text:
The Louisiana governor calls the oil company out for spending more money on advertising than disaster relief
Due to a recent advertising campaign from BP that alleges that the company is a "victim of fraud" from Gulf Coast residents reporting fraudulent claims from the Deepwater Horizon spill, Governor Bobby Jindal has taken a stand. According to the DeSmogBlog, Jindal publicly stated at the Gulf Coast Ecosystem Restoration Council that he disapproves of the oil company spending millions of dollars on their advertising instead paying for their Clean Water Act and Natural Resources Damage liabilities.
The ad campaign, which can be seen here, suggests that those affected by the 2010 Deepwater Horizon oil disaster on the Gulf Cost are reporting fraudulent claims. The article on DeSmogBlog reports the ads suggest "the families impacted by the 2010 Gulf Coast oil spill are greedy and corrupt – it's the mirror opposite of reality." The ad tells viewers to call a hotline to report fraudulent claims.
According to an article from MotherJones, BP could fall $6 billion short of their $8 billion spill damages fund that was setup after the spill, while they're spending millions of dollars on television advertising.
BP has responded to Jindal's accusation by saying that Jindal "misinterpreted" BP's legal framework regarding the Deepwater Horizon oil disaster as well as their track record in the Gulf Coast.
The spill killed 11 men and poured four million barrels of oil into the Gulf Coast. BP has yet to pay all of their damage claims.
For more information, visit: http://www.motherjones.com/mojo/2013/08/bobby-jindal-bp-gulf-campaign
E-Mail this page
Printable Format
10/3: Understanding the Return-On-Investment Value of Oral Fluid Drug Testing Attendees will learn how to accurately calculate the ROI of lab-based oral fluid testing compared to other drug testing methods, and much more.


text:
Del Mar Online Racing Community
The Del Mar Online Racing Community will be closing its doors for good on December 22, 2013
Meanwhile, share your thoughts and your good-byes with other members on these pages. You can use PMs to get contact information for friends you know only through this community and would like to keep in touch with in the outside world. See you at the races! For those counting the days...
11 posts • Page 1 of 2 • 1, 2
For those counting the days...Back by popular demand -- the Countdown Clock at http://www.dmtc.com/ home page
Never pick a fight with people who buy ink by the barrel.
-- Mark Twain
Re: For those counting the days...Thanks for the heads up on the clock ... I especially like the seconds. Better get some work done, time's a flying
Re: For those counting the days...As much as I really enjoy going to Del Mar, I can't bring myself to go opening day this year. I don't want to fight the "look at me" crowd--look at me get so hammered that I can't walk, and have to be dragged by 2 of my friends to the restroom, car, wherever. It's the only day I have ever consistantly noticed this behavior at Del Mar, so I will give up opening day this year (for the first time in about 15 years), and make my own "opening day" on Thursday or Friday the 19th or 20th.
Fan forums are enjoyable. They are not life or death.
Re: For those counting the days...maybe the drunk ones will get caught in the DUI CHECK POINT like some jockeys did last year
Re: For those counting the days...
Ummmmm - no jockeys were caught in the sobriety checkpoint. If you're referring to Smith, he was arrested HOURS after the last race concluded.
Re: For those counting the days...Opening Day is amateur hour, good people and fashion watch. But, I'm in it for the Eddie Read, The Bing Crosby, Pacific Classic.
Re: For those counting the days...dui checkpoints are against everything the united states was founded on absolutely against every principle in the constitution.. only in russia would that have happened 20 years ago
Re: For those counting the days...I mite b mistaken but i think there is an echo in this post ????????????????
Re: For those counting the days...
Thought I'd muted it. Never pick a fight with people who buy ink by the barrel.
-- Mark Twain
Re: For those counting the days...has Del Mar gone anywhere or is it still there ?
11 posts • Page 1 of 2 • 1, 2
Who is onlineUsers browsing this forum: No registered users and 1 guest |

subset: commoncrawl


text: HomePartnersBecome a NetApp Partner Vertical Solution Integrators Singapore: +65 6496 4799 Contact Sales OverviewGlobal System PartnersResellersService ProvidersSystem IntegratorsVertical Solution Integrators E-mail twitter facebook linkedin The NetApp Partner Program for Vertical Solution Integrators is a program that provides significant benefits to large corporations doing business in a wide variety of markets across the globe. As a NetApp Vertical Solution Integrator, you can: Bring better solutions to market faster with access to our product design and storage integration expertise Earn a prominent presence for your business on netapp.com and our internal Field Portal Receive partial reimbursement for the salary of an employee dedicated to your NetApp business Access Market Development Funds Rely on support from NetApp Global Services—anytime, anywhere around the world Take advantage of options for private labeling of NetApp systems Why Partner with NetApp? See our list of Vertical Solution Integrators Learn about NetApp solutions by industry Become a NetApp Partner


text:
Lol im dieing.. my sides ..
http://roleplayerguild.com/showthrea...rstandings-MxF http://roleplayerguild.com/showthrea...283-Plot-Ideas http://roleplayerguild.com/showthrea...-(MxF-FxF-MxM) http://roleplayerguild.com/showthrea...374-MOAR-IDEAS!!! http://roleplayerguild.com/showthrea...93#post9539193 http://roleplayerguild.com/showthrea...Brotherly-Love http://roleplayerguild.com/showthrea...Demon-roleplay
Originally Posted by guster746 Does that mean you have started eating or stopped eating centipedes? Both, and - apparently - it's Jorick's C. Surprise fucking surprise.
Originally Posted by The Scotsman Both, and - apparently - it's Jorick's C. Surprise fucking surprise. Who isn't eating Jorick's C?
Originally Posted by Elendra Then I am running out of negative things to judge you on, at face value. ... other than you being a noob, but that's a pisspoor metric to use. Originally Posted by Turtlicious Have I mentioned that I am starting to enjoy your presence? Originally Posted by ♥Cordi♥ Dear Spam, As the loving and caring family that we are it's time for our newest nooblette, Guster to have a time out. He's less than a week old and he's over 800 posts. He is spending far too much time perusing spam and posting nonsense. So much so, that he's single handedly bogging down the guild server. It's unnatural and it needs to be stopped. Originally Posted by Jorick Ugh, Spam was so nice while you were gone. Go back to wherever you've been for the past few weeks. Originally Posted by HaloAssault You got a tower for being so intensely disliked and, for want of a better term, "noobish", that the need was felt to specifically identify you from amongst the others of your kind. Well done. 50 Shades of CheeseFacebook me?#Glitter
Originally Posted by The Scotsman Both, and - apparently - it's Jorick's C. Surprise fucking surprise. Of course. My name + a letter = Butter obsession. It's a thing.
Did you know we have a Writer of the Month contest? Come join it. Entries for WOTM #32: Change are up for voting until December 17th. Casual | Advanced Originally Posted by Sophistikit I don't know why, but this fucking killed me. Maybe it's your utter determination to be an asshole, but wow, I lol'd. Originally Posted by Turtlicious And now I can't stop laughing, Thanks Jorick. <3 Originally Posted by Darkdrago666 You loveable asshole, you. You are blunt, and to the point. Originally Posted by Sophistikit If I had feels, they'd be all yours. :'D Originally Posted by Myyt Jorick: This guy is an evil genius. In the dry, in your face trufax sorta way. If you ever want the blunt truth, this is the guy to ask, which makes him amazing. Originally Posted by Esper Jorick is one of those people you shouldn't take seriously. He is rude for the sake of being rude much of the time. Outside of Spam that is not who he is, but here in Forum that is how he carries himself. Why do I respect that? He doesn't give an apology for being himself or making ridiculous claims to deflect when people call him on it. Jorick is Jorick, a charismatic ass to the end. Originally Posted by Elendra Ladies, contain your orgasms for Jorick I had dibs first. Originally Posted by Rilla Put it this way. If me and Jorick meet docile or non-docile lifeforms... they'll bow. Without a fight. Why? Because it's me and Jorick. We'll use our combined charisma, wit, and generally dickish attitudes, to put them in their unwelcome places. Vote Rilla/Jorick - Space Emperors... To Infinity... and Beyond. Originally Posted by overwatch When Jorick says something, It's like adding a 100,000 ton weight onto a side of a scale. Originally Posted by Kill Bones Jorick is like a monster truck shaped like a t-rex He is elegantly designed, menacing, loud, a bunch of people love him for reasons I don't understand, and he makes no fucking sense when described by similes Originally Posted by Walker of Darkness You're an egotistical, sociopathic, insufferable jackass, but you stick to your convictions and in general show others respect until they prove to be nothing more than bumbling idiots. You've also shown a kinder side from time to time, but very rarely. Other than your blown out of proportion ego, I have no issues with you. Originally Posted by ★LunaLight★ Jorick, I find you to be really witty and fun. I'm also jealous of your writing ability. I get mad at you when you do stupid things that get you banned, but at the same time I don't think it is my place to tell you those things since we aren't good friends yet. You seem like the kind of person I would consider dating. Originally Posted by Hank Jorick is a monster. The way he perfectly knows how to emulate this depravity of a subculture with cold, unerring accuracy is just inhuman. Ted Bundy raped and killed women. Jorick's worse. Originally Posted by PrimezTime I imagine Jorick as Khal Drago. His victim would either suffer, take it, and cry about it or learn to please him and become his Khaleesi. Originally Posted by SmexySpiral I think Jorick's the only person who can make giant posts and I'll still read them anyway.
Originally Posted by Jorick Of course. My name + a letter = Butter obsession. It's a thing. Trufax.
Originally Posted by guster746 Who isn't eating Jorick's C? Me. Originally Posted by Jorick Of course. My name + a letter = Butter obsession. It's a thing. Do you ever just want to say, "Get off my proverbial penis"? Originally Posted by Butter Trufax. Stahp. Just stahp.
Originally Posted by The Scotsman Do you ever just want to say, "Get off my proverbial penis"? ??? I'm not on his penis, I'm obviously on his C.
Originally Posted by Butter ??? I'm not on his penis, I'm obviously on his C. Yeah, his Cock. Wait, are we talking about Centipedes?
Originally Posted by The Scotsman Centipedes .
Originally Posted by The Scotsman Do you ever just want to say, "Get off my proverbial penis"? I've said it pretty explicitly, but nothing changed. It's just one of those things. Originally Posted by The Scotsman Yeah, his Cock. Wait, are we talking about Centipedes? My centipede, of course.
Forum Rules


text:
NEW YORK - Robert Williamson, a money manager at Chilton Investment and nephew of hedge-fund pioneer Julian Robertson, has died during a visit to his native North Carolina. He was 55.
His body was found Sunday in a car pulled from the Intracoastal Waterway near a boat ramp on Figure Eight Island. The private island, east of Wilmington, was inhabited by wild ponies before becoming a vacation locale for privacy seekers such as Vice President Al Gore and actors Richard Gere and Kim Basinger, according to The Washington Post.
Mr. Williamson was last seen at 2 a.m. leaving a family function for a half-mile drive to the house where he was staying, said Deputy J.L. Augst. The spot where Mr. Williamson's car left the road is just past the house, Augst said. No foul play is suspected, and the investigation is continuing.
A Manhattan resident, Mr. Williamson never lost touch with his Southern roots, hosting Christmas parties with his wife, Caroline, at which "Southern accents predominated,'' according to an obituary written by the family.
At Chilton, a Stamford, Conn.-based investment management firm, Mr. Williamson was a manager of Chilton US Hedged Equities, according to the firm.
"Robert was a dear friend, and he will be missed,'' the firm said. "His curiosity, enthusiasm, intellect, and passion for stock picking were gifts he shared with all who knew him.''
He joined Chilton in January 2011, one month after the hedge fund he cofounded, Williamson McAree Investment Partners of New York City, closed.


text: 2 AWG Battery Cable 20" With Two Lugs Use these cables between indivitual battery cells or between banks. Circuits protected by 250-amp breakers or 400-amp fuses should use 4/0 cables. Use 2/0 cables for 175-amp breakers and 200-amp fuses. Use #2 cables for 110-amp or smaller fuses or breakers. Cables with one red end and one black end are used for series battery interconnect. Cables with white ends are negative battery parallel jumpers. When ordering, please specify if you need:BlackRedWhite or One End Red and One End Black.


text:
Both of Herzing University's Graphic Design programs provide graduates with the credentials and capabilities they need to succeed. Students work with the latest professional software programs such as the Adobe Creative Suite. They also study the principles of good design and typography and advance their skills in areas such as drawing and photography.
Program | Credits | Months |
Associate and Associate of Applied Science in Graphic Design | 67 | 20 |
Bachelor of Science in Graphic Design | 124 | 36 |
This program gives students a hands-on understanding of the basic elements in professional graphic design. While the primary focus is on print, they also study the fundamentals of web-related work. Graduates can seamlessly transfer their coursework and skill base into the Bachelor of Science in Graphic Design program. Download Program Course Sheet [1]
To provide more career opportunities, this program focuses on designing and producing work for both print and web-related projects. Students explore a variety of software programs and design techniques while creating their own portfolio to show prospective employers.
Download Program Course Sheet - No Concentration [2]
Download Program Course Sheet - Print Design [3]
Download Program Course Sheet - Web Design [4]
The information below reflects aggregated data from all of the Herzing University campuses that have students enrolled in the specified program in the specified time period. The information does not reflect data regarding individual campuses unless only one campus had students in this cohort. The reporting period used to obtain this data is 7/1/2011-6/30/2012. The term "cohort" refers to the group of students with data in this specified reporting period. "No Information Available" when referring to the "Number of Graduates" means that no students graduated from the specified program within the specified reporting period. If there were less than 10 graduates in a program, on-time completion data was not disclosed for that program and these areas are noted with "No Information Available". For a more detailed description of how the data was calculated please refer to the Disclosure Methodology located here http://www.herzing.edu/files/2013Disclosures-Methodology.pdf [5] .
CIP Codes:
Tuition Range:
Number of Graduates in Cohort:
Mean Institutional Loan Debt of Graduates:
Mean Private Loan Debt of Graduates:
Mean Title IV Loan Debt of Graduates:
Number of Completers:
On-time Completion:
Available Graduate Employment Rate:
Occupational Title:
O*Net Links:
CIP Codes:
Tuition Range:
Number of Graduates in Cohort:
Mean Institutional Loan Debt of Graduates:
Mean Private Loan Debt of Graduates:
Mean Title IV Loan Debt of Graduates:
Number of Completers:
On-time Completion:
Available Graduate Employment Rate:
Occupational Title:
O*Net Links:
[1] http://www.herzing.edu/files/coursesheet/asgrd_aasgrd.pdf
[2] http://www.herzing.edu/files/coursesheet/bsgrdndc.pdf
[3] http://www.herzing.edu/files/coursesheet/bsgrdpd.pdf
[4] http://www.herzing.edu/files/coursesheet/bsgrdwd.pdf
[5] http://www.herzing.edu/files/2013Disclosures-Methodology.pdf
[6] http://www.onetonline.org/link/summary/27-1024.00
[7] http://www.herzing.edu/akron
[8] http://www.herzing.edu/birmingham
[9] http://www.herzing.edu/brookfield
[10] http://www.herzing.edu/kenosha
[11] http://www.herzing.edu/madison
[12] http://www.herzing.edu/minneapolis
[13] http://www.herzing.edu/new-orleans
[14] http://www.herzing.edu/online
[15] http://www.herzing.edu/toledo


text:
By John Galt
May 18, 2011
As many of my readers might be aware, I receive and try to sort through numerous news sources to provide information, commentary, and analysis on current events and the world in general. It means that sometimes I have to read propaganda rags like the Iranian "news" source PRESSTV or even the New York Times. The era of a "free" New York Times online ended several weeks ago and thus far they are claiming that the subscription model has been a modest success, however, considering their track record of propaganda and the history of their financial reports one should take that with a huge grain of salt.
The problem is that the Times has gone from just acting as an amusing refuge for the extreme left that printed drivel and evolved into a pure state arm of the regime; an almost pure propaganda arm of the administration and those with a globalist agenda with a Marxist tilt. The attack pieces and distortions printed against conservatives from either the entertainment realm or political realm is a known quantity but what is ignored are those pieces slanting opinion within "news" stories on the environment, economy, foreign policy, or government criminality.
The most recent example of the later is the obvious bias in the coverage of "Operation Gunwalker" where the ATF apparently conducted criminal violations of American law in an effort to frame honest gun owners and dealers as illegal exporters of firearms to the Mexican drug cartels. The theory is that the operation was conducted to create a false relationship between American gun ownership and sales with the violence and murder south of the border. David Codrea at the Examiner.com has been covering this story and the reason the Times gave one of the other reporters at the Examiner for not covering this huge story is that it was "not their scoop" (See Examiner.com story: New York Times not following 'Project Gunwalker' because it's not their 'scoop', April 1, 2011). While the source might claim this is the reason, the obvious conclusion is that because this is not a conservative administration there is no reason for the Times hierarchy to embarrass "their man" and thus break the chain of command. If the Bush administration failed to abide by Congressional subpoenas the Times would have posted screaming editorials and made it a front page story every day but due to their allegiance with the regime, Congressman Darrell Issa's investigation receives scant if any coverage at all.
Fast forward to this morning's paper where once again the business section is used to promote the cap and trade or "green" agenda being shoved down the throats of the American people. The story from David Leonhardt in the Economix section titled "The True Cost of Carbon" is without a doubt the most extreme example of propaganda instead of reporting. The claims by "scientists" who have long had an agenda against capitalism and American hegemony is quite obvious when you read the tripe. The sad part is the American people, at least fifty percent of them, have been so dumbed down by the re-education camps known as the public school system, they believe this crap and thus policy is made on the false science of global warming. Yet nobody outside of the internet and a few broadcast outlets speaks out against a newspaper which is nothing more than a modern version of Pravda or Das Reich.
Good luck with fleecing the sheeple on your pricing plan NYT as this reader will not buy your paper and will only use the twenty free stories to monitor your bastardization of the 1st Amendment by acting as a state voice instead of an independent media source. I urge my readers to think also about what is being propagated by the mainstream media, including Fox News in some cases, before accepting everything as gospel. This is a moment in history where the independence of free thought and the direction of our nation shall be decided; using information sources of dubious origination could well lead to a disastrous for the outcome of our nation.


text:
Overview | |
Style and power, on the go. Life doesn't slow down, and neither should your PC. This thin, light HP Sleekbook was designed for your on-the-go lifestyle, with a battery that lasts.[1] Whether enjoying movies, surfing the Web, [2] or creating content, you'll have enough power and storage to keep you going. |
HP ENVY 14-k010us Sleekbook
No Payments + No Interest if paid in full in 6 months with Bill Me Later. See Terms


text:
Grizzly Bear Appears to Have a Heart Attack [VIDEO]
It looks like cholesterol has claimed another victim. A video has recently surfaced of a wild grizzly, apparently having a heart attack.
It looks like cholesterol has claimed another victim. A video has recently surfaced of a wild grizzly, apparently having a heart attack.
Thursday, December 4, volunteers from Buckle-Up coalitions in Missoula, Mineral and Ravalli counties will gather for the Tri-County "Empty Dinner Table Event " at Westside Lanes in Missoula.
2013 has been a big year for Trent Reznor, with the return of Nine Inch Nails and the full-length album debut of How to Destroy Angels. Now he's looking to kick off 2014 with a major launch as well. Beats Music, the new music streaming service from Reznor and music mogul Jimmy Iovine, will officially arrive in January.
On Thanksgiving day, Mastodon revealed a shirt on their Facebook page that many people considered to be offensive.
Universal Pictures has shut down production "for a period of time" on "Fast & Furious 7" following the death of its star Paul Walker.
In This Moment have had incredible success with their latest album 'Blood,' which has sold 200,000 copies in the United States alone since being released in August 2012. They're rounding out 2013 with their headlining Hellpop Tour and will start 2014 with another leg of the trek (go here for dates).
Missoula's Poverello Center has been providing shelter and meals for the homeless for many decades, but director Eran Fowler Pehan said they've never seen a year as difficult as 2013.
Now that the general big game rifle hunting season is over, officials with Montana Fish, Wildlife and Parks are preparing for the wolf trapping season, which begins December 15.
Seattle is throwing a giant pot party in celebration of the first anniversary of legalized weed in Washington.
Slipknot / Stone Sour vocalist Corey Taylor is expanding his artistic horizons. In addition to being a musician and author, he's adding acting to his repertoire. He's set to appear in the feature film 'Fear Clinic.'
5-year-old Savannah, from Indiana, is warming hearts all over the internet with the recording of the 911 call she helped her dad make when he began to have a heart attack.
For people who grew up reading in the '80s and '90s, the 'Scary Stories to Tell in the Dark' series will always hold a special place in their nightmares. Over three volumes, writer Alvin Schwartz collected over 100 urban legends and tales of folklore, creating a library of creepy stories that were meant to be, as the title implies, told in the dark. There is still a great deal of well-earned nostalgia surrounding these books, so it should come as no surprise that a movie adaptation is in the works.


text:
Who Was Fired on Celebrity Apprentice?
April 29th, 2012
RECAP"The Celebrity Apprentice" took a musical turn on Sunday, when the remaining six competitors were asked to create – and perform – a jingle.
With the two music stars – Clay Aiken and Aubrey O'Day – serving as project managers last week, others decided to take the reins.
The results?
Very dramatic…
Read more...


text:
- 2
- -8.407168,-63.28125
- countryjson/Latin America & Antarctica
- 226
- Latin America & Antarctica
Latin America & Antarctica
Latin America Holidays
A destination on the up thanks to an enticing blend of attractions and a new found place in the public consciousness. Whatever you are hoping for we will have a spot-on suggestion. Want breathtaking landscapes? We can advise on some that may render your jaw duly dropped, such as the pampas of Argentina or glaciers in Chile.
Wildlife nuts can travel to a secret spot that we know deep in the Pantanal wetlands in Brazil where jaguar sightings are all but guaranteed. We can arrange tailormade adventures into the remote Amazon rainforest, or mountaineering with expert guides in the Andes and diving to the Galapagos Islands. Party animals have to visit Rio and history buffs the various – invariably spectacular – ruined cities of the great indigenous peoples, the Aztecs, Mayans and Incas.
Antarctica Holidays
As for Antarctica, just contemplating this enormous land mass tends to bring out our inner statistician. Example – while Antarctica comprises nearly 10% of earth's landmass it is (semi-permanent) home to a mere 0.00002% of its population. But before you consider that a tempting change from a crowded island like the UK, mull over the reason why - it's essentially a frozen desert, and recently recorded the coldest ever temperature, an eye-freezing -89°C. Away from the harsh conditions of the interior, and at the right time of year (between November and March) Original Travel arranges cruises on the best new ships or, for the really adventurous, exclusive itineraries including visits to vast ice caves on the polar plateau, skiing across enormous snow fields, ice climbing and kite-skiing.
Cusco, the Sacred Valley & Machu PicchuPeruThe highlight of many visits to Peru, Machu Picchu combines easily with Cusco and the fertile Sacred Valley of the Incas. |
The Peruvian AmazonPeruWhether you stay in a lodge or cruise the Amazon's tributaries on a boat, the wildlife-packed rainforest is unforgettable. |
Chiriqui & BoquetePanamaIn the west of the country, close to the border with Costa Rica, this is the best place to enjoy Panama's lush heartland. |


text:
If you placed an order on ApplianceHelp.com the order is still valid and you can check on its status and make changes here on PartSelect.com. Click here for more details.
PartSelect Number PS339625
This part works with the following brands: Whirlpool, Admiral, Estate, Inglis, Kenmore, KitchenAid, Roper, Maytag, Kenmore, Admiral, Crosley, Jenn-Air, Hardwick, Magic Chef, Amana, Caloric & Glenwood.
Get this part fast. Average delivery time via regular ground: 1.8 days.
Additional or alternate parts to consider.
Must order knob separately by Model#.
Provided by PartSelect customers like you.
Level of DifficultyReally easy
Time to do repair:Less than 15 mins
CustomerDavid from Corinth TX
popped off the old knobs and put on the new ones in less than a minute
Were these instructions helpful?
CustomerRichard from Framingham MA
Removed surface elements by pulling straight out of electrical fitting. Replaced with surface elements purchased online by pushing directly into electrical connector.Back of burner knob larger than post on stove. These were returned to PartSelect for credit.All items ordered arrived with a day of placing order - waiting on confirmation that the knobs have been received. I will definitely use PartSelect in the future.
Level of DifficultyEasy
CustomerTraci from Bozeman MT
Went great, part was perfect!
CustomerJodie from Carlsbad CA
I took the melted knob off, located the part # went online and found this site. I immediately found the correct burner knob, ordered it, and it came very quickly to my home! I just popped it right on the cooktop, and it's as good as new.
CustomerJUDY from AIKEN SC
Easy as 1 2 3. Removed ruined knob and set new knob on post. That's it. Complete success!


text:
To share this article: Enter the email address you want to send this article to in the field and click "Send"
Catherine Pritchard
Q: Credit card applications are being sent to a friend's address but bearing my daughter's name. Her friend is good about giving her the mail but they will be moving and I don't want these credit card applications thrown in the trash or in the wrong hands. What can we do? - S.A., Fayetteville
A: First, request free copies of your daughter's credit report from each of the big three credit reporting agencies - Equifax, Experian and TransUnion.
You can do that by calling 877-322-8228 or by going to annualcreditreport.com. That way, if they even have a file on her, you can check it to make sure there are no inaccuracies there.
Meanwhile, take a close look at these credit offers and see if they're billed as "an invitation to apply" or as "prescreened" offers. The difference is important, according to Experian.
With an "invitation to apply," the lender is extending an offer using information gathered from some source other than a credit report - say, a savings account, some sort of membership or subscription list, even a survey. The Cumberland County schools doesn't release student information like this, a spokeswoman said. But some universities do.
"Prescreened" or "preselected" offers are extended after a review of the individual's credit history. If your daughter is receiving those, that suggests a credit history has been established using her identifying information, Experian says. Such activity would appear on her credit report and the report would contain contact information for dealing with fraud and potential identity theft.
You also can try to end the direct mail offers to her from credit card companies by calling 888-567-8688 or going to optoutprescreen.com. That's what you do to stop the credit reporting agencies from including your name and contact information on mailing lists they sell to credit issuers and insurers.
But the CRAs are already legally barred from providing issuers with information about consumers under the age of 21. (Issuers aren't barred from sending those same consumers mail if they obtain contact information through other means.)
Odysseas Papadimitriou, CEO of CardHub.com, said it sounds like the credit card companies got her information from some sort of form that she filled out. That would explain the discrepancy between the name and the address.
Many young people provide a combination of their own information, information pertaining to friends and made-up data to qualify for contests or giveaways, he said.
Fayobserver.com is using Facebook Comments. You must have a Facebook account and be logged in to Facebook to post your comment below. Your comment is subject to Facebook's Privacy Policy and Terms of Service on data usage. Your comment will appear on our site and on your Facebook page unless you uncheck the "Post to Facebook" box. We expect users to maintain a civil discourse. If you believe a comment is inappropriate, you may click the X in the upper right corner to send an abuse report to Facebook. To report an objectionable comment directly to Fayobserver.com, email email@example.com. Want to know more? Check out our FAQ.


text:
Servings: 4
Prep Time: 10 min
Cook Time: 8 min
Difficulty: Easy
4 portobello mushroom caps, cleaned
1/4 cup olive oil
Salt and freshly ground black pepper
1/2 cup mayonnaise
1 tablespoon prepared pesto
2 teaspoons coarse-grained mustard
4 hamburger buns, split, buttered, and toasted
1 cup baby arugula
1 (12-ounce) jar roasted red peppers, drained
Preheat grill to medium-high heat.
Brush mushrooms caps with olive oil; sprinkle evenly with salt and pepper. Grill mushrooms, smooth side down, covered with grill lid, for 6 to 8 minutes, or until tender.
In a small bowl, combine mayonnaise, pesto, mustard, 1/4 teaspoon salt and 1/4 teaspoon pepper. Spread mixture evenly over cut sides of buns. Divide arugula evenly over bottom halves of buns. Top each evenly with peppers. Place mushrooms caps over peppers. Cover with tops of buns.
Presrvin the last days of summer sound good.
By Donna marie Eichhorn on March 29, 2013
Paula, I have loved your show for quite some time. You are so much fun to watch and boy what a cook. I am so very proud of you for taking control of your diabetes. You look marvelous. Keep those recipes coming. Hugs
By Patricia Bruch on March 04, 2013
By Anonymous on December 20, 2011
Paula, several years ago I was following the Atkins plan and one of my favorite meals was a portobello burger - the big juicy portobello served as the bun and I'd put my husband's delicious grilled burger patties, homegrown tomatoes, lettuce REAL mayo and mustard on them. I never even missed the bun.
By Pat in Miss. on June 21, 2011
This is just what I have been wanting - and I am keeping this recipe till I can afford a grill - it will be my first recipe to fix! YUM!
By sweetmormor on April 13, 2011
My Recipe Box | Log in to view
Join Paula, Bobby and Jamie for a book signing at the Lady and Sons restaurant in Savannah from 2 to 4 pm. Only 350 tickets will be given out starting 1 hour before the book signing. No cameras permitted; a professional photographer will be on site to take your photo.
Join Paula and family for a Party at Sea to the Eastern Caribbean (San Juan, St. Thomas and St. Maarten - roundtrip from Miami) aboard the Celebrity Reflection presented by Alice Travel. Click here for more information, and please note that the Paula Deen cruise is only available by booking directly with Alice Travel. We are running out of space, so book as soon as possible!
Paula Deen is coming to Buffalo, NY to perform a live cooking show and let VIP ticket holders enjoy a delicious Southern feast with a menu created by Paula herself! Both events will be held at Samuel's Grand Manner in Williamsville, NY which offers a refined elegance in a classically modern setting. The VIP lunch will be held at 12:00pm on February 8th and will go until approximately 2:00pm (doors will open at 11:30am). The lunch will include a hearty helping of Southern style cuisine which is personally selected by Paula, a Southern Cooking Bible cookbook, a photo op with Paula where she will also be signing autographs, a gift package, and preferred seating at that evenings cooking show! The cooking show will begin at 3:00pm on February 8th and run about 60 minutes long (doors will open at 2:15pm). Paula will be cooking up some of her favorite meals live for you at Samuel's Grand Manor! Seating is unreserved and is "first come, first served".
Click here for tickets.
Join Paula and family for a Party at Sea aboard Royal Caribbean's Oasis of the Seas to Labadee, Jamaica, and Cozumel (roundtrip from Ft. Lauderdale) presented by Alice Travel. We will be having special, separate events for kids on this one with Jack Deen hosting the kids program! Click here for more information, and please note that the Paula Deen cruise is only available by booking directly with Alice Travel Book now before the prices start going up on the cruise and air!


text:
Amazon Kindle Fire HDX tablet v Kindle Paperwhite e-reader
Paddy Wood Tablets and e-readers are very different beasts, and deciding which to get depends entirely on your needs.
Sony Xperia Z Ultra is slim and gorgeous, but a real handful
KATIE CINCOTTA Pulling this big unit out of the box elicited gasps of disbelief from most of those I showed it to.
Apple's new iPad mini with Retina display goes on sale
Chris O'Brien In a surprise move, Apple has announced the iPad mini with Retina display is now available for purchase.
iPad Air v iPad mini with Retina display
ADAM TURNER With the new full-sized iPad's dramatic weight loss, you might think twice about purchasing the tiny iPad mini.
Is the stylus making a comeback in mobile gadgets?
Jenneth Orantia Once destined to become a relic of the '90s, could the stylus be making a comeback?
North Korean version of the iPad, the Samjiyon, has Gone With the Wind
Andrea Peterson There's almost no internet access in North Korea, but that hasn't stopped the isolated nation from producing its version of an iPad.
Barnes & Noble releases new Nook e-reader
Barnes & Noble is releasing a new Nook e-book reader for the Christmas holidays while it evaluates the future of tablet computers.
Why Apple refuses to put a keyboard on the iPad
Will Oremus If tablets are really replacing computers, why doesn't the iPad have a keyboard?
Apple still managed improvements despite stiffer competition
MACMAN Apple's relatively low-expectation launch event in San Francisco on Tuesday still managed to produce improvements to its hardware and software line up.
Apple iPad Air, iPad mini priced at a premium
JAMES W MANNING Apple has confirmed it is not competing on price but on reputation with consumers facing higher prices for many of its new devices, making them more expensive than many Android and Windows alternatives.
Nokia launches first tablet with Lumia 2520, new Windows phones
Anick Jesdanun Nokia is expanding its line-up of Windows phones and introducing its first tablet computer.
Apple unveils new iPad Air, iPad mini
Adam Satariano Apple has unveiled a thinner, lighter iPad Air and an updated iPad mini with a high-definition screen as it battles to stay ahead in the increasingly crowded tablet market.
New iPad mini sees Apple fans queueing already
MACMAN The punters have begun queuing for what is expected to be a spiffy new version of the most successful iPad so far, the iPad mini.
iPad mini cases: STM v Targus
ADAM TURNER Doubling as a protective case and a stand, these iPad mini covers aim to keep your little tablet computer safe on the go.
New iPads expected at Apple event
Apple is holding an event in San Francisco next week to announce new products - likely updated iPads.
Hands on: Microsoft Surface 2
Adam Turner It's a major overhaul, but can Microsoft's second-gen tablet succeed where the original Surface RT failed?
Apple to unveil new iPads October 22: report
Apple will reveal its latest line-up of iPads on October 22, according to a report citing sources familiar with the plans.
Windows Phone gains in Europe, Apple up in US
Windows smartphones are making significant inroads in Europe, while Apple's iPhone is strengthening its position in the US.
Microsoft unveils Surface 2 tablets
Sinead Carew and Bill Rigby Microsoft has unveiled faster, more powerful versions of its Surface tablet in an effort to boost poor sales and mount a stronger challenge to Apple's iPad.
Why get a new iPhone when you can download most of the new software features for free?
BEN GRUBB You don't need to buy the iPhone 5S to experience some of its new features. From next Thursday, Apple's latest operating system, iOS 7, will be available as a free download.
Hands on: Asus Nexus 7 2013
Adam Turner The best little Android tablet just keeps getting better with Google's second generation Nexus 7.
Microsoft plans tablet computer event
Microsoft has sent out invitations to a September 23 event at which it is expected to unveil new Surface tablets to challenge iPads and Android devices dominating the market.
Samsung Galaxy Note 3: hands on review
Pete Pachal The Samsung Galaxy Note 3 is more of an evolutionary upgrade than a revolutionary one.
Parallels Access: How your iPad can run your Mac or PC
David Pogue The new Parallels Access app eases the compatibility obstacles between the iPad and a Mac or PC.
Wet noses to the touchscreen, iPads go to the dogs
Robert MacPherson You may or may not be able to teach an old dog new tricks, but you can certainly try to get Fido to use an iPad.
Windows 8.1 released October 18
Chris Gardner Microsoft will begin rolling out the free Windows 8.1 update on October 18.
Mobile data sharing plans on the way
LUCY BATTERSBY Australian consumers will get access to mobile data sharing plans within a year, with at least one telco promising to launch the new pricing option in coming months.
Apple to unveil thinner iPad model: report
Tim Culpan and Adam Satariano Apple is preparing to introduce a new, thinner iPad, sources familiar with the plans say.
Tablet sales slow in absence of new iPad
Global tablet sales slowed during the second quarter due to the lack of a new iPad model, says IDC.
Will the new iPad mini have a Retina display?
Chris O'Brien The new iPad mini that Apple is likely to release later this year will definitely have a Retina display. Unless it doesn't.


text:
Our Shop is currently down for maintenance. Please check back again soon.
Product Finder
Drug testing made easy
- Free Home Test Kits with every purchase of urine testing products. "Know before you go"
- Need it Fast? FedEx Next Day and Saturday delivery available. Orders placed before 2pm PST shipped same business day.
- Order Now. No account needed.
Show Cart | |
Your Cart is currently empty.


text:
Mark Oswald - Director IR
John Plant - President and CEO
Joe Cantie - EVP and CFO
Christopher Ceraso - Credit Suisse
Rahul Chadha - JP Morgan Chase
Rod Lache - Deutsche Bank
Patrick Archambault - Goldman Sachs
Douglas Karson - Banc of America Securities
TRW Automotive Holdings Corp. (TRW) Q4 2008 Earnings Call February 20, 2009 8:30 AM ET
Good morning and welcome to the TRW Conference Call. All lines have been placed on listen-only mode. As a reminder, this conference call is being recorded. Presentation material for today's call was posted to the company's website this morning at trw.com/results. Please download the material now if you have not already done so. After the speakers' remarks there will be a question and answer period. Due to today's limitation on time, the company requests that participants limit follow-up questions to one per caller. (Operator Instructions)
I would now like to introduce your host for today's conference call, Mark Oswald, Director of Investor Relations. Sir, you may begin.
Mark Oswald
Thank you, Mandy. I would like to welcome everyone to our fourth quarter and full year 2008 financial results conference call.
Joining me today as usual are John Plant, our President and Chief Executive Officer, and Joe Cantie, our Chief Financial Officer. On today's call, John will provide an overview of the current automotive environment, its impact on TRW and what's being done to mitigate the challenges in front of us.
John will also provide a brief summary of the financial results and discuss other related business matters. After John's comment, Joe will provide an expanded review of our financial information. And then we will open the call to your questions.
There are a few items I would like to cover before getting started. First, today's conference call will include forward-looking statements. These statements are based on the environment as we see it today and therefore involve risks and uncertainties. I would caution you that our actual results could differ materially from the forward-looking statements made on this call.
Please refer to slide 3 of the presentation for our complete Safe Harbor statement. The Risk Factors section of our 2007 Form 10-K and our second quarter and third quarter 2008 Form 10-Q contain additional information about risks and uncertainties that could impact our business. You can access a copy of our 2007 10-K and 2008 quarterly SEC filings by visiting the Investors section on our website at trw.com or through the SEC's website at sec.gov.
On a related matter, we expect to file our 2008 Form 10-K within the next day or so. Once filed, the 10-K can also be accessed through either websites. In addition to the financial results presented on a GAAP basis, we will be discussing non-GAAP information that we believe is useful in evaluating the company's operating performance.
Reconciliations to these non-GAAP measures to the closest GAAP equivalent can be found in the conference call materials which are posted at the Investor Information section on our website at trw.com.
And finally, a replay of this call can be accessed via dial-in or through a webcast on our website. Replay instructions were included in our release this morning. We have not given permission for any other recording of this call and do not approve or sanction any transcribing of the call.
This concludes my comments. I will now turn the call over to John Plant.
John Plant
Thank you, Mark and good morning to everyone. In the December pre-earnings announcements, we indicated that the second half of 2008 was an extremely stressed period for the automotive industry.
In addition to the sudden and dramatic drop in vehicle production levels in all regions, most notably in North America and Western Europe. The fallout surrounding the financial markets continues to loom over the industry.
Consumers' ability to obtain financing to purchase new cars is limited. Certain customers have effectively run through or exceeded their financing ability. Certain suppliers have very stressed balance sheets.
The North American industry did receive some good news in December when the US Government agreed to provide a $17.4 billion temporary bridge loan to General Motors and Chrysler.
However, based upon submissions to the US Treasury this week, more money is needed. Governments in many other countries have or are in the process of providing support to the industry in the form of either direct loans, scrappage schemes, tax reductions or other plans aimed at stimulating car sales and the economy.
This good news will take sometime to translate into vehicle production, and is being overshadowed by the wide economic malaise in the fourth quarter and continuing into 2009. As you can see from TRW's results posted this morning, the challenges facing the global economy and the automotive industry impacted TRW's fourth quarter performance.
While we took quick and decisive steps to reduce costs, the magnitude of the impact relating to the sales reduction, well mitigated, did result in a modest operating loss despite deflecting of all plants divisional and corporate overhead.
Since our last teleconference call three months ago, the environment has deteriorated faster than our original forecasts. New vehicle sales have fallen to levels not seen in decades. Every manufacturer in every part of the world has been impacted by the steep sales decline. Certain customers are in a very fragile condition and require government support to survive. In order to align supply with the significantly lower demand, both the actual un-forecasted levels of vehicle production in the global automotive markets have been reduced beyond previously forecasted levels. Production declines in Western Europe and the North America have changed rapidly in the fourth quarter, especially the speed and short notice of production cuts. Every forecast was superseded by further cuts and production reductions.
Inventory levels remain overstocked at year-end, primarily cars which is contributing to lower production levels in the first half of 2009. And finally concerns have increased over the health of an already fragile supply base as certain suppliers struggle to maintain an adequate level of liquidity and working capital during this prolonged period of low production.
As we stated during our last conference call, we have and will continue to take aggressive actions that you would expect in this environment to mitigate these events. Significant restructuring actions were implemented in the fourth quarter with more expected in the first quarter of 2009. In addition, significant non-cash impairment expenses like the write-off of goodwill were taken in the fourth quarter. I'll discuss those in more detail in just a minute.
Despite the difficult environment and the fourth quarter losses, most of which were non-cash, we ended the year with positive cash flow and a reduced level of net debt. Of course, we're quite pleased about that.
In an environment where cash is king, I'm pleased with these accomplishments. Having this foundation to build from the service level as we navigate through 2009, in addition to the cash flow and capital structure accomplishments just mentioned, I want to point out that we made significant progress on advancing our strategic priorities during the last year.
Quality improves again year-over-year and remains world class. We continue to strengthen our leading product and customer diversification. We introduced several new products highlighting innovative technology. And as I just mentioned, the cost base has been reduced significantly. Before discussing specifics on advancing our priorities and the challenges facing the industry, let me provide you with a brief financial overview of where we finished the quarter and 2008.
Fourth quarter sales of $2.8 billion were down 27.6% compared with the prior year period. Adjusting for currency, our reduction in sales is less than the decline in early production schedules, and this demonstrates that safety products are still increasing their penetration in vehicles.
Excluding special items which included restructuring charges on impairments of intangible and fixed assets, the company reported a fourth quarter loss of $74 million, or $0.73 per diluted share. The results primarily reflect a decline in core sales attributed to the low vehicle production levels and the negative effects of currency movements during the quarter.
In the past, we have excluded restructuring charges and fixed asset impairments in our results, given the extraordinary environment and the magnitude of mostly non-cash charges, we thought it appropriate to call out these special items.
The results are clearly disappointing and reflects the extraordinary challenges faced during the quarter and from the broader end global economy. TRW remains determined to continue with the business strategies that will improve the long-term competitiveness of the company.
In the fourth quarter, compared to the prior year, vehicle production was down significantly in North America and Western Europe. In North America, overall vehicle production was down some 26% with the Detroit Three down 28%.
One other important production statistic was that light truck production declined by some 38%, while cars declined 10%. As you can imagine, the magnitude of the vehicle production decline and the mix shift has had a significant impact on TRW.
Europe sales and production have dropped faster and deeper than our original expectation. In Western Europe, production was down a staggering 29% in the quarter compared to the same period a year ago.
As mentioned on our third quarter call, Europe continues to experience a shift to sales from large and mid-sized passenger cars to smaller cars. Also during the quarter, sharp production declines were experienced in the growth markets of the world such as China, which was down 13%, India down 11%, Russia 11% and South America down over 27%.
Clearly, production in the fourth quarter was the worst the industry has experienced for some time. Unfortunately, we see this continuing and even worsening during the first quarter of 2009.
With respect to the full year results, we finished the year with a record sales of $15 billion, an increase of 2% compared to the prior year. The increase is primarily driven by the positive effects of foreign currency movements during the first nine months of the year and increased sales of our lower margin module business.
Excluding these factors, underlying manufactured sales volume was reduced by some $1.2 billion from 2007. Excluding special items, full year net earnings were $1.50 per share, compared to $2.68 per share in the prior year. Full year North American production at 12.6 million units was the lowest level of production in 16 years. The Detroit Three experienced a decline in excess of 21% compared to 2007.
Production fared slightly better in Western Europe, thanks to the relatively strong start in the first half of the year. In the second half, significant production declines resulted in full year production being down some 9%.
Turning now to the progress we made on advancing our strategic priorities. I would spend a lot of time talking about them, but I think it's important to point out these priorities as they help us navigate through the challenging times.
First of all, providing world-class quality is critical in this environment. Improving quality and reduced large expenses is an important factor that impacts the bottom line. Even as we increased the level of restructuring actions during the year, including facility closures, significant reductions to our global staff, we continue to make year-over-year improvement in our quality. TRW's quality is world-class.
During the year or during the quarter, in fact, we had a high level of vehicle, also products launches on new vehicles, which continued to strengthen the leading product and customer diversification. A few examples include the Volvo XC60 in Europe, the Audi A4 in Asia Pacific, and the Ford Fusion enhancements in North America.
The diversification in product launches throughout the year enables to increase our sales mix to markets outside of Europe and North America. The Ford Fusion, equipped with electronically power-steering also demonstrates our innovative technology and our commitment to offering customers the products they demand.
This was the first Ford platform in North America to use this technology, which offers fuel savings of up to 3.5% compared with the standard hydraulic power steering, as well as increased functionality when compared with advanced brake and driver assist systems.
Our innovative technologies are being recognized around the world. During the fourth quarter, Italy's Automotive Technical Association presented TRW the best Automotive Innovation Award for 2008. And this saw the integration of our intelligence safety systems which combined Lane Departure Warning, Electrically Powered Steering and Electronic Stability Control. These technologies were launched on the Lancia Delta in June. We are proud to have received this award and realize technology is critical to our product leadership and long-term growth.
With regard to the cost structure, this is one area that has received considerable attention as a result of the significant production declines. Building on the actions initiated earlier in the year, detailed plans were developed to further restructure the business to ensure TRW's competitiveness. Beginning with facility closures, we announced plans to close our Warrenton casting center in Georgia. Closure is expected to take place by the end of the first quarter in 2009.
We also announced plans to close our break actuation engineering center in Spain by the end of the first quarter of 2009. Excluding the facilities, plant for closure during Q1, we consolidated or closed four manufacturing and engineering centers during 2008. In addition, to facility closures, we also expanded the number of headcount reduction programs across several locations in both North America and Europe.
In total, by December 31st, we had reduced our global workforce by approximately 10,000 employees or 13%. Our salaried positions were reduced by some 13.5%, and further reductions are being made in the first quarter of 2009. In addition to employee's separations, our sites in Europe are taking advantage of government assistance programs in a significant manner that allow us to implement short week working programs whereby we partially reduced our labor cost and avoid cost determinations.
At this point, we have now burned through our temporary layer of employment and have used short time working where possible in addition to the permanent layoffs. Other personnel actions included freezing salaries and hiring of new employees as well as several benefit program changes including the suspension of the company's 401-K match.
Clearly these are extraordinary actions, and they have been taken during an unprecedented period. We continue to look at other potential programs that may be necessary, as we advance our work on addressing the cost base and to better understand our customers' future vehicle plans.
As I have mentioned in previous calls, we continue to focus on six sigma and business excellence programs to insure that efficiency is part of our day-to-day operations and cost management is ingrained in the actions of all our employees. In addition to the extraordinary actions we are also focused on the basics. We take monthly reviews focused on reducing working capital. We have processes and procedures in place to reduce or eliminate discretionary spending. And we have extremely tight controls over capital spending and indeed, all capital projects now require executive level approval.
The improvements we have made with our cost structure in 2008 will help us partially mitigate the difficult industry conditions that has continued into 2009. In 2009, unfortunately the environment has not improved to the start of the year. Actual and forecasted production volumes are worst than the dismal levels the industry experienced in the fourth quarter of 2008.
In North America, we expect first quarter production to be 1.8 million units, a decline of some 50% compared to the prior year. Within this estimate the Detroit Three production is expected to be about 1 million units, a 52% reduction compared to 2007. Truck production is expected to decline with a 51% level.
For the full-year, our best estimate at this time is for North American production to be about 9.3 million units, a decline of some 27% compared to 2008. You have to go back to 1982 to find a period where production was less than 10 million units. And if this production was population adjusted, then this industry recession is clearly far worse than that.
As you are aware, full year forecast have been difficult to predict. We plan to monitor the production plans of our customers and make necessary adjustments to our operations sooner rather than later. Vehicle production in Europe is also forecasted to significantly decline in 2009 compared with 2008 especially in Western Europe.
During the first quarter, vehicle production in Western Europe is forecasted to decline to 2.5 million units or some 40% compared to the same period a year ago. Total European production is forecasted to be at 3.6 million units.
For the full year, our forecast for production is 16.5 million units for the total of Europe and within these estimates Western European production is at 11.4 million units, a decline of about 21% compared to the prior year.
This forecast assumes low level production at the start of the year and a moderate improvement in the later half of the year. Beyond North America and Western Europe, sales and production levels in the high growth countries of the world such as Russia, China, India and South America have also slowed. In fact every major region within the automotive industry is forecasted to have a lower vehicle production in 2009 compared to 2008.
Reflecting on the full production outlook I just described, the impact on TRW for 2009 will only be partially mitigated by our restructuring and other efforts to raise our cost base. The decreases in vehicle production in all regions and our uncertainties surrounding the global financial markets are reflected in our 2009 planning assumptions.
Based on the forecasted production levels, we expect our sales to be between approximately $10.9 billion to $11.3 billion. Sales in the first quarter are expected to be approximately $2.4 billion or 40% lower than the previous year.
Our management will remain focused on improving working capital, protecting cash flow and further reducing our cost base. As you can see, we are not providing earnings guidance for 2009 at this point. There remains too much uncertainty surrounding future forecasts, financial markets and other variables.
In summary, I wish I had a better near-term outlook to discuss with you today. As I said at the beginning of my comments, it is truly an extraordinary period in the world and the automotive industry. It is important for our current and perspective stakeholders to recognize that TRW is a strong global franchise that is well diversified with strong technology and leading market positions. We benefit from having adequate liquidity and are highly focused on our cash preservation during this time period.
We will prevail to the short-term challenges and remain a leading supplier to the world's car manufacturers. And with that, I will now hand across to Joe to discuss our financial results in further detail.
Joe Cantie
Thank you John and good morning everyone. As John stated, our results for the quarter and full-year reflect the broad challenges facing the global economy and the automotive industry.
Several factors contributed to the weak quarter, the most significant of course, was the steep decline in the global production numbers. I wish I could say that this year will be better unfortunately 2009 production is forecasted to be lower in the major markets compared with the 2008 levels.
Fortunately for TRW, we have a solid capital structure with good liquidity and no material near term debt maturity which places us in a good position to weather this downturn. I will expand on our capital structure and planning assumptions for 2009 in a few minutes.
First let me review with you in more detail our fourth quarter and full year financials. Our fourth quarter results contain a number of one-off non-cash expenses. These charges primarily relate to the unwinding of intangible assets that were established at the time of the Blackstone acquisition in 2003. It's important for you to understand that these are non-cash and do not affect our capital structure or operations of the company in any way.
For the fourth quarter, we reported sales of $2.8 billion, a decrease of about $1.1 billion or 28% when compared to the same period a year ago. The sales decline resulted directly from the lower production volumes discussed earlier. In addition, unlike every quarter for the last few years, currency translations also reduced sales by $276 million. The euro to dollar exchange rate averaged 1.32 this year about 9% lower than last year. The negative sales factors were only partially offset by an increase in module sales of about $116 million compared to last year. On a GAAP basis, operating income in the quarter was a loss of $892 million, which compares to income of $149 million in 2007. As I mentioned a few minutes ago, the company recorded significant asset impairments and separately restructuring charges for the quarter.
In the terms of the asset impairments, the accounting standards require the company to periodically perform a detailed analysis to determine if the carrying value, or certain long-lived assets is appropriate.
Our fourth quarter analysis concluded that as a result of the negative economic and automotive industry conditions, demand for the company's products has declined substantially, which require the impairment of certain of the company's long-lived assets.
The assets impaired were goodwill, customer relationships, and certain fixed assets totaling $854 million. Separate from the impairments, restructuring charges primarily related to employee separations, totaled $14 million.
Excluding these special items, operating income in the quarter was a loss of $24 million which compares to income excluding restructuring charges of $168 million in 2007. There were a number of factors that contributed to this decline. By far, the most significant driver was the reduction in sales.
Net currency losses were also negative in the quarter. The positive effects of higher module sales as well as the benefits of cost reductions and restructuring programs could not offset profits lost on the declining core revenues.
However, if you look at a typical contribution margin for us, say 25% plus, our operating income was better than you would expect as a result of the downturn management actions discussed by John earlier.
Below operating income, net interest expense was $48 million which is below last year's level of $56 million due to the lower interest rate environment. Tax expense for the fourth quarter was zero, which compares to a $39 million expense in 2007. The 2008 period included a one-off net tax expense of $4 million, while 2007 included a benefit of $14 million, also pertaining to one-off tax matter.
At the bottom line, we posted a GAAP net loss of $9.35 per share, compared with earnings of $0.55 per diluted share in the 2007 period. Excluding the special items, we recorded a net loss of $0.73 per share, compared with earnings of $0.59 per share in the prior year.
And finally, in terms of EBITDA, we had $101 million for the quarter excluding the special items, compared with $319 million in the prior year measured on the same basis. Quickly, for full year 2008, we reported sales of $15 billion, which is an increase of about $293 million, or 2% compared with 2007.
Currency translation accounted for $730 million of the increase, and a higher levels of modules sold, totaled $858 million. Excluding these two items, sales were lower by about 9%, reflecting the steep decline in our customer's production and vehicles in the second half of the year.
For the full year, the company incurred asset impairments and restructuring charges totaling $932 million, again most of which were non-cash, compared to $51 million in 2007. Excluding these special items, our operating income for 2008 was $464 million, which compares to $675 million in 2007.
A number of factors led to this decline, the most significant of which was the decrease in core sales during the second half of the year, and a full year impact of higher commodity costs.
Below operating income, interest related expense was a $184 million compared $233 million last year. The debt restructuring that took place in 2007 and lower interest rates between the two periods drove the decline. Tax expense was a $126 million, compared to $155 million in the prior year, excluding one-off tax items recorded in both years, tax was a $126 million in 2008 compared to $175 million in 2007. And at the bottom line, we reported GAAP net loss of $7.71 per share, which compares to net earnings of $0.88 per share in the previous year.
Excluding special items, we recorded net earnings of a $1.50 per share this year, which compares to net earnings of $2.68 per share in the previous year. And finally in terms of EBITDA, we had $1.39 billion this year excluding the special items, compared to $1.241 billion in the prior year measured on the same basis. As difficult as the falloff in the sales, impairment charges and operating losses were in the fourth quarter, we are very pleased to report an outstanding cash flow outcome for the both the quarter and the year. First for the quarter, operating cash flow was $769 million, which compares to $826 million in 2007. Cash flow after capital expenditures was $625 million in the 2008 fourth quarter, compared to $652 million last year. Although lower compared to last year, there were number of timing issues, and ultimately the ability to generate positive cash flow in this environment where profits are lower was clearly an accomplishment. For the year, net cash flow from operating activities after CapEx was $291 million, this compares to $224 million in 2007.
Generating $291 million of free cash flow in 2008 allowed us to reduce our net debt position by $189 million at year-end. We have now reduced our net debt for three consecutive years and five of the last six years. For all of 2008, capital expenditures were $482 million, which is lower than the $513 million invested last year. On a like-for-like currency basis, CapEx declined 10% between the two years.
Obviously, with the steep decline in volumes, we are constraining our capital expenditures wherever possible. Our planning assumption for 2009 calls for CapEx to be about $350 million. Regarding our capital structure, overall we continue to be in good shape. At December 31, our total debt and net debt outstanding were both below the levels of the previous year by $322 million and $189 million, respectively. We have no significant maturities until 2012 and have liquidity available to us in excess of $1.5 billion. One of our main sources of liquidity continues to be our revolver under our credit facilities, which has a broad underwriting bank group.
It's important to note that at December 31, 2008 we were in compliance with our key financial covenants and expect that we will continue to be in compliance in the near-term. However, based on our current forecast our ability to remain in compliance throughout all of 2009 is not assured. At the appropriate time, and if necessary we will work with our banking group, to amend our facilities in a fair manner. As usual, we will continue to monitor the economic, credit and automotive production environments and adjust our capital structure accordingly.
Switching subjects now to our expectations for 2009. As John indicated, we are not providing earnings guidance today which changes to production schedules another economic assumptions happening on a daily basis, providing an accurate and meaningful forecast is difficult in this environment.
John discussed our expectations for production in North America and Western Europe for 2008, down 27% and 21%, respectively which should translate to full-year sales for us in the range of $10.9 billion to $11.3 billion.
At the mid point of that range, our sales will be down 26% from 2008 or $3.9 billion. About $0.5 billion of that decline is expected to come from currency movements. As you can imagine, the contribution margin loss on the 3 billion plus of sales decline is significant. We expect the sales declines to be more significant for us in the first half of 2009 than the second.
At this point, we are expecting first quarter sales of about $2.4 billion which is actually 42% below last years level, and 15% lower than the record low fourth quarter 2008 sales which we reported today. By the way, the positive variances relating to our module sales that occurred throughout all of 2008 will no longer occur in 2009.
With the forecasted levels of sales, you can be assured that every costs and cash flow item is being challenged and managed to optimize our cost structure and cash flow in this environment. As I mentioned before, capital spending will be about $350 million in 2009 as we align our spending with the product plans of our customers.
Also as John referred to in his comments, of course, working capital, labor and discretionary spending are all being contained. Despite these efforts, at the sales volume currently forecast, at this point we expect to have a free cash outflow in 2009. With regards to restructuring charges we are continuing to look at other actions that will be necessary in reaction to the current environment. Again at this point we would expect to have a level closer to approximately $50 million for the year with about half of that occurring in the first quarter.
As you can tell from our comments today, the challenges that intensified over the second half of 2008 are expected to continue into 2009. We continue to work hard to mitigate those challenges as we navigate through this unprecedented time period in the automotive industry.
I am confident we are executing the right strategy to ensure long-term success for the company.
We will now move to the question-and-answer portion of the call.
Question-and-Answer Session
Ladies and gentlemen, we will now begin the question-and-answer portion of today's call. (Operator Instructions). We will take our first question from Chris Ceraso with Credit Suisse.
Christopher Ceraso - Credit Suisse
Hey, thanks. Good morning.
John Plant
Good morning.
Christopher Ceraso - Credit Suisse
Just a few items here, on the restructuring that you are expecting for 2009, are you going to go back to the old policy of absorbing that or is that going to be called out?
John Plant
Yes, I think Chris in this time period we are going to call it out, just because it's getting so difficult. Normally, we included it because it was normal times. But now these are not normal times and it's very difficult to focus on what is normal versus the unusual related to these times. So we will be calling it out on a go-forward basis until from this point forward until things get back to normal, we will reassess that.
Christopher Ceraso - Credit Suisse
Okay, you mentioned that the contribution margin on the lost revenue was probably better than we would have expected, I would agree with that. As you look forward, does that get worse because you kind of burn through the temps and you have done some of the cost reduction and you start to run out of things to cut?
John Plant
I do not see why it gets worse, because the profile, the savings that we have done are the same, basically, our view is, it's our response that reflects inline with volume and so when we use contribution that assumes that we are going to flex of all our cost structure clearly materials, labor, (inaudible) and then we are seeking to achieve flex fixed costs as much if not more than the changes, because that's what we have to do. And I think we have done it so far and I do not really see why it should get worst. I'm hoping that with the effects of all of the cost reduction actions which have been taken and of course those which are yet to come, then that should be a good condition for us.
Christopher Ceraso - Credit Suisse
Okay so just to clarify, I think Joe mentioned is his comments that 25% was sort of typical for TRW, are you saying that you will outperform relative to that 25% or you should be able to achieve the 25%?
Joe Cantie
Tough to call, but I would say that as the sales go down, approximately 25% is a good rule of thumb to use and hopefully we can hit that and possibly better.
Christopher Ceraso - Credit Suisse
Okay, can you give us an update on the pension, Joe what's the expectation for the change in expense from '08 to '09 and any funding requirements that you anticipate on a cash basis.
Joe Cantie
Sure, I think overall pension, we continue to be in reasonable and good shape moreso because of the actions that we have taken and when we talk pensions I will include pension and OPEB. And we have taken a lot of actions to minimize that. I think that our funding for 2009 on a pure cash basis will be lower than what it was in 2008. So 2008, we are somewhere around $180 million on the cash funding that should be lower in 2009.
In terms of the P&L, I would expect our net expense to go down, between 2008 and 2009 as well, actually we are in the net income position because of the over-funded UK pension plans. So the net income will increase slightly in 2009 versus 2008.
Christopher Ceraso - Credit Suisse
Even despite what had to have been bad asset performance in '08?
Joe Cantie
Yeah, no question about it, but the way FAS 87, it's the smoothing effect that gets triggered into that Chris. So, what goes to the P&L is buffered. I will say that our UK plan which is the big plan actually had some; I think is decent performance in 2008. The investment returns were down about 10% which are pretty good in this environment.
Christopher Ceraso - Credit Suisse
Yeah okay, thank you very much.
Our next question is from Himanshu Patel with JP Morgan.
Rahul Chadha - JP Morgan Chase
Hi this Rahul Chadha for Himanshu Patel. So I had a couple of questions. First of all, on the federal aid what's your sense on, and in what form is it likely to come through and how confident are you to be a beneficiary of that?
John Plant
You are talking about the federal aid to GM and Chrysler.
Rahul Chadha - JP Morgan Chase
No, the supply of the $18.5 billion talked about.
John Plant
Okay. At this point, we are not clear on whether there will be any federal aid to the supplier industry. I look at the three strands which were suggested by NEMA OSEA to the treasury. The first one was surrounding the US Government providing a guarantee on the payable of the Detroit Three. I think that would be a good thing. I think a lot of the supply bases lost would be able to securitize on those and we, TRW had never taken advantage of our receivable securitization.
So, in one sense, we sort of understand it, but we think it will be a good thing, but mainly because a lot of the supply base lost that to securitize and the general fragility of the overall supply base and therefore the knock-on effect this would be interconnected us. We would think it is a good thing to have that done and also some of our sub-suppliers have probably securitized on previously on those receivables.
And so I think that it's something necessary, but I do not think it provides a real solution, because it just gets the supply industry back to where it was in the summer of 2008 really. And the second item was one of a quick pay, or reducing the terms of, I would say 60 days, plus or minus in terms of the payments from some of the Detroit Three manufacturers.
I think that's a more sensible program and should be looked at seriously. But, again I have no input to whether it's going to happen or not. And finally, I may have seen it, third item is the direct support for some of the supply base. And quite frankly, I just don't see that at all.
I think it's too difficult for the government to manage, and any lead I just don't see being done. So, I think, if there is anything at all, it's going to be done, it would surround the securitization of debt payable, the guarantee on the payable.
And I think, the thing which really under the circumstances is the best route through this is, as the supply base is shrunk, it has to be shrunk, and as the Detroit Three seek to have some of that part tooled to provide guarantees for them of continuity supply, because, clearly some supplier will be making it.
Then for the tooling and the capital needs to be deployed to enable that to be done is I just don't see many suppliers willing to step up and say yes, we will do it. Until they know certainty of outcome regarding the government support.
And secondly, clearly some guarantees around it. So, I think in a circumstances is that the Detroit Three also have to consider stepping up to do some, it helps facilitate some of those things to get ourselves to the other side and the continuity is supply, because clearly the supply base is distressed and we have our supply which are distressed at TRW.
The good news for us is that we never previously had securitized on anything, and so we don't see that as the solution to get it back in the way it looks, we never used it anyway.
Rahul Chadha - JP Morgan Chase
Okay. My second question would be, it seems that there will be some sort of a productions snapback in the second half. So working capital, which seems to be upfront right now, do you expect any significant drain from that in the second half?
And I know you guys took down CapEx, and is there any other lever you guys could pull to sort of help cash flows in the second half if production snaps back.
John Plant
Well, let me deal with capital spending first. Clearly, that's going to be much lower in 2009 than previously envisaged, and that will provide us source of funds to us. Regarding working capital, that is more difficult to call at this point in time.
I mean even despite the fact that we also I think managed our working capital well, I think we do that generally well, we are still disappointed in our inventory levels that we had at the end of 2008, and that's essentially because we had a stream of incoming pods towards us that we had scheduled during let's say October, November and December, and those reports were coming in, and bigger manufacturers both in North America and Europe were cutting their schedules and taking down weeks in quite a violent manner at very short notice, which left us in an over stock position.
And so some of that inventory, I think is going to be unwound during 2009, and so at the moment it's very difficult to really estimate, we know that we will pull on production in the second half. But given the fact I see that we were overstocked in inventory at the end of 2008, I am not willing yet to say that we will require any form of additional inventory to cope with the upswing as we exit 2009. And so I mean I think there's too many variables to be able to call at this point in time.
Joe Cantie
Although, I will just add that we look forward to when that production snaps back and having the problem of worrying about working capital, I think all of us would feel a lot better when that actually does occur.
Rahul Chadha - JP Morgan Chase
Yup, and just short one in the end. Did you guys have any receivables exposure to Saab.
Joe Cantie
Deminimis, as you know Saab doesn't produce a lot of vehicles, clearly immaterial to us.
Rahul Chadha - JP Morgan Chase
All right, thanks guys.
John Plant
Thank you.
Our next question is from Rod Lache with Deutsche Bank.
Rod Lache - Deutsche Bank
Good morning, everyone.
John Plant
Good morning Rod.
Rod Lache - Deutsche Bank
Can you just help us drill into this decremented margin again which looks like around 20% in the quarter, just on the quarter sales changes, what happened in terms of raw materials, restructuring savings and were things like goodwill amortization down significantly, it is a pretty impressive number on its own.
John Plant
Well, thank you for the compliment there, Rod. I think the most important thing is to recognize is that we did flex everything in the company and probably more than that is that we actually started moving, I think really earlier as you know, I think we always have been fairly conscious on cost anyway, but we actually were executing headcount reductions of major significance back in the early October timeframe. And so we didn't tell people what we were going to do, we just did it. And we have taken through successive waves since then. So, I think the flexing that we have done is, which was very speedy and you can see from the results at a very healthy level. Beyond that in terms of goodwill amortization, I will leave that to Joe to cover, I am not clear that was a big thing at all.
Joe Cantie
Rod, in the quarter our amortization, just given all the write-offs, was down about $5 million. So, yes, there was a lower amount of amortization in there, but it was diminimus, 5 million was the number. When I look at being able to hold that margin, again John mentioned flexing everything. When we file our 10-K, you will see that the exact number of heads that we literally reduced by 12/31/08 was about 10,000 for the year, and most of that obviously in the second half, within that number something like 2600 was the salaried. So, we are looking at every cost trying to drive it down as much as we can.
Rod Lache - Deutsche Bank
What would you use as an average cost per person, roughly, when you look at that? Do you have an estimate for 2009?
John Plant
Are you talking about exist cost?
Rod Lache - Deutsche Bank
No, cost savings. Do you have, just based on what you have accomplished looks like towards the end of the year, what would your restructuring cost savings be just based on personnel reduction '09 versus '08?
John Plant
Do you want to give that number, Joe.
Joe Cantie
Well first of all I don't have it off the top of my head, Rod, but typically when we get people out, it's clearly less than a year payback and some of them are real quick. Obviously, as we watch cash here as we take our headcount down we are trying to do the ones that are most economical for us meaning lowest cost as quickly as possible. But again I don't have a number to give you off the top of my head.
John Plant
So I think the thing to look for Rod, is if you look at the headcount reduction compared to the cost restructuring taken. And if you think about also 2009, the cash restructuring that we have contemplated, then I think the scale of the restructuring compared to the cost thereof. And again you can see that we are managing it in a very lean way and also the cash effect thereof. And that's done [vaguely], so we are not going voluntary or anything like this. We have been very targeted, very quick, and really to provide the maximum protection to the company.
Rod Lache - Deutsche Bank
Just looking at some other suppliers who have used numbers like $50,000, [posted] something like that on average, it would be $0.5 billion. So it will be helpful, if I get some color.
John Plant
So maybe we have to get in a follow-up call, but when we move into the staff areas on a average then that must be higher than that.
Rod Lache - Deutsche Bank
Okay. And just lastly, did you have anything on raw materials, your expectations for 2009 versus 2008 and can you also clarify, it looks like your North American sales performance obviously far exceeding what production is doing, and there is a bigger spread between those numbers. So, is there something large or lumpy in those numbers and is that something you expect would continue?
John Plant
First of all let me deal with the production and I will go in reverse order. I mean the difference in the Delta between the production declines and our sales decline was a function of the increase in some modules and so that won't be repeated as we go into 2009. So, it will be more inline with production.
On the first question, which was surrounding, I will say commodities, we haven't called out a number for 2009 in our guidance. The thing I would point you towards is the fact that in the fourth quarter of last year, commodities were declining. As always there is a lag effect, but we are very focused on returning any payments that we have made for increased metals, so as an example, resins or chemicals across the whole part of our supply base to move back to where the relevant industries might be at that time. Some of it will of course will be on the index, some of it won't be, but something which we are extremely focused on, and therefore I expect to see benefits of that and hopefully significant benefits of that as we go into 2009. But again we are not calling that out at this point in time and we're not providing the profit guidance either.
Rod Lache - Deutsche Bank
Okay, thank you.
Our next question is from Patrick Archambault with Goldman Sachs.
Patrick Archambault - Goldman Sachs
Hi good morning.
John Plant
Hi Pat.
Patrick Archambault - Goldman Sachs
Yes, actually just on the raw materials, I am sorry if I missed it, but did you give the Delta for 2008 for the full year and I guess the fourth quarter, If you've got it.
Joe Cantie
Yeah, I mean for the full year, again that will be detailed in our 10-K. But I can give it to you now; we had a hit of about $140 million in 2008 versus 2007. Of course most of that came in the first half, when we looked at the fourth quarter, we still had commodity inflation hit of somewhere around $30 million for us. And again a lot of that occurs because of the deals we would have locked into as we are maneuvering through the increasing commodity inflations owned. So we would expect with commodity inflation coming down dramatically that, that position will improve itself as we go into '09.
Patrick Archambault - Goldman Sachs
Okay and that's net of customer recoveries right.
John Plant
No just calling commodity inflation, as you know we have never called any numbers out for recovery from our customers.
Patrick Archambault - Goldman Sachs
Okay, alright thank you. I just wanted to ask a little bit more about the supply base. Could you give us a sense maybe, how the headwinds in terms of distress have kind of impacted you in '08, help us kind of understand what kind of quantifiable cost headwind that might have been, help us gauge, what might be in store for you in 2009.
John Plant
In 2008, if you look throughout the year, and if you compare 2008 to 2007 and the previous years, I think the overall cost of managing the distress supplier base, we have a similar order. I might pull those numbers, Joe may have them, but I am not quite of fixed on those because they have not been a material item to us. I mean they have been an item but not a material item.
In 2009, it is really difficult to call, I mean when you do not know finally the production when you do not know the government supports to the Detroit Three, when you do not know one of the early question whether the, say whether the Treasury does respond to the first of the NEMA OSEA request of the supply industry which guarantees of the payables from the Detroit Three. I mean when there are so many things that you do not know it is truly difficult to call the stress that will be there on supply base and then the impact upon you.
I mean it's like whatever I say to you, it would be a pure guess I do not think I am willing to do that. What I tell you is we are very clearly focused on it. We have a list of our sub suppliers that are there and where they either are or may become distressed and we are watching it very closely and we are trying to move preemptively to manage that situation. And so I mean even this week I mean tools are being moved to more secure sources of supply just to ensure that we try to minimize the effect of this should the wave of bankruptcies occur, but I just couldn't call it. I mean it's an impossible thing to quantify for you.
Patrick Archambault - Goldman Sachs
I mean one other thing that we've heard is that it's actually somewhat more difficult to monitor things this time around because some of these failures are financially driven. So they are harder to predict. So what I mean is based on their financial relationships rather than necessarily fundamentals, would you characterize that as correct? I mean is that somebody who has a good banking group may actually have much better luck than a comparable company with one that?
John Plant
I'm sure the structure of some of the smaller suppliers, their financing structure on the debt side will matter. Well, I suspect, ultimately it comes down to, does that supplier have the ability to withstand and prosper when things pick up.
But clearly, there will be circumstances, where if their finances are not in any form of secure order, and if a part of the banking group is in banks that may fail. And clearly, there are banking failures going on. So again, I don't really know.
Patrick Archambault - Goldman Sachs
Okay, thanks. And one quick clarification on slide 13, can you just explain what are the customer relationships related charges? That would be helpful.
Joe Cantie
Sure. Yeah, I think when we went through the acquisition with Blackstone back in 2003, and whenever you go through an acquisition, you mark your balance sheet to fair market value. During that process, the accounting rules stated that we had to place a value, an intangible value on what our customer relationships were.
And basically, I always think of it as another form of goodwill, because had we placed a value of zero on that, your goodwill would have been a much bigger number. So, as I say, I always consider a form of goodwill, but literally it was placing a value on our relationships with our customers back then.
Patrick Archambault - Goldman Sachs
Okay, great.
John Plant
That's clearly the difference in many of the other supplier companies, they haven't gone through the M&A activity informing as we did, but I suppose the silver lining in writing that off is that, that has been an amortized charge and different to goodwill, and that amortization amount won't be there in the future. So again I think its cleaning up something which we otherwise call it as goodwill.
Patrick Archambault - Goldman Sachs
Okay, great. Thanks a lot.
John Plant
Thank you.
Joe Cantie
I think we have time for one more.
Our next question comes from Douglas Karson with Banc of America Securities.
Douglas Karson - Banc of America Securities
Hi, guys. Thanks, good morning.
John Plant
Hi, Doug.
Douglas Karson - Banc of America Securities
I had a question about the revolver draw, to what extent you can give us more color on it. Last decision to not draw the entire line, it looks like was almost entirely drawn, and the covenants you said are in compliance right now, but I think most people feel that they will be in jeopardy pretty early on or in an extra quarter or so, have you have any preliminary conversations with the banks or kind of how do you feel, that you are heading into those conversations as many of the suppliers are having similar conversations that's really affecting their bond prices and their equity of course?
John Plant
Well, let me deal with the revolver drawn in the first instance, then I will pass it across to Joe to comment more specifically. I mean the draw essentially was around providing ourselves with I will say some protection during the period we are in right now, which is when we saw General Motors and Chrysler going back to the government, and of course we did not know what they are going to go back with because we are not privy to their plans, and the uncertainty around those plans, and clearly the plans that have been submitted to require additional funding.
And I think that once we know the response of the government to those requests and should we see a positive outcome and we are clearly hoping for a positive outcome, then our current plan would be to pay those drawn funds back. So because we did not need them in the sense to manage the company's cash flows except in the extreme circumstance of something undue happening, as we are very conscious of the February 17, which was this week, in terms of the submission of those plans.
So we are looking forward to a rapid response from the Obama Government, we think a rapid response would be helpful because uncertainty itself is corrosive, it's corrosive to the sales of those vehicle manufactures into the general industry and to the general economy. So, I think swift action by the government will be helpful, and if the responses are positive as we hope and expect that they will be, and as I said, the current plan will be to return those funds. But I mean in terms of anything else I will pass it across to Joe.
Joe Cantie
Some of your more technical questions, I mean we drew down, we were up to about 1.1 billion, we have 1.4 billion revolver. We have some letters of credits out 50 million - 60 million that work against that, Doug. But other than that the remaining is just by the structure of it is ancillary lines out in Europe where we have instant access to, so just for whatever reason we choose not to draw that because we think we can get up really quickly if we needed to.
As far as covenants, as I mentioned, I think we are in a good shape in the near-term, so no we haven't had any discussions yet with our banking group. But you know what, if we need to during the course of 2009, we don't have a liquidity issue or cash issue here in any form. You see that we generated cash in the fourth quarter in 2008, and I think that we will engage with our banks and come up with a fair solution between them and the company. And I don't see it as being a big issue based on all the work and discussions and watching what's happening with the rest of the supply base.
Douglas Karson - Banc of America Securities
Okay, great. Thanks a lot guys.
John Plant
Thank you.
Mark Oswald
Okay, Mandy. That's all the time we have today. So, again I want to thank everybody for calling in, and if there is any questions feel free to reach out. Thank you.
This does conclude today's conference call. We appreciate your participation. You may disconnect at this time.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
If you have any additional questions about our online transcripts, please contact us at: email@example.com. Thank you!


text:
LG's 60-inch THX plasma brings accurate color
Judging from our two previous reviews of THX Display Certified HDTVs, the Panasonic TH-50PX800U and the LG 50PG60, the certification gets at least one thing right: primary and secondary color accuracy. Our recent review of LG's best 60-inch plasma, the 60PG60, finds that those color points are still dang accurate, regardless of size.
The 60-inch LG performed almost the same as its 50-inch brother, and we expect similarities between the 50-inch Panasonic and its 58-inch bro, due to grace our labs soon, according to the company's representatives. We still think LG has some work to do though, especially in the black-level department, but that doesn't stop the 60-inch monster from producing one of the best huge-screen images we've tested this year.
Read the full review of the LG 60PG60… Read more