, Middle East and Africa or APMIA, comp sales were up 0.9% for the quarter and operating income increased 1% in constant currencies. Across this region, we are seeing fragile consumer confidence in Australia, Japan's uneven recovery, and an economic slow down in China.
We are positioning our markets appropriately in this environment with strong value platforms to build traffic. And we will complement these platforms with average check builders that include new food news and brand extensions.
Australia's second quarter comparable sales growth was due in part to strong breakfast results, as well as the successful launch of its Olympics promotion. Additionally, the Loose Change Menu introduced in late March has helped drive guest count and sales. And as expected, once customers realize that this value offering is not going away, the use of the menu has leveled out and they are beginning to trade up to other items like extra value meals.
Japan continues to grapple with a difficult economy coupled with ongoing disaster recovery and anticipation of energy restrictions. This is taking a toll on consumers who are now eating more meals at home. Despite a significantly contracting IEO market, we continue to grow share this quarter. We responded to customers needs by rolling out a new multicare platform the 100 yen, 250 yen and 500 yen menu. We are feeling to even more customers with this new branded affordability platform. Unlike any market that implements value, our strategy is to drive sales and profitability by trading these visits up to extra value meals and other premium offers.
Utilizing our philosophy to learn, share, and scale, Japan is growing its beverage business by promoting trail of ice coffee from the U.S. through sampling events. Turning to China, in China, consumers are reacting with greater caution as the economy has slowed. We've seen this particularly in our tier 1 cities where we are more heavily concentrated. We're also seeing high competitive activity focused on value.
In China, branded affordability has been a key part of our strategy over the last few years and we are staying to course. Value lunch and the recently launched value dinner are driving sales and guest counts that contributed to second quarter's comparable sales increase of 2.2% and market share gains in our top five cities.
China spent this growing daypart continues to be breakfast. Our ability to bundle convenience with uniquely McDonald's products is resonating with customers, not only this is daypart now represent more than 9% of sales in China, it continues to grow. We're also making sure that the brand is accessible. We remain on track to open 225 to 250 restaurants this year and also continue to focus on conveniences like make delivery and dessert kiosks.
As you can clearly see, we are operating at a more difficult global environment. And this environment requires us to be even more flexible and aggressive, particularly as economic and consumer volatility persists. And although we've continued to deliver positive results, let me be very clear, we're not satisfied. We remain focused on appealing to customers more than anyone else as we run the business for the long-term.
The headline is this, we have a resilient business model, a talented and aligned system, and experience in every type of operating environment. We're staying focused on the things that will continue to differentiate us like our new restaurant designs. We've already reimaged 1,000 restaurants around the world this year and remain on target to meet our goal of more than 2,400 reimages in 2012.
And, we are on course to build over 1,300 new restaurants this year in emerging markets like China, Brazil, India, and Russia, and also in more established markets including the U.S., France, Germany and Australia. We will continue to go after these new store development opportunities when and where appropriate. We have the discipline, the capital and resources to continue to do this successfully.
Now as our business grows and continues to generate significant levels of cash, our philosophy for its use remains the same. We will reinvest in the business first, and after that we'll return all free cash flow to shareholders. In fact, in the second quarter, we returned $1.6 billion to shareholders through a combination of dividends and share repurchases.
In closing, we understand what we are facing. From a macro economic environment to an increasingly competitive landscape, we've been in situations like these before and we're drawing on net knowledge and experience to manage through these times. By remaining committed to our long-term strategies to optimize our menu, modernize the customer experience and broaden accessibility to brand McDonald's while continuing to fortify our shot-term plans, I'm confident we will continue to grow the business for the system and our shareholders.
And with that, I'll turn it over to Pete.
Peter J. Bensen
Thanks, Don, and hello, everyone. Our focus on the plan to win and the three global priorities of optimizing the menu, modernizing the customer experience and broadening accessibility continue to fuel solid top line performance. I'd like to start with a few higher level comments about the quarter and then get into more detail on the results.
As you know, the macro economic environment for the past several years has been challenging and unpredictable. Our global diversification has been an advantage, as pressures felt in certain markets were often balanced with stronger performance in others.
In second quarter 2012, this wasn't necessarily the case. While we face significant cost pressures as expected, we also experienced slower sales growth in most of our major markets. Persistent unfavorable economic conditions are weighing on consumer sentiment and spending. And in many markets, we are continuing to experience flat to declining IEO traffic along with a heightened competitive landscape.
We are employing different tactics in each market to address this with the common theme being increasing the emphasis on value in the short-term to drive traffic, which is a critical element of long-term sustainable growth. These tactics are likely to take hold beginning later this year.
Relative to cost pressures, company operated margins are negatively impacted by higher commodity and labor costs. In many markets, this was on top of mid-single digit commodity cost increases last year.
Higher G&A expenses were also a headwind. As previously communicated, the $100 million of incremental G&A investments this year are negatively impacting operating income growth, especially in second and third quarters. We believe these investments in technology enhancements, Olympic sponsorship and our world-wide convention are foundational to future growth, and the long-term health of our business and brand. While we're not satisfied with these second quarter results, they are not entirely unexpected. We previously communicated that second quarter operating income growth would be affected by the volatile global economy and related headwinds along with our near-term investments.
In keeping with our historical practice, we will not be updating or providing earnings guidance going forward. While earlier this year we disclosed that we expected to meet our long-term average annual constant currency financial targets, based on what we know today considering recent trends along with the heightened global economic challenges, it appears likely that we will end 2012 at or somewhat below the 6% to 7% constant currency operating income growth target.
Now turning to results, in second quarter, system wide sales increased 6% in constant currencies. We continue to grow both global comparable sales and guest counts and are now serving 69 million customers per day, 3 million more than a year ago. This contribute to a 6% constant currency growth in franchise margin dollars and at $1.9 billion they represent approximately 70% of total restaurant margin dollars. The franchised margin percent was up 10 basis points to 83.2%.
Global company operating margin dollars for the quarter totaled [$815 million] and we're up 1% in constant currencies. The margin percent decreased 80 basis points to 18.2%, as a result of softer top line results coupled with increased cost pressures. To put that 18.2% into perspective, it is our third highest second-quarter margin since the year 2000.
In the U.S., second quarter company operating margins declined 90 basis points to 19.8% as positive comparable sales were more than offset by 5% higher commodity costs and to a lesser extent, higher labor and occupancy costs. As a result of risk management efforts and supplier production efficiencies, the full-year outlook for the increase in our U.S. grocery basket has been lowered to 3.5% to 4.5%. This implies the second half increase of approximately 2%, which should be fairly balanced between third and fourth quarters.
In terms of pricing, the U.S. is running about 3% for the trailing 12 months. The food-away-from-home inflation index is projected to be up 2% to 3% in 2012. If it ends the year closer to the bottom end of the range, we may have a little less room to take pricing in the back half of the year. As always though, we will be thoughtful with future price increases speaking to maintain positive guest counts.
In Europe, second quarter company operated margins decreased 30 basis points to 19.3%, primarily impacted by higher labor expenses, 4% higher commodity costs and to a lesser extent, higher occupancy costs. Europe's projected full year commodity cost increase remains at 2.5% to 3.5%, which implies a second half increase of approximately 2% to 3%. As noted earlier this year, we have less pricing power in Europe than in the U.S. primarily due to the austerity measures. Our price increases vary by market with Russia at the high-end due to a significant inflation and all other markets averaging about 2% year-over-year. As [we'll have] prior year increases during the second half of this year, we will likely replace them with more increases.
Turning to Asia-Pacific, Middle East and Africa, company operated margins for the quarter decreased 170 basis points to 15.3% as modestly positive comparable sales were more than offset by higher labor, commodity and occupancy cost. In addition, new restaurant openings in China negatively impacted the segments margin percent. EMEA's guest count increases significantly out paid comparable sales increases for the quarter. So we are encouraged by the efforts of our franchisees and company employees that resulted in increased demand for brand McDonald's throughout the region.
As Don mentioned, in Australia, where we introduced a more robust value platform in mid March, comparable sales are steadily improving as consumers migrate beyond the value platform to the rest of the menu. This overall trend is in line with what we've seen in other markets, when new value platforms are introduced.
Turning to G&A, second quarter cost increased 8% in constant currencies, primarily due to higher employee cost, our biennial worldwide convention in April and investments in technology enhancements. Our convention was a great success with 16,000 attendees walking away focused and aligned on our key strategies. It also provided a great opportunity to learn and share ideas from markets around the world, allowing us to better leverage our size and scale. Looking to third quarter, we expect a double-digit increase in G&A given our sponsorship of the upcoming Summer Olympics and Paralympic games in London.
With regard to other operating income, gains on sales of restaurants included the sale of 13 restaurants in two provinces in China to developmental licensees, bringing our total number of franchised restaurants in China to 54.
The second quarter effective tax rate was 33%, 120 basis points higher than a year ago. Last year's second quarter rate reflected a non-recurring tax benefit related to certain foreign operations. For the year, we continue to expect the effective rate to be between 31% and 33%.
Our business model continues to generate significant amounts of cash. Our first priority remains reinvesting this cash in our business to build future returns and enhance shareholder value. This year these investments are balanced between opening more than 1,300 new restaurants and reimaging over 2,400 existing locations.
We remain committed to this effort and are making steady progress. Through June, we have opened 450 new restaurants globally. Regarding reimaging, over half of our 33,700 restaurants operate current contemporary interior, while more than a third of our exteriors reflect a new look. Reimaging our restaurants is powerful, because it is a multiyear, multilayered initiative that can enhance restaurant operations, capacity, menu and perceptions of our brand.
We continue to invest on a scale that is unmatched in our industry. It is an increasing point of differentiation and is foundational to our long-term success. Our franchisees are financially strong and have sufficient access to capital allowing them to co-invest with us to secure our collective future. Through the first six months, we have completed over 330 reimages in the U.S., 350 in Europe, and 230 in APMEA. We continue to be encouraged by the results of our reimage locations around the world.
Lastly, let me discuss foreign currency translations, which negatively impacted second quarter results by $0.07. At Friday's exchange rates, we expect third quarter EPS to be negatively impacted by $0.08 to $.10, with a full year negative impact of $0.21 to $0.23. As usual, take this as directional only, because rates will change as we progress throughout the second half of the year.
In closing, we remain focused on positively impacting those things within our control, and executing on our strategy that has proven to be a winning formula. We will continue to prudently invest today to drive growth into the future, while our business model is resilient. we are not immune from the effect of the ongoing significant global economic challenges. At the same time, we are making some short-term tax co-adjustments to address the current environment, while continuing to build a solid foundation for long-term success. We will not waver in our commitment to create enduring value for our shareholders and the entire McDonald's system.
Thank you. Now I'll turn it over to Kathy, to begin the Q&A.
Question-and-Answer Session
Kathy Martin
Thanks, Steve. I'll now open the call for analyst and investor questions. (Operator Instructions) So let's begin. First is Michael Kelter from Goldman Sachs.
Michael Kelter – Goldman Sachs
Hi, guys. I wanted to ask about the focus on value and the potential impact of profitability. So, in the short and mid-term, what are the risks that you have to meaningfully invest your margins from here to achieve the traffic results you're looking for? And then in the long-term, how do you balance any potential risk for the McDonald's brand itself in Europe and the world – when you refocusing the conversation on value and [sensibly] training consumers who want to pay less for your products?
Don Thompson
Hey, Michael, this is Don. Just, first of all thanks for the question. A couple of different things, relative to value this is part of a – its part of the platform relative to any of the media expenditures in any one of the countries that we operate in. So, value is not a new thing. The question is how much you address it relative to your marketing and media mix.
The other thing that we have to do is to make sure that we have a consistent value platform. So, we have talked about consistently last year and this year, several markets, whether they'd be Australia, which was facing some economic difficulties in tough times and the need to have a consistent value base and now they have loose change, which was implemented really at the end of the first quarter and really into the beginning of the second quarter.
We talked about Germany relative to McDeals. Our new Chief Operating Officer, Tim Fenton was just out with them. And it is in a feeling value to consumers. At the same time, we mentioned that we have to also have a premium product messaging in the marketplace. And so we have not given up on that. All it is a tweak if you would relative to our media expenditures. But we'll continue to talk about the premium products, whether it would be in the U.S., Australia, Germany, Japan, France, any of these markets.
Kathy Martin
All right, thank you. Next question is David Palmer from UBS.
David Palmer – UBS Investment Bank
Good morning, guys.
Don Thompson
Good morning David.
David Palmer – UBS Investment Bank
Just a question on the cost side, when I listened to other global consumer companies often on the stable side, they talk about managing the cost and scrutinizing CapEx particularly as the going get tough. I was wondering and thinking, as you think about these coming years, it doesn't look like this environment is going to be easy going forward. And right now McDonald's is in a, what it looks like to be an investment phase both on the overhead side and the CapEx side. Is that aside when it comes to cash flow and P&L are you thinking about those things and thinking about scrutinizing those a little bit more as you kind of settle into a reality that's tougher?
Don Thompson
David, that's a good question. First of all, I'll say, around McDonald's we've always had a practice of securitizing the costs. So while you reference the investment in overhead, I think we try to make it clear while we talked about the $100 million of incremental G&A this year that, that's not necessarily a run rate that you can project into the future. Two of those items, the Olympic and the Convention are isolated to 2012 and our investments in technology while those will continue the rate of increase relative to prior year, next year will not be at the same level that it was this year. So take those things aside, we were always scrutinizing cost and looking to be as effective and reallocate cost to drive more sales as we can.
Regarding CapEx, while you indicate the environment going forward maybe a little tougher, we don't see a fundamental shift in our business model. And so we continue to know that if we reimage our restaurants, we will create that brand differentiation, we know that even in these environments there continues to be increasing demand for brand McDonald's going forward. So we will continue to build new restaurants where we see there is to be good opportunities then we can generate good returns. So well, we are a little more cautious going forward, we don't see a dramatic change.
Kathy Martin
All right. Thank you. Next question is John Glass from Morgan Stanley.
John Glass – Morgan Stanley
Thanks. I also wanted to come back at the margin questions, maybe just a little more specifically, your global comps are 3.7 this quarter, so nearly 4% in that than you had in the store level including food costs now, you didn't really lever labor and some of the other items, and on the franchise side, you got a little bit of leverage, but not much. So is this just an expression of the minimum comp you need and we have a view that comps are going to go now below this and so in the third quarter, is there a risk to de-levering those items or going back to the prior question, are you able to flex? And then secondly, since you talked about food cost pressures abating in the back half, which is good news, obviously, the current commodity market doesn't suggest that's going to stay good news for long, can you maybe comment about your early views about '13 in that context? Thanks.
Don Thompson
Hey, John, I'll talk a little bit about the flex piece and then ask Pete to talk a little more specifically about margins. One of the things that we do on a routine basis is we have clearly reviews and visits with all of the markets around the world particularly our top 10 markets. And what we really talk about is where they are positioned in terms of the opportunity to grow the business. As we look at the totality of all the markets, we then make any adjustments or capital allocations, reallocations, necessary for us to go to the real market opportunity, but always being mindful of what's taking place from consumer a level. So there are markets today then initially we began out thinking we would deploy even more capital into, but right now, we may not be performing at a level to manage that kind of capital based upon comparable sales increases and therefore returns. So we on a constant basis, look at each of the markets and how we will flex in and out in terms of any of the investments that we make. And then I'll ask Pete to speak to some of your margin questions.
Peter J. Bensen
Yeah, John, regarding the commodities, our supply chain folks, our suppliers, our treasury folks really spend a lot of time earlier this year in looking at the markets and did a great job in securing a lot of our grains and other commodities at cost before they ran up related to the recent drought. And so that's why we're able to lower our outlook for this year and you can imagine, while we won't get into specific details, we've taken a greater amount of coverage for the next year, sitting here at this time, than we did half a year ago. So we feel pretty good that the impacts from the drought are going to be minimized, our next year's results as well to the extent we can see that sitting here today. But as you referenced, margins are still a top line game. And so they are dramatically impacted by our comp sales and to the extent the comp sales soften, that's where you see that deleveraging.
Kathy Martin
Our next question is Jeff Bernstein from Barclays.
Ashwin Gorur Shandilya – Barclays Capital, Inc.
Hi, this is Ashwin Shandilya filling in for Jeff. I just wanted to ask basically, in Europe where you're emphasizing more value in other markets as well. Using history as a guide, can you maybe talk about the consumer response such are focused in the short-term? I mean, I know maybe some pressure on the average check in the short-term, but for how long does that occur before customers refer it back to more normal delivering behavior. And secondly, are there major markets where you're perhaps being more or less aggressive on value and what are the expectations of those markets. Thanks very much.
Don Thompson
Thanks for the question. There are certain markets that we have focused quite intensively on, this year and also the latter part of last year to establish what we call as a value platform and we've talked about some of those markets, Australia, Germany where we knew consumer confidence was really in question relative to the expenditures and they also have a higher propensity for savings. France, we've talked about relative to consumer confidence in the event of austerity measures.
Japan, we've talked about relative to what they come through now in this post-recovery from the Tsunami, they're also in a tough economic environment, and clearly markets like the Spain's and Italy's of the world, and at southern part of Europe that are having some difficulties. In the U.S., value will always be a major factor, but we have to balance it as one of the earlier questions was mentioned, with premium products, with some of the beverages to offset some of the potential erosion in margin. relative to how long it takes before you recover and what you see initially. Typically, when you bring forward a new value platform, as I mentioned in the comments, customers are not used to that. in some times, I think it's going to go away. so what they begin to do initially is that they will use that menu from a purchase intent perspective much more slow initially. That usually does vain, sometimes, it may take six months; sometimes, it may take a little less or little more depending upon the overall economic situation in the country.
Kathy Martin
Okay. Our next question is Keith Siegner from Credit Suisse.
Keith Siegner – Credit Suisse
Thanks. I have a question just more about the branded affordability in the U.S. I know you just talked about how it's always been a major factor, always been important. But one of the things that was mentioned in the call was, should the food-away-from-home inflation kind of come in at the low end of your expectation, it may limit your ability to take some pricing in the second half. Just looking back over the last couple of years, I think it's interesting because after several years of running below food-away-from-home inflation kind of year-to-date, you've been kind of in line, maybe even slightly above. and thinking longer-term, how do we think about the broad-based positioning against that? And kind of may be regardless of the outlook, should we think of a low-cost pricing environment in the U.S. to continue to maybe come back some of the competitiveness?
Don Thompson
Hey, Keith, there are a couple of things and Pete may have a comment on this as well. So food away from home is one – it's the baseline, it's the most predominant measure that we've historically reuse. But I have to say this, we've also used food at home from a grocery store price index perspective, as well as commodity costs and labor costs. And so what we have to do is, look at what we think will be – what will be within the range of price sensitivity and acceptable to a consumers which has typically been food away from home. But also we have to look at what the direction of commodity. So if commodities like they're going to really ramp up. We want to make sure we're in a position to minimize the impact of margin erosion by taking appropriate price increases.
There are times when we will bump up against as you mentioned food away from home or even for a very short period, we may actually eclipse it, but we'll bring that right back in line. And that's just part of the ongoing management of what's taking place in a broader marketplace in terms of food costs, labor pressures, and then understanding what's happening with consumer confidence and disposable income.
Peter J. Bensen
And I think Keith, it also – it's fair to assume in that kind of pricing equation if you will or pricing formula, we do look at what's going on the menu boards at the competition. So, the competitive environment does, also factor into it, but Don highlighted that, it's the more macro factors that we do look at.
Kathy Martin
Our next question is from Matt Difrisco from Lazard.
Matthew Difrisco – Lazard Capital Markets
Thank you. Pete, I wondered if you could talk about the dynamic of the franchise margin in the U.S., and try and help us understand maybe how that looks going forward, as far as it's been a several quarters of a run of margin expansion on the franchise side in the U.S. and now it's sort of flat year-over-year. You can put that into the context of what, how those – how that dynamic works going forward in an environment where – I think in the press release you said that the same store sales are going to be a little or guided to be a little slower in July and ahead than they were in 2Q?
Peter J. Bensen
All right, Matt. First, let me – July, and I know this is generally out there, but July we are facing a negative 1.8% trade day impact. So that is impacting July, as well as the fact that Ramadan is staring – started last week, so we are going to have 10 days impact of Ramadan this year in July when that was entirely in August last year. So those were a couple of things to think about when reflecting on that July guidance.
But as we said earlier, the same thing applies to franchise margins even more so that applies to company operated margins is that they are a top line gain. So they're really driven, we get tremendous leverage when we are driving comps and they tend to slowdown as comp sales slow.
The other thing specific to the U.S. is with the reimaging that's going on. We are seeing a greater increase in depreciation expense. But typically depreciation is one of those fixed costs that you could leverage with the increased sales, but with the progression of increasing the reimagings, we are continuing to layer on some additional depreciation expense, that will continue in to the near future.
Kathy Martin
All right. Our next question is from Joe Buckley from Merrill Lynch.
Joseph Buckley – Bank of America/Merrill Lynch
Thank you. Pete, I was wondering if maybe you've done this already, but could you breakdown the $100 million of G&A among the three things you've mentioned, the April convention, the Olympics and the technology program?
Don Thompson
So, Joe, we've somewhat broken it down, and that we've said, half of that relates to the convention in the Olympics and the other half relates to the IT investment.
Joseph Buckley – Bank of America/Merrill Lynch
Okay. Thank you.
Kathy Martin
All right. Our next question is from Mitch Speiser from Buckingham Research.
Mitch J. Speiser – Buckingham Research Group, Inc.
Great, thanks very much. And I'd like to ask another question about margins. In the global margin at the store level, I believe it was down about 80 bps. And Pete, is it possible just to give us a sense of maybe how much of that contraction was due to increased focus on value? And as we look out over the next couple of quarters, do you expect that emphasis to heighten or are we kind of there already? Thanks.
Peter J. Bensen
Yeah, Mitch, it's hard to pinpoint precisely how much of that is related to our increased focus on value. And specifically, Don, alluded to this a little bit, when we say value, it's not just that entry point value, so it's not just the dollar menu or the one euro items in that menus. It's also some of those premium food events that are a relative value compared to the rest of the marketplace. So I know we talk a lot about value to drive transactions and the implications there, that is the entry level value and a lot of that is, but it also has different forms across the menu board. But I would say that as we focus more over these next couple of quarters, it is likely that the impact will be a little bit more, will be greater in the next couple of quarters.
Don Thompson
Hi, Mitch, just one point on this one is, what we're facing now from a global economic perspective is, we're just seeing more markets that have consumer confidence issues, and what we will consider to be more substantial levels. so this notion of value and the way we're talking about branded affordability, while it is not necessarily new in all of the markets, what we're finding is that we have to again quake up our messaging, our GRPs, our marketing spend just a little bit more to appeal to some of these consumers who frankly have less confidence in the overall economy, and therefore reduce the disposable spending. and so, that's why we're having as many conversations about it.
But having said that, we've been doing this in each of these markets over time, so it's not – they're not typically new things, there are a couple of markets where it's new, Japan let's say or in Australia with loose change, but particularly as they've been in France, the U.S. has had a value based menu, Germany's had SMS. What we're finding is we may need to quack that up just a little bit more to appeal to some of these consumers. This is the time for us to really focus on guest count growth and market share gains. And so we'd really go at this very hard in times like these even though that means an investment.
Kathy Martin
Our next question is from John Ivankoe from JPMorgan.
John Ivankoe – JPMorgan
Hi, great. Thanks. First, just a really quick follow-up and then the question. Pete, when is that IT investment recur in fiscal '13 or is it the $100 million gone from fiscal '13, so that's the first question? And then secondly, just thinking about the UK, I mean obviously, there is the Jubilee and the Olympics and there has just been so much kind of going on into that market overall. I mean how do you think about the UK in general and in the second half of the year and in the '13 and is McDonald's doing anything proactive to perhaps prepare for, I don't know if that happens or not, but a slowdown like it happened in the UK for the rest of Europe as some of these events come in the past?
Peter J. Bensen
Hey, John, I'll take the first part of your question, and then Don can give you a perspective on the UK But the $50 million incremental technology investment spending this year, that will stay in our base and that level of spending will recur next year. So to say it differently, $50 million for the Olympics and conventions does not repeat next year, but the technology spent continues, but obviously, at a zero increase, if we spend the same amount. With that, I'll ask Don to talk about the UK.
Don Thompson
Hi, John, Beijing – so if I look back to Beijing, Vancouver, post the Olympics, what we typically do is, we go back to business as usual. So we don't foresee a huge shift or change in terms of our base trim line in the UK as we move forward. Having said that, the UK will be facing some tougher austerity measures in the latter half of the year, and so as those things come into play, we've got to again make sure, we're looking at all of the macro economic factors in the market and making appropriate adjustments. We've done quite well in the UK, we're balancing our growth across all the menu tiers and that will continue. But we'll have to continue to look at the market, but right now, we don't foresee anything that will cause a substantial change in the base trend line.
Kathy Martin
All right. Our next question is from Jason West from Deutsche Bank.
Jason Taylor West – Deutsche Bank Securities, Inc.
Yeah, thanks guys. I just wanted to talk about the U.S. market a little bit, you've obviously seen somewhat a down shift in the sales trend though the others are still healthy. You've seen a slow down from the last couple of quarters. If you could talk about how much of that is kind of a consumer macro driven, I've seen people trading down to the dollar menu, value menu, things like that versus competitive activity that you've alluded to. It seems like the competitive activity not necessarily value oriented all the time, some of its new product oriented and just marketing oriented. If you can just kind of compare that to maybe other periods of slow down? Thanks.
Don Thompson
Great question, Jason. A couple of things, we're seeing a hike in competitive activity across the IEO marketplace, which is an interesting point because it's not just in QSR, we are seeing it across all of IEO from fast-casual to convenience and grocery stores. I haven't said that, for us as McDonald's what matters most is to remain focused on what's within our realm of control. So we will talk about the value platforms, we talked about beverages, breakfast, we talk about premium based products and promotional food events like McBites. We've just got to make sure that we are appealing the customers more so, but we are seeing to your point, we are seeing that competition.
Now, the other thing is that there is an increase in terms of marketing spend by many of the folks in the competitive segment. So we have to clearly be able to make sure that our strength of voice and our share of voice is still resonating with consumers out there and we build awareness for the McDonald's brand. So this is not new, we go through competitive fresher's and there will resurgences and a kind of ebbs and flow from time to time. But what it means for us is we just got to be focused on our business plan and execute that at the highest level.
Kathy Martin
All right. Our next question is from Andy Barish from Jefferies.
Andy M. Barish – Jefferies & Co., Inc.
Yeah, can you just give us a little sense on sort of the China business, how much the last quarter slowdown was kind of – your thoughts internally, more value kind of value dinner having a negative impact on mix et cetera versus sort of the external environment, if there is a way you are sort of looking at that?
Don Thompson
Yeah, Andy, relative to China, so clearly we're seeing a little bit of a slowdown economically and we talked about the Tier 1 cities, which is where we are, which is where our presence is absolutely the strongest, it's where we are concentrated. Those markets seem to be facing much stronger macro economic pressures than clearly the Tier 3s, 4s, those cities that are outside of the core in terms of where our focus has been. So we are seeing some macro economic pressures.
On the value side, we are seeing a little bit more media and marketing around value-based products. Clearly, I think we are in a pretty good position there relative to the overall marketplace in China. But the other thing is that, for us, it's got to be consistent when you execute value. So, if you look at last May, June timeframe, we were running 13% and 16% comps. And so as we went into this year, we knew that those were fairly high hurdles.
Nonetheless, if we execute the existing value lunch strategy, value dinner adding strategy; breakfast is our fastest growing take part in China. We'll continue to do well in the marketplace. But we have focused on a little bit more based on consumer confidence measures. We have focused a little bit more on a value side in China as well.
Kathy Martin
Our next question is from Howard Penney from Hedgeye.
Howard W. Penney – Hedgeye Risk Management LLC
Hi, thanks very much. I was wondering if you might be able to quantify what you are seeing in the global markets as you've described in the call today, the slowdown anyway that you are seeing from the consumer, because you've done 5.4% comps for the six month this year, your worst year in the last five was 2008 at 3.8% for you or 2009 at 3.8%.
So, you're doing, I think significantly better and you had a better earnings performances, I don't believe you missed the numbers back in 2008, 2009. So, what is that in the global marketplace that you are seeing is causing the issue McDonald's is seeing, from a top line perspective you're doing much better than what is arguably a far more difficult economic environment in 2008, 2009?
Peter J. Bensen
Howard, couple other things, one is that we started this year and we had the benefit of the leap year and we had the benefit of the unusually warm winter, in a lot of places around the world. So the first quarter while it was strong, there were a couple of things that boosted that beyond the wherewithal normal performance churn event. But as you look around the world, I'd say, one of the changes is just the length of this economic challenging period. Back in '08 and '09, I think people thought this was an issue, it was going to come, it was going to go, it didn't dramatically change consumer behavior. They did change some, but not dramatically, and I think now, that it's persistent for so long, and especially in Europe, it's gotten so much deeper in some of these countries that it is really starting to constrain consumer behavior, several of the markets there, the Eating Out market is just simply declining. People are staying at home, they aren't going out and the magnitude of the issues in Europe are having ripple effects around the world. And the most significant is, it is impacting the consumer's behavior and whether that means they are saving more or they're just going out less. All in all it is meaning more flattish to declining eating out generally around the world.
Don Thompson
An interesting point, we look at it quite often is, we've been at points what we've seen is one or two markets of our top 10, maybe three or four that might be experiencing some of these consumer confidence issues, this is one of the first times when we've seen in a much broader base perspective, so it's a little bit more than European cold, if you would, it's kind of a little bit more a global piece that we're seeing, across the board. So what all it means for us is that the things that we've employed historically, we've got to make sure that we're in the best position again to drive in, additional traffic in the restaurant to be able to trade those up, but we're making substantial investments to be able to do that now in all of the markets that we've talked about. And we're seeing some results in terms of some of that the guest count movement, but we may not necessarily see those sales flow down to bottom line until we've got into a point where we can really trade those guest counts up.
Kathy Martin
All right. Our next question is R.J. Hottovy from Morningstar.
R.J. Hottovy – Morningstar, Inc.
Good morning. And I just wanted to follow-up on the product pipeline that Don had mentioned in the U.S. You gave some hints about some new products that maybe in the pipeline. but maybe the broader question just more specifically what we may be seeing in the back half of the year in 2013, and based on the success of McBites program earlier in the year, there's any learnings or any product platforms you've seen elsewhere in the world that may be successful or do you think, it may have potential is the U.S. just any commentary on that would be helpful? Thanks.
Peter J. Bensen
Yeah. R.J., a couple of them, you guys have seen that we've showed at whether it was a NIM or some of you saying these in business to the innovation center et cetera. but clearly the beverage platform, we're seeing has quite a bit of resonance and it is being looked at by many markets around the world as we move forward there. But also wraps it's a platform, you guys have seen the wraps, the wraps are being looked at in many markets around the world, we're in quite a few countries across Europe right now, but the variations in the wrap whether beef or chicken, your ability even going to shrimp and fish have been quite tremendous, we've even done some breakfast work with those wraps as I mentioned today.
So we're seeing those kind of platforms move around quite a bit. On the premium sandwich side, that was – I think it was at the Investor Meeting, we showed you guys a burger called the Pub Burger in the U.S., those type sandwiches that are more premium beef sandwiches and we can also do premium chickens are some of the sandwiches that have resonated in Europe. And so you can look forward to seeing some sandwiches similar to that, next year for sure impossibly, possibly even the latter part of this year.
Kathy Martin
And our next question is from Sara Senatore from Sanford Bernstein.
Sara H. Senatore – Sanford C. Bernstein & Co., LLC
Hi, thank you. I wanted to sort of ask the question about the unit growth that you are seeing, you mentioned them growing in emerging markets and then you also subsequently made comments about thinking about allocating CapEx and making sure that the returns are there. I guess when I think about your growth algorithm, the one you laid out, and you said – that you expect to return too. It's usually I think has some low single-digit comps, or a single-digit unit growth with the top line. I'm just trying to understand, if your growth shifts more toward emerging markets, shouldn't that mean that for any given amount of unit growth, you probably have less of a contribution to the top line, because they tend to be either lower volume or in the case of Latin America license. So should we be thinking, will that mix become more pronounced over time, I guess this is the question, so that your system wide unit growth may increase, but it will have a diminishing impact on your revenue growth?
Don Thompson
Hi, Sara. So we talked about Brazil, I highlighted Brazil as one of those countries, but in Brazil as a development licensee, it was the only country that I have mentioned in large part that is a development licensee wholly from that perspective, When you look at the other countries we're growing in, whether it be China, yes, lower average unit volumes, but we're growing quite aggressively as you know in China, the growth that we have in some of the others, the India's and the Russia's, other world. In India, we have a developmental licensee and a joint partner; in Russia, that is a wholly-owned market, so it's all McOpCo; the U.S. we have a mix; markets like France we have a similar mix and closer to that 80% to 90% franchise kind of a range, but it is the traditional franchise. So, we have growth across many markets and the ownership structures are a little different. So as we look at the allocation of capitals, we're looking how we can get maximum returns, but we are also look into see what customers want more McDonald's. That's the first and most important thing, where are the true growth opportunities to build the business and build a system wide sales.
Kathy Martin
Our next question is from Phillip Juhan from BMO Capital Markets.
Phillip A. Juhan – BMO Capital Markets
Yeah. Thanks guys. This is Phillip Juhan at BMO. Pete, I was hoping you can may be quantify some of the labor wage rate pressure you're seeing and where that might be the most secured in terms of geography, it's a little tough to reconcile with 2% to 3% pricing in place. How you guys are actually thinking, deleverage on that line against the back drop of sort of economic softness in general?
Peter J. Bensen
Phillip, we're seeing wage pressure in virtually every market around the world. U.S. there continues to be increases in the average rate. I think there were seven states that hit normal wage at the beginning of the year at a 4% to 5% clip, which are impacting that. In addition in the U.S. we continue during the quarter to invest labor enrolling in the peek hour and so that added a little bit of pressure to the labor line. If you go into Europe, not only our wage is increasing but some of the austere measures in Europe include, additional social charges, an additional payroll type taxes, that are putting pressure on the wage rates. And in Asia, a lot has been written about China and the pressure on wages there, so we're experiencing wage pressure there as well, so it's clearly a global phenomenon for us.
Kathy Martin
All right. We're about out of time but we've got a couple additional folks in the queue. So, we're going to take these next couple of questions; Joe Buckley from Merrill Lynch.
Joseph Buckley – Bank of America/Merrill Lynch
Yeah, just want to ask about the European same store sales increase in the month of June, actually it was pretty strong and you mentioned McDeal in Germany, but when more value initiatives in place, what sort of the timing of the – [you said about] focus on value in Europe?
Don Thompson
Hey, Joe, thanks for the question. Couple of different things, clearly in Germany, SMS and we talked about this back, I think it was April or May, SMS has been stepped up. We have to put more marketing dollars, immediate dollars behind it. Also they created the €3.79 McDeal. So Germany, they did implement that albeit toward the end of the second quarter.
In France, Petit Plaisir is across the Board now. It's something else that we had mentioned and what they don't have yet is a one sandwich type price point value but their base value platform is Petit Plaisir. So we haven't gone all the way to Eurosaver there. At this stage, the franchisees are discussing next steps. But we believe we're in a pretty good competitive position in France right now.
The UK has continued on Eurosaver's. Markets like Spain and Italy are in a value proposition called Uno por Uno, and I would tell you Spain has executed this quite well over the last several years and they are performing well even in the state that the economy in Spain has had, but there are other markets.
Italy is a tough market for us. Italy right now even with the value proposition for those of you who visited Italy, you know there is a lot of street side cafes and their value proposition is a lower tier even than what we proposed at McDonald's Uno por Uno. So, we have to continue to try to see how we can breakthrough in a marketplace like that. So it does vary a bit, but we are seeing some early results nonetheless we have to stay diligent in all of those markets.
Kathy Martin
And our final question is from Peter Saleh from Telsey Advisory Group.
Peter Saleh – Telsey Advisory Group LLC
Great thanks. I know it's a little early to be talking about 2014, just wondering what your thoughts are on healthcare costs and if you have any kind of estimates around what that could do on a per unit basis. And what steps could you take in 2013 to kind of get ahead of that.
Peter J. Bensen
Peter, our current estimate is healthcare is going to impact each individual restaurant in the range of $10,000 to $30,000. That obviously a wide range, but there is a lot of different factors when you look at the healthcare law that impacts the number of employees, the number of full time employees, what is the current healthcare offering from the owner operator for McOpCo. So there are a lot of variables, but I will tell you that we are significantly increasing now that the Supreme Court has ruled increasing our conversation and disclosures with franchisees around what this mean for brand McDonald's. So that they can be as educated as possible around what's happening so that they can start to anticipate and make any changes that they have to try to minimize the impact of this.
And on a just a dollar basis that $10,000 to $30,000, we have years like last year where commodity cost increases were even greater than that. So while this is a significant item and it's gaining a lot of attention as the P&L item we've managed through items of this magnitude in the past and I'm hopeful we can do that in future.
Kathy Martin
All right. I'll turn it over to Don now with the few closing comments.
Don Thompson
First, I want to thank everyone for joining us this morning. In closing, we continue to deliver solid results, because the entire McDonald's system, franchisees and supplier partners, company employees, it is the most aligned it has ever been as we continue to execute our plan to win, and the three global priorities that we've established in optimizing our menu, modernizing the customer experience, and broadening accessibility to our brand.
I'm also confident that with our solid strategic plans to gain market share over the long-term and the experienced senior leadership team that we have and the ongoing communications we have with franchisees, we'll continue to grow the business for the system and for our shareholders. We remain steadfast in our commitment to our long-term strategies as we make smart and strategic decisions to mitigate short-term pressures in these challenging times. So, again, thanks for joining us today. And have a great day.
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text:
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Sir Isaac Newton somewhere lays it down for a rule, never to admit for history what is antecedent to letters.
This appears to be the antecedent of the modern country club.
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antecedent an·te·ce·dent (ān'tĭ-sēd'nt)
A precursor.

subset: commoncrawl


text: On 2/17/12 8:18 PM, Matt Soucy wrote: > On 02/17/2012 08:57 PM, Jonathan M Davis wrote: >> On Saturday, February 18, 2012 02:53:44 Timon Gehr wrote: >>> If you want it to be executable as a script, rdmd works just fine. >> >> But is there any guarantee that rdmd will even be on the system? It >> seems much >> safer to me to use dmd, since dmd _will_ be there if you're >> programming in D, >> but rdmd may or may not be there. >> >> - Jonathan M Davis > Aah, whoops. I forgot about dmd -run. I think rdmd can be safely assumed to be alongside dmd. If our installers don't do that, they're in error. Andrei


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Notes from the March 20, 2014 Board Meeting
Our Board Meeting was held during Brookdale's Spring Break on Thursday, March 20, 2014, on the Lincroft campus. It was a productive, positive meeting, made more so by the strong presence of the faculty, staff and administrators, who make this College hum – Spring Break or no Spring Break.
The Board went immediately into Executive Session after opening the Workshop meeting, so I could share with them the Ocean County College Separation Plan and talk about an approach like this for our employees. We continue to run models and are petitioning the Division of Pensions to see if similar consideration would be afforded to Brookdale. As I mentioned at the Governance Forum on March 11th, and in my email to the Association Presidents and Vice Presidents, I doubt we will know anything definitive for a couple of weeks; I will keep the college informed as to any developments.
At the Workshop meeting, student Jeremy Baratta asked the Board to provide in-county tuition rates to active duty military and their dependents. The Board responded that there was similar legislation pending in the NJ Assembly and that the Finance committee would discuss it further.
Vice President Maureen Lawrence provided a report on pending facilities projects including:
• Renovation of the Wall Higher Education Center; the GO Bond funds have been released and an architect is working on the design;
• Roof replacement: the study is completed and work will begin soon;
• Chapter 12; the County is selling bonds, so funds will soon be available for the science labs;
• Freehold Campus repairs; Lot #1 and walkways will be repaired/replaced, windows (in phases) will be replaced, and the troublesome sprinkler system will be replaced;
• Lincroft campus walkways; and
• Improved "student space" at Lincroft for informal meetings or project work, or just hanging out on campus (my favorite).
Our facilities initiatives are largely supported by bonds, and do not draw from our operating budget. It is very nice that even in tight times we are able to move ahead with much needed facilities repairs and upgrades.
In their report to the Board, the Ad Hoc Governance Committee outlined its goals for the next several months which included a Board self-evaluation and an evaluation of me.
In response to Professor Ryan's request of the Board in February, the Board moved to audio record the public Board meetings and make those recordings available on the College's website. We are moving forward with that, in concert with trying out a new format for Board minutes. Our minutes have traditionally been a mix of transcript and notes – neither fish nor fowl. Using a format as described in the Board Bylaw 1.5130 – Minutes of Meetings, we will record the names of the members present, the subjects considered, the actions taken and the vote of each member. Of course, we'll include enough detail to provide proper context and ensure we give matters the attention they deserve. We're piloting it for the March meeting; we'll discuss it again with the Board at the April meeting and tweak as necessary. In the meantime, the audio recordings will be available on the website several days after each public meeting.
Chair Butch noted that a special executive session meeting of the Board was held on March 4, 2014 to talk about the Interest Based Bargaining process; he asked members of the teams to stand up and be acknowledged.
Trustees Jones reported on the Faculty Sabbaticals and Transitional Sabbaticals discussed at the Policy & Education committee meeting and approved by the Board at this meeting. What wonderful projects – as always – our faculty are engaged in:
• Dan Leyes intends to write and self-publish an e-book on Public Speaking and Communication;
• Phyllis Shafer will attend the Mid-Career Fellowship Program for Teaching and Learning at Princeton University;
• Lori Uffer will travel to Southern Highlands, NC, to spend time with the community of ceramic, glass, metal, jewelry, wood and fiber artists who reside there, and keep a blog of her experiences, and
• Nancy Noe intends to complete a Master's degree in Professional and Technical Communication (and offered to help Lori set up her blog!).
There are two transitional sabbaticals for next year:
• Stuart Thomas proposes to research and design a photography course that is based on the most recent and widely used smart-phone cameras and related technology, and
• Gabe Longo intends to provide the College with a direct record of the Brookdale faculty experience from its earliest days, to create a lasting link with our formative culture.
I would love for Gabe's project to become the next chapter in The Triangle of Land. I look forward to hearing all about these and other sabbatical projects at one of the upcoming Scholars Days.
Dr. Webster Trammell updated the Board on the work of the President's Jubilee Commission (PJC). Comprised of 13 employees, the PJC has had over 20 meetings, and after several iterations, culled the initial draft report from 1200 pages to 28 pages. I received a draft report on March 14, and the final report should be completed April 8th. At that time, all the initial surveys and draft reports, as well as the final report and the appendices, will be posted on the portal. Dr. Trammell rightfully praised the members of the PJC who have devoted countless hours reading, analyzing and debating the draft report.
I have read – and re-read – the draft PJC report, and I am incredibly impressed. The report is an excellent 'meta-narrative' or 'grand narrative' of Brookdale– a story about our stories as told in the surveys and data collected by the PJC. This 'narrative' has helped me – a relative newcomer to the Brookdale culture – understand the meaning and context of the collective Brookdale 'experience.' More on this at a later time; I'm eager to engage y'all in a greater discussion about our next steps in this process.
Trustee Abby-White continued the Policy & Education report with an update on projects underway in response to our Strategic Enrollment Management Plan.
• College Readiness Now Grant: The NJ Council of County Colleges has announced a partnership between the Office of the NJ Secretary of Higher Education and New Jersey's 19 community colleges on the improvement of college readiness of graduating high school students through the College Access Challenge Grant program. Brookdale will be partnering with two Monmouth County highs schools in this undertaking: Long Branch and Academy Charter.
• Plus 50 Grant: This is a competitive grant issued through the American Association of Community Colleges designed to assist students 50 years old and above to complete a college degree or certificate. The grant establishes workshops in a "boot camp" format to help returning students overcome impediments such as a lack of technological literacy and test taking anxiety.
• Roadmap Grant: This is a grant offered through the American Association of Colleges and Universities that helps colleges foster student success and completion. Brookdale has designed a step by step guide that helps students understand what to do from admission through graduation.
• Veterans' Center: This effort creates a one-stop Center to assist in processing and certifying eligibility for Veterans and active duty military. It will also assist students with the VA to address appeals and potential processing issues and delays. The Center will provide counseling, programming and referral services utilizing resources from the Counseling division and volunteers from the Monmouth County veteran community.
Trustee Jones noted that there was a policy on the Board's agenda for approval: 1.3035 Presidential Screening Process; she also spoke about the new Associate in Science in Public Health. Brookdale partnered with three NJ community colleges, Mercer, Middlesex, and Morris to develop an AS degree in Public Health that is transferable to baccalaureate programs offered by Montclair State, Rutgers, and William Paterson. Students in the program will apply the scientific method of inquiry to gather and analyze data as well as use information relevant to local, national and global health challenges to engage in collaborative approaches to improve public health.
In the Finance and Facilities report, Vice President Maureen Lawrence reported that it was a 'routine' month finance-wise; she referred to the Facilities information shared above and noted that the packet included the reappointment of College Counsel and Labor Counsel, part of the cycle of professional service appointments made annually.
At the Public Business Meeting, I was thrilled to tell the Board about our men and women's basketball teams' 3rd place finish in the Nationals and the women's team being awarded the 2014 NJCAA Division III Team Sportsmanship Award. Go Blues! Trustee Tolchin announced that our Alpha Pi Theta Chapter of the International Honor Society Phi Theta Kappa (PTK) was awarded Five Star Honors at the Regional Conference in March – the pinnacle of achievement for PTK. Congratulations to all our students and their advisors Angela Saragusa and Shahin Pirzad!
Dean Marie Lucier Woodruff introduced the Brookdale Spotlight for March – the Small Business Development Center (SBDC). The SBDC was established 35 years ago; it was one of the first in the country, and the first in New Jersey. Serving both Monmouth and Ocean counties, the SBDC offers free counseling and advisement and low cost workshops for anyone interested in starting or expanding a business.
A little over a year ago, the SBDC was designated a Small Business Association (SBA) Disaster Recovery Center; they were awarded two significant grants to assist businesses in Monmouth and Ocean affected by Super Storm Sandy. They have helped write marketing and business plans and social media campaigns, and they have assisted local small businesses secure over $4million in financing. Over 270 business owners have been helped 'back on their feet' with the encouragement and services offered by the SBDC. For these efforts they were selected to receive the Monmouth Ocean Development Council's Silver Gull Award for Economic Development. Our congratulations, and sincere thanks for all their efforts, go to Jackeline Mejias Fuertes, Regional Director; Pasqualina DeLucia, Assistant Director; Ernestine Austin, Senior Office Assistant; Christina Georgas, Program Coordinator; Melissa Lugo, Office Assistant, and last, but not least, Karim Hossien, a Brookdale student worker. Another wonderful example of Brookdale's positive impact in our community.
The Consent Agenda was approved by the Board: In Human Resource matters we hired 43 adjuncts; awarded four faculty sabbaticals (see above); eight folks changed status and the Board approved the impending separation of nine employees from the College, including Nancy Haugh in Diagnostic Medical Sonography and Professors Robert Mellert and Donna Thompson, retiring after completing their transitional sabbaticals. Carl DeJura and Joyce Grogan in our Adult Education Office; Ruth Malkiewicz, Hazlet Higher Education Center Assistant, Robert Gant, Biology Closed Lab Learning Assistant; Riina VanRixoort in Marketing are also retiring. Patty Kahn, Executive Director of Information Technologies Services, is leaving at the end of this month to take a position at the College of Staten Island. We wish all our departing employees the best in luck and love as they start the next phase of their lives and careers.
After approval of the revised Policy and the new Curriculum (see above) the meeting was opened to public comment: Professor Phyllis Shafer, speaking on behalf of the Faculty Association, gave a shout-out to Associate Professor Marie Maber, and her work with the Teen Arts Festival. This year's festival, which focussed on the theme of ArtHelps – connecting the arts with the continuing recovery efforts from super storm Sandy – bought over 1,800 high school students from all over Monmouth County to the Lincroft campus. Marie worked throughout Spring Break with the budding artists, musicians, dancers and writers, and the high school faculty, as well as the many Brookdale folks who give so generously of their time and efforts to make the Teen Arts Festival successful.
Karyn Arnold directed the Board's attention to a number of her colleagues in the Administrative Association, including Mary Jo Burkhard, Michael Medley, Laura Qaissaunee, Marguerite Stocker, Norah Kerr-McCurry, and Nancy O'Shea, for their exemplary work in and out of the office. She also recognized the hard work of Tim Zeiss and Lore Milione in the Foundation office, and Stephanie Fitzsimmons and Eileen Kenavan (and Karyn!) as well as all the volunteers who made the Scholarship Reception such a memorable event. The Foundation, through the largess of its donors and Board members, raised enough funds to award over 450 scholarships to Brookdale students. I'm incredibly proud of the wonderful work of our Foundation and our staff.
The Business meeting was adjourned and once again we had the wonderful opportunity to celebrate an Early College High School partnership – this time with St. John Vianney High School in Hazlet. My thanks to Executive Vice President Dianna Phillips, Deans Nancy Kegelman and Frank Rother, for spearheading another example of Brookdale's commitment to creating new pathways to earning a college degree.
Spring Break has concluded with no real Spring in sight; indeed, we have more snow in the forecast. Let's think warm thoughts, and maybe soon this winter will really be behind us.


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Recent Connections by EMacdonald5638
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He was married to Violet Macdonald who was a sister of my husband.
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Fold3 members can easily connect and make relations between documents or images. For example:
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- Member uploads to any documents—Vietnam wall example
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Brady Civil War Photos Free
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Chrisdee Photographer
Deni KubickovaModel Female San Diego, California, US
Mayhem # 836381
About Me
Instagram: Deni_Kay
Hi all!
Welcome to my page! My name is Deni currently living in Southern California. I love working with all kinds of creative, kind and professional individuals. If that's you send me a message to work out a shoot.
Cheers & thanks for visiting! ☀
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Where can I find Oneida's blog, Facebook Page, Google Plus Page, or Twitter feed?
0 answers
Add an answer to this question
Today's best Oneida promo codes
Today's best deal
Oneida is offering a 10% off promo code on their website. Click on the offer button and you can 10% off on your order at Oneida.. To use this offer, go to oneida.com, add items to your basket, and then go through checkout and enter the promotion code in the box displayed. This offer was activated 1 week ago and it expires on Saturday, July 22, 2017. You can also check out Dealspotr for the latest kitchen accessories deals and coupons.
Added 1 week ago — Expires on Saturday, July 22, 2017 — Coupon details — More Oneida promo codes
More Oneida Discussions
Does Oneida offer free returns? What's their exchange policy?
Yes, Oneida does offer free returns and exchanges for items purchased on their website. You can see more details of their returns policy here. You might also check out Oneida's homepage for additional pages with information on returns and exchanges.
Oneida's returns & exchanges policies are rated:
5.0 - 1 rating
Does Oneida offer discounts to military families and veterans?
You can check this page for more information about Oneida's veteran discounts and offers. You might also check out their homepage to see if they've posted any additional information about their military discounts. You can also subscribe to their email newsletter, as some stores will send special off...
Oneida's military discount policies are rated:
3.0 - 1 rating
Does Oneida offer free shipping?
Yes, Oneida does offer free shipping all the time. You can read more about Oneida's shipping policies on their website on their shipping policies page. Good luck with your shopping there! If you can't find the information in the link above, you might be able to find more information on Oneida's hom...
Oneida's shipping costs are rated:
5.0 - 1 rating
In general, what's the customer feedback on Oneida? Have they been reviewed by blogs and news sites?
How safe and secure is Oneida's website? Do they use secure connections? Does it contain malicious code?
What are Oneida's pricing and packages? How do they compare on value vs other Gourmet & Kitchenware sites?
What payment methods does Oneida accept? Do they accept PayPal, debit cards, e-checks, or BillMeLater?
Does Oneida create its flatware in the United States?
No - they closed all their factories here in the USA - just look at the history section of oneida.com - ALL flatware is outsourced from countries such as Vietnam -
Does Oneida also sell serving pieces like platters and salad bowls?
Oneida sells a line of tableware and most of these lines include the options of salad bowls and platters. Their dinnerware is not quite the same as fine china in that it is dishwasher safe and not easily breakable, but most of their tableware is good quailty and comes with these essential matc...
Does Oneida offer monogrammed flatware?
At this time, Oneida is not offering monogramed flatware. Silverplate is also no longer a product of their line. With their new policy of sourcing out the manufacture of their products, it is not possible to set up special orders needed to do this. Many of their old silverware patt...
Does Oneida have a flatware replacement service?
Oneida offers a lifetime limited warranty on their flatware. If any piece fails to perform, customers can return the piece with a proof of purchase to Oneida Ltd. Oneida Ltd. will, at its option, replace the affected piece (not the complete set) at no charge. A similar piece will be used...
Does Oneida offer a mobile app for iPad, iPhone and Android?
No, Oneida does not offer or sell mobile app for iPhone, iPad and Android. In the Oneida Review by Iris MacCammon, she explains what Oneida's products and services are: "As one of the largest retailers of flatware, Oneida supplies the majority of North America's food ...
Does Oneida LTD - Flatware accept debit cards or personal checks?
Oneida accepts several different payment methods including: Visa, MasterCard, Discover, American Express, JCB, and Maestro/Solo. Personal checks and money orders are not accepted. Debit cards are only accepted if they carry the Visa or MasterCard logo. PIN numbers cannot be used. Paypal is also acce...
Does Oneida LTD - Flatware accept PayPal?
Yes, Onedia LTD glady accept PayPal as payment method. They offer two payment method at checkout time: Credit cards and PayPal. You can select PayPal at checkout time to proceed to complete your order. PayPal is the most secure and fast method to get paid for online shopping. Y...
Does Oneida LTD - Flatware ship internationally? Which countries do they ship to?
However, they have partnered with FiftyOne who does sell their products internationally.
Does Oneida LTD flatware have an online gift registry for weddings and such?
They do have a gift registry at their website www.oneida.com. You can also order some patterns not found in the stores. This is helpful if you want to match a long time family pattern. Some patterns come in both silver and every day stainless steel designs. Some people like h...
Does Oneida LTD flatware have an affiliate program and how do they structure it?
Yes, Oneida LTD flatware does have an affiliate program. To join this affiliate program, you have to apply to be a commission Junction Affiliate. Once you have been approved you may log-in to your account and begin setting up with the ONEIDA affiliate program.You can select ads to be place...
What is Oneida LTD - Flatware's return / refund / exchange policy?
Returning Oneida LTD Flatware is relatively straightforward, particularly if the item was damaged or defective. Here is their policy from the website: Oneida Ltd. Internet, Telephone and Mail Order Return Policy Any unused merchandise or merchandise damaged during shipment may be returned to...


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How long does the pnik eye virus live on household objects?
We are vacationing in a cottage where on earth the previous vacationers/owners (my grandparents!) had pink eye. They moved out yesterday, and we are going tomorrow. Will we get pink eye from touching things that they hold touched, etc.?
Not so much from the things they touched, but it's always safer to not use their pillow cases, and wipe clothes. Washing these things in VERY hot marine, with bleach rather is best. Wash your hands alot and try to hang on to your fingers from rubbing your eyes.
More Questions & Answers...


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Jake Garn
Biographical Information
Born in Richfield, Utah, Garn earned a Bachelor of Science degree in business and finance from the University of Utah in 1955. He also attended East High School, Clayton Middle School, and Uintah Elementary School. He is very close to Milo Scovtle Marsden Jr.
The Monkey is a Yin,
and is the Ninth sign of the Chinese horoscope.
Birthday: October 12, 1932
A new chapter is starting; problems are solved through changes in circumstances.
Creative initiative, skill and opportunities for new ventures.
Birthday: October 12, 2016
Material success, stability, authority and ambition.


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2 unqualified school administrators should get over anger, go away quietly
The irony should not be lost on Buffalo residents who woke up the other day to find that Yamilette Williams and Faith Morrison Alexander intend to sue Buffalo School District administrators and board members for what they describe as lies, fraud and "selfish political purposes" associated with their termination early last month.
Superintendent Pamela C. Brown hired the two women even though they were not qualified for their jobs. Now they want $3 million in damages for loss of future income and for "moving costs and emotional costs."
They also want the courts to grant punitive damages against the district and the Board of Education. Williams and Alexander claim through their lawyer to be personally hurt. And their careers as public school district administrators are damaged. No, "ruined."
By rights, city residents and students should be the ones suing the district, for once again failing to provide proper leadership. And it's too bad the district can't sue the women for the return of the thousands of dollars in salary they accepted for jobs they weren't qualified to do.
Williams had been hired as the district's chief of curriculum, assessment and instruction. Alexander had been hired as one of the district's chiefs of school leadership, providing direct supervision over schools.
Only neither of them had the proper certification to work as district-level administrators in New York State, something brought out by board member Carl Paladino.
Both were finally terminated, get this, at Brown's recommendation. But before being forced to fire them, Brown had one more trick up her sleeve: She wanted to turn them into highly paid interns while they sought the certification they should have had before showing up. They have since left the area and are unemployed, according to their lawyer. And they're mad.
Williams and Alexander are accusing the district of fraudulent hiring, breach of contract, defamation of character, libel and slander. They claim they were fraudulently hired because they were incorrectly led to believe, through the interview and hiring process, that they had the certifications necessary for their positions, their lawyer said.
And they didn't much like comments, particularly from Paladino and generally by all board members, when the board met in closed session April 2 to discuss the future employment of both women before unanimously voting to terminate them.
Williams and Alexander believe they were collateral damage for the larger purpose of removing Brown. But what they should have realized is that the superintendent is the one who did them no favors by hiring them without first checking to make sure they were qualified for their jobs.
The two administrators also should have realized that signing a contract that required them to be certified for their jobs meant they were leaving themselves exposed to the truth eventually being revealed.


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Children's Outdoor Bill of Rights
The Mission
To encourage California's children to participate in outdoor activities and discover their heritage.
The Reason
Numerous studies have shown that children who participate in outdoor activities are healthier, do better in school, have better social skills and self-image, and lead more fulfilled lives.
The Objective
That every child in California should, by the end of their 14th year, have the opportunity to experience each of the activities listed with the California Children's Outdoor Bill of Rights.
This is a list of the Children's Outdoor Bill of Rights, with links to California State Parks in which you and your family can experience the wonder of nature and the great out doors
Play in a Safe Place
Follow a Trail
|Explore Nature
|Camp Under the Stars
|Learn to Swim
|Ride a Bike
|Connect with the Past
|Go Fishing
|Go Boating
|Plant a Seed
- Children's Outdoor Bill of Rights Posters and Bookmarks can be downloaded from the Children's Rights tab on the California Roundtable website: www.calroundtable.org
The California Roundtable on Recreation, Parks and Tourism is a consortium of State, Federal, local, academic institutions, private and non-profit organizations founded in 1998 to encourage cooperation between public and private entities involved in outdoor recreation, public lands and tourism in California. For more information, including the Children's Outdoor Bill of Rights documents please visit:
California Roundtable on Recreation, Parks and Tourism


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Maybe it's all the attention being paid to Tim Tebow, Colt McCoy and Sam Bradford. Maybe it's the focus on their respective teams: Florida, Texas and Oklahoma. Maybe it's the eight-month drought between games.
Whatever the reason, it's nice that the season is ready to kick off and there are plenty of interesting storylines to talk about. Of the three top contenders, only the Sooners should be tested with a neutral site game against Brigham Young.
That is just one of four games matching ranked opponents. It starts with Oregon facing Boise State on Thursday and also includes Georgia's trip to Oklahoma State and Virginia Tech meeting Alabama in Atlanta.
There's also the latest meeting between rivals Florida State and Miami that will give one team a good start in the ACC. All the action is spread over the five days of the holiday weekend that should satisfy the appetite of fans across the country.
No. 1 Florida vs. Charleston Southern, 7 p.m.
The scary part about the Gators being listed as a 73-point favorite in this game is that they might actually win by more. Florida 63, Charleston Southern 0.
No. 2 Texas vs. Louisiana-Monroe, 7 p.m.
With his eyes already focused on the BCS, Mack Brown won't waste any time having the Longhorns pile up the points. Texas 50, Louisiana-Monroe 3.
No. 3 Oklahoma vs. No. 24 Brigham Young, 7 p.m.
Two of the nation's top quarterbacks are in town for the first real game at the new Cowboys stadium in Arlington. Sam Bradford has an almost brand-new offensive line and group of wide receivers. That could cause the Sooners to start slowly, but the defense is good enough to slow down Max Hall and the Cougars. Oklahoma 31, Brigham Young 14.
No. 4 Southern California vs. San Jose State, 3:30 p.m.
The first opportunity to watch Matt Barkley at the controls for the Trojans. He'll get his feet wet in preparation for next week's big game at Ohio State. Southern California 38, San Jose State 14.
No. 5 Alabama vs. No. 7 Virginia Tech, 8 p.m.
The Crimson Tide beat a top 10 team from the ACC in last year's first game in Atlanta. They return to the Georgia Dome hoping for a repeat. The Hokies won't be the pushovers that Clemson was last year, but can they generate enough offense in what should be a game dominated by defense? Alabama 20, Virginia Tech 10.
No. 6 Ohio State vs. Navy, noon.
You wonder how much time the Buckeyes spent preparing for the option attack of the Midshipmen and how much time was spent getting ready for Southern Cal. Ohio State 31, Navy 14.
No. 8 Penn State vs. Akron, noon.
Is it possible Joe Paterno will get butterflies in his stomach before he leads the Nittany Lions on opening day for the 44th time? Penn State 30, Akron 10.
No. 9 LSU at Washington, 10:30 p.m.
This is the longest road trip in the history of the LSU program. It will be a longer plane ride back if the Tigers fall to a team that was 0-12 last season. LSU 40, Washington 19.
No. 10 Mississippi at Memphis, 3:30 p.m. (Sunday)
There's been a lot of hype about the Rebels entering the season. This will be a good test to see how much they have been reading their press clippings. Mississippi 35, Memphis 20.
No. 11 Oklahoma State vs. No. 13 Georgia, 3:30 p.m.
These two teams opened the season against each other two years ago. The Bulldogs were too big and too fast for the Cowboys in Athens. This time the differences should be minimal, but the result will be the same even with Georgia breaking in new quarterback Joe Cox. Georgia 28, Oklahoma State 24.
No. 12 California vs. Maryland, 10 p.m.
The Golden Bears will go as far as quarterback Kevin Riley will take them. We'll find out a lot from the junior in the opener against the Terrapins. California 31, Maryland 20.
No. 14 Oregon at No. 16 Boise State, 10:15 p.m. (Thursday)
This could be the wildest game of the weekend with two strong offenses capable of piling up points. Chip Kelly's first game as Ducks coach ends on a high note. Oregon 33, Boise State 31.
No. 15 Georgia Tech vs. Jacksonville State, 1 p.m.
With a game against Clemson coming five days after this one, the Yellow Jackets will consider this a success if nobody gets hurt. Georgia Tech 35, Jacksonville State 10.
No. 18 Utah vs. Utah State, 9 p.m. (Thursday)
The Utes won't have any trouble extending their nation's-best win streak to 15 games. Utah 38, Utah State 13.
No. 19 Florida State vs. Miami, 8 p.m. (Monday)
How much have these programs fallen let alone the rivalry? The Seminoles can't come close to selling out for the Hurricanes. But that doesn't mean there is any less intensity among the teams. Florida State 23, Miami 16.
No. 20 North Carolina vs. The Citadel, 6 p.m.
Nothing more than an exhibition opener for the Tar Heels. North Carolina 42, The Citadel 9.
No. 21 Iowa vs. Northern Iowa, 12:05 p.m.
The Panthers' one win in the series didn't even occur in the previous century. It was in 1898. Iowa 40, Northern Iowa 10.
No. 22 Nebraska vs. Florida Atlantic, 7 p.m.
It's the second consecutive season the Owls will open on the road at a Big 12 school. This one will go better than their 42-point loss at Texas. Nebraska 42, Florida Atlantic 17.
No. 23 Notre Dame vs. Nevada, 3:30 p.m.
This is a tougher opponent than some might think for the Irish. The Wolf Pack will have their moments, so don't be too surprised if this is close in the second half. Notre Dame 28, Nevada 19.
No. 25 Oregon State vs. Portland State,
The best part of this game is the opportunity to see Jacquizz Rodgers back on the field for the Beavers. Oregon State 43, Portland State 12.
First-place votes in parentheses.
Football coaches' poll
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Symposium examines power of the artist's 'pointed pen'
Symposium examines power of the artist's 'pointed pen'
The significance and power of the artist's 'pointed pen' falls under the spotlight next month at a symposium entitled Cartoons, Comics and Caricatures: Evidence or Ephemera?
The one-day event at the University of Auckland will bring together both local and international experts and enthusiasts, to discuss the place of cartoons, comics and caricatures as an artistic medium. It will also look at the genre's significance as historical evidence of specific time, people and place.
Cartoons typically refer to a style of drawing intended for satire or humour and the symposium's speakers will address a wide range of issues from the function and analysis of cartoons to their ability to reveal the prevailing attitudes of the day. There will also be a panel focused on the medium of comics.
The keynote speaker is New Zealand-born Alan Moir, who is the editorial cartoonist for the Sydney Morning Herald. The winner of numerous awards, his work is syndicated worldwide by the New York Times, and extensively held in major public and private collections. In his opening lecture The Pointed Pen he will discuss his profession, how political cartooning is at the heart of freedom of the press, and why some cartoons carry so much power and the ability to comment on the vital issues of the day.
Other speakers
Paul Diamond (Curator, Maori, Alexander Turnbull Library): Representations of Māori and Māori cultural motifs in cartoons 1930 to 1990.
Paul's lecture will discuss the changing portrayal of Māori in cartoons.
Ian F. Grant (Founder of the NZ Cartoon Archive,
Alexander Turnbull Library and cartoon historian):
Cartoons that don't paint a pretty
Ian's lecture will examine over a 100 years of cartoons in New Zealand, to reveal the high level of racism that was operating during this time.
Johnston (Research Librarian Cartoons, Alexander Turnbull
Library): An introduction to reading
Melinda will discuss how to contextualise works for future readers, how to understand what is happening in a cartoon and grasp the point the cartoonist is trying to make.
Aleisha Ward (School of Music, University
of Auckland): No use crying over spilt pianos: The 1950s
jazz concerts and the grand piano
Aleisha will discuss the fuss that occurred when the Auckland City Council banned jazz musicians from using a newly purchased Steinway grand piano - illustrated by cartoons from the time.
The panel on
comics will feature:
Aiden Ranford: Distancing comics from storyboarding.
Senior Lecturer Sondra Bacharach (Philosophy, Victoria University): Learning from images: The ethics of representing women in comics and cartoons.
Associate Professor Neal Curtis (Film, Television and Media Studies, University of Auckland): Time frames: Picturing past and present in comics.
Cartoons, Comics and Caricatures: Evidence
or Ephemera?
Saturday 3 May (9am-5pm)
Music Theatre
School of Music
6 Symonds Street
University of Auckland
Admission is free. Places are limited. Please RSVP to Dr Nancy November, email@example.com
supported by the Cartoon Archive, Alexander Turnbull
For more information visit www.creative.auckland.ac.nz/cartoons