Apparently a lot more plebeians deem Danny is better than Matty. Who was in the bottom 2 again? Oh yeah. Not Danny. Mesothelioma Mon, Mar 30, 2009 at 09:26 PM EST I tally with the height 2…not definite if Kris Allen has the woman power. He sings well, but doesn't have the same stage-manage shade as Adam, Allison, or Danny.
Say what you want about Gokey, but I get the idea the claque howl for him experience and adjust again notwithstanding those who want to recognize him gone. Kris Allen doesn't emulate this feather of excitement. And I don't deliberate it is in his mojo to test to prod the crowd. Low-key is perhaps his bread and butter, but I don't mark EW.com is booming to get their way with the top three.
Adam and Danny is unequivocally pinnacle three--don't know about the third yet. Ask me in two weeks. sx221 Mon, Mar 30, 2009 at 09:25 PM EST What! A call trim for Anoop?! Are you crazy, Slezak?! Still, I jibe with the phraseology upgrade idea -- I delight in what he wears on scene nights, but I just haven't been getting the results nights outfits. He's been looking either too devil-may-care or too grim (his equip this biography Thursday was something my dad would wear?!).
What the heck?! Carrie Mon, Mar 30, 2009 at 09:24 PM EST My favorite remains Anoop! While a particle of mood upgrade wouldn't hurt, I don't consider a buzz-cut is the velocity to go. Nope…definitely not for Anoop. C Mon, Mar 30, 2009 at 09:21 PM EST So much fighting over such a stunned show. MATTY G. Mon, Mar 30, 2009 at 09:17 PM EST Matty G. is the best. Danny sucks.
Like Simon said Matt is the budding cover creeper and direction better than Danny!!!!!!! Christians4Danny Mon, Mar 30, 2009 at 09:12 PM EST Saying Anoop is better than Danny, then you supplicate us Danny fans idiots. Talking about Bizarro world. Perhaps in the Sanjaya universe, Anoop is this over-hyped Idol you want him to be. Wake up Sanjayafan, Anoop is not only horrible. He is worse than Megan.
I rather interview Megan keep than Anoop. Go Danny Gokey. Gokians to the finish. Annoying Allison Mon, Mar 30, 2009 at 09:08 PM EST I precisely accept with "tim" - Allison's enunciation is naturally horrible.
All her words phylum of get stuck in her throat and it becomes to the nth degree onerous to informed her. Also lately she's slowly attractive another Miley Cyrus - the fit hefty voice, and clap movements; it's all very annoying. She's finally more dexterous than Miley (who has certainly no faculty whatsoever!), but steady things that Allison does is very off-putting. Back to her loathsome enunciation - the moll needs to stop off exasperating to "rock it out" every week, and in point of fact "sing" a number where populace can advised what the heck she is saying! I don't agree all the sweet for her. She has talent, but the over-praise is SO annoying; especially the "OMG! ONLY 16!" business! Okay great, she's 16, we get it.
No requisite to shove it down our throats all the time!
CALGARY, Mar 26, 2009 (Canada NewsWire via COMTEX) ----Mr. Fred Fong, President and Chief Executive Officer of First National AlarmCap GP Inc. ("AlarmCap"), reports that the Fund has released its consolidated monetarystatementsfor the year ended December 31, 2008 and the kin management's dialogue and inquiry of fiscal job and results of operations ("MD&A").
Total revenues of the Fund were $30,724,000 compared to $31,494,000 the quondam year, a 2.4% decrease. Mr. Fong stated: Over the coming months the flock will persevere to concentrate on serving distinction while also focusing its efforts on increasing both its subscriber wicked and its middling yield per subscriber from its sales channels.
We wait assured that both residential and commercial asylum services will carry on in call during these adverse fiscal times. However, we are mindful that our subscriber selfish may suffer some reduction during our seasonally slower principal house coming up. EBITDA for the Fund for 2008 was $15,175,000 as compared to $16,717,000 for 2007. This discontinue in EBITDA was mostly attributable to mavin fees incurred to whereabouts governance initiatives as well as non-recurring payments incurred to restore and/or contain tone chief supervision personnel.
Working main at the end of 2008 was $1,637,000 as compared to a deficiency of $2,564,000 the erstwhile year. This rehabilitation is a express denouement of the cash generation from the Fund's portfolio of monitored accounts. For the year, the Fund generated $5,187,000 in mazuma ($0.82/unit).
Since June 2007, the Fund has suspended distributions to it's Unitholders as it worked to ameliorate upon its dominant lending covenant. At the end of the third thirteen weeks of economic 2008, the Fund touched down to the required pecuniary liability covenant and as a development was able to herald distributions to the Unitholders for the fourth locale of $700,000 ($0.11/unit). With this quieten indebtedness covenant in place, the Fund has the elbow-room to execute its business plan while also having the pliability to consider growth opportunities.
The Fund is an unincorporated, open-ended, restricted ambition trust and its Class A delegate units are listed on the Toronto Stock Exchange under the ticker flag "FNA.UN". The Fund was established to buy materially all of the assets and shares of Microtec Enterprises Inc. ("Microtec") and sincerely all the assets of Securex Master Limited Partnership ("Securex").
Microtec, founded in 1989 in Quebec City, Quebec, is one of the largest residential surety monitoring companies in Canada. Securex, founded in 1994 in Calgary, Alberta, is an alternate honesty provider to dealers gift bundled financial, billing / back assignment and monitoring services to unfettered dealers throughout Canada. Copies of the consolidated economicstatements, consanguineous MD&A, CEO and CFO 52-109F1 certification forms can be found on SEDAR at www.sedar.com. Cautionary assertion respecting forward-looking knowledge andstatementsCertainstatementscontained in this unheard of issue recite to matters that are not real facts constitute "forward-looking information" within the significance of apposite Canadian securities legislation.
Forward lookingstatementsor facts in this front-page news disenthral involve but are not meagre to: confidence that security repair will remain in demand and the Fund having margin to execute its business plan. Thesestatementsare based on predestined assumptions and study made by the Fund in entertaining of its experience and its perception of verifiable trends, current conditions and expected unborn developments as well as other factors it believes are right in the circumstances. However, whether genuine results, performance or achievements will comply to the Fund's expectations and predictions is under discussion to a number of known and unknown risks and uncertainties which could cause true to life results to be dissimilar materially from the Fund's expectations. Such risks and uncertainties include, but are not restrictive to: fluctuations in the require for monitoring and depot of security systems, composite economic, market or business conditions; changes in laws or regulations, including taxation and environmental; the require of availability of skilled personnel or management; and other startling conditions which could collide with the use of services supplied by the Fund.
See also the Fund's Annual Information Form dated March 26, 2009, at one's disposal on SEDAR at www.sedar.com for a inclusive set of jeopardize factors coupled to the Fund. Consequently, all of the forward-looking tidings andstatementsmade in this communication unfetter are qualified by these cautionarystatementsand there can be no guts that the actual results or developments anticipated by the Fund will be realized or, even if intrinsically realized, that they will have the expected consequences to or paraphernalia on the Fund or its point or operations. Except as may be required by law, the Fund assumes no promise to update publicly any such forward-looking dope andstatements, whether as a end of inexperienced information, future events or otherwise.
SOURCE: First National AlarmCap Income Fund Fred Fong, President & Chief Executive Officer, (418) 864-7941 ext. 2802, fred.fong@alarmcap.ca Copyright (C) 2009 CNW Group. All rights reserved.
SAN JOSE, Calif., March 27, 2009 /PRNewswire-FirstCall via COMTEX/ ----Human Pheromone Sciences, Inc. (OTC Bulletin Board: EROX) ("HPS" or "the Company") today announcedresultsfor the three months and the year ended December 31, 2008.
For the three months ended December 31, 2008, lattice gain was $228,000, representing a 41% diminish from revenues of $389,000 in the whilom year period, and resulted in clear sacrifice of $(58,000) ($(0.01) per share) as compared with bag proceeds of $38,000 ($0.01 per share) for the same term in 2007. For the well supplied year, make revenues of $992,000, were 23% less than revenues of $1,291,000 generated in the ex year. The take home shrinkage in the modish year of $239,000 ($0.06 per share) was $223,000 higher than the $16,000 trouncing ($.00 per share) recorded for the absorbed year of 2007.
Net gelt utilized for the preoccupied year of 2008 was $530,000, less than a 5% advance from the $501,000 utilized in the year 2007. "The gate reduction in the fourth put up and the open year was attributable to a significant reduction in purchases by our largest and cardinal multinational licensee of pheromones. Over the days 10 years we have been fundamentally dependent on purchases by this person for takings generation. Total offering revenues decreased by approximately 50% from this buyer in 2008," a spokesperson noted.
"Over the existence duo of years, we developed a multi-faceted program to be less dependent on any one customer, solicit additional licensees in the U.S. and widely for our beginning pheromone technologies, superlative meticulous validation on our most cheering mood-enhancing add to and confer the results to consumer marketers.
With etiquette to the blue ribbon vital imperative, during 2008, licensing net increased to $604,000, a 15% development from the previous year, particularly attributable to novel concord with a multinational corporation. Discussions are ceaseless with capacity licensees and we are also in discussions to broaden the channels of assignment for our first pheromone compounds. With property to the espouse area of focus, the discovery and patented immunity of new mood-enhancing compounds, the Company filed a decisive U.S. Patent Application and a European filing for a coalesce that has shown significantly enhanced confident feelings and emotions in both men and women.
We are currently presenting the results of the individual studies on ER 303 to several multinational consumer products companies. In addition, the Company completed approve toxicology testing and original woman retort studies on another parasynthesis for women, and we have identified and selected six additional compounds that have shown commitment in endorse laboratory studies." "We maintain that pinpoint on these fundamental strategic imperatives will lessen our dependence on the purchasing cycle of one humongous customer, and ensure balanced expansion in revenue and an expanded technology and consumer base, without major capital investment," the spokesman further stated. Human Pheromone Sciences, Inc. is a technology-based company, whose proof-of-concept products included prestige-priced fragrances and toiletries and environmental products sold under the REALM(R), innerREALM(R) and EROX(R) trademarks.
These products, and its Natural Attraction(R) artefact line, curb mood-enhancing synthesized benignant pheromones covered under U.S. and inappropriate patents.
The Company also licenses its proprietary technology to other companies for involvement in their products for lineal purchasing to the consumer. Scientific and consumer studies have shown that the Company's generous pheromones emphatically smashing on the moods, attitudes and emotions of wearers. Further message is on tap online at www.erox.com. The statements in this scuttlebutt issue may have in it forward-looking statements that number among risks and uncertainties that could cause true to life results to diverge from predicted results.
Further dope on factors that could pretend the Company's results is complex in the Company's annual set forth to shareholders on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission. The Company undertakes no compulsion to publicly notice the denouement of any revisions to these forward-looking statements. HUMAN PHEROMONE SCIENCES, INC. Condensed Balance Sheets (Dollars in thousands) December 31, December 31, 2008 2007 Assets Cash and ready equivalents $ 907 $ 1,437 Accounts receivable 52 194 Inventories, capture 39 25 Other going round assets 58 40 Property and equipment, realize 2 3 ------------- --------------- Total $ 1,058 $ 1,699 ============= =============== Liabilities and Shareholders' Equity Accounts owing $ 19 $ 28 Other in the know liabilities 131 141 Deferred takings - flow 297 518 Deferred revenue - non-current 324 566 Common have 21,043 20,963 Accumulated default (20,756) (20,517) ------------- --------------- Total $ 1,058 $ 1,699 ============= =============== HUMAN PHEROMONE SCIENCES, INC. Condensed Statements of Operations (Dollars in thousands, exclude per-share data) Three months Year ended December 31, ended December 31, 2008 2007 2008 2007 Net revenues $ 228 $ 389 $ 992 $ 1,291 Cost of goods sold 82 99 322 376 Research and unfolding 14 11 47 49 Selling, prevalent and administrative 193 256 889 942 ------ ------ ------ -------- Income (loss) from operations (61) 23 (266) (76) Other receipts 5 15 30 65 ------ ------ ------ -------- Income (loss) before prerequisite for return taxes (56) 38 (236) (11) Provision for Income taxes 2 - 3 5 ------ ------ ------ -------- Net gain (loss) $ (58) $ 38 $ (239) $ (16) ====== ====== ====== ======== Net profit (loss) per share in - Basic $(0.01) $ 0.01 $(0.06) $ (0.00) Fully diluted $(0.01) $ 0.01 $(0.06) $ (0.00) Weighted standard tally of shares - Basic 4,152 4,152 4,152 4,152 Fully diluted 4,152 4,852 4,152 4,152 Netincome(loss) per ration is based on the weighted undistinguished count of simple shares and workaday equivalents superb during each period.
Certain familiar deal in equivalents are excluded when their purpose would be anti-dilutive. SOURCE Human Pheromone Sciences, Inc.
MEMPHIS, TN (AP) -- They're no longer the only alternative for African-Americanstudents, but the country's historically atrocious colleges anduniversitiestoot one's own horn that they present a encouraging situation where thesestudentsare more favoured to succeed. That, though, is not perforce true. An Associated Press breakdown of government statistics on the 83 federally designated four-year HBCUs shows just 37 percent of their threateningstudentsend a grade within six years.
That's 4 part points lower than the popular college graduation rate for swartstudents. One major reason: the struggles of gloomy men. Just 29 percent of HBCU males concluded a bachelor's standing within six years, the AP found. A few HBCUs, approve of Howard and all-female Spelman, have much higher graduation rates, excessive the inhabitant averages for both deadly and drainedstudents.
But others are clustered surrounded by the worst-performing colleges in the country. At 38 HBCUs, fewer than one in four men who started in 2001 had completed a bachelor's measure by 2007, the matter show. At Texas Southern, Voorhees, Edward Waters and Miles College, the illustration was under 10 percent. To be sure, women are outperforming men across education, and many non-HBCUs battle with gross graduation rates. And the rates don't favour forstudentswho take or carry off more than six years, which may be more stereotypical at HBCUs than at other schools.
Most importantly, HBCUs indoctrinate a hugely uneven due of low-incomestudents. Compared to other colleges defined by the superintendence as "low-income serving," HBCU graduation rates are just a few points lower. Factoring in obstacles similarly to take down levels of conjectural preparation, some dig into suggests that HBCUs do as well with scurvystudentsas do majority-white institutions. Still, HBCUs' abject completing rates, especially for men, have catholic consequences, on and off campus. Women advantage for more than 61 percent of HBCUstudents, the AP found.
They have unprecedented control opportunities, but also refund a appraisal -- in lot from narrow-minded classroom discussions to struggle for dates. HBCUs cultivate only one-quarter of bad collegestudents, but present an outsized number of approaching black graduatestudentsand leaders. That body is distinctly female; HBCUs awarding twice as many degrees to women as to men. The amazing dispatch is some HBCUs are working addictive to boost graduation rates -- and succeeding.
Experts rephrase that proves failing isn't inevitable -- but also means it's lovely to ask obstinate questions of schools that are not improving. HBCUs undergo more than half their revenue from government. There is growing frustration with the unused of small change -- forstudentsand taxpayers -- whenstudentshave nothing to show for their epoch in college. President Barack Obama wants to show up again the United States to the crest shocking of college attainment by 2020.
That will never happen if the colleges that do the encumbered lifting of educating disadvantaged groups don't discharge better. Even some within the tight-knit HBCU community as the schools sustain some responsibility. They stipulate too many HBCUs have grown happiness giftstudentsa chance at college, but resisting the exacting work to get them through. "I believe HBCUs have gotten lazy," said Walter Kimbrough, president of Philander Smith College in Little Rock, Ark. "That was our assay-mark 40, 50 years ago.
We still power 'nurturing, caring, the president knows you.' That's a invent on a lot of campuses. That's a flat-out lie.
" ------ Glancing around her classes at LeMoyne-Owen College in Memphis and in the stands at basketball games, sophomore Velma Maclin has noticed something odd. Most of the supposed "Big Men on Campus" are women. "The ladies bonny much bolt the yard," said Maclin. Several man's friends recently got discouraged and dropped out. She has ungenerous sympathy.
She machinery the overnight switch at FedEx Corp. and says if she can brace in school, they can, too. Women have to all intents and purposes outnumbered men at HBCUs for most of their history, but the correlation has been evenly rising, the AP found -- from 53 percent in 1976 to about 61 percent the end few years. On 17 HBCU campuses there are two women for every man. At a few, the correlation is three-to-one.
"I don't consider any of us have put our toy on truly why this seems to be exacerbating," said Norman Francis, the longtime president of Xavier. It sounds have a weakness for unreserved living for men at HBCUs, and some one-liner about the advantages. "You have so many gorgeous women around you (that) you get to support and so many to collect from. The clear is natural wide," laughed Eric Jefferson, a older at North Carolina Central University in Durham, which is two-thirds women. But while HBCU women are doing to some degree well, many note the paucity of gender distinctiveness in their classes.
The gender interval also weighs heavily on sociable life. For many HBCU women, said Monet Phillips, an N.C. Central senior, the sensation is: "Even though that I'm the Monday woman, I'm usual to be the best Monday char so that when he's with the Tuesday piece or the Wednesday better half then he'll be evaluation of me." Like their counterparts at any college, HBCU women make use of rewarding, lifelong friendships.
But the tournament for men can now and then strain. "It's despondent to say, but in the African-American community, it's verifiable enough for women to get along without the issuing of men," said Bridgette Alexis, a LeMoyne-Owen freshman from Springfield, Mass. "You out a unprofound portion of guys into the picture, and women who are looking and hoping to have boyfriends and relationships, and there's not enough for everybody to have one. So that just makes the status worse." ------ Why do so many men dab out? Money is the defence you learn most.
More than six in 10studentsat the HBCUs the AP analyzed get Pell Grants, which go mostly tostudentsfrom families earning under $30,000. The faltering thriftiness is hitting HBCUstudentshard. Fisk University in Nashville has late 11 percent of its enrollment since August. Another insight is preparation. On average, malignantstudentsare less well microwave-ready for college -- and dastardly men less so than women.
The best ebonystudentsare now also being recruited by majority-white institutions. At Edward Waters, in essence every undergraduate takes developmental courses -- essentially, to closing the lofty manner learning they never fully received. Only then can they origin progressing toward a college degree. To delineate the distinct struggles of men, educators locale to a gamut of cultural factors that counterfeit vicious men everywhere, but which are especially patent at HBCUs. Men have fewer post models, and also seem to reflect they have more opportunities without a degree.
Educators also explain a immovable campaign against two dangerous ideas: that perfidious men can't succeed, or that if they do they are by hook less than genuine. Tyshawn Johnson, 20, a younger information grave at Claflin University in South Carolina, says it's discouraging to picture so few manful faces on the campus, which is two-thirds female. "When (men) come to secondary they regard they're never current to arrive at it," he said.
"They institute out and when they don't judge they're up to snuff, they just quit. And that's why females will always upper hand the college ranks." There's no pretty bullet tactic for boosting graduation rates. But determination helps.
Elizabeth City State University, a infamous HBCU serving a low-income corner of North Carolina, tries to relate who's struggling and dumbfound every credible resource their way. The best professors give lessons preparatory and developmental courses. There are essential sessions to facilitatestudentscorrectly glue for federal economic aid.
Whenstudentsdoff out, ECSU calls them to assign out what went opprobrious and strain to dispose them to return. The end is a graduation reprimand -- around 50 percent -- that mostly exceeds that of peers with comparable disciple profiles. At some HBCUs, there's a growing identification that some strategies have need of to core specifically on men.
Last semester, Philander Smith established mentoring programs for men and aggressively recruited them. Some are simple: Students who came from homes without fathers never academic to band a necktie, said Kimbrough, the president, and were sheepish not to have one during chapel. So the boarding-school teaches them how.
Graduation rates have improved from the teens to near 30 percent. "There's still this estimation that guys come to college, and if you beggary to help, you don't petition for it. To me that's the No. 1 barrier," he said.
"A lot ofstudentsare coming with issuesstudentsdidn't even over about 30 years ago," Kimbrough said. "Our jobs have changed. I reckon we have to be much more intrusive.
" ------ UNCF, the United Negro College Fund, which represents 39 solitary HBCUs, said on its Web plot the "average graduation count at HBCU(s) is higher than the commonplace graduation grade for African-Americans at mass institutions" -- a allege that is contradicted, both for HBCUs and UNCF members, by the AP's findings. After inquiries from the AP, the systematizing removed that statement. Karl Reid, UNCF's major failing president of impractical programs and principal initiatives, says the league is working with researchers at Morehouse College, an all-male HBCU in Atlanta, to come on ways to supporter more resentful college men.
It hopes to enlarge clouded c spear enrollment 20 percent at its associate schools over the next five years, and to put overall graduation rates 10 percent. "There seems to be a groundswell that we've got to get this right," Reid said. "Some schools get it.
" But he acknowledged, "the insistence varies." Every HBCU has good stories --studentsdisposed to LeMoyne-Owen superior Jerome Heard. With his groovy looks, bad manners and a dynamite singing voice, it's unquestionable to put faith he had a 2.0 costly indoctrinate GPA.
If LeMoyne-Owen hadn't enchanted a hazard on him, he says he'd still be working at the Hobby Lobby accumulate back where one lives in Chattanooga. Here he has a 3.6 and was named "Mr.
HBCU" in a public tourney that crowns an everyday HBCU learner "king." "The teachers here just took me in and maxim something in me, and said, 'I of you will be successful,"' he said. But the waspish genuineness is many HBCUs don't have the resources to give every swotter that manner of attention.
Howard and Spelman have endowments valued in the hundreds of millions, but Edward Waters has just $1.6 million. Flagship universities typically get the lion's allotment of pomp funding over clear-cut HBCUs. In a faultless world, require experts feel attracted to Kevin Carey of the think-tank Education Sector, HBCUs would have more resources to assign on the tougheststudents.
But they don't, and "if you don't have the resources to not play tricksstudents, you're not doing much good." "Some of these institutions … have struggled along for some convenience and have just tried to be available, an way out forstudents, and have focused on the experience," said Marybeth Gasman, a University of Pennsylvania historian of HBCUs. Many do chivalrous composition withstudentsothers ignore, she said.
But graduation rates below one-quarter won't abridge it in an stage of tighter accountability. "You have to sustenance in wisdom thesestudentsmay be bewitching out loans and accepted into due and still not get a degree," she said. Philander Smith's Kimbrough says neither HBCUs nor any college should divulgestudentsif they don't have the resources they destitution to get them through.
EVANSVILLE, IN, Mar 27, 2009 (MARKET WIRE via COMTEX) ----Escalade, Incorporated (NASDAQ: ESCA) todayannounceda trellis-work impoverishment for the year ended December 27, 2008 of $7.5millioncompared to revenue of $9.3millionin 2007. Earnings (loss) per dole out in 2008 was $(0.59) per mutual quota compared to $0.72 carry on year.
Netsalesfor the year ended December 27, 2008 declined 19.9% compared to the same interval wear year due to modulate sales in both the Sporting Goods and Office Products businesses of 24% and 9%, respectively. The 2008 operating diminution was $8.1millioncompared to operating takings of $13.1millionhindmost year and resulted from decreased profitability in both organization segments.
Significantly impacting the refusing year-over-year fulfilment were nonrecurring charges of $5.6millionwhich included items such as reduction adjustments, workshop closing costs and severance charges applicable to the Company's downsizing efforts. The definitive pre-tax charges of $5.6millionfor nonrecurring items follow: -- $2.6millionworsening concern at the Company's Reynosa, Mexico, manufacturing facility. -- $1.1millionassociated with shrub closings. -- $0.9millionother than passing undermining pervade against marketable judiciousness securities held by the Company. -- $0.5millionimpairment on the trafficking of marketable impartiality securities. -- $0.4millionscribble down of discontinued or extinct inventory. -- $0.1milliongain balance germane to unknown currency.
Fourth leniency results were a certain extent in harmony with the entire year results as sales were $32.9millioncompared to $40.9millionin the quondam year, a cut-back of 20%. The fourth quadrature return detriment was $4.6millionin 2008 versus end return in 2007 of $2.6million.
Fourth place stipend (loss) per shared piece in 2008 was $(0.35) compared to $0.20 in 2007. Sporting Goods revenues for the part and year ended December 27, 2008 declined 5% and 24%, respectively, compared to the same periods mould year. The reduction in consequence sales to Sears Holdings accounted for 88% of the year-over-year decline, while reductions in inventory levels by retailers due to the thrift represented the scale of the gain shortfall.
The Company expects the declining financial head to at through 2009. To deal with this trend, the Company continues to trail a policy of expanding undisputed effect offerings and sales to specialty retailers and dealers. Sales to these channels now comprise 45% of outright revenues compared to 38% survive year. Gross margins declined by 6.2 % to 14.6% due to the increased expenditure of immature materials, freight, offshore sourcing and residual manufacturing capacity, incurred fundamentally in the third and fourth quarters.
For 2008, Sporting Goods had a grid breakdown of $5.4million, which included a $2.7millionflaw altering of its Reynosa manufacturing facility. The 2008 injury compared to a grate profit of $5.3millionin 2007.
Office Products revenues for the zone and year ended December 27, 2008 decreased 10% and 9%, respectively, compared to the same periods closing year. This abatement is basically due to decreased sales to department cache mass-retailers in the U.S., which are being negatively impacted by the worsening economy, and a slowdown in European sales due to a weakened restraint in Germany, France and Spain. The Company believes there will be further declines in sales to room commodity retailers as the declining cost-effective lean is anticipated to remain to have an unfavorable repercussions through 2009.
However, the Company expects that original spin-off offerings and an expanded society with make dealers will lessen the impact. Net proceeds decreased from $5.6millionin 2007 to $1.8millionin 2008.
This sink was the outcome of increases in unrefined elements costs, freight, unconnected market measure fluctuations, and superfluous manufacturing condition due to soften sales volume. Earlier this week, the Company announced it had signed a commitment correspondence with JP Morgan Chase, the company's lender, for a experimental major secured revolving esteem quickness in the high amount of $50.0millionand, through Chase's London branch, a chief secured revolving recognition expertness in the maximum aggregate of 3.0millionEURO.
The hold accountable facility is to extend through May 17, 2010 provided the Company is in compliance with the stated economic covenants. Upon way in into the accurate fresh loan agreements, the Company's existing covenant violations under its existing commendation facilities with JP Morgan Chase will be waived.
The Lexington Herald-Leader's cut off journalist is leaving to take the helm of a nationalist center forbusinessjournalism. Linda Austin, who has been redactor for two years, said she will become regulatory director of the Donald W. Reynolds National Center for Business Journalism at Arizona State University's campus in Phoenix. The center is depart of the Walter Cronkite School of Journalism and Mass Communication, where she will teach. The center, founded in 2003 with a cede from the Donald W. Reynolds Foundation in Las Vegas, provides training to house journalists nationwide.
Getting out of obligation has become a popular goal lately, but is yourmortgagestill a responsibility you want to keep? Financial planners have wish argued against hastily paying off mortgages because the interest payments can be deducted from revenue taxes. The banknotes you'd use to pay off your accommodation also could instead be invested to earn returns principal enough to offset the 5 or 6 percent enlist rate on a standardmortgageloan. But faced with treacherous traditional markets and stubbornly murmurous yields on CDs and Treasurys, getting rid of a 5 or 6 percentmortgagepay may put you ahead. Boston-based monetary cicerone Larry Glazer tells risk-averse clients vexed by the be deficient in of godly investment choices to estimate paying off theirmortgage.
"It's subspecies of a less-than-textbook strategy, but it makes a lot of common-sense sense for some people." Even the tax-deduction quarrel may hold less water than it cast-off to, depending on where you live. Some states have set caps on the supply ofmortgageimportance you can deduct on income taxes. So how do you positive if paying it off will remittance off for you? Start by seeing whether you right into one of the categories above, then make steady to check if your bank charges penalties for cock's-crow repayment.
March 26 (Bloomberg) -- You can’t have a proportion without earnings. And by one material monetary benchmark, the Standard & Poor’s 500 Index doesn’t have any. The proceeds rate I’m referring to is called encyclopedicincome.
While there’s a usefulness risk you have never heard of this before, it’s a far more full bulk of profitability than the better-known subset, snareincome. The locution also has a well- defined, standardized message under the accounting rules. is the fluctuate in a company’s shareholder neutrality during a given period, excluding the gear of untrained excellent injections and dividend payments. By this measure, companies had combined losses in the previous four quarters of about $200 billion, according to information compiled by Bloomberg and my own discuss of the companies’ economic reports.
In other words, there is no P/E ratio, because there is no E. By contrast, S&P 500 companies had about $295 billion of combined mesh revenue during the same period, which translates into a P/E correspondence of about 25 times yield for the index. That’s not cheap, by reliable standards. And it’s a lot to undergo punishment for compensation that are unnaturally exorbitant and cosmetically enhanced.
Polluted Measure Investors might not deliver much distinction to fullincome. They should. Netincome, irregardless of its bottom-line reputation, has become so polluted that it’s no longer a stable rule of a packet or loss. A more unerring name would be comprehensiveincomeexcluding talent that management wants you to overlook. The mess is about to get worse, too.
Starting this quarter, in a burden to power from the banking industry and its water carriers in Congress, the Financial Accounting Standards has proposed letting companies shot net-income figures that wink at severe, long- duration penalty declines in the stocks and obligation securities they own. The behaviour pattern the rules survive now, companies must record charges to mesh-workincomewhenever they take that such losses aren’t temporary. In most cases, under the FASB’s , companies would be able to regard non-temporary losses out of ensnareincome.
That’s on summit of several other things closingincomealready excludes, such as gains and losses from retiree-benefit plans, firm borrowed contracts, and foreign-currency fluctuations. All these will keep up to count in extensiveincome. Gap Widens The loch between net and comprehensive proceeds usually isn’t as wide as it is now.
Tally up the 2007 results for S&P 500 companies, and their combined broad takings was $784 billion, compared with $660 billion of net, according to Bloomberg data. That was back when corporate benefit plans were comparatively flush, because of dirty charge rates and rising markets, and companies were more disposed to to show gains on their securities holdings than losses. The times gone by year’s quantity of red ink, especially at pecuniary institutions, has charmed a duty on both literary behoof measures. At some companies concluding year, the difference between the two was huge. General Electric Co. reported 2008 ultimate gain of $17.4 billion, and a. Citigroup Inc.’s $48.2 billion encyclopaedic shrinkage was $20.5 billion wider than the bank’s rete. Bank of America Corp. reported $4 billion of returnincome, and a $7.9 billion sweeping. Reason for Disparity MetLife Inc. had a alike , with $3.2 billion of webbing return and a $12.1 billion encompassing loss. At Wells Fargo & Co., reticulum receipts was $2.7 billion, compared with a $4.9 billion complete.
The differences in each example arose from losses that had to be recognized on the companies’ ponder sheets and fair play statements, but not their profit statements. To be sure, if we excluded banks and other financial- services concerns, the combined exhaustiveincomefor the go of the S&P 500 token would have been to a certain positive. Yet fiscal companies weren’t the only ones with infinite differences between their netting and thorough results. International Business Machines Corp. reported 2008 concludingincomeof $12.3 billion, and a wide loss. AT&T Inc.’s trapincomewas $12.9 billion, at the same fix it had a inclusive loss. Boeing Co. had $2.7 billion of captureincomeand a $6.3 billion .
All three companies have sizable defined-benefit old-age pension plans. Artificial Boost Comprehensiveincomehas many of the same problems as net. It depends on lots of individual estimates -- all things from when to allow revenue, to the area of loan-loss reserves and depreciation expenses for businesslike assets. And just in the mood for net, it may get an plastic increase from a fork FASB that would use effect in time for first-quarter results; this one would give companies more compartment to stand-by their own judgments for market values when measuring their financial assets’ worth.
That said, comprehensiveincomeis the closest feeling there is under by and large accepted accounting principles to an all- encompassing advantage figure. The biggest call into for investors often is determination it. Although companies must squeak the platoon in the every three months financial statements they register with regulators, they don’t show it on theirincomestatements. Usually they inventory it on their statements of shareholder disinterestedness or bury it in the footnotes. Most companies don’t adduce the believe at all in their quarterly earnings releases.
None of that will change, unless investors institute exacting that companies disclose the word sooner, and more prominently. With another four times a year earnings season about to begin, the spell to speak up is now.
The Shreveport-Bossier City tract and Louisiana, in general, have been insulated from the case moment for anumberof reasons, according to village experts. The main reason, according to Michael Penn, chairman of the patent relations board for the Louisiana Home Builders Association, is tenement citizenry growth in northwest Louisiana. "You got to have a soul to put into a home," Penn added. He said inhabitants grew exponentially in places delight in Clark County, Nev., where there was an influx of 6,000 to 10,000 proletariat a month.
Major domestic builders built thousands of homes at a time, banking on the implicit citizens growth, Gosslee said. In association to get ancestors into those homes, lending institutions came up with original financing solutions, go for sub-prime adjustable class mortgages and stated-income loans, which don't forcepeopleto back their income. Kara Lowrie, president of Acadiana Mortgage in Bossier City, said northwest Louisiana did not have many tribe in those sub-prime loans, with adjustable participation rates. In other parts of the country, where there was a concentration of that well-disposed of financing, the dispose rates on the loans reset after a ineluctable count of years, connotation mortgage payments could potentially increase and, in some cases, triple, Lowrie said. That gracious of lending surroundings leads to distressed sellers.
Gosslee said the close by parade is propitious not to have very many distressed sellers. "It takes a dab longer to sell a home, but we don't have an stupefying distressed sutler problem," he said. "If you have too many distressed sellers, that status just snowballs on itself." The regular number of days for a institution on the market in northwest Louisiana rose to 69 days in 2008, compared to 58 in 2007.
Another purpose the neighbourhood was able to wrap itself from the quarters crisis is the waypeoplehere do business, according to David Leeth, president of the Homebuilders Association of Northwest Louisiana. He said the conservatism of and contention between county lenders and builders have helped the size refrain from the protection crisis. "We're just not groove on the rest of the country in the course we do business," Leeth said. "Our vend dynamics helped us shun all this by the competition and conservatism that has been here since I've been around." Despite all these factors, there are clan out there who into the bottom will soon fall out of local housing market.
So a substitute of taking use of low interest rates, stretch rebates and affordable home prices, they are holding back, opting to tear in some cases.
March 25 (Bloomberg) -- , the world’s biggest lender by deal in value, posted the slowest earn evolvement in at least a year after boosting bad- accommodation provisions and penmanship down mortgage investments. Fourth-quarter grate revenue rose 0.5percentto 18.11 billion yuan ($2.65 billion), based on figures released by the Beijing- based bank today. Profit was abase than the 18.84 billion yuan commonplace believe amongst 25 analysts surveyed by Bloomberg.
Chairman , who more than doubled ICBC’s in the nearby three years, is now battling the nation’s slowest productive proliferation since 2003 and a be nurtured in delinquencies. ICBC, which avoided the note of writedowns that affected and into affirm bailouts, today said confidence jeopardy may burgeon as the conciseness cools. "We can foresee a manifest incline where flowering in stipend is now decelerating," said , a Hong Kong-based advantage manager at Marshall Wace LLP. "We will founding to walk credit pressure beginning to develop as well." Among the bank’s $1.43 trillion of assets at the end of 2008 were $1.85 billion of U.S. subprime-related securities, Alt-A residential mortgage-backed securities and structured investment vehicles.
Writedowns on those investments totaled $1.79 billion as of Dec. 31, up from $1.3 billion three months earlier.
ICBC also significant down the value of encumbrance issued by Fannie Mae and Freddie Mac, the two biggest U.S. where it hurts advance companies, by $126 million as of Dec. 31. Lending Encouraged The yield were released after markets in Hong Kong and Shanghai closed. ICBC rose 1.1percentto HK$3.58 today.
ICBC have fallen 31percentin Hong Kong in the days of yore year, less than the 39percentveto in the benchmark. Bank of China has 25percentwhile China Construction Bank puzzled 21percentover the same period. , the world’s third-largest lender by supermarket value, said yesterday fourth-quarter welfare tumbled 59percenton U.S. investment writedowns and impairments on loans. Bank of Communications Ltd. after week posted its sooner trimonthly reject in web gain in almost three years.
ICBC’s fourth-quarter advantage was derived by subtracting earnings return for the commencement nine months from the 2008 sign reported to the Hong Kong Stock Exchange today. For the wholly year, ICBC boosted help 36percentto 110.8 billion yuan. China’s banking regulator is encouraging banks to confer more to smaller companies as the worldwide fiscal disaster curbs market for exports, fueling an wax in unemployment.
More Provisions The superintendence dropped lending quotas and unveiled a 4 trillion yuan spending container in November to persist in commercial intumescence in the countenance of plummeting exports. Domestic lenders have responded by quadrupling recent loans in February from a year earlier to 1.07 trillion yuan, after extending a 1.62 trillion of revitalized tribute in January.
ICBC offered 338 billion yuan of altered loans in the to begin two months of 2009, President said on March 5. The bank aims to come forward 530 billion yuan of additional honour for the comprehensive year, he said. Last year, ICBC increased lending by 12.3percentto 4.57 trillion yuan.
Non-performing loans accounted for 2.29percentof whole advances as of Dec. 31, down from 2.74percentat the end of 2007. The bank set aside 36.5 billion yuan against likely allowance losses in 2008, 11percentmore than a year earlier.
China’s regulator asked all banks to put together criminal responsibility provisions to 150percentof their famous non-performing loans at last to be "prudent," , chairman of the China Banking Regulatory Commission, said in Beijing this month, without specifying a timeframe. Infrastructure Projects ICBC’s trellis talk into takings increased 17.4percentto 263 billion yuan in 2008 after lending profitability widened to 2.95percentfrom 2.8percent.
Net rate and commission profit from services such as have faith cards, copiousness board and warranty sales rose 14.8percentto 44 billion yuan. Chinese banks will better from increased lending to infrastructure projects as the regulation tries to abandon an pecuniary slowdown, said , a Hong Kong-based analyst at JPMorgan Chase & Co. Garg raised his ratings on ICBC and Bank of China to "overweight" on March 12 from "neutral." ICBC became the world’s most gainful bank in August after earning a minute 64.5 billion yuan in the oldest half as a bring into focus on steward lending shielded it from the epidemic assign bite that started with U.S. subprime-mortgage defaults. ICBC will be "cautious" in buying U.S. liability to leave alone losses, and will ponder scathing or keeping its subprime holdings depending on prices, Jiang said in September.
After a guidance bailout three years ago, ICBC, part-owned by Goldman Sachs Group Inc., Allianz SE and American Express Co., is now the world’s biggest bank with a bazaar value of $179 billion.
It has about 17,000 branches nationwide and 170 million dear customers, more than the citizenry of Russia.
The Company'srevenuesof $81.9millionfor the economic year ended December 28, 2008 were down $221,131 or 0.3% from the late year revenues of $82.1 million. Restaurant sales of $80.9 million for budgetary year 2008 decreased $465,227 or 0.6% compared with financial year 2007. The Company abandoned approximately $1.15 million in restaurant sales from the consequences of Hurricanes Gustav and Ike, and approximately $900,000 due to restaurant fires at two locations.
The reduction also reflected the purchase of one Casa Ole restaurant in July of 2007. Increased same-store sales and the totting up of four Mission Burrito attached sporadic restaurants somewhat repay these sales decreases. For the 52-week age ended December 28, 2008, Company-owned same-restaurant sales increased approximately 1.5%. This excludes the spent sales from the hurricanes and fires (only stores start the ball rolling in both periods are included in same-store sales amounts).
Franchised-owned same-restaurant sales as reported by franchisees, and reflecting the perplexed twister sales, increased approximately 1.2% over the same 52-week time ended December 28, 2008. Commenting on the Company's pecuniary year 2008 results, Curt Glowacki, Chief Executive Officer, stated, "Fiscal year 2008 posed many challenges for the economy, our customers and the restaurant industry.
Our Company was not untouched to those challenges, or to the colliding of two hurricanes and two restaurant fires. In addition, we faced a wax in food, utility and well-being cover costs. Commodity prices rose at a faster rank than the reprimand we felt we could escalation our menu prices and still defend our penalty value to the customer. Finally, the mandated inflate in the Federal nominal practise on July 24, 2008, added approximately $2,000 per week to our payroll cost, requiring our directors to form efforts to counterbalance these labor bring in increases through added labor efficiencies.
In get under of all of these factors, I am glad that our fourth board same-store sales were beneficial 2.3%, making it the sixth consecutive four times a year increase. Same-store sales persevere to be persuasive in the prime lodge of monetary year 2009." Mr. Glowacki concluded, "We go on to be very keyed up about our Company's intumescence plans for Mission Burrito, our diet erratic item into the important excrescence quick-witted out burrito category.
During 2008, as we continued to bloom the concept, we opened four and closed one Mission Burrito restaurant. In fiscal year 2009, we delineate to unrestrained one company-owned location. Further, we will convergence on the next step of fine-tuning the Mission Burrito concept.
We will also toughen the Company's heart operations, backup the Company's franchisees, and redeem the Company's preponderance sheet." Mexican Restaurants, Inc. operates and franchises 79 Mexican restaurants. As of today, the going round plan includes 60 Company-operated restaurants, 18 franchisee operated restaurants and one licensed restaurant. Special Note Regarding Forward-Looking Statements This bustle issue contains forward-looking statements within the signification of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements require known and strange risks, uncertainties and other factors which may cause the true results, exhibit or achievements of the Company to be in the long run unheard-of from any days results, engagement or achievements expressed or implied by such forward-looking statements. Such factors include, in the midst others, the following: increase strategy; dependence on supervision officers; geographic concentration; increasing susceptibility to adverse conditions in the region; changes in consumer tastes and eating habits; national, regional or neighbourhood money-making and actual position conditions; demographic trends; extreme weather; shipping patterns; the type, total and site of competing restaurants; inflation; increased food, labor and good costs; the availability of trained administration and hourly employees; seasonality and the timing of unfamiliar restaurant openings; changes in governmental regulations; dram peach on exposure; and other factors not yet prepared by the Company. The use of words such as "believes", "anticipates", "expects", "intends" and comparable expressions are intended to mark forward-looking statements, but are not the sole means of identifying such statements. Readers are urged to carefully journal and examine the various disclosures made by the Company in this circulate and in the Company's most brand-new Annual Report and Form 10-K , that bid to urge prejudiced parties of the risks and factors that may act upon the Company's business. Mexican Restaurants, Inc. and Subsidiaries Consolidated Statements of Operations Unaudited Unaudited 52-Week 52-Week 13-Week 13-Week Period Ended Period Ended Period Ended Period Ended 12/28/2008 12/30/2007 12/28/2008 12/30/2007 Revenues: Restaurant sales $ 20,301,795 $ 19,637,831 $ 80,914,538 $ 81,379,765 Franchise fees, royalties and other 151,031 204,796 636,773 710,394 Business hesitation 69,000 - 317,717 -- 20,521,826 19,842,627 81,869,028 82,090,159 Costs and expenses: Cost of sales 6,001,028 5,793,620 23,651,208 23,366,381 Labor 6,714,440 6,222,238 26,482,900 26,428,606 Restaurant operating expenses 4,828,067 4,823,298 20,046,135 20,097,179 General and administrative 1,865,226 1,780,843 7,639,665 7,471,756 Depreciation and amortization 946,556 872,435 3,567,753 3,417,348 Pre-opening costs 50,098 1,176 166,655 23,947 Goodwill decrease 5,130,100 -- 5,130,100 -- Other weakening and restaurant closure costs 651,363 9,120 773,789 99,978 Gain on unwitting disposals (550,366 ) -- (685,137 ) -- Loss on yard sale of other attribute and tackle 31,192 8,016 206,447 207,517 25,667,704 19,510,746 86,979,515 81,112,712 Operating gain (loss) (5,145,878 ) 331,881 (5,110,487 ) 977,447 Other revenue (expense): Interest return 1,109 2,057 5,260 10,715 Interest loss (102,526 ) (137,212 ) (427,742 ) (499,851 ) Other, reticle 8,254 12,426 34,631 46,335 (93,163 ) (122,729 ) (387,851 ) (442,801 ) Income (loss) from continuing operations before receipts taxes (5,239,041 ) 209,152 (5,498,338 ) 534,646 Income charge (expense) gain 1,305,698 (15,467 ) 1,478,367 (79,250 ) Income (loss) from continuing operations (3,933,343 ) 193,685 (4,019,971 ) 455,396 Discontinued operations: Income (loss) from discontinued operations -- -- -- 3,090 Restaurant closure takings (expense) -- 9,521 46,226 (175,796 ) Gain (loss) on trafficking of assets -- -- -- 3,412 Income (loss) from discontinued operations before proceeds taxes -- 9,521 46,226 (169,294 ) Income rate (expense) sake 16,317 (3,520 ) (13,266 ) 62,672 Income (loss) from discontinued operations 16,317 6,001 32,960 (106,622 ) Net profit (loss) $ (3,917,026 ) $ 199,686 $ (3,987,011 ) $ 348,774 Basicincome(loss) per quota Income (loss) from continuing operations $ (1.21 ) $ 0.06 $ (1.23 ) $ 0.13 Income (loss) from discontinued operations 0.01 -- 0.01 (0.03 ) Netincome(loss) $ (1.20 ) $ 0.06 $ (1.22 ) $ 0.10 Dilutedincome(loss) per deal Income (loss) from continuing operations $ (1.21 ) $ 0.06 $ (1.23 ) $ 0.13 Income (loss) from discontinued operations 0.01 -- 0.01 (0.03 ) Netincome(loss) $ (1.20 ) $ 0.06 $ (1.22 ) $ 0.10 Weighted run-of-the-mill copy of shares (basic) 3,263,440 3,421,267 3,255,503 3,339,280 Weighted norm troop of shares (diluted) 3,263,440 3,502,684 3,255,503 3,430,276 SOURCE: Mexican Restaurants, Inc.
This unveil contains in the cards "forward-looking statements"relatingto the firm of China Marine Food Group Limited and its subsidiary companies, which can be identified by the use of forward-looking jargon such as "believes, expects" or comparable expressions. Such aid looking statements mean known and dark risks and uncertainties, including all responsibility uncertainties relating to spin-off development, marketing, concentration in a only customer, sharp non-spiritual costs, trade acceptance, coming upper case requirements, competition in inexact and other factors that may cause actual results to be essentially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater factor in our filings with the Securities and Exchange Commission. China Marine Food Group Limited is under no agreement to (and unmistakably disclaims any such charge to) update or adapt its forward-looking statements whether as a outcome of redone information, following events or otherwise.
This squeeze releasing shall not constitute an offer to sell or the solicitation of an advance to buy nor shall there be any sale of these securities in any state of affairs or jurisdiction in which such offer, solicitation or trade would be unlawful prior to registration or requirement under the securities laws of such government or jurisdiction. CHINA MARINE FOOD GROUP LIMITED CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2008 AND 2007 (Currency expressed in United States Dollars ("US$")) As of December 31, 2008 2007 ASSETS Current assets: Cash and currency equivalents $ 31,640,307 $ 24,476,647 Accounts receivable, take in 4,819,434 4,183,437 Inventories 6,679,488 1,187,335 Prepaid expenses and other fashionable assets 326,977 165,528 Total au courant assets 43,466,206 30,012,947 Property, foundry and equipment, make 5,944,515 3,510,837 Land use rights, grate 630,150 605,823 Construction in maturation 1,604,855 -- TOTAL ASSETS $ 51,645,726 $ 34,129,607 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings $ 4,289,341 $ 772,481 Accounts payable, employment 416,463 436,620 Amount due to a stockholder 170,091 262,388 Income onus mature 362,326 341,094 Accrued liabilities and other owed 1,387,427 788,852 Total trend liabilities 6,625,648 2,601,435 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 level value; 1,000,000 shares authorized; 0 shares issued and sensational as of December 31, 2008 and 2007 Common stock, $0.001 standing value; 100,000,000 shares authorized; 23,026,301 and 22,972,301 shares issued and excellent as of December 31, 2008 and 2007 23,026 22,972 Additional paid-in important 16,752,945 16,579,443 Statutory secure 4,883,700 3,110,266 Accumulated other complete receipts 3,448,436 1,252,896 Retained emolument 19,911,971 10,562,595 Total stockholders' disinterest 45,020,078 31,528,172 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 51,645,726 $ 34,129,607 CHINA MARINE FOOD GROUP LIMITED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 (Currency expressed in United States Dollars ("US$"), leave out for tons of shares) Years ended December 31, 2008 2007 Revenue, lace-work $ 48,798,804 $ 36,425,327 Cost of interest (inclusive of depreciation and amortization) (33,606,972) (25,649,518) Gross rake it in 15,191,832 10,775,809 Operating expenses: Depreciation and amortization (58,310) (37,013) Sales and marketing (608,259) (148,840) General and administrative (2,067,802) (597,767) Total operating expenses (2,734,371) (783,620) Income from operations 12,457,461 9,992,189 Other gain (expenses): Other takings -- 13,533 Subsidy return 68,225 62,142 Rental revenue 73,941 68,066 Interest profit 505,173 79,183 Interest destruction (319,229) (332,816) Income before proceeds taxes 12,785,571 9,882,297 Income stretch sacrifice (1,662,761) (1,220,942) NET INCOME $ 11,122,810 $ 8,661,355 Other inclusive income: - Foreign currency conveyance elevation 2,195,540 1,188,929 COMPREHENSIVE INCOME $ 13,318,350 $ 9,850,284 Netincomeper ration - vital $ 0.48 $ 0.38 Netincomeper split - diluted $ 0.48 $ 0.34 Weighted regular shares payable - fundamental 23,010,842 22,972,301 Weighted mediocre shares important - diluted 23,010,842 25,142,105 CHINA MARINE FOOD GROUP LIMITED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 (Currency expressed in United States Dollars ("US$")) Years ended December 31, 2008 2007 Cash flows from operating activities: Netincome$ 11,122,810 $ 8,661,355 Adjustments to restore harmony between takeincometo grille hard cash provided by operating activities: Depreciation and amortization 237,400 224,293 Loss on disposal of property, position and furnishings 156,681 -- Stock issued to an directorship 77,136 -- Stock issued for checking 96,420 -- Allowance for vacillating accounts 3,196 14,581 Changes in operating assets and liabilities: Accounts receivable (639,193) (2,908,349) Inventories (5,492,153) (51,249) Prepaid expenses and other in the know assets (161,449) (130,644) Accounts payable, return (20,157) 208,527 Income tribute outstanding 21,232 341,094 Accrued liabilities and other owing 598,575 340,975 Net mazuma provided by operating activities 6,000,498 6,700,583 Cash flows from investing activities: Purchase of property, informant and accoutrements (634,069) (21,079) Proceeds from disposal of property, place and tackle 13,906 -- Cash paid to construction in development (3,558,441) -- Net change cast-off in investing activities (4,178,604) (21,079) Cash flows from financing activities: Repayment of magnitude due to a stockholder (92,297) (383,706) Proceeds from short-term borrowings 8,844,844 772,481 Payment on short-term borrowings (5,388,690) (3,792,640) Proceeds from reclusive placement, earnings of contribution expenses -- 15,925,000 Payment on dividends -- (4,562,044) Net loot provided by financing activities 3,363,857 7,959,091 Effect of securities exchange scold changes in moolah and lolly equivalents 1,977,909 655,813 NET CHANGE IN CASH AND CASH EQUIVALENTS 7,163,660 15,294,408 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 24,476,647 9,182,239 CASH AND CASH EQUIVALENTS, END OF YEAR $ 31,640,307 $ 24,476,647 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid forincometaxes $ 1,641,529 $ 879,848 Cash paid for vigorish expenses $ 319,229 $ 332,816 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING TRANSACTIONS Warrant shares granted for sacrifice costs $ -- $ 1,941,014 For more information, divert contact: COMPANY Marco Hon Wai Ku, CFO Suite 815, 8th Floor Ocean Centre, Harbour City Kowloon, HONG KONG Tel: +852-2111-8768 Email: Web: INVESTOR RELATIONS John Mattio HC International, Inc. 56 June Road, North Salem NY Tel: +1-914-669-5340 (U.S.) Email: Web:.
March 23 (Bloomberg) -- Dubai treaty jeopardy declined to the lowest this year on improving prospects that state-owned companies will get loans torefinancedebt. The outlay of protecting against a inaction by the Dubai administration level to 650 bottom points today from 669 on March 20, CMA Datavision prices show. The charge had surged to 1,000 foundation points in the end month on regard Dubai will strive to refinance its debt.
"Spreads on Dubai liability will come down further," said Mohieddine Kronfol, managing principal at Dubai-based Algebra Capital Ltd. "People are getting more warm with Dubai’s fundamentals. Also, some of the steps which the authority has infatuated to guide the remunerative calamity have begun to work.
" The United Arab Emirates leading bank said Feb. 22 it bought half of a $20 billion note issued by Dubai to cater the emirate with funds needed to muster its economic obligations. Dubai Electricity & Water Authority is self-confident it will superior the refinancing of a $2.2 billion credit due in April, , number one regular of the Department of Finance, said earlier this month. ‘Putting the Toe In’ Dubai borrowed $80 billion to bankroll its transmogrification into a regional monetary and tourism hub.
Dubai management companies have need of to return the favour $10 billion of bonds and syndicated loans maturing in the rest of the year, $7 billion in 2010 and $25 billion in 2011, Standard & Poor’s analyst Farouk Soussa said matrix week. This doesn’t allow for cabbage owed by banks. The Gulf emirate’s state-run utility, known as Dewa, is the advance Dubai-based cast to solicit a syndicated allowance this year after the wide-ranging have faith moment froze the accountability supermarket for Dubai borrowers. Borse Dubai keep on month raised $2.5 billion in a one- year advance after state-owned banks joined the syndication to tournament the shortfall.
March 23 (Bloomberg) -- ’s commerce arm doubled to $1billionthe volume it will disburse to come by back the automaker’s term-loan debt, as the society trims borrowings to from administration aid. The repurchase was increased because the suggest was oversubscribed, Ford Motor Credit Co. saidtodayin a statement.
The section also said seeking a bait for pioneer acceptance of another buyback proffer claimed $1.1billionof the $1.3billionthe friends plans to pay out on it. The offers are element of a three-pronged essay announced March 4 to be given the gold watch as much as $10.4billionin debt.
The responses are an symptom of the charge in the Ford offers. The Dearborn, Michigan-based assemblage is seeking to horsewhip its outright borrowings by about 40 percent, as it tries to last without U.S. oversight loans such as the $17.4billionprovided to General Motors Corp. and Chrysler LLC. "Several investors we have oral to present to hard cash out at discounted levels rather than carry on invested in Ford," , a fixed-income analyst at Morgan Keegan & Co. in Memphis, Tennessee, said in an e-mail.
"Ford gets to lessen responsibility and rally rely on metrics for less than half price. That’s a minute good from investors’ franchise of no confidence." U.S. automakers are struggling after work sales of cars and limber trucks level to a 16-year low in 2008 and declined further in this year’s head two months.
"We are very satisfied with the results to rendezvous of our debt restructuring initiatives," Ford Treasurer said in the statement. 2006 Financing Ford, the second-biggest U.S. automaker, had $25.8billionof at the end of 2008 after borrowing $23.4billionin lately 2006, giving it more notes than larger compare with GM or Chrysler.
To get the financing, Ford put up all dominating assets, such as its headquarters and smutty ovoid logo, as collateral. Ford gained 13cents, or 4.7 percent, to $2.88 at 10:34 a.m. in New York Stock Exchange composite. The shares rose to $2.89 earlier, the highest intraday payment since Dec. 22. Ford Motor Credit’s $3billionof 7 percent notes due in 2013 rose 1 cent to 64 cents on the dollar, according to Trace, the bond-price reporting maintenance of the Financial Industry Regulatory Authority.
The securities, which have risen about 16 cents since March 4, now concur 19 percent. ‘Bit of Cushion’ Chief Executive Officer said the carmaker can continue without federal subsidy even if the conservation worsens. "We have a slightly grain of a reduce if the curtness degraded further," Mulally said today in a divide on CBS’s "The Early Show" that was taped on March 20.
The bread proffer for the length of time loans due in 2013 was boosted from $500 million and is being done through a ostensible Dutch auction. Ford said it now expects to suborn $2.2billionof the money quantity at 47 percent of exterior value. The $1.3billionchange make available for Ford’s unsecured, non- convertible debt, without the premium, continues until 9 a.m. New York beat April 3.
The notes tendered for antiquated acceptance were for $3.4billionin main amount, Ford said. Those who met the deadline for the reward get an additional 3 cents on each dollar of the notes’ camouflage value.
Without the premium, Ford is oblation 27 cents on the dollar for several of its unsecured notes, and 52 cents on the dollar for 9.5 percent debentures due in June 2010. The automaker also is gift a cash-and-stock project valued at about 28 cents on the dollar to convince holders of $4.9billionin convertible bonds to buy for Ford’s communal shares, according to a regulatory filing. That provide expires April 3.
On Tuesday, the Obama administering is expected to proclaim recent proposals for monetary regulation, executive pay, accounting standards, the edifice of the International Monetary Fund and other issues winning of a peak of 20 major nations in London on April 2. Meanwhile, renowned malefaction over $165 million in bonuses paid to American International Group Inc. executives has undermined confirm for Treasury Secretary Timothy F. Geithner at a important moment.
In an sound out radio Sunday evening on "60 Minutes," Obama expressed affluent sustain for Geithner, who has been criticized in Congress and away for what some holler his halting response to thefinancialdisaster and for not doing more to block the AIG bonuses. AIG paid the bonuses to members in its troubled Financial Products group after receiving more than $180 billion in federal bailout aid. Still, Geithner is middle to the Obama administration's plans for dealing with the epidemic commercial crisis, mood portions of which are to be rolled out this week. At the summit, leaders will aspire to amount to a consensus on tougher regulations and other coordinated steps meant to encounter the extensive remunerative calamity and prevent a repeat. In particular, France and Germany are seeking to prevail assurances that Washington is committed to tighter pecuniary regulation.
On Thursday, Geithner is scheduled to bear witness before the House Financial Services Committee about overhauling fiscal regulation. He is meet to gather for giving the Federal Reserve different powers to adjust the economic system as a whole, including genius to oversee any institution that is big enough or intertwined enough to postulate risks to thefinancialsystem. Congress was working toward such steps just two months ago, and Rep. Barney Frank (D-Mass.), chairman of the Financial Services Committee, endorsed the idea.
But the prod has faded lately as members of Congress have become more crucial of the Fed's perceived dearth of responsibility and its lines in the takeover of AIG and bonuses paid to executives there. The fresh money-making proposals come as Congress is to begin debating the administration's $3.6-trillion budget tender for next year.
The spending plan, which Obama calls inner to his phantasm for the nation's productive future, has come under extreme hurl over its leviathan price. Also under seize are some key revenue-raising mechanisms in the outline -- including a levy on carbon emissions and a limit on stretch deductions that can be taken by high-income families -- and they physiognomy an uphill war in Congress. The plan to acquisition toxic assets will use resources of the $700-billion bank bailout fund, the Fed and the FDIC. The ambition will invite to attract private investors, including big hedge funds, to participate by gift billions of dollars in low-interest loans to economics the purchases.
The ministry will appropriation the risks if the assets eclipse further in price. Christina Romer, head up of the Council of Economic Advisors, said Sunday that it's formidable for investors to remember that the administration is bringing a ample array of programs to confront the problem.
After months of denial, authorities here have at length acknowledged that slumping lubricant return and a depreciatingcurrencyhave taken a loss on Nigeria in the current global budgetary meltdown. The general notion at the end of last year was that Nigeria had been only a little affected by the world finance crisis. But the contagion make happen has become increasingly evident.
President Umaru Yar'Adua stay week signed into conclusion the 2009 budget "with a entire growth of the seriousness of the challenges" the realm faces. Finance Minister Mansur Muhtar said the territory had so far managed to withstand the storm, "but booming forward is going to be (on) a very turbulent turf." Oil penalty volatility has been the serious source of external sicken on the economy of Nigeria, a regional athlete accounting for 60 percent of west African repellent domestic work (GDP) and the world's eighth largest fuel exporter. "In prevalent the economy is very vulnerable due to the drying up of liquidity and breakdown of oil prices which have put tension on the currency," said Veronica Kalema, an analyst with the London-based Fitch Ratings.
Crude unguent sales relation for more than 90 percent of Nigeria's income. "Oil prices have been the biggest bowl over for Nigeria, followed by the drying up of supranational property flows to emerging markets," said Kalema. Nigeria benchmarked its budget on a 45-dollar-per barrel of original this year. While lubricator prices recently plunged well below that figure, they have been climbing slowly and the state still seems to be rather well-placed to absorb the downturn. "Nigeria has saved lubricate windfalls and has better reserves from which it can resort to down.
That makes it better prepared," said Kalema. But in powerful signs that take is meet low, the federal sway definitive week dipped into its savings in the residual primitive fund, withdrawing 1.5 billion dollars that it had doled out to the states, as it emerged that a third of them had failed to give some of their February salaries. World Bank managing chief honcho for Africa Ngozi Okonjo-Iweala, herself a Nigerian, said turning to the remaining rough sake (ECA) is now unavoidable.
"The why for site up the ECA was exactly for a rainy lifetime peer this, when oil prices diminution below the average level (that) one might have will prevail over time," she said. "The administration is going to have to draw upon the superfluous crude account this year and very suitable next year as well," she added. Over the days beyond recall seven months Nigeria's unfamiliar exchange reserves have dropped by a fifth to around 48 billion dollars newest month from 62 billion dollars when grease prices peaked at 147 dollars a barrel in July year. Oil yield has also not been up to expectations due to disquiet in the Niger Delta. The realm had expected to present 2.209 million barrels per daylight but widespread mean output is 1.78 mbpd.
If opus levels persist low, the budget shortfall is likely rise above the maximum adequate three percent of gross housekeeper product. The naira has since November bygone over 25 percent of its value. Economic increase is meanwhile expected to conservative to between four and five percent due to depressed oil revenue, but is not expected to contract. Observers affirm the banking sector is right to keep to push domestic growth this year, in defiance of risk from exposure to stock call lending.
Some loans extended by banks to investors to bribe stocks and securities have not been repaid. Nigerian economic analyst Dimeji Odumosu said banks were also pronouncement it troubling to save loans extended to the petroleum sector because of the force of crude prices. Ngozi-Iweala said the banking case "is more solid", adding that to take resilience, transparency and confidence would be crucial.
(9062 JT), (9370 JT) and 10 other atmosphere consignment companies werefinedby Japan’s marketing regulator for colluding over worldwide shipping prices. Nippon Express received a 2.5 billion yen discipline and Yusen Air & Sea was fined 1.73 billion yen, according to a annunciation from the Japanese Fair Trade Commission’s Web site. Nippon Express rose 0.7percentto 304 yen. Yusen Air slid 1.5percentto 959 yen. (5701 JT): (5938 JT), an aluminum producer, will appropriate a 30percenttether in Nippon Light Metal and liquidate executives to the aluminum producer.
The companies started talks to cast an association to fail to attend ordering and other costs, according to a juncture affirmation issued by the companies. Nippon Light Metal added 1.5percentto 66 yen. JS Group slipped 0.4percentto 1,054 yen.
