MEXICO CITY, Aug 21, 2001
Despite the nation's economic slowdown, the National Association of Department Stores (ANTAD) maintained its estimate of 7.3 percent growth in sales at its member stores for 2001, reported Mexico City daily Reforma. ANTAD Chariman Luis Santana Castillo said while the economic slowdown is worrying, it is also true that variables affecting consumer spending have continued to move in a favorable direction. Inflation and interest rates are at lows, and the exchange rate has favored the peso, he said. ANTAD's member stores saw sales growth of approximately 5 percent in July 2001, according to preliminary figures. "The preliminary data we have up to now for July indicate that sales for total stores grew between 5 percent and 5.5 percent," he said.
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Copyright 2001 Internet Securities, Inc., all rights reserved. A Euromoney Institutional Investor Company.
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The Acquisition Marks Homestore.com, Inc.'s Extension
Into the Relocation Technology Services Arena
THOUSAND OAKS, Calif., Sept. 14 /PRNewswire/ --
Homestore.com, Inc., (Nasdaq: HOMS), the Internet's leading home and real estate network, announced today that it has acquired The Hessel Group, the leading provider of technology-driven solutions and services to the relocation industry. For over a decade, the Hessel Group has provided services to many Fortune 500 companies and their transferring employees as well as relocation management organizations that support them. The relocation industry provides services to private sector companies and government agencies that must relocate employees during the normal course of their operations.
The Hessel Group (THG) name and management team will remain intact, and Homestore.com, Inc. will integrate THG into a new unit to be called Homestore Mobility Technologies, Inc.
"The relocation sector is a natural extension and fit into our current business strategy," explained Stuart Wolff, chairman and chief executive officer of Homestore.com, Inc. "The acquisition immediately positions us as the No. 1 provider of relocation related technology services. It complements our industry leading content for consumers and leverages our move-related content and tools to support the relocation industry."
"As an organization recognized as one of the Fast 50 Technology companies in Connecticut, we are excited to expand our fast-paced growth with the world's leading online home and real estate network, " stated Arthur G. Hessel, president of The Hessel Group. "Our company and Homestore.com, Inc. share a common vision of partnering with relocation service providers and the real estate industry to offer comprehensive technology and service solutions."
There are nearly a million sponsored relocations in the corporate and government sectors each year. THG software and technology already are involved in supporting more than 25% of those moves. Homestore Mobility Technologies, Inc. will concentrate on creating and distributing technology platforms and tools for corporate clients and those who assist them. It will address the unique needs of corporations directly overseeing the relocation of their employees; and, it will provide enhanced service to relocation management organizations that administer their relocation programs. Homestore Mobility Technologies will continue using THG's proprietary software and has plans to offer additional capabilities to further enhance the relocation process.
With offices in the United States and the United Kingdom, THG has over 1,500 clients. It licenses a comprehensive array of relocation technology products and services to the corporate and private relocation markets. Its proprietary software programs track corporate expenses related to moving, calculate taxes, and calculate and manage corporate productivity during relocation. It also offers domestic personal income tax preparation designed for the corporate transferee, and an Internet-based third party administration and property management platform.
About Homestore.com
Homestore.com, Inc. (Nasdaq: HOMS) is the leading network of sites on the Internet for home and real estate-related information, products and services. Homestore.com, Inc.'s family of web sites includes Homestore.com(TM), Realtor.com(TM), HomeBuilder.com(TM), SpringStreet.com(TM), Remodel.com(TM) and HomeFair.com(TM) web sites. Consumers can view over 1.3 million new and existing homes for sale and find broker and agent services on Realtor.com(R), the official Internet site of the National Association of Realtors(R). Consumers searching for new homes can find more than 135,000 models, new homes and built-to-suit plans on HomeBuilder.com(TM), the official new homes site of the National Association of Home Builders. Consumers interested in renting an apartment will find listing information from more than 45,000 properties in more than 6,000 cities on SpringStreet.com(TM). Homestore.com's(TM) remodeling area covers home improvement needs for both consumers and remodeling professionals. Comprehensive moving and relocation information on the Internet is available from HomeFair.com(TM). Homestore.com(TM) also has content distribution relationships with America Online, Netscape, Excite@Home, Webcrawler and Go Network/Infoseek.
The show-and-tell that has landed Northwestern University in hot, steamy water really shouldn't surprise anyone in the administration office.
NU President Morton Schapiro must be feigning outrage that one of his professors allowed a motorized sex toy to be used on a naked woman as part of a class demonstration.
Schapiro claimed to be "troubled and disappointed" that Professor J. Michael Bailey arranged a live sex show for about 100 students in Bailey's human sexuality class.
Notice that the university president didn't say he was surprised by the professor's behavior, which has resulted in an official Northwestern investigation (although I'm not sure what there is to investigate u Professor Bailey admits and witnesses corroborate what happened.)
No one at NU should be shocked and awed by Professor Bailey's controversy because Bailey has been in the middle of earlier storms and has previously been under investigation by both the university and state regulators after allegations of questionable "research."
While none of the past episodes was as attention-grabbing as the live sex act between a pair of invited exhibitionists with a converted power saw, the previous cases did involve unusual circumstances.
Let's start in December 2002, when Professional Bailey was criticized by some members of congress for using a $147,000 federal grant to study women's sexual arousal. Back then, though, Bailey used slightly more conventional research means that the Black & Decker treatment he employed last month.
The federal tax funds were used to pay women $75 to "watch a series of commercially available film clips, some of which will be sexually explicit, while we monitor your body's sexual arousal," according to a flyer that solicited volunteers.
Then, in July 2003, Northwestern University officials received complaints from two transsexual women accusing Bailey of research misconduct for his book "The Man Who Would Be Queen: The Science of Gender-Bending and Transsexualism."
The women allege that Bailey never obtained their consent to participate in the study and then made them look like freaks in the book.
One of the subjects, a man who underwent sex-change surgery in 1992, said that she and other transsexual friends spoke to students in Bailey's psychology department classes and revealed details of their personal lives.
It was after those class sessions and conversations that she reported to university officials that Bailey told the transsexuals: "Guess what? I'm writing a book."
One of Bailey's research subjects told the university that the professor went even further: she claimed that Bailey had sex with her.
A 2007 article in The New York Times titled "Criticism of a Gender Theory, and a Scientist Under Siege" also reported that the research subjects "wrote to the Illinois state regulators, requesting that they investigate Dr. Bailey for practicing psychology without a license."
"Dr. Bailey, who was not licensed to practice clinical psychology in Illinois, had provided some of those who helped him with the book with brief case evaluation letters, suggesting that they were good candidates for sex-reassignment surgery. A spokesman for the state said that regulators took no action on the complaints."
Bailey was as defensive back then in the research misconduct case as he is today in the current classroom controversy.
"I interviewed people for a book," he told The New York Times for the 2007 story. "This is a free society, and that should be allowed."
I sent Professor Bailey several specific questions for this column. Rather than answer them, Bailey cut and pasted Internet links to The New York Times article and to a 56-page recap of the transsexual project.
As the charges and countercharges flew on sexresearch websites and blogs back in 2003, Northwestern University conducted aninvestigation of theofficial complaints.
When the probe was complete, Northwestern declined torelease the findings or the conclusionbecause it involved a personnel matter, but officials said appropriate action had been taken.
A few months later, the chairman of the psychology department resigned and became just a regular classroom professor.
His name was J. Michael Bailey.
* Chuck Goudie, whose column appears each Monday, is the chief investigative reporter at ABC 7 News in Chicago. The views in this column are his own and not those of WLS-TV. He can be reached by e-mail at chuckgoudie@gmail.com and followed at twitter.com/ChuckGoudie.
Byline: DON JACOBSON
Special to the Star Tribune
The rental apartment market in the Twin Cities and elsewhere around the country is booming. With vacancy levels here at a five-year low, developers have hundreds of new units under construction or in the pipeline to answer the demand from renters who either can't or won't enter the depressed home ownership market.
And just who are making these demands? It turns out that for the first time, the majority of them are "echo boomers," also known as "millennials" or "Generation Y" -- basically, young people between the ages of 18 and 30.
While it may seem like common wisdom that most renters would be young, surveys indicate the echo boomers actually have not made up the majority. Until now they've constituted a sizable minority, sharing that status with 30- and 40-something "Generation Xers" as well as with baby boomers nearing or at retirement age.
A major recent survey of rental applicant demographics, however, indicates they've emerged as the dominant group. That means their demands, tastes, quirks and lifestyles need to be addressed if the current wave of apartment construction is to be successful.
The status of echo boomers in the rental market was highlighted last month at the National Apartment Association Education Conference and Exposition in Las Vegas.
DEI Communities, an Omaha-based apartment owner with more than 9,400 units throughout the midsection of the country, indicated that so far this year, half the rental applications it has received have come from echo boomers, compared with 31 percent from Gen X and only 17 percent from baby boomers.
A year ago, the echo boomers made up 49 percent of DEI's applicants, and only 45 percent of them in 2009, showing a clear trend that the rental market is getting younger rather than older.
Also at the conference, a survey of existing residents in DEI's 71 apartment communities conducted by J. Turner Research was unveiled. The 4,275 responses shed much light on what the echo boomers looked for when making a decision to rent.
Wi-Fi a priority
For instance, echo boomers said among the top amenities they seek is central Wi-Fi Internet access, highlighting their need to be constantly connected to work and social media. Wi-Fi, meanwhile, didn't even make the top five on the baby boomers' list. What they wanted was additional storage space for their possessions.
Also, echo boomers listed stainless steel appliances as one of their top priorities, speaking to their high expectations in terms of cutting-edge quality and up-to-date decor, while that wasn't on the baby boomers' top-five list.
In general, millennials are looking at their apartments as a base of operations through which they can be closely connected to their friends and peers both virtually and physically, according to one apartment firm that has had little trouble attracting them to its Twin Cities properties.
'It's cool to rent again'
Having an apartment in a hip building that emphasizes their values has emerged as a new status symbol, said Stefanie Balsis, regional sales and marketing director for Detroit-based Village Green Apartments.
"It's cool to rent again, and the millennials want the latest and the greatest in their apartments and are seeking status and the approval of their friends," Balsis said. "It's probably the equivalent of what buying a new car was to older generations."
Baby boomers moving from suburban homes want large apartments, she said. "Younger renters are coming from dorm life. They want smaller floor plans because they live outside their apartments a lot."
Village Green last year opened its 175-unit Mill District City luxury apartments on Washington Avenue South and it is now fully leased.
The "apartment-as-a-status-statement" ethos of echo boomers, combined with their unparalleled ability to find and process information about competitive properties via the Internet, has turned them into skeptical customers who feel they have a lot of leverage, said another local rental market player.
Brad Tongen, owner of St. Louis Park-based Renters Network, said he's found that while trying to lease his rental condominiums and townhouses to young people, they're less easily impressed than their elders by what they're seeing -- a warning to apartment developers counting on millennials to make up their renter bases but whose properties aren't sufficiently "cool."
"Social networking is so huge, and there's so much info out here, they know right away if the two-bedroom apartment they're looking at is overpriced or if it's a good deal," he said. "They can quickly see what their friends have been looking at and can share that information."
Millennials will sometimes shoot videos of apartments they're looking at and make decisions later while reviewing the footage, rather than in the heat of the moment.
"One of the problems in renting to them is that they sometimes get overwhelmed by the information and can't even make a decision because there's so many properties to consider," Tongen said.
Don Jacobson is a St. Paul-based freelance writer.
NEW YORK, NY -- The following information was released by Amnesty International USA:
Head of state and government: Raul Castro Ruz
Death penalty: retentionist
Population: 11.2 million
Life expectancy: 79 years
Under-5 mortality (m/f): 9/6 per 1,000
Adult literacy: 99.8 per cent
Forty-three prisoners of conscience were released throughout the year. The rights to freedom of expression, association and assembly continued to be restricted and scores of critics of one-party government were harassed. The US embargo against Cuba remained in force.
Background
Prisoner of conscience Orlando Zapata Tamayo died on 23 February following a prolonged hunger strike. He was one of 75 people arrested during a crackdown by the authorities in March 2003, and was serving a 36-year prison term at the time of his death. A few months later, between July and December, the Cuban government released 41 prisoners of conscience following an agreement with the Spanish government and dialogue with the Catholic Church. All of those released, except one, left Cuba with their relatives.
In October the Council of the EU decided to maintain its Common Position on Cuba for another year. This calls on the Cuban government to improve respect for human rights.
The visit of the UN Special Rapporteur on torture was postponed on at least two further occasions during 2010. The Cuban authorities had extended an invitation to the Special Rapporteur to visit the country in 2009.
Cuba had not ratified the International Covenants on Civil and Political Rights and on Economic, Social and Cultural Rights by the end of the year, despite having given an undertaking to do so at the UN Human Rights Council in February 2009.
In October, Raul Castro announced the next Congress of Cuba's Communist Party for April 2011, the first to take place in 16 years.
Freedom of expression - dissidents and journalists
All media remained under state control, impeding Cubans' free access to independent sources of information. Content on and access to the internet continued to be monitored and, on occasion, blocked. Police and state security officials continued to intimidate and harass independent journalists, scores of whom were arrested and imprisoned only to be released days or weeks later without charge or trial. Many of the detainees reported that they were put under pressure to stop taking part in dissident activities, such as anti-government demonstrations, or sending reports to foreign media outlets.
Calixto Ramon Martinez, a journalist for the independent news agency Hablemos Press, was arrested on 23 April as he tried to cover a private function in Havana in honour of Orlando Zapata Tamayo. Calixto Ramon Martinez was released the following day, but rearrested moments later. He was detained at a police station for seven days and then transferred to Valle Grande, a maximum security prison on the outskirts of Havana. He was released on 14 May and threatened with charges of "contempt of authority" and "aggression". State security officials also asked him to stop his reporting activities.
Prisoners of conscience
Eleven prisoners of conscience from the group of the 75 arrested in March 2003, remained in prison at the end of 2010.
Darsi Ferrer, who had been arrested in July 2009, was finally brought to trial on 22 June 2010. He was sentenced to one year's imprisonment and three months' "correctional work" outside the prison after being found guilty of receiving "illegally obtained goods" and "violence or intimidation against a state official". He was immediately released as he had already been held in prison for almost a year. Amnesty International considered Darsi Ferrer to be a prisoner of conscience held on politically motivated charges brought by the state in reprisal for his human rights activism.
Arbitrary detention
Dissidents continued to be arbitrarily detained in order to prevent them from exercising their rights to freedom of expression, association and assembly.
Etisalat's traffic from UAE operation has grown 300 per cent since 2008 surpassing the 100 Gigabit per second (Gbps) mark earlier this year, the leading telecom service provider said.
This reflects the country's surging Internet community who are constantly connected via a plethora of devices at the office, in the home and on the move, said Ali Amiri, Etisalat's Executive vice president for Carrier and Wholesale Services at the International Telecommunications Week 2011 in Washington.
It also reflects increasing usage amongst business customers who are becoming more reliant on advanced technologies to manage regional offices from the UAE, he added.
Etisalat is participating in this year's event as a sponsor and a high level delegation of its Carrier and Wholesale team is attending to meet with global operators and discuss emerging trends.
"The UAE is witnessing exceptionally high growth in terms of Internet usage. High-bandwidth applications, and in particular social networking, video and businesses, are driving consumption," Amiri said.
"We expect this trend to grow further with new innovations such as Cloud Computing, mobile health, finance and education catalyzing future demand. As the UAE economy continues to expand and businesses of all sizes are encouraged to establish regional headquarters in the UAE, we are confident that this trend will continue and potentially become even more acute."
"Etisalat has partnered with other major operator groups to deploy intercontinental cable across the Middle East," he added.
"Most recently we have participated in TEAMS, IMEWE and the Regional Cable Network (RCN) which promise greater and more reliable connectivity for our region.
This means Etisalat has sufficient capacity to meet the requirements of its customers today and in the future. This includes both the UAE, and also our international customers in terms of our 17 sister companies under the Etisalat Group and other operator groups, ISPs, Mobile Operators and telecoms service providers," Amiri concluded.
Etisalat UAE is in the process of rolling out over two million kilometers of fiber optic cable -- more than enough to stretch to the moon five times. It will also launch LTE in 2011, which will eventually provide speeds of up to 150 Mbps across enabled mobile devices.
It was also one of the first five operators worldwide to offer 3D TV in 2010 and has been named best broadband provider in the Middle East in numerous reports, conferences and ceremonies. -- TradeArabia News Service
Copyright 2011 www.tradearabia.com
Copyright 2011 Al Hilal Publishing & Marketing Group
Provided by Syndigate.info an Albawaba.com company
Research and Markets announced the addition of the "Netherlands: Telecommunications Industry Guide" report to its offerings.
In a release, Research and Markets noted that report highlights include:
The Netherlands: Telecommunications Industry Guide is an essential resource for top-level data and analysis covering the Netherlands Telecommunications industry. It includes detailed data on market size and segmentation, textual analysis of the key trends and competitive landscape. This incisive report provides expert analysis with distinct chapters for Communications Equipment, Fixed Line Telecoms, Internet Access, Mobile Phones, Telecommunication Services and Wireless Telecommunication Services
Scope of the Report:
-Contains an executive summary and data on value, volume and segmentation for Communications Equipment, Fixed Line Telecoms, Internet Access, Mobile Phones, Telecommunication Services and Wireless Telecommunication Services
-Provides textual analysis of the industry's prospects
-Incorporates in-depth five forces competitive environment analysis and scorecards
-Includes five-year forecasts for Communications Equipment, Fixed Line Telecoms, Internet Access, Mobile Phones, Telecommunication Services and Wireless Telecommunication Services
Highlights:
The Dutch communications equipment market had total revenue of $338.3 million in 2009, representing a compound annual growth rate (CAGR) of 4 percent for the period spanning 2005-2009.
The Dutch fixed line telecoms market had total revenue of $9,467.5 million in 2009, representing a compound annual growth rate (CAGR) of 0.7 percent for the period spanning 2005-2009.
The Dutch internet access market generated total revenues of $2.8 billion in 2009, representing a compound annual growth rate (CAGR) of 5.3 percent for the period spanning 2005-2009.
The Dutch mobile phones market had total revenue of $1 billion in 2009, representing a compound annual growth rate (CAGR) of 2 percent for the period spanning 2005-2009.
The Dutch telecommunication services market had total revenue of $20.4 billion in 2009, representing a compound annual growth rate (CAGR) of 3.7 percent for the period spanning 2005-2009.
The Dutch wireless telecommunication services market had total revenue of $10.9 billion in 2009, representing a compound annual growth rate (CAGR) of 6.8 percent for the period spanning 2005-2009.
Why you should buy this report:
-Spot future trends and developments
-Inform your business decisions
-Add weight to presentations and marketing materials
-Save time carrying out entry-level research
Key Topics Covered:
-COMMUNICATIONS EQUIPMENT IN THE NETHERLANDS
-FIXED LINE TELECOMS IN THE NETHERLANDS
-INTERNET ACCESS IN THE NETHERLANDS
-MOBILE PHONES IN THE NETHERLANDS
-TELECOMMUNICATION SERVICES IN THE NETHERLANDS
-WIRELESS TELECOMMUNICATION SERVICES IN THE NETHERLANDS
-MACROECONOMIC INDICATORS
Report information:
http://www.researchandmarkets.com/research/0a6066/netherlands_telec
((Comments on this story may be sent to newsdesk@closeupmedia.com))
MONDAY, April 25 (HealthDay News) -- Some college students felt real distress when their favorite television shows went into reruns during the TV writers' strike of 2007-2008, a new report suggests.
Most affected were those who said they use television for companionship -- as opposed to simply for passing the time -- and who developed emotional connections with characters on the tube, the study authors noted.
"We found that people who primarily watched television for companionship were the ones who felt the most distressed by temporarily losing their programs," study co-author Emily Moyer-Guse, an assistant professor of communication at Ohio State University, said in a university news release.
The study is published in the April issue of the journal Mass Communication and Society.
The investigators used online questionnaires to interview 403 college students in 2008 about their TV viewing habits.
Those who relied on TV to help them relax, find companionship or escape were more upset about losing their favorite shows than those who just watch TV to pass the time, according to the results.
However, "while some participants felt real distress at the loss of their favorite TV shows, the distress is not comparable to the distress that comes from real breakups," Moyer-Guse said. "There are some aspects of relationships with TV characters that may be comparable to real relationships, but the intensity is generally much lower."
Without new TV shows to watch, the researchers found, many people turned to reruns and Internet use instead of spending more time with loved ones or getting exercise.
"Some people believe TV isolates people and takes them away from more social activities, but our results suggest that may not be the case," Moyer-Guse added. "Many viewers simply replaced their normal TV viewing with other media activities. They weren't using the opportunity to start exercising or spend more time with friends or family."
More information
Learn more about healthy relationships from the U.S. Centers for Disease Control and Prevention.
M2 PRESSWIRE-16 August 2010-Steroid Stocks: SteroidStocks.com Says: (OTCBB:UNXL) - (OTCBB:HSYT) - (OTCBB:DPDW) Are On Steroids!!!(C)1994-2010 M2 COMMUNICATIONS
RDATE:16082010
SteroidStocks.com Says: (OTCBB:UNXL) Uni-Pixel, Inc. , (OTCBB:HSYT) Home System Group and (OTCBB:DPDW) Deep Down, Inc. are on STEROIDS!
SteroidStocks.com invites all investors to sign up at www.steroidstocks.com to subscribe to our FREE newsletter.
To feature your publicly traded company in our alerts email us at info@steroidstocks.com
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About Uni-Pixel, Inc.
Uni-Pixel is a production stage company delivering its Clearly Superior(TM) Performance Engineered Films to the Lighting & Display, Solar and Flexible Electronics market segments. Uni-Pixel's high-volume roll-to-roll or continuous flow manufacturing process offers high-fidelity replication of advanced micro-optic structures and surface characteristics over large area, combined with a thin film conductive element. The Company plans to sell its films as sub-components for use in LCD, FSC - LCD and its Time Multiplexed Optical Shutter (TMOS) display technology as a back light film and active film sub-component. The Company is currently shipping its Clearly Superior(TM) Finger Print Resistant protective cover films for multiple touch enabled devices. In addition, Uni-Pixel sells its films under the Clearly Superior(TM) brand, as well as private label and OEM. Uni-Pixel was recently recognized by MDB Capital Group as one of the top 50 small-cap most innovative public companies. Uni-Pixel's corporate headquarters are located in The Woodlands, TX. For further information please see http://www.unipixel.com.
News Today:
THE WOODLANDS, Texas, Aug 16, 2010 -- Uni-Pixel, Inc. (OTC Bulletin Board: UNXL), a production stage company delivering Clearly Superior(TM) Performance Engineered Films to the touch screen, flexible electronics, lighting and display, and solar market segments, announced today that its industry-leading fingerprint resistant (FPR) screen protectors for iPhone and iPad are now available for pre-order via Amazon.com with shipment in September 2010. Uni-Pixel's Amazon.com storefront can be accessed at http://www.unipixel.com/shop.
According to Reed Killion, Uni-Pixel's President and CEO, "Our patent-pending fingerprint resistant technology is the newest option in screen protectors, and uniquely addresses the issue of fingerprints and smudges to remove virtually every trace from view. Fingerprints mark a touch screen display when oils transfer from a user's skin to the touch screen, and these oil patterns remain visible when they sit unaffected on the flat surface. Unlike other flat or matte finish films, the Clearly Superior(TM) FPR film surface is covered with millions of micro-optic structures, which clear oils from the surface and remove fingerprint patterns; this preserves image clarity and quality."
Mr. Killion also added, "Based on the rising shipments of smartphones, Uni-Pixel estimates that the touch screen protector market is well over $250 million annually and that it will continue to grow rapidly. We believe that by offering a superior product at a competitive price, our Clearly Superior(TM) FPR film will become the gold standard in the screen protector market. We are offering FPR under our own brand for Internet sales, and Uni-Pixel is currently in negotiations and qualification with several retailers and OEMs for private label products."
Combined with scratch protection, an anti-glare treatment, and a specially formulated adhesive that prevents bubbles and peeling, Uni-Pixel's Clearly Superior(TM) is the most comprehensive screen protection solution available on the market today and sets a new standard for the touch screen user experience. Further product information and updates will be made available via Uni-Pixel's Clearly Superior(TM) Facebook Page, http://www.facebook.com/clearlysuperior.
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About Home System Group
Home System Group is primarily engaged in the production of a variety of small household appliances, stainless steel gas grills and ovens, ceiling and table fans, and decorative lamps, LEDs and energy-saving lamps. Its products are sold through distributors and direct to retailers located in America, Europe, Australia, Africa, Southeast Asia and China. For more information, please visit: http://www.homesystemgroup.com.
News Today
NEW YORK & GUANGDONG, China, Aug 16, 2010 -- Home System Group (OTCBB: HSYT; "Home System" or the "Company"), a Chinese-based manufacturer of a variety of household appliances sold by large retailers, today announced its financial results for the three and six months ended June 30, 2010.
2010 Second Quarter Financial Highlights
-- Revenue recorded $27 million, a 33% increase from $20.5 million recorded in the second quarter of 2009.
-- The Fans and Lightings segment contributed significantly to the Company's revenue and operating results with revenues of $23.2 million for the three months ended June 30, 2010, nearby double the $12.2 million of the prior year's comparable period.
-- Gross profit was $6.3 million, up from the $4.0 million of the second quarter of 2009, reflecting the higher revenues and improved gross margin.
-- Income from operations in the second quarter of 2010 increased by 80.2% over the corresponding 2009 period.
-- The Company had an equity for debt exchange in April, 2010, resulting in a non-cash loss on the conversion of $1.7 million.
-- Net income and earnings per share in the second quarter of 2010 were relatively flat as compared to net income in the second quarter of 2009 due to the loss on debt exchange.
Results Commentary
Home System Group's second quarter 2010 revenue of $27 million benefited from the strong performance of its Fans and Lightings segment, which recorded $23.2 million in sales, an increase of $11 million over corresponding 2009 level, and $3.9 million of revenue from the sales of skateboards, an increase of $3.5 million, as compared to the corresponding period in 2009. These were partially offset by the lower sales of barbeque grills, which were down $8.2 million from the comparable 2009 period. This dramatic shift in revenues from grills to fans reflects a decision that the Company made last year to reallocate more of production resources to fans, which management felt had better sales prospects and a higher gross margin.
Gross profit for the second quarter of 2010 was $6.3 million compared to $4.0 million for the same period last year, an increase of 56.7%. The gross profit margin for the second quarter of 2010 was 23.2%, an increase from the 20% for the same period last year.
General, selling and administrative expenses for the second quarter of 2010 were $1.8 million, an increase of 20% as compared to $1.5 million for the same period in 2009 driven by the higher revenue levels.
As a result, income from operations for the second quarter of 2010 was $4.5 million, an increase of 80.2% compared with $2.5 million for the corresponding quarter of 2009. Operating margin was 16.5% for the second quarter of 2010, increasing significantly from 12.1% for the second quarter of 2009.
Home System's CEO, Mr. Yu, observed, "During the second quarter of 2010, product demand continued to be robust and Home System benefited from the substantial increase in sales of ceiling fans and decorative lightings. I am particularly pleased by how smoothly the operational transition from grills to fan production was accomplished and with the strong financial results. Building upon this performance, the Company is opportunistically seeking acquisition targets. Over the past three months, we announced the planned acquisitions of two fan manufacturers. We believe both of these acquisitions will be completed in early October, upon the finalization of due diligence. Through these two manufacturers, Home System expects to expand its geographic market coverage into Southeast Asia and Japan, which will diversify our customer base as well as reduce the seasonality impact on the Company's operation. We believe that this will have positive effect by maintaining production on a more constant basis over the year. Moreover, by combining product procurements requirements, we can further improve our gross margin and earnings. In the future, we expect to further expand our sales network and diversify our product lines. We are confident in our business strategy and believe that Home system is very well positioned for continued growth."
2010 First Half Year Financial Highlights
-- Revenue was $57.3 million for the first half year of 2010, an increase of $21.3 million or 59.4% over the corresponding 2009 level.
-- The Fans and Lightings segment significantly benefited the Company's revenue and operating results with segment revenue of $46.3 million for the six months ended June 30, 2010 as compared to $20.2 million in prior year comparable period.
-- Gross profit was $13.3 million for the first half year of 2010, up 69.9% compared to $7.8 million in the first half year ended June 30, 2009.
-- Income from operations of $9.8 million for the six months ended June 30, 2010 was more than double the $4.8 million of the corresponding 2009 period.
-- Net income for the first half year of 2010 was $6.0 million, increased by $3.0 million as compared to net income in the first half year of 2009, in spite of the adverse effect of the debt conversion, which had no associated tax benefit.
Financial Condition
On April 1, 2010, Home System converted debt totaling $17.5 million into common shares at the rate of $3.50, resulting a non-cash charge of $1.7 million, which is not tax deductible. Home System Group's CEO, Mr. Yu commented: "The conversion of $17.5 million of debt into equity represents a strong endorsement by the debt holders of the Company's prospects and significantly strengthen the Company's financial structure, which will benefit the Company's operation in long term."
As of June 30, 2010, Home System Group had cash and cash equivalents of $6.0 million. Current assets and current liabilities as of June 30, 2010, were $70.8 million and $54.4 million, respectively, yielding working capital of $16.4 million.
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About Deep Down, Inc.
Deep Down, Inc. is an oilfield services company serving the worldwide offshore exploration and production industry. Deep Down's proven services and technological solutions include distribution system installation support and engineering services, umbilical terminations, loose-tube steel flying leads, distributed and drill riser buoyancy, ROVs and tooling, marine vessel automation, control, and ballast systems. Deep Down supports subsea engineering, installation, commissioning, and maintenance projects through specialized, highly experienced service teams and engineered technological solutions. The company's primary focus is on more complex deepwater and ultra-deepwater oil production distribution system support services and technologies, used between the platform and the wellhead. More information about Deep Down is available at www.deepdowncorp.com.
News Today:
HOUSTON, Aug 16, 2010 -- Deep Down, Inc. (OTC Bulletin Board: DPDW) ("Deep Down" or the "Company"), an oilfield services company specializing in products and services for the deepwater and ultra-deepwater oil and gas industry, today announced results for the second quarter of 2010. For the second quarter of 2010, Deep Down reported a net loss of $452 thousand, or $0.00 loss per share on revenues of $9.6 million compared to a loss of $1.8 million, or $0.01 loss per share on revenues of $6.2 million during the same quarter last year.
OPERATING RESULTS
Revenues increased by $3.4 million, or 55 percent to $9.6 million for the second quarter 2010 from $6.2 million for the same quarter last year. The increase was due primarily to increased revenues from the production of products for deepwater projects and ROV and other related services. During the second quarter 2010, the Company's flotation plant ran at over 30 percentage points greater capacity for the production of buoyancy products compared to the same quarter last year. The higher demand for our ROV and other related services in the second quarter 2010 resulted primarily from customers commencing work that had previously been delayed, projects supporting relief efforts and work related to the increased emphasis on inspection and safety as a result of the oil spill in the U.S. Gulf of Mexico ("GOM").
Gross profit increased $1.7 million to $3.6 million for the second quarter 2010, an increase of 93 percent over the same period of the prior year, reflecting an overall increase in the gross profit margin from 30 percent to 37 percent. The increase in gross profit and gross profit margin was due to the increased revenues described above and to the revenue mix which included higher margin ROV services and engineered subsea projects than during the same period last year.
When comparing the second quarter of 2010 to the second quarter of 2009, the operating loss was reduced by $2.1 million to a loss of $339 thousand primarily as a result of improved gross margin and a decrease in selling, general and administrative expenses ("SG&A") of 9.8 percent as the Company continued to focus on more efficient operations.
EBITDA (please see definition in last paragraph below) for the second quarter of 2010 was $724 thousand compared to negative $1.6 million for the same period last year. This improvement was primarily driven by the increase in gross profit and lower SG&A.
"There will undoubtedly be greater regulatory scrutiny and higher costs associated with finding and developing hydrocarbon reserves in deep water, particularly in the GOM. Additionally, we believe that the international markets will be more important to our operations going forward as we continue our focus on Brazil and West Africa deepwater projects. The deepwater market remains one of the best frontiers for adding large hydrocarbon reserves with high production flow rates. We are well positioned to supply services and products required to support safe offshore and deepwater projects of our customers. Therefore, we anticipate demand for our deepwater services and products will continue to grow and we will continue to focus on this sector of the industry worldwide," stated Ronald E. Smith, Chief Executive Officer.
ACQUISITION On May 3, 2010, the Company announced entry into a conditional purchase agreement ("Purchase Agreement") to acquire Cuming Corporation (or "Cuming"). Privately-held Cuming Corporation was founded in 1980 and is a leading manufacturer of buoyancy and insulation products with a wide range of deepwater oil and gas industry applications. Cuming's operations are highly complementary with those of Deep Down's Flotation Technologies subsidiary, which produces syntactic foam products for customers in the oil and gas, defense, scientific and industrial sectors. At the closing of the transaction, Deep Down expects to acquire 100% of the stock of Cuming for approximately $37 million in the form of a combination of cash and shares of Deep Down and assume approximately $13 million of net liabilities based upon Cuming's balance sheet as of December 31, 2009.
On July 13, 2010, Deep Down entered into an amendment to the Purchase Agreement, by and among Deep Down, Cuming and the selling stockholders (the "Amendment") dated effective as of June 30, 2010, to provide for an extension of the date on which Deep Down or the selling stockholders may terminate the Purchase Agreement. The Amendment extended the date for which either of Deep Down or the selling stockholders may terminate the Purchase Agreement if the acquisition is not completed to July 31, 2010, provided that the party wishing to terminate is not in breach of the Purchase Agreement. The acquisition has not been completed and the Company has not entered into another amendment to extend the closing date; however, neither party has terminated the agreement. The Company plans to finance the acquisition with a combination of debt and equity and is actively engaged in negotiating terms with several financial institutions and private equity firms. Nevertheless, consummation of the transaction remains subject to several conditions including Deep Down's obtaining adequate external financing to fund the approximately $34 million cash component of the purchase price.
WORKING CAPITAL
The Company's working capital declined by $3.9 million to a negative $2.8 million at June 30, 2010 from $1.1 million at December 31, 2009 primarily as a result of reclassifying $2.6 million of its long-term debt to current liabilities. All of the debt from one of the Company's lenders in the amount of $3.4 million is due April 15, 2011. The Company is currently in discussions with several lenders who have expressed interest in refinancing the Company's debt. The Company's cash balance was $1.1 million at June 30, 2010 compared to $0.9 million at December 31, 2009.
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Presentation to address importance of address book integration with Oracle J.D. Edwards
IRVINE, Calif., Aug. 11 /PRNewswire-FirstCall/ -- Magic Software Enterprises Ltd. , a provider of application platforms and business and process integration solutions, today announced that Glenn Johnson, senior vice president of Magic Software Americas, is presenting at the 2009 Quest West Conference. Johnson will discuss challenges, complications and beneficial tools for address book integration with Oracle J.D. Edwards on Wednesday, August 19, 2009, from 2:10-3:10 p.m. PT, at the Marriott Hotel & Marina in San Diego, Calif.
Address book integration is increasingly challenging as customer information becomes available on social networking platforms such as Twitter, Facebook and LinkedIn. Integrating customer information into ERP systems such as Oracle J.D. Edwards allows organizations a way to more easily access this data. In response, companies are looking for systems that can automatically organize, track and present contacts data regardless of the underlying communication technologies.
Johnson, a 25-year veteran of the software industry, will offer attendees recommendations and solutions on how to integrate ERP systems in the current Web 2.0 age to avoid challenges and writing code. Additionally, Johnson will discuss the cost and resource benefits of these integration tools, and outline the data hierarchies and their relationships.
The 2009 Quest West Conference is focused on maximizing attendees' business investments with Oracle applications, and providing the information needed to make effective and informed choices through the power of community, tools and experience. The conference will highlight issues and priorities of the Oracle user community, including PeopleSoft, J.D. Edwards, Oracle Utilities and the ecosystem, as well as specific vertical industries such as public sector, utilities, distribution, manufacturing and more.
Address Book Integration Resources: -- Integrate My JDE Blog -- White Paper: Address Book Integration with JD Edwards EnterpriseOne and JD Edwards World -- Webinar: JDE Connect Basics: EnterpriseOne Address Book Integration -- iBOLT for JDE Overview -- iBOLT for JDE Resource Center -- Magic Software Oracle J.D. Edwards Integration About Magic Software
Magic Software Enterprises Ltd. is a global provider of multiple-mode application platform solutions - including Full Client, Rich Internet Applications (RIA) or Software-as-a-Service (SaaS) modes - and business and process integration solutions. Magic Software has offices in 10 countries and a presence in over 50, as well as a global network of ISV's, system integrators, value-added distributors and resellers, and consulting and OEM partners. The company's award-winning code-free solutions give partners and customers the power to leverage existing IT resources, enhance business agility and focus on core business priorities. Magic Software's technological approach, product roadmap and corporate strategy are recognized by leading industry analysts. Magic Software has partnerships with global IT leaders including SAP AG, salesforce.com, IBM and Oracle. For more information about Magic Software and its products and services, visit http://www.magicsoftware.com/, and for more about our industry related news, business issues and trends, read the Magic Software Blog.
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission.
Press contacts: USA Cathy Caldeira Metis Communications Tel: +1-617-236-0500 Email: magicsoftware@metiscomm.com UK Ranbir Sahota Vitis PR Agency Tel: +44 (0)121 242 8048 Email: ranbir@vitispr.com Others Arita Mattsoff Magic Software Tel. +972 (0)3 538 9292 Email: arita@magicsoftware.com
CONTACT: Media, USA, Cathy Caldeira of Metis Communications, +1-617-236-0500, magicsoftware@metiscomm.com; or UK, Ranbir Sahota of Vitis PR Agency, +44 (0)121 242 8048, ranbir@vitispr.com, both for Magic Software Enterprises; or Arita Mattsoff of Magic Software, +972 (0)3 538 9292, arita@magicsoftware.com
Web Site: http://www.magicsoftware.com/
