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Green Mountain Coffee: Revenues up, net income down

Green Mountain Coffee: Revenues up, net income down

first_imgGoodwill Intangibles, net Net sales $14,384 Other income (expense) Selling and operating expenses 26, 2009 (1,382)Income before income taxes Loss on disposal of fixed assets 5,055 $196,980 Cost of sales (25)Excess tax benefits from equity-based compensation plans 143,630 12,473 ended December 53,350 71,907 415,220 298 Basic income per share: Green Mountain Coffee Roasters, Inc., (NASDAQ: GMCR) today announced its fiscal 2010 first quarter results for the thirteen weeks ended December 26, 2009, reporting strong growth. Net sales for the first quarter of fiscal 2010 were up 77 percent to $349.4 million as compared to $197.0 million reported in the first quarter of fiscal 2009. Other long-term assets Patent litigation settlement Net income (15,757)Inventories Cash and cash equivalents at end of period (40,906) 11,442 606,454 1,124 132,636 Source: WATERBURY, Vt.–(BUSINESS WIRE)–Green Mountain Coffee Roasters, Inc. 1.28.2010 $883,493 and not disbursed at the end of each period: 50,000 Current assets: General and administrative expenses (43)Interest expense 10,151 December 26, (3,451)Accrued expenses $0.37 $813,839 Weighted average shares outstanding Accounts payable Fixed assets, net Long-term debt – weeks ended 9,429 20,122 $0.27 Accrued compensation costs 23 9,983 September 26, (1,160)Other long-term assets, net – 1,671 $417 3,835 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Cash Flows(Dollars in thousands) (1,870)ESOP unallocated shares, at cost 12,687 sharesat December 26, 2009, and September 26, 2009 $73,192 (2,874)Deferred income taxes – $14,384 (10,107) 23,172 (1,574) 23,533 Fixed asset purchases included in accounts payable Current liabilities: Receivables, less allowances of $9,740 and $4,792 at December 26, 2009, and September 26, 2009, respectively Other current assets Net change in revolving line of credit 151,940 2,143 384 10 $12,494 $883,493 Tax benefit (expense) from exercise of non-qualified options and disqualified dispositions of incentive stock options Liabilities and Stockholders’ Equity 2009 38 84,316 Thirteen 6,235 145 Commitments and contingencies 76,961 169,429 Restricted cash and cash equivalents – 211 140,899 Net increase (decrease) in cash and cash equivalents (74) 55,579 $813,839 $- 250 50,000 804 Amortization of intangibles (9,421) $5,064 – Other current assets 247,538 590,174 Accrued expenses Thirteen weeks 18,570 (2,576)Deferred compensation and stock compensation 13,137 ended December – 4,662 36,181 27, 2008 6,706 124,053 21,915 $2,475 Deferred income taxes, net 34 53,192 2009 December 26, Stockholders’ equity:center_img Provision for doubtful accounts Thirteen weeks – 4,360 2,844 Gross profit 73,013 454,078 450,596 Retained earnings Cash and cash equivalents (28,758) Net cash provided by operating activities 91,559 Receivables Income tax receivable 26,599 (111) 5 Total current liabilities Income tax expense Adjustments to reconcile net income to net cash 17 $0.39 137,162 241,811 4,158 Short-term investments (4,923) Depreciation and amortization Net cash provided by (used for) financing activities 3,257 Current portion of long-term debt Common stock, $0.10 par value: Authorized – 60,000,000 shares; Issued 43,679,665 and 43,603,684 shares at December 26, 2009, and September 26, 2009, respectively (1,048) (74)Total stockholders’ equity Debt assumed in conjunction with acquisition of certain assets of Timothy s Coffee of the World Inc. 101,825 537,801 280 Total liabilities and stockholders’ equity 1,203 (9,149)Net income $241,811 $12,494 5,853 38,628,155 $1,532 Loss on futures derivatives December 27, 36,478 9,211 17,264 2,874 (1,124) 2008Cash flows from operating activities: weeks ended Cash and cash equivalents at beginning of period Weighted average shares outstanding Capital expenditures for fixed assets Changes in assets and liabilities: Net income 24,958 Other short-term liabilities (154,742) Cash flows from financing activities: 1,876 Total current assets 34,105 3,979 Acquisition of certain assets of Timothy s Coffee of the World Inc. $5,030 Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; No shares issued or outstanding Thirteen Income tax payable Total assets Accrued compensation costs Inventories $8,350 13,037 36,679,358 Net cash used for investing activities (23,701) 40,536 Income tax payable (receivable) Net income (382)Accounts payable 43,656,431 149,656 (10,083) (10,124)Proceeds from disposal of fixed assets 157,318 Accumulated other comprehensive loss 137,294 (178,298) (1,250) 18,472 2,971 2009Assets (33,500)Proceeds from issuance of common stock GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Balance Sheets(Dollars in thousands) Cash flows from investing activities: Excess tax benefits from equity-based compensation plans $0.29 (17,000)Operating income GAAP (Generally Accepted Accounting Principles) and non-GAAP net income for the first quarter of fiscal 2010 totaled $12.5 million or $0.27 per fully diluted share. This compares to GAAP net income of $14.4 million or $0.37 per fully diluted share in the first quarter of fiscal 2009 including the favorable impact of a pre-tax $17 million or $0.27 per fully diluted share patent litigation settlement. Excluding the favorable impact of the patent settlement in 2009, the first quarter of fiscal 2010 GAAP and non-GAAP fully diluted earnings per share of $0.27 represents a 163% increase over non-GAAP fully diluted earnings per share of $0.10 per share in fiscal 2009.In the first quarter of fiscal 2010, the Company incurred approximately $5.0 million of transaction expenses related to the Timothy s Coffees of the World, Inc. ( Timothy s ) acquisition, which was completed on November 13, 2009, and the pending Diedrich Coffee, Inc. ( Diedrich ) acquisition. Under the new Financial Accounting Standards Board pronouncement on business combinations, effective starting in fiscal 2010 for the Company, acquisition-related transaction expenses are required to be expensed rather than capitalized. In addition, with respect to the Timothy s acquisition which closed on November 13, 2009, a portion of these transaction expenses were treated for tax purposes as part of the cost of acquisition and were, therefore, not tax deductible. This resulted in a higher first quarter of fiscal 2010 effective tax rate of 43.0% – higher than the Company s overall fiscal 2010 effective tax rate of approximately 39.7%.During fiscal 2010 s first quarter, 650 million K-Cup® portion packs were shipped system-wide by all Keurig licensed roasters, up 82% over the year-ago quarter. Supporting continued growth in K-Cup demand, there were 1,466,000 Keurig brewers shipped during the first quarter of fiscal 2010 compared to 711,000 shipped during the first quarter of fiscal 2009.Lawrence J. Blanford, President and CEO, said, Building on our excellent fiscal 2009 performance, it is exciting to be off to an outstanding start for fiscal 2010. Our Company continues to deliver superb financial results that demonstrate the resiliency and transformative nature of our unique business model. The Keurig Single-Cup Brewing System and our growing family of brands and K-Cup portion pack products are changing the way consumers in North America prepare and enjoy their coffee and other beverages. Due to our strong first quarter financial results, we are raising our expectations for fiscal 2010 EPS from prior estimates of $1.85 to $1.95 per fully diluted share to a range of $1.95 to $2.05 per fully diluted share excluding any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010.Blanford continued, Our Company s success relies on our employees thoughtful execution of initiatives that enable sustainable growth. Recent initiatives include the acquisition of the Timothy s wholesale business and brand headquartered in Toronto in November 2009; the start-up of new higher speed packaging lines in Tennessee and Vermont; the addition of roasting and new packaging lines in our Sumner, Washington facility; and the roll-out of our Donut House Collection ¢ of coffees in K-Cup portion packs.Blanford concluded, Looking forward, we are committed to continuing to represent the best of business in terms of our growth and profitability and our ability to make a positive difference in the world.Fiscal 2010 First Quarter Financial ReviewNet SalesThe two primary drivers of the 77%, or $152.4 million, increase in the Company s net sales for the first quarter of fiscal 2010 were the 101%, or $86.0 million, increase in total K-Cup net sales and the 86.5%, or $56.7 million, increase in Keurig brewer and accessories sales. Approximately 87% of consolidated sales this past quarter were from the Keurig Brewing System and its recurring K-Cup portion pack revenue.For the Keurig business unit, net sales for the first quarter of fiscal 2010, after the elimination of inter-company sales, were $217.8 million, up 106% from net sales of $105.6 million in the first quarter of fiscal 2009. The Keurig segment net sales increase over the prior year quarter was due to strong At Home brewer and accessories sales plus a 158% increase in K-Cup sales to retailers and to consumers from Keurig.com. Additionally, royalty income from the sale of K-Cups from third party licensed roasters increased $2 million over the prior year quarter and totaled $11.0 million.For the Specialty Coffee business unit ( SCBU ) net sales for the first fiscal 2010 grew 44% to $131.6 million, after the elimination of inter-company sales, as compared to $91.3 million reported in the first quarter of fiscal 2009. Dollar net sales growth was strongest in channels that benefit from sales of K-Cup portion packs including supermarkets, consumer direct and away from home coffee channels. Net sales related to the Timothy s brand, which are included in the Company s results for the first time, represented approximately 8 percentage points of the 44% increase in SCBU s net sales, and 4 percentage points of the 77% increase in GMCR s total company sales. Fair Trade Certified ¢ coffees represented approximately 30% percent of coffee pounds shipped this quarter.Costs, Margins and IncomeGross profit increased to 29.1% of total net sales compared to 27.1% for the corresponding quarter last year. This improved gross profit margin was due to improved SCBU gross margin driven by manufacturing efficiencies combined with the higher manufacturing gross margin due to the increase in volume of SCBU manufactured K-Cups as a percentage of total system volume. Slightly offsetting this gross profit margin improvement was the significant increase in sales of Keurig At Home Single-Cup brewers, which were sold at approximately cost, as part of the Company s strategy to drive demand for its K-Cup portion packs by increasing the installed base of Keurig brewers.Selling, general and administrative expenses (SG&A) improved as a percentage of net sales to 22.5% from 23.0% in the prior year. This improvement was primarily the result of leveraging selling and organizational resources on a higher sales base. General and administrative expenses included the $5.0 million acquisition-related expenses mentioned above as well as the amortization of identifiable intangibles of $2.1 million due to the Company s acquisitions.Excluding the impact of the pre-tax $17 million patent litigation settlement recorded in the first quarter of fiscal 2009, the Company increased its operating income by 190% to $23.1 million in the first quarter of fiscal 2010, as compared to $8.0 million in the first quarter of fiscal 2009. Operating margins significantly improved as a percentage of net sales to 6.6% from 4.0% in the prior year period.Interest expense was $1.0 million and $1.4 million in the first quarter of fiscal 2010 and fiscal 2009, respectively.Income before taxes for the first quarter of fiscal 2010 increased 236% to $21.9 million as compared to $6.5 million in the first quarter of fiscal 2009 excluding the pre-tax $17 million patent litigation settlement.The Company s tax rate was 43.0% as compared to 38.9% in the prior year quarter. The increase was due to a portion of the acquisition-related expenses not being deductible for tax purposes.GAAP and non-GAAP net income for the first quarter of fiscal 2010 was $12.5 million as compared to GAAP net income of $14.4 million and non-GAAP net income of $4.0 million in the corresponding quarter last year. Note that first quarter fiscal 2009 GAAP results included the favorable impact of a pre-tax $17 million patent litigation settlement.The Timothy s acquisition was slightly accretive to the first quarter of fiscal 2010 earnings per share excluding the one-time acquisition-related expenses.Balance Sheet HighlightsCash and short-term cash investments were $123.6 million at December 26, 2009, down from $292.1 million at September 26, 2009, primarily due to the cash acquisition of Timothy s for approximately $157 million, in U.S. dollars, subject to adjustment.Accounts receivable increased 100% year-over-year to $140.9 million at December 26, 2009, from $70.3 million at December 27, 2008, as a result of continuing strong sales during the first quarter of fiscal 2010 and due to acquiring Timothy s business in November 2009.Inventories decreased as planned to $124.1 million at December 26, 2009, from $137.3 million at September 26, 2009, reflecting strong holiday sales of At Home Single-Cup Keurig brewers and K-Cups. Inventories increased 86% year-over-year from $66.8 million at December 27, 2008, as part of the Company s effort to ensure sufficient inventories of brewers and K-Cups for the second quarter of fiscal 2010 to meet consumer demand.Business Outlook and Other Forward-Looking InformationRevised Certain Company Estimates for Fiscal Year 2010:Total consolidated net sales growth of 57% to 62%, up from prior estimates of 55% to 60%.Total K-Cup portion packs shipped system-wide by all Keurig licensed roasters to increase in the range of 73% to 78%, up from prior estimates of 68% to 73%.An operating margin in the range of 11.8% to 12.5% excluding any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010, up from prior estimates of 11.5% to 12.0%.Interest expense of $4.0 million to $5.0 millionA tax rate of 40.1% as compared to 38.2% in fiscal 2009 excluding the tax impact of any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010.Fully diluted GAAP earnings per share in the range of $1.95 to $2.05 per share, up from prior estimates of $1.85 to $1.95 per share. The fully diluted GAAP earnings per share estimates include $11 million pre-tax or $0.15 per diluted share non-cash amortization expenses related to the identifiable intangibles of the Company s acquisitions and exclude any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010.Company Estimates Relating to Balance Sheet and Cash Flow for Fiscal Year 2010:Capital expenditures for fiscal 2010 in the range of $95 to $115 million.Depreciation and amortization expenses in the range of $44 to $48 million including $11 million for amortization of identifiable intangibles.First Issue of Company Estimates for Second Quarter Fiscal Year 2010:Total consolidated net sales growth of 64% to 69%.An operating margin in the range of 14.0% to 14.7% excluding any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010.Fully diluted GAAP earnings per share in the range of $0.56 to $0.61 per share. The fully diluted GAAP earnings per share estimates include $2.3 million pre-tax or $0.03 per diluted share non-cash amortization expenses related to the identifiable intangibles of the Company s acquisitions and exclude any one-time acquisition-related transaction expenses for the pending Diedrich acquisition above the amount incurred in the first quarter of fiscal 2010. This compares to the prior year fully diluted GAAP earnings per share of $0.33 per share.Use of Non-GAAP Financial MeasuresIn addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude certain charges or credits and non-cash related items such as amortization of identifiable intangibles related to the Keurig acquisition completed on June 15, 2006, the acquisition of Tully s wholesale business and brands completed on March 27, 2009, the one-time operating income related to the settlement of the Company s Kraft litigation, and the acquisition of Timothy s completed on November 13, 2009. These amounts are not in accordance with, or an alternative to, GAAP. The Company s management believes that these measures provide investors with greater transparency by helping illustrate the underlying financial and business trends relating to the Company s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company.Green Mountain Coffee Roasters, Inc. will be discussing these financial results and future prospects with analysts and investors in a conference call available via the Internet. The call will take place today at 5:00 PM ET and will be available, with accompanying slides, via live webcast on the Company s website at www.GMCR.com(link is external). The Company archives the latest conference call on the Investor Relations section of its website for a period of time. A replay of the conference call also will be available by telephone at 719-457-0820, Passcode 2020624 from 9:00 PM ET on January 27th through 9:00 PM ET on Monday, February 1, 2010.GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.About Green Mountain Coffee Roasters, Inc.As a leader in the specialty coffee industry, Green Mountain Coffee Roasters, Inc. is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR s operations are managed through two business units. The Specialty Coffee business unit produces coffee, tea and hot cocoa from its family of brands, including Tully s Coffee®, Green Mountain Coffee®, Newman s Own® Organics coffee and Timothy s World Coffee®. The Keurig business unit is a pioneer and leading manufacturer of gourmet single-cup brewing systems. K-Cup® portion packs for Keurig® Single-Cup Brewers are produced by a variety of licensed roasters, including Green Mountain Coffee, Tully s Coffee and Timothy s. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in Fair Trade Certified ¢ coffee, and donating at least five percent of its pre-tax profits to social and environmental projects. Visit www.gmcr.com(link is external) for more information.Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are forward-looking statements within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as anticipate, believe, could, estimate, expect, feel, forecast, intend, may, plan, potential, project, should, would, and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company s success in efficiently expanding operations and capacity to meet growth, the Company s success in efficiently and effectively integrating Tully s and Timothy s wholesale operations and capacity into its Specialty Coffee business unit, the Company s success in introducing new product offerings, the ability of lenders to honor their commitments under the Company s credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, Keurig s ability to continue to grow and build profits with its roaster partners in the At Home and Away from Home businesses, the impact of the loss of major customers for the Company or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, the successful completion of the acquisition of Diedrich Coffee, Inc. and subsequent integration, the Company s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, as well as other risks described more fully in the Company s filings with the SEC. Forward-looking statements reflect management s analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.Additional InformationThis press release is neither an offer to purchase, nor a solicitation of an offer to sell, any securities. The tender offer to purchase shares of Diedrich common stock referenced in this press release has been made pursuant to a Tender Offer Statement on Schedule TO, containing an offer to purchase, a form of letter of transmittal and other documents relating to the tender offer (the Tender Offer Statement ), which GMCR and Pebbles Acquisition Sub, Inc., a wholly owned subsidiary of GMCR, filed with the SEC and first mailed to Diedrich stockholders on December 11, 2009. Security holders of Diedrich are advised to read the Tender Offer Statement, because it contains important information about the tender offer. Investors and security holders of Diedrich also are advised that they may obtain free copies of the Tender Offer Statement and other documents filed by GMCR with the SEC on the SEC s website at http://www.sec.gov(link is external). In addition, free copies of the Tender Offer Statement and related materials may be obtained from GMCR by written request to: Green Mountain Coffee Roasters, Inc., Attention: General Counsel, 33 Coffee Lane, Waterbury, Vermont 05676.GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) 16,663 (8)Repayment of long-term debt 9,543 5,839 (578) $73,192 Capital lease obligations (8) (168,619) 4,368 1,476 400 Additional paid-in capital 23,074 99,600 $349,363 135,981 Deferred income taxes, net 1,977 145 Noncash financing activity: 124,083 Diluted income per share: provided by operating activities: 45,828,777last_img read more

Damascus Appalachian Trail Center Set to Break Ground

Damascus Appalachian Trail Center Set to Break Ground

first_imgPhoto from Friends of Southwest Virginia A groundbreaking ceremony for the new Appalachian Trail Center in Damascus, VA will take place on February 4th at 11:00 AM. The groundbreaking will take place at the site of the new center on Laurel Avenue across the street from Town Hall. Damascus, or Trail Town USA, is situated where seven nationally-known trails intersect. The hills and peaks of the Appalachian Mountains call residents and tourists to this authentic small town in Southwest Virginia. Construction of this Appalachian Trail Center will provide visitors with direction and ideas for the many recreational activities and hospitality offerings available throughout Southwest Virginia, not only the Appalachian Trail. The Appalachian Trail Conservancy has committed to providing programming and staff for the Center once constructed.  “The Damascus Trail Center is one of multiple projects underway in Southwest Virginia to diversify the economy and transform our natural and cultural assets such as the legendary Appalachian Trail into world-class destinations,” said Chris Cannon, executive director of Friends of Southwest Virginia. “We may not always realize how special this place is, but the world loves learning our story and then visiting us.”  The million-dollar center is a joint project of the Town of Damascus, Friends of Southwest Virginia and the Appalachian Trail Conservancy. The project was funded through an Appalachian Regional Commission’s POWER 2016 grant for coal-impacted communities, a Tobacco Region Revitalization Commission grant for economic development, and general funds from the Town of Damascus.  “Most people don’t realize they are standing on the Appalachian Trail when they stand on Laurel Avenue in downtown Damascus,” said Gavin Blevins, Damascus town manager. “This new center will be the town’s opportunity to educate locals and visitors alike on the hundreds of recreational opportunities within minutes of Damascus.”  Friends of Southwest Virginia’s SWVA Outdoors initiative started in 2012 with the goal of developing the outdoor recreation industry cluster in Southwest Virginia (SWVA) in order to reap the economic benefits of the many natural assets in our region. The first phase of this initiative supported the development of stakeholders groups in eight anchor recreation areas throughout SWVA: the Appalachian Trail, Blue Ridge Plateau, Breaks, Clinch River, Daniel Boone Wilderness Trail, High Knob, Mount Rogers, and New River. Cultural and natural asset development and access in communities and surrounding environs will be incorporated in ongoing capital improvement and planning. Damascus received both a Community Development Block Grant (CDBG) and Appalachian Regional Commission (ARC) funding to work on downtown revitalization and enhancing outdoor assets within the town. A part of the master plan for downtown Damascus is the construction of a destination center as a focal point for visitors.  “The Appalachian Trail Conservancy is deeply committed to our partnership with Damascus and we look forward to providing visitors with information about the A.T., its history and culture, and other recreation assets throughout Southwest Virginia,” said Andrew Downs, Senior Regional Director – South for the Appalachian Trail Conservancy. Funding partners include the Appalachian Regional Commission, Virginia Tobacco Region Revitalization Commission, Virginia Department of Housing & Community Development, and Friends of Southwest Virginia. A further partnership that includes the Appalachian Trail Conservancy, the Mount Rogers Appalachian Trail Club, the Mount Rogers Planning District Commission, the Town of Damascus, and Friends of Southwest Virginia ensures that this project will be successful and sustainable beyond this single grant to build the Trail Center.last_img read more

Brand and marketing lessons from Winnie the Pooh

Brand and marketing lessons from Winnie the Pooh

first_imgAs a lifelong fan of Winnie the Pooh, I was super excited to hit the theater for a recent showing of Disney’s Christopher Robin. In short, the film tells the tale of an older Christopher Robin who has left the tranquility of the Hundred Acre Wood for life as an adult in post-World War II London. Far from the innocent and lively child he was, Christopher Robin is burdened with the drudgery and tedium of adult life and requires a fresh introduction to old friends like Pooh, Piglet, Tigger and company to recapture his spirit and save his family.After I got over a couple of the weepy spots in the movie (I’m not ashamed to admit I cried a couple of times) a lifetime of exposure to Winnie the Pooh in literature (author A.A. Milne) and film led me to think about brand and marketing lessons we can learn from certain Pooh-isms (bits of wisdom from the rumbly-tumbly bear himself). Wisdom from Pooh: “It is more fun to talk with someone who doesn’t use long, difficult words but rather short, easy words like “What about lunch?” Application for You: Consumers feel exactly the same about your bank or credit union’s marketing collateral. Stop trying to impress people with a bunch of inside jargon and/or text that goes on and on and on. People simply do not read as much as they used to and are much more accustomed now to shorter bits of text with accompanying pictures or graphics. Avoid those long, difficult words and stick with short, easy ones.Wisdom from Pooh: “If the person you are talking to doesn’t appear to be listening, be patient. It may simply be that he has a small piece of fluff in his ear.” Application for You: Good marketing and branding messages take time to permeate the minds and hearts of consumers. Don’t lose heart if your messages don’t seem to have an immediate effect. This applies to both internal staff and external consumers. Remember that branding in particular is a marathon, not a sprint, and the best results are obtained with steady forward progress over time. Be patient and wait for the small piece of fluff in the ears of staff and consumers to blow away.Wisdom from Pooh: “Sometimes the smallest things take the most room in your heart.”Application for You: Everything in branding matters. From the boardroom to the bathroom. Every single granular detail like the health of your landscaping, peeling paint, cluttered desks and trash in the parking lots. On the flipside, your brand can also make a name for itself by doing the small things consumers simply no longer receive in our competitive yet impersonal retail environment. Seemingly small things like friendly hellos, smiles, eye contact, using their names and a degree of branded language that fits your financial institution can make a huge difference. These small things can occupy a large room in the hearts of your consumers.Winnie the Pooh often referred to himself as “a bear of very little brain.” The more I reread his stories and think about his wisdom, the more I understand that brain does not always translate to wisdom. A stout little bear in a idyllic wonderland created in the heart of a young boy offers wisdom aplenty for those who can take the fluff out of their ears to listen. 70SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Mark Arnold Mark Arnold is an acclaimed speaker, brand expert and strategic planner helping businesses such as credit unions and banks achieve their goals with strategic marketing insights and energized training. Mark … Web: www.markarnold.com Detailslast_img read more

Sea pollution on the beach in Lapad Bay

Sea pollution on the beach in Lapad Bay

first_imgLaboratorijskom analizom utvrđeno je da rezultati analize mora za kupanje prelaze granične vrijednosti za mikrobiološki parametar Escherichia coli. Sukladno Uredbi o kakvoći mora za kupanje čl. 23. i 24., uzorkovanje mora će se ponavljati do prestanka onečišćenja. O onečišćenju je obaviještena Inspekcija zaštite okoliša i ostale nadležne inspekcije, javljaju iz Dubrovačko neretvanske županije. “Nakon što je došlo do preljeva kanalizacijskih voda u Uvali Lapad, Vodovod Dubrovnik je krenuo s ispitivanjem sustava kako bi se utvrdio uzrok istog. Ispitivanjem je utvrđeno kako je netko u sustav ubacio stalak za bicikle, a što je i uzrokovalo probleme u sustavu. Jasno je kako ovaj stalak u sustavu nije mogao završiti slučajno. Pregledom video nadzora pokušat ćemo pronaći i počinitelja kojem je očito bilo jako zabavno namjerno začepiti kanal kako bi došlo do preljeva kanalizacijskog odvoda u more” objavio je Franković. On August 13, 2020, the Public Health Institute of the Dubrovnik-Neretva County conducted a sea sampling on the beach of Uvala Lapad in Dubrovnik, following a report of sudden sea pollution. Considering that the sea samples on the beach of Uvala Lapad in Dubrovnik do not meet the requirements of the Decree due to the pollution of fecal origin, bathing is not recommended until further notice. As Mate Franković, the mayor of Dubrovnik, reported, by examining the employees of Vodovod Dubrovnik, it was determined that someone put a bicycle stand in the system, which caused problems, ie blockages in the system. Dubrovačko-neretvanska županija, Upravni odjel za zaštitu okoliša, imovinsko-pravne i komunalne poslove, sukladno Uredbi o kakvoći mora za kupanje, upozorava javnost da je na plaži Uvala Lapad u Dubrovniku došlo do iznenadnog onečišćenja mora fekalnog podrijetla. The cause of the pollution is a bicycle stand that has clogged the sewer systemlast_img read more

Uzbekistan reports first coronavirus death as it widens lockdowns

Uzbekistan reports first coronavirus death as it widens lockdowns

first_imgUzbekistan reported its first coronavirus death on Friday, as it locked down more cities and districts, having declared large bonuses for medical workers in the battle on infections, which climbed to 83.A 72-year-old woman in the city of Namangan died of cardiac infarction, the healthcare ministry said, adding that she had suffered from a host of other diseases in addition to the virus.She appeared to have been infected by her daughter who had travelled to Turkey, it added. Topics : Municipal authorities in the province of Navoi, home to large gold- and uranium-mining companies and chemical plants, said they were locking down the cities of Navoi and Zarafshan, as well as several districts.Authorities in the major tourism hub of Bukhara also said the city would close its borders.The central Asian nation has already locked down some of its biggest cities, including Namangan and the capital, Tashkent, outside which it has built a quarantine facility housing more than 20,000 beds in modified cargo containers.Eleven infections were among medical workers, President Shavkat Mirziyoyev said late on Thursday, announcing large bonus payments for those working in direct contact with infected people.Doctors will get $2,500 every two weeks, or several times their normal monthly pay, while nurses and laboratory workers will receive $1,500, junior medical workers $1,000 and others $500, Mirziyoyev said.Medical workers who get infected while treating virus patients will get $10,000 each.last_img read more

Governor Wolf: Restore Pennsylvania Can Address Vital Infrastructure Needs in Carnegie Borough

Governor Wolf: Restore Pennsylvania Can Address Vital Infrastructure Needs in Carnegie Borough

first_img Infrastructure,  Press Release,  Restore Pennsylvania Carnegie, PA – Today, Governor Tom Wolf toured the Andrew Carnegie Free Library and Music Hall to see the unfinished Library Park project, its completion stymied by mudslide damage. Following the tour, he outlined the components of the most aggressive infrastructure plan in generations, Restore Pennsylvania.“Heavy rains throughout 2018 demonstrated vividly and tragically that our flood mitigation planning and infrastructure have not kept up, leaving communities and individuals throughout the state with massive cleanup costs, and few options to turn to for assistance,” Gov. Wolf said.“The library and music hall should not have had to use money slated for a green space to repair mudslide damage. But they did what they had to do to make the area safe and secure for residents and visitors.”The governor’s plan will help communities like Carnegie mitigate the effects of flooding and extreme weather, address blight, and expand broadband access and green infrastructure, restoring communities that simply do not have the funding for these projects.To achieve these goals, Governor Wolf announced an ambitious infrastructure initiative, Restore Pennsylvania, funded by the monetization of a commonsense severance tax. Restore Pennsylvania will invest $4.5 billion over the next four years in significant high-impact projects throughout the commonwealth to help catapult Pennsylvania ahead of every state in the country in terms of technology, development, and infrastructure.Encompassing new and expanded programs to address five priority infrastructure areas including high speed internet access, storm preparedness and disaster recovery, downstream manufacturing, business development, and energy infrastructure, demolition, revitalization, and renewal, and transportation capital projects, Restore Pennsylvania projects will be driven by local input about community needs. Projects identified by local stakeholders will be evaluated through a competitive process to ensure that high priority, high impact projects are funded and needs across Pennsylvania are met.The governor was joined on the tour and press conference by Senator Wayne Fontana and Representative Anita Kulik.“This region is no stranger to natural disasters and infrastructure problems,” Sen. Fontana said. “And as the impact of climate change unleashes more weather emergencies more often, we need to do all we can to prevent or minimize flooding, landslides, lead poisoning and so many other tragedies. We cannot continue putting band-aids on gaping wounds and continue kicking the can down the road when it comes to our aging infrastructure.”“All the municipalities that make up the 45th District have in some way or another been affected by the heavy rains and flooding that continue to hit our Commonwealth,” Rep. Kulik said. “Homes, businesses, municipal properties have all been destroyed at great cost to our constituents. We are very happy to welcome the Governor to Carnegie to hear about the his Restore PA plan — it it helps open the conversation about how to help our citizens.”Flooding Prevention and RecoveryRestore Pennsylvania will provide funding for flood prevention that will protect against severe weather and save homes and businesses in flood prone areas across the state. Restore Pennsylvania will provide funding to help towns and cities prepare for flooding and severe weather, upgrade flood walls and levees, replace high-hazard dams, and conduct stream restoration and maintenance. Restore Pennsylvania will also establish a disaster relief trust fund to assist individuals who suffer losses that are not compensated by the Federal Emergency Management Agency or other programs.BlightRestore Pennsylvania will increase resources for addressing blight by providing financial resources at the local level to establish land banks and acquire and demolish blighted buildings in order to create new development opportunities or provide new green space. The funding will be administered by entities established by the legislature as land banks or demolition funds.BroadbandRestore Pennsylvania will provide funding to completely bridge the digital divide in every community in Pennsylvania, making Pennsylvania a better place to work, do business, and live. Grants will be available to support installation of infrastructure to bring high speed internet to every corner of the commonwealth. Funding will support every phase of the process from feasibility testing to connection.View the full Restore Pennsylvania plan here. SHARE Email Facebook Twitter March 06, 2019center_img Governor Wolf: Restore Pennsylvania Can Address Vital Infrastructure Needs in Carnegie Boroughlast_img read more

Gold Coast homeowners make more than $500 million

Gold Coast homeowners make more than $500 million

first_imgREIQ Gold Coast zone chairman John Newlands said the Coast was seeing the flow-on effect from the investors coming from interstate and locally.Mr Newlands said the Coast’s new infrastructure, construction and tourism industries, and impending 2018 Commonwealth Games were giving buyers a renewed confidence in the city.“We are now getting some traction in the market place and seeing the flow-on effect from the investors coming from interstate and locally,” he said.“With the low-interest rates buyers are opening their wallets with confidence to buy.” The CoreLogic Pain and Gain report revealed 84 per cent of Gold Coasters made money — with the median profit at $110,000. GOLD Coast homeowners made more than $500 million in one quarter alone last year as the level of sales reached six year highs.Figures released today show eight out of 10 homeowners made a profit on sales in the three months to September 2016, pocketing almost $525 million.The CoreLogic Pain and Gain report reveals the median profit was $110,000.It was the best result for houses on the Coast since 2010.CoreLogic research analyst Cameron Kusher said strength was returning to the coastal markets.“You also see in Queensland interstate migration is picking up a little bit, particularly in the southeast corner.“Obviously people in Sydney and Melbourne possibly starting to think about their retirement they have seen significant growth in the value of their homes over the last few year, lots of equity.“The Gold Coast is one of the places they like to look at, so that could all be contributing to the improvement…”More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North12 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day agoCoreLogic research analyst Cameron Kusher said strength was returning to the coastal marketsREIQ Gold Coast zone chairman John Newlands said there were “pockets” of housing around the Coast — including Burleigh Heads and Southport — that had experienced phenomenal growth in the past 10 to 15 years. “The people who have benefited from selling are those who took up good opportunities through the global financial crisis period, or people who have been holding on to their properties for 10 to 15 years in a suburb which has become quite popular,” Mr Newlands said.“Some suburbs have completely transformed. Like Burleigh Heads, it’s just one of several Gold Coast suburbs that come along immensely with new restaurants and lifestyle factors impacting it.“There are little pockets around the Coast that have completely transformed.”last_img read more

Gold Coast mansion that hosted pro skateboarder Tony Hawk sells for almost $5 million

Gold Coast mansion that hosted pro skateboarder Tony Hawk sells for almost $5 million

first_img171 Monaco St, Broadbeach Waters.Aussie Dream HomesVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:22Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:22 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenClose Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.All aboard this floating abode 01:22 Related videos 01:22All aboard this floating abode 02:00Sorrento dream home01:26Sneak peak inside 661 Chapel Street01:59Dream Home: Carlton01:36Dream Home: Brookfield02:35The Converted: Blacksmith 171 Monaco St, Broadbeach Waters sold for almost $5 million.A STUNNING Broadbeach Waters mansion with a colourful history has sold for almost $5 million.The home at 171 Monaco St, Broadbeach Waters hosted pro skateboarder Tony Hawk and motivational speaker Tony Robbins and was also used as the backdrop for Australian telemovie Schapelle, based on the book Sins of the Father: The Untold Story ­Behind Schapelle Corby’s ill-fated Drug Run by Eamonn Duff.171 Monaco St, Broadbeach Waters.The property hit the market in November through an expressions of interest campaign with Genc of Genc & Co Bundall agents Isaac and Maria Genc.The pair declined to disclose details about the sale because of a confidentiality agreement but said Monaco St was sought-after and tightly held.“It’s an aspirational location — as soon as buyers see Monaco St they have a different type of interest,” Ms Genc said.“Local, interstate and international buyers are attracted to it because of how central the location is.”The property was also used also used as the backdrop for Australian telemovie Schapelle. Photo supplied by Channel 9/ Paul Broban.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North11 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day agoVendors Karen and Roger Cartwright bought the block in 2000, ­demolished the original single-storey home and built their riverfront mansion.The pair made use of the triple block with a 90m water frontage through expansive indoor-outdoor living areas.Tony Hawk. Photo by Dean TirkotAmerican skateboarder Hawk visited the property while it was being built and transformed the empty pool into a skate bowl.The mansion even attracted the likes of radio broadcaster Alan Jones and entrepreneur John Singleton.Bali huts, palm trees, wat­erfalls and a tropical garden give the resort-style look, while the expansive water frontage offers a view of the Surfers Paradise skyline.Among its luxuries are floor-to-ceiling windows, orn­ate ceiling details and marble and granite floors.The sale follows a record $11 million off-market sale at 255 Monaco St late last year.171 Monaco St, Broadbeach Waters.last_img read more

Government officials to visit the new Grotto Home for the Homeless project

Government officials to visit the new Grotto Home for the Homeless project

first_img Share Share 24 Views   no discussions LocalNews Government officials to visit the new Grotto Home for the Homeless project by: – April 16, 2012 Tweetcenter_img Sharing is caring! Share Rotary Club of Roseau members with residents of the Grotto Home for the Homeless during a feeding program at their temporary location on High Street. Community Development Minister Gloria Shillingford and her permanent secretary Esther Thomas will form part of an official site visit to the new Grotto Home for the Homeless which is being constructed in Belle Vue Rawle, Stockfarm on Monday.The officials, according to a press release from Grotto, will receive a tour of the progress of the project thus far and also view plans for the new facility. The government of Dominica “compulsorily purchased” the old Grotto Home and land for EC$546,000 to facilitate the construction of the Windsor Park Sports Stadium and the new wing of the Dominica Grammar School in October of 2007.The Grotto Home was then relocated to the Dominica Club building on High Street where “40 – 50 vulnerable homeless residents are housed, and “a further fifty plus “street people” are fed every weekday evening”. The release explains that “considerable repairs” had to be undertaken on the Dominica Club to make it “sufficiently sound”. The cost for these repairs was refunded to the Grotto Home by the government of Dominica. These repairs included construction of toilet facilities, bathrooms and laundry facilities” costing EC$100,000.00 funded by the British High Commission in 2008.Community Hostels Inc; which managing board of the Grotto Home negotiated with the government for an “allocation of 2 acre of land in Bellevue Rawle. One acre has now been formally transferred to the NGO and the second acre is to be leased from Government”.The construction of the facility is planned in three phases:- • Phase one consists of three dormitories with bathrooms each two sleeping 16 and one 17 for the current residents. Lockable Downstairs Storage Areas will also be built. • Phase two consists of the main Building which will provide supervised inside and outside living space including male and female verandas with washrooms, a dining room, a chapel/meeting area, an Administration office, Doctors room, Staff quarters, kitchen and laundry. The facility is designed to provide hurricane proof emergency accommodation for one hundred in a disaster. • Phase three includes a further three dormitories for those persons who are currently part of the outreach Soup Kitchen program whom it is hoped will be rehabilitated from the streets.The managing board is appealing to the public for donations to assist them with the project as proceeds from the compulsory purchase are being “stretched with donations, discounts and significant assistance from the Prison and visiting teams of Builders from the US whom we contacted through Deliverance Baptist Church” for a project valued at more than EC$2.5 Million.“We appeal to the Diaspora, Corporate citizens, Donor Agencies and individuals as well as Government to assist. Donations can be declared for tax exemption”. The Board is also seeking funds for their “Soup Kitchen” and urges the public to refrain from giving money to “vagrants and street persons” as this is “mostly used for illegal drugs and alcohol”. If you want to help the Homeless, then please donate to this project and to the running costs of the Grotto Home and Soup Kitchen. Donations can be transferred to National Bank of Dominica account number 110000522. The site visit will take place on Monday 16th April at 3pm.Dominica Vibes Newslast_img read more

Placerville Donnie Tilford Tribute win is IMCA Modified career first for Wagner

Placerville Donnie Tilford Tribute win is IMCA Modified career first for Wagner

first_imgPLACERVILLE, Calif. (April 27) – The IMCA Modified driver who plans to make 2019 a learning season took his Donnie Tilford Tribute foes to school at Placerville Speedway.  Fred Ryland banked $500 for his Karl Kustoms Northern SportMod victory. Traffic became an issue late in the 20-lapper but Ryland wasn’t to be denied his second sanctioned victory of the season.  Wagner had started outside Foulger on the front row. He made the best use of the higher line, getting strong restarts after every caution in outrunning Foulger to the checkers. Danny Wagner led every lap in winning Placerville Speedway’s Donnie Tilford Tribute main event for IMCA Modifieds. His career first victory in the division paid $1,500 and put Wagner on the ballot for the Fast Shafts All-Star Invitational. (Photo by Chris Cleveland) Wagner logged 17 outings in his rookie campaign and then a handful of starts, most of them at Ocean Speedway, last year. Ryland had started seventh and also committed to the high side of the oval, passing Mark Garner for the front spot and then pulling away.  He’s planning to run a partial schedule at Watsonville again this season and return to Las Vegas Motor Speedway for the Duel In The Desert in November. His schedule will be 100 percent IMCA in 2020.  “I want to make this year a learning season,” said Wagner, who does double duty in a dwarf class. “There’s a big learning curve, but we’ve already learned a lot. There’s a lot more that goes into a Modified, more setup and more attention.” Fred Ryland was first to the checkers in the Donnie Tilford Tribute feature for Karl Kustoms Northern SportMods. (Photo by Chris Cleveland) Northern SportMods – 1.  Fred Ryland; 2. Mark Garner; 3. Guy Ahlwardt; 4. Brian Cooper; 5. Andrew Peckham; 6. Todd Cooper; 7. Tanner Thomas; 8. Les Friend; 9. Kenny Schrader; 10. Mike Merritt; 11. K.C. Keller; 12. Jimmy Ford; 13. Adrian Desousa; 14. Patti Ryland; 15. Nick Caughman; 16. Chuck Golden; 17. Scott Savell; 18. Jason Ferguson; 19. Phillip Shelby; 20. Timothy Allerdings; 21. Jeremy Phillips; 22. Jim Waller; 23. Mike Smith. Modifieds – 1. Danny Wagner; 2. Troy Foulger; 3. Nick DeCarlo; 4. Tim Balding; 5. Ray Trimble; 6. Buddy Kniss; 7. Kellen Chadwick; 8. Ryan Porter; 9. Justin Foux; 10. Freddie Plourde; 11. Harley Turner; 12. Denny Robblee; 13. Chester Kniss; 14. Ryan McDaniel; 15. Raymond Lindeman; 16. Paul Gouglielmoni; 17. Bobby Hogge IV; 18. Anthony Slaney; 19. Dylan Schriner. Garner, Guy Ahlwardt, Brian Cooper and Andrew Peckham were scored second through fifth, respectively.  “It was pretty great,” Wagner said following the first start of his third IMCA season. “I had Troy Foulger close behind me and could hear him all the way. I saw him quite a few times.” Feature Results Danny Wagner led every lap of the 25-lap Saturday night main event, complementing his career first win in the division with a $1,500 check and a Fast Shafts All-Star Invitational berth.  Nick DeCarlo, Tim Balding and Ray Trimble rounded out the top five finishers in a stellar field of Larry Shaw Race Cars Western Region competitors.last_img read more