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A little over 2 years ago i went to mexico to get weight loss surgery. I had a few incisions but one of the incisions became infected by the time i got back home. that incission healed denting my stomach. It's right above my belly button and from far it looks like i have 2 belly buttons. I would like to get rid of it but i need an idea of how much it would cost.
Dented Scar After Post Op Infection, What Are My Options? (photo)
Doctor Answers 6
Indented Mexican Weight Loss Surgery Scar
Scars are indented because the skin has no support leading to a collapsed surface. Correcting it would require removing this widened scar and after bringing the fat tissue underneath it together to act as a support stitch the skin edges together under no tension. The cost will vary widely based on where you live with the cost in NY would be higher than in smaller communities.
Scar revision
I can't see well in your dark photo but generally an indented abdominal scar can be revised and the dent repaired under local anesthesia. Costs will vary with each surgeon but might be about $2000.
Subcision & Dermaroller Followed By A Volumizing Filler Work Well For Depressed Scars
Unfortunately, the quality of the photos provided make it difficult to actually appreciate the scar. However, from the description provided, the scar is depressed (i.e. sunken below the level of the skin). I have found that such scars respond well to subcision. Subcision is a procedure is which a sterile needle is inserted under the scar, following numbing with local anesthesia. The needle is used to break up the thick bands of fibrous scar tissue that bind the area down, essentially freeing the surface tissue to "float:" to the surface. In addition, breaking up underlying scar tissue in this fashion allows for new, healthier collagen to be produced to replace it. Generally one to four treatments are required for optimal effect, spaced at six to eight week intervals (The precise number depends upon how good a collagen maker the person is).
To improve the surface color, and to attempt to match it better to the surrounding normal skin, the use of a Dermaroller or medical microneedling may be used, either alone or in combination with subcision. The Dermaroller is a manual rolling device that contains arrays of sterilized needles capable of piercing the skin to make microchannels (usually perfomred under local or topical anesthesia) that disrupt the surface of the scar allowing for the possibility of improving scar coloration. The penetration of the needles also further breaks up the scar tissue and stimulates new healthy collagen formation with the result being a smoother, more normal appearing spot.
Finally, in the event there is still some depression after the above measures, a semipermanent volumizing agent, such as Radiesse, may be used to elevate and smooth the surface of the scar still further.
Learn more: http://YoungerLookingWithoutSurgery.com
You might also like...
Depressed scar of abdomen and treatment options
Your photos don't well delineate your depressed scar. However, for your general situation there may be two options: scar revision and/or fat injections. In order to determine the most appropriate treatment as well as the associated costs, you would need to be examined by a board certified plastic surgeon.
Learn more: http://www.turkeltaub.com
Scar revision
It sounds like you may need a scar revision to improve the indentation. In order to determine this an in office exam would be essential.
Postoperative Scar Depression
Although difficult to appreciate from your photos, it appears that you have some depresion on your abdomen form the infection. There are several option that range from a scar revision to fat grafting to the area to help elevate the depressed skin. You would need to see a plastic surgeon in person to help better understand your options.
Best of luck,
Vincent Marin, MD
San Diego Plastic Surgeon
Learn more: http://www.marinaesthetics.com/fat-grafting/
These answers are for educational purposes and should not be relied upon as a substitute for medical advice you may receive from your physician. If you have a medical emergency, please call 911. These answers do not constitute or initiate a patient/doctor relationship.


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The Moose Cookbook: Over 100 Ways to Cook Your Moose
Tired of preparing your moose meat the same old way? How about Moose balls with Lemon sauce or Cranberry Moose Loaf or Burmese Ginger Moose or French Canadian Moose Pie or Moose and Sausage Gumbo?Find directions on how to make corned moose and home cured pastrami.There are over 10 marinades and 30 sauces especially for your moose cookery.Cook your moose with recipes from 28 different countries that have been adapted to the moose and made simple and easy to cook.
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Solar Decathlon 2013 opens People's Choice Award voting tomorrow
Beginning tomorrow, voting opens for the Solar Decathlon 2013 People's Choice Award at approximately 11 a.m. UNLV's Team Las Vegas is currently competing in the US Department of Energy Solar Decathlon in Irvine, CA.
The public will be able to vote online via the desktop (http://www.solardecathlon.gov/) or mobile (http://www.solardecathlon.gov/m/) websites. A link will be available from the home page of each.
From Oct. 4 to Oct. 9, the Solar Decathlon home page will display the top three teams in People's Choice Award standings. This display will be updated once per day. After Oct. 9, the standings will be removed.
Voting is limited to one vote per person and concludes at 11 a.m., Oct. 11.
The People's Choice Award will be presented Oct. 12 at the Victory Celebration.
In the afternoon of Oct. 3, we'll also begin displaying team scores on the Solar Decathlon website. The presentations will provide rankings, individual contest points, and overall competition points updated in 15-minute intervals.


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Venus Rising 680 by Lucy Neatby
Welcome! You are browsing as a guestWould you like to see 29 projects made from this pattern and much more? create a free account What am I missing?
Venus Rising 680
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buy it now or visit pattern website
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A master class. A unique garment from a singular designer. "This cardigan," wraps up Neatby on the last of the 18 pages, "is simple knitting peppered with sophisticated techniques."
The yarn is tripled by the Navaho ply method. Pattern is adjustable for ample figures.
For more information, see: http://lucyneatby.com/index.php?specific=1000254


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MassiveSynth launches Wavetables Explained tutorial video
MassiveSynth has introduced Wavetables Explained, a 2-hour video course on wavetables in Native Instruments Massive by Jonny Strinati.
NI Massive is the industry leader in wavetable synthesizers. There is no faster way to create a stunning variety of sounds. You can rapidly stack sound on top of sound to generate exciting new patches that will set you and your music far ahead of your competitors.
In our new Massive Wavetables Video Course you'll explore all five categories of wavetables inside Massive: The Basic, Analog/Electric, Digital/Hybrid, FX/Chords, as well as a look at the Virtual/ Analog oscillators available.
The video course is available to purchase for $37 USD.
More information: MassiveSynth / Wavetables in Massive Explained
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1 Comment on "MassiveSynth launches Wavetables Explained tutorial video"
I just bought this tutorial yesterday and already watched the entire set taking copious notes all the way. WOW!!!! This is the BEST Massive tutorial I have ever watched (and I've watched many.) No one gets as deep under the hood as Jonny does in this series. If you own Massive and have never gone through every wavetable in every mode with a frequency analyzer and oscilloscope then you need to buy this series. You will not regret it!


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$ 3.00
Clear Quartz Crystal is a stone of power. It's a MASTER HEALER that amplifies other stones and intentions. It's ability to store energy and programs make it a great crystal to work with on recall of memories from every level of being. It also cleanses and heals those energies as they emerge. Quartz amplifies the psychic expressions of hearing, seeing and inspirational speaking. Add it to a cleansing or empowerment grid. Meditate with clear quartz to invoke healing.
Working with this crystal:
Sealed With Love and picked by
This item is natural and one of a kind. Your special crystal will be dowsed. Each crystal is infused with Sun & Moon energy, cleansed with a special essential oil and rose water Love Potion and programmed with intention and love.
Crystals and gemstones are Earth's treasures, little reminders of the blessings held within. Gaia shares her loving support through the power of these pieces of light. Connect with them daily; meditate with a chosen crystal, invite it to infuse your energy field and life with its power, place in your home and work space with the intention of invoking its qualities. The impact can be subtle and at the same time incredibly profound. They carry the healing vibration of the earth from her heart to yours.
Most crystals need to be cleansed. To cleanse hold for a short time under running water preferably a natural source. Some crystals will cleanse best when buried in soil, but be sure you know where you buried your crystal. Those crystals with fire in them such as opals are best cleansed with intention and by placing in or on an Amethyst geode. Smudging is also a great way to safely cleanse the energy of your crystals. Once crystals are cleansed they can be programmed with intention and energized. One way to energize is by placing in sunlight and moonlight, especially new and full moon energy depending on the intention of the crystal.
*Do not leave crystals in direct sunlight or soaking in water for long periods. Some crystals cannot tolerate salt cleansing, so if in doubt best not to use this method.
$ 3.00
Amethyst is a stone of transformation, healing and cleansing. It is known for its ability to help release addictions - its name comes from the Greek word Amethystos meaning sobriety....
$ 35.00
Blue Angelite Crystals are wonderful stones to meditate with to align with the energy and vibration of the Angels. It is a stone of peace, telepathy and perception that connects...
$ 3.00
Labradorite is a wonderful stone used to help develop intuitive and psychic skills. A stone of transformation it appears grey and yet surprise flashes of blue, green and yellow can...


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"Why do people insist on creating things that will inevitably be destroyed? Why do people cling to life, knowing that they must someday die? ...Knowing that none of it will have meant anything once they do?"
Related quotes
"Why is there death and destruction? Death follows mankind because we are fallen, sinful and wicked."


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The Physics of Living Systems Group brings together biophysics and soft matter researchers from across the Department of Physics at MIT. Research is conducted in eight different groups that include a total of over 70 scientists. The field of biophysics has experienced tremendous growth and excitement in recent years, with areas of focus ranging across all scales, from the structural organization of polymers to the evolutionary and ecological dynamics of populations. Graduate students and postdocs in the Physics of Living Systems Group benefit from an interactive and supportive intellectual community, and the Department collaborates with the wider biophysics community at MIT to bring researchers together via:
- Bi-weekly seminar series.
- Bi-weekly student/postdoc lunch talk.
- Monthly faculty chalk talks.
- Opportunity for graduate students to earn a Graduate Certificate in Biophysics.
- Annual overnight retreat on Cape Cod.
In addition to these community activities, the PLS faculty are deeply engaged in their educational mission and teach the following courses:
- 8.241: Introduction to Biological Physics)
- 8.590J: Topics in Biophysics and Physical Biology
- 8.591J: Systems Biology
- 8.592J: Statistical Physics in Biology
Undergraduates interested in biophysics are encouraged to consider the flexible option within the physics degree. This can be essentially a make-your-own biophysics degree; a possible four-year class schedule is available here.


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Regional Reviews: Los Angeles
Now I can say I've seen Redhead. For those of us whose theatergoing didn't start until the 1970s, being able to check the rarely performed 1959 Tony winner off the list is nothing to sneeze at. Unfortunately, that's about all that can be said for Musical Theatre Guild's concert version (performed one night in Glendale, and to be performed once more in Long Beach). Given the limited rehearsal associated with this "concert reading" production (25 hours, according to the program notes), Musical Theatre Guild has turned in a competent production; it just isn't a particularly noteworthy one.
Jane Lanier plays Essie Whimple, who at first appears as the dowdy yet spirited artist at a London wax museum run by her two spinster aunts. Whimple is prone to clairvoyance, and she's had a vision of the perfect man. When he appears at the unveiling of her latest exhibit, it's love before first sight as far as Essie is concerned. But the man of Essie's dreams, an American strongman performing in a local music hall, takes little interest in our spunky heroine. Essie hatches a plan to catch Tom's eye, and the rest of him: there's a killer on the loose, Essie will pretend the killer is after her and she'll go to Tom for protection.
The plan works. Essie shows up at the music hall where, in order to keep her safe, it is decided that she'll join the cast of the show. Essie is taken off to be made up as a chorus girl and, all of a sudden, she appears as a gorgeous redhead who is the woman of Tom's dreams.
The rest is a ridiculous romp featuring music hall numbers, falling-in-love songs, falling-out-of-love songs, pub songs, a ragtime number, a tango, a dream sequence, a vision and a "Keystone cops"-style chase scene. It's playful and silly without anything remotely resembling a message or depth.
If you think about it, you can certainly see where the role of Essie was a Tony-winner for Gwen Verdon. Redhead is all about our plucky heroine singing, dancing and scheming her way out of trouble and into the arms of her man. Lanier gives it a game try, spiritedly singing her way through the show with a clear voice and good-natured enthusiasm reminiscent of a Disney heroine. (Her surprised "Oh!" sounds just like Belle.) And, of course, whenever she gets the chance to do a dance step, Lanier makes it very clear to everyone that she's a dancer.
But ultimately, Lanier is let down by the nature of the way Musical Theatre Guild attacks musicals. Although on a "concert reading" contract, Musical Theatre Guild attempts to do a full-scale, fully-staged musical - only with everyone on book, an extremely short rehearsal process, and a tiny band. The desire to accomplish everything in 25 hours of rehearsal results in nothing being done in a particularly extraordinary way. For example, Steven Nielsen's choreography is cute enough, it is simple enough for the ensemble to follow it in the big dance numbers, and it even allows the more acrobatic members of the company a moment in the spotlight. But nothing particularly stunning is given to Lanier, even when the script is begging for it.
All things considered, Musical Theatre Guild gives us a chance to see what the fuss was about with this award-winning show; it just doesn't give us a particularly fuss-worthy production.
Redhead will perform again on November 29, 2004 at the Carpenter Performing Arts Center in Long Beach. For information, see www.musical.org.
Musical Theatre Guild presents Redhead. Book by David Shaw, Dorothy Fields, Herbert Fields and Sidney Sheldon; Lyrics by Dorothy Fields; Music by Albert Hague. Director Michele Spears; Music Direction Ed Martel; Choreography Steven Nielsen. MTG Producers Marsha Kramer & Randy Kravis. Wardrobe Designer Shon LeBlanc; Production Manager Vernon Willet; Wig Designer Judi Lewin; Staqge Manager Art Brickman; Asst. Stage Manager Meg Friedman; Production Assistant Brittan Maassen.


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The Oklahoma City Thunder have enjoyed a wild stream of success in recent years, but nothing but an NBA Championship will satisfy this eager team. With a solid defense in players like Andre Roberson and Steven Adams, scoring points becomes the most important issue for the Thunder to address in the upcoming 2016-2017 season. With the recent departure of Kevin Durant, it'll be up to teammates like Russell Westbrook and Enes Canter to step up and make the important shots. The OKC play at the Chesapeake Energy Arena, but you can catch them on the road too—we have a great assortment of tickets to home and away games on sale now!
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The Oklahoma City Thunder ended their 2017 season on April 25 with a loss to the Rockets in Game 5 of the first round of playoffs. After losing the first two games, the Thunder secured a win in Game 3. However, they could not get that momentum back in order to force the series into more games. They did not go down without a fight. They outscored the Rockets in the first quarter, but then fell behind in the second. They came out strong in the third quarter, coming back from behind to have a five-point lead as they entered the final quarter but subsequently lost. You can still get tickets for the rest of the playoffs on Razorgator.
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Despite Russell Westbrook's best efforts, the Oklahoma City Thunder are down 0-2 to the Houston Rockets in Round 1 of the NBA playoffs. The first match ended with OKC losing by 30, although Westbrook was impressive, earning 22 points, 11 rebounds and seven assists. Game 2 he was even better; he earned 51 points, 10 rebounds and 13 assists in the Thunder's 111-115 loss to Houston. With the series on the line, the Western Conference Quarterfinals will head to the Chesapeake Energy Arena for Games 2 and 3 (Friday, April 21, and Sunday, April 23). Can OKC make a comeback? Check out either game when you purchase tickets from us today. Our prices start at $61.
The Oklahoma City Thunder might only be the sixth seed in the Western Conference, but no team in the that bracket is excited about playing OKC and Russell Westbrook. Lost in Westbrook's quest for the triple-double record is how many quality role players are on this Thunder squad. Victor Oladipo is an excellent defender and scored, and Steven Adams and Enes Kanter can protect the paint as well as any center tandem in the league. OKC starts the postseason in Houston against a Rockets team that the Thunder matches very well against. Tickets are still available for games three and four back in Oklahoma City, and seats for the first of those two start as low as $47.
The Oklahoma City Thunder secured their sixth place seed for the Western Conference playoffs when they beat the Grizzlies on April 5. Russell Westbrook almost had a historic triple-double, but fell short with just 9 rebounds. However, he did have 45 points, including the final five that took the team to victory. The Thunder have just four games left in the regular season. The first three will be away. They face the Suns, Nuggets and Timberwolves on the 7, 9 and 11 respectively. Then, they head home for their final game of the regular season, which will be against the Nuggets on the 12. Get your tickets now for these games and the first round of the playoffs for prices starting at $39.
Russell Westbrook has a legitimate shot at being named NBA MVP. By scoring 57 in an overtime win against the Orlando Magic on March 29, Westbrook made a strong case for why he should get the trophy. The Thunder point guard also had 13 rebounds and 11 assists, adding another triple-double to his already ridiculous resume. More importantly, the superstar led his team back from being down by as much as 21 points and secured a much-needed win for OKC. The Thunder has a handful of home games to end the season, including an April 4 matchup against the Milwaukee Bucks. Tickets for that game are still available and start as low as $17.
Before the NBA season began, many teams thought there was little chance of the Oklahoma City Thunder winning 50 games after losing Kevin Durrant. With 41 wins under their belt and 11 games left on the schedule, the team has a chance to prove the naysayers wrong. Russell Westbrook has stepped up for the team this year, keeping them in the running for a No. 5 seed in the Western Conference playoffs. Westbrook's efforts have also earned him a chance at this year's MVP, but will he win over LeBron James and James Harden? OKC plays the next three on the road before taking on the Spurs at home this Friday, March 31. Our tickets prices currently start at just $45.
The Oklahoma City Thunder have known all season long that January would be their hardest month. Now with just two games left until February begins, OKC is 6-6, including losses to the Warriors, Clippers, Bucks, Timberwolves, Rockets and Hornets. Those tough losses sting a little less with wins over Utah and New Orleans this week, victories that will hopefully give them some momentum to finish out the month. Oklahoma City heads to Cleveland this Sunday, Jan. 29, and to San Antonio on Tuesday, Jan. 31, before returning to Chesapeake Energy Arena on Wednesday, Feb. 1, to host Chicago. Tickets for all this week's games are on sale now for $22 and up!
After an uncharacteristic string of three back-to-back losses, the Oklahoma City Thunder may have righted the ship. They now have three straight victories in a row after defeating the mighty Memphis Grizzlies on Wednesday night. The Thunder made a statement by not only winning the match 103-95, but also leading at the end of each quarter. Oklahoma City will now embark on a lengthy road trip against more than a few formidable foes. Catch them when they return to Chesapeake Energy Arena on Thursday, January 26 to host the daunting Dallas Mavericks. Tickets to that game are currently on sale and available for prices starting as low as just $15.
When it comes to the success of the Oklahoma City Thunder, Russell Westbrook is absolutely essential. Without another standout talent on the roster this season, the point guard has mostly been flying solo as he fights to keep OKC in playoff position. This Tuesday, Westbrook earned his fifteenth triple double of the year in the team's 106-94 victory over Miami. This was the team's fourth win in a row; this week the Thunder also defeated New Orleans, Boston and Minnesota. This New Year's Eve, the Thunder will host the Los Angeles Clippers at the Chesapeake Energy Arena. Tickets for Dec. 31's game can be purchased from us today starting at $62.
At more than a quarter of the way through the season, Russell Westbrook has earned triple-doubles in nearly 50 percent of games he has played. The impressive showing has helped the Oklahoma City Thunder to a No. 8 spot in the NBA rankings with a 15-9 overall record. It's been three games, however, since Westbrook has had a triple-double, two of which the Thunder lost. This weekend, OKC is looking to get losses to the Trail Blazers and the Jazz out of its system. On Saturday, Dec. 17, be sure to be at the Chesapeake Energy Arena as they take on the Phoenix Suns at home. Tickets are available from us today for the starting price of just $14.
The Oklahoma City Thunder are on a roll! They just secure their fourth win in a row last night, when they demolished the Washington Wizards 126 - 115 in overtime. After the Thunder took the early lead in the first half, Washington came charging back to tie the game and send it into overtime. Unfortunately for the visitors, Oklahoma City managed to eke out the win. They dominated the single overtime session with 21 - 10 points scored. Now, they will prepare to host the New Orleans Pelicans, who visit Chesapeake Energy Arena this Sunday, December 4. Tickets to that game are currently on sale for prices as low as $8.
What is going on with the Oklahoma City Thunder? The team that looked strong at the beginning of the season has now lost its last four games in a row. Even worse, three of those defeats came at home. The Thunder had only barely recovered from its brutal 117 - 119 loss to the Orlando Magic over the weekend when they headed to Auburn Hills, Michigan on Monday. Their next clash with the Detroit Pistons did not fare any better, ending in an 88 - 104 downfall. Oklahoma City will now head home to host the Brooklyn Nets. Tickets to the game on Friday are currently available for $12 and up.
The Oklahoma City Thunder are on a winning roll right now. The Thunder have added five wins in a row to their record and seem to be the team to beat, even without the help of Kevin Durant. On October 30, the Thunder took on the Los Angeles Lakers for a matchup that was predicted to go to the Thunder. The predictions were right as the Thunder stormed the court and took home the 113-96 win. Russell Westbrook's 33 points, 16 assists and 12 rebounds led the team to victory. The Thunder's next big game is against the Golden State Warriors who is the team Durant was traded to. Get your tickets today to see how it all goes down on November 3.
The NBA regular season hasn't yet begun and a lot of basketball fans are waiting patiently to see how the Oklahoma City Thunder fairs this year. The Oklahoma team lost their biggest player, Kevin Durant, to the Golden State Warriors during the off-season leaving a lot of questions up in the air regarding the future success of the Thunder. On Tuesday night, the Thunder took on the Denver Nuggets and were able to take home the 97-87 win. They didn't have any stand out scorers, but Adams, Kanter and Westbrook were all able to make it into the double digits to lead them to victory. Get your tickets today to see all of the action live.
The 2016-2017 season will mark the first time that the Oklahoma City Thunder will play without Kevin Durant on the team's roster. While his departure was a sad moment for many fans, the offseason has served as a reminder that the team still has loads of talent. Russell Westbrook is clearly the go-to guy, but Steven Adams is now being recognized as one of the better centers in the NBA, and 6'11" rookie Domantas Sabonis has been wowing players and coaches with his offensive and defense skills. If you want a preview of how the upcoming season might go for the Thunder, the Memphis Grizzlies come to OKC for a preseason game on October 13. Tickets start at $28.
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Leadership Essentials
By Lisa Anderson,
No matter the client, I'm continually reminded of the critical importance of leadership. If you have to choose between leadership skills and prior work experience / technical skills, undoubtedly, leadership skills must win the day. My clients with exceptional leaders outperform the rest – every time.
So, what could be more important than discussing leadership essentials? In my 20+ years of experience as an entrepreneur, business consultant and business executive (and thanks to my HR mentor), I've uncovered the top leadership essentials required for long-term success. 1) Integrity. 2) Vision. 3) Communication. 4) Performance management.
1. Integrity – It's vital to start with integrity. Without integrity, none of the other essentials matter. A year or two ago, I did a survey of a dozen business executives on keys to success. I was surprised that every successful executive included integrity on the list. You don't typically see this in popular business books or discussed at conferences yet it was one of the only essentials in common among the best leaders. Take note of the importance as there is no way to "train" or provide experiences to build integrity.
2. Vision – People follow those with vision. Enough said. How do you know if someone has vision? Do they seem to be confident about where they are headed? Do they share where the company is headed? Why it's headed there? Do they seem passionate about it? If so, you've found a leader with vision.
3. Communication – If there is something in common across almost every client, it is the feedback of the lack of robust communication. Communication is bedrock to success. For example, if your team doesn't know where they are headed, why they are headed there, how each person matters etc.; do you think they'll be interested? I doubt it. Do you provide upfront communication? That's not nearly as easy as it sounds. Do you make sure to ask for feedback? Do you continually clarify plans? Do you keep people in the loop? Communication alone can be a full-time job!
4. Performance management – Typically I try to limit my key points to three; however performance management cannot be forgotten. Assuming integrity is intact, those leaders who partner with employees to set goals, provide ongoing feedback, celebrate successes, track progress, and provide career planning advice will leapfrog those who don't every time. The biggest roadblock I hear consistently is the lack of time. What could be more important? Make it a priority.
Not only will solid leaders never go out of style but they are also critical to achieving bottom line business results. Start by making leadership a priority. Without it, you might as well hang up your hat.
2 Responses to Leadership Essentials
There seem to a few things to cover here Firstly, there is a whole caevnrsotion to be had about who is a leader and the fact that everyone needs to be a leader from time to time but unless this is a group with which I have worked on a number of sessions in the past, this is probably not the time to to deal with this. Instead, I would be more pragmatic and try to give short quick reasons why it is still important to talk about the leadership competencies.The most straightforward one for me is to explain that focusing on leadership competencies during the action learning session helps us to be be more effective as a group. By choosing to work on specific aspects of our behaviour during the discussion, we will improve our own individual performance which will have the net effect of helping us to work more effectively as a group. I would also stress that because we will all be listening for examples of how other group members are performing against their leadership competencies, it will improve our listening skills and help us to be more constructive and supportive of one another.If it feels like the term leadership competency' is too loaded then I think you could re-position the term as being an interpersonal work competency'. Later on at the end of the session (or when the group next meets and after having had a chat with the sponsor) you could highlight the competencies and use the opportunity to ask questions that help the group understand how those competencies link to leadership and how leadership links to their role.
I agree with Matt and Carole the best language fit is itamropnt for the participants to take something from the session. If the title of leadership competencies is off putting to the participants (I have found this in some sessions I have taken) I would ask the group what would best describe these types of behaviours in your organisation . They may decide to call these attributes problem solving skills . It is down to the common language of the organisaiton and it is best prior to the session to talk to the sponsor about this to gain an understanding. If people feel uncomfortable or intimidated they are less likely to participate. I like to give participants a list of the competencies/skills to select from if they would like to do so at the beginning of the session. Making sure that the list also reflects their language is helpful. It's all about getting them to take part so the can experience the benefits.At the beginning of the session it is itamropnt to explain to the participants that focusing on one of these skills during the session will help solidify the learning and that they will get a lot more out of the session. Most people will find themselves in leadership type situations everyday without even knowing this so it might be helpful to put the quesiton out to the group can any of you describe a time where you were in a leadership type of situation . This may help them to look beyond their current role at work.
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Joe Lamantia.comthinking out loud about the next internet
« Connectors for Dashboards and Portals Live on BoxesandArrows.com Home Dawdlr: Slow Media? »
The DIY Future: What Happens When Everyone Is A Designer?November 19, 2007 04:30 PM | Posted in: Networks and Systems , User Experience (UX)
I'm posting the abstract for my closing talk at the Italian IA Summit, as well as the slides, below.
Hope you enjoy!
Broad cultural, technological, and economic shifts are rapidly erasing the distinctions between those who create and those who use, consume, or participate. This is true in digital experiences and information environments of all types, as well as in the physical and conceptual realms. In all of these contexts, substantial expertise, costly tools, specialized materials, and large-scale channels for distribution are no longer required to execute design.
The erosion of traditional barriers to creation marks the onset of the DIY Future, when everyone is a potential designer (or architect, or engineer, or author) of integrated experiences - the hybrid constructs that combine products, services, concepts, networks, and information in support of evolving functional and emotional pursuits.
The cultural and technological shifts that comprise the oncoming DIY Future promise substantial changes to the environments and audiences that design professionals create for, as well as the role of designers, and the ways that professionals and amateurs alike will design. One inevitable aspect consequence will be greater complexity for all involved in the design of integrated experiences. The potential rise of new economic and production models is another.
The time is right to begin exploring aspects of the DIY Future, especially its profound implications for information architecture and user experience design. Using the designer's powerful fusion of analytical perspective and creative vision, we can balance speculative futurism with an understanding of concrete problems - such as growing ethical challenges and how to resolve them - from the present day.
Here's the slides, available from SlideShare:
local tags: design_thinking, DIY, events, networks, spime, ubicomp


text:
After a a Chinese labor watchdog fingered Samsung with child labor allegations, the company set to auditing its entire catalog of factories. Initial results weren't too great, but now the final results are in—and while there's no evidence of child labor, there are plenty more problems to worry about.
Samsung Audit: No Child Labor, But So Many Other Problems
Current Status: Published (4)
Seeded on Mon Nov 26, 2012 4:04 AM
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|Program change to BA in Dance Studies with a Business Cognate
|Submitting Dean
|Dr. James Lynn
|Submitting College
|Fine & Applied Arts -- Dudley Turner x6518
|Departments Generating the Proposal
|Objection Deadline
|March 17, 2009
|Proposal Status
|Final Approval Granted
|Proposal Last Updated
|May 05, 2009 by Karen Greene
|Effective Date
|Fall 2009
|Brief Summary of Proposal
|Program change to BA in Dance Studies with a Business Cognate.
|Type of Proposal
|Program changes
|Graduate School Endorsement Status
|Not required
|Graduate School Endorsement Updated
|November 19, 2008 by GS Heather Blake
|Institutional Research Status
|IR Status Updated
|November 21, 2008 by IR Anu Mahapatra
|Library Status
|Library Status Updated
|March 03, 2009 by UL Lisa Lazar
|Distance Learning Review Committee Status
|Not required
|DLRC Status Updated
|General Education Advisory Committee Status
|Not required
|GEAC Status Updated
|January 08, 2009 by PR Rex Ramsier
|Resource Requirements
|No additional resources
|Resource Requirements Updated
|November 19, 2008 by FA dean's ofc Gerry McElliott
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Hello all,
I have an Alienware M17x Intel i7 2630QM 2.0 - 2.8Ghz, 16GB dual channel DDR3 at 1600Mhz, GForce GTX 560M graphics also an onboard Intel graphics card. For some reason after backtrack starts to load the monitor goes black before getting to the login prompt. I've heard of people having problems loading backtrack on their 3D monitors but this is not a 3d monitor so I thought it wouldn't apply. Does anyone have any idea's. i figured there's not much that can be done since I can't even get the live usb or cd to load.


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Let us know when your receive great advice so we can thank our lawyers and point others with similar questions in the right direction.Got it!
The landlord is saying that we should mediate, but I also explained to them that she said I was "dead to her." This is threat to me, but she didn't hit me so no one will take the threat seriously. I don't want to wait for a physical altercation, and I don't want to sit down and discuss anything with a person who has threatened me. The court will not grant a restraining order, and every time I complain it gets worse. The landlord says that they have no proof that she is doing what I say. I have recordings and I have called apartment security multiple times. No one seems to be taking me seriously. I am also unable to sleep and seeking counseling for anxiety and noise sensitivity that I have developed. I just want out of the lease. Is there a legal way I can get out?
If you don't make an attempt to mediate and resolve the problem, then you are not in a position to try to break the lease. If you have to prove that you ae being denied quiet enjoyment under these types of circumstances, you have to prove that you have been reasonable and attempted to resolve the issue. What you are describing seems to an observer like something that is at this point relatively minor, although you seem to be having a strong reaction, and could at least possibly be resolved if people sat down with a mediator and had a reasonable discussion. Refusal to do so could be seen as escalating the situation, not as giving you a reason to break your lease. There may be some other, unrelated provision of the lease that you could use, but you would need to have a real estate or landlord/tenant attorney to review the lease to see what options are available.
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text:
Hi everyone,
I just wanted to ask you guys what kind of development tools you use
for m0n0wall development. I have worked according to the guides that
are available online but I really would like to have something more
clever to use, where no tftp setup is required and no constant
redeployments and repackaging of images are needed. I currently work
with eclipse and the php plugin and have a wrap board. I could imagine
to use virtualpc to emulate the target platform but I'd like to know
what kind of setup would be appropriate. I really like ecplipse, but I
would like to know what other kind of systems you would recommend and
have experience with.


text:
Treasure Island Music Festival
Published 7:41 pm, Saturday, October 15, 2011
Performances: Begin 12 p.m. Great Lawn, Treasure Island.
Saturday, Oct. 15: Empire of the Sun, Cut Copy, Death From Above 1979, Chromeo, Dizzee Rascal, Flying Lotus, Buraka Som Sistema, Battles, the Naked and Famous, Yacht, Shabazz Palaces, Aloe Blacc, Geographer.
Sunday, Oct. 16: Death Cab for Cutie, Explosions in the Sky, Beach House, the Hold Steady, Stephen Malkmus and the Jicks, Friendly Fires, St. Vincent, the Head and the Heart, Wild Beasts, Warpaint, the Antlers, Thee Oh Sees, Weekend.
Tickets: $69.50 ($125 both days). VIP two-day package, $219.50, includes preferred viewing area with bleachers and other amenities. Tickets available atwww.ticketmaster.com.
Parking: Single day parking pass, $25. Two-day parking pass, $50. Free parking and shuttle service at Lot A, AT&T Park. Shuttle buses will run from the stadium to the island and back. Muni/AC Transit line No. 108 will run from the Transbay Terminal to the festival. www.treasureislandfestival.com.
Off-island night shows
The Drums: 9 p.m. Thurs. $15. The Independent, 628 Divisadero St., S.F. (415) 771-1421. www.ticketfly.com.
JFK of MSTRKRFT, The Chain Gang of 1974: 10 p.m. Fri. $20. Mezzanine, 444 Jesse St., S.F. (800) 745-3000. www.ticketmaster.com.
The Head and the Heart, Release the Sunbird: 10 p.m. Sat. Sold Out. The Independent, 628 Divisadero St., S.F. (415) 771-1421. www.ticketfly.com.
Thao with the Get Down Stay Down, Bare Wires, The She's: 9 p.m. Next Sun. $16. The Independent, 628 Divisadero St., S.F. (415) 771-1421. www.ticketfly.com."


text:
The Helicopter Retention Lanyard which was developed for and is used by Israeli Air Force SAR teams to safely secure troops to aircraft. Tested to over 3370lbs, it features a Stainless Steel, quick-release shackle with swedged release-pin and is available in a variety of lengths.
The Turbulence™ HRL was designed with airborne safety in mind. As an added feature, the quick-release shackle features a release pin which prevents the plunger pin from depressing in the event of damage to the retaining ring. It can be opened even when pressure is exerted on the ring.


text:
Prices, specials, features and availability subject to change.
Located on 15 acres of grassy, wooded surroundings in a quiet, residential neighborhood, Olde Redmond Place offers spectacular views of the Cascade Mountains and downtown Redmond, Washington. Our apartment homes feature walk-in closets, vaulted ceilings and in-home washers and dryers. Residents will enjoy the convenience of our on-site fitness center, tennis courts and heated outdoor swimming pool. Nearby Marymoor Park also offers year around events and festivals.
Our lease terms are: Flexible terms dependent on availability (Please note that lease terms may vary, are subject to change without notice, and are based on availability. Inquire with property staff for complete details).
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Terex Corporation (NYSE:TEX)
Q2 2012 Earnings Conference Call
July 26, 2012, 08:30 am ET
Ron DeFeo – Chairman, CEO
Phil Widman – SVP, CFO
Tim Ford – President, Terex Aerial Work Platforms
Kevin Bradley – President – Terex Cranes
(Ice Rom) – CEO, President
Steve Filipov – President, Developing Markets & Strategic Accounts
Kieran Hegarty – President, Terex Materials Processing
Jamie Cook – Credit Suisse
Robert McCarthy – Robert W. Baird
Jerry Revich – Goldman Sachs
Ann Duignan – JPMorgan
Rob Wertheimer – Vertical Research
Schon Williams – BB&T Capital Markets
(Brad) – Barclays
Henry Kirn – UBS
Seth Weber – RBC Capital Markets
Joel Tiss – BMO
Philip Volpicelli – Deutsche Bank
Good morning. My name is (Vanessa) and I will be your conference operator today. At this time, I would like to welcome everyone to the Terex Corporation second quarter and 2012 financial release conference call.
All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you. I would now like to turn the call over to Mr. Ron DeFeo. Please, go ahead, sir.
Ron DeFeo
Thank you. Good morning, ladies and gentlemen, and we appreciate your interest in Terex Corporation today. On the call with me this morning is Phil Widman, Senior Vice President and Chief Financial Officer; Tom Gelston, Vice President of Investor Relations; and participating on the call either on the call or in this room here and available to answer your questions will be our leadership team including our business segment presidents and geographic representation.
As usual, a replay of the call will be archived on the Terex website, www.terex.com under audio archives.
I'll begin with some overall commentary and highlights and Phil will follow with a more detailed financial report and I'll give you some segment comments before we open it up to your questions.
I'd like to ask – a request that you ask one question and a follow-up in order to give everyone a chance to participate.
For this call we prepared a presentation to guide through our commentary. This is available on our website and we'll be using it, so I'll begin by referring to the forward-looking statement on Page 2. I encourage you to read and review the material as well as our other disclosures available in public documents.
So now let me begin on Page 3. The second quarter results demonstrate the potential as well as the opportunity that remains for Terex investors. We believe our performance will improve substantially over the next several years.
It will do this as we focus on those factors that we feel we can control and continue to improve our execution. The numbers in the quarter represent a good start. Earnings per share of $0.75 reflects favorably with last year's level of an adjusted $0.10.
And on a year-to-date basis, we reported an adjusted EPS of $1.04. That of course compares with a modest loss in the prior year. These results were driven by excellent performances within our aerial work platform business, materials to processing and crane businesses with significant positive contributions also coming from construction and the new MHPS segment.
This performance should begin to frame the multiyear potential that we believe exists within Terex as we concentrate on improved execution at all levels. I'll highlight some of the details in a discussion following Phil's comments by each section.
But overall our margin improvement resulted from better price realization, securing some supplier cost reductions and harvesting the restructuring activities taken in 2011. We will continue on this path for the remainder of this year as well as staying on course with Demag integration in the MHPS segment.
Lastly, as EBITDA and earnings performance improves, we expect this will result in further cash generation allowing us to improve the balance sheet by a combination of both debt reduction and the lowering of our cost to capital.
Excluding our newly acquired businesses, we experienced our strongest growth in North America. Our European businesses did grow in the high single digits for the first six months of the year and our developing markets business was stable.
We understand that the markets are nervous and, although, we do see signs of some weakness, we believe the strong markets will offset the weak ones.
This environment has been factored into our guidance. We are increasing our full-year 2012 outlook from a range of $1.65 to $1.85 per share to $1.95 to $2.05. We believe at this point in time the strength from our crane and aerial work platform segments will offset whatever weakness we see in our construction, materials processing and overhead industrial crane businesses.
Now I'd like to turn it over to Phil who will cover the numbers in detail and I'll review some of the segment information following Phil's commentary. Phil?
Phil Widman
Thank you, Ron, and good morning. On Slide 4, we provide a summary of our net sales by geography and segment. While North America represents 37% of total net sales, it has been the strongest market mainly for our AWP, cranes and material processing segments with the MHPS service business also contributing to growth.
While problems facing the Euro zone economies are widely reported, overall our European net sales increased modestly year-over-year when excluding MHPS. We expect and are seeing European softness in materials processing and construction for the second half business and are adjusting our production schedules accordingly.
We see mixed results in the rest of the world, with Australia, Middle East and Africa strong for most products. China has remained stable for us. Brazil is providing good crane demand but softness remains in road building. Russia was good for construction in the first half but due to order softening we expect a weaker second half.
Overall net sales by segment reflects a level of positive sentiment on the prospects for AWP continuing to accelerate moderately through this replacement cycle and crane's demand for all terrain and crawlers firming up while rough terrain products continue to expand in most markets.
Construction demand is down in Europe in general with particular note in material handlers given reduced steel pricing and truck order patterns continue to be inconsistent.
MHPS is mixed with our port solutions and services businesses generally on track. However, industrial crane demand, namely in Europe, and profitability is behind our expectations.
Materials processing has performed well but has seen recent softening in European crushing and screening demand which will likely affect second half performance.
On the next slide we have displayed the second quarter performance for the continuing operations of the company. Consistent with our first quarter results, we continued to see the impact of recovering North American market, softness in Europe in certain product areas and, while developing markets still provide growth opportunities, there are inconsistencies.
Net sales increased 16% over the prior year quarter, excluding the impact of the Demag Cranes acquisition and foreign currency. Sequentially, net sales increased 11% mainly in AWP, cranes and materials processing.
Overall operating profit reflects our continued emphasis on what we can control as our price realization and cost reduction actions are on track and we continue to aggressively respond to changing market conditions.
This is evidenced from the improving gross and net margin trend sequentially and year-over-year. The significant improvement in gross margin of 440 basis points excluding MHPS compared to the prior year is primarily due to the improving AWP, cranes and materials processing operating performance and the construction turnaround to profitability.
As a result of the year-over-year cost reductions in SG&A provided in the cranes and construction segments, adjusted overall SG&A as a percentage of sales declined by 270 basis points, excluding MHPS, to 10.3%.
Operating margin was 8.7% in total and 9.9%, excluding the acquisition of Demag Cranes AG. This compares to an adjusted operating margin of 2.9% in the prior year quarter.
Pricing in the 2011 restructuring actions provide two-thirds of the differential improvement with the remainder being volume leverage.
Earnings per share in the second quarter were $0.75 compared to an adjusted $0.10 in the prior year quarter. The prior year's quarterly result excluded the benefit of the gain on sale of the (Recyrus) International shares partially offset by other items, mainly restructuring.
While we had some headwinds in the 2012 period, like foreign currency, the guaranteed payment to the minority shareholders of Demag Cranes AG and the loss on early extinguishment of Demag Cranes AG debt, they were largely offset by other items such that in the aggregate did not have a significant impact on income from continuing operations.
The effective tax rate this quarter of 35.4% was slightly better than our expectations and we would expect the full-year rate to be approximately 37%. We generated free cash flow of approximately $155 million in the quarter as we were able to limit working capital growth during this busy season. And the improved profitability flowed through.
Working capital as a percentage of second quarter annualized sales of 27% declined from 30.5% sequentially and 33.2% in the prior year quarter. While we have made some progress in velocity, additional potential remains.
Cash generated from operating activities was $96.3 million in the second quarter of 2012 compared to a use of $142.3 million in 2011.
The improvement in performance is also reflected in the increased return on invested capital of 7.9% for the trailing 12-month period.
On Page 6 we have displayed the order backlog trend with detail by segment. In the press release, we have provided a table displaying the foreign currency impacts on the change in backlog year-over-year and sequentially.
As we look at the backlog, there are a combination of factors impacting the trends such as product and geographic diversification, seasonality and also the lumpiness of orders for some of our larger-sized equipment or businesses that negotiate large contracts or annual agreements such a sport equipment and AWP.
Starting with AWP, the fluctuation in backlog reflects the impact that large rental companies in North America have on the seasonality of this business. The negotiation season for these customers begins during the summer and fall with large orders generally being placed by fourth quarter or early first quarter for the majority of deliveries in the peak building season in North America, which is the spring and early summer.
This is a practice we anticipate to continue and, in fact, may even accelerate as customers already indicated they would like to begin discussions on 2013. We take this as a very good sign of the overall market.
As you may know, we announced an average 3.4% price increase effective for 2013 deliveries to properly plan and meet year-end business and customer needs.
The construction segment has historically been more exposed to the European region than several of our other businesses, 37% to 38% of sales to Western Europe. And the overall uncertainty on that region is reflected in the current slowdown that we are expecting.
In addition, the truck business and the material handling business, which is closely tied to scrap metal prices has seen softness in recent weeks globally.
The crane segment has been impacted by the lumpiness of orders from both our Terex port equipment business as well as the larger-sized all terrain and crawler cranes impacting year-over-year as well as sequential comparisons.
Compared to the prior year's second quarter, the current period backlog is virtually flat excluding the foreign currency impact. But the product mix is more diversified.
The demand for our rough terrain cranes in North America, Middle East and Latin America remain robust along with our other cranes in Australia. Recent positive trends in demand for all terrain and crawler cranes have largely firmed up our second half production for these products.
The material processing segment, similar to construction, continues to see weakness in Europe. Although North America remains a strong market, we expect to see some softness in this segment in the second half of the year and, similar to the construction, we'll be aligning production capacity accordingly.
MHPS backlog levels have remained relatively consistent over the past several quarters taking into account some of the larger port equipment orders. We are heading into the peak season for the service activities, which we expect will help drive profitability in the third quarter.
We have secured two large orders worth more than $200 million over the next several years from a major European port that will allow us to showcase our equipment and technology.
From a backlog perspective, however, the deliveries are outside of 12 months and, as such, are not reflected in the numbers.
On Page 7 we have updated our outlook for 2012 with expected net sales of $7.5 billion to $7.8 billion. The decrease from our earlier outlook is due mainly to the weakening Euro where we have assumed the rate of EUR1.24 per $1 in our second half forecast, which yields a negative $200 million to $250 million impact to our net sales outlook.
For adjusted earnings per share, we expect to be between $1.95 and $2.05. This outlook reflects the expectations that positive trends in AWP and cranes will largely offset weaknesses expected in the other segments and currency headwinds on operating performance.
We also have included the approximately $0.05 cost impact per share in the second half for the guaranteed payment to the minority shareholders of Demag Cranes AG. This is pursuant to the domination and profit loss transfer agreement. And for planning purposes, we are assuming a 37% full-year tax rate and 114 million diluted shares.
Let me turn it back to Ron.
Ron DeFeo
Thank you, Phil. Terex continues to be a work in progress as we focus on the three things we set out at the beginning of this year: margin improvement, cash generation and Demag integration.
We are particularly pleased with our second quarter execution and anticipate that we will continue to keep spending down, costs under control from suppliers and improve our margins through better price utilization.
The overall performance is what we set out to achieve as we began this year. This also reflects what we began working on 2011. The pattern is similar for the first half results. And now for some more comments on Page 8.
The AWP segment remained strong and is anticipated to continue this way for the next several years. Our view is one of moderate growth. Our emphasis will be on diversification of sales, a continued delivery of solid margin performance as we just announced the 3.4% price increase Phil indicated for 2013 and the introduction of several critical new products later this year.
Our customers are focused on fleet management in a very disciplined way. This indicates that they will replace aging fleet thoughtfully over time. Rental rates are excellent. Utilization is high. Used equipment values continue to increase such that we are highly confident that our customers will require fleet for the balance of this year and for the next several years. The only question becomes how much.
So our view is moderate, not extraordinary growth and diversifying sales by concentrating on new markets and introducing new products.
It may be helpful to know that the combined North America and European AWP market is only at 63% on a unit basis of where it was at the prior peak and the North America material handler market is only at 74% of its prior peak.
It also might be helpful to know that our Western European AWP business for the first six months of 2011 was flat compared to the prior year and adjusting for currency suggests actually a moderate increase.
We're excited about what we're doing within this business segment and we look forward to explaining to you in more depth when some of our new products are introduced later this year and the next year.
Turning to Page 9, we are pleased with our construction segment in that it achieved a moderate profit in the quarter. The work our team has done to reduce costs is reflected in the substantially lower SG&A rates.
Having said that, we are expecting a softer second half and the two most profitable parts of this segment, our material handler as well as our trust business, are experiencing market weakness.
But this team does a good job scrambling. Overall we believe this segment is performing at slightly better than break even and it will continue to work both as strategic as well as the operational issues to drive improvements.
There are spots of good news here as well. We recently received a fairly large order for our cement mixer business. This business has performed very poorly over the past four years. We have returned this business to break even at very low volume and now it's beginning to improve.
Turning to our crane segment on Page 10, we had an excellent quarter. As noted in the press release, we will be realigning the port equipment business within the new MHPS segment beginning July 1, 2012, so we have already done that.
Excluding the port equipment business, the crane operating margin in this quarter was approximately 11% with net sales approximately – with net sales up approximately 10% adjusting for the weaker Euro.
This is a very good performance and, as Phil mentioned, the backlog looks positive in the balance of the year and our teams believe that this later cycle category is beginning to improve particularly in the higher margin units.
We also have some exciting new product opportunities planned for later this year and early next year which we anticipate will further strengthen this important business segment.
Turning to Page 12, our new MHPS segment, we continue to be on track with the port solutions and services portions of this business. A well document and detailed integration plan has been developed and is currently in the process of being executed.
Savings that exceed the $35 million target have been identified and are in process of implementation. We will realize about $10 million of savings this year, somewhat offsetting the industrial crane market weakness in Europe in particular.
We have been able to secure two remarkable orders from the automated guided vehicles business, the port business from a large European port. As Phil indicated, these represent over $200 million in new business over the next several years.
Since the timing of these deliveries are beyond the 12 months that we normally only report in our backlog, they are not in our backlog at this point in time. The technological advancement that these ports will have as a result of showcasing our technology will be for others to see for many years. We're pretty excited about this.
Overall, we expect the MHPS segment to be an excellent performer for Terex over the mid term but there is still much work to do on integration.
Lastly, on Page 12, the material processing segment had a terrific quarter but it does see some weakness in the second half of the year. However, this segment continues to diversify its net sales as active projects are underway in India, China and several other developing markets and I believe we'll be able to mitigate some but not all of the weaknesses in the latter part of this year.
In summary, on Page 13, we feel Terex has turned the corner. We're more focused on margins than share. We will continue our cash emphasis following the first half free cash flow performance of $239 million. The opportunity to drive value is substantially still in front of us.
On a trailing basis, we had a 7.9% ROIC. We need to get this to 15% and we feel we can in the coming years. Also, we believe the opportunity to lower our debt and to improve our balance sheet, as mentioned earlier, is a very tangible opportunity.
This will be a focus in 2013 and beyond. And lastly, while we know there is uncertainty in existing markets and there is always the potential for the unplanned calamity, we are resolute in our belief that tomorrow will be better than today for the next several years at Terex.
Given the substantial work still to be done on the integration of portfolio management and the capital structure, it's difficult to just say what our full potential is. Let me assure you we will continue to work with the mentality of day-to-day improvements leading to long-term value creation. So now let me open it up for your questions.
(Operator Instructions) Your first question comes from the line of Jamie Cook – Credit Suisse.
Jamie Cook – Credit Suisse
Two questions, one, Ron, how do we think about your aerial work platform margin targets, the 10% to 11% of the year in the context of the margin you put up in the second quarter? And was there anything in the second quarter that – I get there's seasonality to the business but that you view as sort of not sustainable?
And then my second question within (areals), if you look – I understand there's lumpiness in orders but if you do look at the order trends, it's the lowest order quarter you've had since 2010, so just your visibility there and how much of the growth in the back half of the year is dependent on independents coming back in and what you're seeing from them?
Ron DeFeo
I'm going to make a comment and then ask Tim to comment on these. First, with regard to the sustainability for our margins, when we set the annual margin target of 10% to 11% for AWP, it of course was coming off of a year where the margins were about half that rate.
And having a sense of what 2012 is going to be was somewhat difficult. I think what the second quarter does for us is it clearly solidifies that margin level is achievable, perhaps beatable but clearly achievable at this point in time.
And I think we feel quite positive about that. Phil wants to make a …
Phil Widman
Yes, I think just to add to that, Jamie, certainly the third and fourth quarter are not as strong a period as the second quarter. And particularly the fourth quarter is always a little bit of the wild card. So that also plays into this with different holiday periods, shutdowns and so on, so I think good progress in terms of the mix.
Ron DeFeo
Yes, and let's kind of see how we do. With regard to the trend of the orders, I'm going to turn that over to Tim. He can comment also on the margin and the trends of the orders. Tim?
Tim Ford
Regarding margins, I think we had a really good first half. We do have some second half planned shutdowns, as Phil mentioned, that will probably have an effect on productivity. But the pricing that we saw in the first half we think will continue through the second half. So I think we're feeling pretty good about where we are from a margin standpoint.
With respect to orders, I think the thing to keep in mind, I've looked back over several years and trying to understand this myself. The second quarter historically is the lowest order quarter for us in the year. We've gone a couple years where that hasn't been the case but for the most part the second quarter is our lowest order quarter.
We're getting some pretty strong indications from customers that we think will lead us to a good first half of 2013 but we'll see what happens in the second half. But the second quarter doesn't really concern me from an order pattern standpoint. And the messaging we're getting from our customers is very strong.
I think we're in the midst of a full-fledged recovery and we feel pretty confident that that's going to continue on.
Your next question comes from the line of Robert McCarthy – Robert W. Baird.
Robert McCarthy – Robert W. Baird
Everybody, I'll add my congratulations particular to managers in the crane segment where this 11% margin export equipment is very impressive, especially in the context, Ron, of the longer term 12% to 13% target that you had established for the segment.
I'm wondering how removing port equipment from the segment would influence that longer-term target. Is it a point or two on top of what you've previously been looking for?
Ron DeFeo
Well, I think – Robert, I think there's that potential there. I think the other thing that's important is that doesn't change the company because that port equipment business will go over to our MHPS segment.
But I do think the MHPS segment will be strengthened by having the historically port equipment that we had combined with the (Gotwald) and port equipment business that the Demag Cranes brings to the table. So net-net we'll be able to build a more efficient business. I don't know. Kevin, do you want to comment on your margin views?
Kevin Bradley
Obviously we feel good about how the quarter played out. In terms of going forward, in the near term we've got pretty good visibility through our backlog in terms of maintaining strong margins throughout the rest of the year.
In terms of the longer-term outlook, the macro economies we have to keep a close eye on but we feel pretty optimistic that the opportunities in front of us to continue to improve margins are significant.
Ron DeFeo
Yes, I would add to that that the big fear everyone had in the crane business – and I can't tell you how many people encouraged me to get out of the crane business – was that the Chinese were just going to come in and just wipe us clean and take us over.
I think long term there will be a Chinese or two player in the business that will have solid products that they can market globally. But I think the fear of that happening is being mitigated and I think customer confidence is actually growing.
I think people will pay for value and I think that's what we're seeing. So overall, if you stick to your knitting, focus on technology, focus on customer relationships, you're going to get rewarded and keep your SG&A spending down.
And this last quarter, the team in cranes actually got their SG&A level down to about 10% as did the AWP guide – organization, which his really, really where it needs to be at about this stage of a recovery.
We have said that as a company, excluding the MHPS business, we'd like to have SG&A below 10% toward the peak and the 12% range in the trough and kind of manage it.
We got out of whack a little bit as we sold off our mining business and had extra cost to carry. Now we're getting back in line. So I think that's an important element of this as well.
Your next question comes from the line of Jerry Revich - Goldman Sachs.
Jerry Revich – Goldman Sachs
I'm wondering if we could just dig into the crane performance in the quarter a bit more. I guess can you bridge for us the EBIT improvement, what proportion of that was pricing, what proportion was the payoff and restructuring efforts, so we can better frame how much of a tailwind we have in the back half if you don't mind?
Phil Widman
Yes, Jerry, let me try to bridge this for you in terms of the quarter year-over-year. So we have about nine points of operating margin improvement, roughly 2.5% or so came from price. About 3.5% to 4% came from the restructuring and cost year-over-year that we had and the rest was some of the other reductions that we had in general.
Jerry Revich – Goldman Sachs
And in terms of across your broader business, Phil, you mentioned deliveries in Europe were pretty strong in the quarter. I'm wondering if you could comment on orders, give us a sense for where was book to bill strongest in the quarter for which of your businesses and which were more challenges in Europe in the quarter.
Phil Widman
Again, these will be general comments, but the challenges in Europe have come from construction as we mentioned, and that's partly driving the backlog down that we had.
Across most of their product lines and in particular in the material handling side and trucks, while strong in revenue in the first half, the order pattern has been very inconsistent in terms of what we had.
Material processing is the other one I would point out. Europe has been very soft for the crushing and the screening portion of their business and I'd say, as Ron mentioned, AWP was relatively flat year-over-year in Europe.
Cranes, I think the thing that I would point out is last year's second quarter, we canceled almost $200 million of orders out of the backlogs in the crane segment largely because of European softness. So that and relate the price improvement a little bit on Kevin's business. We had to re-salvage those products that we had in inventory if we had them in inventory.
This year, the backlog and order pattern is a lot more diverse and although you see our European revenue in total at about 28% for the company, some of that is sold in the crane business to folks who have worldwide fleets. So approximately maybe 10% of that or 5% to 10% of that would actually be for demands outside of Western Europe.
So I think the positive side in the cranes area, the stability, relatively speaking of the AWP group and then the down in materials processing and the construction segment and HPS, again our softness, tends to be in industrial cranes specifically in the European.
Your next question comes from the line of Ann Duignan - JPMorgan.
Ann Duignan
Ron, I just would like to take a step back. I mean, your margin performance was impressive across the board and I like the bridge that you just gave us on the crane piece.
But could you talk more generally about what do you think was the one most important action that you've taken over the last year that supported the improvement in the margins?
Is it really the restructuring from last year? Is it pricing? Is it volume? It'd be just interesting to understand what you think was probably the most important actions that you've taken in business over the last year or more.
Ron DeFeo
I think in the beginning of 2011, the entire leadership team decided it was going to get back to basics. We're going to focus on what made Terex Terex and we were going to do the things that got us back on our toes and off of our heels. That meant we were going to cost control and we were going to do the things that we could control.
We decided as the leadership team that our SG&A was too high. We decided that margins were more important than growth. We decided that cash generation was the key to our survival. We are an acquisitive company and to be acquisitive and to continue to drive that, we had to achieve the basics.
So it was getting our management team aligned around the basics and we have an executive leadership team now that meets regularly, doesn't always agree but really works as a team across geographies, across products and has a common sense of where we're headed and that to me is what Terex today is all about and how it's different than the Terex of a few years back.
Your next question comes from the line of Rob Wertheimer - Vertical Research.
Rob Wertheimer – Vertical Research
So again, great results, and I wondered if you would be willing to do the same walk on AWP as Phil just did on the crane side on the price versus internal (inaudible).
Phil Widman
Yes, for the 2Q, basically we got about 4.5% to 5% coming from price, relatively speaking, and the cost piece – I would say a lot more leverage -- a little more leverage in terms of what we had, about 5%, as well.
Ron DeFeo
From volume.
Phil Widman
From volume leverage, yes. Did you get that, Rob?
Ron DeFeo
Operator, just let them stay on the line a little bit longer so we can make sure we responded to the question.
Yes, sir.
Phil Widman
Yes, let me just clarify. It's about 5% on pricing and 3% on the leverage. That's of the margin improvement.
Ron DeFeo
Margin change of about eight points; right, of the margin improvement of eight points, 5% (inaudible) volume.
Your next question comes from the line of Schon Williams - BB&T Capital Markets.
Schon Williams – BB&T Capital Markets
I wonder if you could break out the order growth that you actually saw within material handling and port solutions?
Ron DeFeo
Well, the order growth in material handling and port solutions, first of all, it's difficult to make that comparison against Terex of last year because we didn't own the business then, all right.
And the other thing I wanted to emphasize is that none of the new business that we indicated comes from – is in our backlog. That $200 million of business is not yet in the backlog but I think I'll let (Ice Rom), who's the CEO and President of this business – of this segment comment on the order patterns for both the port equipment and the material handling side of the business. (Ice)?
(Ice Rom)
First talking about the port business, we had a moderate growth in terms of the standard business which we have there. I'm talking about mobile hover cranes but the big jump came from the two orders which we got in the (bottom of the) port business and that was one from – one of them was (Gateway) of about -- and I'm talking now in Euros. It is EUR117 million. It's a bit more than $200 million and the second from (18 mili terminals) which is up about EUR43 million.
Unfortunately as you said already, Ron, that we will not see the revenues because it is outside the 12-month period we are looking here. But that is indeed a big, big jump and as we say, a major breakthrough to really have now showcases for our automized port business.
And regarding the material handling side, here we have all in all a flat development in services, a very slight decrease in the industrial cranes business, mainly because of Western Europe. Not Germany, Germany is still stable, but portions of Western Europe. I think that's all to say.
Schon Williams – BB&T Capital Markets
And then follow-up, you talked about in the slides you've identified some projects for cost savings and it gave you some confidence for some 2013 developing. I guess, could you give a little bit more clarity on exactly what some of those projects are and then have you given any formal guidance for 2013 goals?
Ron DeFeo
The answer to your last question is no. We have not given formal guidance to 2013 goals. With regard to cost reduction and cost management projects, as you might imagine, it really covers a wide spectrum of things.
First, as I have said historically, in the beginning of a recovery, component suppliers usually see the recovery first. When they see the recovery, they increase their prices and we, as kind of a middle man assembler, have difficulty recovering those cost increases from our customers because the customers haven't yet seen a recovering end market.
So we needed to offset some of those supplier cost increases that we got at the beginning of this recovery. We're well underway of having done that at this stage. Now it is our chance with the overall market flattening out to many of our component suppliers to push back, to source differently, to look for additional opportunities and that happens with steel, steel-related components and those kind of things. So that'll be a major area of emphasis.
About 75% or so of our cost of goods sold is actually purchased components. So that's where a lot of the action is. In addition, I think our team's doing a good job controlling head count.
We are adding people very judiciously. We are adding many more direct workers than we are indirect workers and we are controlling the SG&A expenses pretty thoroughly.
So there's no major factory shutdowns that we anticipate at this moment in time. That's not to say that there won't be but at this moment in time we don't have that in our horizon.
And frankly, factory shutdowns play a lot better in the boardroom than they do in the marketplace because they're always a bit harder to execute than you really think. So I think we're operating both on a cost basis, from a people and people management, and on a supplier relationship basis pretty well and that's where the activities are.
Your next question comes from the line of Robert McCarthy - Robert W. Baird.
Robert McCarthy – Robert W. Baird
About the cranes segment, I'm interested in order patterns in that business. I wondered if the relaunch of the AC1000 contributed to the strength that we saw in the order book in the quarter and if it did, can you give us an idea of what the order book would've looked like without that influence?
Phil Widman
Well, it was obviously a strong quarter for us on the order intake side and it actually accelerated through the quarter with June being our strongest month. So we feel pretty good about the level of demand that we're seeing as being strong.
We're being selective to some extent in making sure that we're taking the right orders from a price perspective, as you know, but generally we feel very good.
As far as AC1000, we do have it out in the field working with customers now and through all reports, operating flawlessly. However, it did not impact at all as we have not taken revenue at this stage on any of those yields
Ron DeFeo
We've not booked any orders yet on the AC1000.
Phil Widman
Correct, so it had no impact, Robert, but we feel good that it'll be commercially available and will have an impact in Q4.
Your next question comes from the line of Andy Kaplowitz - Barclays.
(Brad) - Barclays
Digging in and following up on the cranes question, can you talk about sort of more specifically what markets are really improving and how your visibility is into those markets and then, along with that, what the competitive market is looking like?
Ron DeFeo
I think as we look at the crane business overall and now we're focusing on here the mobile crane business, the construction business, not the industrial crane business. Just to be clear, we're talking the mobile crane business.
The North American market has been very good for us. It's been strongly recovering. That began last year. We had to add a second shift in our Waverly, Iowa facility, so we've added capacity to meet growing demand. That demand is both across North America and even down in Latin America and South America.
South America has also been quite strong for some of our other global products. Our European business has been, I'd call it, flat to maybe up a little bit, as Kevin has indicated. Our Australian business has been solid and some of the developing markets, Turkey, the Middle East and some of those markets have been quite, quite positive for us.
So here's where a global company and all the work that we had over the past couple of years when it was painful to lay in expenses is now beginning to pay dividends. We're getting crane business in Russia.
Steve Filipov is on the call from Russia today. We're getting business in Brazil. We're getting business in Turkey where we had to invest first in order to get revenue. So I think that's where it's paying dividends. Steve, do you have anything you want to add on that?
Steve Filipov
No, I think you hit the highlights, Ron, yes. I think generally all those markets are pretty much growing, outgrowing for us. Africa is definitely a focal point at this point.
(Brad) - Barclays
And then just a quick follow-up, I noticed in your slides you mentioned that customer access to capital was a challenge in the EU. Can you just elaborate on whether that's any particular customer segment or geography and if you have any thoughts to more aggressively ramping your own finance business to take advantage of that situation?
Phil Widman
It's pretty consistent across customer base, not really targeted in particular. Again, you're looking at how people finance their companies, also, in this equation. The way we structured our financial services in Europe, we are not a direct lessor. We work through partners and we also do take some back in our books, but it's only about $15 million on our books for Europe
So we continue to expand that but it's difficult to get it to be totally meaningful in that regard but we do work very closely with many partners and it's more a function of the general economy than it is anything specific with what we have. So it's a challenge out there I guess is the way I would characterize it.
Ron DeFeo
I want to add to that from the cranes perspective, the way we're mitigating some of that is by working more closely with the customers proactively up front and with TFS to make sure we've got solutions in place.
We are binding the solutions that tend to be more conservative structures, more money down, lenders that are looking for basically positive collateral coverage day one. So we are getting very involved in coming up with the right structure so that we can move the products into the market.
Kevin Bradley
I think what I would say is the work is there. The products are getting older but the financing is more challenging. So rather than having the financing fuel the growth, the work is having to pull the growth from – and people will pay for the financing that the value added is sufficient and I think this is typical of our business
And this one thing I guess I'd like to say is that this really feels like a normal business environment to me. Now people are somewhat concerned but I've been running this business now for 20 years and with the exception of about two years, 2006 and 2007 and 2009 and 2010, which were – you were a hero or a goat depending upon which side of the curve you were looking at. This feels like a more normal environment.
Your next question comes from the line of Henry Kirn - UBS.
Henry Kirn - UBS
With the North American rental channel, have you seen the small rental players come into the market in any meaningful way and can you maybe at least address some of the initial price discussions with the large rental players?
Ron DeFeo
Tim, you want to take that?
Tim Ford
Henry, I would say the market is tracking the exceptions regarding the independents. Typically we see the larger players come in with their big buys in late third quarter, fourth quarter for first half delivery.
When I look at the backlog as of today, more than 50% of our backlog is with what we consider to be the independents or the small to medium sized guys, which actually feels pretty good given the cycle we're in.
With respect to pricing, we just announced our 2013 pricing last week and it'll take a little time for the dust to settle on that and for us to get into real full negotiations. But I think the marketplace knows where we are.
Costs have risen faster since 2008 than pricing has and I think it's largely to be expected. So we feel we're in a strong market. We think the opportunity is there and we're going to continue to pursue that.
Henry Kirn - UBS
And as a quick follow-up, Ron, have you seen any customers ask to push back build slots and has that effected the medium-term visibility in any of the businesses in that portfolio?
Ron DeFeo
Pushing back build slots. Is that your question?
Henry Kirn - UBS
Yes, where they had an order in and asking to push the delivery of the order back.
Ron DeFeo
I think the only people we think that happens with is the analysts that follow us because we don't really see that. We don't see that. Nobody's pushing back build slots. They're planning their business
Phil Widman
Better than last year.
Ron DeFeo
Yes, much better than before. This is not 2009, 2010 at this point in time. Now, can a calamity happen? Yes, it could probably happen if Europe doesn't – if the policymakers in Europe drink an espresso and don't really deal with reality. I think that could happen but I don't think it's going to.
Your next question comes from the line of Seth Weber - RBC Capital Markets.
Seth Weber – RBC Capital Markets
The 3.4% price increase for next year, will that cover your tier four costs or will there be an incremental surcharge for tier four?
Tim Ford
The pricing that we announced is really for standard product. Tier four is not included in that and we've got to sit down with our customers and work through tier four questions. That is exclusively tier four.
Seth Weber – RBC Capital Markets
Is there a rough estimate of what percentage of the portfolio's going to be affected by tier four next year?
Tim Ford
It's a pretty small percentage of the overall portfolio if you look at the range of products but the products that are affected are high dollar, so it's not – I wouldn't look at this as a significant additive to the 3.4% but it'll be meaningful.
Seth Weber – RBC Capital Markets
And I guess on the crane business, you notice some increased crawler demand. Can you maybe frame that for us? What applications those are going for, what regions? Just help us understand where that demand is coming from.
Kevin Bradley
It's broad-based in terms of where they're going. It's in the 400 ton and over class, which is where we're the strongest and ...
Ron DeFeo
You might want to emphasize that again, where we're the strongest.
Kevin Bradley
Where we're the strongest in that class. I would also point out we have a very exciting product list coming out in September in the 600 to 700 ton class. It's the Super-lifter 3800. We believe it's a market-beater and we're very excited about that launch coming up with commercial availably in the fourth quarter.
Seth Weber – RBC Capital Markets
Fourth quarter of this year.
Kevin Bradley
Seth Weber – RBC Capital Markets
But just from where the demand is coming from today, is it North America or is it Middle East or can you just give us some color there?
Kevin Bradley
It's broad. It's North America, Latin America, Middle East and some parts of Asia.
Your next question comes from the line of Joel Tiss - BMO.
Joel Tiss - BMO
I just wondered two quick things. A lot has been asked. Just on the debt side, can you give us any sense at all if you plan to just refinance the bulk of what's going to be callable in the next 12 months or do you think there's going to be a better mix between refinancing and paying it down?
And then I just wondered if you could give us a sense of what boosted the material processing operating margin so much in the quarter.
Phil Widman
In terms of the debt plan, obviously we're looking at our cash flow generation in the second half. In August, the prepayment penalty on our term debt goes away, so there will be no restrictions ongoing after that. The 8% notes are callable in the fourth quarter and the ten and seven-eights next June.
Our thinking would be probably to look at the cash flow and picture for '13 to think about the refi if rates stay where they're at. But we're also going to be aggressive about using our cash that we've generated.
So I say it's going to be a combination, Joel, in terms of our plans. There's obviously some restrictions around the call times on what we have but it's pretty favorable from a refi standpoint but I don't think we'd do much of that until next year and work with our existing cash in terms of what we do today.
The second question, I will make one comment and then maybe Kieran can comment. We did call out in the press release that we put one of our factories, (Coalville), in England back in operation.
A year or so ago, we had planned to shut that down but given the capacity requirements in our large jaws, we reactivated that. That provided $2.4 million of positive operating profit because we reversed the reserve that we had set up.
I will point out that total restructuring for the company in the quarter was offset -- that largely in less than $1 million net of that favorability hit operating profit. So that did provide a 1% to 1.5% positive improvement and I think Kieran may want to comment on the other operational affects.
Kieran Hegarty
Effectively most, again just coming from price realization, of our supply and demand in terms of our forward planning was probably much more aligned of any than in prior years.
Cost control, we've had reasonable savings in terms of we did longer term (inaudible) for example. So obviously stay pricing on a year-on-year basis has been softer, so it looks good.
Good cost control performance and I suppose realistically as well as the rest of the corporation, we're probably seeing some of the ongoing benefits from some of the cost consolidation actions that took place in 2010, 2011.
So really it's again, just like the rest of the corporation, it's better price realization and better cost control and good costs or just around the whole SG&A, the controls around that.
Your final question comes from the line of Philip Volpicelli - Deutsche Bank.
Philip Volpicelli – Deutsche Bank
Half was answered with regards to the refinancing but as you look at your cash balance, how much cash would you want to keep on the balance sheet Pro Forma; any refinancing of the debt that you would consider either later this year or early next year?
Phil Widman
With the availability of what we have in the revolver, I'd say it's about $450 million, order of magnitude. We'd probably need about $300 million, $250 million to $300 million of cash given just the size of the company and the geographic disbursity.
Philip Volpicelli – Deutsche Bank
So you could have a substantial pay-down of debt if you chose to do so?
Phil Widman
It depends on our assessment of the business as we go through it because we do have some seasonality in our cash needs and the timing, but yes, that's definitely a possibility
Ron DeFreo
Well, there's – yes, as I indicated in my remarks, there is substantial value creation opportunities still in front of us from continued focus on margin, cash generation and Demag integration. Those things will drive substantial opportunities for us.
Philip Volpicelli – Deutsche Bank
And Ron, do you think at this point that the best use is to pay down the debt or are there other acquisition opportunities that could make sense for you?
Ron DeFeo
Well, there's no large acquisition opportunities that we're considering at this point in time, I think -- and by that, I wouldn't interpret the large comment to mean we're really active in acquisitions, either.
But there's a few things that are strategic that we'll pay attention to. But I think in the short term, the best thing for us is to continue to demonstrate our execution on our base businesses, prove out the MHPS addition to our company as a value-creating.
It's already creating value for us. The real question is is it going to be able to achieve the kind of goals that we have for it, which I am pretty confident it will. But there's integration work that has to happen.
Improve your balance sheet because I think doing that further bolsters our ability to do other things and then sometime down the road we'll look around and see what else we can or should do. But right now, I think our focus continues on basic execution.
All right, thank you, operator. I think that probably it for the call and we appreciate everybody's attention to Terex. If you have any additional questions or comments, please follow up with us.
This does conclude today's conference call. Thank you for your participation. You may now disconnect.
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