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I love this rug! Finding an inexpensive, colorful and large area rug was difficult. I was creating a seating area in a large, open space with many soft colors and really wanted it to stand out. The rug completes the look. It brings so many of my bright colors together and even ties in the soft hues around the area. The background is more teal than blue, but other than that, it looked just like it did online. Very pleased!
I Love,Love ,LOVE this rug! Color are bright,pattern is great and pile is great for price I paid.Hasn't shed any fibers like rugs I have purchased in the past.
This rug adds life to my living room. I have a red L- shaped sectional. Goes beautiful with it. My friends say Wow! Fabulous rug. Makes me smile.
This was a very low quality rug. Not soft, the colors are not described accurately and the trim around the carpet was a totally different color (almost a light slate blue color) not found anywhere else in the carpet. Very disappointed and even more disappointed that I lost over $20 in the return.
LOVE LOVE LOVE LOVE LOVE the rug! Have gotten compliments from everyone who enters my home! It was all I hoped for and more! Thanks!
I just got my 8' X 10' Bella Donna Multi area rug and couldn't be more pleased. The colors are pretty much exactly as shown on the web site. The background color is a true vibrant dark turquoise, and definitely not green. Some have called it teal, but to me it's turquoise, exactly what I wanted. It went in my den, which has very pale turquoise walls and dark brown leather furniture and it compliments both beautifully. It's on a rich reddish-brown multi-toned hardwood floor and looks great on the hardwood floor. It really brought the room to life. The pattern colors are vibrant and there's just enough red, orange, and lime green to make it really pop. The vibrant colors and pattern definitely have a pop art retro look and are well suited for mid-century modern or other contemporary d�cor and architecture. If you're more into traditional print and color rugs this one is definitely not for you. As for the quality, I think for the price it's very good. Even though others have said they put it down without a pad I bought the 8 X 10 non-slip pad to go with it. It makes the rug feel and look a bit plusher and definitely makes it softer to walk on, and holds it in place securely. Mine arrived within 4 days of ordering it and was rolled up securely with no tears in the plastic wrapping. It unrolled it and positioned it without any problems and it laid flat quickly. I'm extremely pleased with the rug and the delivery.
Very cool looking rug, very easy for us to roll up so the dog does'nt pee on it. Easy to clean and for a 8x10 the price was right. The only thing was that it can be a bit thin for young ones to play on, not to cushionee. Otherwise very happy
This rug is soft, colors are bright and beautiful. Will enjoy for years to come.
I thought I might be a little 'out there' purchasing such a colorful rug but it is BEAUTIFUL! Pictures do not do it justice. We love it....
The colors in this rug are vibrant and a perfect fit for my living room in the summer. Based on the price, the quality is good as well. Very happy with this purchase.
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By RALPHD.RUSSO The Associated Press
NEW YORK - He's Johnny Best in Football now - and a freshman, at that.
Texas A&M quarterback Johnny Manziel became the first newcomer to win the Heisman Trophy, taking college football's top individual prize Saturday night after a record-breaking debut.
Notre Dame linebacker Manti Te'o finished a distant second in the voting and Kansas State quarterback Collin Klein was third. In a Heisman race with two nontraditional candidates, Manziel broke through the class ceiling and kept Te'o from becoming the first purely defensive player to win the award.
"That barrier's broken now," Manziel said. "It's starting to become more of a trend that freshmen are coming in early and that they are ready to play. And they are really just taking the world by storm."
None more than the guy they call Johnny Football.
Manziel drew 474 first-place votes and 2,029 points from the panel of media members and former winners. Te'o had 321 first-place votes and 1,706 points and Klein received 60 firsts and 894 points.
"I have been dreaming about this since I was a kid, running around the backyard pretending I was Doug Flutie, throwing Hail Marys to my dad," he said after hugging his parents and kid sister.
Flutie was one of many Heisman winners standing behind Manziel as he gave his speech on stage at the Best Buy Theater in Times Square.
"I always wanted to be in a fraternity," Manziel said later. "Now I get to be in the most prestigious one in the entire world."
Manziel was so nervous waiting for the winner to be announced, he wondered if the television cameras could see his heart pounding beneath his navy blue pinstripe suit. But he seemed incredibly calm after, hardly resembling the guy who dashes around the football field on Saturday. He simply bowed his head, and later gave the trophy a quick kiss.
"It's such an honor to represent Texas A&M, and my teammates here tonight. I wish they could be on the stage with me," he said with a wide smile, concluding his speech like any good Aggie: "Gig' em."
With daring runs and elusive improvisation, Manziel broke 2010 Heisman winner Cam Newton's Southeastern Conference record with 4,600 total yards, led the Aggies to a 10-2 record in their first season in the SEC and orchestrated an upset at then-No. 1 Alabama in November that stamped him as legit.
He has thrown for 3,419 yards and 24 touchdowns and run for 1,181 yards and 19 more scores to become the first freshman, first SEC player and fifth player overall to throw for 3,000 yards and run for 1,000 in a season.
"You can put his numbers up against anybody who has ever played the game," Texas A&M coach Kevin Sumlin said.
Manziel has one more game this season, when the No. 10 Aggies play Oklahoma in the Cotton Bowl on Jan. 4.
As for the Heisman, Manziel said he'd like to keep it right next to his bed.
"But I'm in college. A lot of people come through the house. We live in a college neighborhood. It might not be a good idea. If I can get a case that's indestructible, locked and looks pretty good, we'll see where I keep it," he said.
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subset: commoncrawl


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The NBC25 Newsroom is a continuous news desk that keeps viewers connected to Flint, Saginaw, Bay City, and Midland.
CLIO -- A winter storm is in the works and has the potential to drop a few inches of snow through the area.
Although the timing of the storm is varied with different models, I have to say it will "bullseye" us on Tuesday.
The storm is still building and when it reaches us, it has the potential to dump near 6 inches, and of course as little as 1 inch due to a possible mix of rain and snow.
For the forecast, I am calling for 2-5 inches and will keep you updated as I get more information.
Tune in at 6pm and 11pm today and Sunday and keep with NBC25 as you begin the week for continuous updates.
-Meteorologist Ahmad Bajjey


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Технические ресурсы
TAIPEI, Taiwan — June 5, 2012 — Corsair®, a worldwide designer and supplier of high-performance components to the PC gaming hardware market, today announced the Dominator Platinum range of DDR3 memory kits, the world's most technologically-advanced performance memory. The new design adds a customizable light bar to the list of exclusive features, which includes patented DHX cooling, Corsair Link™ support, and hand-screened, super-overclockable DRAM ICs.
The new Dominator Platinum will be available in dual and quad-channel kits with 8GB, 16GB, 32GB, and 64GB capacities, and frequencies up to 2800MHz. Dominator Platinum DDR3 memory is designed to fully exploit the performance potential of the latest Intel and AMD platforms, including the "Ivy Bridge" 3rd generation Intel® Core™ processor family. All Dominator Platinum kits support Intel's latest XMP 1.3 profiles for easy performance tuning.
The new light bar contains a user-swappable light pipe which lets enthusiasts tailor the downwash lighting color to match their PC lighting and components. Dominator Platinum kits are supplied with a white light pipe, and additional light pipes will be available to purchase in the future.
Dominator Platinum memory also supports full Corsair Link connectivity, allowing customers with Corsair Link to monitor DRAM temperature and other parametric data. This feature, unique to Dominator memory, provides end users with the data they need to tune system cooling and monitoring. Dominator Platinum memory kits also support Corsair AirFlow fans and AirFlow Pro™ dynamic temperature and activity displays to provide the low temperatures required for stable and reliable overclocks.
"Dominator has been the choice of performance enthusiasts and overclockers since its release six years ago, and Dominator Platinum will continue to dominate the memory market for many more years to come," said Thi La, VP of the Memory Business Unit at Corsair. "The stunning new industrial design and customizable light bar makes Dominator Platinum even more special and distinctive, while the patented DHX cooling technology and hand-sorted DRAM ICs deliver the performance and overclockability that enthusiasts demand."
The full line-up of Dominator Platinum DDR3 memory is shown below:
Size | Speed | # of DIMMs | DHX with Light Bar | Corsair Link | Part Number |
64GB | 2133MHz, 9-11-11-31, 1.5V | 8 | Y | Y | CMD64GX3M8A2133C9 |
16GB | 2800 MHz, 11-13-13-35, 1.65V | 4 | Y | Y | CMD16GX3M4A2800C11 |
16GB | 2666 MHz, 10-12-12-31, 1.65V | 4 | Y | Y | CMD16GX3M4A2666C10 |
16GB | 2400 MHz, 9-11-11-31, 1.65V | 4 | Y | Y | CMD16GX3M4A2400C9 |
32GB | 2133MHz, 9-11-11-31, 1.5V | 4 | Y | Y | CMD32GX3M4A2133C9 |
16GB | 1866 MHz, 9-10-9-27, 1.5V | 4 | Y | Y | CMD16GX3M4A1866C9 |
16GB | 1866 MHz, 9-10-9-27, 1.5V | 2 | Y | Y | CMD16GX3M2A1866C9 |
16GB | 1600 MHz, 9-9-9-24, 1.5V | 2 | Y | Y | CMD16GX3M2A1600C9 |
8GB | 2133 MHz, 9-11-10-27, 1.5V | 2 | Y | Y | CMD8GX3M2A2133C9 |
8GB | 1866 MHz, 9-10-9-27, 1.5V | 2 | Y | Y | CMD8GX3M2A1866C9 |
8GB | 1600 MHz, 8-8-8-24, 1.5V | 2 | Y | Y | CMD8GX3M2A1600C8 |
8GB | 1600 MHz, 9-9-9-24, 1.5V | 2 | Y | Y | CMD8GX3M2A1600C9 |
Pricing and Availability
Corsair Dominator Platinum DDR3 memory is available now from Corsair's worldwide network of authorized distributors and resellers. They are supplied with a limited lifetime warranty and are backed up by Corsair's highly regarded customer service and technical support.
To learn more about Dominator Platinum DDR3 memory please visit:
Images of the new Dominator Platinum DRAM modules can be downloaded from here:
Visit Corsair During Computex 2012
Corsair will be demonstrating our new products during Computex 2012 from June 5-8. Please visit us at the Grand Hyatt Hotel, suite 1034.
About Corsair
Founded in 1994, Corsair supplies high performance products purchased primarily by PC gaming enthusiasts who build their own PCs or buy pre-assembled customized systems. The company's award-winning products include DDR3 memory upgrades, USB flash drives, power supply units, solid-state drives, PC speakers, gaming headsets, gaming keyboards, laser gaming mice, system monitoring and control devices, CPU cooling products, and computer cases.
Copyright © 2012 Corsair Components, Inc. All rights reserved. Corsair, the sails logo, Dominator, and Vengeance are registered trademarks and Airflow Pro, Corsair Link, and Hydro Series are trademarks of Corsair in the United States and/or other countries. All other company and/or product names may be trade names, trademarks, and/or registered trademarks of the respective owners with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.
See U.S. Patent Number 7606034 for further information.
PR Contact, US and Canada
Rick Allen
510-657-8747 ext 486
PR Contact, Europe
Gareth Ogden
+44 (0) 7776 251 116


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Width (in.) |
Height (in.) |
Inside mount cornices can be mounted over blinds or shades to cover the headrail, or molding of your window. The look is neat, clean and uncluttered. There will be a deduction of 1/4" off ordered width from the frame, and consider the thickness of selected fabric which can add from 1/8" to 1/4" to overall width.
Outside mount cornices will add substance to your windows. Cornices have a dustcap and returns that wrap to the wall. The backside and dustcap are covered in a white privacy lining, and cornices come standard with 1/2" welt cord along bottom edge.
For Inside Mount, your cornices will have no returns and the clearance of your dust cap is customizable from 2" - 8" deep.
Clearance depth refers to the amount of space between your wall and the back of your valance. This information is important when ordering cornices as Outside Mount over other window treatments, or to clear moulding. The available clearance varies by style. See below for a breakdown of clearance availability by style.
Style | Clearance Depth Available |
Cameron Cornice | 4-8" |
Hamilton Cornice | 4-8" |
Slimline Cameron Cornice | 2-6" |
Slimline Hamilton Cornice | 2-6" |
Slimline Tailored Cornice | 2-6"h |
Tailored Cornice | 4-8" |
Clearance Depth (in.) |
Dust Cap Depth (in.) |
Room Type: |
Window Description: |
Next |
The welt cord is simply a fabric-covered cord that follows the seam of your cornice. It not only adds strength, it also creates a more finished, tailored look. The two types of welt cords are a self-welt and a contrasting welt. A self-welt is when the cord is created using the same fabric. (shown left)
A contrasting welt is when the cord is created using a complementary or contrasting cord. A contrasting welt is a great way to add both structure and style to the look of your window treatments. (shown left)
Previous | Next |
Both the back and top, also known as the dust cap, of each cornice come encased in a standard liner to keep the interior free of dust. Consider a fabric-covereddust cap if the top of your cornice can be seen from above, like when descending stairs.
Previous | Next |


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- Musician's Friend Best Selection, Price & Service. Guaranteed.
Need Help? Ask our Experts or call 800-449-9128
Asistencia en Español 866-226-2919
Need Help? Ask our Experts or call 800-449-9128
With Cobra Coil for blindingly fast beater rebound.
The Tama HP900PSW dual kick pedal is one of Tama's popular Iron Cobra drum pedal series. Its ground-breaking "Cobra Coil" pedal spring gives the H900PSWN incredibly smooth and fast response, as the Cobra Coil swiftly returns the footboard to its original position after each kick. The HP900PSW also features Tama's double-chained Power Glide Cam, for increased power and speed. Among other patented technologies are a Vari-Pitch Beater Holder and a Quick-Hook spring attachment. Includes road case.
Strikes with the stealth and power of its namesake.
Our product catalog varies by country due to manufacturer restrictions. If you change the Ship-To country, some or all of the items in your cart may not ship to the new destination.


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Six Pack: The NBA, Twitter, and Voter Transparency
HOOPSWORLD's Senior NBA Analyst Tommy Beer takes you through his most recent musings on the National Basketball Association in this latest installment of the NBA Six Pack…
1. The Undeniable Need for Transparency in NBA Award Voting:
The Memphis Grizzlies played 66 games this season. Josh Selby appeared in a total of 28, while sitting out the other 38. In the games in which he played, Selby averaged less than nine minutes per contest. During his time on the floor, he was relatively inefficient; shooting just 34.7% from the field and 13.3% from three-point territory. He turned the ball over a total of 29 times, more than his total number of rebounds, steals, and blocks combined (22). Selby finished the 2011-2012 campaign with a mind-bogglingly low PER of 3.36, which ranked 462 out of all 478 NBA players.
81 rookies made at least one appearance in an NBA game this year. Of those 81 players, 49 of them scored more this season than Selby, who finished with a grand total of 63 points. Here are the names of just a few rookies who poured in more points than Selby during the regular season: Jerome Dyson, Terrell Harris, Cory Higgins, Lance Thomas, Jordan Hamilton, Walker Russell, and Donald Sloan…
And of those 81 rookies to play in at least one game, only one (Ryan Reid of OKC) averaged fewer rebounds per game than Selby (0.5 rpg).
The point of these first few paragraphs was not to maliciously assail Selby. Instead, the purpose was to clearly and explicitly prove that Josh Selby was NOT one of the three best rookies in the NBA this season. There is simply no justifiable, objective measure one could use to argue that Selby deserved a vote in this year's Rookie of the Year race.
However, when the final 2011-2012 ROY results were released Tuesday afternoon, there it was. Josh Selby, Memphis – 3rd place vote. It meant that one of the individuals entrusted to vote for the year-end awards believed that Selby was the third-best rookie in the league during the regular season. The real problem, which this egregious error sheds light on, is that we'll never know who cast that vote because all voting is anonymous.
The call for voter transparency has been gaining steam over the past few years, and those voicing their displeasure with the current system will only grow louder after this week's shenanigans.
Granted, this certainly is not a "life or death" issue. However, why not correct the methodology; what's the argument for keeping votes secret? Who benefits? What is the justification for the current system? Is the answer: "Well, that's the ways it's always been…" Are we content with keeping a senseless system in place simply because "it's always been that way?"
The Selby situation is probably the most egregious mistake, but there are other plenty of examples of bizarre voting this year, as there are the end of every season. Within that ROY vote itself, Kyrie Irving was NOT a unanimous winner despite the fact that he led all rookies in scoring (18.5 ppg), field goal percentage (.469) and free throw percentage (.872), while placing second in assists (5.4 apg) and three-point field goal percentage (.399); and joined Oscar Robertson, Magic Johnson, Allen Iverson, and LeBron James as the only #1 overall draft picks in NBA history to average over 18 points and five assists.. Three other rookies received first-place votes. On one ballot, Irving received a third-place vote! That means one voter thought two first-year players had a better all-around season that Kyrie. It's hard to imagine any human being who watched more than a handful of NBA games this season could come to that conclusion.
In the NBA's Executive of the Year voting Otis Smith received a third-place vote. After the nightmare that the Magic's season devolved into, someone voted him the NBA's third-best executive this season. Really? Based on what, exactly?
In the Defensive Player of the Year voting, someone had the audacity to give a first-place vote to Luol Deng. Seriously guys, I'm not making this stuff up. Some scribe who covers the NBA for a living, truly believed that Deng was a better defender than Tyson Chandler, Serge Ibaka, Dwight Howard, Kevin Garnett, and LeBron James. C'mon son.
One major downside of voter anonymity is that it serves to protect inept/lazy voters who don't take the time to do even a modicum amount of research. Or is it simply that voters from local markets looking to "show some love" to a hometown guy? Because the identity of voters isn't revealed, we are left to wonder.
Furthermore, award voting may take on added importance due to revisions in the new Collective Bargaining Agreement, which could have significant monetary impact going forward.
In the new CBA, there is new contract language by which a player can earn more money on his next contract if certain criteria are met. HOOPSWORLD's own Larry Coon details these scenarios in his updated cbafaq.com opus: "A first round draft pick who completed all four years of his rookie scale contract, or a second round draft pick or an undrafted player who has four years of service, is eligible to receive a higher maximum salary if he meets certain criteria:
* Named to the All-NBA First, Second or Third team at least twice
* Voted as a starter in the All-Star game at least twice
* Named the NBA Most Valuable Player at least once
One more example: "A player in his fifth season can qualify for higher than the 0-6 year (25%) maximum, and up to the 7-9 year (30%) maximum if he has met at least one of the following criteria (called the "5th Year 30% Max Criteria") – one such qualification is winning the NBA MVP."
At some point in the future, the inane and antiquated voting system currently in place will likely result in the league looking really bad in front of a lot of people, not just bloggers with too much time on their hands. Why would the NBA await a problem to arise and draw unwanted national attention, instead of nipping this issue in the bud immediately?
2. The NBA and Twitter are becoming more and more intertwined. Is this a good or bad thing for the Association?
The NBA made national, twitter-related news twice this week. On Monday morning, the NBA became the first major sports league in the world to top five million twitter followers. Per Yahoo! News, no other league is even close. "The next most popular sports organization, the NFL, clocks in around 3.3 million followers. Major League Baseball has just over 2 million, while the National Hockey League and World Wrestling Entertainment have about 1.1 million each. World soccer's governing body, FIFA, has almost 800,000 followers." The article goes onto to describe how the NBA has been ahead of social media curve for a while now.
"The NBA has long been at the forefront of using social media in the sports business world. Fans used Twitter to vote for this year's Slam Dunk Contest winner, and in March the league began selling t-shirts featuring star players' Twitter handles. Last month, it marked the beginning of playoff season by official launching Pinterest and Tumblr pages. More than 350 current and former NBA players are on Twitter. Counting official league, team and player profiles, the league claims more than 260 million combined Facebook likes and Twitter follows."
In somewhat related news, Twitter announced Tuesday morning that they would be forming a partnership with ESPN, and that NBA programming would be heavily involved. Per AdAge.com, "The companies are announcing the first program, GameFace, at ESPN's upfront Tuesday morning. GameFace will center on the NBA Finals and be promoted on Twitter with the #GameFace hashtag. The social-TV dimension calls for the hashtag and program to be promoted on-screen during ABC's live broadcasts of the NBA Finals, as well as on ESPN's "NBA Tonight" show. The goal of this initial campaign is to get fans to tweet photos of their best "game face" accompanied by the dedicated hashtag. At the end of each game of the finals, "NBA Tonight" studio analysts will display some of the top contest photographs on air. Some photos will also get exposure at ESPN.com/NBA."
Not only is the league itself ahead of the social media curve, many NBA players (past and present) are also heavily involved in this emerging medium as well. (LeBron James is the NBA's most popular active player, with nearly 4.5 million followers, while the retired Shaquille O'Neal counts more than 5.5 million.)
The question that then begs to be asked is whether or not all of this is all good for the NBA. There are certainly some pros and cons when discussing NBA'ers, or any athlete for that matter, on Twitter.
On the positive side of the ledger, Twitter allows fans to get an unfiltered view into the lives of professional athletes. Never before have everyday folks been able to peek behind the curtain and get a glimpse at what players see, eat, hear, and experience on a daily basis. Whether via photos of a player's closet or a sleeping teammate on the team plane, twitter sends out images which give fans inside access that was unfathomable even a few years ago.
In addition, players are now given a forum to openly speak their mind on any number of topics, both on and off the floor.
All players in the NBA, or any professional sport for that matter, are trained and essentially programmed from a very early age to spit out trite clichés and give boring answers to any questions directed at them. When a player is approached in a locker room by a swarm of reporters with microphones extended, his defenses automatically go up. Sometimes a rookie will be honest and forthright, but teams often go to great lengths to instruct their players to never say anything that is the least bit controversial. An organization's goal is to come off as boring as possible in any and all interactions with the press. Essentially nothing positive can come from interviews that are sincere and candid. Thousands of players have learned this axiom the hard way, from a very early age.
Twitter allows professional athletes to speak their minds in an unfiltered forum from the comfort of their own home. When riding to the mall, or sitting on the tarmac at an airport, or lounging in the VIP section of a club – all with a cell phone in hand – those self-defensive barriers are no longer an issue. Thus, there is a much greater chance that a player will tweet something, um, unconventional, let's say.
While certainly more entertaining, this isn't always a good thing. In reality, as Michael Beasley and many others can attest, it's a double-edged sword.
Fans may feel much closer and have a more intimate relationship with their heroes, but it could be argued that it's best for all concerned if that barrier between perception and reality is not quite as transparent. One such downside is insight into what some athletes consider most important in their respective lives. Many fans would likely be shocked if they saw how buoyant a losing locker room can be, even after the toughest of losses. Each team and individual is obviously different, but there are plenty are of pros who are seemingly unfazed by a defeat, as they prepare to head out on the town. For instance, a buddy of mine who is a diehard Knicks fan was devastated while riding the train home from MSG after NY's Game 3 loss to Miami two weeks ago, when he scrolled through his Twitter feed and saw JR Smith was posting pictures that led my buddy to believe Swish wasn't quite as "upset as he should be." The fact that some athletes take losing less hard than die-hard fans has always been a dirty little secret in the sports world. It may not be a secret much longer.
Due to J.R. Smith's playful public personality (as opposed to his much more subdued, and even somber, disposition when interviewed in person) and high-volume tweeting, his Twitter feed provides plenty of food for thought and an insight into this complicated medium.
J.R. was back on Twitter again after the HEAT eliminated his New York Knicks in Game 5 last week. Smith, as he often does, was re-tweeting both positive and negative mentions in the early morning hours after the season-ending defeat. Because the Knicks had just lost, and Smith had played horribly (he was a combined 6-of-30 from the field over the final two games in the series), J.R. had plenty of unhappy New Yorkers firing off angry tweets in his direction.
Smith, who has a player option this off-season, was clearly offended. In response, he made a thinly-veiled threat that a few twitter taunts from Knicks fans might help make his decision for him, by opting out and leaving the Knicks. He wrote: "Damn didn't know this man people didn't want me in #NY might just get what you asking for! #sorrykidz"
This wasn't the first time Smith had caused waves in the twittersphere. When the "Stop Kony" movement (a campaign to oust and arrest Joseph Kony – the leader of the LRA army in Uganda) went viral in March, a few people had tweeted at Smith, asking him to help spread the word and get out the "#StopKony" message. Because he assumed he was being insulted, a confused J.R. tweeted the following late that night: "Idk what Kony is so when yall tell me stop Kony or whatever I'm not going to pay you no mind! I do what I do cause I'm me your you! #stopit — TheRealJRSmith (@TheRealJRSmith)"
Of course, Smith's most infamous tweet involving the sizable derriere of a female companion. This landed Smith in hot water with the league and the NBA ended up fining Smith $25,000 for the inappropriate tweet.
While the benefits of Twitter outweigh the negative, there are certainly reasons to be cautious and tread lightly. Moreover, we have merely seen the tip of the iceberg when it comes to social media and its impact on sports and journalism. It is amazing to think how much of an impact Twitter has had on the way we watch, enjoy, and consume sports today, especially considering the technology has only been in existence for a few years? What's next? Stay tuned…
Tweets of the Week:
- @IAMAGM Suggested Readings: The Knicks insane season via NY Post covers – By Andrew Sharp: http://t.co/pWUOdNlN
- @netw3rk: "Nick Young, trying to get on track." – Mike Breen summing up Young's career to date.
- @hoopshype: The best postseason pictures. http://t.co/yxkEmFHW
- @treykerby: (Actually Ghandi) RT @SHAQ: You must be the change you wish to see in the world. — Dr. Shaquille O'Neal
- @ESPN: How awesome do Oklahoma City Thunder home playoff games look? http://t.co/yJqRd4XB
Quote of the Week:
"I thought I played well, especially with the kind of season it was," Carlos Boozer said, when asked to asses his second season in Chicago. "We had the best record again in basketball, won our division again, had the top seed again, that's all that matters, yo." (via ESPN Chicago)
Dunks of the Week:
Wade with the 50-foot alley-oop to King James (during happier times in Game 1)
[youtube_sc url="http://www.youtube.com/watch?v=ulBDoqLTdOY"]
Kevin Durant skies over Bynum and bangs it in with the left hand:
[youtube_sc url="http://youtu.be/kiDj-9u-rEE"]
Elias Sports Bureau Stats of the Week:
* From Elias: Roy Hibbert had an outstanding all-around game in the Pacers' convincing win over the Heat in Game Three of their playoff series; the Pacers center amassed 19 points, 18 rebounds and five blocked shots while making nine of 16 field-goal attempts (56.3 percent). Get a load of this: since the NBA began recording blocked shots in the 1973-74 season, only six other individuals have reached those four levels (points, rebounds, blocks, shooting percentage) in one playoff game: Hakeem Olajuwon, Shaquille O'Neal and Tim Duncan each did it twice, while Kareem Abdul-Jabbar, Artis Gilmore and Dwight Howard each did it once. The last to do it was Howard (25 points, 22 rebounds, five blocks, 61.5 shooting percentage) against the Raptors in the Magic's playoff opener in 2008.
* Dwyane Wade, who averaged 22.1 points per game during the regular season, made only two of 13 field-goal attempts (15.4 percent) in Miami's loss at Indianapolis. Over the last five years of playoffs, only one other NBA player who had averaged at least 22 points during that regular season had a playoff game in which he shot for such a low percentage (minimum: 10 field-goal attempts)… and that was none other than LeBron James! Playing for Cleveland in the 2008 Eastern Conference Semifinals Series at Boston, James, coming off a regular season in which he averaged 30 points per game, went 2-for-18 from the floor in a Game One loss.
* Tony Parker celebrated his 30th birthday in style, scoring a game-high 22 points as the Spurs rolled to victory in Game Two of their playoff series with the Clippers. Parker had appeared in 143 NBA playoff games prior to reaching the big Three-Oh; only Magic Johnson (158) and Kobe Bryant (152) had higher totals of playoff games before reaching 30. The only active NBA player who played in a playoff game on his 30th birthday? Parker's buddy Tim Duncan, who did it on April 25, 2006, scoring 14 points and pulling down 13 rebounds in a victory over the Kings.
* Kevin Durant and Kobe Bryant are facing off in only the fifth playoff series in NBA history matching the players who finished first and second in the league's scoring race that season. The four previous instances, with the scoring champion listed first:
1951 West Semis George Mikan (Lakers) Alex Groza (Olympians)
1993 East 1st Round Michael Jordan (Bulls) Dominique Wilkins (Hawks)
1995 NBA Finals Shaquille O'Neal (Magic) Hakeem Olajuwon (Rockets)
1997 NBA Finals Michael Jordan (Bulls) Karl Malone (Jazz)
* The Thunder trailed the Lakers, 75-68, with two minutes remaining in the fourth quarter, but rallied to beat the Lakers, 77-75. Prior to Oklahoma City, the last two NBA teams to win a playoff game by rallying from a deficit of seven or more points within the final 2:00 of the fourth quarter were the Heat in Game Five of the 2011 Eastern Conference Finals versus the Bulls, and the Spurs in Game Two of the 1999 Western Conference Finals against the Trail Blazers.


text:
Richard Haddrill - Chief Executive Officer
Robert Caller - Chief Financial Officer
Gavin Isaacs - Chief Operating Officer
Ramesh Srinivasan - Executive Vice President of Systems
Bill Lerner - Union Gaming
David Katz - Oppenheimer
Steve Altebrando - Sidoti
Todd Eilers - Roth Capital
David Bain - Sterne
Bally Technologies Inc. (BYI) F1Q10 Earnings Call October 29, 2009 4:30 PM ET
Welcome to the first quarter 2010 Bally Technologies Incorporated conference call. My name is Canus and I'll be your coordinator for today's call. At this time all participants are in a listen-only mode. We will conduct a question-and-answer session after management remarks. (Operator Instructions)
At this time I'd like to turn the call over to Richard Haddrill, Chief Executive Officer. Sir, you may proceed.
Richard Haddrill
Thank you, Cantus. Welcome everyone to Bally Technologies first quarter fiscal 2010 earnings call. We are pleased to report a very strong start to fiscal 2010. We set several quarterly and all time records and we continue to see growth in the real earnings and cash flow power of our company. In addition, this is the ninth quarter in a row that we have either met or exceeded analyst estimates for diluted EPS.
For today's call, Robert Caller, our CFO, will highlight our financial results. Gavin Isaacs, our COO; and Ramesh Srinivasan, EVP of Systems, will then discuss each of the games and systems business units and finally I'll have some overall comments and update our guidance for fiscal 2010.
We will then open it up for questions. Robert.
Robert Caller
Thanks, Dick. Quickly let me review our Safe Harbor language. Today's call and simultaneous webcast contain forward-looking statements about Bally and our future business. These forward-looking statements are based on currently available information. Actual results could differ materially from those anticipated in the forward-looking statements and reported results should not be considered an indication of future performance.
More information on factors, risks and uncertainties that may affect our business and financial results or may cause us not to achieve our forecast are included in our Annual Report on form 10-K for the year ended June 30, 2009 and in other public filings we have made with the Securities and Exchange Commission. The forward-looking statements made on this call and webcast, the archived version of the webcast and any transcripts of this call speak only as of this date, October 29, 2009.
Today's call and webcast may include non-GAAP financial measures within the meaning of Regulation G. A reconciliation of all such non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found in today's press release. Today we reported our financial results for the three months ended September 30, 2009, the first quarter of our fiscal 2010 year.
Overall we recorded record fully diluted earnings per share for the quarter of $0.53 per share on $196.5 million of revenue, as compared to $0.52 in the comparable quarter of the prior year. Our operating margin during the quarter set an all time record at 26% as compared to 23% in the comparable prior year period. We have the highest operating margin in the industry and we are well positioned to capitalize on revenue growth.
Cash flows from operating activities increased to a first quarter record of $39.9 million, a 59% increase over the prior year period. Revenues from gaming operations also set an all time record during the quarter at $71.3 million. Revenues from game sales were $62 million for the quarter reflecting the lower number of new openings and expansions in the quarter combined with a continued sluggish replacement cycle.
We believe our ship share was in the 20%, 20s and consistent with the past year. Our game sale margin was 48% for the quarter compared to 44% in the comparable prior year period, and reflects our increased ASPs and continued improvement in manufacturing efficiencies and inventory management.
Systems revenues were $54 million. The margin on systems revenues was 67% for the quarter as compared to 68% in the comparable prior year quarter. As a result of increasing services revenue, cost of services are now included in cost of sales instead of SG&A. We reclassified prior year amounts for consistent presentation. In addition, the margin was lower than our target range due to the hardware and software mix, and associated costs, as well as some expediting cost related to a very busy September for go lives.
Maintenance revenue set a first quarter record of $13.5 million, a 10% increase over the prior year period. SG&A expenses decreased to $46.9 million for the quarter as compared to $57.2 million in the prior year quarter, a decline of 18%, representing 23.9% of revenue. SG&A declined as a result of lower payroll and incentive compensation, legal and professional fees, and other cost saving initiatives.
While we do expect SG&A to rise in the second quarter, the successful resolution of our legal matters and the elimination of all previously reported material weaknesses in our internal controls should enable us to effectively manage our legal and accounting spend in future periods. The effective income tax rate for the quarter was 35.8% and was within the expected range for the year of 35% to 37%.
Turning to the balance sheet, as of September 30, 2009, we had unrestricted cash of $84.9 million, an increase of $20.3 million from June 30, 2009. In addition, we have $75 million available under our revolver. Our leverage ratio continues to remain comfortably under one turn. We are using our excess working capital to prudently assist our customers in selected financing transactions, pursuing acquisition opportunities and repurchasing stock. As forecast, our trailing 12 month DSOs increased marginally at September 30 to 104 days.
During the quarter we repurchased 392,000 shares of our common stock or approximately $15.2 million, at an average price of $38.87 per share. Since September 30, we repurchased an additional 204,000 shares or approximately $7.5 million, at an average price of $36.71. We have approximately $39 million remaining under our authorized share repurchase plan.
Last week the U.S. Court of Appeals affirmed the Nevada federal district court's decision in favor of Bally in the wheel and the iVIEW case. The Appeal Court's decision disposes of IGT's case against Bally, leaving only Bally's antitrust claims against IGT for trial. A trial date for the antitrust case has not yet been set.
Now, I'll turn the call over to Gavin, for some more discussion of gaming equipment and gaming operations results.
Gavin Isaacs
Thanks, Robert. We recorded another excellent quarter for gaming operations, maintained our game sales ship share and increased our margin in the toughest quarter, which I have been associated. Most importantly, we continue to improve our product performance and our product pipeline is excellent.
During the quarter we shipped 3,936 total sale units, of which 2,418 were to customers in North America. Of the units recognized in North America, all but 87 were replacement sales, continuing to reflect the weak North American replacement market, as well as the very low level of new property openings and expansions. We did not recognize any CityCenter Aria units in the current quarter, where our share is consistent and in the low 20s.
Despite the difficult economic environment, spirited financing terms and aggressive discounting from one of our competitors, we estimate our ship share during the quarter will be in the low 20s and consistent with our ship share over the past year. We are particularly pleased with this result given that we are competing against new cabinets and platforms from our competition. We are very excited by the prospect of releasing our new range of products at G2E. The initial customer feedback has been very positive.
Our 48% game sale margin for the quarter, up from 44% last year, reflects our ability to price our products sensibly and the positive impact of our process improvement initiatives. Our video product performance is improving. A majority of our unit sales in North America were video, with many of them in our high performing and increasingly popular V32 cabinet. This and an improved quarterly increase in the sale of conversion kits in North America resulted in a positive margin impact.
We continue to expect margin on our game sales will be the high 40s over the next several quarters, and we believe moving it into the low 50s is achievable within the next two years. Our international momentum continues to build, as reflected by another solid quarter. We sold 1,518 units internationally, or 39% of total unit sales.
I believe that Bally is underrepresented in North America and even more so internationally. There will be new and exciting international opportunities for Bally over the next 12 to 24 months. We've been building infrastructure in anticipation, and our team is ready to execute. We are excited about new opportunities for us in markets like Italy, Singapore, Australia, and potentially Brazil.
Gaming Operations delivered another record quarter, with revenues increasing to an all-time high of $71.3 million. During the quarter, we achieved both an increase in the number of premium games placed and an increase in our overall revenue per day compared to the June quarter. We also continued to focus on more efficient management of our assets. Margins on gaming operations were in line with expectations at 73% for the quarter.
In our premium product range, we have just launched our new Digital Tower series of products and our new Jumbo cabinet. Our Fireball Digital Tower game is performing at levels well above two times house average, and new demand for installations of it and 77777 Jackpot remained strong. More games will follow to support the fast growing Digital Tower series of games.
Further, commencing in quarter two, we are very excited about our new spinning-wheel games and DualVision community games, which will be available to gaming operations. Our current order backlog for our newer premium products is the strongest we have seen in the past 12 months.
In game sales, we continue to produce world class mechanical-reel products. This quarter we are adding our transparent reels and the much anticipated classic games, specifically designed replace the footprint of 40,000 to 50,000 successful but aging pre-ALPHA high-denomination centers.
We have seen success in our video product with the V32 upright cabinet. Initially, it was released only with Roulette and Quick Hit Platinum, both of which has and continued to be outstanding performers.
During Q4 of last year, we released four new V32 titles, which are all performing very well. We will release more titles each quarter for this cabinet. We are very excited about the products we will launch at this year's G2E. We believe the innovation you'll see from Bally at G2E will blow you away.
We will feature over 188 unique game titles, of which 108 have never been seen before; and more than 300 total games for Class II, Class III, central determination, and video lottery markets worldwide. This is our largest G2E game showcase ever, reflecting our commitment to increasing our games portfolio in this fiscal year by 100%. Most importantly, over 90% of our new titles should be released before the end of spring.
We are introducing two sleek new cabinets at G2E. The first of our Pro Series cabinets is the dual-screen Slant cabinet. This will be followed in Q4 by our new upright video cabinet. Both are state-of-the-art and our backwards compatible with our existing library of game titles.
We will also show our new ALPHA 2 platform, which leapfrogs our competition with its dual core CPU, and its state-of-the-art 3D video card and engine. It is more powerful in every aspect including processing speed, memory capacity and hard disk storage. This makes the ALPHA 2 an ideal platform to meet the future server based needs of our customers. Together they provide a platform whereby our game developers can make huge advances in game mechanics that will bring greater pleasure to players and revenues to our customers.
Initial customer feedback has been outstanding. We believe these cabinets and our new platform will enable us to compete strongly with our competitors in the video sector. We will highlight our new Spinnation series of spinning wheel video and mechanical reel slots. Following on the success of our first two Digital Tower games, we will introduce three new Digital Tower games at G2E. Our Cash Spin game, featuring its USpin feature, is an industry first and will be the talk of G2E.
Reel Image, another industry first from Bally, uses proprietary software and hardware to present a series of three, four or five video reel that actually curve to resemble the look, feel and play dynamics of a mechanical reel spinner. Reel Image is targeted for video markets and downloadable applications. In addition to these games, we will have community and group play games, multi area progressive titles and some other unique and new experiences.
We will be highlighting our extensive library of mechanical reels to replace our aging S6000 range. We will also have multiple new video titles for all of our cabinets, which will display further advances that we have made in the video field. Although demand over the past 12 months has been adversely affected by global economic conditions, we have continued to invest in our products and this will be clearly evident at G2E. We are all very excited about our upcoming launches. There is a great feeling of momentum within the company.
We certainly have seen more customer interest in our products since September and those increased levels of interest seem to be continuing. There've been several recent jurisdictional developments fill by the economic situation which we believe will benefit Bally greatly in the long term. We are extremely well positioned to take advantage of these opportunities due to our experience in multiple markets Class II, central determination, luxury, routes and our broad portfolio of products including systems, bar top, multi game, line games and poker.
Domestically we are focused on expansion opportunities in Illinois, Ohio, Kansas, Iowa, Maryland, and Massachusetts. We are also engaged in expanding our already strong position in Mexico as it moves to Class III gaming and we're excited about opportunities in the Italian VLT market. We plan to reenter the Australian market in the next few weeks, at a time when it is repositioning itself for large scale replacements.
Further, as we continue to grow and become a strong player in South America opportunities will arise in that region. All of these should put us in a good position to expand internationally. None are in our forecast, but some have the potential to favorably impact the latter half of the fiscal year. Personally I am excited and motivated by our team, our products and by the opportunities which are on our horizons.
Now I'll turn it over to Ramesh for additional titles on our systems.
Ramesh Srinivasan
Thank you, Gavin. Systems revenue for the quarter was $54 million, a 15% increase from the previous quarter and 3% increase from the comparable prior year quarter. The gross margin for the quarter was at 67%. This being less than the usual low-to-mid 70% range can be attributed to the following reasons.
One, high proportion of iVIEW and other hardware in the revenue mix and two, an unusually high cost of parts and services, partially due to September being the busiest month we've ever had in terms of systems implementations, all very successful I might add. We expect systems margins to get back to the 70s in the near future. Maintenance revenues for the quarter were $13.5 million a 10% increase over the comparable prior year period.
For the first time, we are initiating guidance on systems revenue for fiscal year 2010, which we expect to be in a range of $220 million to $230 million. Of this total, we expect maintenance revenues to be in the range of $58 million to $62 million. The healthy trend of increased systems related decision making in the industry that we have witnessed since April 2009 is continuing. Q1 and Q2 thus far have been very good quarters for us in terms of sales contracts closed.
These wins include; one, competitive system replacements in Louisiana, the United Kingdom, Missouri, and Detroit; two new casino additions in South Dakota, Kansas, Chile, and Morocco; three change of a major corporation systems standard in our favor in Macau, which included our first installation of table view in that region. Our first site with this customer went live late September and we have now successfully expanded that relationship to multiple sites.
Four, expansion of partnerships with various gaming corporations involving casino sites in Las Vegas, Missouri, Singapore and California, and five expanded media management solution related wins in Florida and Europe; in Mexico we now have over 70 casino sites running and over 14,000 games connected to Bally Systems and the upcoming Class II to Class III migration there opens up very good opportunities for us and we're negotiating significant agreements for both games and systems in Italy.
During the past few weeks, I have seen first and some important international systems replacement and other new opportunities on the verger of opening up, making it easy to remain bullish about our future and all this summits an economic climate that remains very challenging. We are well positioned to do even better as the global economy improves. We have now completed the hard work of reengineering our core products.
Every version 11 release across our entire product line has now been successfully deployed in various parts of the world, further strengthening our leadership position. Our server gaming launches, including iVIEW DM, media management, Bally Command Center and Business Intelligence are gaining good acceptance in the industry as well. We have been running a very successful free trial of our forward and backward compact of the iVIEW DM product at Pechanga for close to a year now.
This install has been expanded to 450 games as we speak and is expected to grow to around 1200 games by early calendar 2010. All our recently launched products are designed to work on both current and new casino floors with both old and new games. This backward compatibility strategy is a distinct advantage in business systems.
Our Bally Command Center product, which is already used in multiple casinos for downloading iVIEW marketing content to the floor in minutes using the G2S protocol has now completed a technology field trial on a live casino floor and is poised to be used in various casino sites for multiple purposes, including downloading and managing games. This product can easily manage current games from all suppliers.
The Bally Command Center product, combined with our CoolSign media management and the launch of iVIEW DM, now allow us to create exciting floor wide player experiences. A number of senior gaming executive teams have visited our newly redesigned system show room here in Vegas during the past few weeks and their reactions have been uniformly positive and very encouraging.
Now let me turn the call back over to Dick.
Richard Haddrill
Thank you, Ramesh, Gavin and Robert. As I mentioned in my opening remarks, we are off to a strong start in fiscal 2010. While the economy, the consumer and our customers continue to face many challenges that will affect demand in our fiscal year, we are sensing cautious optimism return to many of our customers. Our business model continues to prove itself.
Based on our solid start for fiscal 2010, our current visibility, our new product pipeline, and our expectations for customer spend in calendar 2010. We are now estimating fully diluted earnings per share of $2.30 to $2.55 for our fiscal year. This compares to our initial forecast of a few months ago of $2.25 to $2.50 and was raised due to our improved margins and revenue visibility.
So in closing, I would like to leave you with some important points. First, our fully diluted EPS in last fiscal year was $2.22 per share, a company record during the worst economy in 80 years. Number two, we're currently forecasting an increase in earnings per share to between $2.30 and $2.55 for our fiscal year 2010 in still a very challenging economic environment.
As I said, we have an excellent business model with improving margins. Now as the revenue environment starts to pick up, we should have very good earnings leverage. Our 26% operating margin is the highest in the industry and we believe has the potential to increase to 28% to 30% over the next few years.
Number three, we've got an outstanding team of executives and employees with experience in both gaming and technology. We are as motivated as ever, having fun and executing well. We've now achieved nine straight quarters of meeting or beating analyst estimates.
Number four, our leadership in systems continues to grow. With our competitive replacements, our newly rewritten core products, innovative new products and the continued evolution of server based gaming, we are very pleased with our strategic position for the future as games and systems converge.
Number five, our R&D investment is very productive and our rate of innovation has never been stronger. We plan to release twice as many game titles in fiscal 2010 as we did last year. We are taking 30% more space at this year's G2E and we're releasing ALPHA 2, our new game platform, and our new Pro Series of cabinets for the future, and exciting new technologies in both games and systems. Please come see us at G2E.
Number six, we continue to capitalize on our international growth opportunity. Over the last five years, when Bally has nearly doubled its total revenues, our international revenues have increased from 6% to 18% of those total revenues. We continue to build infrastructure here and expect international revenues to be between 20% and 30% of total revenues within the next few years.
Finally number seven, with government revenue shortfalls around the globe, we see an exciting opportunity to capitalize on jurisdictional expansion in our fiscal 2011 and beyond. Our people and our products position us well to take advantage of these opportunities. I'm more excited than ever about our future. My thanks to the entire Bally team for another great quarter, and positioning us so well for the future, and my thanks to our investors for your continued support.
With that Canus, we'll open it up to questions.
Question-and-Answer Session
(Operator Instructions) Your first question comes from Bill Lerner - Union Gaming.
Bill Lerner - Union Gaming
A few questions for you; one, Gavin, you mentioned something about pricing relative to your peer group, you mentioned one competitor. Just can you give us a proxy, is this a small competitor? I just want to get the sense that pricing or I would like to confirm that pricing is generally rational and then I've got some follow-up.
Gavin Isaacs
The pricing is generally rational, Bill. We're talking about a smaller competitor in this market.
Bill Lerner - Union Gaming
Then one more for Gavin, actually you talked about obviously unit counts were a little bit lower or were lower this quarter than we've seen in the recent past. Obviously, it's a function of the external environment with very little replacement and new openings, but it strikes me as, if you had booked Aria that numbers would have been relatively consistent with the last few quarters.
So I'm guessing that it's a function of how conservative you guys are in terms of booking units, but in terms of magnitude, if I'm correct in this line of thinking, is it 400 plus units and a few cents in EPS that we would have seen this quarter, that we'll see next quarter for no other reason other than the way you guys account for things?
Gavin Isaacs
I think that's about accurate, Bill. We're the second to report, so we don't know the full numbers out there. We could even be higher than what we thought our ship share could be.
Bill Lerner - Union Gaming
Then I guess two other; I'll try to be quick on these last two. One, I don't know whether this is for Dick or Ramesh, but you guys are giving systems guidance, total systems revenue guidance for the first time.
Is that a function of that, I know maintenance, which is a higher visibility piece of your systems revenue is getting bigger. Is that a function of having more visibility in systems? Is there some other reason and Ramesh, how much visibility do you think you have in that systems guidance? Is it 50%? Is it at 60% of that revenue and then a last one, I promise.
Ramesh Srinivasan
The fact we're giving systems guidance now is both a reflection of better visibility and better confidence in the business. Our leadership position is strengthening and the kind of feedback we're getting from customers and the opportunities we have. It also reflects an increased confidence level in the business. I would say that in terms of overall visibility of the number given a considerable majority of it, we have pretty certain visibility to us.
Bill Lerner - Union Gaming
Last one, during the quarter you guys announced iVIEW DM of course at Pechanga. You alluded to it or you mentioned it on the call. Can you color that in a little bit, level of importance we should be attributing to that? I get the sense that there's been this focus for a long period of time with respect to server based gaming that you guys are essentially delivering to Pechanga, but haven't really been focused on.
Richard Haddrill
Bill, first thanks for fleshing out that Ramesh is a sandbagger. I've been working him for 10 years and now I've finally figured it out. It took your help to get there, but with respect to the Pechanga deployment, it is important. We spent about a year really refining iVIEW DM in terms of how players interact with this player portal, right, whether it's iVIEW or iVIEW DM. It's given us a lot of great feedback.
So now we are rolling it out. I think today its 450 games. It will be 600 games within the next week or so and then onto 1,200 games early next calendar year. Maybe as important as iVIEW and iVIEW DM becoming a more refined technology network for players is the content that we're now studying to be able to deliver on iVIEW and iVIEW DM.
With high-speed floor networks we can do streaming video, much more powerful connections with the player marketing database. So we encourage interested investors to visit Pechanga and see what's really happening with this picture-in-picture and customer communication network. We are studying to coordinate it with CoolSigns more. It's very powerful. G2E will have a terrific demo as well for investors and customers to come see.
Your next question comes from David Katz - Oppenheimer.
David Katz - Oppenheimer
Really just a couple of housekeeping things, which is what kind of a tax rate should we be assuming in all of this? It's been jumping around just a little bit, Robert.
Robert Caller
Yes, David, I think that we had 35.8% in the current quarter and I think that's right in the midpoint of the range and so I think 36% is a good proxy for an effective tax rate for the year.
David Katz - Oppenheimer
Along with your systems guidance and I do, and thank you for giving that out. We've been sort of asking about the visibility on that for a while. The quarter did have a little bit lower margins than what we built in. I recognize what the drivers are that pushed that around. As you look at the guidance that you have given us, is there anything you can share with us in terms of the mix of hardware and software that's embedded in there, just to help us think through the margin issue on that?
Richard Haddrill
Just to be clear we did reclassify this services cost because it's becoming a bigger part of our system business out of SG&A up to systems cost of sales and it impacts our system margins by about 2% to 3% a quarter and it impacts our SG&A by less than 1% a quarter. So as you are looking at your historical models and going forward, those benchmarks will be useful and we've done the reclassification and will do that as we report historical financial statements.
So when we think about system margins after those adjustments, meaning that the cost of sales of services will now be charged against systems margins. We would still see systems margins being in the low 70s-% for the balance of the year. I'm not saying we won't have variances out of that where it could be higher or lower; but that would be the target range, low 70s.
Your next question comes from Steve Altebrando - Sidoti.
Steve Altebrando - Sidoti
The gross margin in the equipment side really jumps off the page to me as being very impressive, given where the volumes are. Can you just give some color into that and if there's any inventory benefit?
Gavin Isaacs
I think it's a mixture. It's a mixture of product mix, responsible pricing, and better manufacturing efficiencies than inventory management. All of those things have culminated. We had no surprises in the quarter and despite its fairly well back-end loaded, we managed to keep everything, all our costs in control.
Richard Haddrill
Steve, we are selling more conversion kits; and Gavin and his team continue to drive down the box cost. So that's one reason why we are cautiously optimistic that we keep it in the high 40s and eventually get up to the low 50s as we sell more video and keep driving supply chain efficiencies.
Steve Altebrando - Sidoti
Also in the product sales, it looks like the other category, if you back out units, ASPs that seems to actually be declining actually on a year-over-year basis. Is there any reasoning to that?
Gavin Isaacs
We aren't selling many used units and we aren't doing any OEM units at this stage. We used to do them in the past.
Your next question comes from Todd Eilers - Roth Capital.
Todd Eilers - Roth Capital
My question is on international. Clearly on the equipment sales side, obviously some light shipments there, but it looks like international was fairly decent number for you guys. Can you maybe highlight a couple of key markets that maybe drove that? Could that possibly be maybe the transition of Mexico to Class III? Did you start to ship some Class III units down there?
Gavin Isaacs
We actually shipped our first units into Mexico, but they were actually Class II; and that was roughly about 15% of that number. The rest of the regions contributed fairly well. We had good products in South America, good sales down there. Nonetheless in Europe and Asia had a good quarter again; and South Africa was beginning to kick for us as a good little market. Our product is performing very well down there.
Richard Haddrill
Fair to say, Gavin that we have shipped into Mexico before, but without margin, we've been selling those units at either no margin or participation. These were our first…
Gavin Isaacs
These were our first sale units in Mexico.
Todd Eilers - Roth Capital
As we kind of look forward, how should we expect the transition to Class III in Mexico to impact you guys? Would we expect to see more sales volume coming from that market, but possibly some of your recurring revenue games may be coming off? How should we look at that going forward?
Gavin Isaacs
We're expecting to see cautious and responsible growth in both parts of the business. We will sell more units down there, because we haven't done a lot of bet in the past, although we don't expect to see a big drop in our gaming operations business either, but we're expecting to see growth, but we think that needs to be responsible growth.
Richard Haddrill
Todd, part of our Gaming Operations business in Mexico is also systems fees, which we also expect to expand. Then depending on customer needs, some customers can buy; others want to participate. We just don't know what the mix is going to be now, but we do expect good business in Mexico over the next 18 months.
Todd Eilers - Roth Capital
Then just one other question as it relates to the systems of business. Going back to the Pechanga expansion of the iVIEW DM product there, I believe that's going to be expanded to just Bally, Konami, and Aristocrat games.
Do you think Pechanga's decision to move forward on more of a larger scale with that product might help push some of the other suppliers that have not given you guys the ability to add their games to that product? Do you think that might help push them in that direction? Should we expect to see maybe some progress on that going forward?
Richard Haddrill
We would expect that and certainly the customers want that kind of interoperability. I think in general, the manufacturers are trying to work more cooperatively together in this area and look for more coopetition that benefits customers, players, and suppliers, and the industry.
Your final question comes from David Bain - Sterne.
David Bain - Sterne
Actually just a follow-up to Todd's question there on the Pechanga. Of the 1,250 games that DM will be ported on early calendar year, will that remain all Bally-Aristocrat-Konami? If so, just kind of looking forward, they did state that they were going to do it across their entire floor. At what point do you think that we see some of this coopetition as you noted?
Richard Haddrill
Pechanga has actually secured the rights to 5,000 iVIEW DMs, so that it would be not just their existing floor, but expansion plans as well. We just think that won't be that far down the road. We think that the more we talk to our competitors, the more we're all committed to moving technology into the industry faster. Gaming is just way too far behind in technology and trying to benefit our customers and do more cooperative product interoperability.
So I think it will happen pretty soon that we'll see iVIEW DM on other suppliers' games. It's not difficult to do. We've been able to do it on every competitor's game, even 10 year old games. All we need is the okay, or the customer needs the okay from the manufacturers. We would expect that. We would expect it pretty soon.
David Bain - Sterne
Also Gavin, I know you noted Reel Image and that product sounds pretty interesting. I'm wondering if there is a timeline associate to the rollout.
Gavin Isaacs
We're hoping to get it towards the beginning of summer into some markets. It's particularly designed as I mentioned for the video markets, and we think that we're working very hard to get that out there into those markets, ideally around before Memorial Day.
David Bain - Sterne
This final one, it was mentioned that systems implementation was the strongest that you guys have experienced ever in September. In terms of revenue hitting, would some of the hit September quarter, and then we're going to look for the second quarter in terms of the remainder? Or just going to get spread out? How do we look at that at this point?
Richard Haddrill
It certainly was a busy September quarter for implementation teams and what Ramesh's point was, we had to spend some additional costs, because so much was going on at that time, flying implementation people around, expediting parts, etc. Much of the revenue would have been in September, but some go-lives, the revenue would be spread over the following 12 months and some will have some follow on revenue in the second and third quarter.
In general, I think we're comfortable with the systems guidance we've given, $20 million to $30 million. It just happened to be several go lives hit in the last couple weeks of September to make it a very busy period. Also just on your Reel Image question, just so that other people listening on Reel Image, it's a stepper product that's really done with video technology, right.
So what exciting about it's certain marketplace that haven't been able to have stepper-like products, that have been video-only markets, can now get a stepper-like product, and it's also great for downloading game content. So we're really excited about that along with a lot of the other things Gavin talked about.
Canus, I think we'll probably wrap it up now and just say thanks to our investors for your questions and interest and we're very excited about G2E and the coming quarters.
Thank you, sir and thank you for participation on today's conference. You may now disconnect. Have a great day.
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Facts about Fethullah Gulen, Gulen Movement, Gulen Schools, and Gulen Charter Schools Myth
+ Gulen Charter Schools Myth
The Gulen Movement: Civic Service without Borders
Gulen Honored Peace Building Award
Fethullah Gulen Android App on Google Play
Gulen Movement focuses on Peaceful Coexistence and Universal Peace
Are we waiting our Fethullah Gulen? - by Serhii Lashchenko
Hizmet Movement Analyzed by Reuters
Successful Public Schools, are being labeled. But why?
Conference on Hizmet Movement to be held in Taipei
New York conference highlights Turkish schools' contribution to world peace
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This article is related to Gulen Schools.
It is well known that Gulen Inspired Schools have become very prestigious and respectable educational establishments wherever they were opened. In Africa Turkish schools enjoy especially high popularity. Turkish schools provide such a superior education and have earned such a big trust that many African top officials prefer to send their children to these schools. Foreign Trade Minister of Turkey Zafer Caglayan shares that during his visit to African countries "every minister he met asked for more schools" to be established in the region.
"I meet with my colleagues in every African country I visit. The common wish they all have is for more [Turkish-run] schools to be opened. I care very much about these schools. I visit them every time," Çağlayan, who is on an official visit to Nigeria, Ghana and Equatorial Guinea, said during his visit to a Turkish college in the Nigerian capital city of Abuja. Explaining the importance of Turkish schools in these countries, Çağlayan said: "The children of almost all ministers and other high-ranking officials in Africa are educated in these schools. It may be that the ministers and prime ministers of the future will come from among them." Hikmet Çoban, general director of all Turkish schools in the country, briefed Çağlayan and the delegation accompanying him abo


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Relentless gales of wind howled across the frozen landscape, swirling torrents of snow in an endless wave of white which stretched out across the horizon. The barren wasteland was home to only the most hardened and rugged of people forced to live in such extremely harsh conditions. Isolated from the rest of the world by a towering range of mountains that created a natural barrier which few dared to cross. Those who did so rarely returned.
Two figures shrouded in dark robes stood out in stark contrast to the eternal white around them, though they were lost in the torrent of snow which swirled about them. Despite the cold, they both panted from exertion, their breaths coming out in wisps of misty air which was instantly snagged away by the gusts of wind which snapped their cloaks about them wildly. Bared blades flashed with reverberating clangs as they parried and countered one another, swings and thrusts of cold steel adding to the flurry of motion around them. Their footsteps caused snow to crunch beneath their feet as they forced one another about, each giving ground or taking it as opportunity arose.
Desolation was the only companion the two shared as they continued their struggle along the edge of a ravine, their dual taking them precariously close to the edge. Each attempted to maneuver the other towards that edge as they constantly shifted about one another, swords lashing out with fatal intent. The larger of the two wielded a large claymore with vigorous speed and effective strength, using his weight and advantage in length to press a formidable attack. The other, a man of average height and build moved with a fluid, almost snake like grace as he effortlessly used a shortsword and dagger to twist the attacks away when his speed and agility were not enough to allow him to simply dance away from the aggressive blows of his opponent.
Despite the seemingly endless energy both exhibited, the cold air which accompanied their endless dance was beginning to wear them both down. It was evident as they began to slow in their footwork, their attacks coming with a more careful measure as each took stock of an opportunity rather than simply attacking with reckless abandon. Their breathing became ragged and quick as they labored to catch a breath in between blows, feet stumbling in the snow as they drove each other about.
There came an abrupt moment in their fight when the larger mans claymore was caught between the dagger and short sword of the smaller man, both locked together nearly shoulder to shoulder. The larger of the two pressed onward with his advantage of weight and strength, forcing his opponent to give ground with the ravine at his back. There was a brief exchange of words as a swirling gust of wind blew the hoods from both of their heads. The shorter mans long, silvery white hair flowed freely in the wind as he regarded the larger man with a sneer of contempt upon his pale, sharp features. His dark haired opponent, eyes narrowed and jaws clenched upon his regal visage glared down upon the smaller man with a look of murderous intent.
"Ad vitam aeternam," the white haired man whispered fiercely as he gave way and swiftly twisted out of the sudden oncoming rush of the larger man. He lashed out with his dagger, slashing the larger man across his arm as he hurtled past. The dark haired man stumbled wildly in an attempt to stop his momentum as the edge of the ravine loomed suddenly before him. Losing his grip upon his claymore, he fell over the edge and plummeted down into the white void which swiftly swallowed up his dark form. The white haired man approached the edge, then glanced down with a look of bitter satisfaction. "In the next life, my brother," he murmured into the howl of the wind. Stooping to pick up the claymore of his fallen foe after sheathing his own weapons, he pulled the hood up over his head once more, then walked away from the scene of their battle, the wind howling in his ears like the shrill scream of the damned.


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We are concerned that recent developments are leaving American consumers vulnerable in the financial services marketplace, and seek your cooperation in strengthening federal-level consumer protections and enforcement. Reps Barney Frank (D-MA) and John Dingell (D-MI)
Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Rep. John Dingell (D-MI), Chairman of the House Energy and Commerce Committee, today sent a joint letter to federal financial services regulators and the Federal Trade Commission, calling for the strengthening of protections for financial consumers against what they describe as "unfair and deceptive trade practices."
The Chairmen stopped short of calling for hearings, but encouraged both the Federal Reserve and the FTC to step up regulation.
In the letter, Frank and Dingell express concern that, in the absence of strong federal action, states have had to implement laws on payday lending and a host of other financial services. The Chairmen also expressed concern about a lack of clear federal guidelines. "We are concerned that recent developments are leaving American consumers vulnerable in the financial services marketplace, and seek your cooperation in strengthening federal-level consumer protections and enforcement."
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The Representatives said the state level actions "highlight the lack of clear federal policies and regulations to protect financial services consumers." They go on to say that clear authority exists under the Federal Trade Commission Act for the federal government to take action.
The letter was sent to Ben S. Bernanke, Chairman of the Federal Reserve Board, John M. Reich, Director of the Office of Thrift Supervision, Deborah Platt Majoras, Chairman of the Federal Trade Commission, John C. Dugan, Comptroller of the Office of the Comptroller of the Currency, and Sheila Bair, Chairman of the Federal Deposit Insurance Corporation.
The full text of the letter follows:
Dear Chairman Bernanke, Comptroller Dugan, Director Reich, Chairman Bair and Chairman Majoras:
We are concerned that recent developments are leaving American consumers vulnerable in the financial services marketplace, and seek your cooperation in strengthening federal-level consumer protections and enforcement.
Over the last several years the states, in the absence of strong federal action to enhance consumers' rights, have implemented a host of important specific protections for consumers. Among these are laws on transaction fees and surcharges, protections for gift cards, check cashing fees, certain credit card disclosures, payday lending, and high-cost mortgage lending. In addition, state regulatory and enforcement agencies have had the authority to address a wide array of abusive practices under state unfair and deceptive practices laws.
A series of regulatory actions, ratified by the recent Supreme Court decision in Watters v. Wachovia, has significantly reduced the application of state laws and enforcement over a large part of the financial sector. These developments bring into sharp relief an urgent need to rethink the way in which our financial regulators approach consumer protection going forward.
As Chairmen of the Financial Services and Energy and Commerce Committees, we hear frequently about deficiencies in the current regulatory regime. Among these are:
· A disjointed system that leaves many consumers with no idea where to turn when they have problems with a financial services provider. The process for contacting and dealing with federal regulators is cumbersome - average consumers don't know or care about the difference between a federal thrift and a national bank operating subsidiary, nor should they have to in order to get prompt resolution to their complaints.
· Consumers, and sometimes state regulators themselves, are frequently unable to determine what state consumer protection laws continue to apply when they have trouble with a financial institution's actions.
· Serious problems in the subprime mortgage market have produced a significant spike in foreclosures. A number of mortgage lenders have closed their doors or face serious financial difficulty due to dubious lending practices, and an unprecedented number of subprime borrowers are facing the loss of their homes.
· Seemingly endless "innovations" in credit card marketing, billing, and other practices that at best confuse, and at worst abuse, consumers who usually seek nothing more than rates they can afford and terms they can understand.
These problems highlight the lack of clear federal policies and regulations to protect financial services consumers. Clear authority exists under the Federal Trade Commission Act and the Home Ownership and Equity Protection Act with regard to unfair and deceptive trade practices on the part of financial institutions. The FTC Act exempts banks, thrifts, and credit unions and the business of insurance from FTC regulation of unfair or deceptive acts and practices in or affecting commerce, meaning that the FTC cannot adopt interpretive rules or take enforcement actions against these institutions. However, the FTC Act states that the Federal Reserve, the Federal Home Loan Bank Board, and the NCUA shall prescribe regulations specifically defining unfair or deceptive acts and practices and mandating requirements to prevent them. The Act also states that the financial regulators shall establish consumer affairs divisions to receive and take appropriate action upon complaints with respect to unfair and deceptive practices by banks and savings and loan institutions. Despite this clear authority, formal rule writing by the agencies against abusive financial practices has been nearly non-existent, and consumers continue to suffer as a result.
It is imperative that the agencies work together to develop a meaningful strategy for improving federal consumer protection for all financial consumers. We support FDIC Chairman Bair's suggestion before the Financial Institutions Subcommittee March 27 that the Fed "exercise rulemaking authorities it has under (HOEPA) to address abusive practices by all mortgage lenders, not just practices that relate to high cost loans." We would extend that suggestion much more broadly to include aggressive use of the regulators' authority under the FTC Act against unfair and deceptive practices, authority under various other statutes, and development of a streamlined system for handling individual consumer complaints in concert with state enforcement agencies. If such action is not forthcoming from the financial regulators, we will be forced to consider steps such as the removal of the exemption for financial institutions and regulators under the FTC Act.
We ask that you keep the Committees informed of the agencies' progress on this important effort.
Barney Frank, Chairman, House Financial Services Committee
John Dingell, Chairman, House Energy and Commerce
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SYRACUSE, N.Y. - No. 3 Syracuse field hockey (16-1, 6-0 BIG EAST) captured its third BIG EAST regular season title in the last four years, defeating No. 4 Connecticut (16-2, 5-1 BIG EAST), 3-2, in the regular season finale on Saturday at J.S. Coyne Stadium. The victory gives the Orange the top seed in next week's BIG EAST Championship. Syracuse will face No. 4 seed Providence in the first semifinal on Friday at 5 p.m. at Louisville's Trager Stadium. UConn receives the second seed and will play No. 3 seed Louisville on Friday at 7:30 p.m. "It feels great going out and getting the win for our seniors," head coach Ange Bradley said. "Going out of the BIG EAST Conference, it's awesome to have Syracuse in there. Now we have to get to the tournament and to NCAAs." It was fitting on Senior Day at Coyne Stadium that two of the Orange's goals came from those honored in a ceremony prior to the game. Graduate student Liz McInerney scored the game's first goal and senior captain Kelsey Millman recorded the second, putting the Orange ahead for good. Freshman Gillian Pinder scored the Orange's third goal with 7:53 remaining, giving the home team a 3-1 lead, and that proved to be the difference as the Huskies scored with 4:48 remaining to make it a one-goal game but could not get the equalizer. The Orange's 16-1 regular season record ties the program record for fewest losses is the second-best winning percentage (.941). In 2008, the Orange went 18-1 in the regular season before finishing 22-2 overall after making the Final Four. Syracuse got on the board first in the 29th minute when McInerney, who had earlier put a shot off the post, found the back of the net off a penalty corner after Iona Holloway's initial shot was blocked for her fifth of the season. UConn erased the one-goal deficit early in the second half. Chloe Hunnable scored her first of two goals in the game, sneaking a shot inside the right post off a steal in the 40th minute. Millman answered for the Orange less than six minutes later, making a terrific diving tip-in on a drive from the top of the circle off the stick of Pinder for the senior's team-leading 11th goal of the season. Pinder scored her goal in the 63rd minute on a tip-in at the left post off a Jordan Page assist, the Orange's second goal of the game coming from a penalty corner. It was the freshman's eighth of the season while Page picked up her team-best ninth assist. Hunnable pulled UConn within a goal, scoring off penalty corner with 4:48 to go, but that would be enough for the nation's top-ranked defense as it kept the Huskies off the board for the duration of the game. Senior goalie Leann Stiver made two saves as she and her classmates improved their record in conference games to 23-1 in their four years and ran the Orange's home winning streak to 36 games. Prior to the game, a senior day ceremony was held on the field honoring Haley Bomboy, Holloway, Amy Kee, McInerney, Millman and Stiver. The BIG EAST Championship semifinal matches will be played at Trager Stadium in Louisville, Kentucky on Friday. The championship game will take place on Sunday at 1 p.m. SUathletics.com will have ticket information as well as links for video and live stats.
Courtesy: SU Athletics


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Canoe Manned by Voyageurs Passing a Waterfall
- Overview
- More Info
- By: Frances Anne Hopkins; CA. 1869
- Format: Poster Reproduction from Oil on Canvas, 18 in x 28 in
- Publisher: MHS Press (1993)
- Usually ships in: 1 - 3 business days
- Product ##: 1212
National Archives Canada, Ottawa (C-2771)
A Hudson's Bay Company express canoe, rides high in the water as it carries important company officials and dispatches, not freight.
The passengers are the artist, who studies a water lily, and her husband, who smokes a pipe, being borne along by a skilled crew of eight voyageurs.
Frances Anne (Beechey) Hopkins (1838-1918) brought the authenticity of experience to her painting. Born in England, the granddaughter of the note portraitist Sir William Beechey, she married Edward Martin Hopkins in 1858. For about a decade Hopkins traveled the age-old canoe routes of Canada, accompanying her husband, who was private secretary to the governor of the Hudson's Bay Company. Although she had little formal art training, Hopkins employed her natural talent in sketching and painting scenes of the North American waters and forests and the voyageurs who traversed them. Travel such as this gave her the authoritative, firsthand knowledge fo the subjects she painted so ably. The Hopkins family returned in 1870 to live permanently in England, where Frances Anne died in 1918. Her paintings continue to enrich the National Archives of her adopted Canada.
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