text:
BRUNSWICK CORP
form10_q.htm
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2008
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Brunswick Corporation
1 N. Field Court, Lake Forest, Illinois
(Address of principal
executive offices)
Yes [X] 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. (Check one):
Large accelerated filer [X] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [ ]
Yes [ ] No [X]
The number of shares of Common Stock ($0.75 par value) of the registrant outstanding as of July 25, 2008, was 87,603,646.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
PART I – FINANCIAL INFORMATION
Consolidated Statements of Income for the three months and six months ended June 28, 2008 (unaudited), and June 30, 2007 (unaudited)
Condensed Consolidated Balance Sheets as of June 28, 2008 (unaudited), December 31, 2007, and June 30, 2007 (unaudited)
Condensed Consolidated Statements of Cash Flows for the six months ended June 28, 2008 (unaudited), and Revised June 30, 2007 (unaudited)
Notes to Consolidated Financial Statements (unaudited)
PART II – OTHER INFORMATION
Unregistered Sales of Equity Securities and Use of Proceeds
Item 1. Consolidated Financial Statements
$ 1,485.4 $ 1,522.9 $ 2,832.2 $ 2,909.0
1,182.0 1,190.3 2,259.2 2,275.5
Selling, general and administrative expense
205.5 209.5 408.7 416.3
Restructuring, exit and impairment charges
83.1 1.1 105.3 8.7
Operating earnings (loss)
(17.2 ) 86.3 (6.9 ) 139.3
Equity earnings
Investment sale gain
1.2 – 20.9 –
0.8 0.2 1.9 (0.2 )
Earnings (loss) before interest and income taxes
(8.9 ) 93.6 27.0 152.5
(11.4 ) (13.3 ) (22.9 ) (26.9 )
Earnings (loss) before income taxes
(18.8 ) 82.2 7.0 129.3
Income tax (benefit) provision
(12.8 ) 25.3 (0.3 ) 38.1
Net earnings (loss) from continuing operations
(6.0 ) 56.9 7.3 91.2
Discontinued operations:
Earnings from discontinued operations, net of tax
– 0.6 – 4.0
Gain (loss) on disposal of discontinued operations, net of tax
– (0.2 ) – 7.7
Net earnings from discontinued operations
– 0.4 – 11.7
Net earnings (loss)
$ (6.0 ) $ 57.3 $ 7.3 $ 102.9
$ (0.07 ) $ 0.63 $ 0.08 $ 1.00
– – – 0.04
Weighted average shares used for computation of:
The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.
Cash and cash equivalents, at cost, which approximates market
$ 392.8 $ 331.4 $ 278.8
Accounts and notes receivable, less allowances of $38.1, $31.2 and $28.5
Work-in-process
Net inventories
Prepaid expenses and other
Current assets held for sale
– – 27.4
2,207.3 2,114.3 2,118.5
108.0 103.5 93.7
Total land, buildings and improvements and equipment
(1,161.9 ) (1,117.8 ) (1,071.7 )
Net land, buildings and improvements and equipment
Unamortized product tooling costs
Net property
Other intangibles, net
Long-term assets held for sale
$ 4,345.1 $ 4,365.6 $ 4,484.1
Liabilities and shareholders' equity
Short-term debt, including current maturities of long-term debt
$ 0.8 $ 0.8 $ 0.4
Current liabilities held for sale
Long-term liabilities
Postretirement and postemployment benefits
Long-term liabilities held for sale
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares
Treasury stock, at cost:
14,937,000; 15,092,000 and 13,631,000 shares
(425.9 ) (428.7 ) (390.8 )
Accumulated other comprehensive loss, net of tax
(33.6 ) (52.7 ) (82.7 )
Total liabilities and shareholders' equity
Cash flows from operating activities
Net earnings
$ 7.3 $ 102.9
– 11.7
Net earnings from continuing operations
Changes in non-cash current assets and current liabilities
(91.5 ) (97.3 )
Impairment charges
62.6 134.5
Net cash used for operating activities of discontinued operations
– (26.8 )
– (1.6 )
Proceeds from investment sale
Proceeds from the sale of property, plant and equipment
Net cash used for investing activities of continuing operations
(1.0 ) (65.6 )
Net cash provided by investing activities of discontinued operations
Net cash used for investing activities
Net issuances of commercial paper and other short-term debt
Payments of long-term debt including current maturities
(0.5 ) (0.5 )
Stock repurchases
Stock options exercised
Net cash used for financing activities of continuing operations
Net cash used for financing activities of discontinued operations
Net cash used for financing activities
61.4 (4.6 )
Note 1 – Significant Accounting Policies
Interim Financial Statements. The unaudited interim consolidated financial statements of Brunswick Corporation (Brunswick or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. Certain previously reported amounts have been reclassified to conform to the current period presentation.
These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Brunswick's 2007 Annual Report on Form 10-K (the 2007 Form 10-K), except as it relates to fair value measurements, as discussed in Note 4 – Fair Value Measurements. As indicated in Note 2 – Discontinued Operations, Brunswick's results as discussed in the Notes to Consolidated Financial Statements reflect continuing operations only, unless otherwise noted. These interim results include, in the opinion of management, all normal and recurring adjustments necessary to present fairly the financial position of Brunswick as of June 28, 2008, December 31, 2007, and June 30, 2007, the results of operations for the three months and six months ended June 28, 2008, and June 30, 2007, and the cash flows for the six months ended June 28, 2008, and June 30, 2007. Due to the seasonality of Brunswick's businesses and the restructuring activities underway, the interim results are not necessarily indicative of the results that may be expected for the remainder of the year.
The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters ending on the Saturday closest to the end of the period (thirteen-week periods). The first two quarters of fiscal year 2008 ended on March 29, 2008, and June 28, 2008, and the first two quarters of fiscal year 2007 ended on March 31, 2007, and June 30, 2007.
Revisions. The Company expanded its presentation of the Consolidated Statements of Cash Flows to include net earnings and net earnings from discontinued operations. Accordingly, the Company revised the June 30, 2007, Consolidated Statement of Cash Flows. Net cash flows from operating, investing and financing activities have not changed.
Recent Accounting Pronouncements. In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements," (SFAS 157), which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. Effective January 1, 2008, the Company adopted SFAS 157. In February 2008, the FASB issued FASB Staff Position No. FAS 157-2, "Effective Date of FASB Statement No. 157," which provides a one year deferral of the effective date of SFAS 157 for non-financial assets and non-financial liabilities, except those that are recognized or disclosed in the financial statements at fair value at least annually. Therefore, the Company has adopted the provisions of SFAS 157 with respect to its financial assets and liabilities only. The adoption of this statement did not have a material impact on the Company's consolidated results of operations and financial condition. See Note 4 – Fair Value Measurements for additional disclosures.
In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities – Including an amendment of FASB Statement No. 115" (SFAS 159). SFAS 159 permits entities to choose to measure certain financial assets and financial liabilities at fair value at specified election dates. Unrealized gains and losses on items for which the fair value option has been elected are to be reported in earnings. SFAS 159 is effective for fiscal years beginning after November 15, 2007. The Company has elected not to adopt the fair value option established by SFAS 159.
In December 2007, the FASB issued SFAS No. 141(R), "Business Combinations" (SFAS 141(R)). SFAS 141(R) establishes principles and requirements for how an acquirer recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, the goodwill acquired and any noncontrolling interest in the acquiree. This statement also establishes disclosure requirements to enable the evaluation of the nature and financial effect of the business combination. SFAS 141(R) is effective for fiscal years beginning on or after December 15, 2008. The Company is currently evaluating the impact that the adoption of SFAS 141(R) may have on the financial statements.
In December 2007, the FASB issued SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51" (SFAS 160). SFAS 160 amends ARB 51 to establish accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements. SFAS 160 is effective for fiscal years beginning on or after December 15, 2008. The Company is currently evaluating the impact that the adoption of SFAS 160 may have on the financial statements.
In March 2008, the FASB issued SFAS No. 161, "Disclosures About Derivative Instruments and Hedging Activities – an amendment of FASB Statement No. 133" (SFAS 161). SFAS 161 is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity's financial position, financial performance, and cash flows. SFAS 161 is effective for fiscal years beginning after November 15, 2008. The Company is currently evaluating the impact that the adoption of SFAS 161 may have on the financial statements.
Note 2 – Discontinued Operations
In April 2006, the Company announced its intention to sell the majority of its Brunswick New Technologies (BNT) business unit, which consisted of the Company's marine electronics, portable navigation device (PND) and wireless fleet tracking businesses. Accordingly, the Company reported these BNT businesses as discontinued operations in accordance with the criteria of SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets," related to the classification of assets to be disposed of by sale. These criteria include reclassifying the operations of BNT for all periods presented.
In March 2007, Brunswick completed the sales of BNT's marine electronics and PND businesses to Navico International Ltd. and MiTAC International Corporation, respectively. During the first six months of 2007, the Company recognized proceeds of $44.2 million, resulting in an after-tax gain of $7.7 million before all post-closing adjustments.
Each of these sales was subject to post-closing adjustments, which were completed during 2007. Ultimately, the Company recorded net proceeds of $40.6 million and an after-tax gain of $4.0 million for the year ended December 31, 2007.
There were no sales or earnings from discontinued operations during the first six months of 2008. The following table discloses the results of operations of the BNT businesses reported as discontinued operations for the three months and six months ended June 30, 2007:
$ 16.5 $ 97.5
Pre-tax earnings (loss)
$ (2.6 ) $ 2.1
There were no remaining BNT net assets available for sale as of June 28, 2008, or December 31, 2007. The following table reflects the financial position of the BNT businesses reported as discontinued operations as of June 30, 2007:
Inventory, net
Goodwill and intangible assets
Note 3 – Restructuring Activities
Restructuring and exit charges
In November 2006, Brunswick announced initiatives to improve the Company's cost structure, better utilize overall capacity and improve general operating efficiencies. The restructuring initiatives included the consolidation of certain boat manufacturing facilities, sales offices and distribution warehouses and reductions in the Company's global workforce.
The Company announced further initiatives during 2007 to consolidate certain boat manufacturing facilities in connection with the purchase of a manufacturing facility in North Carolina, close a manufacturing facility in Mississippi and shift boat production to Indiana and Minnesota, enhance U.S. engine production efficiency and eliminate assembly operations for certain engines in Europe.
During the first quarter of 2008, the Company closed its bowling pin manufacturing facility in Antigo, Wisconsin, and announced that it would close its boat plant in Bucyrus, Ohio, in anticipation of the proposed sale of certain assets relating to its Baja boat business, cease boat manufacturing at one of its facilities in Merritt Island, Florida, and mothball its Swansboro, North Carolina, boat plant.
The Company announced a plan in June 2008 to expand on its previous restructuring initiatives as a result of the prolonged downturn in the U.S. marine market. The plan is designed to improve performance and better position the Company for current market conditions and longer term growth. The plan will result in significant changes in the Company's organizational structure, most notably by reducing the complexity of its operations, shrinking its North American manufacturing footprint and enhancing its brand positioning. Specifically, the Company has announced the closing of its production facility in Newberry, South Carolina, due to its decision to cease production of its Bluewater Marine brands, including Sea Pro, Sea Boss, Palmetto and Laguna; its intention to close four additional boat plants; and the write-down of certain assets of the Valley-Dynamo coin-operated commercial billiards business while it explores a potential sale of that business. The second quarter results include severance and plant closure costs, asset write-downs and impairment charges related to the plan announced in June 2008 and certain costs related to restructuring actions previously initiated.
The nature of the costs incurred under actions related to the announced plan are anticipated to be:
Restructuring Activities – These amounts primarily relate to:
Employee termination and other benefits
Costs to retain and relocate employees
Consulting costs
Consolidation of manufacturing footprint
Exit Activities – These amounts primarily relate to:
Lease exit costs
Inventory write-downs
Facility shutdown costs
Specifically, the Company considers actions related to the sale of certain Baja boat business assets, the closure of its bowling pin manufacturing facility and the potential sale of the Valley-Dynamo coin-operated commercial billiards business to be exit activities. The Company considers all other actions taken to be restructuring activities.
The following is a summary of the expense associated with the restructuring activities:
Restructuring activities
$ 9.4 $ 0.1 $ 11.4 $ 4.0
Current asset write-downs
2.0 — 2.0 —
Transformation and other costs
19.0 — 24.6 0.9
Exit activities
3.1 — 4.0 2.3
Total restructuring and exit charges
$ 38.7 $ 1.1 $ 52.5 $ 8.7
The effect of these actions on each the Company's reportable segments for the three months ended June 28, 2008, is summarized below:
Bowling & Billiards
Employee terminations and other benefits
$ 3.1 $ 6.3 $ — $ 1.0 $ 0.1 $ 10.5
2.5 — 1.3 2.3 — 6.1
11.6 4.4 — 0.2 5.9 22.1
$ 17.2 $ 10.7 $ 1.3 $ 3.5 $ 6.0 $ 38.7
The effect of these actions on each the Company's reportable segments for the six months ended June 28, 2008, is summarized below:
The Company anticipates that it will incur additional costs of $65 million to $75 million under these initiatives in 2008. The Company expects most of these charges will be incurred in the Boat and Marine Engine segments.
The Company recognized a $44.4 million impairment charge in the second quarter of 2008, which is comprised of the following components:
Other Intangibles
$ — $ 13.4 $ 7.6 $ 21.0
— 4.9 1.4 6.3
1.7 11.6 3.0 16.3
— — 0.8 0.8
Impairment charge
$ 1.7 $ 29.9 $ 12.8 $ 44.4
The Company recognized a $52.8 million impairment charge in the first six months of 2008, which is comprised of the following components:
The Company had no comparable charges in either period of 2007.
Note 4 – Fair Value Measurements
Fair value is defined under SFAS 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under SFAS 157 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard established a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable.
Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets
Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily-available pricing sources for comparable instruments.
Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.
The following table summarizes Brunswick's financial assets and liabilities measured at fair value on a recurring basis in accordance with SFAS 157 as of June 28, 2008:
$ 228.9 $ — $ — $ 228.9
4.4 — — 4.4
$ 233.3 $ 5.4 $ — $ 238.7
$ — $ 10.8 $ — $ 10.8
Note 5 – Share-Based Compensation
On January 1, 2006, the Company adopted the provisions of SFAS No. 123 (revised 2004), "Share-Based Payment," (SFAS 123(R)), which is a revision of SFAS No. 123, "Accounting for Stock-Based Compensation." SFAS 123R supersedes Accounting Principles Board (APB) Opinion No. 25, "Accounting for Stock Issued to Employees," and amends SFAS No. 95, "Statement of Cash Flows." SFAS 123(R) requires the Company to recognize all share-based payments to employees, including grants of stock options and the compensatory elements of employee stock purchase plans, in its income statement based upon the fair value of such share-based payments. Share-based employee compensation cost (benefit) is recognized as a component of Selling, general and administrative expense in the Consolidated Statements of Income. Refer to Note 16 to the consolidated financial statements in the 2007 Form 10-K for further details regarding the Company's adoption of SFAS 123(R).
Under the 2003 Stock Incentive Plan (Plan), the Company may grant stock options, stock appreciation rights (SARs), nonvested stock and other types of share-based awards to executives and other management employees. Under the Plan, the Company may issue up to 8.1 million shares, consisting of treasury shares and authorized, but unissued shares of common stock. As of June 28, 2008, 0.5 million shares were available for grant under the Plan.
Stock Options and SARs
Prior to 2005, the Company primarily issued share-based compensation in the form of stock options, and had not issued any SARs. Since the beginning of 2005, the Company has issued stock-settled SARs and has not issued any stock options. Generally, stock options and SARs are exercisable over a period of 10 years, or as otherwise determined by the Human Resources and Compensation Committee of the Board of Directors, and subject to vesting periods of four years. The exercise price of stock options and SARs issued under the Plan cannot be less than the fair market value of the underlying shares at the date of grant.
During the three and six months ended June 28, 2008, there were 0.0 million and 2.6 million SARs granted, respectively, which resulted in $2.4 million and $3.4 million of total expense, respectively, due to amortization of SARs granted. During the three and six months ended June 30, 2007, there were 0.0 million and 0.9 million SARs granted, respectively, which resulted in $0.7 million and $2.4 million of total expense, respectively, due to amortization of SARs granted. These expenses resulted in a deferred tax asset for the tax benefit to be realized in future periods.
The weighted average fair values of individual SARs granted were $5.71 and $9.91 during 2008 and 2007, respectively. The fair value of each grant was estimated on the date of grant using the Black-Scholes-Merton pricing model utilizing the following weighted average assumptions used for 2008 and 2007:
Risk-free interest rate
2.9 % 4.6 %
Weighted average expected life
5.4 - 6.2 years
Nonvested stock awards
The Company issues nonvested stock awards (stock units) to key employees as determined by the Human Resources and Compensation Committee of the Board of Directors. In addition, employees entitled to receive cash payments under the Company's Strategic Incentive Plan (a long-term incentive plan for senior employees), could have elected to receive a vested stock award instead with a 20 percent nonvested stock premium. Such awards vested at the time of deferral, with the exception of the premium. Effective January 1, 2008, the Strategic Incentive Plan was discontinued and, therefore, the right to receive a 20 percent nonvested stock premium no longer exists. Nonvested stock awards (including the premium) have vesting periods of three or four years and are eligible for dividends, which are reinvested and non-voting. All nonvested awards have restrictions on the sale or transfer of such awards during the nonvested period.
In 2008, performance share awards were issued to senior management. The number of performance share awards earned will be based on achieving key strategic and financial goals by 2010. A portion of the payout will be based on relative total shareholder return versus the S&P 500. Prior to any award being earned, the Company must meet a minimum stock price threshold.
The cost of nonvested stock awards is recognized on a straight-line basis over the requisite service period. During the three and six months ended June 28, 2008, there were 0.0 million and 0.9 million stock awards granted under these plans, respectively, and, due to amortization of stock awards granted, $2.1 million and $2.8 million was charged to compensation expense under these plans, respectively. During the three and six months ended June 30, 2007, there were 0.0 million and 0.1 million stock awards granted under these plans, respectively, and, due to amortization of stock awards granted, $0.9 million and $2.3 million was charged to compensation expense under these plans, respectively.
The weighted average price per nonvested stock award at grant date was $15.84 and $33.00 for the nonvested stock awards granted in 2008 and 2007, respectively. As of June 28, 2008, there was $17.2 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted average period of 2.0 years.
Generally, grants of nonvested stock options, SARs and stock units are forfeited if employment is terminated prior to vesting. However, with respect to stock options and SARs, all grants vest immediately: (i) in the event of a change in control; (ii) upon death or disability of the grantee; and (iii) beginning in 2007, upon the sale or divestiture of the business unit to which the grantee is assigned. Stock option and SARs grants made prior to 2006 also vest immediately if the sum of (A) the age of the grantee and (B) the grantee's total number of years of service, equals 65 or more; grants made in 2006 and later vest immediately if (A) the grantee has attained the age of 62 and (B) the grantee's age plus total years of service equals 70 or more. Nonvested stock awards granted prior to 2006 vest pro rata if the sum of (A) the age of the grantee and (B) the grantee's total number of years of service equals 65 or more; grants made in 2006 and later vest pro rata if (A) the age of grantee and (B) the grantee's total number of years of service equals 70 or more.
Director Awards
The Company issues stock awards to directors in accordance with the terms and conditions determined by the Nominating and Corporate Governance Committee of the Board of Directors. One-half of each director's annual fee is paid in Brunswick common stock, the receipt of which may be deferred until a director retires from the Board of Directors. Each director may elect to have the remaining one-half paid either in cash, in Brunswick common stock distributed at the time of the award, or in deferred Brunswick common stock units with a 20 percent premium. Each non-employee director is also entitled to an annual grant of restricted stock units, which is deferred until the director retires from the Board.
Note 6 – Earnings per Common Share
The Company calculates earnings per share in accordance with SFAS No. 128, "Earnings per Share." Basic earnings per share is calculated by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly, except that the calculation includes the dilutive effect of stock options and nonvested stock awards. Weighted average basic shares decreased by 2.2 million shares and 2.7 million shares in the three and six months ended June 28, 2008, respectively, versus the comparable periods in 2007, primarily due to the effect of the Company's share repurchase program, as discussed in Note 14 – Share Repurchase Program.
Basic and diluted earnings per share for the three and six months ended June 28, 2008, and for the comparable periods ended June 30, 2007, were calculated as follows:
$ (6.0 ) $ 56.9 $ 7.3 $ 91.2
Average outstanding shares – basic
Dilutive effect of common stock equivalents
Average outstanding shares – diluted
As of June 28, 2008, there were 6.7 million options outstanding, of which 3.1 million were exercisable. This compares to 4.4 million options outstanding, of which 2.5 million were exercisable as of June 30, 2007. During the three and six months ended June 28, 2008, there were 6.7 million and 5.9 million weighted average shares of options outstanding, respectively, for which the exercise price, based on the average price, was higher than the average market price of the Company's shares for the period then ended. These options were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. This compares to 2.9 million and 2.7 million anti-dilutive options that were excluded from the corresponding periods ended June 30, 2007. During the three months ended June 28, 2008, the Company incurred a net loss from continuing operations. As common stock equivalents have an anti-dilutive effect on the net loss, the equivalents were not included in the computation of diluted earnings per share for the three months ended June 28, 2008.
Financial Commitments
The Company has entered into guarantees of indebtedness of third parties, which primarily relate to arrangements with financial institutions in connection with customer financing programs. Under these arrangements, the Company has guaranteed customer obligations to the financial institutions in the event of customer default, generally subject to a maximum amount, which is less than total obligations outstanding. The Company has also guaranteed collection of customer receivables sold to third parties by Brunswick. In most instances, upon repurchase of the debt obligation, the Company receives rights to the collateral securing the financing. The maximum potential cash obligation associated with these customer financing arrangements was $101.7 million, as of June 28, 2008, of which $37.0 million is related to the Fitness segment, $31.7 million is related to the Marine Engine segment, $30.1 million is related to the Bowling & Billiards segment and $2.9 million is related to the Boat segment. Potential payments on these customer financing arrangements would extend over several years with the maximum single year obligation related to these arrangements of $72.6 million, of which $25.6 million is related to the Fitness segment, $31.7 million is related to the Marine Engine segment, $12.4 million is related to the Bowling & Billiards segment and $2.9 million is related to the Boat segment.
The Company has also entered into arrangements with third-party lenders where it has agreed, in the event of a default by the customer, to repurchase, from the third-party lender, select Brunswick products repossessed from the customer. These arrangements are typically subject to repurchase criteria and a maximum repurchase amount. The Company's risk under these arrangements is mitigated by the value of the products repurchased as part of the transaction. The maximum amount of collateral the Company could be required to purchase was $186.5 million as of June 28, 2008, with $151.5 million relating to the Company's U.S. boat business. The maximum single year repurchase obligation is $138.4 million, with $112.3 million relating to the Company's U.S. boat business.
Based on historical experience and current facts and circumstances, and in accordance with FASB Interpretation No. 45, "Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others – An Interpretation of FASB Statements No. 5, 57, and 107 and Rescission of FASB Interpretation No. 34," the Company has recorded the estimated net liability associated with losses from these guarantee and repurchase obligations on its Condensed Consolidated Balance Sheets. Historical cash requirements and losses associated with these obligations have not been significant, but could increase if dealer defaults increase as a result of the difficult market conditions in the United States.
Financial institutions have issued standby letters of credit and surety bonds conditionally guaranteeing obligations on behalf of the Company totaling $75.7 million as of June 28, 2008. This amount is primarily comprised of standby letters of credit and surety bonds issued in connection with the Company's self-insured workers' compensation program as required by its insurance companies and various state agencies. The Company has recorded reserves to cover liabilities associated with these programs. Under certain circumstances, such as an event of default under the Company's revolving credit facility, or, in the case of surety bonds, a ratings downgrade below investment grade, the Company could be required to post collateral to support the outstanding letters of credit and surety bonds. As a result of the recent downgrade of the Company's long-term debt by one of the rating agencies, the Company may be required to post letters of credit as collateral against a portion of surety bonds totaling $8.3 million.
The Company records a liability for product warranties at the time revenue is recognized. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. The Company adjusts its liability for specific warranty matters when they become known and the exposure can be estimated. The Company's warranty reserves are affected by product failure rates as well as material usage and labor costs incurred in correcting a product failure. If these estimated costs differ from actual costs, a revision to the warranty reserve would be required.
The following activity related to product warranty liabilities from continuing operations was recorded in Accrued expenses and Long-term liabilities – Other during the six months ended June 28, 2008:
Balance at beginning of period
Payments made
(57.5 )
Provisions/additions for contracts issued/sold
Aggregate changes for preexisting warranties
Balance at end of period
Additionally, marine engine customers may purchase a contract from the Company that extends product protection beyond the standard product warranty period. For certain extended warranty contracts in which the Company retains the warranty obligation, a deferred liability is recorded based on the aggregate sales price for contracts sold. The deferred liability is reduced and revenue is recognized over the contract period as costs are expected to be incurred. Deferred revenue associated with contracts sold by the Company that extend product protection beyond the standard product warranty period, not included in the table above, was $20.2 million as of June 28, 2008.
Legal and Environmental
The Company accrues for litigation exposure based upon its assessment, made in consultation with counsel, of the likely range of exposure stemming from the claim. In light of existing reserves, the Company's litigation claims, when finally resolved, will not, in the opinion of management, have a material adverse effect on the Company's consolidated financial position. If current estimates for the cost of resolving any claims are later determined to be inadequate, results of operations could be adversely affected in the period in which additional provisions are required.
Refer to Note 11 to the consolidated financial statements in the 2007 Form 10-K for discussion of other legal and environmental matters as of December 31, 2007.
Note 8 – Segment Data
Brunswick is a manufacturer and marketer of leading consumer brands, and operates in four reportable segments: Boat, Marine Engine, Fitness and Bowling & Billiards. The Company's segments are defined by management reporting structure and operating activities.
The Company evaluates performance based on business segment operating earnings. Operating earnings of segments do not include the expenses of corporate administration, earnings from equity affiliates, other expenses and income of a non-operating nature, interest expense and income or provisions for income taxes.
Corporate/Other results include items such as corporate staff and overhead costs as well as the financial results of the Company's joint venture, Brunswick Acceptance Company, LLC (BAC), which is discussed in further detail in Note 11 – Financial Services. Corporate/Other assets consist primarily of cash and marketable securities, prepaid income taxes and investments in unconsolidated affiliates. Marine eliminations are eliminations between the Marine Engine and Boat segments for sales transactions consummated at established arm's length transfer prices.
The following table sets forth net sales and operating earnings (loss) of each of the Company's reportable segments for the three months ended June 28, 2008, and June 30, 2007:
$ 687.9 $ 732.8 $ (37.7 ) $ 19.3
643.5 669.6 54.4 80.3
Marine eliminations
(113.1 ) (126.7 ) – –
Total Marine
1,218.3 1,275.7 16.7 99.6
156.9 144.0 8.2 7.4
110.4 103.2 (19.8 ) (2.7 )
Corporate/Other
(0.2 ) – (22.3 ) (18.0 )
$ 1,485.4 $ 1,522.9 $ (17.2 ) $ 86.3
The following table sets forth net sales and operating earnings (loss) of each of the Company's reportable segments for the six months ended June 28, 2008, and June 30, 2007:
1,209.5 1,242.2 85.3 115.0
224.0 209.0 (18.9 ) 5.6
(0.2 ) (0.1 ) – –
– – (37.2 ) (35.6 )
$ 2,832.2 $ 2,909.0 $ (6.9 ) $ 139.3
Note 9 – Investments
The Company has certain unconsolidated international and domestic affiliates that are accounted for using the equity method. See Note 11 – Financial Services for more details on the Company's joint venture, Brunswick Acceptance Company, LLC (BAC). Refer to Note 8 to the consolidated financial statements in the 2007 Form 10-K for further detail relating to the Company's investments.
In March 2008, Brunswick sold its interest in its bowling joint venture in Japan for $40.4 million gross cash proceeds, $37.4 million net of cash paid for taxes and other costs, after post-closing adjustments. For the six months ended June 28, 2008, the sale resulted in a $20.9 million pretax gain, $9.9 million after-tax, and was recorded as an Investment sale gain in the Consolidated Statements of Income. As a result of post-closing adjustments made during the second quarter, an additional $1.2 million pretax gain, $0.8 million after-tax, was recorded as an Investment sale gain in the Consolidated Statements of Income.
Note 10 – Comprehensive Income
The Company reports certain changes in equity during a period in accordance with SFAS No. 130, "Reporting Comprehensive Income." Accumulated other comprehensive loss includes prior service costs and net actuarial gains and losses for defined benefit plans; foreign currency cumulative translation adjustments; and unrealized derivative and investment gains and losses, all net of tax. Effective December 31, 2006, the Company adopted the provisions of SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans – an amendment of FASB Statements No. 87, 88, 106 and 132(R)," (SFAS 158), eliminating the minimum pension liability concept under which adjustments were recorded to other comprehensive income. The Company's adoption of SFAS 158 also required the inclusion of prior service costs and net actuarial gains and losses in other comprehensive income (loss). Components of other comprehensive income (loss) for the three months and six months ended June 28, 2008, and June 30, 2007, were as follows:
Other comprehensive income (loss):
Foreign currency cumulative translation adjustment
Net change in unrealized gains (losses) on investments
(1.1 ) 0.1 (2.5 ) 0.1
Net change in unamortized prior service cost
Net change in unamortized actuarial loss
Net change in accumulated unrealized derivative gains (losses)
4.9 (0.5 ) 3.3 (0.1 )
Total other comprehensive income (loss)
$ 3.6 $ 65.4 $ 26.4 $ 109.2
Note 11 – Financial Services
The Company, through its Brunswick Financial Services Corporation (BFS) subsidiary, owns a 49 percent interest in a joint venture, Brunswick Acceptance Company, LLC (BAC). CDF Ventures, LLC (CDFV), a subsidiary of GE Capital Corporation (GECC), owns the remaining 51 percent. BAC commenced operations in 2003 and provides secured wholesale inventory floor-plan financing to Brunswick's boat and engine dealers. BAC also purchases and services a portion of Mercury Marine's domestic accounts receivable relating to its boat builder and dealer customers.
During the second quarter of 2008, the parties agreed to extend the term of the venture through June 30, 2014. The joint venture agreement contains provisions allowing for renewal, purchase, or termination by either of the partners at the end of this term or subsequent extensions. The agreement also contains provisions allowing CDFV to terminate the joint venture if the Company is unable to maintain compliance with certain financial metrics. The Company was in compliance with these metrics at the end of the second quarter.
BAC is funded in part through a $1.0 billion secured borrowing facility from GE Commercial Distribution Finance Corporation (GECDF), which is in place through the term of the joint venture, and with equity contributions from both partners. BAC also sells a portion of its receivables to a securitization facility, the GE Dealer Floorplan Master Note Trust, which is arranged by GECC. The sales of these receivables meet the requirements of a "true sale" under SFAS No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities – a replacement of FASB Statement No. 125," (SFAS 140), and are therefore not retained on the financial statements of BAC. The indebtedness of BAC is not guaranteed by the Company or any of its subsidiaries. In addition, BAC is not responsible for any continuing servicing costs or obligations with respect to the securitized receivables.
BFS's investment in BAC is accounted for by the Company under the equity method and is recorded as a component of Investments in its Condensed Consolidated Balance Sheets. The Company records BFS's share of income or loss in BAC based on its ownership percentage in the joint venture in Equity earnings in its Consolidated Statements of Income. BFS and GECDF also have an income sharing arrangement related to income generated from the receivables sold by BAC to the securitization facility.
BFS's equity investment is adjusted monthly to maintain a 49 percent interest in accordance with the capital provisions of the joint venture agreement. The Company funds its investment in BAC through cash contributions and reinvested earnings. BFS's total investment in BAC at June 28, 2008, and December 31, 2007, was $34.0 million and $47.0 million, respectively.
BFS recorded income related to the operations of BAC of $2.9 million and $5.7 million for the three months and six months ended June 28, 2008, respectively. These amounts compare to $3.3 million and $6.7 million in the corresponding periods ended June 30, 2007, respectively. These amounts include amounts earned by BFS under the aforementioned income sharing agreement, but exclude the discount expense paid by the Company on the sale of Mercury Marine's accounts receivable to the joint venture noted below.
Accounts receivable totaling $234.8 million and $443.9 million were sold to BAC during the three months and six months ended June 28, 2008, respectively, compared with $252.4 million and $460.6 million during the corresponding periods ended June 30, 2007. Discounts of $1.5 million and $3.3 million for the three months and six months ended June 28, 2008, respectively, have been recorded as an expense in Other expense, net, in the Consolidated Statements of Income. These amounts compare with $2.2 million and $4.1 million for the same periods in the prior year. The outstanding balance of receivables sold to BAC was $107.8 million as of June 28, 2008, up from $93.1 million as of December 31, 2007. Pursuant to the joint venture agreement, BAC reimbursed Mercury Marine $1.2 million and $1.1 million for the six months ended June 28, 2008, and June 30, 2007, respectively, for the related credit, collection and administrative costs incurred in connection with the servicing of such receivables.
As of June 28, 2008, and December 31, 2007, the Company had a retained interest in $41.3 million and $46.4 million of the total outstanding accounts receivable sold to BAC, respectively. The Company's maximum exposure as of June 28, 2008, and December 31, 2007, related to these amounts was $25.1 million and $28.9 million, respectively. In accordance with SFAS 140, the Company treats the sale of receivables in which the Company retains an interest as a secured obligation. Accordingly, the amount of the Company's retained interest was recorded in Accounts and notes receivable, and Accrued expenses in the Condensed Consolidated Balance Sheets. These balances are included in the amounts in Note 7 – Commitments and Contingencies.
Note 12 – Income Taxes
The Company recognized an income tax benefit for both the three months and six months ended June 28, 2008. The effective tax rate from continuing operations, which is based on an income tax benefit, for the three months and six months ended June 28, 2008, was 68.2 percent and 5.0 percent, respectively. The effective tax rate benefit for the three months ended June 28, 2008, was higher than the statutory rate primarily due to the $2.5 million of tax benefits related to an interest refund received from the IRS. Additionally, for the six months ended June 28, 2008, the effective tax rate was lower than the statutory rate primarily due to the interest refund received from the IRS, but was partially offset by a higher tax rate on the sale of the Company's interest in its bowling joint venture in Japan.
The Company's effective tax rate from continuing operations for the three months and six months ended June 30, 2007, was 30.8 percent and 29.5 percent, respectively. The effective tax rates for both periods were lower than the statutory rate mainly due to the favorable effect of the research and development tax credit. Additionally, the effective tax rate for the six months ended June 30, 2007, was lower than the statutory rate primarily due to $1.9 million of special benefits, primarily related to the Company's election to apply the indefinite reversal criterion of Accounting Principles Board No. 23, "Accounting for Income Taxes – Special Areas," (APB 23) as discussed in the following paragraphs.
The Company has historically provided deferred taxes under APB 23 for the presumed ultimate repatriation to the United States of earnings from all non-U.S. subsidiaries and unconsolidated affiliates. The indefinite reversal criterion of APB 23 allows the Company to overcome that presumption to the extent the earnings are indefinitely reinvested outside the United States.
As of January 1, 2007, the Company determined that approximately $25.8 million of certain additional foreign subsidiaries' current undistributed net earnings, as well as the future net earnings, will be permanently reinvested. As a result of the additional APB 23 change in assertion, the Company reduced its deferred tax liabilities related to undistributed foreign earnings by $2.0 million during the first quarter of 2007.
The Company adopted the provisions of FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes," (FIN 48) on January 1, 2007. As a result of the implementation of FIN 48, the Company recognized an $8.7 million decrease in the net liability for unrecognized tax benefits, which was accounted for as an increase to the January 1, 2007, balance of retained earnings.
As of June 30, 2008, and December 31, 2007, the Company had approximately $36 million and $39 million of gross unrecognized tax benefits, excluding interest. The Company believes it is reasonably possible that the total amount of gross unrecognized tax benefits, as of June 30, 2008, could decrease by approximately $1 million in the next 12 months due to settlements with taxing authorities.
The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. As of June 30, 2008, and December 31, 2007, the Company had approximately $6.0 million and $5.4 million accrued for the payment of interest. There were no amounts accrued for penalties at either June 30, 2008, or December 31, 2007.
The Company is regularly audited by federal, state and foreign tax authorities. The IRS has completed its audits of the Company's United States income tax returns through the 2003 taxable year and is currently auditing the Company's United States income tax returns for taxable years 2004 and 2005. Primarily as a result of filing amended tax returns, which were generated by the closing of federal income tax audits, the Company is still open to state and local audits dating back to the 1986 taxable year. With the exception of Germany, where the Company is currently undergoing a tax audit for taxable years 1998 through 2001, the Company is no longer subject to income tax examinations by any other major foreign tax jurisdiction tax authorities for years prior to 2001.
Note 13 – Pension and Other Postretirement Benefits
The Company has defined contribution plans, qualified and nonqualified pension plans, and other postretirement benefit plans covering substantially all of its employees. On December 31, 2006, the Company adopted the provisions of SFAS 158, which requires recognition of the overfunded or underfunded status of pension and other postretirement plans in the statement of financial position, as well as recognition of changes in that funded status through comprehensive income in the year in which they occur. SFAS 158 was adopted on a prospective basis, as required. Prior years' amounts have not been restated. Effective for the year ended December 31, 2007, SFAS 158 also required measurement of a plan's assets and benefit obligations as of the date of the employer's fiscal year end. As the Company already measured plan assets and benefit obligations as of December 31, 2006, the adoption of this element of SFAS 158 had no impact on the Company in 2007. See Note 15 to the consolidated financial statements in the 2007 Form 10-K for further details regarding these plans.
Pension and other postretirement benefit costs included the following components for the three months ended June 28, 2008, and June 30, 2007:
Postretirement Benefits
$ 3.7 $ 4.4 $ 0.8 $ 0.8
Interest cost
16.9 15.7 1.7 1.9
Expected return on plan assets
(21.0 ) (20.5 ) – –
Amortization of prior service costs
1.6 1.6 (0.5 ) (0.5 )
Amortization of net actuarial loss
0.9 1.8 – 0.3
Net pension and other benefit costs
Pension and other postretirement benefit costs included the following components for the six months ended June 28, 2008, and June 30, 2007:
Employer Contributions. During the six months ended June 28, 2008, the Company contributed $1.1 million to fund benefit payments to its nonqualified plan. The Company's plans for additional contributions are subject to equity market returns and discount rate movements, among other items.
Note 14 – Share Repurchase Program
In the second quarter of 2005, Brunswick's Board of Directors authorized a $200.0 million share repurchase program, to be funded with available cash. On April 27, 2006, the Board of Directors increased the Company's remaining share repurchase authorization of $62.2 million to $500.0 million. The Company expects to repurchase shares on the open market or in private transactions from time to time, depending on market conditions and the Company's financial objectives. The Company has not repurchased any shares during 2008. During the three months and six months ended June 30, 2007, the Company repurchased 1.6 million and 2.6 million shares under this program for $53.8 million and $87.2 million, respectively. Through the second quarter of 2008, the Company had repurchased approximately 11.7 million shares for $397.4 million since the program's inception. As of June 28, 2008, the Company's remaining share repurchase authorization for the program was $240.4 million; however, the Company intends to retain cash to enhance its liquidity rather than repurchasing shares.
Certain statements in Management's Discussion and Analysis are based on non-GAAP financial measures. Specifically, the discussion of the Company's cash flows includes an analysis of free cash flows. GAAP refers to generally accepted accounting principles in the United States. A "non-GAAP financial measure" is a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Operating and statistical measures are not non-GAAP financial measures.
The Company includes non-GAAP financial measures in Management's Discussion and Analysis. Brunswick's management believes that these measures and the information they provide are useful to investors because they permit investors to view Brunswick's performance using the same tools that Brunswick uses and to better evaluate its ongoing business performance.
Certain other statements in Management's Discussion and Analysis are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that are subject to risks and uncertainties. Actual results may differ materially from expectations as of the date of this filing because of factors discussed in Item 1A – Risk Factors of Brunswick's 2007 Annual Report on Form 10-K (the 2007 Form 10-K).
Overview and Outlook
Net sales from continuing operations during the second quarter of 2008 decreased 2.5 percent to $1,485.4 million from $1,522.9 million in 2007. During the six months ended June 28, 2008, net sales decreased 2.6 percent to $2,832.2 million from $2,909.0 million during the six months ended June 30, 2007. For the three months and six months ended June 28, 2008, the Company reported higher sales in the Fitness and Bowling & Billiards segments, as well as higher sales outside the United States for all segments, which were more than offset by a reduction in the Boat and Marine Engine segments' sales in the United States. The overall decrease in sales in the United States was primarily due to the continued reduction in marine industry demand as a result of a weak U.S. economy, soft housing markets in key U.S. boating states, and higher food and fuel prices that ultimately reduce the funds available for discretionary purchases. Retail unit sales of powerboats in the United States have been declining since 2005, with the rate of decline accelerating in 2008. Industry retail unit sales were down significantly during the first half of 2008 compared with the already low retail unit sales during the first half of 2007.
Quarterly and year-to-date operating losses from continuing operations of $17.2 million and $6.9 million, and negative operating margins of 1.2 percent and 0.2 percent, respectively, decreased from the same periods in the prior year, primarily as a result of lower sales from marine operations, reduced fixed-cost absorption due to reduced production rates in the Company's marine businesses in an effort to achieve appropriate levels of dealer pipeline inventories and higher restructuring, exit and impairment charges. These factors were partially offset by successful cost-reduction initiatives, as discussed in Note 3 – Restructuring Activities in the Notes to Consolidated Financial Statements. In the three months and six months ended June 30, 2007, the Company reported operating earnings from continuing operations of $86.3 million and $139.3 million with related operating margins of 5.7 percent and 4.8 percent, respectively.
During the first quarter of 2008, the Company signed a letter of intent to sell certain assets of its Baja boat business (Baja) to Fountain Powerboat Industries, Inc. (Fountain). The transaction was aimed at further refining the Company's product portfolio and focusing its resources on brands and marine segments that are considered to be core to the Company's future success. The Company ramped down production at its Bucyrus, Ohio, plant through the end of May, when the sale was completed. The Company estimates that asset write-downs, along with severance and other costs associated with the Baja plant closure, will total approximately $15 million in 2008. In addition to the $8.9 million charge taken during the first quarter of 2008, Brunswick incurred an additional $4.5 million during the second quarter of 2008 related to the sale of Baja assets to Fountain. The majority of the $13.4 million charge consists of asset write-downs related to selected assets sold to Fountain and the residual assets expected to be sold to third parties.
During the second quarter of 2008, the Company ceased production of boats for its Bluewater Marine group, including Sea Pro, Sea Boss, Palmetto and Laguna brands, which were manufactured at its Newberry, South Carolina, facility. As a result, the Company incurred a $20.8 million charge during the second quarter of 2008. The majority of the $20.8 million charge consists of asset write-downs related to selected assets being disposed. The Company estimates that total asset write-downs, along with severance and other costs associated with the closure of the Newberry, South Carolina, facility, could total between $25 million and $30 million.
During the second quarter of 2008, the Company determined that it would evaluate a potential sale of its Valley-Dynamo coin-operated commercial billiards business. The Company plans to concentrate its efforts on more profitable lines of business such as its Brunswick branded billiards tables, furniture, and accessories and it


Insight: is there a compelling case to turn the Mediterranean Sea into a sulphur ECA?
Hey Buddy!, I found this information for you: "Press Release: STM gets IMO and EU-support". Here is the website link: https://fathom.world/press-release/. Thank you.


Renfrewshire's title-winning squad. Picture by courtesy of Jean MacIntyre. Renfrewshire booked a place in the Scottish women's county finals at Glenbervie from September 15 to 17 by winning the West Division inter-county team championship at Hamilton Golf Club today.
Megan Briggs and Carol Whyte bt Lori McDonald and Fiona Rattray 3 and 1.
Gillian Kyle and Jennifer Rankine bt Laura McGeachy and Lorna McClymont 2 and 1.
Donna Jackson and Liz Stewart lost to Caroline King and Anne Laing 2 and 1.
Briggs bt Rattray 4 and 3.
Kyle lost to McClymont 2 and 1.
Rankine bt Laing 2 and 1.
Whyte bt McGeachy 3 and 1.
Alyson McGinnigle lost to McDonald 7 and 6.


Tuberculosis should not be a death sentence in 2009. It wasn't for me nearly 70 years ago after I contracted the disease in the Terezin concentration camp in what was then Czechoslovakia.
But today, nearly 2 million people die from TB each year, an unconscionable number of lives lost to a preventable, curable disease.
I was diagnosed with TB when I was 11 years old. I had just immigrated to the United States with my parents, one year after being liberated from Terezin in 1945. In my case, the disease had been fueled by malnutrition and other horrid conditions I endured at Terezin.
I was hospitalized for two years starting in 1946, but it was not until 1949 that I was treated with streptomycin, the first antibiotic developed to treat TB. I had another bout of TB in 1953 and was finally fully cured a year later.
Streptomycin and other TB drugs allowed me to live a full life — to go to college and become a chemist, an author and an activist. One of the highlights of my life was learning and writing about Dr. Albert Schatz, the man who co-discovered streptomycin and who, by extension, helped save my life.
Others should have the same chance at life that Dr. Schatz gave me. Unfortunately, tuberculosis today is often a neglected disease, thought of by many Americans as a scourge of the past.
That is a dangerous myth. The bacterium that causes TB is present in an estimated one-third of the world's population. The disease can spread quickly and easily when a person with an active infection coughs or sneezes. And now, new strains of drug-resistant TB are on the rise across the globe.
These virulent new TB bugs are incredibly difficult to cure. The drugs that helped stamp out my TB in the 1950s are often ineffective against these new strains, and the standard regimen to treat TB relies on medications that are 40 years old. The most common test used to diagnose TB is more than 100 years old, and it cannot distinguish between drug-susceptible and drug-resistant TB.
In many parts of the developing world, TB is essentially a death sentence. It is the No. 1 killer of women of childbearing age worldwide.
We need strong American leadership to battle this deadly disease. President Obama should commit the United States to contributing $2.7 billion to the Global Fund to Fight AIDS, Tuberculosis, and Malaria, the largest funder of TB programs in developing countries. Facing a $5 billion donation gap, the Global Fund has slated deep cuts for TB programs across the globe, a move that could reverse vital gains in treating and preventing the disease.
In Congress, lawmakers should work to quadruple the amount America spends on our vastly underfunded global TB programs. And they should dramatically scale up funding for research on new TB drugs, new diagnostics and a more effective vaccine.
There are leading American doctors and scientists — today's Albert Schatzes — who, given more funding and support, will make new discoveries to cure the millions of people suffering needlessly from this disease.
Inge Auerbacher is the co-author of "Finding Dr. Schatz: The Discovery of Streptomycin and a Life It Saved" (iUniverse, 2006).
This story "Fighting Tuberculosis, From Terezin to Today" was written by Inge Auerbacher.


Gartner recently opened its doors to AR professionals with a day of presentations and interactive workshops targeted at the influencer relations community. The idea was to build on the AR forums given at the Gartner Symposium conferences and spend more time on topics that we, as AR professionals, have said we wanted to know more about.
Overall, it was an excellent event with a good balance of presentations and interactive discussions. The first panel slot was rather over staged and an over-run at the start of the day left little time for what must have been one of the most useful sessions of the day by David Black on Gartner reports and methodologies ("Gartner Update: Magic Quadrant Contextualization and Critical Capabilities"). See below for a summary of the updates.
The networking lunch was a very damp affair with a few sandwiches being served in a narrow corridor which made the logistics of moving extremely difficult and more general milling almost impossible. Apparently some of this was due to the unexpectedly large turnout with 70 AR professionals in attendance, many of whom only replied the day before. That said, if you were focused you could make some new introductions and briefly catch up with friends.
Much of the crowd had left by the first afternoon session and those folks seriously missed out. What followed was an interactive workshop led by Claire Dessaux, fresh off the AR field from Oracle and ready to listen. It was a real pleasure to be able to offer suggestions and converse with peers and Gartner alike on ways to improve processes for Magic Quadrant (MQ) and Critical Capability (CC) reports. Suggestions included; offering a thank you to vendor client references – the idea of a free report passed without comment! Other requests were to better streamline invitations to participate in MQ reports, for Gartner analysts to liaise more internally before asking vendors to submit client reference requests, as well as for analysts to collaborate on planned reports so that one questionnaire can address multiple reports. Gartner has made a start on this last point and will continue to consolidate vendor questionnaires as it adds more MQ's to its list. This means questionnaires will inevitably get longer and more complex, though Gartner stresses the aim is to make them more specific and less repetitive. I'm not sure it will save the AR team much time in the end but may make things easier logistically.
An excellent panel discussion followed with two highly experienced AR professionals (Tom Minarik, Capgemini and Sally Elliott, BT) who were able to offer some interesting insights to the more experienced AR professional. Questions included how to demonstrate the value of AR, convincing the AR sceptic, and the future of analyst events.
For those who wanted more, one on one briefings were available, which were extremely useful, especially for those with a continuous stream of questions – myself included! It was during one of these sessions that I found out you can find the Gartner analyst org chart here which tells you who all the team leads are.
All in all it was a very worthwhile day out of the office with some valuable two-way dialogues that showed Gartner was keen to hear from the AR profession and willing to take on board our comments and suggestions. It will be interesting to hear what our North American peers have to say at the next Gartner forum in Santa Clara.
Market guide reports are a light take on an MQ without rating the vendors – meaning a lot less work for the analysts and a little less work for AR professionals. These reports are mostly targeted at mature or emerging markets.
I was also surprised to learn that. It used to be the case they would. I wonder why it changed.
Hi Henrietta, thanks for the post. It's interesting to get a view of what was discussed. I have a question: what does Gartner mean when it says "60% of what Gartner publishes is non-branded research"? Does that mean it doesn't carry the Gartner brand?
I guess they don't have to but I agree that it would be a huge help in being able to offer the client something in return for their time to complete a survey or phone interview. The reaction from Gartner seemed pretty definite that this would not be happening any time soon. I wonder if Gartner would ever consider doing some kind of exec summary and allowing us to share this with clients? That way it doesn't give away all their IP but allows a sneak preview of what's inside and serves as a good will gesture all round.
I was disappointed at that too Henrietta. We should follow-up with them..
Thanks for your comments David and glad you enjoyed the post.


text:
About | The Beginning…
(Excerpted from "The Written History of the Boston Sea Rovers")
The Kay G was the Sea Rovers first dive boat, and most likely the first "real" dive boat in New England.
The Boston Sea Rovers are known throughout the world as the Dive Club that can proudly boast ownership of "The Longest Running Underwater Show on Earth", but the Club is much more than that. The Sea Rovers are a group of people from diverse and varied backgrounds who share the common bond of a love for diving, and for the world's waters, and all its inhabitants. They are divers first, and showmen second.
In the heyday of the 1950's, diving was starting to take off, and dive clubs were sprouting up all over the country. Some stood the test of time and are still around, while others faded with the interests of their founding members. It was at this time, in the exciting early days of diving, that a small movement was underway in the Boston area to start a dive club – a dive club that was to be known as the Boston Sea Rovers – and that was destined to become one of the oldest, most respected dive clubs in America, if not the entire world.
"In the summer of 1954, six fellows met at Walter Feinberg's house to start the club. The leading spirit was Joe Cortese who had gathered the group, led us diving and patiently taught us what he knew. Naturally, he was elected President. Out of courtesy, the host of the day, Walter Feinberg, was elected Vice President. George Gorman, a schoolteacher, was a natural selection for Secretary (he could write but no minutes have survived). Jim Schad, Gordon Holloway and Joe Linehan were the other charter members. Anyone who had a lung could join as the club was hungry for more divers. At that time diving was in the "dare-devil" category, much the same as skydivers later on. The group realized its tremendous ignorance, and the first attempt of the Club was to change this."
(from Walter Feinberg's History of the Sea Rovers, 1968 Program Guide)
The club soon decided to meet at the Boston Y, and started to advertise their bi-weekly meetings. Frank Scalli, a paratrooper, had just gotten out of the Army in 1953, and was desperately looking for something to keep him active, and diving seemed like it. During his last few months in the service he had been an aquatics supervisor at a base in Kentucky , where he earned his Water Safety Instructor (WSI) rating, which, as Frank says, was "the most difficult thing I had done in my life; jumping out of airplanes was easy in comparison". Once out of the military and back in the Boston area, he found one of the few places selling dive gear. He bought a mask, tank and regulator, and took them to a local Y. Since the gear came with no instructions, he jumped into the pool to teach himself. Everything turned out to be fine, except his ears hurt, and he couldn't figure out why. The next time he tried it, he ruptured an ear drum. He researched the subject as best he could, but all the books that he could find were written by, or for, helmet divers, and offered no help. They talked about equalizing, but did not say what it meant or how to do it. Frank figured that he just had a bad day, and went back three weeks later, when he promptly ruptured the other ear. Finally, additional research put him in touch with Dave Owen, Chief Diver at Woods Hole Oceanographic Institution (WHOI), who explained about ear equalization, and supplied some appropriate reading materials. Scalli asked why more people didn't know about this new sport, to which Owen explained, "It's not a sport yet!".
By the summer of 1954, the YMCA had received requests at two other pools from people who wanted to try out their equipment. There were no standards, so Frank wrote out a list of do's and don'ts. Frank was not an educator or a writer, however, the Y people liked what they read and adopted it (Discover Diving, Vol. 11, No. 2, 1993).
Some of the very first Sea Rovers, Joe Hohmann and Bunky Hodge, ready for some weekend lobster and wreck dives off the Kay G.
Although he looked around for other divers, it wasn't until August of 1954 that he heard about a meeting at the Boston Y, which he quickly attended. A few of the other people he remembered at that first meeting were Joe Cortese and his wife, Walter Feinberg, Jim Cahill, Don DeSantis, and Joe Linehan. At this meeting, or one shortly afterward, the group started meeting as the Boston YMCA Sea Rovers, and a logo was quickly chosen to make it official. There were about a dozen people present. This small but determined group of individuals were excited about diving, and wanted to let other people know about this burgeoning sport. They decided that the best way to inform those interested in the Boston area was to host an exhibition about diving, as first suggested by Walter Feinberg. An ambitious date was selected less than six months away. They started to plan, promote, and pray that it would work. The rest, as they say, is history – the history of the Boston Sea Rovers.
The Sea Rovers were indeed a dive club, and a very good one, but it rose to become much more than that. The Rovers were, and are, divers, leaders, pioneers, friends and protectors of the undersea environment. They are the founders and parents of the only International Clinic that can claim to be, "The Longest Continuously Running Dive Show in the World!"
"The club was founded by a group of divers for informed companionship. Today, information remains as a prime objective. It was quickly realized that service to others must be joined to this if the club were to have meaning and vitality. At times it has served a group that might never dive (ed.-the Cotting School ). At other times it has served science and humanitarian needs. At all times it has served to bring acknowledged authorities to all who have the interest – authorities who write books, who will write books, and about whom books will be written about." (Feinberg)
Come with us as we walk along the halls of history of this pioneering group of visionary divers who have molded and shaped the direction of diving throughout the United States, and the world, for five decades. The history of the Boston Sea Rovers is, in many ways, the history of scuba diving.

redpajama_set_name: RedPajamaCommonCrawl


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Spotlight: Chennai
The Penn Club of Chennai will launch on July 21 with Professor Sampath Kannan, professor and chair of the Department of Computer and Information Science, as the featured speaker. This will be the fifth club in India, joining Mumbai, Delhi, Kolkata, and Bangalore. Please visit our website, www.alumni.upenn.edu/clubs
Chicago. On Wed., July 15, with the Trustees Council of Penn Women, we are sponsoring the Penn Women's Career Networking Event at the Free Range Office, 2141 West North Avenue. For info, email: tonia_arrington@hotmail.com.
Washington. New to DC? Save the date: our annual First September bash will take place on Sept 10. Details coming soon; contact Adam Levenson C'12 ( adamelevenson@gmail.com) if you would like to get involved.
Houston. On Aug. 9, help honor our new and returning students at our annual Send-Off Party at Jake's Philly Cheesesteaks, 2944 Chimney Rock. For more info: pennhoustonalum@gmail.com or www.PennHouston.org
Louisiana. We are looking forward to our upcoming programs, "like" us on Facebook to learn more (PennClubOfLouisiana) or email Austin Lavin C'06, club president, at Penncluboflouisiana@gmail.com.
Memphis. New-student sendoff on Sun., Aug. 2, 2 p.m.—3:30 p.m., at the home of Deedee Perel CW'68 & Ron Perel W'66 at 6393 Wynfrey Place. Come to this casual get-together for members of the incoming Penn Class of 2019, current Penn students, and alumni; immediate families are welcome.
New York. Join us on Sat., Aug. 1, at noon, for the Second Annual PennNYC Family Activities Central Park Picnic. Bring your family, food, and beverages and have fun with other Penn families on the Great Hill; for details, email terry@penn.nyc.
Portland, Ore. Our annual Summer Lawn Party and Class of 2019 Send Off Event will be held in late July or early August at the home of one of our alumni members. Do check our website (www.pennclubofportland.org) for exact time and details, for this event and all others. Last month, we once again presented book awards to deserving students moving into their senior year at four high schools in Oregon.
San Francisco. Join us for the famous San Franciscan summers by attending our hikes, pool parties, tours, and much more. Keep visiting www.ncpennclub.com/events.html for more details.
San Diego. Join us at Petco Park to watch the Padres take on the Phillies on Aug. 8! It is also throwback replica-jersey night for the Padres. Email pennclubsd@gmail.com for payment details and to reserve tickets, $14.50 each, once payment is received. Get them before they're gone! Join us for a lovely afternoon on Aug. 23 (1—7 p.m.), watching the finals of the Willis Allen Memorial Polo Tournament. We will have good tables in the premium tent area; there is a good caterer and bar service available. Email pennclubsd@gmail.com for the registration link and discount code.
And the Nominees Are…
Penn Alumni has nominated the following candidates to fill two Alumni Trustee
positions for five–year terms starting January 1, 2016.
Jill Topkis Weiss C'89 WG'93 is a founding partner of JJJ Fitness, LLC, a start-up, cutting edge, group-fitness concept, based in Westchester County, New York. Her previous experience includes working for Salomon Brothers and Deutsche Bank as a medical-device equity analyst, before starting her own consulting firm in which she did business-development work for hedge funds, a genetics corporation, and a start-up Internet company. From 2003 to 2010, she co-founded and ran Muse Network, LLC, a firm focused on two objectives: providing executive search for hedge funds, large banks, and private-equity firms and advising senior women on Wall Street with job transitions.
Actively involved at Penn, Jill has served as co-chair of the Penn Fund and of the Benjamin Franklin Society, and as a member of the Major Gifts Committee. She is currently co-chair of the membership committee for the Trustees Council of Penn Women, where she has been involved for 10 years. In addition, she is an Overseer for the Penn Museum, where she is the development chair. She also serves as a board member of REACH Prep, an organization that empowers young scholars by affording underserved students access to some of the country's finest independent schools.
Along with her husband, Jeffrey, Jill has four children, one who will begin Penn in the fall, as a member of the Class of 2019.
Dhananjay M. Pai W'83 is president and COO of P. Schoenfeld Asset Management, a leading alternative asset manager based in New York. He is a member of the firm's investment and management committees, and has oversight of its operations and marketing efforts.
Dhan started his career at Drexel Burnham Lambert. He joined PaineWebber as president of PaineWebber Capital, which initiated investments in private equity and alternative assets. Prior to joining PSAM, he was a managing director at Lightyear Capital, a New York private-equity firm.
Dhan received his MBA from the NYU Stern School of Business in 1988. Actively involved with Penn, he is an Overseer of the School of Arts & Sciences and on the advisory board of the Center for the Advanced Study of India. Along with his wife, he was co-chair of the Parents Leadership Council from 2013 to 2015. He also serves on the board of Youth, I.N.C. in New York.
Dhan was born in India, though he grew up in New York City. He and his wife, Heena, have lived there for the past 32 years. Both of their children went to Penn, with one graduating from the College of Arts & Sciences in 2012 and the other from the Vagelos Life Sciences and Management Program in 2015.
Alumni may file other nominations until August 31, 2015; these nominations must be accompanied by a petition signed by no less that 1,500 degree-holding alumni.
For Alumni Trustee nominations and any additional details write to Trina L. Middleton, Director of Penn Alumni Board Services, E. Craig Sweeten Alumni House, 3533 Locust Walk, Philadelphia, PA 19104-6226 or email her at trinalm@upenn.edu.
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Archive | February 5, 2012
The (Very) Thin Green Line
By Roderick on February 5, 2012 1
The Guardians of the Universe, the bosses of the Green Lantern Corps, have divided the universe into 3600 sectors, each under the jurisdiction of one (originally) or two (currently) Green Lanterns.
This is obviously absurd. But let's pause for a moment to consider just how absurd it really is.
Current estimates place the number of galaxies in the universe at somewhere between 100 billion and 500 billion. So let's say 300 billion. That means that each sector has, on average, about 80 million galaxies in it.
Suppose you're a Green Lantern scanning your sector for signs of trouble. Suppose further, absurdly, that scanning an entire galaxy takes only one second. At that rate, it will still take you two and a half years to scan your entire sector.
Just watch this video and think about trying to police the entire universe with a force of 3600 (or 7200) cops:
Now back in the 1970s there was some confusion at DC about the scope of the Guardians' authority; while usually described as the Guardians of the Universe, they were occasionally described instead as merely the Guardians of the Galaxy (not to be confused with Marvel's super-team of the same name). There was even a silly plot point once where the bad guys removed Earth from the Green Lantern Corps's jurisdiction by yanking it out of the Milky Way.
This certainly makes more sense, but still not much. The number of stars in the Milky Way is thought to be roughly the same as the number of galaxies in the universe; so it'd still take two and a half years to scan a single sector, if scanning at the rate of one star system per second.
No wonder there's never a Green Lantern around when you need one.


In this edition of "Soji's Business Lessons" Soji speaks with Kofi Sagoe, head of Subaru Nigeria based in Lagos, Nigeria. Kofi has spent time working with insurance brokers, he has worked in corporate finance and securities trading as well as in the automobile industry, which he has been involved in for the last twenty years.
This level of experience is not without wisdom which Kofi shares selflessly in this podcast. He shares the impact that the global financial crisis of 2008 had on his business and how he overcame them – an experience that really is inspiring for any business facing challenges.
The importance of a business plan (for the business as well as for investors).
Why passion and vision are important to a business.
The real value of entrepreneurship.
Great stuff. Kofi shows resilience in his business life which successful brands – this is admirable. This was a good listen. Interesting and entertaining.
Indeed Kaye Olule, Kofi Sagoe's resilience is truly remarkable – I thank you for thoughts.


Bangalore Open Air have announced the third edition of the festival to be held at CounterCulture in Bangalore on September 13, featuring a line-up of hard hitting international and Indian metal acts. The line-up so far has been a slightly tight lipped issue, but this is what co-founder Salman Syed told us: "We have a German thrash band, a black metal band from Greece, a death metal band from Italy, and few Indian bands."
Having raised the dough for two previous editions of the festival and executing them DIY-style, Bangalore Open Air, spear headed a crowd funding campaign to sponsor this year's edition. While crowd funding might have seemed to be a noble and symbiotic process to pull off a festival of this scale, Salman confessed that it didn't work. "In fact we could only raise about 10% of the entire campaign," he said, "I don't think the concept of crowd funding works in India, that's when we decided that whatever money we have arranged, let's try doing something with that."
Having featured artists like Kreator, Dark Tranquility, Ihsahn, Demonic Resurrection, Kryptos and many more, and audience numbers growing over 2000 metal heads, BOA's third edition is not short of soaring expectations. "I just want to have a successful festival this year," Salman said, "We've had two successful editions, and I really hope this edition works out also."
Follow the Facebook events page.


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Armenia is a landlocked, mountainous country in the South Caucasus region of Eurasia. The official language is Armenian, and the largest city is Yerevan.
Below is a selection of the best resources for searching for an apartment in Armenia.
Estate: I really like the interface of this website. I also like how it is in English. I recommend starting your search here.
Bnakaran: This site has an overly busy interface but has legit apartment options.
My Realty: My Realty is another legit Armenian real estate site.
There you have it. The best places for finding an apartment in Armenia. If you are interested in working in this country, be sure to check out my article on how to find a job in Armenia as a foreigner. Enjoy your stay!


The Education Ministry has set April 24 as the beginning date for the West African Senior School Certificate Examination for all 12th graders across the country.
The Armed Forces of Liberia has found that one of its soldiers, Sieh Collins, failed to uphold the military's regulations after he made a controversial Facebook post.
On Friday, April 5, Baba Shabu, a renowned Liberian painter, celebrated his 90th birthday with an exhibition at the newly-established Art House on U.N. Drive in Mamba Point.
Duannah Kamara, the managing director of the Liberia Water and Sewer Corporation, says the utility company is considering revisiting the current tariffs on water.
Efforts are underway to conserve and enhance Liberia's ecosystem services by attaching value to its oceans. For years, oceans in the country have been unappreciated, and its services are taken for granted, like in most countries across Africa.
The Millennium Challenge Account Liberia has donated over US$8,000 worth of office equipment to the Gender Department at the Liberia Electricity Corporation.
The Liberia Water and Sewer Corporation has apologized to customers for a situation that led to many homes receiving salty water last week.
The Liberian government is partnering with the Embassy of Sweden and Conservation International to hold the environmentally focused conference in Monrovia from March 18-21.


text:
#ifndef IO_EXPANDER_PCF8574_H
#define IO_EXPANDER_PCF8574_H

/**
 * Encapsulates the PCF8574 as an IOExpander.
 */

#include "../../common/io/outputStream.h"
#include "../../common/i2c/i2cCommon.h"

#include "ioExpander.h"

/**
 * Returns the associated I2cBusConnection link to the IOExpander.
 * @param ioExpander
 * @param i2cConnection
 */
I2cBusConnection* getIOExpanderBusConnection(IOExpander* ioExpander);

/**
 * Init the PCF8574 by wrapping it into a specific Structure to handle it
 * transparently
 * @param ioExpander
 */
void initIOExpanderPCF8574(IOExpander* ioExpander, const char* name, I2cBusConnection* i2cConnection);

#endif

redpajama_set_name: RedPajamaGithub


text:
yourdemocracy.net.au
democracy is not a spectator sport
Your Democracy Ethos
Gus's View
disappearing lawyers... in the british justice is based on stinking arseholes in the UK and the US... 4 hours 48 min ago
hypocrite scomo scores an own goal in his underwear... in ahhhh.... it wasn't about sport!... 5 hours 7 sec ago
scomo: I did not know my sporting arse was on fire as well... in ahhhh.... it wasn't about sport!... 5 hours 17 min ago
the romans BC can wait... in democracy is getting weirder... 7 hours 13 min ago
we made the rules of porkbarrelling and they were followed... in cynical Gus needs a bit more burley to take the bait... 7 hours 31 min ago
golf balls instead of rain... in it would be uncouth of me to mention a burnt steak... 7 hours 44 min ago
the libs made sure it did not work... in ndis is working fine if you don't need it... 9 hours 56 min ago
first, about the romans, the roman catholics that is... in democracy is getting weirder... 10 hours 17 min ago
no change in the UK's lies... in poison is in the air... 10 hours 46 min ago
dust instead of drops... in it would be uncouth of me to mention a burnt steak... 10 hours 53 min ago
Democracy Links
Webdiary
Not Happy John!
Who's Who in Parliament
The Dome of Conscience
Newcopia
Democratic Audit of Australia
Getting Politicians' Attention
The Progressive Daily Beacon
Australian Peace Committee
Member's Off-site Blogs
Willie Bach
Jozef Imrich
Troy Rollo
Jack Smit
The image verification code you entered is incorrect.
Welcome to the registration page. We're looking forward to your fuller participation in Your Democracy.
On names and security:
We do require a full name (at least first initial and surname), a username and an email address. Electoral information is optional. In the tradition of Webdiary we prefer it if people use their real names as their usernames if possible. But there are security reasons why you may not wish to do so. The debate about the pros and cons of using a real name occured as soon as the site opened. It is here.
Your preferred username; punctuation is not allowed except for periods, hyphens, and underscores.
The opinions expressed in this site are those of the various authors and contributors and do not reflect those of the site, the site owners or hosting agencies.
Contributors please note that this site is archived in the National Library of Australia in perpetuity.


We can customize the design of decal for you.
If you cannot find your desired bodystyle here, no problem.
You can choose Custom Designs button and order.And send us some pics and detail info of your kart.
Our designer will contact you directly by email to find out the template of your pod type.


Here is the latest forecast path from NHC. The storm is going to make a quick right turn and head out to the open ocean. Brown is the hurricane force winds. The orange is tropical storm (40-74 mph) force winds.
Tropical storm force winds will likely occur on the North Carolina Outer Banks. The center of the storm, as forecast, will stay well away from land.


Some days ago Ulefone launched Ulefone Power 3. This device comes with World's First MT6763 18:9 4-Camera Big Battery and much more. If you are Power 3 users and want to customize device then you are the right place. Today I saw "TWRP for Ulefone Power 3" and guide to "root Ulefone Power 3" in XDA forum. Here we share a full guide to install TWRP Recovery and Root Ulefone Power 3.
Here we will guide to install TWRP recovery on Ulefone Power 3. Also, Root Ulefone Power 3 via SuperSU with a simple guide. If you have Ulefone Power 3 you can install TWRP Recovery on your device and root it. Moto device comes with the bootloader. So without unlocking bootloader, you couldn't customize any things so first unlock bootloader Ulefone Power 3.
As soon as Ulefone Power 3 arrives in the market, developers build TWRP recovery and Rooting package. After installing TWRP and Rooting you can install Viper4Android, Dolby or any sound mod on Ulefone Power 3. If you want to install custom ROM or any mod then need to install TWRP Recovery and root access. Thanks to XDA Member khellfire666, to share this guide. Here we provide unofficial TWRP v3.2.1-0 for Ulefone Power 3. So let's go to the steps below to Root Ulefone Power 3 and Install TWRP recovery.


Glaucoma describes eye disorders that involve damage to the optic nerve, which sends visual signals from your eye to your brain. This loss of nerve tissue can result in loss of vision.
Primary open-angle glaucoma is one of the most common disorders. It results from an increased pressure inside the eye, which can cause damage to the optic nerve. A damaged nerve can lead to vision loss or even blindness. This pressure can build slowly and be difficult to detect in everyday life. It may start by affecting only your peripheral vision.
Pressure is not the only indicator of glaucoma, as high pressure does not always lead to glaucoma and glaucoma can develop in spite of normal eye pressure. Anyone can develop glaucoma, although it is most common in people over 40.
Acute angle closure glaucoma is not as common, but can develop much more quickly. If you are experiencing intense eye pain, redness in your eye, blurred vision, or nausea, you may need immediate medical attention. This form of glaucoma is an emergency and needs to be treated right away.
There is no way to completely prevent glaucoma, but early diagnosis and treatment can help control the condition and limit its effects. Often times medication or surgery can help reduce the damage, but glaucoma cannot be reversed. For this reason, at Vision Associates Family Eye Care we regularly test for glaucoma and recommend frequent eye exams. Factors such as age, race, family history, and previous medical conditions can all contribute to developing glaucoma.
At Vision Associates Family Eye Care, we use tonometry to measure the pressure inside your eye and pachymetry to measure corneal thickness. We also examine your field of vision and the retina of your eye.
Treatment for glaucoma may start with prescription eye drops that help manage the pressure in your eyes. Other treatments may include medication, surgery, or implants. Because treatment is ongoing, it is important that your optometrist detect any changes in your eye health. Regular eye exams are essential to managing glaucoma, which is a lifelong issue.
If you may be at risk for glaucoma, contact us at (586) 239-0303 today to discuss your eye health.


text:
Home > Business Slash > The Villains Savior
The Villains Savior
Manhwa Recommendation: The Villain's Savior
The Villain's Savior Review
Introduction: The Villains Savior The story is about two fated lovers, who have a gift from god called the god crest, which appears in a couple that is destined to be together and is unique to each couple.
However, the protagonist sympathizes with the villain of the story, whose life was tragic from a very young age until the end. She cries herself to sleep reading the book, and when she wakes up, she realizes that she has been reincarnated as Elzay Tiathe, the twin sister of Elisa Tiathe, the novel's heroine.
She discovers that she has the crest of a god and that Azeph, the villain she sympathized with, had none, meaning that fate may repeat itself and the villain may face the same tragic fate again. Therefore, she sets out to protect him at all costs, causing him to fall in love with her in the process.
Since she falls in love with Elzay instead of her sister, things change and destiny is rewritten. In the end, she sacrifices herself to save Elzay, thus purifying herself of her past, becoming a child loved and wanted by god, and receiving the same shield as Elzay. The story then ends with him marrying Elzay, whom she calls 'The Spring of Her Life'.
Elzay Tiathé
He has a very empathetic and kind personality that he possesses in both his previous and current lives.
She has a subtle, calm and relaxing presence, which makes her even more likeable.
Her empathy for her villain was enough for her to help him escape fate, showing that she is caring and kind.
She also has a good relationship with her family consisting of her father and her sister, to whom she is very close.
In conclusion, Elzay is a very kind person who does not support injustice towards someone.
Let's start looking for new types of manhwas for the season that are already complete and ready to read at any time. This is a complete new manhwa available for anyone to read on the internet.
The Villain's Savior is a historical romance with a bit of fantasy thrown in that can be generic if you've already read some romance manhwas. However, this manhwa tells us the story in a unique way that encourages readers to get excited about each chapter.
It really is captivating from the first to the last chapter to the point that you won't even want to stop reading. Still, be careful because there may be some images where it is very disturbing for some to see because it also deals with significant violence and torture.
Nonetheless, this is a manhwa you should be reading through and it's also over 80 chapters, which is pretty long if you're not a fast reader. The romance is also recognizable as the chemistry of each couple is really sweet and funny at certain moments and you can feel that in each chapter, you are also more interested in the characters.
Each chapter is also very unexpected because it has different kinds of vibes and deeper understanding as it goes on. The action scenes weren't many, but if one does appear, it won't disappoint. The female lead was also isekaid in this world, which was a novel she used to read, which makes the story more fun and enjoyable to read.
Shoujo manhwas has taken a lot of my time and I am here to recommend another title that is fast becoming my favorite. I'm sure you've seen this title by now, and I can already imagine having mixed feelings for both the male and female leads, but give this one a go to the end before giving your verdict.
On a path to tragedy and misfortune from a young age, Aseph Randell is doomed to die as a villain. That is, until the mysterious Elzay Tiathe appears in his life with a promise: "I can save you." After having vivid visions of him for so long, will Elzay be able to unravel the twisted destiny bound to Aseph…or will they both be dragged together? Based on the successful novel.
LJ, a woman who swore to change the fate of the villain, Azef, for whom she had experienced sympathy and who would do everything, even if she has to trample everything in her way. As things slowly take a turn for the worse, will she be able to save him in time while also keeping things hidden or else.
The synopsis sounds pretty underwhelming when you read all the angst later, but okay, I guess that'll help later when you get hit with a big emotional ride. Now, moving on to the characters in this series.
On a path to tragedy and misfortune from a young age, Aseph Randell is doomed to die as a villain. That is, until the mysterious Elzay Tiathe appears in his life with a promise: "I can save you." After having vivid visions of him for so long, will Elzay be able to unravel the twisted destiny bound to Aseph…or will they both be dragged together.
I saw the webtoon online and remembered that the original novel has been in my shopping cart for a while and had a pretty good rating on some novel review sites. There are 5 volumes in this book and overall the language was quite easy to read/understand.
The Villain's Savior revolves around Elija (or Elzay according to TappyToons) who was reincarnated as the twin sister of the novel's main character and tries to save Asaph (or Aseph again in TappyToons) (the novel's antagonist from the first volume) of himself.
Overall it was a good novel, but I wish there was another volume that had more side stories. I searched on KakaoPage, but couldn't find any more alternate endings or side stories available. I was also surprised that this had a 15+ rating on KakaoPage as there was no age limitation on Aladin where I bought it.
On a path to tragedy and misfortune from a young age, Aseph Randell is doomed to die as a villain. That is, until the mysterious Elzay Tiathe appears in his life with a promise: "I can save you. After having vivid visions of him for so long, will Elzay be able to unravel the twisted destiny bound to Aseph. Or will they both be dragged together?
LJ a woman who swore to change the fate of the villain. I can save you after having vivid visions of him for so long. Continue reading. That is until the mysterious Elzay Tiathe appears in his life with a promise.
Review The Villains Savior. Cancel reply
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