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Margaret Boyce - Director of Investor Relations
Adam Gutstein - President and Chief Executive Officer
Karl Bupp - Chief Financial Officer
George Price - Stifel Nicolaus
Kevin Liu - B. Riley & Company
Devang Kothari - JMP Securities
Diamond Management & Technology Consultants, Inc. (DTPI) Q4 2008 Earnings Call May 8, 2008 9:00 AM ET
Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter Earnings Conference Call. During the presentation, all parties will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions). As a reminder, this conference is being recorded Thursday, May 8, 2008.
I would now like to turn the conference over to Miss. Margaret Boyce, Director of Investor Relations. Please go ahead, ma'am.
Margaret Boyce - Director of Investor Relations
Thank you, Jesse. Good morning everyone. This is Margaret Boyce, Director of Investor Relations for Diamond. This morning, we will discuss our financial results for our fourth quarter and fiscal year 2008 ended March 31, 2008.
With me today are Adam Gutstein, our President and CEO and Karl Bupp, our CFO. Adam will provide a few highlights on the fiscal year, the fourth quarter, and the current market environment. Karl will cover the financials in detail, after which Adam will give you an update on current initiatives. We will then open up the call for questions.
There are supporting slides available on our website that accompany our remarks today. You can advance the slides at your own pace and download them for future reference. I'd also like you to note that the financial results we will discuss today are related to continuing operations of the company unless otherwise noted.
As a reminder, during today's call, we will make both historical and forward-looking statements in order to help you better understand our business. You should realize that our actual results may differ materially. Any forward-looking statements speak only as of today's date, May 8, 2008, and we undertake no duty to update this information in the future. The risks and uncertainties associated with our business are highlighted in our filings with the SEC, including our quarterly report on Form 10-Q for the quarter ended March 31, 2007. Finally, I wanted to share with you that we are presenting at the JMP Seventh Annual Technology Conference in San Francisco on May 20.
With that, I'll turn the call over to our President and CEO, Adam Gutstein. Adam?
Adam Gutstein - President and Chief Executive Officer
Thanks Margaret, and thank you all for joining us this morning. Fiscal year 2008 was a year of two parts. In the first half of the year, we generated 14% growth inline with our target growth rate. During the second half of the year, as the economy slowed, our business slowed and we finished the year growing 8% on a year-over-year basis.
We've seen lengthening sales cycles, project deferrals, and some cancellations as well. While we are seeing a slowing in spending, we continue to work with a set of core clients who are market leaders in their respective industries. Given the strength of our relationships and the quality of our work, we are pleased that this list has remained largely the same for the last several months, continuing on into our first fiscal quarter.
We believe the quality and impact of our work is even more important during these dynamic times and we are pleased that our clients believe that to be the case as well. We have a track record of helping companies create value whether in terms of growth or cost containment and in delivering projects on time and on budget.
Despite the softening environment, we completed our fiscal year 2008 with net revenues of $182 million. As you know, our business is driven by our clients' investments in their own business, not surprisingly our business slowed in our financial services and insurance verticals, while at the same time we grew nicely in our enterprise vertical, which increased an impressive 47% and in our healthcare vertical, which increased 18% on a year-over-year basis.
We increased our full year pretax income by 35% and delivered EPS of $0.33 per diluted share, up 57% from $0.21 last fiscal year. Free cash flow remained strong at $23 million in fiscal year 2008.
When you look at our people, annualized voluntary attrition improved to 16% in fiscal year 2008, down from 18% in fiscal year 2007. Attracting, developing and retaining the very best people continues to be top of mind. It's critical to delivering high impact client results, improved financial results and maintaining a strong culture. We continue to have a great deal of confidence in our business over the long term, which is reflected in our share repurchases in the open market.
In March 2008, we also completed a tender offer. As you know, we have been committed to our buyback program for some time, and this tender offer simply continued that program. In total, we repurchased 6.3 million shares of stock in 2008 and decreased our common shares outstanding by 15%. We also paid an annual dividend of $0.35 last December, recognizing the strength of our balance sheet and our confidence in our ability to generate strong cash flow.
While Karl will give you more details, I want to highlight a few numbers from our fourth quarter. In the fourth quarter, we delivered net revenue of $42.4 million, EPS of $0.02 per diluted share, and free cash flow from operations of over $1 million, all within our previous guidance. As we look at our business today with approximately 90% of the business based in North America and a large exposure to both the financial services and insurance sectors, we are clearly affected by a weak market environment.
We continue to see softness in our financial services and insurance verticals and we're also seeing some slowing in our healthcare vertical as well. In assessing the situation, it's difficult to know how long it will last. We feel we are prepared to manage through this period given the quality of our client relationships, our track record of delivering value to our clients, the strength of our people, and a clear understanding of and commitment to manage our costs.
Our clients continue to use us and recognize the impact we're having on their business. We're pleased our Top 10 clients from the March quarter continue with us in the current quarter. Although our clients are spending less, it's clear that our relationship is strong and that the value we deliver continues to be high. As far as new client opportunities and even opportunities with our core clients, we are seeing an increase in proposals for cost production initiatives and projects with a faster return on investment, which is typical during slower economic times.
As we look at the June quarter, we are anticipating net revenue to decline sequentially to be in the range of 36 to $38 million. Given the dynamic environment, we've decided to provide guidance on a quarterly basis going forward and we will update you on the September quarter on our next earnings call.
Our client list is an outstanding one and we continue to benefit by referrals and references from our clients both of which represent the highest praise a client can give a consulting firm. Our people continue to deliver results to our clients, enhancing our reputation for delivering high impact and high value work. Our economy runs in cycles, it always has and it always will. Diamond has strong fundamentals in place in terms of people, offerings, processes, and intellectual capital, all of which will allow us to successfully manage through this time. And we will be poised to resume our growth trajectory as we return to a stronger economic environment.
As we've seen in the past, we see economic softness reflected in our business sooner than most integrators or outsourcers. On the other hand, we tend to be among the first to benefit from the turnaround.
With that as a backdrop, let me turn the call over to Karl to take you through the financials for the quarter and for the fiscal year. Karl?
Karl Bupp - Chief Financial Officer
Thanks Adam. As Adam said, net revenue for the fourth quarter was $42.4 million, relatively flat from $42.9 million reported in the fourth quarter of last year. Project personnel costs before reimbursable expenses were $30.8 million in the fourth quarter, up from $29.3 million last year.
Gross margin was 27.2% in the fourth quarter compared with 31.7% in the fourth quarter of last year. Total other operating expenses were $11.3 million in the March quarter compared with $9.8 million in the March quarter last year. The increase in other operating expenses was primarily due to increased marketing costs associated with an online advertising campaign and the Diamond Exchange.
Income from operations before taxes was $1 million in the March quarter compared with $4.9 million reported last year primarily due to the decrease in gross margin. Pretax margin was 2.4% compared with 11.5% reported in the March quarter last year. Income after taxes in the fourth quarter was $576,000 compared with $2.6 million reported last year. Diluted earnings per share was $0.02 in the fourth quarter compared with $0.08 in the fourth quarter last year. This excludes any impact from discontinued operations.
Our effective tax rate was 44% compared with 48% effective tax rate in the same period last year. We did not reverse the $1.4 million international tax valuation allowance we had previously disclosed because we are waiting for confirmation of a favorable determination from the tax agency.
During the fourth quarter, we completed Dutch auction tender offer. We repurchased 2.6 million shares at $6 per share for a total payout of $16.5 million including fees. In the fourth quarter, the total shares repurchased was 3.1 million shares at an average price of $6.16 per share or payout of $19.4 million.
Our current stock repurchase authorization was just over $40 million as of March 31, and our intention is to continue to buyback shares in the open market. Diluted weighted average shares outstanding decreased 13% to 29.3 million from 33.6 million in the March quarter and our common shares outstanding decreased 15% from 31.7 million shares to 27.1 million shares. These decreases were result of our tender offer, our stock buyback program, and the reduced stock price during the quarter.
As you recall, in fiscal year 2007, we divested certain portions of our international operations. Under the terms of the agreement, we had the opportunity to receive up to an additional $7 million in proceeds if the divested business achieves certain objectives during the first 18 months following the closing of the transaction.
During the fourth quarter, we received $7 million payment and recorded an additional gain from the divestiture. In addition, we recorded income from discontinued operations of $4.6 million during the fourth quarter due to the reversal of a portion of the Spanish tax indemnification obligation accrual as a result of favorable rulings by the Spanish tax authorities on a portion of assessments that had previously been accrued and were under appeal. These recent decisions give us confidence that we will prevail in the other appeals and we will continue to monitor the process.
We ended the quarter with cash and cash equivalents balance of $53.3 million and no borrowings. Free cash flow was $1.2 million in the fourth quarter. Days billing outstanding was 26 days in the March quarter compared to 29 days in the March quarter last year and below our target of 30 days.
Turning to our client metrics, we served 63 clients in the fourth quarter compared with 65 clients served in both the prior quarter and the fourth quarter last fiscal year. We added 14 new clients in the fourth quarter, representing 8% of revenue. Our top five clients represented 39% of revenue compared with 37% in the March quarter last year.
We ended the fourth quarter with 510 consultants compared with 512 in the prior quarter and 507 in the year-ago period. Annualized revenue per professional was $332,000 compared with $363,000 in the prior quarter and $340,000 last year. Chargeability was 60% in the fourth quarter compared with 65% in prior quarter and 61% in the year ago period.
Our annualized voluntary attrition was 12% in the fourth quarter, an improvement from 13% in the fourth quarter last year. We expect to end the first quarter with 460 to 470 consultants as a result of seasonal turnover and moderated hiring.
Looking at revenue by industry vertical, we had only modest changes on the percentage basis from the prior quarter. During the fourth quarter, financial services represented 32% of revenue, insurance 20%, healthcare 23%, enterprise 16%, telecom 6%, and public sector 3%.
In the first quarter of fiscal year 2009, we will begin to provide adjusted EBITDA data, a supplemental information to help investors evaluate our business performance. We define adjusted EBITDA as income from continuing operations before interest, taxes, depreciation, amortization and stock-based compensation expense. We believe adjusted EBITDA is a useful indicator of the company's financial and operating performance and our ability to generate cash flow from operations that are available for share repurchases and capital expenditures.
In first quarter 2009, we expect net revenue in the range of 36 to $38 million, a pretax loss of 1 million to $3 million, stock-based compensation expense of $3.9 million, depreciation and amortization expense of $500,000, and other income of $300,000. These result in GAAP EPS for the first quarter of negative $0.03 to negative $0.08 per share. We expect our reported tax rate to be in the range of 15 to 30% against the statutory tax rate of 42%.
The first quarter weighted average share count is expected to be approximately 28 million shares. As you know, free cash flow is generally negative in our first quarter as we pay out our annual variable compensation. In the first quarter, free cash flow is expected to be negative 1 million to negative $3 million including the payout of $5 million related to prior year's annual bonus awards for staff. Adjusted EBITDA is expected to be 1 to $3 million positive in the first quarter. Going forward, in order to remain free cash flow positive, our revenue needs to be above $35 million per quarter.
Adam Gutstein - President and Chief Executive Officer
Thanks Karl. We feel good about our company and our ability to manage through this period. Even as we manage our costs, we also see this as an opportunity to strengthen the company for the anticipated economic recovery. History shows that firms that use down cycles to strengthen their business wind up closing the gap on those they trail and widening the gap on those they lead.
In fiscal year 2009, we will focus on three primary areas. First, new offerings and development of our people. We'll implement our strategy to expand our execution services offering, therefore increasing our leverage to meet market demand and to improve partner productivity and firm economics. We'll also continue to actively promote our data analytics capability out of Mumbai. As part of this, and as part of our overall strategy to attract, retain, and develop the very best people, we'll also increase the training that we provide to our partners and staff.
Second, market focus; we'll focus on strengthening and expanding our relationships with our core clients as we continue to deliver high quality and high impact work. At the same time, we'll also strengthen our brand awareness amongst our target buyers and build new client relationships.
And third, business diversification; we'll continue to diversify our revenue with a focus on industries such as healthcare and the public sector and we'll continue to build our international operations in the UK, India and opportunistically, around the world. We can expect that when we exit the downturn given the actions we are taking that we'll emerge a stronger company, with an improving caliber of staff, increased leverage, greater focus, and more relevant service offerings and development programs. We'll be better positioned and have a stronger brand driven from consistent and targeted research and publishing.
We'll continue to serve the best clients as we do today and will develop new relationships as well. With the seasoned management team in place, we'll remain nimble and make the right decisions for the business over the long term.
We have a strong firm with a healthy balance sheet, outstanding people, and we work for the world's leading companies. We have the right positioning as independent and objective practitioners working at the intersection of business and technology.
With that, we'll open up the call for questions. Operator?
Question-and-Answer Session
Thank you. (Operator instructions). And our first question comes from the line of George Price from Stifel Nicolaus. Please proceed with your question.
George Price
Good morning everyone. George Price from Stifel. I wanted to dig into what's happening in the demand environment. In the last call, which I think was in late February, you said you are seeing the economy tighten, clients spend a bit more cautiously. The commentary now obviously has deteriorated a bit. Maybe you can walk us through how demand is kind of progressed over the last few months and what's driving the incrementally cautious spending environment?
Adam Gutstein
Hey, George. Adam speaking. I am not sure that there is anything new out there. I think you guys are aware of all the -- probably the same news that we see and read. It's clear that there is some softness, in particular, in the US economy. Our businesses as you know, predominantly in the US and about 50% of that business is focused in financial services and insurance. So, we see continued weakness in both those sectors. I suspect, you know, as well as I do that the former is driven largely by the credit issues and the latter is driven by some of the softness in pricing in insurance. As far as what's given rise to a sequentially lower forecast for us, we actually saw some project cancellations in our fourth fiscal quarter amounting to about 7 or 8% of our revenue, and as we look forward we have seen some cancellations already in our first quarter about the same amount and we are only about halfway through the quarter.
Now, I would say it's a dynamic environment, so as much as we have seen some things on the down side, I have to admit we are seeing some interesting activity and interesting discussions. We are getting a sense that perhaps in financial services, things are beginning to firm up a bit. We'll see. Time will tell. Our projects, as you know, tend to be relatively short in nature, which is both to the good and to the bad. To the bad, when it allows folks to cancel, but to the good it allows you to get started relatively quickly. So, we've got a lot of good activity going on right now, but it is a dynamic environment, and we see some puts and takes and so given that, our point of view is just to focus on the quarterly guidance rather than the long-term guidance.
George Price
Adam, could you expand a little bit maybe on the tail-end of your commentary there on the interesting activity and discussions and maybe financial services starting to firm up a bit. I mean, obviously one takeout there in the market, some maintain maybe financial services is kind of even if there remain challenges has maybe seen the worst of it. What are you seeing incrementally and over what timeframe that makes you, I don't know, maybe somewhat cautiously optimistic?
Adam Gutstein
Yeah, I think George that's a good way to characterize it too. I definitely remain cautious. But my gut instinct when I'm out there talking to folks in the capital markets area in particular is that their tone, their perspective on their own business is not quite as negative as it once was. Getting a sense that they have a feeling that at least some of the worst may be behind them and that we may be returning to, I'm not going to say the same environment, because things have obviously changed, but perhaps returning to a more normal environment. Now over what period of time? That is a particularly difficult thing to say. Our general point of view is that we are not going to see a particularly steep decline as we did several years ago and our last downturn. We think it's a bit more shallow and you can see that as our revenues declined about 10% sequentially. But we are not sure to be honest how long it's going to last and we are not sure if we are going to see some false starts. But, as I said, it is a dynamic environment and we're seeing good conversations at the tops of organizations. We are seeing buying. We have had added some new clients here in our first quarter, which is a very positive sign. So, as you said, I think you characterized it properly, we remain cautiously optimistic. We're certainly not ready to call a bottom. But my sense is that the tone is improving and we're seeing some positive points of view out there.
George Price
Would like to if I could maybe dig in a little bit more, well, two more questions and I'll turn it over. One, can you -- is there any distinction that's relevant or meaningful between financial services and insurance in terms of trends, weakness, timing, anything like that? And then the second thing is you mentioned some concern in the healthcare environment. Is that mainly on the payer side given what we have seen from some of those companies or maybe if you give us a little bit more color there? Thank you.
Adam Gutstein
Well, in terms of financial services and insurance, at least from our standpoint, I don't think they are particularly linked. I think they're really two separate issues. The one is really driven by the impact of the credit crunch, and what we've seen, I think, in terms of write-offs and layoffs and that sort of thing and the impact it has had on especially in capital markets on their business, but also in consumer credit. I think in insurance, there has clearly been some softness in the insurance pricing market. I think that is certainly well understood and as a result, insurance companies have pulled back a bit on their spending. That's not to say that they're not continuing with important initiatives. It's not to say that they're not considering new initiatives. We have, in fact, seen new initiatives start in insurance in the last several weeks but there clearly has been or had been some softness coming out of the end of last calendar year.
As far as healthcare goes, we are seeing some softness what you probably saw some of the pharma's report and you saw, I suspect, some of you saw some of the large pharmas and they're suffering a bit. And they are -- some of those pharmas are our clients, and as they we suffer, we suffer as well and some of them are focusing on reducing their cost and we are in part a casualty of that environment, but we're seeing a bit of a pullback amongst our payer clients and amongst our pharma clients.
George Price
Great. Thank you.
Adam Gutstein
Thanks for the questions, George.
Our next question comes from the line of Kevin Liu from B. Riley & Company. Please proceed with your question.
Kevin Liu
Hi, good morning. I guess first question, you kind of started to talk about this a little bit, but in terms of the project cancellations, can you just kind of give us a little bit more clarity and/or whether or not those are concentrated within certain verticals, also whether they're related to projects that had already been underway entering Q4 versus stuff that you may have expected to get started and then just any sort of additional insight you can give behind those?
Adam Gutstein
Kevin, it's Adam speaking. They were concentrated largely in the three industries that I talked about; financial services, insurance, and healthcare. We didn't really have too many situations. I mean, the situations are typically where a client has agreed to a piece of work. We've closed the revenue, and then for one reason or another, perhaps a reshuffling of priorities, but more typically because of the condition of their business, they've decided not to go forward with the initiative. We did have at least a couple of cases in our fourth quarter where we had teams on the ground and literally we were asked to stop work as -- well, as priorities shifted and as costs became more of an issue in the short-term versus the longer term.
Kevin Liu
And is it your sense that any of this work could essentially come back as we move forward throughout the year?
Adam Gutstein
Yeah, I think that's, you never know for sure, but I think that's part worth being in a dynamic environment really is all about. The truth is we don't work on anything that isn't ultimately a high impact initiative. So, I would expect that where we've actually had cancellations, there is a very high probability that those will turn out to be deferrals. But we'll have to wait and see. We don't know. We just don't know what we don't know at this point.
Kevin Liu
And then, what was the forced attrition rate during Q4 and then do you anticipate any sort of material change in that number as we kind of move into fiscal '09?
Adam Gutstein
Yeah, our forced attrition, our end of the year involuntary attrition was about 8.5%. I think that we will typically -- typically what we do, Kevin, is at the end of each year, we do counsel out our lowest performers and we probably have not been as disciplined about that over the course of the company's history. But the very best companies constantly raise the bar, and the very best companies create opportunities for their best performers, and they counsel out those who are weaker and we'll continue to do that as we go forward, but we don't have any plans to do anything especially different next year.
Kevin Liu
Okay. And then just lastly in terms of the utilization rates as we move through fiscal '09. I mean, would you expect any sort deterioration in that relative to Q4 at any point during '09?
Karl Bupp
Kevin, this is Karl. For the June quarter, we are looking at utilization somewhere in the mid 50%, 55, 57%. At this point, it's a little premature to call the rest of the year. One thing you keep in mind is that we have ample capacity. If we were at our target utilization, our revenue could be as high as 46 to $48 million a quarter. So we have that there. But looking ahead, I mean, we are going to watch that and it may just be a premature to make a call here.
Kevin Liu
Alright, thank you.
Adam Gutstein
Thank you.
(Operator Instructions). Our next question comes from the line of George Price. Please proceed with your question.
George Price
Didn't think I will get back in quite that quickly, but I wanted to come back and explore a couple of other things around what you guys are seeing in the demand environment. First, on the financial services side, is it as simple as just things got really bad post-Bear Stearns, or anything else out there that you could cite?
Adam Gutstein
Well, it's hard for me to be definitive, but I can give you a sense of what I'm feeling and what I'm sort of hearing and seeing anecdotally. First of all, I think that Bear Stearns, no doubt, had an impact on the psyche of the Street, but it also actually put a lot of large number of employees into play. And there is no doubt that it is some of our clients. Some of our clients in fact have seen Bear Stearns' employees traipsing through and looking to arrange contracts, and there is no doubt that some of that has created some competition. But I think the bigger impact of that, George, has been simply to say that if that can happen, what else can happen? And I think you are just seeing continued caution. But I would say as I said before, it is a dynamic environment, and we have arranged new work even in capital markets. So, it may be slower, it may take longer, it may require more scrutiny, but the opportunities are there. And my sense is that this is not going to last forever. I don't know how long it's going to last, but this is not something that's a permanent change. I fully expect to see us returning to a very vibrant capital markets base business and I expect to see us continue to grow in that area even if it's not right now at this moment.
George Price
Okay. I don't want to focus solely on financial services, so maybe if you can talk about what you're seeing more broadly and I know we talked about healthcare earlier as well. But maybe beyond that, how you are seeing the macro environment impacting other industries and other clients?
Adam Gutstein
Well, we see and hear the same news that you hear. We read about CDO oil prices are up and gas, gasoline is up, we see the same for food. We know that those are factors affecting consumer buying and we know that those are factors affecting the inputs into consumer packaged goods companies. We know that it can affect travel and lodging. We know it can affect transportation companies. Having said that, our enterprise business, which encompasses really those three sectors, is up about 48% last year. As we move into this fiscal year, it continues to be strong. And so we feel pretty good about that part of the business. We know it could change. But if you spend your life worrying about what could happen instead of trying to make good things happen, it's difficult to come at work each day. So what we focus on, the opportunities in front of us and frankly we think that the US economy is going through some sorting out right now, but we have confidence in the economy over the long-term. We think we are in the right industries. We know that our services are quite relevant. We know that even where we are not working, we continue to be connected at the very tops of organizations. What we are talking about continues to be of interest and we fully expect to be working at those organizations. It's just matter of when not if. So overall, we are cognizant of the factors affecting the economy even outside of the services world, but we are still over the long term pretty confident.
George Price
Okay. Could you talk maybe a little bit about trends in how what clients are moving forward on, what the trends are and the mix of that? Obviously the kind of stuff you're doing, but you also have an opportunity to see beyond just what you're working on, what they're spending on and moving forward on. So, there's lots of indications that there has been pressure on more discretionary project-based work, you guys would be a data point there. But what about things like trends in terms of doing it for outsourcing, sending things offshore. On the software implementation side, are there any particular strengths like around DRPs stuff like that will be interesting to hear about?
Adam Gutstein
No doubt, George, you're right. There is clearly pressure on what you put in the category of discretionary spending. When you're in an uncertain environment, which is where we are, people tend to focus on the essentials and they'll defer or cancel something that they might deem as discretionary. But let's not forget that which is discretionary today often becomes essential tomorrow. As far as other trends, I think that my guess is you're seeing this in your coverage area, but my guess is that most of the offshore firms are suggesting that the first half is going to be slower than they would have hoped and they expect to see things pick up in the second half. And I think that is reflective of an environment where while US and for that matter even European-based firms are certainly looking hard at continuing the offshoring and outsourcing trend. I think they're being careful about what projects they undertake and what projects they don't undertake. So I expect you will see some slowing. You will still see good growth, but you will see some slowing amongst outsourcers and the offshore firms in the first half. Of course, nobody really knows what the second half will be. It's hard to have perfect knowledge that far out. But I would say that I expect given time that we'll see the economy firm up a bit and we'll see the strong trends in offshoring and outsourcing continue.
As far as software goes, I think that what we're seeing, and again we have a limited view, but when you look at software like ERP, we're seeing -- we are still seeing some ERP programs. We're also seeing a lot more in the way of clients trying to get more out of what they've bought; make better use of the information and make better use of the software components, make sure that they really get the productivity out of that. And I think that's also normal in relatively-speaking slower economic times. People want to make sure that they good a return out of the investments they have already made. I also think that that's a trend that also is temporal. We will see continued innovation and we will see that from a competitive standpoint firms that take advantage of technology will jump ahead of those that don't. And so as times firm up, we will see the leaders invest earlier or likely they will invest ahead of firming up, and we'll see the laggards wait.
George Price
Last question for you, more specific to Diamond. Let's assume demand remains pretty challenged over the next, let's say maybe for the rest of the year, what can investors expect or how can investors expect you to manage the business from a financial standpoint in terms of earnings and particularly free cash flow and that kind of environment. And your comments on the relationship strengthening, the brand awareness, the international operations and stuff, it sounds like there is bit of incremental investment there. Clearly there is people are going to be scrutinizing the cash balance and the cash flow. What can you tell investors at this point?
Adam Gutstein
Karl mentioned in his comments that in order to be cash flow positive, our revenue has to be greater than $35 million per quarter and so we understand our cost very well and our commitment has always been on an annual basis to be free cash flow positive. So investors can expect at least that. And so as we look forward, we believe we can continue to make certain investments in the business, which we will, certain investments in our clients and our people which we will because that's good for the business over the long haul, and that's really what we are building for it. At the same time, we are not anticipating despite the comments about challenging environment, we are not anticipating it to be all bad news. As I said, it's a dynamic environment, which means that one or two things move in the right way and all of a sudden you are looking at a very different picture. So, we do consider the downside but we also consider the upside as well.
Karl Bupp
Another thing George, this is Karl. We exited March with $53 million in cash. I think everyone at this -- between Adam and myself and I think the Board will say, that's more than ample cash to run this business. The business even in the first quarter with reduced revenue of 36 to 38 million. When you back out the one-time cash bonus payment, we'll be free cash flow positive 2 to 4 million at 36 to 38. So that's good news. I'll also tell you that one of the positive benefits of the ruling on the Spanish tax assessments is we have over $7 million in restricted cash in Spain that will be freed up over the next 12 months, so that's additional capital for the firm to acquire or take advantage use of. And then finally, in March, we increased our credit facility from 10 to $20 million. We have never drawn on that facility, but we increased it because you don't want to buy an umbrella on a rainy day. So I think we are in fine shape. I think investors shouldn't worry about that aspect before we got it under control.
George Price
Fair enough. Thank you for the time.
Adam Gutstein
Thank you, George.
Our next question comes from the line of Devang Kothari from JMP Securities. Please proceed with your question.
Devang Kothari
Hi, good morning. Devang Kothari from JMP Securities. Most of my questions have been asked. My final question is, assuming your free cash flow positive for fiscal year '09, would you anticipate that your dividend would remain the same?
Adam Gutstein
At the moment, we don't have any plans to change our dividend. Obviously it's something that the Board has to approve as they did in prior years, and as they will, but we don't anticipate any change there.
Devang Kothari
Okay, great. The rest of my questions have been asked. Thank you.
Adam Gutstein
Thanks Devang.
(Operator Instructions). There are no further questions at this time. Please continue with your presentation or closing remarks.
Adam Gutstein
Thanks operator. We appreciate all of you taking the time to join us today. We look forward to speaking with you next time. Thanks.
Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.
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I'm a regular user of Google Music.
It scans my total music library on the PC, I can than play it on my notebook and my phone.
Sadly I didn't find an add-on for XBMC.
Could one of you coders make an add-on so we can use Google Music on XBMC (just playing it, uploading is not needed)?
It would make me, and I think a lot of others, really happy!
Thanks in advance.
ps. see music.google.com if you don't know what it is.
Junior Member Posts: 21 Joined: Apr 2011 Reputation: 0 |
2012-01-21 11:24
Post: #1
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Junior Member Posts: 30 Joined: May 2011 Reputation: 0 |
2012-01-24 16:29
Post: #2
It's been requested for multiple platforms. Unfortunately, there is no API as of yet for Google Music. Without a working API, programmers can not write a plugin to access google music directly.
XBMC Frodo RC2 | 3.2GHz AMD Phenom II | ASUS M4A88TD-V | 8GB G.SKILL Ripjaws | Crucial M4 64GB SSD | Windows 7 Premium |
find quote |
Junior Member Posts: 21 Joined: Apr 2011 Reputation: 0 |
2012-02-06 11:02
Post: #3
Will this beta API work?
https://github.com/simon-weber/Unofficia...-Music-API |
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Senior Member Posts: 193 Joined: May 2010 Reputation: 0 |
2012-03-26 07:45
Post: #4
+1 Really love to see this.
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Junior Member Posts: 31 Joined: Oct 2009 Reputation: 8 |
2012-03-29 17:36
Post: #5
I'll throw in my support too. This is my most wanted plugin at the moment (aside from Netflix).
find quote |
Skilled Python Coder Posts: 2,715 Joined: Feb 2009 Reputation: 10 Location: France idf |
2012-03-29 18:06
Post: #6
interesting !
Passion-XBMC Repository Download your SVN skins and addons TvTunes Addon Download Play your theme while browsing library TVshow Next Aired display next aired infos from tvrage.com Logo Downloader Script download Logo/clearart/show thumbs/poster/banner Bande-Annonce Allociné plugin watch trailers in french and vo SportLive Script Live score match info in XBMC (not compatible dharma) |
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Senior Member Posts: 263 Joined: Jan 2010 Reputation: 0 |
2012-04-05 09:00
Post: #7
+1, would be great!
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Junior Member Posts: 3 Joined: Apr 2012 Reputation: 0 |
2012-04-11 00:40
Post: #8
+1, looks like maybe something is being done? http://forum.xbmc.org/showthread.php?tid=124822
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Junior Member Posts: 24 Joined: Jul 2010 Reputation: 0 |
2012-05-10 04:37
Post: #9
(2012-04-11 00:40)muertecaza Wrote: +1, looks like maybe something is being done? http://forum.xbmc.org/showthread.php?tid=124822 Bump I've been using Google Music a lot lately since I found there were a few tracks that weren't available on Grooveshark. Plus I realized Grooveshark could be shut down at any time if megaupload could be shut down. I check this topic and the other one from time to time hoping for an update, aside from Pandora this is the only other music addon I need for xbmc. |
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Posting Freak Posts: 1,933 Joined: Jan 2009 Reputation: 2 |
2012-05-10 19:07
Post: #10
yes this would be awesome to have. Hope someone can make this addon.
ATV1 with crystalbuntu (12.2 frodo) as main theater. Theater remote URC MX-810, droidx with xbmc remote, or transformer tf101 with YATSE. 3 x ATV2 (V12.2 frodo). |
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subset: commoncrawl


text:
Browsing by Subject "Information society"
Now showing items 1-1 of 1
Mutula, S.M. (Emerald, NaN, 2007)[more][less]
Abstract: Purpose – The purpose is to trace the revolution in information and communication technology (ICT) and changes in this wake such as globalization, digital divide, information society, Millennium Development Goals (MDGs) and e-government and how these changes impact on the provision of library and information services. Design/methodology/approach – The paper is largely based on review of literature both online and print. Findings – The paper concludes that the paradigm shifts occurring in the information environment have affected the concept of library; the perception of ownership versus access of library resources; the nature of information resources and services; and the role of the information professional among others. Research limitations/implications – The paper advocates for a proactive strategy on the part of information professionals in order to re-engineer and adapt the library to the volatile global information environment in order to remain relevant in the wake of new paradigm occurrences. Practical implications – Effective access and use of information will inevitably have great influence on the realisation of positive effects that the new paradigms occurrences engender in the global environment. It is desirable at this point in time to research into how information access and use can be brought to bear on the attainment of MDGs, bridge digital divide, enhance attainment of information society, promote e-government, etc. Originality/value – Despite, the rapid changes within the global information environment that has been occasioned by ICT, there is lack of critical mass of information science literature that addresses issues such MDGs, globalisation, information society and digital divide from the perspective of the information professional. URI: http://hdl.handle.net/10311/768 Files in this item: 1
Mutula_LHT_2007 (1).pdf (1.058Mb)
Now showing items 1-1 of 1


text: The Emmys was so much fun!! It took me forever to decide on the perfect dress, but in the end I chose this gorgeous Marchesa gown and accessorized with Lorraine Schwartz jewelry. I felt like a Greek goddess, lol. It was amazing to see all of my fa... Read more »


text:
She plays the flute in the symphonic band, plays on the select soccer team, is interested in cooking and she can write.
Nicholle Fenstermaker, 12, was selected as the overall winner for the seventh-grade Titanic project at Woodlawn Beach Middle School. Out of more than 200 projects, her project stood out for its headline, the format, her byline, the overall design and her writing.
For the complete story, see the Dec. 20 issue of Navarre Press or subscribe online.


text:
Deep-Sea Drops
Style: 26756262
Impossibly delicate branches of gold vermeil form swaying coral-like fans, each one home to luminous faceted teardrop of semi-precious rose quartz. Handmade by La Lueur de L'Aube. Hook closure. 2"L, 1"W. 18k gold-plated silver, rose quartz. Japan.
Contact a BHLDN Stylist for style advice, reassurance, second opinions


text:
sorry i was at church at that time, ill be on 10am-12pm and 3-11pm gmt -8 tomorrow so hopefully that works for you
hi sorry i still haven't made my team yet and i had people over today, so maybe in 1 hour if that's ok
hi we're opps for the random poke tour,i'm gmt -8 and i can battle tomorrow/partially sunday and monday. i have finals next week so it might be a lil tough to schedule
AuraRayquaza, are you going to finish revising your Doubles Kingdra analyses? All you need to fix is Checks & Counters section, and you're good to go!
Hello! We're paired for the RU open tourney. When would you like to play? I usually hang around IRC, GMT+3, most of the day.
Hi! We got paired up in the RU open, i still need some time time to teambuild, so We could battle on the next weekend if it is before the deadline. My timezone its GMT -4.
just to let you know that i am taking the win this time and ill be leaving soon. idk when ill be back maybe in 5-6h or something but i might not get on again untill around midday tommorrow my time. ill try to be on in -6h though so if you could be on so we can finish this it would be great
looks like you will have best chances of meeting me if you get online early and hop on #doubles IRC; then I will usually be online :]
im sorry my tablet ran out of battery and i had no way to charge it. anyway im on now and ill be here p much all the time. my timezone is gmt +1.
greetings AuraRayquaza. I am your opponent for the Doubles Ubers Minitour, my timezone is GMT +2, and I am on only from 5:00 PM the upcoming few days. If you could VM me your timezone, I can tell you my online hours. Preferably, you could check by #doubles as often as you can; as I am always there when I am online.
the thing is im on a road trip ubtill the 5th so i pmed kokoloko for an extension till the 6th or 7th. would you be able tpo play then? if not ill try to play on my tablet :/
hey we gotta play for UU open. if you dont mind i owuld really like to play today as it would be extremely hard to play any other day. if not please let me know
PM me your ideas, sorry about earlier again... I had to take my train for going into Paris where my school is :v
I can play tomorrow and Thursday after 5 pm GMT -5 and on the weekend on Saturday and Sunday. This is for the Monotype Tournament.
We're playing against in the Monotype Tournament. I'm GMT -5 and I can play this week anytime today or after 5 pm GMT -5 on Thursday. I can't do Friday but can do either Saturday or Sunday.


text:
That'll Leave a Dent
Shelved by: renarddevious on 2011-12-03
Taken in a neighborhood on the northern edge of McMinnville, TN. Thought it was too good to pass up.
21 Comments:
"We love them, but we love never being late to anything even more!"
I don't get it, are we saying 40mph isn't slow?
When you're concerned about kids possibly being in the road... well... you tell me.
A lot of you guys are in the UK right?Well you guys have the auto-bahn and it has NO speed limit. which means 40 mph/64kph is really fucking slow.
No, every road in the UK has a speed limit. Off motorways, the national speed limit is 60mph. On motoways, it's 70mph.
And most peeps are US on here.
It's because the US people don't feel the need. You're presumed you're from the US unless you state otherwise.
I imagine UK citizens are the next largest. But we're a small minority compared to the US
Or maybe i just read to many of your comments.lol i would love to get into an intelligent conversation with you!
Yeah, I'm pretty much everywhere with a "well, I'm from the UK" line featuring somewhere in my comment lol
I'm not actually that intelligent; I just write in a grammatically correct manner which makes me seem like it. Although I do research before making a point 99% of the time.
Well it sure as hell isn't if you are driving a chinese made car!
Usually residential speed limits are like 25 mph, or maybe 30 in the country. So it's funny that they have the nerve to say "we love our kids" and then have an above average speed limit lol.
Haven't you seen the ad?
"Hit me above 30mph and there's a 70% chance I'll die, Hit me under 30mph and there's a 70% chance I'll live."
I haven't seen that ad, but I believe it. A lot of the force in car crashes rises exponentially with speed.
We don't have an Auto-bahn...
autobahn is germany bro, not to be mean, but its not very english sounding either. only certain sections of their highway network don't have a speed limit.
I dont think any other countries have speed-limitless roads. I could be wrong ofcourse, but I cba to look it up now.
I realized this just after Nixie pointed it out.
i live near the city this was taken smh


text:
Yellow Ribbon - Financial Aid
Aid for Veterans
Hofstra University is proud to be a part of the Yellow Ribbon GI Education Enhancement program. We salute our veterans for their time of service and through their Post 9/11 GI Benefits encourage students to fulfill their educational dreams here at Hofstra. The Post-9/11 GI Bill provides financial support for education and housing to individuals with at least 90 days of aggregate service on or after September 11, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill.
Please take the time to navigate this page and learn more information about Post 9/11 GI Bill and other resources that may be available to you.


text:
Banned for sparkling Pokes.
Banned for sparkling Pokes.
Banned because I rarely find them.
banned cause I did the impossible with my white with shinnies
May the odds be EVER in your favor
Credit to Eeveelover824 for this sig and credit to RondezView for the pink pikachu
If you are a true Swiftie (a Taylor Swift fan) like me and not scared to show it, "Drop Everything Now" and copy and paste in your signature.
Banned for stars.
Banned because I'm trying to get myself into it.
Banned for self-persuasion.
Banned because I'm running out of reasons...
Banned for lacking.
Banned coz I have to go to bed early - gonna wake up at 3AM coz of work at 4am -_- nya~
Banned for that part-time job.
Banned for needing money. (but seriously, good luck)
Banned coz its my 3rd day today XD heehee, nya~
I make $100 a day, I think.
Banned for making that much.
Banned because that's long and for correction.
That's still a lot. Besides the whole "start at 7" thing.
Banned for Whitney cosplay.
Banned for telling.


text:
Blind Faith Cafe
Online Reservations
Delicious food! I had the Lentil Salad and it exceeded my expectations!!! Will be back to order it again! The other meals ordered by my family were equally as delicious! Great service. Reasonable prices, especially for quality food. All vegetarian, organic and many gluten free selections.
We've loved Blind Faith for 20 years! Great vegetarian food, and the vegan cupcakes are the best cupcakes ever--vegetarian or not!
Deliciously fresh food. Had options for vegetarians, GF, and regular American fare. Something for everyone. Our waiter went the extra mile to try to help accommodate multiple allergies. Wonderful!
I have always enjoyed the Kamoosh appetizer at Blind Faith. It is extremely good. It is certainly enough to eat as an entree. This was my wife's first visit to Blind Faith and she enjoyed it very much. She had Chiles Relenos and said it was wonderful. Dessert, a mixture of chocolate mousse and lemon ... that was a little disappointing, but our overall experience was very good.
Fabulous food! The menu is extensive with lots of Gluten Free, or Vegan items. The Chocolate Peanut butter cake is not to be passed up!!
This was our first visit. The service was excellent. Small but interesting wine list. Ample portions and everything we had tasted delicious. This place may get me to give up meat........
My oldest daughter is vegan, and graduated college May 10, so I was looking for a vegan restaurant to have a nice dinner with all our family after her graduation ceremony. I remembered Blind Faith Cafe, because I used to live in Evanston. The evening was wonderful. The food was so good that all the folks - vegan and non-vegan - raved, and the service was exceptional. The atmosphere was perfect; comfortable but with an elegance that made it appropriate for a special occasion. We were very pleased.
While vegetarian options are becoming increasingly available at most restaurants, there are few non-ethnic places you get only vegetarian/vegan options. Also, the mix of Asian, Mexican, American dishes makes Blind Faith a unique restaurant. While we did not get to try any deserts, they looked very yummy.
Good for vegans as well as people that like to try new things.
I love Blind Faith Cafe. All of the dishes I've had were fantastic and very high quality. I also like the desserts - delicious but not too sweet! There is something for everyone -- even the non-vegetarian members of the family. Can't wait to go back!
Love it here! It's amazing that it's vegetarian but the food is allso good. We brought my husband here and didn't tell him. When he saw the menu he was a little worried, but absolutely loved his meal. I love that I can bring home dessert and muffins , which are excellent. Prices are all reasonable.
This is just a terrific place to eat. 2 of the 4 of us in our family are vegetarians, and we all walked away happy. We showed up an hour and a half early. On Mother's Day. Who does that? They were lovely about it. Seated us at the earliest possible convenience, service was fast and friendly, food was fresh, overall an outstanding experience. Can't wait to go back.
Do you want a good one , or a poor one! Blind Faith has healthy nutrition, presented in a creative way. They have accomplished appeal, color, taste and balance. Service has always been about the client, not them. What is missing is what should not be there. Price point? Is there one, when you get what you want! I want a good habit and have been a client for years.
The reservation we made with Open Table allowed us to be seated immediately on a busy Mother's Day afternoon. Service in the restaurant was great and as usual, the food was delicious. It was a Mother's Day brunch but there were choices that are our favorites at dinner so the menu was varied from breakfast items to entrees. The only problem we had was after eating, we stopped at the bakery to take home some dessert and the clerk was very inept -- first, charging us for something we didn't buy; then, not knowing how to reverse the charge. It took 15 minutes and three people to complete our transaction for two bakery treats. On a busy day, someone who is efficient should be put behind the bakery counter.
If you like Vegetarian this is the place, now in Evanston for 30+ years. I as well as dining companion are not Vegan, but still found items to enjoy.. Service was personable and helpful--(Courtney)The Tofu Blackbean dish was quite tasty, and some unique craft beer choices. Bakery on site so lots of dessert options--we had Fruit Cobbler
VERY vegan and vegetarian friendly. Staff was nice and made a lot of suggestions. Good size portions. Our table was very sticky and when we asked about it they said that several of the tables were like that and they were going to have them all refinished in a week or so...a bit odd. Other than that, it was freezing inside - the ac was on high. Two rather small complaints but our family still gives it a 5 star rating because the food was amazing!
The menu offers a delicious variety of brunch items in a pleasant, comfortable setting. We dine there often and even had my daughter's wedding rehearsal dinner there. Look forward to our next visit.
Blind Faith is a fixture on the vegetarian /healthy food scene. We went for brunch on Father's Day with a group that included both vegetarians and meat-eaters. The menu was varied, included lunch items, and had something for everyone, although some of us were sad that their pancake griddle was broken. Good food, simple unpretentious atmosphere.
Very personable, good food and service even when there's a wait!
Several recent visits have confirmed two things: 1.) The menu items and food preparation remain outstanding, and 2.) The level and quality of service has been on a steady decline to the point of embodying the definition of rude. This is especially true if you happen to be finishing your meal in the vicinity of (i.e. within 30 minutes prior to) closing time. The glares from the staff start at 30 minutes prior to closing, and by the time you are ready to settle your bill (with 4 minutes to spare before the moment of magic), you can find your server in the bakery checking emails and otherwise showing no interest whatsoever. Given the number of times this has happened, evidently it passes as an acceptable level of service in Evanston.
Love this place! I'm vegetarian and this is the only restaurant where I can eat everything on the menu. I have my favorites for brunch -- usually the chilaquiles (old style of course!) but today I went with the Aztec Hash (tortilla chips fried with seitan, mushrooms, peppers and chipotle sauce with eggs on top) which was good but had a kick! I ordered the eggs basted and they arrived poached but I ate them because they were poached perfectly (I don't usually order poached because they are not done right). Huge serving! Hubby had the Huevos Rancheros which he loves! (Gee, I'm in a parenthetical mood today!) The iced tea with passion fruit shot was delicious as always. No room for baked goods but they have great scones and sweets too!
I had heard of the Blind Faith Cafe years ago but finally went there for a family get-together. Four adults and four kids had an absolutely wonderful meal; we inhaled three appetizers (kamoosh which is basically like black bean nachos; guacamole; and the sampler of spinach/lentil, "gar-dain", and hummus) and each had a wonderful entree. Several of us could not finish the gigantic portions and happily took home leftovers.
My sister and I were going to a show at S.P.A.C.E, which is right around the corner. My sister is vegetarian and when I found this I thought it would be a great option. It exceeded my expectations in terms of the variety and the uniqueness of the dishes. Everything we had was great! The theater was in walking distance so we only had to park once. We will come here again if we are in the neighborhood.
Good veggie food, reasonably priced. Worth the occasional visit but not worth a special trip
If you're looking for a great place to try some unusual and interesting dishes even if you're not vegetarian, this pleasant atmosphere is also conducive to mealtime conversation. Parking is really easy too. Recommend if you're looking for novelty & excellent, healthy fare, served very attractively.
Food was excellent in concept & execution. Visually appealing. A taste & texture delight. Ambiance was neighborhood restaurant. Easy to be over-dressed.
The food and service at Blind Faith Cafe are always good. I very much like the appetizer Kamoosh. We will certainly go back.
Genuine and not trying to be something it isn't. BF has been serving up healthy sustainable fare since before we heard of that word. Prices are low for the high quality.
This is a restaurant to go to over and over again. Food is consistently excellent and the vegetarian variety is amazing. You can eat here if you are vegan or vegetarian. Don't miss it!
Food wasn't life changing, but it was interesting. Excellent chai.
Despite not being a vegiterian, the food choices and prep were outstanding.
Brunch at Blind Faith last Saturday was outstanding in every respect. Three of our party were visiting from New York and they loved Blind Faith. The service was first-rate. The food was delicious. The Macrobiotic Plate was the choice of two of us, while I enjoyed Thai Peanut Noodles. The fresh carrot juice was a hit, as was the bancha twig tea. I highly recommend Blind Faith.
It is amazing what this restaurant can do with non-meat dishes. You can't tell the difference.
Our group had a vegan and some Asian food lovers. Blind Faith Cafe pleased them plus offered plenty of other choices. The food was delicious, and the desserts were super. Our server really knew her business, was attentive and very pleasant. All in all it was a very enjoyable experience.
This vegetarian restaurant is definitely a "diamond in the rough" . They have great food, great wait staff, and an energetic "feel". With 2 vegetarian daughters, we will definitely be back.
Aways very good food, even non vegetarians will be happy with it. Recommend the Mongolian Stir Fry to anyone, a but spicy and very tasty and satisfying. Good service, a quality restaurant that does everything correctly.
It was my birthday and I chose to celebrate there. it was the best decision- not only did my group and I have a great time but we were also in love with the food.
I've dined here only for lunch until this date. It was a Saturday night, we had a reservation but we were delayed by 30 minutes because we were coming from the Northwestern football game through a rainstorm. With a call to the restaurant the host saved our reservation and seated us promptly in the full restaurant once we arrived. Service matters.
The food was wonderful and the manager Ed and our server Antonio were great!
Food was great even for non-vegetarians. My enchiladas verses were some of the best I have eve had. Our waiter was fabulous. Very knowledgable, mellow and great sense of humor. I would go back in a second
This restaurant is sure to please even the non-vegetarian. We had a very pleasant brunch with kind, professional service. Our only problem was deciding what to order since there were many choices that appealed to us. The Mongolian stir fry with seitan was enjoyed by two of us, although we soon realized it could easily have been shared, thus able to rationalize ordering something else too. But delicious as leftovers too. The caesar salad was dressed nicely without any anchovy. All very good.
A vegetarian restaurant that is clean and has a variety of food- good service- wish they would make their Asian sauces with out the "hot" moniker, but still really like it- Great sweet potato fries can be an occasional treat-
Cozy booth with old friends and very enjoyable vegan selections while snow drifted by the windows... Enchanting !!!
I am not vegetarian however my son is. Was a little worried if I'd find something my hubby and I would like and was pleasantly surprised. the food was outstanding and we will certainly head over to Blind Faith again in the future.
Have been going to Blind Faith for 30+ years and love the ambiance & food. There is nothing like this place for vegetarians and those who want something different.
While most restaurants in the Chicago area have at least a few items that vegetarians can enjoy, it's wonderful to be able to order anything from the menu, since so many options look good! Most dishes were very, very good (the Blind Faith Burger was wonderful -- as were the sweet potato fries) and it's a fun place to visit.
Even if you don't consider yourself a vegetarian, there are many delicious dishes to enjoy. Great service from a very professional staff from arrival through departure!
Conveniently located near the Dempster Street El, Blind Faith has evolved into a fine dining experience with many vegan and gluten free options on the menu, a great wine list, and amazing desserts from the in-house bakery. I no longer live in the area, but make a point of coming here whenever I'm visiting Evanston. On this trip. I spent a week in a room located a block away from the restaurant and have eaten here multiple times for both lunch and dinner. Really, really good food; and with so many options to choose from, I never get tired of it. And I'm not even a vegetarian!
Blind Faith's remodeling has created a soft and warm ambiance that is welcoming and relaxing.Had a group of 10 people in their private dining room. It was perfect!!!They paid attention to every detail, even providing flowers and adjusting the temperature to suit us. The servers went out of their way to make sure everything was the way we wanted it.
The Blind Faith is and has been one of my favorite restaurants for a long time. I always have great service and love the cooking. I can't remember a time that I had a less than great experience there.


text:
Phoenix Golf Course Hotels + Vacation Rentals + HYATT HOTELS AND RESORTS
Know When You're Going?
More Search OptionsHotel Amenities
- Golf Course
Hotels by Type
- Vacation Rentals
"I arrived in town with my fiance on a Sunday afternoon. I was intown for a conference... Read more"
"What a beautiful Resort! Plenty of places to relax and unwind. The nightly live music... Read more"
"My fiance and I stayed here and we will never go back. The bathroom door was broken, ... Read more"
Note: The nightly rates shown above do not yet include Tax Recovery Charge & Service Fees or (if applicable) Extra Person Fees, Child Fees, Additional Mandatory Hotel Charges or optional incidentals, such as parking, room service or movies.


text:
Central District:
Wisconsin, Minnesota, Iowa, Illinois, Indiana, and Kentucky
March 8, 2014 0 a.m. |
Spring Symposium hosted by the Wisconsin Unit Location: Description: For more information: |
Great Lakes District:
Ontario Canada, Western New York, Michigan, Ohio, Western Pennsylvania
September 27, 2013 through December 19, 2013 times vary |
14th International Exhibition of Botanical Art & Illustrations
Description: Hours: Monday-Friday, 9 A.M.-noon and 1-5 P.M.; Sunday 1-4 P.M. (except November 24 and November 28 - December 1). Also open Saturday, September 28, 1-4 P.M. during Carnegie Mellon University's Ceilidh Weekend Festivities. |
December 7, 2013 10 a.m. - 4 p.m. |
4th Annual Black Cat Pottery Holiday Open House Location: Description: Join us fro some holiday cheer, get to know the artists and take care of your last minute gift giving needs! Bring a friend and spread the word. For more information contact: Black Cat Pottery 313.885.3385 or visit |
March 7 & 8, 2014 |
Michigan Herb Associates Annual Conference
Description: Visit www.miherb.org for registration and more information |
Mid-Atlantic District:
Delaware, Virginia, Southern New Jersey, Eastern Pennsylvania, Maryland, West Virginia, North Carolina, D.C.
January 15, 2014 11:00 am - 2:30 pm |
Potomac Unit January 2014 Meeting
Description: Our
speaker, Geo Derick, MSc, RH (AHG) For more information visit our website at www.Potomacunithsa.org and/our our web chair email@example.com |
March 8, 2013 10:00 am - 2:00 pm |
Potomac Unit March 2014 Meeting
Description: The USBG will be displaying their Orchids during this time and all are encouraged to walk around either before or after our meeting to enjoy the exhibit. Limited parking - car pooling and /or public transportation is encouraged. For more information visit our website at www.Potomacunithsa.org and/our our web chair firstname.lastname@example.com |
May 4, 2014 11:00 am - 2:30 pm |
Potomac Unit May 2014 Meeting
Description: Limited parking - car pooling is encouraged For more information visit our website at www.Potomacunithsa.org and/our our web chair firstname.lastname@example.com |
May 5, 2014 10 a.m. - 1 p.m. |
Philadelphia Unit's 75th Anniversary Herb Sale Location: Description: For more information visit www.hsaphiladelphia.org |
June 14 & 15, 2014 |
SAVE THE DATE! The Virginia Herb Festival More information to come! |
Northeast District:
Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Eastern New York, Connecticut, Northern and Central New Jersey, Eastern Canada
South Central District
Kansas, Oklahoma, Nebraska, Texas, Missouri
Southeast District
Arkansas, South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, Tennessee, and offshore East
West District
California, Arizona, New Mexico, Idaho, Nevada, North Dakota, South Dakota, Oregon, Montana, Utah, Colorado, Washington, Alaska, Hawaii, Wyoming, Western Canada, Mexico, and offshore West
January 18, 2014 1:00 p.m. |
Rocky Mountain Unit Meeting
Location: Description: "Ancient Ways for Today's Journey: American Indian Spiritual Aspects of Herbs", presented by Margo Roberts. She will have some herbs and medicine bundles containing herbs with her. She will also do a sage smudging ceremony outdoors-weather permitting. Margo's bio: Her mission in life is to keep alive the Medicine Way: The ancient and old ways of the ancestors to serve and help the people however she can. She has been walking this path since she was a child and has had many teachers from many tribal traditions. |
February 2, 2014 1:00 p.m. |
Rocky Mountain Unit Meeting Location: Description: "More Herbs from Cuttings", presented by Dorothy Borland. We will discuss and demonstrate methods of creating new plants from existing plants through vegetative cuttings. Soil mixes and planting mixes or media will be discussed. Dorothy Borland has been surrounded by plants all of her live. She has earned degrees in Horticulture from CSU and enjoys working with plants. |


text:
Date added | Rating | Set size | Set Title | Model name | Most Discussed |
Recently Added Movies Sets
Sexy Japanese AV hottie Yuria Ashina enjoys having fun with her horny boss. She poses in front of him in a bathroom, demonstrating her outstanding big juicy knockers. The guy comes up and starts to bruise her tits and to pinch her small tight ass, and to make tough fingering of her wet pussy.
- 50%
- Movie size : 332 Mb
- Movie length : 11:22
Arousing Japanese hot milf Minami Ayase loves shaking those big tits over a large cock before having it in between and rubbing it with those fine boobs. Arousing Japanese loves to moan and pinch those hard nipples.while she is in the middle of an orgasm!
- 0%
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You're watching...
The Real Obama: Green czar
A look at Van Jones, the president's most controversial appointee
Apr 13, 2012
Jeffery Lord, Phil Kerpen
You're watching...
A look at Van Jones, the president's most controversial appointee
Apr 13, 2012
Jeffery Lord, Phil Kerpen
Also in this playlist...
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Auto-advanceThis transcript is automatically generated
That is we -- -- -- event the president tonight we focus on another one of its controversial and radical appointments.
Thought tonight we look at the president's former Green jobs are -- guy by the name of Van Jones.
Dow Jones a one time self proclaimed Communist resigned his post in march of 2009.
And it's controversy after controversy.
Now let's look back to add some of Jones -- low lights and ask ourselves what does -- say not only about Van Jones himself but about the president's judgment.
Now first there was this comment made about Republicans using some well less than tasteful language.
And then there was this comment.
Way to try to bring the price of energy down instantly the increase is a lot.
To Begin to drill more -- the drop sort of drill here drill bit a little black holes to go -- -- oil shale and tar sand that he can't think.
More that was -- him into the system because we heard president saying just that.
That's what he wants to do and I hate to say -- I don't have been anybody.
And the United States -- -- elect a cranky.
-- it.
-- Yeah motive emotional moment.
Do -- momentarily and I think it's most mobile.
And finally we can't forget that in 2004.
Van Jones allowed his name to be put on a -- eleven truth -- letter.
-- we later apologized for this and said it was a mistake.
Here to help us with today's vetting process is -- contributing editor of the American spectator Jeffrey lord.
And the president of American commitment that still -- and has -- us and he's also the author of democracy denied.
Jeff wolf -- wouldn't be here these comments he here's a look at this background avowed Communist -- -- -- there.
It's all on the record and want to just ask why would Obama ever.
Appoint somebody like this to such a high position of power.
The thing to remember Sean and I -- on the White House staff you're embedded within an inch of your life to get on the White House staff.
So when all of this came out the first reaction was total -- how could this happen it happened because people in the White House.
Had embedded they knew his record.
And they wanted him there and they wandered in there because they agreed -- This is what's going on within the Obama administration whether Van Jones is there or not it has been going on -- -- president Obama's entire.
Career -- are you don't -- -- put him on the screen here.
This is three years before Obama is elected president of the United States as was an interview that Van Jones gave with the east bay express -- he said.
I met all these young radical people of color I mean really radical.
Communists and -- is and it was like well this is what I need to be a part of and I spent the next ten years of my life.
Working with a lot of these people and I met in jail trying to be a revolutionary.
I was a rowdy nationalist on April the 28 and then the verdicts came down -- talking about the Rodney King verdicts.
On April the twenty ninth he said by August I was -- Communist.
But it's really gets -- position of power about Obama let's do the same question what does -- say about the president's judgment.
Well I think -- there's a lot about the president's judgment of course -- of the chairman of the transition team for Obama John Podesta and Valerie Jarrett a close ties had long been.
Hop fans of Van Jones work cycle and Anthony Jones he made up the name them when he was in college if he should ever -- cool had a one syllable name never equal -- radical at a one syllable name.
-- -- yard shot later that same article one of the most amazing things he said -- he said I gave up the cheap.
He's I give up the cheap satisfaction of the radical -- for the deep satisfaction of the radical Anthony -- with a look I stopped calling myself a Communist.
But I kept believing all of these same things and he saw in Green jobs kind of the kernel.
Of capitalism destruction I think Obama agrees with that and if you look at all the failure around Solyndra all the wind subsidies ethanol.
And Obama is out there on the -- day after -- saying we need to double down the guy sounds like -- degenerate gambler can't recognize when he's losing just wanted to know putting more -- more more money into this stuff something like he agrees with most -- Van Jones stood for regardless of the fact that the guy resigned.
You know I I've said this because you know a lot of people predicted.
Wrongly it and I didn't need a million names that were very few of us that -- out there -- really studying Obama his friends and then later -- appointments and then later his policies.
And now we see the results of his radical agenda.
From Eric Holder to to call -- to Jennings -- -- appointments that we had his friends that kind of pointed in the direction Jeffrey that.
You know we kind -- I predicted that he would go others got a -- What when we look at disappointment and in particular.
And somebody this radical.
-- make that can I come to this conclusion.
That the president has hidden what he really believes from the American people we get glimpses of it San Francisco about people in Philly.
-- a Pennsylvania bitter people clinging to their guns and religion hit his comments to what Nicholas Sarkozy.
His comments to the president of Russia.
Do you agree with me that the president has hidden is true opinions.
Absolutely -- you know you -- one of the few people out there who were doing the vetting job that needed to be done in this only being done now.
This is what goes on with -- with far left wingers and that the job wasn't done there and and let me just say.
Right this minute Van Jones is out there talking about clamping down on free speech is going after the American legislative exchange council.
He even went after Rush Limbaugh said he lost fifty sponsors when he lost four he's still doing this.
And I might add you know rush had a telethon today raised three million dollars in three hours what if what if Rush Limbaugh had been kicked off the air by these people.
What about those kids with leukemia I think this is disgraceful it's not only -- free speech issue it's not only left wingers say it's it's that well you know simple compassion.
And and -- great job of millions of dollars but -- -- important point but as it aside and -- but I'll ask you this if I can fill.
In 19948.
He co founded it -- formed a socialist collective called standing together to organize a revolutionary movement.
Forces you.
That is called storm -- held study groups on the theories of Marx and Lenin and dreamed of our multi racial socialist utopia.
And he was arrested in know all all of this arrest record was was available to the president and those vetting as well what happened with that what are they ignore that.
Well I mean he was swept up he was actually -- legal observer during one of the Rodney King demonstration they didn't actually commit a crime but it's Anderson that he pinpointed that -- sort of the turning point in his life and obviously.
He's got all these radical associations all of these radical ideas.
He said I didn't give up any of the radical -- just erratic oppose I decide to become more subtle about it.
And I think if you look at what happened when Van Jones left the administration that tells you all you need to know.
About how other folks on the Obama left agreeing with everything that he believed they just haven't been as open about he was embraced Center for American Progress hired -- back.
-- and gave -- teaching fellowship NAACP.
Gave him an image award.
Move on hired him for this rebuild the dream Carter and now it's an MSNBC contributor so -- squarely in the mainstream of the Communist.
And a 9/11 true thirty squarely in the mainstream of Obama's Democratic Party.
Tell you gotta wonder if Brian Williams and Tom Brokaw and Matt -- proud of that guys good to see thank you to be -- -- -- -- -- --
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Rooms collective 4,5,6,7 and 9 beds . Opportunity to make the kitchen. Free wifi access.
RatesNight (/ pers) : 16 €
Opening timesFrom 25/06 to 22/09/13 : summer season.
From 21/12/13 to 11/05/14 : winter season.


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The sudden death of 'The Fast and The Furious' star Paul Walker in a car accident has not only shook the Hollywood film industry but Bollywood also taken aback with the sudden demise of the noted Hollywood star. Paul Walker died in a car accident Saturday afternoon in Santa Clarita, California. H
Preity Zinta being given honorary degree in India
Preity Zinta
Bollywood actress Preity Zinta and late filmmaker Shandaar Amrohi's legal heir case dates long back and now the actress two years after the legal dispute has slapped a case of 2 crore compensation on Tajdar Amrohi. Preity claimed that she has spend nearly 2 crore on sorting out their property dis
The Wankhede stadium came to standstill when the living legend Sachin Tendulkar held the mike to give his final speech. In his emotional speech, Sachin Tendulkar did not forget to thank anyone who contributed to his life and made his cricketing journey so successful. Camera zoomed into Sachin whe


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Setting the stage for a blazing hot summer, Ultra Music is excited to announce the release of Mr. 305 featuring Pitbull and Friends to bring the compilation album, International Takeover to listeners worldwide. Widely known for his collaborations with numerous top artists, International Takeover features dance production from GRAMMY Award-winning producer and owner of Rebel Rock Records, Jim Jonsin as well as remix teams Starkillers and Providers.
Track List:
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5. Driving Around featl Pitbull, David Rush & Vein (Providers Remix Radio Edit)
6. Okay feat. Pitbull & Trina
7. Forever Your Girl feat, Pitbull & Ty
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3. Driving Around feat, Pitbull, David Rush & Vein (Album Version)


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These balis are simply luscious! With swimming sea turtles, sand dollar and seashell prints, in vibrant colors, and eddy and bubble prints add depth and movement to any project. With colors reminiscent of the reef-clear, crisp blues, brilliant purples, and deep oranges, this group is mere stiches away from a perfect ocean getaway.
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In recognition of Labor Day, some CVMC clinics and departments will be closed. more
Hospital Volunteer Chris Longley was recently awarded the Nevada Hospital Association's Rural Volunteer of the Year award. more
Put your health first at this year's health and wellness fair at CVMC! more
Stay indoors due to poor air quality. more


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Tag Archives: torchlight
Fri, Sep 06, 2013 | 05:12 BST
Runic Games has "no plans" to bring Torchlight 2 to current or next-gen consoles
Runic Games has said it doesn't have any plans to bring Torchlight 2 to consoles, a representative for the company has told VG247.
Mon, Aug 05, 2013 | 00:05 BST
Torchlight 2 Mac port still being pursued by Runic Games
Ruinc Games has said it still plans to release the Mac version of Torchlight 2, but it has run into some "unexpected complexities" with it.
Thu, Jul 25, 2013 | 16:38 BST
Torchlight 2 has sold over 2 million copies
Torchlight 2 has sold over 2 million copies, Runic Games has announced.
Tue, Jun 18, 2013 | 15:09 BST
GoG kicks off 2013 noDRM Summer Sale with Torchlight for free
Torchlight is free through GoG.com until June 20, and if you have yet to try Runic Games' single-player RPG, you'd be doing yourself a disservice for not grabbing it through the digital service.
Sat, Nov 17, 2012 | 21:52 GMT
Steam's Thanksgiving sale looms, Torchlight 2 to be included
Steam's Thanksgiving sale is coming soon, according to a post on the official Torchlight 2 website. While we know the sale is inevitable, it's just nice to have the confirmation. Like the sunrise, sunset, you know. At any rate, Runic has said Torchlight 2 will go on sale during the Steam sale, although it failed to mention a price. We'll just have to wait on word from Valve, then. Thanks, Wilczeek.
Sat, Oct 06, 2012 | 18:42 BST
Torchlight 2 patch contains particle update optimizations and many other things
Torchlight 2 has been patched. You know this if you've logged into Steam recently, but if you haven't logged in – know the game will start patching for you when you do. The list is rather extensive and contains many good things such as particle update optimizations, games filtering for your level, and wardrobe tweaks and fixes. But wait – there's more here! Thanks, PCGamesN.
Wed, Oct 03, 2012 | 08:19 BST
Humble Bundle 6 ends, over $2 million spent
Humble Bundle 6 has come to a close, netting over $2 million in indie game sales, and most importantly a great sum of cash for the Child's Play charity. Pat yourself on the back if you spent money on it. Go on, you deserve it.
Tue, Sep 18, 2012 | 21:18 BST
Diablo 3′s a "significant product," but Torchlight 2 will offer more, says Schaefer
Diablo 3 is a "significant product," from Blizzard, according to Runic CEO and former Blizzard man Max Schaefer, especially since it's nearly "impossible" to meet the expectations of the Diablo community.
Tue, Sep 18, 2012 | 21:03 BST
Humble Indie Bundle 6 includes Torchlight, Shatter, Rochard, Vessel, more
Humble Indie Bundle 6 is ready for your purchase. It includes: Torchlight, Shatter, Rochard, Vessel, and Space Pirates and Zombies. Those who pay more than the average price will also receive Dustforce and soundtracks. Each game is DRM-free and works on Mac, Windows, and Linux, and can optionally be redeemed on Steam. For Linux users, you also have the option to redeem through the Ubuntu Software Centre, and the finishing touches for Vessel's Mac and Linux debut "are still being completed and it should be ready in 24-72 hours." Hit up the link for more information.
Fri, Aug 31, 2012 | 20:16 BST
Torchlight 2 launch trailer released
Torchlight 2 has a launch trailer, which should get you rather excited for the game's release on September 20. Watch below.
Sat, Aug 25, 2012 | 21:49 BST
Civilization V, Torchlight, Ultima, Just Cause 2, more on sale this weekend
Lots of games are on sale this weekend through various digital outlets such as Amazon, GoG, Steam, Gamefly, and more. Hit the break for a small taste.
Sat, Aug 25, 2012 | 18:06 BST
Torchlight 2 release date to be announced August 31
Torchlight 2 will finally be given a release date on Friday morning, August 31. The news was posted by Runic over on the official website. Here's the word: "August 31 kicks off of our favorite con, PAX Prime, and we'll be there to show Torchlight II and tell everyone the official Torchlight II launch date," reads the post. The date will be posted on the website, as well as on the game's Facebook page and Twitter account.
Sat, Jul 21, 2012 | 16:25 BST
Torchlight II has 4X the assets and playtime of Torchlight 1
Runic president Travis Baldree has posted a blog update for Torchlight II, detailing what the studio is currently working on. While all the framework and content is in place, the firm working on polishing the game in an effort to release it in late summer as planned. To quell any trepidation fans may have regarding the game, Baldree has posted an infographic comparing the first Torchlight to its successor. Looking it over, it's no wonder the it's taken the team what seems ages to finish it off: Torchlight II is four-times the scale of the first game as far as assets and playtime. In other words, it has 87% more of everything. Head here for a large version of the infographic.
Wed, Jul 18, 2012 | 07:17 BST
Torchlight II delayed for extensive balancing
Writing on the Runic Games forum, founder Travis Baldree offers an explanation of why Torchlight II – once expected well before Diablo III – is taking forever and a week to actually surface. It's a detailed breakdown which essentially boils down to "it's hard work to balance the acts of a dungeon crawler". Well, we saw how long it took Blizzard, and the developer is still tweaking post-launch, so we'll cut Runic some slack. Torchlight II is still expected sometime this year.
Thanks, Blue.
Tue, Jul 17, 2012 | 23:56 BST
Torchlight dev wants alleged asset-copycat off the App Store
Runic has gathered together a compelling body of evidence suggesting Armed Heroes Online developer EGLS ripped a large number of assets directly from Torchlight. EGLS's response was a flat denial, but Runic boss Travis Baldree told PC Gamer he has no doubt regarding the alleged plagiarism and is seeking to have Armed Heroes Online removed from the Canadian App Store. The whole report is pretty damning; click through for side-by-side comparisons and other intriguing similarities like identical, misspelled filenames. Whoops.
Sat, Mar 31, 2012 | 17:47 BST
Torchlight II pets given spotlight video, developer post
Runic has released a video showing some of the pets available in Torchlight II. Some will look familiar to you, others are new. There's even a blog post on the official site, which details each critter and provides a look at it's furriness – unless of course it has feathers or scales. Looks awesome. Now all we need is a release date, please.
Fri, Mar 16, 2012 | 18:13 GMT
Runic CEO looks forward to the end of boxes and discs, says "Kill them with fire"
Yeah, you tell 'em! We don't need no stinkin' boxes or discs! Not as long as Runic Games can continue to sell millions of copies of Torchlight digitally, right?! More »
Wed, Jan 25, 2012 | 19:00 GMT
Perfect World has been "very supportive" of Torchlight and Runic's MMO ambitions
Runic Games co-founder and CEO Max Schaefer has said the firm chose Perfect World Entertainment as its partner for the Torchlight MMO due to the Chinese company's experience with the genre.
Thu, Nov 17, 2011 | 19:14 GMT
Torchlight II delayed, 2012 release looks likely
Torchlight 2 has been officially delayed, according to a post from Runic Games president Travis Baldree on the game's official website.
Tue, Oct 18, 2011 | 19:39 BST
Torchlight 2 out this winter unless "someone on the team dies," jokes Runic
The Torchlight 2 FAQ at over at RunicGamesFansite.com has been updated with a bit of news regarding the game's release. According to Runic, the RPG will see a release sometime during November or December of this year, unless "someone on the team dies." Awesome. Upon release, the game will run you $20, and players will be able to choose between the Embermage, Berserker, Engineer, and Outlander as a class. Thanks, MMORPG.