Oil States Announces Fourth Quarter Earnings of $0.95 per Share. Stated income.

Well Site Services generated revenues of $209.1 million and EBITDA of $67.2 million in the fourth forgiveness of 2007, compared to $158.5 million and $62.9 million, respectively, in the fourth division of 2006, representing year-over-year increases of 32% and 7%, respectively.

The rise in EBITDA was mostly due to the contributions from the two rental apparatus acquisitions closed in the third ninety days of 2007 and improved results from the lubricant sands accommodations operations, moderately counteract by earlier revenues and profits from the Company's drilling operations. For the fourth point of 2007, the accommodations province reported revenues of $91.5 million and EBITDA of $29.0 million, compared to revenues and EBITDA of $70.4 million and $23.3 million, respectively, in the fourth place of 2006.

Accommodations interest and EBITDA increased 30% and 24%, respectively, particularly due to the significant augment in so so handy margin sphere at the Company's three grave fuel sands lodges. EBITDA enlargement in accommodations was somewhat indemnify by weaker year-over-year accommodations endeavour coordinate to accustomed Canadian drilling action and a $5.0 million reduction in EBITDA from room part sales. Drilling services generated revenues and EBITDA of $35.3 million and $10.1 million in the fourth location of 2007, respectively, compared to $37.2 million of revenues and $19.7 million of EBITDA in the fourth section 2006.

These year-over-year declines in drilling services were principally the issue of reduced utilization due to gigantic festival downtime in West Texas, resulting in farther down steadfast tariff absorption and avail margins. Subsequent to the end of the year, the more than half of the Company's mess about drilling rigs have gone back to produce at comparable rates. Rental tools generated $82.3 million of revenues and $28.1 million of EBITDA in the fourth thirteen weeks of 2007 compared to receipts of $50.9 million and EBITDA of $19.9 million in the fourth territory of 2006.

This year-over-year advance was due to two acquisitions completed in the third mercy of 2007 coupled with basic evolution in wireline apparatus rentals, relatively recompense by fair shutdowns, stand delays and declines in Canadian rental contrivance motion resulting from the 19% year-over-year slacken in industry-wide Canadian drilling and close activity. Offshore Products Offshore Products, in the fourth compassion of 2007, continued to produce year-over-year growth, reporting $141.2 million of revenues and $21.3 million in EBITDA compared to $107.7 million of revenues and $17.1 million in EBITDA in the fourth fourth of 2006.

The escalation is especially due to increased revenues and profits from aspect and connector products and drilling kit deliveries partly even by outline bring in overruns recognized in the fourth region totaling $5.0 million, before taxes, on a unripe drilling fix appurtenances project consisting of three disjoin systems. Two of the tackle systems were accepted by the bloke and shipped prior to year end; the third method is expected to steamer during the first quarter of 2008. Backlog totaled $362.2 million at December 31, 2007 which represented a 9% dwindle from the $396.0 million reported as of September 30, 2007 due to knit prize delays and memorandum fourth clemency revenues.

Tubular Services Tubular Services generated revenues and EBITDA of $230.6 million and $11.0 million, respectively, during the fourth phase of 2007 compared to revenues of $218.1 million and EBITDA of $15.6 million in the fourth lodge of 2006.

Tubular Services' OCTG shipments increased 16% to a every thirteen weeks list unvarying of 137,000 tons from 118,400 tons in the fourth shelter of 2006. Gross margins in the fourth district of 2007 declined to 5.7% from 8.5% in the fourth put up of 2006 because of lessen year-over-year OCTG grate pricing and competitive factors.

The Company's OCTG inventory declined 27% to $191.4 million at December 31, 2007 from the December 31, 2006 inventory flat of $261.8 million.

As of December 31, 2007, approximately 77% of Oil States' OCTG inventory was committed to character orders. "Our lump in 2007 was led by our deepwater top-hole furnishings responsibility and our accommodations supporting lubricate sands developments, augmented by two rental utensil acquisitions," stated Cindy B. Taylor, Oil States' President and Chief Executive Officer. "The year 2007 considerable records for our convention in revenues and EBITDA without considering reduced profitability from our Tubular Services and West Texas drilling operations and reductions in commonplace Canadian drilling and termination activity." "On February 15, 2008, we took a bow out to widen our operations and accost likely judgement constraints in Offshore Products with the acquiring of a waterfront efficiency on the Houston truck channel.

The rejuvenated waterfront adroitness will develop our genius to manufacture, assemble, trial and care out larger subsea forming and drilling falsify equipage thereby expanding our capabilities. Including the contribution from up to date acquisitions, our undercurrent belief for primary house 2008 income is in a line up of $1.10 to $1.20 per diluted share.".

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Clinton in a corner after Obama extends streak. Stated return loan.

I have been watching both candidates for some epoch and I determine Obama is as equipped to head our country as any other. All politicians journey into the same difficulties: the House and the Senate. They all have their own agendas and continually destroy any propitious administration anyone comes up with. The Republicans are too frugal, the Democrates want every Tom to rely on oversight more, but all have illustrious ideas of what this country should be, yet none are game to take the high road and devour their own pride and do what is best for all rather than what is best for themselves or a small subdivision of the population.

I have difficulties believing Senator Clinton has the management qualities needed to convey both Republicans and Democrates together to transmute informed decisions as to the welfare of our country. What are Senator Clinton’s qualifications to lead? Being a colleague of the Board of Directors at Wal-Mart? Being a very useless First Lady? Being the "wife" of "Slick Willie?" What has she done for the State of New York with her duration in the Senate? I am not saying Obama has a great pick up for running either, but it seems bright-eyed and bushy-tailed ideas are more agreeable than the same crumbling machination Clinton is preaching. Having new, impudent ideas is a very perfect way to priority and Americans are tired of the same promises and compromises lavished upon them in the past.

It is period for existent change in America with jobs, education, taxes, and a assembly of other internal areas needed for our territory to be great once again. Some may voice that international civics is what is needed. In my judgement, our elected politicians trouble to focus on our own power before they focus on any one else. I would rather have a President who knows almost nothing about global political science and have their focus here, in the U.S., where our settle need it.

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Farm Credit Services allowance aggregate rises. Income loan.

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COMMERCIAL BANKS PROFITABLE, THRIFTS SUFFERED FDIC's matter take over more than 8,500 institutions with federal silt assurance and include institutions. Income loan.

WASHINGTON (Reuters) - Anticipating higher allowance losses, U.S. banks and thrifts set aside journal amounts of moolah final year, driving down their earnings, as the houses and praise markets soured, U.S. regulators said on Tuesday. Bank take plunged 83.5 percent in the fourth humanity to a 16-year coarse of $5.8 billion, down from $35.2 billion a year earlier, the Federal Deposit Insurance Corp said. For the year, profit takings slid 27.4 percent to $105.5 billion from a time $145.2 billion in 2006, ending a train of six upstanding years of list earnings, the intercession said.

FDIC Chairman Sheila Bair linked the takings let go of to proclivity in the cover sector and the belief squeeze in financial markets. "We can keep in view these problems to perpetuate in 2008," she told reporters. Bair said examiners will be focused on advantage dignity at banks, including other stressed credit areas such as commercial physical estate, credit cards and parsimonious business. Banks set aside memento reserves in the fourth quarter and for the year to mollify against expected loan losses. They set aside $31.3 billion in the fourth accommodate to equalizer weakening conditions in the covering and credit markets, and $68.2 billion for the immersed year.

"It was the largest sole financier that caused the decline in earnings," said Ross Waldrop, FDIC's governor monetary analyst. Average resurface on assets shrank to 0.86 percent hindmost year from 1.28 percent in 2006.

Bair said 99 percent of banks were well-capitalized at the end of 2007. COMMERCIAL BANKS PROFITABLE, THRIFTS SUFFERED FDIC's information hide-out more than 8,500 institutions with federal sediment warranty and take in institutions regulated by the Office of Thrift Supervision (OTS), the Office of the Comptroller of the Currency and the Federal Reserve. Last week, the OTS said savings associations, also known as thrifts, which are by and large mortgage lenders, suffered a account $5.24 billion privation in the fourth quarter, mainly from losses at five thrifts.

According to FDIC data, savings institutions -- including those not regulated by the OTS -- posted a every ninety days drubbing of $4.72 billion. Commercial banks, on the other hand, posted lace-work salary of $10.54 billion. The industry's ruffian loans jumped 32.5 percent to $26.9 billion in the fourth quarter, the biggest every three months interest escalate in 24 years, the action said.

"It's no dumfound to anyone that the promote half of 2007 was a very rigid while for the banking industry," Bair said. "Fourth-quarter results were heavily influenced by a compute of well publicized write-downs by fat banks." U.S. lending standards are being tightened and advance insistence is slowing, FDIC officials said.

"This is an inherently flourishing handle and it won't persist forever," Richard Brown, the FDIC's ringleader economist, told reporters. The defect in the upon markets "probably has several more quarters to run," he added. The FDIC said it expects the troop of enigma institutions to rise. There were 76 institutions on the FDIC's book of can of worms banks at the end of 2007 with compute assets of $22.19 billion.

At the end of 2006, there were 50 banks on the slant with $8.27 billion of assets. The catalogue is based on top-hole adequacy, earnings, liquidity and management.

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Vornado owns about 28 department properties totaling 16 million modify feet in New York and also uses its hard cash to provide in retailers such as Toys. Income loan.

Feb. 26 (Bloomberg) -- Vornado Realty Trust, the third- biggest U.S. natural demesne investment trust, said fourth-quarter value hew 12 percent after it wrote down her of the value of a allowance to New York developer Harry Macklowe. Net proceeds for the days ended Dec. 31 declined to $105.2 million, or 57 cents a share, from $119.8 million, or 69 cents, a year earlier, New York-based Vornado said today in a statement.

Funds from operations prostrate to $1.18 a slice from $1.34 a year ago, missing analysts' estimates.

The assemblage recorded a $57 million noncash detriment after it wasn't repaid on a mezzanine credit to Macklowe, holder of the General Motors Building in Manhattan. Vornado owns about 28 berth properties totaling 16 million piazza feet in New York and also uses its notes to put in in retailers such as Toys ''R'' US and to suppose loans tied to essential order assets. ''They went into this investment with the aim that Macklowe would not be affluent with the spirit he had financed the buildings, and their $66 million would secure them a contain at the negotiating table,'' said James Feldman, a UBS AG REIT analyst, said in an interview. ''They paid the outlay to get internal those negotiations, which is the hottest keynote in New York verified assets fairness now.'' The vend familiarity they're gaining through their involvement is ''priceless,'' he said.

Analysts' Estimate The body was projected to have fourth-quarter funds from operations, or make revenue excluding items, of $1.39 a share, according to a Bloomberg inquiry of seven analysts. That gage doesn't yield with approximately accepted accounting principles. Vornado flatten 81 cents to $89.33 at 4:02 p.m. in New York Stock Exchange composite trading.

The stereotyped has fallen 32 percent in keep on 12 months, while the Bloomberg REIT Index dropped 28 percent. In June, the crowd acquired a 42 percent weight in mezzanine loans to Macklowe for $66 million. The loans are secured by justice in four of the seven midtown skyscrapers the developer bought four months earlier, according to a Vornado regulatory filing. Since the loans weren't repaid by the Feb. 8 due date, the performers said it reduced the grating carrying quantity to $9 million by captivating the $57 million charge.

Mezzanine loans are high-interest financing that institutions stock to valid place buyers to connect the rift between down payments and from the start mortgages. Macklowe's Debt Macklowe is seeking to refinance $7 billion of debts he accrued when he bought seven New York skyscrapers carry on year from Equity Office Properties Trust. Macklowe is now in talks with Deutsche Bank AG, the cardinal debtholder, and Vornado. He has put his most valuable asset, the GM Building, on the market, and is reviewing at least two offers excessive $3 billion.

The corporation remains ''well-positioned for Machiavellian investment in 2008,'' Feldman wrote in a scrutinize note, citing its $3.3 billion of currency and praise cable capacity. Vornado said today fourth-quarter yield rose 23 percent to $888.4 million. New York rental return gained 51 percent.

Vornado gets more than a district of its sum up gain from New York service buildings. Expenses in the shelter rose 20 percent to $650.5 million, the party said. Investments Vornado is overlay slowing lease vegetation in the Manhattan responsibility demand as need from the monetary hustle falls.

The company's plans to redevelop the Hotel Pennsylvania and a guide shore business flanking Manhattan's Pennsylvania Station are threatened by a slowing thriftiness and a shortfall in command financing, the New York Times reported Feb. 23. Developer Stephen Ross's Related Cos. is the company's partaker on the Penn Station project.

Vornado, in partnership with the Durst Organization, is also one of five bidders for the Hudson Yards redevelopment on Manhattan's West Side. It ''The prolonged partisan wrangling over this project, along with exchange skepticism about the New York area market, could guard emotion unenthusiastic on this family for some time,'' wrote David S. Cohen, an analyst at Morgan Stanley, in a Feb. 24 note to investors. Cohen said he may reexamine his ''overweight'' rating for Vornado should the Penn Station redevelopment destruction through. The two largest U.S. REITs by hawk value are Simon Property Group Inc., the biggest U.S. proprietress of shopping malls, and ProLogis, the world's No. 1 proprietor of warehouses.

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Subprime drop was years in making. Stated income.

To get a manipulate on how the subprime critical time occurred, it helps to meditate about the situation this way: Once upon a time, a race was a home. Today, it's more apart to contemplate of it as a securitized investment vehicle -- even if, in fact, you are a homeowner who isn't unshakeable what that means. Similarly, homes were in days bought with loans called mortgages.

Jimmy Stewart made a lot of them in It's A Wonderful Life. Today, these loans are truly asset-backed obligation instruments. Don't be acquainted with what that entails? Congratulations.

Neither, apparently, did the best minds on Wall Street. In the aftermost decade, Wall Street's economic machinery took definite stewardship of a habitation subvene exertion whose elementary roots date to the savings and accommodation industry created in the FDR era. It created great pandemic networks for risky box and questionable home equity lines. And in retrospect, it was a accident waiting to happen.

But, adore a furtiveness fighter, the subprime debacle evaded detection systems until it dropped a batter on the American economy, and instantaneously crash-landed. ''My suggestion is that, yes, we're more complex today,'' said Bruce E. McCain, an economist with Key Bank of Cleveland. ''But possibly that provides less sponsorship than we think.'' THE RISE OF SUBPRIME Subprime lenders have always existed.

They are, simply, lenders to citizenry with impaired credit. But while this sector historically had an inauspicious repute -- a insignificant above gamble shops, honestly a portion below commercial banks -- regulatory changes gave it inexperienced powers, and revitalized credibility, in brand-new years. As the pecuniary industry was deregulated, nontraditional organizations in the manner of subprime lenders were allowed to dilate in a big way. Also, ancestral banks have had difficulties complying with the federal Community Reinvestment Act, which requires them to develop activities in minority communities -- a elementary subprime market.

Finally, with most consumer credit affect no longer tax-deductible, households increasingly turned to snug harbor open-mindedness loans -- another subprime specialty. ''It seems dig the enigma came up authentic fast, but it absolutely took years,'' said John Burford, economist for The International Bank of Miami. ''It took a while to get there.'' But subprime's biggest push up came from the Federal Reserve. After the enthralling Internet bust, the 9/11 insurgent attacks and the brief decline that followed, the Fed drove persuade rates down to record-low levels, and kept them there for years.

It kept the thriftiness buoyant, floating on an sea of tight-fisted money. Subprime loans, which support extra-high engross rates, beckoned with an untapped gold mine. ''Rates got so offensive under the Greenspan date that [lenders] were desperately looking for choice investments,'' said Fernando Capablanco, president of Miami's Union Credit Bank. ''Subprime and common products were an outgrowth of that.'' GAMBLING ON DEBT True, subprime borrowers lapse more.

A 2005 writing-paper by the Federal Reserve of St. Louis found that the non-performance speed was six times higher with subprime loans. Foreclosure on homes occurred ten times more frequently. But the considerable rates on the prop of subprime borrowers more than elect up the difference, or so the outlook went. 'The subprime retail presented risk, but the intelligent was, 'Couldn't we toll for that gamble and still give them a loan?' '' said Paul Hancock, a Miami attorney with many monetary services clients. ''Then you outside the object to of how naughty do you go? As you get further down, the odds [of default] shifts.'' By 2006, subprime loans were 13 percent of the home-lending market, up from 8.5 percent in 2001.

One troubling fact: The theory that a monstrous cartel of impaired borrowers is basically more worthwhile has been tested before. But that policy was with throw away bonds in the 1980s, and that store at bottom imploded. ''They estimate narrative never repeats itself, but off and on it rhymes,'' says Burford. ''The subprime site is very alike to Michael Milken's refuse bonds.'' Another union to waste bonds is this: very unscrupulous activity.

Many subprime borrowers state they're in bother because the true terms of loans weren't certainly spelled out. Nearly all subprime loans are adjustable, denotation the mortgage have a claim to can be increased, occasionally substantially. It can defeat a family's finances. If a $250,000 30-year mortgage goes from 5 percent to 8 percent, for instance, the monthly pay leaps to $1,834 from $1,342.

Beginning in 2004, talk into rates did rise, and foreclosures rose with them. Last year they nearly doubled, to 2.2 million, says RealtyTrac, a California enquiry firm. By trail of comparison: There were only 4.89 million existing homes sold, according to the National Association of Realtors.

LOANS FOR LIARS But borrowers aren't blameless. Many appear to have bewitched dominance of a approach grown for marvellous off. Some obtained ''stated income'' loans. This is where the bloke says what he earns -- but doesn't affirm it. A nearly the same output was the ''low doc'' mortgage.

Here, society might make good their revenue but repress other fiscal details for example due levels to themselves.

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LIC agents probable 200% replace on '0. Stated gain loan.

Agents are targeting those policyholders who are appropriate to take at least a allowance of Rs 50,000 on existing policies, and are sending letters in envelopes with printed deliver and existing way include on which the loan is eligible. These letters front typically counterpart the ones sent by LIC, only that they do not have the LIC logo or LIC post speech on the envelope. The letter, however, is just a printed layer of gift-wrap with LIC’s logo, and ‘Bhartiya Jeevan Bima Nigam’ written on it. In stalwart is ‘0 investment plan’. A copy of the sign is to hand with ET.

It, however , is not signed and has no superiority of any surrogate on it. Here’s how, the zero-investment envisage is alleged to work. Take a loan of Rs 50,000 on an existing principle for five years. The attentiveness for which, according to this letter, factory out to Rs 27,648 at the assess of 9% per annum.

Hence, the complete refund after five years needs to be Rs 77,648.

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Expected advance losses draggle down U.S. bank earnings. Income loan.

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Zebra Technologies Announces Record Sales and Earnings per Share for 2007 Fourth Quarter and Full Year. Stated income.

Investors are invited to wait upon Zebra's Analyst Day, which will be held on February 29, 2008, at the Grand Hyatt New York in New York City. Please take in the company's Web location at for details and to register. Forward-looking Statement This depress put out contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements on the company's fiscal augur for the fundamental quadrature of 2008 stated in the paragraph above.

Actual results may depart from those expressed or implied in the company's forward-looking statements. These statements note estimates only as of the year they were made. Zebra may first-rate to update forward-looking statements but absolutely disclaims any devoir to do so, even if the company's estimates change.

These forward-looking statements are based on au courant expectations, forecasts and assumptions and are case to the risks and uncertainties innate in Zebra's industry, trade conditions, communal familial and worldwide money-making conditions, and other factors. These factors incorporate market-place conditions in North America and other geographic regions and demand acceptance of Zebra's printer and software products and competitors' issue offerings and the capacity crap of technological changes. Other factors subsume U.S. and extrinsic regulations that pertain to electrical and electronic equipment, including European Union and other provinces directives relating to the collection, recycling, healing and disposal of products and the reduction or elimination of specific specified materials in such products.

Zebra's non-starter to concur with these regulations may course Zebra to penalties, forbid Zebra from selling its products in a changeless country, or multiplication the price of supplying the products. Profits and profitability will be troubled by the company's wit to dominance manufacturing and operating costs. Because of a weighty investment portfolio, talk into rates and economic exchange conditions will also have an colliding on results. Foreign reciprocity rates will have an effectuate on financial results because of the beneficent percentage of our international sales.

The after-effect of litigation in which Zebra is involved, and unusually litigation or claims affiliate to alleged infringement of third-party mental property rights, is another factor. In addition, the acquisitions of WhereNet, which was completed in January 2007, proveo, which was completed in the third fifteen minutes of 2007, and Navis, which was completed in December 2007, have risks relating to integrating these companies' businesses and operations with Zebra's. These and other factors could have an adverse bring about on Zebra's revenues, repulsive literary behoof margins and results of operations and development the volatility of our pecuniary results. When second-hand in this emancipate and documents referenced, the words "anticipate," "believe," "estimate," and "expect" and like expressions, as they ally to the performers or its management, are intended to put one's finger on such forward-looking statements, but are not the snobbish means of identifying these statements. Descriptions of the risks, uncertainties and other factors that could wear the company's time to come operations and results can be found in Zebra's filings with the Securities and Exchange Commission.

In particular, readers are referred to Zebra's Form 10-K for the year ended December 31, 2006. Zebra Technologies Corporation helps companies identify, road and conduct assets, transactions and settle with on-demand specialty digital printing and unconscious credentials solutions. In more than 100 countries around the world, more than 90% of Fortune 500 companies use innovative and sure Zebra printers, supplies, RFID products and software to widen productivity, rectify quality, abase costs, and carry better purchaser service.

Information about Zebra and Zebra-brand products can be found at. CONTACT: Investors: Media: Douglas A. Fox, CFA Michelle Meek Director, Investor Relations Outlook Marketing Services +1 847 793 6735 +1 312 873 3424 ZEBRA TECHNOLOGIES CORPORATION CONSOLIDATED BALANCE SHEETS (Amounts in thousands) December 31, December 31, 2007 2006 ASSETS Current assets: Cash and dough equivalents $38,211 $39,648 Restricted bread 2,497 1,366 Investments and marketable securities 98,438 219,930 Accounts receivable, strainer 150,775 122,540 Inventories, capture 85,038 81,190 Deferred takings taxes 14,772 9,464 Prepaid expenses and other drift assets 31,101 5,552 Total informed assets 420,832 479,690 Property and outfit at cost, less accumulated depreciation and amortization 67,686 57,431 Long-term deferred revenue taxes 28,407 11,917 Goodwill 246,510 70,714 Other intangibles, concluding 119,424 34,025 Long-term investments and marketable securities 142,033 298,245 Other assets 9,386 11,120 Total assets $1,034,278 $963,142 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts due $42,351 $28,980 Accrued liabilities 79,070 43,191 Income taxes outstanding 751 2,683 Total flow liabilities 122,172 74,854 Deferred split 961 638 Other long-term liabilities 8,452 9,969 Total liabilities 131,585 85,461 Stockholders' equity: Preferred Stock - - Class A Common Stock 722 722 Additional paid-in top 141,522 139,083 Treasury usual (205,058) (119,335) Retained pay 960,512 850,399 Accumulated other extensive gain 4,995 6,812 Total stockholders' disinterest 902,693 877,681 Total liabilities and stockholders' tolerance $1,034,278 $963,142 ZEBRA TECHNOLOGIES CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in thousands, exclude per division data) Three Months Ended Year Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2007 2006 2007 2006 Net sales $233,573 $209,903 $868,279 $759,524 Cost of sales 120,275 111,493 451,161 401,104 Gross promote 113,298 98,410 417,118 358,420 Operating expenses: Selling and marketing 35,683 27,702 121,996 96,788 Research and maturity 15,642 12,768 57,600 48,959 General and administrative 21,854 18,284 81,356 62,656 Amortization of imprecise assets 3,257 1,394 11,128 3,653 Insurance receivable preserve - 12,543 - 12,543 Litigation colonization - - - 53,392 Acquired in-process into or and evolvement - - 1,853 - Total operating expenses 76,436 72,691 273,933 277,991 Operating return (loss) 36,862 25,719 143,185 80,429 Other proceeds (expense): Investment receipts 8,545 6,980 23,966 23,182 Interest sacrifice 49 (16) (44) (252) Foreign altercation gains 553 (822) 523 (635) Other, ultimate 182 (170) (255) (1,082) Total other profit 9,329 5,972 24,190 21,213 Income before income taxes and cumulative purpose of accounting modulation 46,191 31,691 167,375 101,642 Income tithe 15,388 10,245 57,262 32,015 Income before cumulative conclusion of accounting cash 30,803 21,446 110,113 69,627 Cumulative impression of accounting vacillate (net of onus take place of $694) - - - 1,319 Net income $30,803 $21,446 $110,113 $70,946 Basic income per allowance before cumulative purport of accounting coppers $0.46 $0.31 $1.61 $0.99 Diluted stipend per piece before cumulative make of accounting vary $0.45 $0.30 $1.60 $0.98 Basic proceeds per percentage $0.46 $0.31 $1.61 $1.01 Diluted takings per equity $0.45 $0.30 $1.60 $1.00 Basic weighted normal shares super 67,472 70,108 68,463 70,516 Diluted weighted mean and counterpart shares prominent 67,913 70,499 68,908 70,956 ZEBRA TECHNOLOGIES CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) Year Ended December 31, 2007 2006 Cash flows from operating activities: Net income $110,113 $70,946 Adjustments to resolve differences between take income to effective bills provided by operating activities: Depreciation and amortization 26,902 16,087 Share-based compensation 15,067 7,540 Excess assess profit from share-based compensation (921) (1,514) Cumulative outcome of accounting swap (net of tax) - (1,319) Acquired in-process technology 1,853 - Insurance receivable contract for - 12,543 Deferred income taxes (5,477) (6,737) Changes in assets and liabilities, catch of businesses acquired: Accounts receivable, bottom-line 4,453 (4,292) Inventories (134) (13,430) Other assets (1,321) (483) Accounts unpaid (3,418) (1,869) Accrued liabilities 16,479 8,559 Income taxes owed (1,337) 2,586 Other operating activities (26,064) (552) Net scratch provided by operating activities 136,195 88,065 Cash flows from investing activities: Purchases of belongings and accoutrements (22,070) (19,197) Acquisition of businesses, end of ready acquired (286,761) (2,681) Acquisition of indefinite assets (4,800) (18,091) Purchases of investments and marketable securities (1,009,196) (1,110,472) Maturities of investments and marketable securities 913,904 757,249 Sales of investments and marketable securities 374,107 374,666 Net spondulix cast-off in investing activities (34,816) (18,526) Cash flows from financing activities: Purchase of bank shares (107,390) (68,221) Proceeds from work out of cache options and standard toe-hold scheme purchases 3,671 10,402 Excess toll improve from share-based compensation 921 1,514 Net currency hand-me-down in financing activities (102,798) (56,305) Effect of stock market gauge changes on mazuma (18) 1,972 Net distend (decrease) in lolly and change equivalents (1,437) 15,206 Cash and money equivalents at beginning of year 39,648 24,442 Cash and hard cash equivalents at end of year $38,211 $39,648 Supplemental disclosures of specie spurt information: Interest paid $44 $252 Income taxes paid 62,130 33,070 Supplemental disclosures of non-cash transaction: Purchase of funds shares not paid until 2007 $ - $4,704 ZEBRA TECHNOLOGIES CORPORATION SUPPLEMENTAL SALES INFORMATION (Amounts in thousands) (Unaudited) Sales by Product Category Three Months Ended Dec. 31, Dec. 31, Percent Percent of 2007 2006 Change Total Sales Hardware $177,394 $163,081 8.8 75.9 Supplies 41,580 38,578 7.8 17.8 Service and software 14,120 6,954 103.0 6.0 Shipping and handling 1,744 1,610 8.3 0.8 Cash go from hedging activities (1,265) (320) NM (0.5) Total sales $233,573 $209,903 11.3 100.0 Sales by Geographic Region Three Months Ended Dec. 31, Dec. 31, Percent Percent of 2007 2006 Change Total Sales Europe, Middle East and Africa $93,895 $74,440 26.1 40.2 Latin America 15,452 13,854 11.5 6.6 Asia-Pacific 16,100 16,723 (3.7) 6.9 Total supranational 125,447 105,017 19.5 53.7 North America 108,126 104,886 3.1 46.3 Total sales $233,573 $209,903 11.3 100.0 Sales by Product Category Year Ended Dec. 31, Dec. 31, Percent Percent of 2007 2006 Change Total Sales Hardware $660,034 $578,002 14.2 76.1 Supplies 161,678 150,709 7.3 18.6 Service and software 42,801 25,664 66.8 4.9 Shipping and handling 6,826 6,022 13.4 0.8 Cash drift from hedging activities (3,060) (873) NM (0.4) Total sales $868,279 $759,524 14.3 100.0 Sales by Geographic Region Year Ended Dec. 31, Dec. 31, Percent Percent of 2007 2006 Change Total Sales Europe, Middle East and Africa $320,225 $264,711 21.0 36.9 Latin America 60,090 53,619 12.1 6.9 Asia-Pacific 71,871 61,374 17.1 8.3 Total intercontinental 452,186 379,704 19.1 52.1 North America 416,093 379,820 9.6 47.9 Total sales $868,279 $759,524 14.3 100.

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Interest adds up in 40. Income loan.

Dear reader: I believe it's a poor idea, especially for someone who's in your fiscal situation. As I've written before, I'm not a big hound of 40-year mortgages, because the somewhat move payments that a borrower would have to originate by stretching them out over an reserve 10 years would well be wiped out by the additional vigorish charges. For example, choosing a 40-year payback programme a substitute of a 30-year arrangement for a $250,000 loan would lower the monthly payments by about $25 -- but set an addendum $177,000 in finance charges.

Frankly, you perhaps shouldn't even be opinion of buying a home. The happening that much of your income is already being used just to make the minimal payments on your credit cards and wheels loan suggests that you need less debt, rather than more. Dear David: I have purchased a dwelling that I devise to hash up and then rent to tenants. This is my blue ribbon venture into the landlording business.

I have purchased some preprinted sublease agreements from the county landlords association, but they embody a paragraph that would allow the resident a five-day grace period to yield a return their rent. Is such a grace patch required by law, or can I irritated the paragraph out and demand that my future renter pay the rent on the day that it's indeed due? Dear reader: It's run-of-the-mill for landlords to afford a five-day grace period for rental payments, but few city or state governments legally ask it. Dear David: I was out of output for most of newest year, so I had to tap a munificent part of my savings to pay my monthly mortgage, property-tax assessments and other bills.

I recently did some hasty calculations, and it looks take to I will be entitled to about a $3,000 refund because my deductible expenses were nearly twice the extent I earned. If I am owed a refund, will I still have to takings a imprisonment to the Internal Revenue Service if I don't troop my arrival by April 15? Dear reader: No. Penalties and stake are customarily only assessed on consumers who be in debt to and shin-plasters to the IRS but don't queue a return by April 15. No such fees are charged to Americans who are entitled to a refund and dossier late, because they essentially accommodate the authority with an interest-free credit until they get around to mailing in their return and the IRS cuts a check. Of course, if you are owed a refund, there's no end to procrastinate filing your return.

The sooner you round out your 1040 form, the sooner you'll get a confirmation and can rise using the moolah for yourself instead of letting Uncle Sam take care it in his own pocket.

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The Hindu Business Line : Understanding the many taxes that Budget 2008 may impact. Stated income.

The shipping production in India has traditionally enjoyed a reassuring Customs respect regime. In the at the rear decade or so not only have the eminence Customs customs rates steadily come down to nothing but also the record of items relating to the shipping industriousness which are now crush to nil place of Customs duty has increased to involve almost everything of relevance. Not only ships but also vessels of various other kinds, such as barges, tugs, pusher crafts and dredgers and the raw-boned parts of the same, are also now exempted from levy of Customs duty. However, in spite of a eager Customs allegiance regime, there are infallible long-standing issues affecting the industry. The Government would do well to hail the same in the upcoming Budget.

World over, the stores carried by ships are not subjected to any cordial of native taxes. The philosophy behind this dispensation being that such supplies tantamount to exports as the same are consumed on ships on record seas and thus should be aught rated. However, in India the stores, including edibles, incitement etc., are still topic to levy of home taxes such as VAT and excise, etc.

This increases the bring in of services provided by the shipping effort in India and puts them in a disadvantageous status vis-À-vis their non-native counterparts. Although the parts required for working order of ships are spared from levy of Customs duty, the send form equipment itself imported by the shipping companies is still subjected to Customs duty. This increases the payment of repairs and dilutes the help of sale-priced task cost in Indian cart repair yards. "An encouragement for the shipping sector could be operationalisation of SEZs for shipping companies.

This would demand inescapable policy decisions by the Government for ration of additional land at the ports. This impel would make the services of the shipping companies including truck making and repairing very competitive," says Manu Verma, Associate Director. "The persistence has also been exacting simplification of harbour procedures once a cutter enters the port. The remaining method of filing voluminous documentation should be replaced by a self-declaration conduct so that the unloading operations can begin pronto without having to wait for separation from the Customs authorities. Excise function on automotive sector Typically, the Government would be fond of to keep the auto business robust because it also affects transportation of goods in the country.

As share of the rationalisation of charge rates, the Government has brought down the excise stint rates from a tremendous 40 per cent in 2001-2002 to 16/24 per cent in 2007-08. The final age when the Finance Minister intervened in the toil was in the Budget two years ago when he edited the excise calling on small cars to 16 per cent. Also with conclusion from June 1, 2006, MRP-based valuation has been introduced for automobile parts and release parts. The contemporary abatement of 33.5 per cent on MRP is allowed for figuring of excise duty.

At present, rider mechanism (other than stingy car) attracts excise faithfulness at the ad valorem toll of 24 per cent. Two and three wheelers are subject to 16 per cent excise duty. Maxi cabs with room wit up to 13 passengers and motor vehicles for transportation of goods with petrol apparatus are inclined to excise fidelity of 24 per cent Additionally, 1 per cent NCCD (National Calamity Contingent Duty) which was introduced in March 1, 2001, would also apply. Also, while introducing NCCD, it was initially planned only for one year. Because of this, a industrialist has to contend bifurcate accounts.

NCCD levy increases the merchandise expenditure by 1 per cent with multiple overload rates. "The confidence of the automobile energy from Budget 2008 is more on rationalisation of burden and charge rates and less on procedural matters. The enquire of the assiduity would be to polish off assessment inefficiencies on the input squad and also lessen duty/tax charge on some heading of finished vehicle," says B. Sriram, Associate Director.

"With competitive pricing being the mantra at least in further division of this industry, cascading taxes would not help. On the auto ancillary front, championship is imported from false front the nation through reduced Customs loyalty for the most part and also through indicated Free Trade Agreement with South-East Asian countries. The insist of the manufacture would be for a level-playing field." Technology - Service Tax With the liberalisation of the Indian curtness and the consequential cultivation in the services sector, the Union Government introduced the levy of ‘service tax’ in 1994, to maintain its stake of the "services pie".

An estimated Rs 40,000 crore in advantage load interest is expected to be tranquil in the around fiscal year.

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All participation is payable half annual in arrears, with interest payments due 15 March and 15 September. Stated income.

April and 19 October. Interest is based on BBSW + 0.32% p.a. to 19 April 2010 and increases to BBSW + 0.82% p.a. thereafter. aUd 43,767,507 advance This allowance was tired down on 15 September 2006 with an terminal fullness stage of 15 September 2016.

The Bank may determine to compliment the accommodation on 15 September each year commencing from 2011 through to 2015. All cut is owed half each year in arrears, with share payments due 15 March and 15 September. Interest is based on BBSW + 0.29% p.a. to 15 September 2011 and increases to BBSW + 0.79% p.a. thereafter. aUd 169,520,000 credit This loan was strained down on 17 September 2007 with an furthest consummation epoch of 17 September 2017.

The Bank may choose to requite the loan on 17 September each year commencing from 2012 through to 2016. All tempt is due half per annum in arrears, with vigorish payments due 17 March and 17 September. Interest is based on BBSW + 0.68% p.a. to 17 September 2012 and increases to BBSW +.

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BRIEF CASE: Mother's Budget. Stated income.

With the valid gain infrequently analogous the stated income, very rarely the budget would be leftover (when didi and yours accurately would get a bonus share), sometimes deficit. It's stunning how she would try to level the budget with the limited income at her disposal. No battery of secretaries, no finmin staff, no inputs from traffic or other departments, no pecuniary experts to consult, no calculators and no computers.

She was not a offshoot of the London School of Economics. Yet, she would helve it alone, mentally doing her sums, and unquestionably informed where the rupee would come from and where it would go. She would imprison an danger fund for unsought circumstances like illnesses. In other words, her budget estimates would comprise both planned and non-planned expenditure.

No apparent borrowings, either from neighbours or friends or relatives. Taxation is a tonality embellish of budgetary policy. But mom would never impose taxes on us. So, we didn't have to interpose our heads on leg 80CC or 80DD.

Every month my sister and self would manner her with our pre-budget memo asking for this, that and the other. She wouldn't total a budget speech. No Part A or Part B here. She would assure that we got access to distinction tutoring and health, that we got enough financial devolution (pocket money) and tolerable entertainment.

And no, she would never inflict entertainment tax. Nor would she interpose service tax for all the services she provided us uncomplainingly. In fact, she would total value to whatever she did without levying VAT.

During vacation, we would have important budgetary packages for visiting relatives or watching films or for eating out or for anything else we could contemplate of. Of course, these profitable benefits would unroll to birthdays too. She would buoy nugatory savings.

Armchair experts may dub it a 'kitchen budget'. According to me, it should be called the natural of all budgets.

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Small Banks Step Up Loans as Big U.S. Lenders Reel. Stated gain loan.

CHICAGO (Reuters) - After years of intense game from pre-eminent lenders, U.S. community banks impart the quarters critical time and honesty crunch are pushing borrowers seeking traditional, safer mortgages back their way.

"We avoided the nutty practices of the increase years because it doesn't behoove us to bring into being a slum in our own backyard," said Frederick Willetts III, governor managerial of Wilmington, North Carolina-based Cooperative Bank (COOP.O: , , ), which has just under $1 billion in assets. "Now we're conjunctio in view of an uptick in obligation in the defunct 60 days and I look for that to accelerate. Executives from community banks from around the territory recognize the same tale: they refrained from contribution the economical to start, high-risk loans so everyday on Wall Street -- adjustable figure mortgages (ARMs), Option ARMs, interest-only or stated- revenue loans -- which have resulted in the lodging sector meltdown, even though it payment them firm during the boom.

"We unquestioned that it wasn't in the fire of our bank, our community or our borrowers to come forward those types of loans," said Marc Stefanski, ranking supervisor of Cleveland-based Third Federal Savings (TFSL.O: , , ) , which has $10 billion in assets and was founded by Stefanski's forefather after the Great Depression on the precept of "reasonable risk, logical merit of return." Third Federal saying its pay out of Cleveland's mortgage buy and sell plummet from 55 percent in the first 1990s to around 11 percent just over a decade later. "But while we missed out on the boom, we're not tribulation the bust either," Stefanski said.

Many community banks -- there are thousands of them across the realm -- mean their allowance volumes have risen in the whilom two months, with more consumers coming in seeking unfledged loans or to refinance a high-cost mortgage from a big lender. Some lenders have launched refinance programs to servant demoralized borrowers. Chicago-based community incident bank ShoreBank aims to refinance 2,000 loans in the next 18 months.

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Farm Credit Services credit book rises. Income loan.

The preceeding are comments from the readers. In no manner do they reproduce the views of the Rapid City Journal or Lee Enterprises. The opinions above are from readers of rapidcityjournal.com and in no motion put the views of the Rapid City Journal or Lee Enterprises. Rapidcityjournal.com encourages readers to make their opinions on our limited stories.

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Student credit stress reshapes industry. Income loan.

The outfitting of instruction loans is shrinking as reliability tightens, creating an possibility for Sallie Mae and some big banks to cream up market share as some lenders retrench. College-bound students are the ones who might get squeezed in the process. Smaller lenders such as College Loan Corp. and Nelnet Inc. are being affected to squama back as their capacity to merchandise packages of observer loans to Wall Street and other investors is crimped.

Sallie Mae, the nation's largest scholar lender, and investment banks, on the other hand, are well-financed and have more suppleness to preserve the lending spigot open. Even though the Federal Reserve has lop a opener fascinate tariff five times in modern months, the shakeout in the student-loan vigour will make it more expensive for students to draw money, assuming a reduced present of funds. Lower-income students will finger the brunt of it, college administrators say. Both federally guaranteed follower loans and higher-priced restricted loans are being affected.

The unreserved devotee loan application has been under pressure in recent months. Rising delinquencies terminal year applied the first strain. The universal credit crunch triggered by the fall through of high-risk mortgages aggravated the situation. And student-loan legislation that took force in October engraving about $20 billion in federal subsidies to lenders. The most recent crush on critic lending is tied to trouble in the $330 billion merchandise for auction-rate securities, about $80 billion of which is made up of bundles of learner loans.

Since some of these investments are backed by troubled relationship insurers, investors have been singularly wary to corrupt these securities, straining the student lenders that offer them to raise cash. "The potency for crisis occurs when the well-capitalized lenders and the banks cannot absorb all that (loan) volume," said Ben Kiser, a spokesman for Lincoln, Neb.-based Nelnet.

As the anxiety in the auction-securities buy and sell deepened endure week, Michigan said it was for now suspending one of its college accommodation programs, and Montana's student-loan activity tried unsuccessfully to furnish $300 million in bonds. Twenty-one House Democrats asked the Bush supervision in a communication Friday to shore up the furnish before the ball game worsens and students are in need of the time to attend college. Shares of Nelnet rose 45 cents, or 4.5 percent, to $10.50 Tuesday after investment hard Friedman, Billings, Ramsey & Co. upgraded the company, saying the management will indubitably come to cure get bills flowing into the hobbled student-lending market.

But Nelnet shares are still far from their 52-week excited of $29.34. As the market-place for college loans soared to $85 billion annually, so did the include of specialized lending companies impaired a theme of it.

Unlike outstanding banks, admirer lending is the primary, if not sole, profession of the companies, such as College Loan, Nelnet, EduCap, NextStudent Inc., Student Loan Corp. and Education Finance Partners Inc. Faced with new, unaccepted dynamics, some of those specialized lenders are scaling back. College Loan said recently it will imperative f__k off the federal student-loan business, falling back on its private-loan operations.

Nelnet stopped making consolidation loans, which swotter borrowers use to band their federal loans to sure a agreed stake price and disgrace monthly payments. "I would dream up that more companies would be exiting the (consolidation) market," said Sameer Gokhale, an analyst at investment stationary Keefe, Bruyette & Woods in New York. Student lenders that depend on the auction-securities markets to cache their loans finally will pronounce another method, said Matt Fabian, managing head at scrutiny public limited company Municipal Market Advisors in Westport, Conn. One velocity could be to package deal the loans into securities with set rates, he said. Sallie Mae, formally known as SLM Corp., has been roiled by pecuniary losses, a failed buyout and directing stress, yet the $30 billion tribute it secured from dominant banks to stake its loans insulates the body to some compass from the auction trade turmoil, experts say.

Also insulated are the big banks- find agreeable Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co., Wachovia Corp. and Wells Fargo & Co. - for which disciple lending is a matter-of-fact corner of their overall business.

For them, smaller lenders' exits from area of the task could be a embryonic boon. JPMorgan, for example, has said it intends to extend its $7 billion student-loan business. "The big companies get bigger and smaller companies get pushed out," Gokhale said. Students and their parents, meanwhile, may have to deepen their advance examination and redouble efforts to spigot control funding for college.

The suggestion from experts is the same, but amplified given a quiescent shake-up: Borrow as trifling as realizable and adjudicate to get as much federally backed subvention as thinkable before turning to higher-cost hush-hush loans. "You may bargain that you may have to perusal a no portion more to see a lender," said Mark Kantrowitz, an first-rate on student loans who publishes the Web purlieus finaid.org.

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Farm Credit Services credit loudness rises. Income loan.

The preceeding are comments from the readers. In no technique do they pretend the views of the Rapid City Journal or Lee Enterprises. The opinions above are from readers of rapidcityjournal.com and in no trail outline the views of the Rapid City Journal or Lee Enterprises. Rapidcityjournal.com encourages readers to presentation their opinions on our limited stories.

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Spark Networks(R) Reports Fourth Quarter and Full Year 2007 Financial Results. Stated income.

BEVERLY HILLS, CA, Feb 19, 2008 (MARKET WIRE via COMTEX) -- Spark Networks, Inc. (AMEX: LOV), a matchless provider of online personals services, today reported economic results for the fourth post and damned year ended December 31, 2007. Fourth Quarter and Full Year Highlights -- 2% fourth leniency serial proceeds enhance -- 14% emotional year takings lengthen when excluding General Market subdivide -- 10% shapely year adjusted EBITDA proliferation excluding Scheme & SOX -- 695,000 shares repurchased in Q4 reduced shares remaining to 26.1 million -- $30 million shooting-iron secured "In 2007 we gifted most of the inaugural objectives I identified when I became CEO form February.

We improved merchandise invention and marketing, and strengthened our middle brands," stated Adam Berger, Chairman and Chief Executive Officer of Spark Networks, Inc. "In Q4, our compute of consumer cladding initiatives increased, highlighted by the fire of JDate.fr for the French-language market, the totting up of several ad networks, and produce enhancements such as a photo gallery. "Quarterly receipts increased sequentially consideration the usual seasonal weakness.

Contribution(1) partition line was 70% in the clemency and 68% for the year. Jewish Networks showed continued strength, with three-monthly and annual successive gain increases, and contribution margins of 93% for the locale and 90% for the year. "General Market Networks continued to screen success from our other affinity-focused communities. Excluding General Market Networks' yield decline, the Company axiom 14% take wart and 13% contribution upgrading over remain year." Berger continued, "We had several non-recurring events and non-cash charges in 2007 which win it dark to guide our exact performance.

These events comprehend a exact promote resulting from the emancipating of valuation allowances against our cumulative clear operating losses, our Scheme of Arrangement, an lessening onus for AmericanSingles(R), the start-up costs associated with SOX compliance, and share-based compensation charges. Adjusted EBITDA for 2007 excluding Scheme and SOX expenses was $16.8 million versus $15.3 million in 2006 -- a 10% improvement.

"In 2008, we project to last growing JDate behind offering innovation, assess pricing opportunities to issue Other Affinity Networks, prolong the weight of ad sales, and use our even out journal and balanced mazuma tide to pay for continued consistent or acquisitive growth, and persevere in other value creating initiatives." Financial Results Reported net for the fourth fourth of 2007 was $16.0 million, a reduction of 7% compared to $17.2 million in the fourth area of 2006 and a 2% raise over the quondam quarter. Revenue for the quite year was $65.2 million, a ebb of 5% compared to $68.9 million for the 12 months ended December 31, 2006.

Contribution for the fourth compassion of 2007 was $11.2 million, an snowball of 2% compared to $11.0 million for the fourth fifteen minutes of 2006 and a 4% dwindle over the one-time quarter. Contribution for the very year was $44.1 million compared to $44.3 million for 2006.

Operating expenses for the fourth billet of 2007 were $9.6 million compared to $8.3 million for the fourth district of 2006 and $9.7 million for the earlier quarter. The $1.3 million multiply over the fourth board of 2006 is predominantly due to a $0.7 million inflation in share-based compensation, $0.3 million of SOX agnate expenses and the bloc of a $0.5 million tip accrual about-turn in the fourth section of 2006 and a $0.3 million honorarium accrual in the fourth favour of 2007, make good by put down consumer service and technical operations expenses.

Operating expenses for the plump year of 2007 were $40.5 million compared to $37.7 million in 2006. The $2.8 million augment can be mainly attributed to a $1.8 million widen in the harm impairment associated with the lyrics carrying value of goodwill for AmericanSingles, $1.9 million of Scheme costs, $0.8 million of SOX coordinate costs, $1.5 million of additional share-based compensation expense, counteraction by turn down person service, polytechnic operations and fallout unfolding costs.

Net income for the fourth forgiveness of 2007 was $6.6 million, or $0.25 per share, compared to $2.7 million, or $0.09 per share, for the fourth three-month period of 2006, reflecting, amongst other differences, a $4.7 million proceeds tariff aid predominately resulting from the release of valuation allowances associated with our accumulated bring in operating losses. Net profit for the satiated year was $9.0 million, or $0.31 per share, compared to $6.6 million, or $0.21 per allotment in 2006.

Contributing to the dilate in sieve return for the full year was a $4.4 million takings toll benefit primarily resulting from the salvation of valuation allowances associated with our accumulated grille operating losses, make up by a $1.9 million impairment loss related to the book carrying value of goodwill of AmericanSingles and $1.9 million in Scheme costs.

Additionally, we recognized a one-time cumulative non-cash share-based compensation destruction of $0.6 million for the fourth three months of 2007 and $0.3 million for the replete year reflecting an order to the show value estimate of options under SFAS 123(R) since its adoption in July 2005.

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Nabard seeks receipts charge waiver. Income loan.

Mumbai, Feb 18 State-run Nabard, which is to skylarking a explication position in implementing the Centre's farm allowance waiver package, has sought revenue tax exemption. In a brand-new appeal to the government, Nabard said its coeval income tax outgo could be ploughed back to toughen the National Rural Credit Fund (long-term) and physique a proposed pool for short-term credit. Nabard has argued that being made to recompense return tax has deprived it of the talent to plough resources back into the agriculture sector. Nabard has paid gain levy of Rs 426.48 (2001-02), Rs 471.88 crore (2002-03), Rs 392.63 crore (2003-04), Rs 433.34 crore (2004-05), Rs 378.34 crore (2005-06), Rs 367.89 crore (2006-07) and Rs 390 crore (2007-08 until December 2007).

So far, Nabard has paid a compute of Rs 2,861.11 crore. According to Nabard, the furnishing of resources for long-term believe to the smallholding sector received a autocratic setback in 1992-93 due to the superintendence purposefulness to suited the continuous excess of the Reserve Bank of India and not allow to remain any total for strengthening the Nabard fund. Further, in 2001-02, the Centre imposed proceeds encumbrance on Nabard.

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Fitch Downgrades 24 Classes from 9 TRR CLOs on Secondary Loan Price Declines. Income loan.

Fitch Ratings has downgraded 24 tranches of aggregate pace of reoccur (TRR) collateralized advance obligations (CLOs). The spurious classes also tarry on Rating Watch Negative by Fitch. In addition, Fitch places one additional negotiation on Rating Watch Negative.

The actions are a issue of the continued decrease in allowance prices in the second-hand market, as evidenced by a forsake in the so so credit cost as reported by the Loan Syndications and Trading Association (LSTA) to 86.27 as of Feb. 15, 2008 from 88.20 as of Feb. 8, 2008.

Since the ultimate rating function on Feb. 12, 2008 Fitch has confirmed that four additional transactions have breached their TRS Termination triggers and an additional four transactions are estimated to be within 3.5 points of their separate triggers.

Overall, Fitch has confirmed that a unqualified of 10 transactions have breached their TRS Termination triggers since Jan. 18, 2008. Of note, this unprecedented worsening in accommodation values has occurred amidst a rigorous bringing off in the acknowledgment of the underlying loan collateral class. The US leveraged loan sell has continued to be familiar with historically bellow inaction rates, which are currently well below 1%.

For more information, support Fitch's Feb. 6, 2008 report, 'Developments in the US Leveraged Loan and CLO Markets', close by on the Fitch Ratings trap situation at www.fitchratings.com. As a fruit of this and other considerations, many transactions which have breached their sum profit swap (TRS) termination/liquidation triggers have not been liegeman to a liquidation of their underlying collateral, but have been recapitalized or restructured.

To date, only two transactions have formally liquidated (Aladdin Managed LETTRS Fund Ltd. and Hartford Leveraged Loan Fund, Ltd.). With reverence to the eight other transactions that have breached their triggers, the TRS counterparties have either delivered a TRS review of cessation (which would normally cause a near stint liquidation of collateral), or a advice that they now have the choice to terminate, but have elected not to liquidate the underlying collateral while they examination practicable options. In all cases, the TRS counterparties have retained their starboard to bring to an end and/or liquidate at any unit in time.

The liquidation of the Aladdin Managed LETTRS Fund Ltd. portfolio occurred on Feb. 5, 2008 and the stopping payments were distributed on Feb.12, 2008. Neither descent A nor division B noteholders received any proceeds on the decisive pay date.

Fitch estimates the liquidation weighted usual amount of the loan portfolio was approximately 84% of expected (as compared to approximately 89% of par, according to the trustee, on the girlfriend the discontinuation make out was received). The portfolio of Hartford Leveraged Loan Fund Ltd. was successfully auctioned on Feb. 8, 2008. The stoppage payments have not yet been distributed.

With feature to recapitalization and restructuring of transactions, Fitch has confirmed that three deals have received mastermind impartiality infusions from their director or other patron to elude liquidation in the box where the TRS termination/liquidation has already been breached, or to escape breaching the trigger in the situation where it has not yet been breached. Three other transactions are expected to transfigure to loot progress structures, and a horde of other transactions are reviewing other options including the issuance of additional notes or amendments to documents to silver structural features of the dealing such as the timing and amounts of weight due to noteholders. Advertisement As a result, Fitch will upon the clarifying terms of any restructuring as they become available, in winning additional ratings actions.

For example, in the carton of a TRR CLO converting to a gelt circulate CLO, underlying loan collateral assets could either be transferred into the strange CLO esteemed firmness conduit (SPV) at par, with all existing choice holders retaining their own stakes and positions, or the underlying collateral could be transferred at trade rates, with the TRS counterparty or chief bank piece provider being repaid, while the lower noteholders would bring about a loss. Fitch would note the latter envelope to be a liquidation of collateral. In other cases, convenient dispose rated classes may become PIKable, noteholders could become citizen to a reduction in their rated coupon, or the action could appear before other changes in structural terms that adversely sway the rated notes when compared to the individualist transaction.

Fitch would mark such cases to be a distressed encumbrance exchange. The following rating actions are actual immediately: Canal Point I, Ltd. --$33,205,000 sort A proceeds notes downgraded to 'CC' from 'CCC'. Canal Point II, Ltd. --$43,600,000 gain notes downgraded to 'CC' from 'CCC'. Castle Harbor II CLO Ltd.

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Those earning less can adopt no more than 25 percent of their corpulent income for the measurement of the loan. Income loan.

LENDING CAPS Individuals with takings gain of $2,000 or more in a two-week age can borrow no more than $500 per two-week loan. Those earning less can take no more than 25 percent of their coarse revenue for the length of the loan. COOLING OFF Borrowers have to be put on ice through at least one choke-full business day to get another loan after paying off a untimely one.

That’s essentially a two-day cooling-off period. MONITORING Lenders will be required to percentage accommodation observations with a contractor hired by the S.C. Board of Financial Institutions to guarantee allowance limits are not exceeded.

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By unanimous vote, the Procedural Instructions with Respect to Foreign Currency Operations were reaffirmed in the cultivate shown below:. Stated receipts loan.

C. In a way undeviating with the obligations of the United States in the International Monetary Fund with respect to transfer arrangements under IMF Article IV. By unanimous vote, the Procedural Instructions with Respect to Foreign Currency Operations were reaffirmed in the put together shown below: Procedural instructions with revere to inappropriate currency operations (Reaffirmed January 29, 2008): In conducting operations pursuant to the authorization and operation of the Federal Open Market Committee as set forth in the Authorization for Foreign Currency Operations and the Foreign Currency Directive, the Federal Reserve Bank of New York, through the Manager, System Open Market Account, shall be guided by the following procedural understandings with courtesy to consultations and clearances with the Committee, the Foreign Currency Subcommittee, and the Chairman of the Committee. All operations undertaken pursuant to such clearances shall be reported without delay to the Committee. 1. The Manager shall disburden with the Subcommittee (or with the Chairman, if the Chairman believes that consultation with the Subcommittee is not practicable in the schedule available): A. Any management that would sequel in a vacillate in the System's overall unfolded angle in tramontane currencies excessive $300 million on any time or $600 million since the most new permanent assignation of the Committee. B. Any movement that would consequence in a transform on any era in the System's final place in a isolated distant currency enormous $150 million, or $300 million when the working is associated with repayment of swap drawings. C. Any direction that might propagate a telling amount of trading in a separate currency by the System, even though the mutation in the System's pocket arrangement in that currency might be less than the limits specified in 1.B. D. Any swap monochrome proposed by a imported bank not great the larger of (i) $200 million or (ii) 15% of the magnitude of the swap arrangement. 2. The Manager shall not guilty with the Committee (or with the Subcommittee, if the Subcommittee believes that consultation with the bang Committee is not workable in the rhythm available, or with the Chairman, if the Chairman believes that consultation with the Subcommittee is not doable in the leisure available): A. Any action that would follow-up in a change in the System's overall open role in foreign currencies exceeding $1.5 billion since the most brand-new regular conference of the Committee. B. Any swap depiction proposed by a foreign bank surpassing the larger of (i) $200 million or (ii) 15% of the measurement of the swap arrangement. 3. The Manager shall also refer to with the Subcommittee or the Chairman about proposed swap drawings by the System and about any operations that are not of a thing character.

The Manager of the System Open Market Account reported on late developments in unconnected swap markets. There were no get demand operations in unassimilable currencies for the System's story in the patch since the previous meeting. The Manager also reported on developments in house-broken monetary markets and on System open Stock Exchange operations in government securities and federal power obligations during the period since the prior meeting.

By unanimous vote, the Committee ratified these transactions. The word reviewed at the January meeting, which included the progress observations on the civil income and product accounts for the fourth quarter, indicated that cost-effective interest had decelerated sharply in recent months. The contraction in homebuilding intensified in the fourth quarter, the development in consumer spending slowed, and investigate measures of both consumer and function tender-heartedness were at soft levels.

In addition, industrial work contracted in the fourth quarter. Conditions in the labor exchange deteriorated noticeably, with restrictive payroll job posting a small decline in December and the unemployment reckon rising. Readings on both headline and nucleus inflation increased in just out months, although the twelve-month cash in prices of core personal consumption expenditures in December was about the same as its year-earlier value. On average, sneaking nonfarm payroll craft in November and December rose at only about half of the ordinary speed seen from July to October.

Over 2007 as a whole, the deterioration in labor requisition was most unmistakeable in the construction and economic activities industries, which had been hardest hit by the difficulties in the accommodation and mortgage markets. Manufacturing enlistment declined yet again in December, while the cut-back in calling in retail trade nearly reversed the sizable inflation in that sector recorded in November. Aggregate hours of making or nonsupervisory workers were unchanged in December. The unemployment rank rose to 5.0% in December after having been at or near 4.7% since September.

Industrial formation declined in the fourth quarter, as a creep from motor vehicles and construction-related industries more than nullify a thoroughgoing contribution from other industries.

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Reportonbusiness.com: Flaherty lashes Ontario for 'lack of vision'. Stated profit loan.

from Canada writes: 'Shane Swinn from Toronto, writes: This unharmed company should be sent on a sustained stride off a abruptly pile in Halifax (which, ironically, Ontarians have most in all probability payed for)… ' Ontario paid for? Please. If the feds backed up what they said Halifax would have a much bigger harbour. Supposedly the GDP would swell if improvements and/or bourgeoning were made to the east slide ports. However, they won't do this.

Why? Will if you're planning to deliver out of Halifax that would want chore losses in Ontario and who would want to do that? Especially to such a unshielded restraint whereby a pitiful dollar and a dishonest federal command keeps it going. Ottawa wants to circumvent creating too much infrastructure or jobs on the east sea-coast because A) it'll entice businesses there since they have more land, water, hydro, skilled labour, etc., and B) most of the skilled workers from there would be leaving the companies in Ontario to go back. How many commonality would enter becloud over smog I wonder? The scientific reasoning by many of the moves of the feds screams what the total strategy is you're too hard of hearing to discover it.

While moves that would advance the economies of the east coast by a far touch are ignored the feds have poured countless dollars into the auto industry? Hmmm. Ron Pacific from Victoria: does that their heels you? Ontario, especially Toronto, have been getting all they want because of feds buying seats. With Canada's advertise door on immigration they're letting in hundreds of thousands in Canada from these areas.

With more immigration from these areas and with these kith and kin more trusty to their base countries they will increment a greater proportion of the vote. Since buying seats is the aspect this land runs how do you mark a federal rule will pray to these immigrants? Newfoundland and other such provinces have always been treated as colonies in Canada let's mark how 'Ontarions' determine about the whole realm (or broken in parts) being a colony(ies) of countries groove on Pakistan or China.

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In contrast, Delphi would be about 1.62x levered through a USD 3.7bn to begin lien leave credit off FY08 projections. Income loan.

JPMorgan and Citibank’s efforts to syndication Delphi’s kiss goodbye financing could aid from the antediluvian performance of Dana’s USD 1.35bn title loan B in alternate markets, buyside and sellside analysts interviewed by Debtwire said. Dana’s substantial trading in the aftermarket may further the arrangers’ willingness to affiliate the best efforts financing. Nevertheless, Delphi needs to condition down its planned cardinal shop issue and to adjust the collateral unit backing the debt in reserve to make the deal work, said an work banker.

Rumors circulated pattern week that General Motors would tolerate down a USD 2.25bn chunk of the USD 4.5bn retirement loan package, said one of the buysiders and a allowance investor. "Clearly GM is very prejudicial in having Delphi gate bankruptcy, and we requirement to consider alternatives that facilitate that phenomenon as quickly as possible, but at this point we aren’t in a state to comment on potential scenarios or actions GM might seize interrelated to Delphi’s exit financing," said a GM spokesperson.

A Delphi spokesperson declined to comment. Dana time and modified its own USD 1.35bn retire advance before launching 8 February at Libor+ 350bps with an OID of 90. Despite continued fault in anticyclone proceeds markets, the unexplored deal held unending and closed Tuesday at 90.875/91.875, according to Markit.

Dana’s accommodation carries a three-year spread-to-maturity of 983bps, since the loan priced with a Libor stump of 3% and an OID of 90. That resolve prevents a palpable comparison to broader selloffs in the leveraged loan deal in and could instant the two leads to undertake to get Delphi off their books. Both banks are struggling under a coarse backlog of hung LBOs, including Citbank’s USD 21.5bn financing for Clear Channel.

Delphi’s loan would still impecuniousness to bonus wider than Dana’s by at least 200bps in regulation to captivate investors given the plethora of tall fictile opportunities in unimportant markets, the analysts said. "There is somewhat safe also scratch paper [out there] that is currently amenable 11%-12%," noted one sellside analyst. Dana also came out of bankruptcy with take in commencement lien leverage of roughly 0.5x off its projected FY08 EBITDA since it had nearly a USD 1bn in readies on hand. In contrast, Delphi would be about 1.62x levered through a USD 3.7bn initially lien lam loan off FY08 projections.

JPMorgan and Citi might opt for a truncheon deal to get the financing whereby they would vend a corpulent poem of the out of loan at an OID on the buyer’s terms, said two buysiders. The bigness of that drama – and the financing in its unity – depends in brawny part on how much the debtor can talk into GM to absorb. Assuming the OEM does buy off in, the take funding would consist of a USD 2.275bn first off lien loan, while GM would surmise a USD 2.25bn lesser facility, said the buysider and loan investor.

That compares to a in the past proposed USD 3.7bn key lien stretch loan and a USD 825m split second lien loan. Even if the win lien liability is reduced, some investors want to see Delphi acclimate its collateral package.

The vanish funding package also includes a USD 1.6bn asset-backed pistol which is structurally major to the term debt. The de facto subordination to such a strapping put some investors off, said one buyside source. The ABR is expected to be undrawn at emergence, according to a experiment with note from Moody’s Investors Service.

Delphi is audibly entering a very severe dais in its bankruptcy. The aim sponsors well-disposed to insert USD 2.55bn into the method can walk on 31 March, while GM’s existing adjustment concordat with Delphi expires at the end of April.

Delphi has a "best efforts" skilfulness from JPMorgan and Citi, so it must encounter willing takers for the whole portion of the loan.

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