text:
GENERAL STEEL HOLDINGS INC - FORM 10-Q - May 10, 2011
EX-31.2 - GENERAL STEEL HOLDINGS INC v221482_ex31-2.htm
For the transition period from __________ to __________
General Steel Holdings, Inc.
(I.R.S. Employer Identification No.)
Suite 2315, Kuntai International Mansion Building,
Yi No. 12, Chaoyangmenwai Ave.
Chaoyang District, Beijing, China 100020
(Address of Principal Executive Office, Including Zip Code)
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ¨
Accelerated filer x
Non-accelerated filer ¨
(Do not check if a smaller reporting company)
Smaller reporting company ¨
As of May 9, 2011, 55,080,467 shares of common stock, par value $0.001 per share, were issued and outstanding.
Part I. FINANCIAL INFORMATION
Financial Statements.
Consolidated Balance Sheets as of March 31, 2011 (Unaudited) and December 31, 2010.
Consolidated Statements of Operation and Other Comprehensive Income (Loss) for the Three Months Ended March 31, 2011 and 2010 (Unaudited).
Consolidated Statements of Changes In Equity (Unaudited).
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2011 and 2010 (Unaudited).
Notes to Consolidate Financial Statements (Unaudited).
Management's Discussion and Analysis of Financial Condition and Results of Operations.
Quantitative and Qualitative Disclosures About Market Risk.
Controls and Procedures.
Part II. OTHER INFORMATION
Legal Proceedings.
Item 1A.
Risk Factors.
Unregistered Sales of Equity Securities and Use of Proceeds.
Exhibits.
ITEM 1. FINANCIAL STATEMENTS.
GENERAL STEEL HOLDINGS INC. AND SUBSIDIARIES
AS OF MARCH 31, 2011 AND DECEMBER 31, 2010
(In thousands, except per share data)
$ 89,310 $ 65,271
Notes receivable
Restricted notes receivable
Other receivables, net
Other receivables - related parties
Advances on inventory purchase
Advances on inventory purchase - related parties
Prepaid expense
Prepaid value added tax
PLANT AND EQUIPMENT, net
OTHER ASSETS:
Advances on equipment purchase
Investment in unconsolidated subsidiaries
Long-term deferred expense
Intangible assets, net of accumulated amortization
Short term notes payable
$ 556,812 $ 480,152
Accounts payable - related parties
Short term loans - bank
Short term loans - others
Short term loans - related parties
Other payables and accrued liabilities
Other payable - related parties
Customer deposit - related parties
Deposit due to sales representatives
Taxes payable
DERIVATIVE LIABILITIES
COMMITMENT AND CONTINGENCIES
Preferred stock, $0.001 par value, 50,000,000 shares authorized, 3,092,899 shares issued and outstanding as of March 31, 2011 and December 31, 2010
Common Stock, $0.001 par value, 200,000,000 shares authorized, 55,080,467 and 54,839,733 issued, 54,366,807 and 54,522,973 outstanding as of March 31, 2011 and December 31, 2010, respectively
Treasury stock, $0.001 par value, 713,660 and 316,760 shares as of March 31, 2011 and December 31, 2010, respectively.
(1,998 ) (871 )
Paid-in-capital
Accumulated deficits
(21,482 ) (24,086 )
TOTAL SHAREHOLDER'S EQUITY
NONCONTROLLING INTERESTS
The accompanying notes are an integral part of these unaudited consolidated financial statements.
GENERAL STEEL HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATION AND OTHER COMPREHENSIVE INCOME (LOSS)
FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010
SALES - RELATED PARTIES
COST OF GOODS SOLD - RELATED PARTIES
TOTAL COST OF GOODS SOLD
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
13,823 (6,408 )
Finance/interest expense
Change in fair value of derivative liabilities
Loss on disposal of fixed assets
(397 ) -
Income from equity investments
Foreign currency transaction gain
Other non-operating income (expense), net
306 (4 )
Total other expense, net
(7,321 ) (4,226 )
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES AND NONCONTROLLING INTEREST
6,502 (10,634 )
(77 ) (2,588 )
Total provision (benefit) for income taxes
673 (1,967 )
NET INCOME (LOSS) BEFORE NONCONTROLLING INTEREST
5,829 (8,667 )
Less: Net income (loss) attributable to noncontrolling interest
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST
OTHER COMPREHENSIVE INCOME (LOSS)
1,583 (299 )
Comprehensive income attributable to noncontrolling interest
COMPREHENSIVE INCOME (LOSS)
$ 4,430 $ (5,641 )
WEIGHTED AVERAGE NUMBER OF SHARES
Basic & Diluted
EARNINGS (LOSS) PER SHARE
$ 0.05 $ (0.11 )
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Retained earnings / Accumulated deficits
Accumulated other
Noncontrolling
BALANCE, December 31, 2009
3,092,899 $ 3 51,618,595 $ 52 - - $ 95,589 $ 6,162 $ (16,411 ) $ 8,336 $ 72,598 $ 166,329
Net loss attributable to controlling interest
Net loss attributable to noncontrolling interest
Distribution of dividend to noncontrolling shareholders
Noncontrolling interest acquired
Common stock issued for compensation
237,100 0.24 927 927
Common stock transferred by CEO for compensation, $6.91
(299 ) 165 (134 )
BALANCE, March 31, 2010 (Unaudited)
3,092,899 3 51,855,695 52 - - 96,585 6,162 (21,918 ) 8,037 67,288 156,209
Registered capital received from noncontrolling shareholders
Adjustment to special reserve
496,200 0.50 1,274 1,275
Common stock issued for repayment of debt
Common stock transferred by CEO for compensation
Notes converted to common stock
1,208,791 1.21 3,544 3,545
Make whole shares issued on notes conversion
Common stock issued for accrued interest on notes
79,377 0.08 217 217
Treasury stock purchased
(316,760 ) (0.32 ) 316,760 (871 ) (871 )
3,092,899 $ 3 54,522,973 $ 55 316,760 $ (871 ) $ 104,971 $ 6,202 $ (24,086 ) $ 12,712 $ 70,917 $ 169,903
Net income attributable to controlling interest
Net income attributable to noncontrolling interest
(396,900 ) (0.40 ) 396,900 (1,127 ) (1,127 )
3,092,899 $ 3 54,366,807 $ 55 713,660 $ (1,998 ) $ 105,619 $ 6,246 $ (21,482 ) $ 14,295 $ 74,385 $ 177,123
Net income (loss) attributable to noncontrolling interest
Consolidated net income (loss)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Bad debt recovery (allowance)
5 (94 )
Inventory written-off
1,947 -
Loss on disposal of equipment
Stock issued for services and compensation
Amortization of deferred note issuance cost and discount on convertible notes
Change in fair value of derivative instrument
Income from investment
Changes in operating assets and liabilities
(68,315 ) 4,760
(7,269 ) (13,556 )
Accounts receivable - related parties
- (4,750 )
(15,701 ) (389 )
Advances on inventory purchases
Advances on inventory purchases - related parties
Other payables - related parties
(14,732 ) 17,291
Customer deposits
Customer deposits - related parties
54,632 (21,963 )
Payments made for treasury stock acquired
(1,128 ) -
Dividend receivable
Deposits due to sales representatives
Cash proceeds from sales of equipment
Advance on equipment purchases
(190 ) (4,664 )
Equipments purchase and intangible assets
(10,912 ) (6,816 )
Net cash (used in) provided by investing activities
CASH FLOWS FINANCING ACTIVITIES:
Notes receivable - restricted
Borrowings on short term loans - bank
Payments on short term loans - bank
Borrowings on short term loan - others
Payments on short term loans - others
Payments on short term loans - related parties
- (11,747 )
Borrowings on short term notes payable
Payments on short term notes payable
(169,105 ) (182,369 )
EFFECTS OF EXCHANGE RATE CHANGE IN CASH
(56 ) (386 )
INCREASE IN CASH
CASH, beginning of period
CASH, end of period
Non-cash transactions of investing and financing activities:
Share issuance for debt settlement
$ - $ 82,118
Note 1 – Background
General Steel Holdings, Inc. (the "Company") was incorporated on August 5, 2002 in the state of Nevada. The Company through its 100% owned subsidiary, General Steel Investment, operates a portfolio of steel companies serving various industries in the People's Republic of China ("PRC"). The Company's main operation is manufacturing and sales of steel products such as steel rebar, hot-rolled carbon and silicon sheets and spiral-weld pipes.
On April 29, 2011, the Company and its subsidiary – Shaanxi Longmen Iron and Steel Co. Ltd. ("Longmen Joint Venture") have signed a 20-year unified management agreement with Shaanxi Coal and Chemical Industry Group Co., Ltd. ("Shaanxi Coal") and Shaanxi Iron and Steel Group ("Shaanxi Steel Group"). Under terms of the agreement, Longmen Joint Venture will provide daily management of operations and operate production equipment constructed by Shaanxi Steel Group at a facility owned by Longmen Joint Venture in Hancheng Shaanxi province, China. For the first two years under the agreement Longmen Joint Venture will receive 60% of the pre-tax profit on the sale of products manufactured at the Longmen Joint Venture facility, with the remaining 40% distributed to Shaanxi Steel Group. Profit distributed to Shaanxi Steel Group will be classified as an operating expense on the Company's consolidated statements of operations. See Note 21 for details.
Note 2 – Summary of significant accounting policies
The consolidated financial statements of the Company reflect the activities of the following directly and indirectly owned subsidiaries:
of Ownership
General Steel Investment Co., Ltd.
General Steel (China) Co., Ltd. ("General Steel (China)")
Baotou Steel – General Steel Special Steel Pipe Joint Venture Co., Ltd.
Yangpu Shengtong Investment Co., Ltd.
Qiu Steel Investment Co., Ltd. ("Qiu Steel")
Longmen Joint Venture
Maoming Hengda Steel Company, Ltd. ("Maoming Hengda")
Tianwu General Steel Material Trading Co., Ltd ("Tianwu Joint Venture")
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of all directly and indirectly owned subsidiaries listed above. All material intercompany transactions and balances have been eliminated in consolidation.
Management has included all adjustments, consisting only of normal recurring adjustments, considered necessary to give a fair presentation of operating results for the periods presented. Interim results are not necessarily indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with information included in the 2010 annual report filed on Form 10-K.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company's financial statements include the fair value of financial instruments, the useful lives of and impairment for property, plant and equipment, trial production cost for two blast furnaces owned by Shaanxi Steel Group and potential losses on uncollectible receivables. Actual results could differ from these estimates.
Concentration of risks
The Company's operations are carried out in the PRC. Accordingly, the Company's business, financial condition and results of operations may be influenced by the political, economic and legal environment in the PRC, and by the general state of the PRC's economy. The Company's operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe. The Company's results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.
Cash includes demand deposits in accounts maintained with banks within the PRC, Hong Kong and the United States. Total cash (including restricted cash balances) in these banks on March 31, 2011 and December 31, 2010 amounted to $292.3 million and $263.1 million, respectively. As of March 31, 2011, $0.1 million cash in the bank was covered by insurance. The Company has not experienced any losses in other bank accounts and believes it is not exposed to any risks on its cash in bank accounts.
The Company's five major customers are all distributors and collectively represented approximately 32.3% and 31.0% of the Company's total sales for the three months ended March 31, 2011 and 2010 respectively, including one customer accounted for 16.9% and 9.0% of total sales for the three months ended March 31, 2011 and 2010. These five major customers accounted for 7.5% and 0% of total accounts receivable as of March 31, 2011 and 2010, respectively.
For the three months ended March 31, 2011 and 2010, the Company purchased approximately 60.3% and 47.5% of its raw materials from five major suppliers, respectively. Three out of the five major suppliers individually accounted for more than 10% of the total purchase for the three-month ended March 31, 2011, comparatively, two of the five major suppliers accounted for more than 10% of the total purchase for the three-month ended March 31, 2010. These five vendors accounted for 39.2% and 9.0% of total accounts payable as of March 31, 2011 and 2010, respectively.
Sales revenue is recognized at the date of shipment to customers when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, the Company has no other significant obligations and collectability is reasonably assured. Payments received before all of the relevant criteria for revenue recognition are recorded as customer deposits. Sales revenue represents the invoiced value of goods, net of value-added tax (VAT). All of the Company's products sold in the PRC are subject to a Chinese value-added tax at a rate of 13% or 17% of the gross sales price. This VAT may be offset by VAT paid by the Company on raw materials and other materials included in the cost of producing the finished product.
Foreign currency translation and other comprehensive income
The reporting currency of the Company is the US dollar. The Company's subsidiaries in China use the local currency, Renminbi (RMB), as their functional currency. Assets and liabilities are translated at the unified exchange rate as quoted by the People's Bank of China at the end of the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred.
Translation adjustments included in accumulated other comprehensive income amounted to $14.3 million and $12.7 million as of March 31, 2011 and December 31, 2010, respectively. The balance sheet amounts, with the exception of equity at March 31, 2011 and December 31, 2010 were translated at 6.57 RMB and 6.59 RMB to $1.00, respectively. The equity accounts were stated at their historical rate. The average translation rates applied to statement of operations accounts for the three months ended March 31, 2011 and 2010 were 6.59 RMB and 6.82 RMB, respectively. Cash flows are also translated at average translation rates for the periods, therefore, amounts reported on the statement of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheet.
The PRC government imposes significant exchange restrictions on fund transfers out of the PRC that are not related to business operations. These restrictions have not had a material impact on the Company because it has not engaged in any significant transactions that are subject to the restrictions.
The accounting standards regarding fair value of financial instruments and related fair value measurements defines financial instruments and requires disclosure of the fair value of financial instruments held by the Company. The Company considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization. For short term loans and notes payable, the Company concluded the carrying values are a reasonable estimate of fair value because of the short period of time between the origination and repayment and their stated interest rate approximates current rates available.
The Company analyzes all financial instruments with features of both liabilities and equity, pursuant to which the Company's warrants were required to be recorded as a liability at fair value and marked to market each reporting period.
The accounting standards define fair value, establish a three-level valuation hierarchy for disclosures of fair value measurement and enhance disclosure requirements for fair value measures. The three levels are defined as follow:
Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments.
Level 3 inputs to the valuation methodology are unobservable and significant to the fair value.
In December 2007, the Company issued convertible notes totaling $40 million ("Notes") and 1,154,958 warrants. In December 2009, the Company issued 2,777,778 warrants in connection with a registered direct offering. The aforementioned warrants and the conversion option embedded in the Notes meet the definition of a derivative instrument in the accounting standards. Therefore these instruments are accounted for as derivative liabilities and recorded at fair value on each reporting period. The change in the value of the derivative liabilities is charged against or credited to income. The fair value was determined using the Cox Rubenstein Binomial Model, defined in the accounting standard as level 2 inputs, and recorded the change in earnings. As a result, the derivative liabilities are carried on the consolidated balance sheet at their fair value.
Carrying Value
as of March 31,
Fair Value Measurements at March 31, 2011
Using Fair Value Hierarchy
Derivative liabilities (Unaudited)
$ 2,022 $ 2,022
Except for the derivative liabilities, the Company did not identify any other assets or liabilities that are required to be presented on the balance sheet at fair value in accordance with the accounting standard.
Cash includes cash on hand and demand deposits in banks with original maturities of less than three months.
The Company has notes payable outstanding with various banks and is required to keep certain amounts on deposit that are subject to withdrawal restrictions. The notes payable are generally short term in nature due to its maturity period of six months or less, thus restricted cash is classified as a current asset.
Accounts receivable and allowance for doubtful accounts
Accounts receivable include trade accounts due from customers and other receivables from cash advances to employees, related parties or third parties. An allowance for doubtful accounts is established and recorded based on managements' assessment of potential losses based on the credit history and relationships with the customers. Management reviews its receivable on a regular basis to determine if the bad debt allowance is adequate, and adjusts the allowance when necessary. Delinquent account balances are written-off against allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.
Notes receivable represents trade accounts receivable due from various customers where the customers' banks have guaranteed the payment. The notes are non-interest bearing and normally paid within three to six months. The Company has the ability to submit requests for payment to the customer's bank earlier than the scheduled payment date, but will incur an interest charge and a processing fee. The Company had $440.6 million and $289.4 million notes receivable outstanding as of March 31, 2011 and December 31, 2010, respectively.
Restricted notes receivable represents notes receivable pledged as collateral for short-term loans and short-term notes payable issued by banks. As of March 31, 2011 and December 31, 2010, restricted notes receivable amounted to $322.8 million and $240.3, respectively.
Advances on inventory purchases are monies deposited or advanced to outside vendors or related parties on future inventory purchases. Due to the high shortage of steel in China, most of the Company's vendors require a certain amount of money to be deposited as a guarantee that the Company will complete its purchases on a timely basis.
This amount is refundable and bears no interest. The Company has legally binding contracts with its vendors, which required the deposit to be returned to the Company when the contract ends. The inventory is normally delivered within one month after the monies have been advanced. The total outstanding amount, including advances to related parties, was $41.5 million and $30.8 million as of March 31, 2011 and December 31, 2010, respectively.
Inventories are comprised of raw materials, work in progress and finished goods and are stated at the lower of cost or market using the weighted average cost method. Management reviews inventories for obsolescence and cost in excess of net realizable value at least annually and records a reserve against the inventory and additional cost of goods sold when the carrying value exceeds net realizable value. The Company had written-off $1.9 million inventory cost for the three months ended March 31, 2011.
Shipping and handling for raw materials purchased are included in cost of goods sold. Shipping and handling cost incurred to ship finished products to customers are included in selling expenses. Shipping and handling expenses for the three months ended March 31, 2011 and 2010 amounted to $3.6 million and $2.1 million, respectively.
Plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets with a 3%-5% residual value.
The estimated useful lives are as follows:
Buildings and Improvements
Construction in progress represents the costs incurred in connection with the construction of buildings or new additions to the Company's plant facilities. No depreciation is provided for construction in progress until such time as the assets are completed and are placed into service, maintenance, repairs and minor renewals are charged directly to expense as incurred. Major additions and betterment to buildings and equipment are capitalized. Interest incurred during construction is capitalized into construction in progress. All other interest is expensed as incurred.
Long lived assets, including buildings and improvements, equipment and intangible assets are reviewed if events and changes in circumstances indicate that its carrying amount may not be recoverable, to determine whether their carrying value has become impaired. The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. The Company also re-evaluates the periods of depreciation and amortization to determine whether subsequent events and circumstances warrant revised estimates of useful lives.
All land in the PRC is owned by the government. However, the government grants "land use rights." General Steel (China) acquired land use rights in 2001 for a total of $3.6 million. These land use rights are for 50 years and expire in 2050 and 2053. Management elected to amortize the land use rights over the ten-year business term because its initial business license had a ten-year term. Although General Steel (China) became a Sino-Foreign Joint Venture in 2004, and obtained a new business license for twenty years, the Company decided to continue amortizing the land use rights over the original ten-year business term.
Long Steel Group contributed land use rights for a total amount of $22.5 million to the Longmen Joint Venture. The contributed land use rights are for 50 years and expire in 2048 to 2052.
Maoming Hengda has land use rights amounting to $2.3 million for 50 years that expire in 2054.
Original Cost
General Steel (China)
Maoming Hengda
Intangible assets of the Company are reviewed at least annually, more often when circumstances require, determining whether their carrying value has become impaired. The Company considers assets to be impaired if the carrying value exceeds the future projected cash flows from related operations. The Company also re-evaluates the periods of amortization to determine whether subsequent events and circumstances warrant revised estimates of useful lives. As of March 31, 2011, the Company expects these assets to be fully recoverable.
Investments in unconsolidated subsidiaries
Subsidiaries in which the Company has the ability to exercise significant influence, but does not have a controlling interest, are accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock between 20% and 50%, and other factors, such as representation on the Board of Directors, voting rights and the impact of commercial arrangements, are considered in determining whether the equity method of accounting is appropriate. The Company accounts for investments with ownership less than 20% using the cost method.
Longmen Joint Venture and its subsidiary - Hancheng Tongxing Metallurgy Co., Ltd. ("Tongxing Metallurgy") invested in several companies from 2004 to 2009.
Unconsolidated subsidiary
Amount invested
% owned
Shaanxi Daxigou Mining Co., Ltd
Shaanxi Xinglong Thermoelectric Co., Ltd
Huashan Metallurgical Equipment Co., Ltd.
Shaanxi Longgang Group Xian Steel Co., Ltd
Xian Delong Powder Engineering Materials Co., Ltd.
Total (Unaudited)
Short-term notes payable
Short-term notes payable are lines of credit extended by banks. The banks in-turn issue the Company a bankers acceptance note, which can be endorsed and assigned to vendors as payments for purchases. The notes payable are generally payable at a determinable period, generally three to six months. This short-term note payable bears no interest and is guaranteed by the bank for its complete face value and usually matures within three to six-month period. The banks usually require the Company to deposit a certain amount of cash at the bank as a guarantee deposit, which is classified on the balance sheet as restricted cash.
Customer deposits represent amounts advanced by customers on product orders. The product normally is shipped within one month after receipt of the advance payment, and the related sale is recognized in accordance with the Company's revenue recognition policy. As of March 31, 2011 and December 31, 2010, customer deposits amounted to $358.5 million and $248.3 million, including deposits paid to relate parties amounted to $67.0 million and $60.8 million, respectively.
The Company has adopted the accounting principles generally accepted in the United States regarding earnings per share ("EPS"), which requires presentation of basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share.
Basic earnings per share are computed by dividing income available to common stockholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.
The Company accounts for income taxes in accordance with the accounting principles generally accepted in the United States for income taxes. Under the asset and liability method as required by this accounting standard, the recognition of deferred income tax liabilities and assets for the expected future tax consequences of temporary differences between the income tax basis and financial reporting basis of assets and liabilities. Provision for income taxes consists of taxes currently due plus deferred taxes. The accounting principles generally accepted in the United States for accounting for uncertainty in income taxes clarify the accounting and disclosure for uncertain tax positions. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded.
The charge for taxation is based on the results for the year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.
Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, net operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with the accounting standards regarding accounting for stock-based compensation and accounting for equity instruments that are issued to other than employees for acquiring or in conjunction with selling goods or services. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably determinable. The value of equity instruments issued for consideration other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services as defined by these accounting standards. In the case of equity instruments issued to consultants, the fair value of the equity instrument is recognized over the term of the consulting agreement.
Recently issued accounting pronouncements
In April 2010, the FASB issued ASU 2010-13, "Compensation—Stock Compensation (Topic 718): Effect of Denominating the Exercise Price of a Share-Based Payment Award in the Currency of the Market in Which the Underlying Equity Security Trades," or ASU 2010-13. ASU 2010-13 provides amendments to Topic 718 to clarify that an employee share-based payment award with an exercise price denominated in currency of a market in which a substantial porting of the entity's equity securities trades should not be considered to contain a condition that is not a market, performance, or service condition. Therefore, an entity would not classify such an award as a liability if it otherwise qualifies as equity. The amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2010. The Company does not expect the adoption of ASU 2010-13 to have a significant impact on its consolidated financial statements.
In December 2010, the FASB issued ASU 2010-28 which amend "Intangibles- Goodwill and Other" (Topic 350). The ASU modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting entities, they are required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. An entity should consider whether there are any adverse qualitative factors indicating that impairment may exist. The qualitative factors are consistent with the existing guidance in Topic 350, which requires that goodwill of a reporting unit be tested for impairment between annual tests if an event occurs or circumstances changes that would more likely than not reduce the faire value of a reporting unit below its carrying amount. ASU 2010-28 is effective for fiscal years, and interim periods within those years beginning after December 15, 2010. Early adoption is not permitted. The Company does not expect the adoption of ASU 2010-13 to have a significant impact on its consolidated financial statements.
In December 2010, the FASB issued ASU 2010-29 which address diversity in practice about the interpretation of the pro forma revenue and earnings disclosure requirements for business combinations (Topic 805). This ASU specifies that if a public entity presents comparative financial statements, the entity should disclose revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. This ASU also expands the supplemental pro forma disclosures under Topic 805 to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. ASU 2010-29 is effective prospectively for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. Early adoption is permitted. The Company does not expect the adoption of ASU 2010-13 to have a significant impact on its consolidated financial statements.
Certain prior period amounts have been reclassified to conform to the current period presentation. These classifications have no effect on net income.
Note 3 – Accounts receivable, net
Accounts receivable, including related party receivables, net of allowance for doubtful accounts consists of the following:
Less: allowance for doubtful accounts
(259 ) (296 )
Net accounts receivable
Movement of allowance for doubtful accounts is as follows:
Beginning balance
Charge to expense
Less Write-off
Note 4 – Inventories
Inventories consist of the following:
Total inventories
Raw materials consist primarily of iron ore and coke at Longmen Joint Venture. The cost of finished goods includes direct costs of raw materials as well as direct labor used in production. Indirect production costs such as utilities and indirect labor related to production such as assembling, shipping and handling costs for purchasing are also included in the cost of inventory.
Note 5 – Plant and equipment, net
Plant and equipment consist of the following:
Transportation and other equipment
Less accumulated depreciation
Construction in progress consisted of the following as of March 31, 2011:
In thousands
Employee cafeteria
Steel rebar & wire production line
Transformation of slag processing
3# Tailings
August 2012 1,872
Sintering machine transformation
By the end of 2011
Long lived assets, including construction in progress are reviewed if events and changes in circumstances indicate that its carrying amount may not be recoverable, to determine whether their carrying value has become impaired. The Company determined that the construction in progress in Maoming Hengda was impaired as of June 30, 2010. For the year ended December 31, 2010, $1.7 million construction-in-progress has been written off and included in operating expense.
Depreciation, including amounts in cost of goods sold, for the three months ended March 31, 2011 and 2010 amounted to $8.7 million and $9.3 million, respectively.
Note 6 – Intangible assets, net
Intangible assets consist of the following:
Land use rights
Accumulated amortization
The gross amount of the intangible assets amounted to $29.4 million and $29.1 million as of March 31, 2011 and December 31, 2010, respectively. The remaining weighted average amortization period is 31.5 years.
Total amortization expense for the three months ended March 31, 2011 and 2010 amounted to $0.2 million and $0.3 million, respectively.
The estimated aggregate amortization expense for each of the five succeeding years is as follows:
Years ended
Amortization Expense
Gross carrying
$ 912 $ 22,817
Note 7 – Debt
Short-term notes payable are lines of credit extended by the banks. The banks in turn issue the Company a bank acceptance note, which can be endorsed and assigned to vendors as payments for purchases. The notes payable are generally payable at a determinable period, generally three to six months. This short-term note payable is guaranteed by the bank for its complete face value. The banks usually do not charge interest on these notes but require the Company to deposit a certain amount of cash at the bank as a guarantee deposit, which is classified on the balance sheet as restricted cash. Restricted cash as a guarantee for the notes payable amounted to $175.9 million and $167.7 million as of March 31, 2011 and December 31, 2010, respectively. Restricted notes receivable as a guarantee for the notes payable amounted to $219.0 million and $159.3 million as of March 31, 2011 and December 31, 2010, respectively.
The Company had the following short-term notes payable:
General Steel (China): Notes payable from banks in China, due various dates from April to August 2011. Restricted cash required of $17.8 million and $11.7 million as of March 31, 2011 and December 31, 2010, respectively; guaranteed by third parties.
Longmen Joint Venture: Notes payable from banks in China, due various dates from April to November 2011. $152.7 million restricted cash and $219.0 million notes receivable are secured for notes payable as of March 31, 2011, and comparatively $150.7 million restricted cash and $159.3 million notes receivable are secured for notes payable as of December 31, 2010, respectively; some notes are further guaranteed by third parties while others are secured by equipments and land use rights.
Bao Tou: Notes payable from banks in China, due date in April 2011, restricted cash of $5.3 million and $5.3 million as of March 31, 2011 and December 31, 2010, respectively; pledged by buildings.
Total short-term notes payable
Short-term loans represent amounts due to various banks, other companies and individuals, and related parties, normally due within one year. The principles of loans are due at maturity. However, the loans can be renewed.
Short term loans due to banks, related parties and other parties consisted of the following:
General Steel (China): Loans from banks in China, due various dates from April 2011 to March 2012. Weighted average interest rate 6.1% per annum; some are guaranteed by third parties while others are secured by equipment and inventory.
Longmen Joint Venture: Loans from banks in China, due various dates from April 2011 to March 2012. Weighted average interest rate 5.4% per annum; some are guaranteed by third parties, restricted cash or notes receivables while others are secured by equipment, buildings, land use right and inventory.
Total short-term loans - bank
Longmen Joint Venture: Loans from various unrelated companies and individuals, due various dates from April 2011 to November 2012, and weighted average interest rates 6.2% per annum.
Maoming Hengda: Loans from one unrelated parties, due on demand, none interest bearing.
Total short-term loans – others
Longmen Joint Venture: Loans from Shaanxi Steel Group, due on demand and interest rates 5.3% per annum.
Total short-term loans - related parties
The Company had various loans from unrelated companies amounted to $81.5 million and $89.8 million as of March 31, 2011 and December 31, 2010, respectively. Of the $81.5 million, $10.6 million loans carry no interest and the remaining $70.9 million are subject to interest rates ranging from 5.6% to 9.0%. All short term loans from unrelated companies are due on demand and unsecured.
Total interest expenses, excluding capitalized interest, amounted to $8.6 million and $4.1 million for the three months ended March 31, 2011 and 2010, respectively.
Capitalized interest amounted to $0.7 million and $0.4 million for the three months ended March 31, 2011 and 2010, respectively.
Note 8 – Deposit due to sales representatives
Longmen Joint Venture entered into agreements with various entities to act as the Company's exclusive sales agent in a specified geographic area. These exclusive sales agents must meet certain criteria and are required to deposit a certain amount of money with the Company. In return the sales agents receive exclusive sales rights in a specified area and discounted prices on products they order. These deposits bear no interest and are required to be returned to the sales agent once the agreement has been terminated. The Company had $28.4 million and $52.1 million in deposits due to sales representatives as of March 31, 2011 and December 31, 2010, respectively.
Note 9 – Derivative liabilities
The Company has 3,900,871 warrants outstanding as result of $40 million notes issued in 2007 and 2,777,778 warrants outstanding in connection with a registered direct offering in 2009. The aforementioned warrants met the definition of a derivative instrument in the accounting standards and are recorded at fair value on each reporting period. The change in the value of the derivative liabilities is charged against or credited to income.
As of March 31, 2011 and December 31, 2010, derivative liabilities amounted to $2.0 million and 5.6 million, respectively.
The Company has the following warrants outstanding:
Outstanding As of December 31, 2010
Exercised
Outstanding As of March 31, 2011 (Unaudited)
Exercisable Warrants
Exercise Price
Contractual Life
Note 10 – Supplemental disclosure of cash flow information
Interest paid amounted to $4.7 million and $2.4 million for the three months ended March 31, 2011 and 2010, respectively.
The Company paid income tax amounted to $0.4 million and $0.8 million for the three months ended March 31, 2011 and 2010, respectively.
Effective interest charge on the Notes of $0.2 million was capitalized into construction in progress for the three months ended March 31, 2010.
Note 11 – Compensation for services provided
From 2009 to 2010, Longmen Joint Venture worked with Shaanxi Steel Group to build two new blast furnaces systems. During the period of construction, Longmen Joint Venture provided labor and technology assistance while dismantled certain small production systems to accommodate the new production systems. Longmen Joint Venture paid certain cost and fees on behalf of Shaanxi Steel Group and incurred loss resulting from lower production efficiency caused by the interruption of construction and trial production. On December 22, 2010, Shaanxi Steel Group agreed to reimburse $25.0 million (RMB169.0 million) for the fees and cost and $27.1 (RMB183.1 million) for the loss of lower productive efficiency incurred by Longmen Joint Venture through September 30, 2010.
The detail cost and fee incurred on behalf of Shaanxi Steel Group were following:
Loss on disposal of equipment systems
Trial production cost through September 30, 2010
Salary and benefit of employees
Materials consumed and shipping expense
Relocation fee paid on behalf of Shaanxi Steel Group
Land rental fee
Total cost and fee incurred
Total compensation for fees incurred
Net compensation for services
Compensation for loss of lower productive efficiency
The Company offset the $25.0 million reimbursement with related costs and expenses incurred and recorded net compensation for services of $0.9. The $27.1 million (RMB183.1 million) compensation for lowering of production efficiency was recorded as a reduction to cost of goods sold for the year ended December 31, 2010.
Longmen Joint Venture also recorded $ 23.2 million and $6.3 million receivable for the trial production cost incurred by the two new blast furnaces as of March 31, 2011 and December 31, 2010. According to the signed unified management agreement with Shaanxi Steel Group, Shaanxi Steel Group will make compensation on the trial production costs incurred the test run period by Longmen Joint Venture. Management believes that the receivable will be reimbursed by Shaanxi Steel Group within next six months. The two blast furnace systems were in trial production stage as of March 31, 2011 and expect to reach the regular production status on May 2011.
Note 12 – Taxes
Significant components of the provision for income taxes on earnings and deferred taxes on net operating losses from operation for the three months ended March 31, 2011 and 2010 are as follows:
$ 673 $ (1,967 )
According to Chinese tax regulations, the net operating loss can be carried forward to offset with operating income for the next five years. Management believes the deferred tax asset is fully realizable.
The principal component of the deferred income tax assets is as follows:
(Tax assets realized) net operating loss carry forward for other subsidiaries
(1,128 ) 2,343
Effective tax rate
Deferred tax asset
$ (282 ) $ 586
Longmen Joint Venture and some subsidiaries, (tax asset realized) net operating loss carry-forward
$ (363 ) $ 3,081
24 (82 )
The estimated tax savings due to the reduced tax rate for the three months ended March 31, 2011 and 2010 are $0.3 million and $(1.5) million, respectively. The net effect on income per share if the income tax had been applied would increase loss per share by $0.01 and $(0.04) for the three months ended March 31, 2011 and 2010, respectively.
Under the Income Tax Laws of the PRC, General Steel (China), is subject to an income tax at an effective rate of 25%. Baotou Steel Pipe Joint Venture is located in Inner Mongolia province, Maoming Hengda is located in Guangdong province and Tianwu Joint Venture is located in Tianjin Port Free Trade Zone. The three subsidiaries are subject to an effective income tax rate at 25%.
Longmen Joint Venture is located in the Mid-West region of China. It qualifies for the "Go-West" tax rate of 15% promulgated by the government. In 2010, the Chinese government announced that the "Go-West" tax initiative will extended for 10 years, and thus, the preferential tax rate of 15% will be in effect until 2020. This special tax treatment for Longmen Joint Venture will be evaluated on a year-to-year basis by the local tax bureau.
The following table reconciles the U.S. statutory rates to the Company's effective tax rate for the years ended March 31, 2011 and 2010 are as follows:
U.S. Statutory rates
34.0 % 34.0 %
Foreign income not recognized in the US
(34.0 )% (34.0 )%
China income taxes
Tax effect of income not taxable for tax purposes (1)
(13.0 )% 0.6 %
Effect of different tax rate of subsidiaries operating in other jurisdictions
1.9 % (9.7 )%
Total provision for income taxes
This represents derivative expenses (income) and stock compensation expenses incurred by the Company that are not deductible/taxable in the PRC for the three months ended March 31, 2011 and 2010.
The Company has cumulative undistributed earnings of foreign subsidiaries of approximately $6.6 million as of March 31, 2011, and is included in consolidated retained earnings and will continue to be indefinitely reinvested in international operations. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of these earnings, nor is it practicable to estimate the amount of income taxes that would have to be provided if we concluded that such earnings will be remitted in the future.
General Steel Holdings, Inc. was incorporated in the United States and has incurred net operating losses for income tax purposes for the three months ended March 31, 2011. The net operating loss carry forwards for United States income taxes amounted to $1.9 million, which may be available to reduce future years' taxable income. These carry forwards will expire, if not utilized, through 2031. Management believes that the realization of the benefits from these losses appears uncertain due to the Company's limited operating history and continuing losses for United States income tax purposes. Accordingly, the Company has provided a 100% valuation allowance on the deferred tax asset benefit to reduce the asset to zero. The valuation allowance as of March 31, 2011 was $0.6 million. The net change in the valuation allowance for the three months ended March 31, 2011 was $0.1 million. Management will review this valuation allowance periodically and make adjustments as warranted.
Enterprises or individuals who sell commodities, engage in repair and maintenance or import and export goods in the PRC are subject to a value added tax in accordance with PRC laws. The value added tax standard rates are 13% to 17% of the gross sales price. A credit is available whereby VAT paid on the purchases of semi-finished products or raw materials used in the production of the Company's finished products can be used to offset the VAT due on sales of the finished product. As of March 31, 2011 and December 31, 2010, the Company had $21.2 million and $37.3 million value added tax credit which were available to offset the future VAT payable, respectively.
VAT on sales and VAT on purchases amounted to $214.5 million and $176.9 million, respectively, for the three months ended March 31, 2011, $117.5 million and $87.8 million, respectively, for the three months ended March 31, 2010. Sales and purchases are recorded net of VAT collected and paid as the Company acts as an agent for the government. VAT taxes are not impacted by the income tax holiday.
Taxes payable consisted of the following:
VAT taxes payable
Misc taxes
Note 13 – Earnings per share
The calculation of earnings per share is as follows:
(in thousands except per share data)
Income attributable to holders of common shares
Basic and diluted weighted average number of common shares outstanding
There is no dilutive effect for its earnings per share as the exercise price of warrants were higher than the stock market price during the period. There is no dilutive effect for its earnings per share for the three months ended March 31, 2011 and 2010.
Note 14 – Related party transactions and balances
On March 31, 2010, General Steel (China), a subsidiary in which the Company holds a controlling interest, entered into a lease agreement with Tianjin Daqiuzhuang Steel Plates Co., Ltd. (the "Lessee"), whereby General Steel (China) will lease its facility located at No. 1, Tonga Street, Daqizhuang Town, Junghai County, Tianjin City to the Lessee (the "Lease Agreement"). The Lease Agreement provides approximately 776,078 square feet of workshops, lands, equipments and other facilities to the Lessee and allows the Company to reduce overhead costs while providing a recurring monthly revenue stream resulting from payments due thereunder. The term of the Lease Agreement is from January 1, 2010 to December 31, 2011 and the monthly base rental rate due to General Steel (China) is approximately $0.2 million (RMB1.68 million). The lessee partially owned by a related party Beijing Wendlar Co., Ltd, and is managed by the former general manager of General Steel (China). For the three months ended March 31, 2011 and 2010, General Steel (China) realized rental income in the amount of $0.8 million and $0.7 million from the Lessee, respectively.
The future rental payments to be received associated with the Lease Agreement are as follow:
Year ended March 31,
The following chart summarized sales to the related party transactions for the three months ended March 31, 2011 and 2010.
Name of related parties
Shaanxi Longmen (Group) Co, Ltd and its subsidiaries ("Long Steel Group")
Noncontrolling shareholder of Longmen Joint Venture
Tianjin Hengying Trading Co., Ltd
Common control under CEO
Tianjin Dazhan Industry Co, Ltd
Hancheng Haiyan Coking
Investee of Long Steel Group
General Qiugang steel tube Co, Ltd
Shaanxi Steel Group
Majority shareholder of Long Steel Group
Beijing Daishang Trade Co., Ltd.
Noncontrolling shareholder of Longmen Joint Venture's subsidiary
Tianjin Daqiuzhuang Steel Plates Co., Ltd.


Advanced design and manufacturing TF® by SybronEndo is the first and only file to combine unique and proprietary manufacturing processes to deliver unsurpassed strength and flexibility.
Kerr K-Flex stainless steel handfiles feature a unique rhomboid design, which provides a short axis for flexibility while maintaining cross-sectional strength.
The K3XF System is color-coded with matching K3XF verifiers, obturators, gutta percha and paper points.
The Elements Obturation Unit combines our System B™ technology with a motor-driven extruder handpiece to make obturation efficient, predictable, and accurate.
SybronEndo K3XF are rotary endodontic files made of nickel titanium used in rotary endodontics.
The Touch'n Heat conveniently and consistently puts the heat on for warm gutta percha techniques.
Before using any NiTi rotary file, it is important to establish a glide path using hand files.
Super-Cor is a light cured microhybrid composite for the restorative treatment of anterior and posterior teeth.
Sealapex is the original non-eugenol, calcium hydroxide polymeric root canal sealant.
Adaptive Motion : The Elements Motor adapts the motion based on the amount of pressure on the file.


If the Walmart workers can win, it will send a message to low-wage, anti-labor corporations everywhere.
Walmart spokesperson Kory Lundberg has dismissed the Walmart worker strike as a fringe effort that will have no impact on the most profitable day of the year. "We are preparing to have our best Black Friday ever," Lundberg said in a statement. But while the PR team promotes an air of indifference, mandatory meetings—in which Walmart managers imply striking employees could be fired—say otherwise. Nation contributor Josh Eidelson joined Democracy Now! to cut through Walmart's mixed messages about Friday's strike. The megastore has a reason to be nervous: if the strikers can win, it will send a message to low-wage, anti-labor corporations everywhere.
For the latest on the Walmart worker strike, follow Josh Eidelson's coverage here.


L'écho-endoscopie digestive est une approach exigeante et son apprentissage demeure, année après année, toujours aussi lengthy et difficile. Cet ouvrage est le fruit de l. a. collaboration des membres du membership francophone d'écho-endoscopie (CFE), tous leaders reconnus de l. a. method en France comme � l'étranger.
Cet ouvrage rassemble les éléments essentiels `l'approche de los angeles psychopathologie périnatale. Cette deuxième édition, actualisée et remaniée, présente les différents issues dans une viewpoint clinique. l. a. psychopathologie est éclairée d'études provenant de disciplines connexes dont, notamment, los angeles biologie mais également los angeles sociologie et l'anthropologie, indispensables aujourdhui `l'étude de l. a. parentalité.
Christopher Ricks' 1990 study of death in Beckett's writing, Beckett's Dying Words, is the critical work that makes the most explicit examination of clich´es in Beckett's work, and it is of course no accident that it also takes as one of its principal arguments Beckett's recovery of the bodily metaphors and images that lie obscured in clich´e. Beckett is, for Ricks, a writer who is attuned to the 'subterranean energies' of this buried language (Ricks, 87). It becomes clear that particularly in English culture, a subject's understanding of the world is both through the body and by analogy with it, language reaching out to the world like an extension of our limbs.
The discourse of romantic history that often attaches to Ireland is undercut by the clich´e 'last ditch', providing two conflicting versions of Ireland and its past. Is Ireland the home of stoic fighters and defiant martyrs or the last resort, a ditch to die in? Peter Lennon's comments about the 'Dublin way' of using clich´e, both owning it and decrying it, are borne out in these knowing but ambivalent remarks, and Beckett's position as an Anglo-Irish writer makes his an even more uneasy negotiation of such positions.
Oh, well, I may as well confess it now, yes I rubbed up against one. I don't mean my mother, I did more than rub up against her. (T , 56) Alternatively, he might put them into contexts in fact newly—and often grotesquely—appropriate. Christopher Ricks in his study of Beckett's language of death gives the famous example from First Love in which the narrator cheerfully remarks that he has, personally, 'no bone to pick with graveyards' (CSP, 25). Beckett gives these expressions the density of poetry, establishing new meanings for them by manipulating their form or by creating new relationships on a semantic level between their occluded images and those in the surrounding text.


text:
Spiel des Jahres (tysk for årets spil) er en kritikerpris, der uddeles til bræt- og kortspil, som udgives på tysk. Den er blevet uddelt siden 1979, og regnes for den meste prestigefyldte pris inden for spilbranchen. Siden 2001 er der også blevet uddelt en pris til børnespil, Kinderspiel des Jahres, og i 2011 blev der indført en kenderpris til mere komplekse spil, Kennerspiel des Jahres. Der bliver desuden uddelt specialpriser.

Vindere

Årets spil

Årets børnespil
Før 2001 er prisen uddelt som en specialpris.

Årets kenderspil

Specialpriser

Eksterne henvisninger

 Spiel des Jahres

Brætspil
Kulturpriser

redpajama_set_name: RedPajamaWikipedia


Department of Clinical Haematology and Bone Marrow Transplant, Tata Medical Center, Kolkata.
Lecturer, Department of Neurology, Grant Medical College and Sir JJ Group of Hospitals, Mumbai.
Professor of Endocrinology, AIMS School of Medicine, Cochin.
Professor and Head, Department of Pulmonary Medicine, T. N. Medical College,B. Y. L. Nair Hospital, Mumbai.
Research Officer, Infectious Diseases Training and Research Centre (IDTRC), Department of Medicine I and Infectious Diseases, Christian Medical College, Vellore.
Professor of Medicine, Kasturba Medical College, Manipal.
In-charge – Dept. of Palliative Care, CCWH&RI, Thakurpukur, Kolkata.
Ex resident, Department of Pulmonary Medicine, T. N. Medical College,B. Y. L. Nair Hospital, Mumbai.


1.We offer best service and price for customer home and aboard.
6.We sincerely hope customer and us developing together and sharing mutal benefits.
Please note that the bottle is not included.
About the shipping, We will choose the most suitable logistics.
Please don't hesitate to contact us if you have any questions regarding our products! Thank you!


wheelchair carriers for vehicles powered lifts cars uk.
batteries for generators portable lithium ion battery generator on camping trip charging.
curved pry bar tools craftsman 3 pc set.
oil free portable air compressor compressors electric.
round tool bags 1 professional top bag harley leather.
oil pressure tester advance auto fuel hose from 1 foot.
under hood lights led knight rider strip light behind grille for dodge challenger.
motocross stands rage foot pedal operated stand 2 free shipping on orders over at summit racing uk.
wheel bearing replacement kit install john deere front.
router bit for raised panel doors bits cabinet luxury vertical.


text:
+ Locations
Gourmet Flavors
+ F.A.Q
Download the Santa Barbara Pistachios' Nutrient Fact Sheet
Pistachios are good for you! Santa Barbara Pistachios offer good nutrition as well as great taste! Try them, and you will truly become a health nut!
An ounce of pistachios contains 160 calories. Pistachios are nutrient-dense, providing a good balance of nutritional value per calorie.
Like all nuts, pistachios are relatively high in monounsaturated fats, which has been shown to lower blood cholesterol, possibly reducing the risk of coronary heart disease. What's more, pistachios are low in saturated fat. Scientific evidence suggests that eating 1.5 ounces per day of most nuts, including pistachios, as part of a diet low in saturated fat and cholesterol may reduce the risk of heart disease." – FDA
no cholesterol making them an excellent heart-healthy snack!
Pistachios are an excellent source of dietary fiber. One ounce contains 3.1 grams of fiber–more than many recognized high fiber sources such as raisins, potatoes, wheat bread and celery. Although no daily requirement has been established for fiber, nutritionists target 30 to 40 grams of fiber per day. Pistachios will help you get there.
Potassium balances body fluids and electrolytes. Vital for muscle contraction and nerve impulses,potassium also improves endurance when exercising.
Pistachios are a good source of vegetable protein. As more concerned Americans look for protein from non-animal sources, pistachios in combination with other protein-rich fruits, vegetables and grains are a sound nutritional choice.
With 5 grams of carbohydrates per ounce, pistachios are an excellent source of complex carbohydrate energy.
Pistachios contain significant amounts of important vitamins and minerals:
Serving Size 1oz. or ~ 47 Roasted/Salted Pistachios
Vitamin B-6 25% U.S. RDA
Copper 15% U.S. RDA
Thiamin 10% U.S. RDA
Phosphorus 25% U.S. RDA
Magnesium 10% U.S. RDA
Iron 8% U.S. RDA
Calcium 6% U.S. RDA
Vitamin E 6% U.S. RDA
Selenium 4% U.S. RDA
Folate 4% U.S. RDA
Zinc 4% U.S. RDA
© 2023 Santa Barbara Pistachio Company | website design by Ameravant

redpajama_set_name: RedPajamaCommonCrawl


text:
Say No to AVEs – worldwide push to eradicate AVEs
You are here: Home » News » Say No to AVEs – worldwide push to eradicate AVEs
AMEC, the International Association for the Measurement and Evaluation of Communication (AMEC), is inviting the support of public relations and communications organisations to join a global initiative to eradicate fully the use of Advertising Value Equivalency (AVE) and all of its derivatives as metrics in public relations work.
AMEC is inviting support in a number of practical steps which form part of a long-term industry education project.
Adopting a "Say No to AVEs" campaign logo – Download here
Inviting all international trade associations to stop the use of AVEs in national PR Awards schemes. AMEC is asking its partners to use this wording in the Terms and Conditions of Entry in Award schemes and in briefing notes to judges: Entries must not use Advertising Value Equivalents (AVEs) as the sole means of showing measurement for a campaign. Entries that use AVEs will be disqualified.
To join together through training programmes and events, to continue to push the message that by using AVEs it demeans the credibility of the PR company or internal comms team involved.
PRCA and ICCO became the first industry partners to join AMEC's 's educational programme.
We will be working with AMEC to raise awareness and understanding of the importance of effective valuation methods
Francis Ingham, PRCA Director General & Chief Executive – International Communications Consultancy Organisation (ICCO), said: "Evaluation is at the heart of our industry's future.
"But embedding meaningful evaluation methods in PR practice requires encouragement, praise, and education -not naming and shaming those who haven't yet reached the high standards set by others. We are proud to be AMEC's first partners in their education programme, and look forward to working together over the coming years to drive our industry forward."
AMEC has already made improvements to its free to use Integrated Evaluation Framework to make it an easier to use replacement for AVEs. AMEC is now working to create a global online educational resource centre to show why the metric is invalid
Richard Bagnall, AMEC Chairman, said AMEC's Global Summit on Measurement, held for the first time in Asia in May had ignited the need to take decisive action to eradicate AVEs.
Bagnall, Global Strategy Consultant with Prime Research UK, said: "It's time AVEs stopped being a talking point in our industry. The way forward is to work with other friends and partners in the worldwide public relations industry to eradicate this derided metric."
Bagnall said new industry research showed the client demand for AVEs had dropped from 80% in 2010 to just 18% this year. He added: "Now is the time to kill it off completely once and for all."
He said: AMEC's new and updated Integrated Evaluation Framework offered a new way for campaigns to be planned carefully and measured effectively.
"The Framework makes sense of the complexities of working across the PESO channels and shows how to shift the emphasis of evaluation from counting outputs to proving value via the critical outtakes, outcomes and organisational impact of our work," added Bagnall.
The AMEC Framework is interactive allowing users to be guided through the process while also saving their work as they go and is already available in 15 languages including Chinese. The Framework is a free resource and hosted online at www.amecorg.com/amecframework .
AMEC in global drive for final eradication of AVEs The Definitive Guide: Why AVES are invalid


Western Arctic Bronze Badge (25 points): All three Main Hunts and the first Fishing Contest must be completed on Greenhorn Difficulty.
Western Arctic Silver Badge (50 points): All three Main Hunts and the first Fishing Contest must be completed on Sportsman Difficulty.
Western Arctic Gold Badge (75 points): All three Main Hunts and the first Fishing Contest must be completed on Simulation Difficulty.
Interior Alaska Bronze Badge (25 points): All three Main Hunts and the first Fishing Contest must be completed on Greenhorn Difficulty.
Interior Alaska Silver Badge (50 points): All three Main Hunts and the first Fishing Contest must be completed on Sportsman Difficulty.
Interior Alaska Gold Badge (75 points): All three Main Hunts and the first Fishing Contest must be completed on Simulation Difficulty.
South Central Bronze Badge (25 points): All three Main Hunts and the first Fishing Contest must be completed on Greenhorn Difficulty.
South Central Silver Badge (50 points): All three Main Hunts and the first Fishing Contest must be completed on Sportsman Difficulty.
South Central Gold Badge (75 points): All three Main Hunts and the first Fishing Contest must be completed on Simulation Difficulty.
Southeastern Bronze Badge (25 points): All three Main Hunts and the first Fishing Contest must be completed on Greenhorn Difficulty.
Southeastern Silver Badge (50 points): All three Main Hunts and the first Fishing Contest must be completed on Sportsman Difficulty.
Southeastern Gold Badge (75 points): All three Main Hunts and the first Fishing Contest must be completed on Simulation Difficulty.
Western Arctic Platinum Medal (25 points): All hunts and contests must be completed on Sportsman or Simulation Difficulty.
Interior Alaska Platinum Medal (25 points): All hunts and contests must be completed on Sportsman or Simulation Difficulty.
South Central Platinum Medal (25 points): All hunts and contests must be completed on Sportsman or Simulation Difficulty.
Southeastern Platinum Medal (25 points): All hunts and contests must be completed on Sportsman or Simulation Difficulty.
Bear Buster Award (10 points): Take at least three different Male Bear Trophy Legends.
Bow Master Award (25 points): Take at least 10 different animals, with a bow, in Open Season.
Shotgun Master Award (20 points): Take at least 10 different animals, with a shotgun, in Open Season.
Rifle Master Award (20 points): Take at least 10 different animals, with a rifle, in Open Season.
Handgun Master Award (25 points): Take at least 10 different animals, with a handgun, in Open Season.
Black Bear Award (10 points): Take a Black Bear in Adventure mode.
Kodiak Bear Award (10 points): Take a Kodiak Bear in Adventure mode.
Grizzly Bear Award (10 points): Take a Grizzly Bear in Adventure mode.
Polar Bear Award (10 points): Take a Polar Bear in Adventure mode.
Sitka Deer Award (10 points): Take a Sitka Black-tailed Deer in Adventure mode.
Yukon Moose Award (10 points): Take a Yukon Moose in Adventure Mode.
Roosevelt Elk Award (10 points): Take a Roosevelt Elk in Adventure mode.
Caribou Award (10 points): Take a Caribou in Adventure mode.
Dall's Sheep Award (10 points): Take a Dall's Sheep in Adventure mode.
Stone Sheep Award (10 points): Take a Stone Sheep in Adventure mode.
Grey Wolf Award (10 points): Take a Grey Wolf in Adventure mode.
Arctic Wolf Award (10 points): Take an Arctic Wolf in Adventure mode.
Mountain Goat Award (10 points): Take a Mountain Goat in Adventure mode.
Musk Ox Award (10 points): Take a Musk Ox in Adventure mode.
Bison Award (10 points): Take a Bison in Adventure mode.
Arctic Char Award (5 points): Catch an Arctic Char in Adventure mode.
Northern Pike Award (5 points): Catch a Northern Pike in Adventure mode.
Silver Salmon Award (5 points): Catch a Silver Salmon in Adventure mode.
Dolly Varden Award (5 points): Catch a Dolly Varden in Adventure mode.
Lake Trout Award (5 points): Catch a Lake Trout in Adventure mode.
Sockeye Salmon Award (5 points): Catch a Sockeye Salmon in Adventure mode.
King Salmon Award (5 points): Catch a King Salmon in Adventure mode.
Rainbow Trout Award (5 points): Catch a Rainbow Trout in Adventure mode.
Arctic Grayling Award (5 points): Catch an Arctic Grayling in Adventure mode.
Cutthroat Trout Award (5 points): Catch a Cutthroat Trout in Adventure mode.


text:
A journey to another world: "Melancholia"
Andrew White Cleary, Copy Editor
Note: This article reveals major plot points of the 2011 film "Melancholia".
"Melancholia" (2011), an aptly titled film, tells the story of an immensely downward spiral from a euphoric occasion. It is a work of lofty aspirations and deep eccentricity, and the sheer ambition shown by its screenwriter and director Lars von Trier can be responsible for making films unrefined and imperfect. If Trier's film is not a perfect work, it is nevertheless a masterwork – and indeed, one of the high-water marks of 21st century cinema up to this point. It is intelligent in its character arcs and excellently acted. The realism of its characters, and of Trier's approach to filmmaking, gives the film's central scenes an unforgettable, disturbing power. Its strongest sequences will be categorized by many as suspense or horror, but they are better labeled as visionary. They are notable for, among other things, how few other directors in cinematic history have more effectively made us feel as though we are ourselves involved in the events unfolding.
The film's beginning is a lengthy prologue of much formal beauty. While epic in aspect, and set aptly to an expansive classical composition by Richard Wagner, it is enigmatic upon initial viewing in what it – essentially a succession of slowly moving tableaux – depicts. In a lavish location whose whereabouts are unknown, a woman is seen despondently carrying a child in an open field while running. A bride in a wedding gown appears to be falling into waves of water. Because all occurrences in the scene unfold so gradually, and are accompanied by such sweeping music, everything that happens appears highly important. That they remain unknown events in spite of these qualities arouses intrigue in the viewer. They are followed by the first chapter (titled "Justine" after the bride), in the first sequence of which a man and a woman, shot now in an unsteady handheld and often in close-up, are being driven to their wedding. This is a change from a highly cinematic aesthetic to something of documentary-like authenticity. Significantly, however, the film's obscure prologue, in an instance of intelligent storytelling, causes an undercurrent of trepidation to be established from the start; Trier only then travels back to the story's chronological beginning and shows the lead characters happy, in a scene which would not have had this undertone without the completely dissimilar introduction.
The wedding is the major event of its first half, and here the filmmaking is strong if also nothing spectacular. It serves principally to involve us in the time and place of the event; filmed in handheld and featuring little use of music, modesty is its hallmark. Trier is nonetheless a skillful builder of dread: for one, the aforementioned sense of foreboding recurs throughout the work, in increasingly overt appearances. Most central, however, is his manipulation of setting. The wedding ends badly and, upon its passing, is to no longer be discussed. By the film's second part, titled "Claire" after the bride's sister, "Melancholia" has become a chamber drama – and in its final half-hour the story is marked by indifference to all human affairs in the form of one sister's actions, and enormous despair in the form of another's actions. What was once the setting of an elaborate and highly busy social event is a nearly vacant building in the morning after. All merriment of the first hour – and, in fact, any reflection of human society – is now so long behind us and the characters that it may as well have been from a different film entirely. A sea change if ever there was one, this audacious shift throws us wildly off; with it, the groundwork is laid for Trier's masterful vision of the apocalypse. That the first chapter of "Melancholia" starts in vivacity, and spends much time in it, enhances the dramatic effect of the second half, which in comparison is of startling unearthliness.
The downward progression of the film's narrative is so sharp that at first it seems nearly comic. Trier's brilliance lies in his joining of such a storyline – one which would rarely be thought of as realistic – with deep realism in camerawork. This increases the extent to which its events are involving. The use of music from Wagner allows the end of the world, as it is depicted here, to be more than simply unnerving, and to take on much poignancy. This is not a blaring, bombastic score that emphasizes loudness and chaos to a fault; Wagner's piece is a romantic piece, a slow and melodious one. When put over sequences of apprehension and unexplainable disaster, the result is a tone of deep fatalism and sadness.
When during a hailstorm Claire holds her child close in an open field, for example, the scene elicits pity on the character in her helplessness. The weather itself could nearly be telling her, "The collision you so dreaded is approaching; you must now surrender yourself to what lies ahead and say your final goodbyes, for these things sometimes happen and cannot be stopped by anyone's efforts." The prelude to "Tristan and Isolde" is highly fitting. This scenario, if music is to accompany it, demands something at once resounding and graceful – for the characters we have come to know will soon be gone, and the setting once full of people is to soon disappear along with all else in this world.
It ultimately does. "Melancholia," a visionary work, follows the vastly different reactions of Justine and Claire to the crisis in front of them. In doing so, it is a stimulating set of character studies. Justine, constantly saturnine in the second half and played excellently through the understatement of Kirsten Dunst, detests the wedding's conclusion, but her subsequent disgust with the human race causes her to calmly accept what for most people would be the most frightening of all things. There is much psychological depth in the displaying of her disposition alongside that of Claire, who is mentally healthy but immensely sad in the last scenes in which she appears. Justine begins happy and dies content; her arc over the film's two hours may be viewed as a great fortune for her. Because of the film's character development, visual approach and use of music, it follows that whatever may come to an end in this singular and aberrant motion picture, the massive impression left by the work does not.
The brilliant writing and direction of "Melancholia" place it among the 21st century's major works of art.


Sid's mother was also my grandmother. During the 50s, 60s and 70s Sid spent most of his time overseas either travelling or living in the UK. Sid kept in constant touch by way of postcards from all over the world.
Leda and the Swan, 1961, lithograph, 54.5 x 65 cm. Inscribed "Artists Proof for Mother and Pop". Private Collection. © Sidney Nolan Trust.


text:
import functools
import time

from .base import Cache

class _Link(object):

    __slots__ = (
        'key', 'value', 'expire', 'size',
        'ttl_prev', 'ttl_next',
        'lru_prev', 'lru_next'
    )

    def __getstate__(self):
        if hasattr(self, 'key'):
            return (self.key, self.value, self.expire, self.size)
        else:
            return None

    def __setstate__(self, state):
        self.key, self.value, self.expire, self.size = state

    def unlink(self):
        ttl_next = self.ttl_next
        ttl_prev = self.ttl_prev
        ttl_prev.ttl_next = ttl_next
        ttl_next.ttl_prev = ttl_prev

        lru_next = self.lru_next
        lru_prev = self.lru_prev
        lru_prev.lru_next = lru_next
        lru_next.lru_prev = lru_prev

class _NestedTimer(object):

    def __init__(self, timer):
        self.__timer = timer
        self.__nesting = 0

    def __enter__(self):
        if self.__nesting == 0:
            self.__time = self.__timer()
        self.__nesting += 1
        return self.__time

    def __exit__(self, *exc):
        self.__nesting -= 1

    def __call__(self):
        if self.__nesting == 0:
            return self.__timer()
        else:
            return self.__time

    def __getattr__(self, name):
        return getattr(self.__timer, name)

    def __getstate__(self):
        return (self.__timer, self.__nesting)

    def __setstate__(self, state):
        self.__timer, self.__nesting = state

class TTLCache(Cache):
    """LRU Cache implementation with per-item time-to-live (TTL) value."""

    def __init__(self, maxsize, ttl, timer=time.time, missing=None,
                 getsizeof=None):
        Cache.__init__(self, maxsize, missing, getsizeof)
        root = self.__root = _Link()
        root.ttl_prev = root.ttl_next = root
        root.lru_prev = root.lru_next = root
        self.__timer = _NestedTimer(timer)
        self.__ttl = ttl

    def __repr__(self, cache_getitem=Cache.__getitem__):
        # prevent item reordering/expiration
        return '%s(%r, maxsize=%d, currsize=%d)' % (
            self.__class__.__name__,
            [(key, cache_getitem(self, key).value) for key in self],
            self.maxsize,
            self.currsize,
        )

    def __getitem__(self, key,
                    cache_getitem=Cache.__getitem__,
                    cache_missing=Cache.__missing__):
        with self.__timer as time:
            link = cache_getitem(self, key)
            if link.expire < time:
                return cache_missing(self, key).value
            next = link.lru_next
            prev = link.lru_prev
            prev.lru_next = next
            next.lru_prev = prev
            link.lru_next = root = self.__root
            link.lru_prev = tail = root.lru_prev
            tail.lru_next = root.lru_prev = link
            return link.value

    def __setitem__(self, key, value,
                    cache_contains=Cache.__contains__,
                    cache_getitem=Cache.__getitem__,
                    cache_setitem=Cache.__setitem__,
                    cache_getsizeof=Cache.getsizeof):
        with self.__timer as time:
            self.expire(time)
            if cache_contains(self, key):
                oldlink = cache_getitem(self, key)
            else:
                oldlink = None
            link = _Link()
            link.key = key
            link.value = value
            link.expire = time + self.__ttl
            link.size = cache_getsizeof(self, value)
            cache_setitem(self, key, link)
            if oldlink:
                oldlink.unlink()
            link.ttl_next = root = self.__root
            link.ttl_prev = tail = root.ttl_prev
            tail.ttl_next = root.ttl_prev = link
            link.lru_next = root
            link.lru_prev = tail = root.lru_prev
            tail.lru_next = root.lru_prev = link

    def __delitem__(self, key,
                    cache_contains=Cache.__contains__,
                    cache_getitem=Cache.__getitem__,
                    cache_delitem=Cache.__delitem__):
        with self.__timer as time:
            self.expire(time)
            if not cache_contains(self, key):
                raise KeyError(key)
            link = cache_getitem(self, key)
            cache_delitem(self, key)
            link.unlink()

    def __contains__(self, key,
                     cache_contains=Cache.__contains__,
                     cache_getitem=Cache.__getitem__):
        with self.__timer as time:
            if not cache_contains(self, key):
                return False
            elif cache_getitem(self, key).expire < time:
                return False
            else:
                return True

    def __iter__(self):
        timer = self.__timer
        root = self.__root
        curr = root.ttl_next
        while curr is not root:
            with timer as time:
                if not (curr.expire < time):
                    yield curr.key
            curr = curr.ttl_next

    def __len__(self, cache_len=Cache.__len__):
        root = self.__root
        head = root.ttl_next
        expired = 0
        with self.__timer as time:
            while head is not root and head.expire < time:
                expired += 1
                head = head.ttl_next
        return cache_len(self) - expired

    def __getstate__(self):
        state = self.__dict__.copy()
        root = self.__root
        links = state['__links'] = [(root, root)]
        lru, ttl = root.lru_next, root.ttl_next
        while lru is not root:
            links.append((lru, ttl))
            lru = lru.lru_next
            ttl = ttl.ttl_next
        return state

    def __setstate__(self, state):
        links = state.pop('__links')
        count = len(links)
        for index, (lru, ttl) in enumerate(links):
            lru.lru_prev, ttl.ttl_prev = links[index - 1]
            lru.lru_next, ttl.ttl_next = links[(index + 1) % count]
        self.__dict__.update(state)

    @property
    def currsize(self):
        root = self.__root
        head = root.ttl_next
        expired = 0
        with self.__timer as time:
            while head is not root and head.expire < time:
                expired += head.size
                head = head.ttl_next
        return super(TTLCache, self).currsize - expired

    @property
    def timer(self):
        """The timer function used by the cache."""
        return self.__timer

    @property
    def ttl(self):
        """The time-to-live value of the cache's items."""
        return self.__ttl

    def expire(self, time=None):
        """Remove expired items from the cache."""
        if time is None:
            time = self.__timer()
        root = self.__root
        head = root.ttl_next
        cache_delitem = Cache.__delitem__
        while head is not root and head.expire < time:
            cache_delitem(self, head.key)
            next = head.ttl_next
            head.unlink()
            head = next

    def getsizeof(self, value):
        """Return the size of a cache element's value."""
        if isinstance(value, _Link):
            return value.size
        else:
            return Cache.getsizeof(self, value)

    def popitem(self):
        """Remove and return the `(key, value)` pair least recently used that
        has not already expired.

        """
        with self.__timer as time:
            self.expire(time)
            root = self.__root
            link = root.lru_next
            if link is root:
                raise KeyError('cache is empty')
            key = link.key
            Cache.__delitem__(self, key)
            link.unlink()
            return (key, link.value)

    # mixin methods

    def __nested(method):
        def wrapper(self, *args, **kwargs):
            with self.__timer:
                return method(self, *args, **kwargs)
        return functools.update_wrapper(wrapper, method)

    get = __nested(Cache.get)
    pop = __nested(Cache.pop)
    setdefault = __nested(Cache.setdefault)

redpajama_set_name: RedPajamaGithub


The COORD3 MCT range of Gantry CMM machines compliment the base MCT Gantry CMM series offering an extended range of sizes and dual drive and dual scales on the longitudinal axis providing enhanced dynamics and metrology performances. Ideal for the inspection of large components the MCT-SL series continue the COORD3 legacy of manufacturing large volume Gantry CMM machines with over 40 years of experience; machines are characterized by supreme mechanical design and structural stability that ensure long term accuracy performance and reliability.
The COORD3 MCT SL Gantry CMM offers a range of medium to large measuring volumes and have been developed for measuring large manufactured parts. Gantry CMM's can be supplied with dual measuring scales and dual drives on the longituinal axis for improved metrological performance. This unique feature is particularly beneficial for maximizing the dynamic CMM performance without compromising accuracy.
The smaller model sizes of MCT SL Gantry CMMs can also be supplied with an integral Monolithic Base negating the requirement for a special foundation and ensuring that the machine can be moved at some future point; an all too frequent request in a dynamic manufacturing company.
The MCT SL Gantry CMM excels when inspecting large-scale components such as marine engines and transmissions, aeronautical structures, turbines and components for nuclear and thermal power plants and wind turbines. Inspection of large-scale parts are easy to perform with a true Gantry CMM due to its open access structure and with X and Y measuring scales at the same levels offer improved metrological performances.
COORD3 have supplied many of the largest Gantry style CMM machines ever built. COORD3 Gantry CMM models can be supplied with up to a 5000mm Y axis, 3000mm Z axis and X axis up to 20000mm. COORD3 is the Gantry CMM platform supplier to both Zeiss and Nikon Metrology.
The NT model has a silicon carbide Z axis column increasing the overall stiffness of the measuring platform and providing an outstanding CMM system for high accuracy metrology applications utilizing the full range of Renishaw scanning probes.


Wilson, Robertson & Cornelius, P.C. is one of the most active and experienced firms in the area when it comes to real estate transactions. Attorneys in the firm have negotiated transactions on the part of buyers and/or sellers, have drafted real estate contracts, have examined land title records, and prepared closing documents. In order to better respond to our client's timing needs, the firm has its own closing office which has closed over 400 transactions anually in the last two years.
Disputes between parties often arise out of a real estate transaction setting. Certain trial attorneys in the firm have ably represented clients in real estate disputes. The firm's extensive transactional practice serves as a resource and provides trial counsel with a valuable appreciation for the practical aspects of a given transaction.


CSI Plastic Bag Machines - Converting Systems Inc.
With a proven track record since this machine's development in 2001, Converting Systems offers several Servo Bag Machines to expand and increase your productivity and safety. For the older bag machines on your floor, CSI provides complete rebuilding services to "like new" condition with a full warranty for much less than purchasing a brand new piece of equipment. Ask about our Rebuilding Loaner Program to minimize production downtime. Visit CSI-Parts.com to find pricing and order replacement parts.


text:
Kareem Abdul Jabbar Net Worth Income Profile and Salary
Kareem Abdul Jabbar Net Worth Income Profile and Salary. (Lewis Alcindor, New York, 1947) American player considered one of the great personality in the history of basketball.
Sometimes compared to legendary Michael Jordan, he outnumbered basketball players like Wilt Chamberlain, in part because his career was much broader, as he retired in 1988 at the age of 41.
Kareem Abdul Jabbar | Basketball Player
Playing as a pivot he reached the top scorer of the history in the professional league (NBA), with 38,387 points obtained from 1969 to 1988, as well as in caps (3,189) and recorded baskets (15,837).
He averaged throughout his career 24.6 points and 11.2 rebounds per game. He was top scorer in the league twice (1970-71 and 71-72).
Net Worth of Kareem Abdul Jabbar
The net worth of basketball player Kareem Abdul Jabbar is estimated to round about 20 million USD.
Salary in 1987 as per received by Los Angeles Lakers $2,000,000
Salary in 1988
Profession Basketball
Best player of the league in 1971 and 1985, he was six times champion, with Milwaukee (1971) and Los Angeles (1980, 1982, 1985, 1987 and 1988). He played for twenty seasons in Milwaukee and Los Angeles Lakers, being in this equipment where it would reach its maximum triumphal dimension with the base Earvin Magic Johnson and the forward James Worthy. Debutante of the year in the league in 1970, she won three university titles with the legendary UCLA team in 1967, 1968 and 1969 before starting her professional career.
Detlef Schrempf Net Worth Income Profile and Salary
Shaquille O'Neal Net Worth Income Profile and Salary
Wilt Chamberlain Net Worth Income Profile and Salary
Larry Bird Net Worth Income Profile and Salary
Magic Johnson Net Worth Income Profile and salary
Jose Rafael Ortiz Net Worth Income Profile and Salary
Hakeem Olajuwon Net Worth Income Profile and Salary
Fernando Martín Net Worth Income Profile Assets and Salary
Carlos Arroyo Net Worth Income Profile Assets and Salary
Arvydas Sabonis Net Worth Income Profile and Salary
Michael Jordan Net Worth Income Profile and Salary
Pau Gasol Net Worth Income Profile Assets and Salary


text:
AN ISCA TUTORIAL AND RESEARCH WORKSHOP ON
NON-LINEAR SPEECH PROCESSING
Barcelona, 19-22 April, 2005
Marcos Faúndez-Zanuy····································EUPMt, UPC
Jordi Solé Casals··············································UVIC
Léonard Janer Garcia·······································EUPMt, UPC
Josep Roure-Alcobé·········································EUPMt, UPC
Antonio Satué Villar··········································EUPMt, UPC
Virginia Espinosa Duró·····································EUPMt, UPC
Frédéric BIMBOT··············································IRISA, Rennes (France)
Gérard CHOLLET············································ ENST, Paris (France)
Marcos FAÚNDEZ-ZANUY·······························EUPMt, Barcelona (Spain)
Hynek HERMANSKY········································OGI, Portland (USA)
Eric KELLER··························· ·························U. Lausanne (Switzerland)
Bastiaan KLEIJN·············································· KTH, Stockholm (Sweden)
Gernot KUBIN···················································TUG, Graz (Austria)
Jorge LUCERO·················································U. Brasilia (Brasil)
Petros MARAGOS············································N. T. U. Athens (Greece)
Stephen Mc LAUGHLIN··································· U. Edimburgh (UK)
Kuldip PALIWAL·············································· U. Brisbane (Australia)
Bojan PETEK··················································· U. of Ljubljana (Slovenia)
Jean SCHOENTGEN········································U. L. Bruxelles (Belgium)
Jordi SOLÉ-CASALS······································· Universitat de VIC (Spain)
Isabel TRANCOSO·········································· INESC (Portugal)
SCIENTIFIC REVIEWERS
Amir Hussain
Andrew Morris
Anna Esposito
Antonio Satue-Villar
Bojan Petek
Dijana Petrovska
Enric Monte Moreno
Erhard Rank
Fernando Díaz-de-María
Gernot Kubin
Jean Rouat
Jean Schoentgen
Jordi Solé-Casals
Léonard Janer
Marcos Faúndez-Zanuy
Miguel Ángel Ferrer-Ballester
Mohamed Chetouani
Najim Dehak
Pedro Gómez Vilda
Robert Van Kommer
Yannis Stylianou
History note and presentation
NOLISP'2005 Chairman
Speaker Recognition I
B. Yegnanarayana, R Kumara Swamy, S. R. Mahadeva Prasanna
Separation of multispeaker speech using excitation information
Asmaa El Hannani, Dijana Petrovska-Delacrétaz
Exploiting High-Level Information Provided by ALISP in Speaker Recognition
Dalei Wu, Andrew C. Morris, Jacques Koreman
MLP internal representation as discriminative features for improved speaker recognition
Javier R. Saeta, Javier Hernando
New speaker-dependent threshold estimation method in speaker verification based on weighting scores
Speech Analysis I
Pausing Strategies in Children
Brigitte Zellner Keller
F0 and intensity distributions of Marsec speakers: types of speaker prosody
F.R. Drepper
A two level drive - response model of instationary speech signals
Kihong Kim, Jinkeun Hong, Jongin Lim
Multiresolution sinusoidal speech model using Elliptic band pass filter
Voice Pathologies and analysis
Asterios Toutios, Konstantinos Margaritis
On the acoustic-to-electropalatographic mapping
J. Schoentgen, E. Dessalle, A. Kacha, F. Grenez
Issues in clinical applications of bidirectional multi-step predictive analysis of speech
Jesús B. Alonso, Fernando Díaz-de-María, Carlos M. Travieso, Miguel A. Ferrer
Using nonlinear features for voice disorder detection
Martin Hagmüller, Gernot Kubin
Poincaré sections for pitch mark determination
Speaker Recognition II
L. Paola García-Perera, Juan A. Nolazco-Flores, and Carlos Mex-Perera
A phoneme-space-representation heuristic to improve the performance in a cryptographic-speech-key generation task
M. Faundez-Zanuy, Martin Hagmüller, Gernot Kubin, Bastiaan Kleijn
The COST-277 speech database
V. Kartik, D. Srikrishna, C. Chandra Sekhar
Speaker change detection using support vector machines
Speech Recognition I
Jorge Bernal-Chaves, Carmen Peláez-Moreno, Ascensión Gallardo-Antolín, Fernando Diaz de Maria
Multiclass SVM-Based isolated-digit recognition using a HMM-guided segmentation
Giampiero Salvi
Segment boundaries in low latency phonetic recognition
Kevin M. Indrebo, Richard J. Povinelli, and Michael T. Johnson
Third order moments of filtered speech signals for robust speech recognition
Voice Pathologies
Juan Ignacio Godino-Llorente, Pedro Gómez-Vilda, Nicolás Sáenz-Lechón, Manuel Blanco Velasco, Fernando Cruz-Roldán, Miguel Ángel Ferrer Ballester
Discriminative methods for the detection of voice disorders
Julien Hanquinet, Francis Grenez, Jean Schoentgen
Synthesis of disordered voices
Pedro Gómez, Rafael Martínez, Francisco Díaz, Carlos Lázaro, Agustín Álvarez, Victoria Rodellar, Víctor Nieto
Estimation of vocal cord biomechanical parameters by non-linear inverse filtering of voice
Karl Schnell, Arild Lacroix
Voice excitation models for speech production based on time variable Volterra systems
Max Little, Patrick McSharry, Irene Moroz, Stephen Roberts
A Simple Nonlinear Model of Vocal Fold Dynamics for Synthesis and Analysis
Jordi Sole-Casals, Enric Monte-Moreno
Source separation techniques applied to blind deconvolution of real world signals
Pavel Rajmic
Method for real-time signal processing via wavelet transform
Speech Analysis II
Peter J. Murphy, Olatunji O. Akande
Quantification of glottal and voiced speech harmonics-to-noise ratios using cepstral-based estimation
Robert Vich
Pseudo Cepstral Analysis of Czech Vowels
J. M. Gorriz, C. G. Puntonet, J. Ramírez, J. C. Segura
Statistical test for voice activity detection
Speech Enchancement
Amir Hussain, Stefano Squartini, Francesco Piazza
Novel subband adaptive systems incorporating Wiener filtering for Binaural speech enhancement
Tran Huy Dat, Kazuya Takeda, Fumitada Itakura
The MAP and cumulative distribution function equalization methods for the speech spectral estimation with application in noise suppression filtering
Speech Recognition II
Mohamed Chetouani, Amir Hussain, Bruno Gas, Jean-Luc Zarader
New Sub-band Processing Framework using Non-linear Predictive Models for Speech Feature Extraction
Casper Store Bonde, Carina Graversen, Andreas Gregers Gregersen, Kim Hoang Ngo, Kim Nørmark, Mikel Purup, Thomas Thorsen and Børge Lindberg
Noise robust automatic speech recognition with adaptive quantile based noise estimation and speech band emphasizing filter band
Suryakanth V. Gangashetty, C. Chandra Sekhar, B. Yegnanarayana
Spotting multilingual consonant-vowel units of speech using neural networks
Special session: COST actions
Marcos Faúndez-Zanuy, Unto Laine, Gernot Kubin, Stephen McLaughlin, Bastiaan Kleijn, Gerard Chollet, Bojan Petek, Amir Hussain
The COST-277 European Action: An overview
© NOLISP'2005
CDROM compilation: Marcos Faúndez Zanuy


Students in the educational leadership program are strongly encouraged to take this course first in the educational leadership course sequence. Roles and functions of administrators in elementary and secondary schools will be addressed. A variety of theories will be analyzed and applied in the context of the dynamic milieu, personal and group biases, and the multivariate issues facing organizational life in schools.


Here's the weather report for Barbados, Tuesday, February 5, 2019.
This morning was partly cloudy, but this evening into tonight is expected to be fair to partly cloudy with a few brief isolated showers.
Winds are from E - ESE at 15 to 35 km/h and by tonight generally easterly at 15 to 35 km/h.
Throughout today, the temperature is predicted to reach a high of 28.9⁰C during the morning and drop to a minimum temperature of 24.1⁰C tonight.