text:
SCHEDULE 14A
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
Filed by the registrant [X]
Filed by a party other than the registrant [ ]
Check the appropriate box:
[X] Preliminary proxy statement
[ ] Definitive proxy statement
[ ] Definitive additional materials
[ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12
(Name of Registrant as Specified in Its Charter)
(Name of Persons(s) Filing Proxy Statement)
Payment of filing fee (Check the appropriate box):
[X] $125 per Exchange Act Rule 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(j)(2).
[ ] $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
[ ] Fee computed on the table below per Exchange Act Rules 14a-6(i)(4) and
(1) Title of each class of securities to which transaction applies:
(2) Aggregate number of securities to which transactions apply:
(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11:
(4) Proposed maximum aggregate value of transaction:
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the form or schedule and the date of its filing.
(1) Amount previously paid:
(2) Form, schedule or registration statement no.:
(3) Filing party:
(4) Date filed:
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON JUNE 5, 1995
To the Shareholders of Watsco, Inc.:
NOTICE IS HEREBY GIVEN that the 1995 Annual Meeting of Shareholders (the
'Annual Meeting') of Watsco, Inc., a Florida corporation (the 'Company'), will
be held at 10:00 A.M., Eastern Standard Time, on Monday, June 5, 1995, at the
Grand Bay Hotel, 2669 South Bayshore Drive, Coconut Grove, Florida 33133, for
the following purposes:
(1) To elect three members to the Company's Board of Directors to hold
office until the 1998 Annual Meeting of Shareholders or until their
successors are duly elected and qualified, one of whom will be elected by
the holders of Common Stock and two of whom will be elected by the holders
of Class B Common Stock;
(2) To consider and act upon a proposal to approve an amendment to the
Company's Amended and Restated Articles of Incorporation to increase the
number of authorized shares of Common Stock, par value $.50 per share, of
the Company to 40,000,000;
(3) To ratify the reappointment of Arthur Andersen LLP as the Company's
independent certified public accountants for the year ended December 31,
1995; and
(4) To transact such other business as may properly come before the
Annual Meeting and any adjournment or postponements thereof.
The Board of Directors has fixed the close of business on April 17, 1995 as
the record date for determining those shareholders entitled to notice of, and to
vote at, the Annual Meeting and any adjournments or postponements thereof.
Whether or not you expect to be present, please sign, date and return the
enclosed proxy card in the enclosed pre-addressed envelope as promptly as
possible. No postage is required if mailed in the United States.
By Order of the Board of Directors
RONALD P. NEWMAN, Secretary
Coconut Grove, Florida
THIS IS AN IMPORTANT MEETING AND ALL SHAREHOLDERS ARE INVITED TO ATTEND THE
MEETING IN PERSON. THOSE SHAREHOLDERS WHO ARE UNABLE TO ATTEND ARE RESPECTFULLY
URGED TO EXECUTE AND RETURN THE ENCLOSED PROXY CARD AS PROMPTLY AS POSSIBLE.
SHAREHOLDERS WHO EXECUTE A PROXY CARD MAY NEVERTHELESS ATTEND THE MEETING,
REVOKE THEIR PROXY, AND VOTE THEIR SHARES IN PERSON.
1995 ANNUAL MEETING OF SHAREHOLDERS
DATE, TIME AND PLACE OF ANNUAL MEETING
This Proxy Statement is furnished in connection with the solicitation by
the Board of Directors of Watsco, Inc., a Florida corporation (the 'Company'),
of proxies from the holders of the Company's Common Stock, par value $.50 per
share (the 'Common Stock'), and the Company's Class B Common Stock, par value
$.50 per share (the 'Class B Common Stock'), for use at the 1995 Annual Meeting
of Shareholders (the 'Annual Meeting') of the Company to be held at 10:00 A.M.,
Eastern Standard Time, on Monday, June 5, 1995, at the Grand Bay Hotel, 2669
South Bayshore Drive, Coconut Grove, Florida 33133, and at any adjournments or
postponements thereof (the 'Annual Meeting'), pursuant to the enclosed Notice of
Annual Meeting. This Proxy Statement and the enclosed form of proxy are first
being sent to holders of Common Stock and Class B Common Stock on or about April
28, 1995. Shareholders should review the information provided herein in
conjunction with the Company's 1994 Annual Report to Shareholders (the '1994
Annual Report') which accompanies this Proxy Statement. The complete mailing
address, including zip code, of the Company's principal executive office, is
2665 South Bayshore Drive, Suite 901, Coconut Grove, Florida 33133.
INFORMATION CONCERNING PROXY
The enclosed proxy is solicited on behalf of the Company's Board of
Directors. The giving of a proxy does not preclude the right to vote in person
should any shareholder giving the proxy so desire. Shareholders have an
unconditional right to revoke their proxy at any time prior to the exercise
thereof, either in person at the Annual Meeting or by filing with the Company's
Secretary at the Company's headquarters a written revocation or duly executed
proxy bearing a later date; however, no such revocation will be effective until
written notice of the revocation is received by the Company at or prior to the
Annual Meeting.
The cost of preparing, assembling and mailing this Proxy Statement, the
Notice of Annual Meeting of Shareholders and the enclosed proxy is to be borne
by the Company. In addition to the use of mail, employees of the Company may
solicit proxies personally and by telephone and telegraph. They will receive no
compensation therefor in addition to their regular salaries. The Company may
request banks, brokers and other custodians, nominees and fiduciaries to forward
copies of the proxy material to their principals and to request authority for
the execution of proxies. The Company may reimburse such persons for their
expenses in so doing.
PURPOSES OF THE MEETING
At the Annual Meeting, the Company's shareholders will consider and vote
upon the following matters:
office until the 1998 Annual Meeting of Shareholders or until their successors
are duly elected and qualified, one of whom will be elected by the holders of
Common Stock and two of whom will be elected by the holders of Class B Common
Stock;
Company's Amended and Restated Articles of Incorporation to increase the number
of authorized shares of Common Stock, par value of $.50 per share, to
40,000,000;
independent certified public accountants for the year ended December 31, 1995;
(4) To transact such other business as may properly come before the Annual
Meeting and any adjournments or postponements thereof.
Unless contrary instructions are indicated on the enclosed proxy, all
shares represented by valid proxies received pursuant to this solicitation (and
which have not been revoked in accordance with the procedures set forth above)
will be voted (a) for the election of the respective nominees for director named
below to be elected by the holders of Common Stock and by the holders of Class B
Common Stock (see 'Outstanding Voting Securities and Voting Rights'), and (b) in
favor of all other proposals described in the Notice of Annual Meeting. In the
event a shareholder specifies a different choice by means of the enclosed proxy,
such shares will be voted in accordance with the specification so made.
OUTSTANDING VOTING SECURITIES AND VOTING RIGHTS
The Board of Directors has set the close of business on April 17, 1995, as
the record date (the 'Record Date') for determining shareholders of the Company
entitled to notice of and to vote at the Annual Meeting. As of the Record Date,
there were 3,107,762 shares of Common Stock and 994,835 shares of Class B Common
Stock issued and outstanding, all of which are entitled to be voted at the
Annual Meeting. Holders of Common Stock are entitled to one vote per share on
each matter that is submitted to shareholders for approval, and vote as a
separate class to elect 25 percent of the directors of the Company (rounded up
to the next whole number), which presently equates to three directors. Holders
of Class B Common Stock are entitled to ten votes per share on each matter that
is submitted to shareholders for approval and vote as a separate class to elect
75 percent of the directors (rounded down to the next whole number), which
presently equates to six directors. See 'Election of Directors.'
The attendance, in person or by proxy, of the holders of Common Stock and
Class B Common Stock representing a majority of the combined voting power of the
outstanding shares of such stock entitled to vote at the Annual Meeting is
necessary to constitute a quorum. For purposes of electing directors at the
Annual Meeting, the nominees receiving the greatest number of votes of Common
Stock and Class B Common Stock, voting as separate classes, shall be elected as
directors. The affirmative vote of (i) a majority of votes of Common Stock
present, in person or by proxy at the Annual Meeting and voting together as a
single class, and (ii) a majority of votes of Class B Common Stock present, in
person or by proxy at the Annual Meeting and voting together as a single class,
is required for the approval of the proposal to amend the Company's Amended and
Restated Articles of Incorporation to increase the number of authorized shares
of Common Stock to 40,000,000. The affirmative vote of a majority of votes of
Common Stock and Class B Common Stock present, in person or by proxy at the
Annual Meeting and voting together as a single class, is required for the
approval of (i) the proposal to ratify the reappointment of Arthur Andersen LLP
as the Company's independent certified public accountants for the year ended
December 31, 1995; and (ii) any other matter that may be submitted to a vote of
the Company's shareholders.
As of the Record Date, the directors and executive officers of the Company
and certain entities affiliated with such persons beneficially owned (i) Common
Stock representing approximately 17% of the outstanding shares of Common Stock,
(ii) Class B Common Stock representing approximately 53% of the outstanding
shares of Class B Common Stock and (iii) approximately 44% of the aggregate
combined votes of Common Stock and Class B Common Stock entitled to be cast at
the Annual Meeting. Such persons and entities have informed the Company that
they intend to vote all of their shares of Common Stock and Class B Common Stock
in favor of all proposals set forth in the Proxy Statement.
Prior to the Annual Meeting, the Company will select one or more inspectors
of election for the meeting. Such inspector(s) shall determine the number of
shares of Common Stock and Class B Common Stock represented at the meeting, the
existence of a quorum and the validity and effect of proxies, and shall receive,
count and tabulate ballots and votes and determine the results thereof.
Abstentions will be considered as shares present and entitled to vote at the
Annual Meeting and will be counted as votes cast at the Annual Meeting, but will
not be counted as votes cast for or against any given matter.
A broker or nominee holding shares registered in its name, or in the name
of its nominee, which are beneficially owned by another person and for which it
has not received instructions as to voting from the beneficial owner, may have
discretion to vote the beneficial owner's shares with respect to the election of
directors and other matters addressed at the Annual Meeting. Any such shares
which are not represented at the Annual Meeting either in person or by proxy
will not be considered to have cast votes on any matters addressed at the Annual
Meeting.
BENEFICIAL SECURITY OWNERSHIP
The following table sets forth as of April 17, 1995, information with
respect to the beneficial ownership of the Company's Common Stock and Class B
Common Stock by (i) each shareholder known by the Company to beneficially own
more than 5% of any class of the Company's voting securities, (ii) each director
of the Company who owns any such shares, and (iii) all directors and executive
officers as a group. The table also sets forth, in its final column, the
combined voting power of the voting securities on all matters presented to the
shareholders for their approval except for the election of directors and for
such separate class votes as are required by Florida law.
COMMON STOCK            COMMON STOCK
BENEFICIALLY            BENEFICIALLY           COMBINED
OWNED(2)                OWNED(2)              PERCENT
NAME AND ADDRESS                                        -------------------     -------------------       OF VOTING
OF BENEFICIAL OWNERS(1)                                 SHARES      PERCENT     SHARES      PERCENT     SECURITIES(2)
- - -----------------------------------------------------   -------     -------     -------     -------     -------------
Alna Capital Associates(3)...........................   142,840        4.6%     451,564       40.4%          32.6%
Albert H. Nahmad(4)..................................   327,333       10.5      789,040       59.4           49.6
T. Rowe Price and Associates, Inc.(5)................   300,000        9.7        --            --            2.3
FMR Corp.(6).........................................   256,700        8.3       72,520        7.3            7.5
Pioneering Management Corporation(7).................   159,000        5.1        --            --            1.2
Dimensional Fund Advisers, Inc.(8)...................     --            --       50,115        5.0            3.8
D. A. Coape-Arnold...................................    19,234          *        7,088          *              *
David B. Fleeman(9)..................................    88,245        2.8       16,853        1.7            2.0
James S. Grien(10)...................................     3,000          *        --            --              *
Roberto Motta(11)....................................    64,405        2.1       41,388        4.1            3.6
Paul F. Manley(12)...................................    11,912          *        1,682          *              *
Bob L. Moss(13)......................................    16,635          *        --            --              *
Alan H. Potamkin(14).................................     1,500          *       12,500        1.3            1.0
Oliver M. Butler(15).................................   196,187        6.3        --            --            1.5
All directors and executive officers
as a group (10 persons)(16)........................   791,638       23.4%     902,828       66.0%          57.5%
- - ------------------------
*    Less than 1%.
(1)  Unless otherwise indicated below, (a) the address of each of the beneficial owners identified is 2665 South
Bayshore Drive, Suite 901, Coconut Grove, Florida 33133 and (b) each person or group has sole voting and
investment power with respect to all such shares.
(2)  Although each named person and all directors and executive officers as a group are deemed to be the
beneficial owners of securities that may be acquired within 60 days through the exercise of exchange or
conversion rights, and the Class B Common Stock is immediately convertible into Common Stock on a one-for-one
basis, the number of shares set forth opposite each shareholder's name does not include shares of Common
Stock issuable upon conversion of the Company's Class B Common Stock. Includes Class B Common Stock issuable
on conversion of the Company's 10% Convertible Subordinated Debentures due 1996 (the 'Debentures'). The
Debentures are convertible into shares of Class B Common Stock, have a face value of $500 and are each
convertible into 49.46 shares of Class B Common Stock.
(3)  Alna Capital Associates ('Alna Capital') is a New York limited partnership of which Mr. Nahmad owns a 40%
interest and is the sole general partner and David B. Fleeman is a limited partner. The number of shares of
Common Stock indicated includes (i) 142,840 shares directly owned. The number of shares of Class B Common
Stock indicated includes (i) 329,111 shares directly owned; and (ii) 122,453 shares issuable upon conversion
of Class B Debentures. The address of Alna Capital is 505 Park Avenue, 16th Floor, New York, New York 10022.
(4)  Includes shares indicated as beneficially owned by Alna Capital. See footnote (3) above. The number of shares
of Common Stock indicated also includes (i) 7,601 shares directly owned; (ii) 5,642 shares owned pursuant to
the Watsco, Inc. Profit Sharing Retirement Plan and Trust (the 'Profit Sharing Plan'); and (iii) 171,250
shares issuable upon exercise of presently exercisable options granted pursuant to the Company's 1991 Stock
Option Plan (the '1991 Plan'). The number of shares of Class B Common Stock indicated also includes (i)
127,005 shares directly owned; (ii) 194,250 shares issuable upon exercise of presently exercisable options
granted pursuant to the 1991 Plan; and (iii) 16,221 shares issuable upon conversion of Class B Debentures.
(5)  The address of T. Rowe Price and Associates, Inc. is 100 E. Pratt Street, Baltimore, Maryland 21202.
(6)  The address of FMR Corp. is 82 Devonshire Street, Boston, Massachusetts 02109.
(7)  The address of Pioneering Management Corporation is 60 State Street, Boston, Massachusetts 02114.
(8)  The address of Dimensional Fund Advisers, Inc. is 1299 Ocean Avenue, Santa Monica, California 90401.
(9)  Excludes shares beneficially owned by Alna Capital. See footnote (3) above. The number of shares of Common
Stock indicated includes (i) 8,130 shares directly owned; (ii) 60,312 shares owned by Fleeman Builders, a
Florida partnership of which Mr. Fleeman is a General Partner; (iii) 13,126 shares issuable upon exercise of
presently exercisable options granted pursuant to the 1991 Plan; and (iv) 6,677 shares owned by 3JG Trust of
which Mr. Fleeman is a trustee. The number of shares of Class B Common Stock indicated includes (i) 3,938
shares directly owned and (ii) 12,915 shares owned by Fleeman Builders.
(10)  Includes (i) 1,500 shares directly owned and (ii) 1,500 shares issuable upon exercise of presently
exercisable options granted pursuant to the 1991 Plan.
(11)  The number of shares of Common Stock indicated includes (i) 9,188 shares directly owned; (ii) 13,126 shares
issuable upon exercise of presently exercisable options granted pursuant to the 1991 Plan; and (iii) 42,091
shares owned by Republic Trading, Inc. ('Republic Trading') of which Mr. Motta is a principal. The number of
shares of Class B Common Stock indicated includes (i) 3,938 shares directly owned; (ii) 16,369 shares
issuable upon conversion of Class B Debentures owned by Republic Trading; and (iii) 21,081 shares owned by
Republic Trading.
(12)  The number of shares of Common Stock includes (i) 1,727 shares directly owned and (ii) 10,185 shares issuable
upon exercise of presently exercisable options granted pursuant to the 1991 Plan.
(13)  The number of shares of Common Stock indicated includes (i) 6,486 shares directly owned; (ii) 2,274 shares
owned by Mr. Moss's spouse; and (iii) 7,875 shares issuable upon exercise of presently exercisable options
granted pursuant to the 1991 Plan.
(14)  The number of shares of Common Stock indicated represents 1,500 shares issuable upon exercise of presently
(15)  The number of shares of Common Stock indicated includes (i) 190,937 shares owned by a trust for which Mr.
Butler and his spouse are the trustees and (ii) 5,250 shares issuable upon exercise of presently exercisable
options granted pursuant to the 1991 Plan.
(16)  Includes shares beneficially owned by directors and executive officers, as described in footnotes (3), (4),
(9), (10), (11), (12), (13), (14) and (15). The number of shares of Common Stock indicated also includes
63,187 shares beneficially owned by Ronald P. Newman, the Company's Chief Financial Officer, Secretary and
Treasurer, consisting of (i) 8,009 shares directly owned; (ii) 1,135 shares owned by Mr. Newman's spouse;
(iii) 2,857 shares owned in the Profit Sharing Plan; and (iv) 51,186 shares issuable upon exercise of
presently exercisable options granted pursuant to the 1991 Plan. The number of shares of Class B Common Stock
indicated includes 34,277 shares beneficially owned by Mr. Newman consisting of (i) 9,602 shares directly
owned and (ii) 24,675 shares issuable upon exercise of presently exercisable options granted pursuant to the
1991 Plan.
The Company's Amended and Restated Articles of Incorporation and Bylaws
provide that the Board of Directors shall consist of not less than three nor
more than nine members, and shall be divided, as nearly as possible, into three
equal divisions to serve in staggered terms of office of three years. Each
director elected at the Annual Meeting will serve for a term expiring at the
1998 Annual Meeting of Shareholders or until his successor has been duly elected
and qualified.
One director is to be elected at the Annual Meeting by the holders of
Common Stock, voting separately as a class. Mr. James S. Grien has been
nominated as the director to be elected by the holders of Common Stock and
proxies will be voted for Mr. Grien absent contrary instructions. Mr. Grien has
served as a Director of the Company since 1994.
Two directors are to be elected at the Annual Meeting by the holders of
Class B Common Stock voting separately as a class. Messrs. Fleeman and Moss, who
have served as directors of the Company since 1977 and 1992, respectively, have
been nominated as the directors to be elected by the holders of Class B Common
Stock and proxies will be voted for Messrs. Fleeman and Moss absent contrary
The Board of Directors has no reason to believe that any nominee will
refuse to act or be unable to accept election; however, in the event that a
nominee for a directorship is unable to accept election or if any other
unforeseen contingencies should arise, it is intended that proxies will be voted
for the remaining nominees, if any, and for such other person as may be
designated by the Board of Directors, unless it is directed by a proxy to do
DIRECTORS AND EXECUTIVE OFFICERS OF THE COMPANY
The directors and executive officers of the Company are as follows:
NAME               AGE            POSITION WITH THE COMPANY
- - ----               ---  -----------------------------------------------
Albert H. Nahmad    54  Chairman of the Board and President
Ronald P. Newman    48  Chief Financial Officer, Secretary and Treasurer
O.M. Butler         72  Director
D.A. Coape-Arnold   77  Director
David B. Fleeman    81  Director
James S. Grien      37  Director
Paul F. Manley      58  Director
Bob L. Moss         47  Director
Roberto Motta       81  Director
Alan H. Potamkin    46  Director
Albert H. Nahmad has served as Chairman of the Board and President of the
Company since December 1973. Mr. Nahmad is the general partner of Alna Capital
Associates, a New York limited partnership, which is the principal shareholder
Ronald P. Newman has served as Chief Financial Officer, Secretary and
Treasurer of the Company since October 1982. Prior to joining the Company, Mr.
Newman, a certified public accountant, was associated with the accounting firm
of Arthur Young & Company from 1977 to 1982.
O.M. Butler has been a director of the Company since 1990. Mr. Butler is
the founder and Chairman of the Board of Heating & Cooling Supply, Inc., a
subsidiary of the Company, where he has been employed since 1960.
D. A. Coape-Arnold has been a director of the Company since 1981. From 1982
to present, Mr. Coape-Arnold has served as a consultant for a variety of
businesses. From 1978 until 1982, he served as Vice President of The Wickes
Corporation, a diversified New York Stock Exchange company. From 1961 to 1978,
he served as Vice President and Group Executive of W. R. Grace & Co., a
diversified New York Stock Exchange holding company.
David B. Fleeman has been a director of the Company since 1977. Since 1956,
Mr. Fleeman has served as the Managing Partner of Fleeman Builders, a Florida
general partnership engaged primarily in real estate development.
James S. Grien has been a director of the Company since 1994. Mr. Grien is
a Managing Director of Prudential Securities, Inc. and has been employed by
Prudential Securities, Inc. in various positions since l989.
Bob L. Moss has been a director of the Company since 1992. Since 1986 Mr.
Moss has served as Chairman of the Board and President of Centex-Rooney
Enterprises, Inc., the largest general contractor in the real estate industry in
the Southeastern United States, Caribbean and Bahamas.
Paul F. Manley has been a director of the Company since 1984. Mr. Manley
served as Executive Director of the law firm of Holland & Knight from 1987 to
1991. From 1982 to 1987, Mr. Manley served as Vice President of Planning at
Sensormatic Electronics Corporation, a publicly held manufacturer of electronic
article surveillance systems. Prior to 1982, Mr. Manley served as the Managing
Partner of the Miami office of Arthur Young & Company.
Roberto Motta has been a director of the Company since 1975. Mr. Motta has
been engaged as a private investor in various business activities for more than
five years.
Alan H. Potamkin has been a director of the Company since 1994. Since 1970,
Mr. Potamkin has served as President of Potamkin Companies, one of the nation's
largest retail automobile dealers.
The Company's Amended and Restated Articles of Incorporation provide for
the Board of Directors to have up to nine members, to be divided as nearly as
possible in three equal divisions to serve in staggered terms of three years.
Each division consists of one director to be elected by the holders of Common
Stock and two directors to be elected by the holders of Class B Common Stock.
The number of members comprising the Board of Directors presently is nine, three
of whom are Common Stock directors and six of whom are Class B Common Stock
directors. Messrs. Grien (Common Stock), Fleeman (Class B) and Moss (Class B)
serve until the 1995 Annual Meeting of Shareholders; Messrs. Manley (Common
Stock), Nahmad (Class B) and Coape-Arnold (Class B) serve until the 1996 Annual
Meeting of Shareholders; and Messrs. Potamkin (Common Stock), Motta (Class B)
and Butler (Class B) serve until the 1997 Annual Meeting of Shareholders. See
'Election of Directors'.
Except for Mr. Nahmad's employment agreement with the Company, pursuant to
which he serves as President, there are no arrangements or understandings with
respect to the selection of officers or directors. The Company pays each
director who is not an employee a $500 fee for each meeting of the Board of
Directors attended and reimburses directors for their expenses in connection
with their activities as directors of the Company.
COMPLIANCE WITH SECTION 16(A) OF THE SECURITIES EXCHANGE ACT OF 1934
Section 16(a) of the Securities Exchange Act of 1934 requires the Company's
officers, directors, and persons who own more than ten percent of a registered
class of the Company's equity securities to file reports of ownership and
changes in ownership on Forms 3, 4 and 5 with the Securities and Exchange
Commission (SEC), the New York Stock Exchange and the American Stock Exchange.
Officers, directors
and greater than ten percent shareholders are required by the SEC regulations to
furnish the Company with copies of all Forms 3, 4 and 5 they file.
Based solely on the Company's review of the copies of such forms it has
received, the Company believes that all its officers, directors, and greater
than ten percent beneficial owners complied with all filing requirements
applicable to them with respect to transactions during fiscal 1994.
MEETINGS AND COMMITTEES OF THE BOARD OF DIRECTORS
During the fiscal year ended December 31, 1994, the Company's Board of
Directors took certain actions by unanimous written consent and held three
meetings. During 1994, other than Messrs. Motta and Potamkin, no incumbent
director attended fewer than 75 percent of the aggregate of (i) the number of
meetings of the Board of Directors held during the period he served on the
Board, and (ii) the number of meetings of committees of the Board of Directors
held during the period he served on such committees.
The Board of Directors has established four standing committees: (1) the
Audit Committee, (2) the Compensation Committee, (3) the Stock Option Committee
and (4) the Nominating Committee.
Messrs. Manley and Potamkin are members of the Audit Committee, which held
one meeting during 1994. The duties and responsibilities of the Audit Committee
include (a) recommending to the full Board of Directors the appointment of the
Company's auditors and any termination of engagement, (b) reviewing the plan and
scope of audits, (c) reviewing the Company's significant accounting policies and
internal controls, and (d) having general responsibility for all related
auditing matters.
Messrs. Manley and Fleeman are members of the Compensation Committee, which
held three meetings during 1994. The Compensation Committee reviews and
determines the compensation of the Company's officers.
Messrs. Moss and Grien are members of the Stock Option Committee. The Stock
Option Committee administers the Company's stock option plans and has the power
and authority to (a) determine the persons to be awarded options and the terms
thereof pursuant to the terms of the plans, and (b) construe and interpret the
Company's stock option plans.
Messrs. Nahmad and Moss are members of the Nominating Committee. The
Nominating Committee is responsible for (a) establishing procedures for the
selection and retention of members of the Board of Directors, (b) evaluating
Board nominees and members, and (c) recommending nominees.
The following table sets forth the aggregate compensation paid to the
Company's Chief Executive Officer and each of the Company's other executive
officers whose total annual salary and bonus for the 1994 fiscal year was
$100,000 or more.
ANNUAL COMPENSATION                   LONG-TERM COMPENSATION
-------------------------------------------     ---------------------------
FISCAL                                  OTHER ANNUAL        STOCK         ALL OTHER
NAME AND PRINCIPAL POSITION        YEAR       SALARY       BONUS         COMPENSATION(1)     OPTIONS     COMPENSATION(2)
- - ------------------------------    ------     --------     --------       ---------------     -------     ---------------
Albert Nahmad                      1994      $368,391     $528,000(4)           --             --            $ 3,538
President and Chief              1993      $358,775     $222,000(4)           --            60,000         $ 3,433
Executive Officer(3)             1992      $340,000     $720,000(4)           --           377,500         $55,873
Ronald P. Newman                   1994      $140,240     $ 52,000              --             --            $ 2,890
Vice President                   1993      $138,450     $  1,000(4)           --            10,000         $ 2,827
of Finance, Secretary            1992      $135,000     $ 84,000(4)           --            79,695         $ 2,542
and Treasurer
(1) The officers listed in this table receive certain personal benefits;
however, such additional benefits do not exceed the lesser of $50,000 or 10%
of such officer's salary and bonus for any of the years reported.
(2) In 1994 and 1993, these amounts represent the Company's contribution to the
Watsco, Inc. Profit Sharing Retirement Plan and Trust (the 'Profit Sharing
Plan'). In 1992, these amounts represent for Mr. Nahmad, forgiveness of
indebtedness of $52,440 to the Company authorized by the Company's Board of
Directors for services rendered to the Company in 1992 and the Company's
contributions to the Profit Sharing Plan. The Profit Sharing Plan is
qualified under Section 401(k) of the Internal Revenue Code of 1986, as
amended.
(3) Mr. Nahmad is employed pursuant to an employment agreement as the Company's
President and Chairman of the Board until January 31, 1996 which provides
for an annual base salary of not less than $325,000. The agreement contains
certain noncompete covenants pursuant to which, for a period of two years
after termination of employment for any reason, Mr. Nahmad agrees not to
engage in any employment competitive with any business engaged in by the
Company at the time of termination of his employment in the areas in which
the Company is engaged in such business.
(4) In 1994, includes a bonus of $200,000 paid to Mr. Nahmad which normally
would have been paid in 1995. In 1993, includes a bonus of $212,000 paid to
Mr. Nahmad which normally would have been paid in 1994. In 1992, includes
bonuses of $300,000 and $35,000 paid in April 1992 to Mr. Nahmad and Mr.
Newman, respectively; in 1992, also includes bonuses of $420,000 and $49,000
paid to Mr. Nahmad and Mr. Newman, respectively, which would normally have
been paid in 1993; the Compensation Committee approved payment of these
bonuses in order to take advantage of the 1992 income tax rate change and
tax withholding requirements.
OPTION GRANTS IN FISCAL YEAR 1994
The Company did not grant any stock options or appreciation rights to the
Company's executive officers during fiscal 1994.
AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR
AND FISCAL YEAR END OPTION VALUES
The following table sets forth certain information concerning stock options
exercised in 1994 and unexercised stock options held by the Company's executive
officers as of December 31, 1994.
NUMBER OF                   VALUE OF UNEXERCISED
NUMBER OF                     UNEXERCISED OPTIONS HELD AT         IN-THE-MONEY OPTIONS AT
SHARES                              FISCAL YEAR END                  FISCAL YEAR END
ACQUIRED       VALUE      ----------------------------------    ----------------------------
NAME                             ON EXERCISE    REALIZED    EXERCISABLE(1)    UNEXERCISABLE(2)    EXERCISABLE    UNEXERCISABLE
- - ------------------------------   -----------    --------    --------------    ----------------    -----------    -------------
Albert H. Nahmad                       --           --          365,500            20,000          $1,850,530       $75,000
Ronald P. Newman                       --           --           75,861             3,334          $  272,044       $12,502
(1) Represents options as to 171,250 shares of Common Stock and 194,250 shares
of Class B Common stock for Mr. Nahmad and 51,186 shares of Common Stock and
24,675 shares of Class B Common Stock for Mr. Newman granted pursuant to the
(2) Represents options as to shares of Common Stock granted pursuant to the 1991
Effective January 1991, the Company renewed the employment agreement with
Albert H. Nahmad for a 5-year term. Pursuant to the agreement, Mr. Nahmad is
employed as the Company's President until January 31, 1996 and is entitled to
receive an annual salary of not less than $325,000.
REVERSE SPLIT DOLLAR AGREEMENT
The Company's executive officers participate in a reverse split dollar
insurance program which provides the Company limited interests in the insurance
policies, including death benefits aggregating approximately $5 million plus any
prepaid and unearned premiums. Under the insurance program, the officers retain
all incidents of ownership in excess of the Company's limited interests.
KEY EXECUTIVE DEFERRED COMPENSATION AGREEMENT
The Company entered into a Key Executive Deferred Compensation Agreement
(the 'Deferred Compensation Agreement') on January 31, 1983, with Mr. Nahmad
that provides benefits to Mr. Nahmad or his family upon disability, death or
retirement or upon change in control of the Company. The minimum monthly benefit
payable under the plan is based on Mr. Nahmad's length of service to age 65 and
is the lesser of one-twelfth (1/12) of 10% of (i) $727,000 plus certain amounts
accrued for each year of service, or (ii) his maximum annual salary prior to the
event triggering payment of benefits. The estimated minimum annual benefits
payable to Mr. Nahmad upon retirement at age 65 and the service to the Company
that will have been completed by him are $72,700 and 33 years, respectively.
COMMITTEES' REPORT TO SHAREHOLDERS
The Company's executive compensation programs are based on three
components: base salary, annual incentives, and long-term compensation; each
intended as an important piece of the overall compensation philosophy.
Base salary is used to attract and retain the Company's key executives and
is calculated using comparisons with the Company's industry competitors and/or
companies of similar market value. Salaries are reviewed by the Compensation
Committee on an annual basis.
Annual incentives are a significant component of executive compensation,
reflecting the Company's belief that management's contribution to shareholder
returns (via increasing stock prices and dividends) comes from maximizing
earnings and the potential of the Company. Each executive officer has an annual
incentive opportunity based upon a percentage of pre-tax earnings of the
Company. By its extensive reliance on this incentive compensation system, which
has been employed by the Company for the Chief Executive Officer without
material change for more than 5 years, the Company links a substantial portion
of the executive officers' annual pay directly to profits. As a result of this
approach, the Company's executives' total compensation is likely to vary from
year to year more significantly than the pay of executives of many of the
Company's competitors. This philosophy is essential to an entrepreneurial
business such as the Company's business. Certain other employees have their pay
levels set primarily in relation to comparisons to similar executives of
competitors, with additional annual incentives based on the attainment of
specific objectives supporting the overall goals of the Company.
In terms of long-term compensation, management incentives generally are
provided through annual grants of stock options to the Company's executives to
retain and motivate executives to improve the Company's stock value. Stock
options have been granted at an exercise price equal to the closing price of the
Company's Common Stock or Class B Common Stock as reported by the New York Stock
Exchange and the American Stock Exchange, respectively, on the day prior to the
date of grant. Accordingly, grants of stock options will produce value only if
there are increases in the underlying stock price. There were no grants of stock
options to executive officers in 1994. The Company provides no defined benefit
pension plan nor supplemental executive retirement plan but does provide a
401(k) plan for all of its employees employed for at least one year.
In 1994, the Company's pre-tax earnings increased to $12,028,000, up 33%
from $9,017,000 in 1993 (excluding non-recurring income from insurance proceeds
following Hurricane Andrew), despite continued economic weakness in California,
one of the Company's primary markets. These results include the full-year
operation of Comfort Supply Inc., acquired in May 1993, which positioned the
Company in the very important Texas market. During the last five years, a time
period among the most challenging faced in the history of the home building
industry, management through its strategy of acquisitions and capturing
replacement market share has achieved consistent growth in earnings and has been
successful in positioning the Company as a clear leader in the residential
central air conditioner industry in Florida, California and Texas, the three
largest air conditioner markets in the United States.
These successful efforts of the Company's management team were led by the
Company's President and Chief Executive Officer, Albert H. Nahmad. Mr. Nahmad's
base compensation was increased during 1994 to $368,391, representing a 3% cost
of living increase from his 1993 base salary. As discussed in more detail below,
Mr. Nahmad and other key executives of the Company received a significant
portion of their total compensation through incentive compensation.
In order to promote an increase in net worth of the Company, maximize the
return to shareholders and effectively motivate senior management, the executive
compensation philosophy of the Company has been to link compensation with
Company performance. In order to take advantage of income tax rates prevailing
at the time, the Committee approved the payment of bonuses to executive officers
in 1992 which normally would have been paid in 1993 and certain bonuses in 1993
and 1994 which normally would have been paid in 1994 and 1995, respectively.
Therefore Mr. Nahmad received 59% of his cash compensation related to 1994 from
incentives. The Committee believes that this represents evidence of the strong
and explicit link between executive compensation and the creation of shareholder
Decisions with regard to compensation of the Company's executives are made
by the two-member Compensation Committee, which has meetings at least once a
year and is called upon to meet more often when the need arises. Decisions with
regard to stock options for all employees of the Company are made by the
two-member Stock Option Committee, which is called upon to meet when the need
arises. Each member of the Committees is a non-employee director. The executive
compensation practices of the Company are constantly re-evaluated to ensure
their relevance, their support of the strategic goals of the Company and their
contribution to the creation of shareholder value.
The above Committees' Report to Shareholders of the Compensation and Stock
Option Committees and the Company's Common Stock Price Performance Graph which
follows shall not be deemed to be incorporated by reference by any general
statement incorporating this Proxy Statement by reference into any filing under
the Securities Act of 1933 or under the Securities Exchange Act of 1934, except
to the extent that the Company specifically incorporates this information by
In December 1993, the Internal Revenue Service issued proposed regulations
concerning compliance with Section 162(m) of the Internal Revenue Code of 1986,
as amended (the 'Code'). Section 162(m) generally disallows a public company's
deduction for compensation to any one employee in excess of $1 million per year
unless the compensation is pursuant to a plan approved by the public company's
shareholders. Amounts payable to Mr. Nahmad pursuant to his current employment
agreement are excluded under Section 162(m) as his current employment agreement
was in effect prior to February 17, 1993 and has not been materially modified.
Accordingly, the Compensation Committee does not anticipate that the Named
Executive Officers will receive annual cash compensation in excess of the $1
million cap provided in Section 162(m) in 1995. The Compensation Committee
intends to take the necessary steps to ensure compliance with Section 162(m) of
the Code when Mr. Nahmad's present employment agreement expires and by
proposing, within the time permitted under Section 162(m), an amendment to the
Company's stock option plan to provide a limitation on the number of shares for
which options may be granted to any one participant.
COMPENSATION AND STOCK OPTION COMMITTEES
COMPENSATION COMMITTEE:
Paul Manley, Chairman
David B. Fleeman
STOCK OPTION COMMITTEE:
Bob L. Moss, Chairman
James S. Grien
WATSCO, INC. COMMON STOCK PRICE PERFORMANCE
The following graph compares the cumulative total shareholder return of
Watsco, Inc. Common Stock and Class B Common Stock, based on their market prices
and assuming reimbursement of dividends, with (i) the S & P Small-Cap 600 Index,
(ii) the AMEX Market Index and (iii) a Peer Group Index.
The Peer Group Index is comprised of the following publicly traded
companies: Hughes Supply, Inc.; SPX Corp.; Noland Company; and Inter-City
Products, Inc. The Company believes that this information demonstrates that the
compensation earned by its executive officers compares consistently with
increased shareholder value.
1/1/90    12/31/90    12/31/91    12/31/92    12/31/93    12/31/94
------    --------    --------    --------    --------    --------
Watsco, Inc. Common Stock...............................     100         93          98         158         169         222
Watsco, Inc. Class B Common Stock.......................     100        131         159         146         156         205
Peer Group Index........................................     100         54          56          72          68          65
AMEX Market Index.......................................     100         82         105         106         126         115
S&P Small-Cap 600.......................................     100         76         113         137         163         155
The line graph assumes that $100 was invested on January 1, 1990 in the
Company's Common Stock and Class B Common Stock, the S & P Small-Cap 600 Index,
the AMEX Market Index and the Peer Group Index.
The closing prices of the Company's Common Stock and Class B Common Stock
were $16.625 and $16.50, respectively, at December 31, 1994. As of April 17,
1995 the closing price of the Company's Common Stock and Class B Common Stock
was $     and $     per share, respectively. The stock price performance of
Watsco, Inc. Common Stock and Class B Common Stock depicted in the graph above
represents past performance only and is not indicative of future performance.
CERTAIN TRANSACTIONS
Alna Capital Associates, a New York limited partnership ('Alna Capital') of
which Mr. Nahmad, the Company's President, is the sole general partner, owns
$1,238,000 of the Company's 10% Convertible Subordinated Debentures due 1996
that are convertible into shares of Class B Common Stock (see 'Beneficial
Security Ownership').
Heating & Cooling leases four buildings with an aggregate of 76,655 square
feet from Elizabeth Paige, daughter of O.M. Butler, a director of the Company.
The lease agreements provide for aggregate lease payments of $342,000 per year
through October 15, 2005. Heating & Cooling also leases two buildings with an
aggregate of 53,177 square feet from John Butler, President of Heating & Cooling
and son of O.M. Butler. The lease agreements provide for aggregate lease
payments of $193,000 per year through October 15, 2005.
PROPOSAL TO AMEND
THE AMENDED AND RESTATED ARTICLES OF INCORPORATION
The Company's Amended and Restated Articles of Incorporation now authorizes
10,000,000 shares of Common Stock, par value of $.50 per share. In order to
provide the Company the ability to issue additional shares of Common Stock for
future stock splits, acquisitions and stock option grants, among other uses, the
Board of Directors has approved an amendment to Article III, paragraph A. of the
Company's Amended and Restated Articles of Incorporation, which if adopted by
the shareholders, will increase the number of authorized shares of Common Stock
of the Company to 40,000,000.
Following is Article III, paragraph A. of the Company's Amended and
Restated Articles of Incorporation as proposed to be in effect upon the adoption
of the Proposal to amend the Articles of Incorporation:
A. The aggregate number of shares of Capital Stock which the Corporation
shall have the authority to issue is 44,000,000 shares, of which 40,000,000
shares, at the par value of $.50 per share, shall be designated as Common Stock
and 4,000,000 shares, at the par value of $.50 per share, shall be designated as
Class B Common Stock.
THE BOARD OF DIRECTORS RECOMMENDS A VOTE 'FOR' APPROVAL OF THIS AMENDMENT
TO THE COMPANY'S AMENDED AND RESTATED ARTICLES OF INCORPORATION.
RATIFICATION OF THE REAPPOINTMENT OF THE
COMPANY'S PRINCIPAL INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The firm of Arthur Andersen LLP, independent certified public accountants,
has been the Company's auditor since 1985 and has advised the Company that the
firm does not have any direct financial interest or indirect financial interest
in the Company or any of its subsidiaries.
The Board of Directors, on the recommendation of the Company's Audit
Committee, has selected Arthur Andersen LLP as the Company's principal
independent certified public accountants for the year ending December 31, 1995.
One or more representatives of Arthur Andersen LLP are expected to be present at
the Annual Meeting, and will have the opportunity to make a statement if they
desire to do so, and are expected to be available to respond to appropriate
questions from shareholders.
THE BOARD OF DIRECTORS RECOMMENDS THAT THE COMPANY'S SHAREHOLDERS VOTE
'FOR' RATIFICATION OF THE REAPPOINTMENT OF ARTHUR ANDERSEN LLP AS THE COMPANY'S
PRINCIPAL INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS.
The Board of Directors knows of no other business to be brought before the
Annual Meeting. If, however, any other business should properly come before the
Annual Meeting, the persons named in the accompanying proxy will vote proxies as
in their discretion they may deem appropriate, unless they are directed by a
proxy to do otherwise.
INFORMATION CONCERNING SHAREHOLDER PROPOSALS
Pursuant to Rule 14a-8 promulgated by the Securities and Exchange
Commission, a shareholder intending to present a proposal to be presented at the
1996 Annual Meeting to Shareholders must deliver a proposal in writing to the
Company's principal executive offices on or before December 29, 1995.
PROXY FOR COMMON STOCK
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The undersigned hereby appoints ALBERT H. NAHMAD, RONALD P. NEWMAN and each
of them, the true and lawful attorneys, agents for and in the name of the
undersigned, with full power of substitution for and in the name of the
undersigned, to vote all shares the undersigned is entitled to vote at the 1995
Annual Meeting of Shareholders of WATSCO, INC. to be held on Monday, June 5,
1995, at 10:00 A.M., Eastern Standard Time, at the Grand Bay Hotel, 2669 South
Bayshore Drive, Coconut Grove, Florida 33133, and at any and all adjournments
thereof, on the following matters:
(1) FOR [ ]   WITHHOLD VOTE [ ]   the election of James S. Grien as a Common
Stock Director to serve until the Annual Meeting of Shareholders in 1998 or
until his successor is duly elected and qualified.
(2) FOR [ ]   AGAINST [ ]   WITHHOLD VOTE [ ]   the proposal to approve an
amendment to the Company's Amended and Restated Articles of Incorporation to
increase the number of authorized shares of Common Stock, par value $.50 per
share, of the Company to 40,000,000.
(3) FOR [ ]   AGAINST [ ]   WITHHOLD VOTE [ ]   the reappointment of Arthur
Andersen LLP as the Company's independent certified public accountants for
the year ending December 31, 1995; and
(4) In their discretion, on any other matters which may properly come before the
Annual Meeting or any adjournment or postponements thereof.
(see reverse side)
(continued from other side)
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED
HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL
BE VOTED 'FOR' ITEMS 1, 2 AND 3.
The undersigned hereby acknowledges receipt of (i) the Company's 1994 Annual
Report to Shareholders, (ii) the Proxy Statement and (iii) the Notice of Annual
Meeting dated April 28, 1995.
Date: __________________________________ , 1995
Please sign exactly as your name appears hereon.
If stock is registered in more than one name,
each holder should sign. When signing as an
attorney, administrator, executor, guardian or
trustee, please add your title as such. If
executed by a corporation or partnership, the
proxy should be signed in full corporate or
partnership name by a duly authorized officer
or partner as applicable.
PROXY FOR CLASS B COMMON STOCK
1995 at 10:00 A.M., Eastern Standard Time, at the Grand Bay Hotel, 2669 South
(1) FOR [ ]   WITHHOLD VOTE [ ]   the election of David B. Fleeman and Bob L.
Moss as Class B Directors to serve until the Annual Meeting of Shareholders
in 1998 or until their successors are duly elected and qualified, except
vote withheld from the following nominee
____________________________________ (if any).


We praise The Lord for the missions conference at Grace Baptist in Zachary, LA! Pastor Shreeder and his family was such a blessing to us! From the moment we arrived until the day we left, we were loved and encouraged by this dear church family!
Some dear missionary friends of mine were there as well! Jim Roberts (India) and Aaron Vance (Colombia) did an awesome job presenting their ministries. Would you consider having these dear friends of mine come to your church? Learn more about them at bemagnified.org (Aaron) and comeandseeinda.org (Jim). Trent Cornwell was the main speaker, and we were thrilled to see the Lord do some amazing things in the services! Trent has been a friend of mine for years. I praise the Lord for his ministry as a sender out of Vision Baptist. Learn more about the ministry of a Sender at pioneersenders.org.
While at the conference we stayed with Dewana Bobo, which was exciting for us as she and her family were missionaries in Japan! She made us several Japanese dishes and answered many of our questions about living in Japan. It was so amazing to hear stories about Japanese people accepting Christ! Have you ever had such a desire for something that you ache to do it? That's how I felt as we talked about Japan and preaching the Gospel there! Thank you Dewana for opening your home to us and sharing with us your heart for The Lord!
On the last day of the conference, we experienced something we had never seen before at a conference, a parade! I'd explain it but it's just better to see it for yourself. Watch the videos bellow.
Thank you Pastor Shreeder and Grace Baptist Church for the opportunity to present our ministry! Thank you for all the meals, the fun activities, the prayers and words of encouragement! You have been such a blessing to us!


text:
I Choni (o Coni o Caoni o Kanes) sono un'antica popolazione italica considerata una variante etnica degli Enotri, la popolazione che i coloni greci incontrano nell'Italia meridionale durante la seconda colonizzazione greca avvenuta nel VIII sec. a.C. Antioco indica che nell'ambito della popolazione enotrica, i Choni hanno un'identità ed un ordinamento proprio, non derivante dalla disarticolazione del mondo italo-enotrio verificatasi una volta avvenuta la successione di Morgete a Italo, come avvenuto con i Morgeti ed i Siculi.

Questa specificità dell'ethnos emerge anche dalle altre testimonianze su di essi. Le fonti achee facevano risalire all'acheo-ftiota Filottete, reduce da Troia, la nascita dell'ethnos. Nella Siritide si parlava per loro di origini o commistioni con i Troiani. Necessita, dunque, anche in questo caso, distinguere dagli Oinotroi propriamente detti, una popolazione semplicemente enotria e con una sua autonoma storia.

I Choni  occuparono un'ampia area della Calabria ionica settentrionale, da Metaponto fino a Crotone, e si caratterizzarono per una cultura funeraria che vede inumare i propri cari non distesi supini con le gambe leggermente flesse, ma rannicchiati su di un fianco, secondo l'uso dei loro vicini della Puglia, gli Iapigi, oltre che della presenza di enchytrismoi anche in area di abitato.

L'origine dei Choni viene riconosciuta dalla tradizioni storico-letterarie nell'orizzonte leggendario dei contatti con il mondo egeo-miceneo che rinviare le narrazioni mitiche dei « ritorni » di eroi greci dalla spedizione contro Troia, che avrebbero fondato nelle regioni chonio-enotrie diverse città, come Nestore a Metaponto o Epeo a Lagarìa o Filottete a Chone, Krimisa, Petelia, Makalla.

In seguito alla fondazione e sviluppo delle colonie magno-greche dall'VIII sec. a.C. i Choni perdono progressivamente la propria identità «indigena», condizionata progressivamente dal processo di acculturazione e di ricezione dei modelli culturali di matrice ellenica. Dalla prima metà del V secolo a.C., l'adozione di modelli e pratiche religiose elleniche, attestata archeologicamente, con evidenti ricadute in ambito sociopolitico, conclude il processo di integrazione culturale avviato diversi secoli prima.

Note

Collegamenti esterni

Popoli dell'Italia antica

redpajama_set_name: RedPajamaWikipedia


text:
Sportszion
Lionel Messi being convinced by Neymar and Di Maria to join PSG
Ume Elvis
Lionel Messi shocked the world when he told Barcelona that he wants to leave the club for free and expectedly, attention has turned to where his next destination would be.
Given his links with Pep Guardiola, Manchester City have been touted as favorites to sign the Argentine maestro, although other clubs like Manchester United and Inter Milan have also been linked with his services.
Paris Saint-Germain have also been heavily linked with Messi, given the immense funds available to the French champions and it appears that two players on their books are acting as agents in a bid to convince the six-time Ballon d'Or winner to ply his trade in the Ligue 1 this season.
Although PSG are yet to make an offer, according to reports, the French champions believe that they can afford the financial package to land Messi, provided that he is allowed to leave Barcelona as a free agent.
Manchester City are, however, confident of being Messi's first-choice destination given his close relationship with Guardiola and several boardroom members including CEO Ferran Soriano and club director Txiki Begiristain.
It is believed that the Etihad outfit are willing to offer Barcelona up to €150m which puts them on a higher standing than their rivals for his signature, while players could also be added to the deal.
Neymar and Messi spent four successful years together at Barcelona
Neymar and Angel di Maria attempt to convince Lionel Messi to join PSG
It appears that PSG are leaving no stones unturned in their bid to convince Messi to come to the Parc des Princes.
Reports have emerged that two of their players have called the Rosario native to sell the idea and benefits of the move to him, with both Neymar and Angel di Maria speaking to him over the phone in recent days.
The 33-year-old maintains a close relationship with both men till this day, having spent four highly successful years between 2013 and 2017 with Neymar at Barcelona, and the two of them (alongside Luis Suarez) were part of the attacking trident affectionately termed 'MSN' that is regarded as one of the best attacking combinations in history.
Lionel Messi still holds a fondness with Neymar and has admitted that they are friends both on and off the field, while he has also expressed his disappointment that the club did not honor his wish of bringing the Brazilian back to Camp Nou.
On the part of Di Maria, the pair have been international teammates for over a decade and despite playing for heated rivals on opposite sides of the El Clasico divide, they maintain a personal relationship and both he and Neymar would seek to use this influence to convince Messi.
The Parisians would be smarting from their recent loss to Bayern Munich in the final of the Champions League and given their desperation to land Europe's biggest club prize, Lionel Messi would boost their chances as favorites for the trophy.
It is also going to be a beneficial move on a personal level for Messi, whereas Barcelona are sinking into mediocrity, PSG have been making steady gains over the last few years and are firmly in place to be a major force on the continent in the coming years.
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Travellers to Captiva Island are booking July dates now. Secure your holiday rental today, and have the perfect trip.
Beautiful, Spacious and near all things!
We've rented from Kingfisher several times. Great experience. This particular townhouse couldn't be any better!
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Great location on Sanibel Island, fabulous accommodations, extensive amenities!
Great house. Very comfortable. They're are beach chairs & toys to use which was great since we flew in & couldn't bring our own.
Property manager needs to go!
The Cottage is perfect for those looking to get the most from Beach experience!!
One of the best places to stay!
This place is PARADISE !
Great Clean Condo with all you need!


Predicting drug targets; modelling heart mitochondria; assessing drug efficacy and safety; problems with predicting enhancer-promoter pairs.
Check out our Editors-in-Chief's selection of papers from the December issue of PLOS Computational Biology. Predicting protein targets for drug-like compounds using transcriptomics Bioactive compounds often disrupt cellular gene expression in ways that are difficult to predict.


text:
Q: Print sql statement craeted by DBI::dbBind I want to print the sql syntax created with DBI::dbBind while creating safe parametrized query:
conn <- #create connection
stmt <- "select * from dbo.mytable where mycolumn = ?"
params = list("myvalue")

query <- DBI::dbSendQuery(conn, stmt)
DBI::dbBind(query, params) # how print created sql syntax?

in the last line the sql syntax is created. How to view it?

A: I'll formalize my comment into an answer.
"Binding" does not change the query, it merely "augments" a query with objects that are treated solely as data, vice intermingled with code.
The latter intermingling can be problematic for a few reasons:

*

*Malevolent code deploying "SQL Injection" (https://xkcd.com/327/, and a wiki explanation). In short, it takes advantage of closing out a quoted string or literal and executing SQL code directly, perhaps to delete or modify data, perhaps to extract data.

*Innocently enough, if the "data" you add to the query contains quotes that are not escaped properly, you could inadvertently perform your own SQL injection, though perhaps less likely to do as "Bad Things" as #1 would do.

*Optimization of SQL code. Most DBMSes will analyze and optimize a SQL query so that it performs better, takes advantage of keys, etc. They often remember queries, so that a repeated query does not need to be re-analyzed, saving time. If you intermingle data/parameters in with the raw SQL query text, then when you change one thing about it (even just one digit in a parameter), the DBMS will likely need to re-analyze the query. Inefficient.
There are functions that facilitate escaping or quoting literals and strings, and if you feel you must put literals in your SQL query, then I urge you to use them. These include (but are not limited to) DBI::dbQuoteString, DBI::dbQuoteLiteral, and DBI::dbQuoteIdentifier.
Another such function is glue::glue_sql, which handles correct quoting/escaping of literals and identifiers, to "make[s] constructing SQL statements safe and easy" (quoted from the github repo). This is "just" string interpolation, so while it should protect you just fine against #1 and #2 above, it does not necessarily permit/encourage #3.
(It only takes one mis-quoting to remind you which is used where for your particular DBMS.)
For the record, binding is rather simple, as provided in its documentation:
iris_result <- dbSendQuery(con, "SELECT * FROM iris WHERE [Petal.Width] > ?")
dbBind(iris_result, list(2.3))
results <- dbFetch(iris_result)

If you want, you can re-use the same res (at least in some DBMSes, not tested on all), as in
# same iris_result as above
dbBind(iris_result, list(2.5))
dbFetch(iris_result)
dbBind(iris_result, list(3))
dbFetch(iris_result)
dbBind(iris_result, list(3.2))
dbFetch(iris_result)

As many times as you need, ultimately finishing with
DBI::dbClearResult(iris_result)

redpajama_set_name: RedPajamaStackExchange


A two-year-old boy was killed after a horror hit and run incident earlier today.
Emergency services were rushed to the scene in Coventry after the boy and his six-year-old brother were brutally injured at around 2pm today.
The brother is currently fighting for life in hospital and an official investigation is underway.
Two people, a 53-year-old man and a 41-year-old woman, have been arrested on suspicion of death by dangerous driving in the Stoke area.
A West Midlands Ambulance Service spokesman said: "Crews arrived to find two pedestrians, both young boys, who had been seriously injured following the collision with the car.
"It quickly became apparent they had both suffered life-threatening injuries in the incident and following emergency trauma care at the scene by our staff, they were both quickly transported to hospital on blue lights."
They told The Sun: "Unfortunately, shortly after arrival at hospital it became apparent nothing could be done to save one of the boys and he was confirmed deceased.
"The second boy was taken to Birmingham Children's Hospital and accompanied by the air ambulance crew who helped to administer specialist treatment en-route.
The identities of the boys have yet to be released by officials locally.


text:
More Collider
'Bad Boys For Life' Lights Up the Weekend Box Office with $59 Million Opening
'Us': Jordan Peele Reveals What the Tethered Have Been Up to
How Joaquin Phoenix and Bradley Cooper Helped Shape 'Joker' in the Editing Room
'Bad Boys for Life' Directors on Getting THAT Cameo
Most-Anticipated Animated Movies of 2020
Box Office: 'Teenage Mutant Ninja Turtles 2' Tops Slow Weekend with $35 Million
by Allison Keene June 5, 2016
Turtle power only gets you so far the second time around, apparently, as Teenage Mutant Ninja Turtles: Out of the Shadows grossed $35 million this weekend, which is about a 40% drop from the original. The sequel business isn't doing as well as it once did in Hollywood, especially given Alice Through the Looking Glass's continued box office struggle (which may have had something to do with the Johnny Depp domestic abuse allegations, or perhaps not).
Both Turtles and Alice surprised the studios when they debuted to huge numbers originally, prompting, naturally, sequels. But maybe that's a strategy that could see some tweaking after these recent performances. On the other hand, Out of the Shadows notably plays to a younger audience, which could add to its longevity on the home video market over time.
Image via Warner Bros.
For the most part, it was a pretty mediocre weekend overall, with the only big surprise being how well Me Before You has done. The romantic weepie, starring Emilia Clarke and Sam Claflin, has performed at the top of expectations, grossing $18.3 million over the weekend. It also took the #1 spot in the UK with $2.7 million.
Though Me Before You also snagged the second place ranking on Friday, it was ultimately outperformed by X-Men: Apocalypse, which snuck into the #2 spot with $22 million, an as-predicted 66% decline from last week. That leaves it with a $116 million gross so far domestically, and over $300 million worldwide, which, when compared to other superhero franchise numbers this year, is pretty paltry.
The Lonely Island's Popstar: Never Stop Never Stopping seemed to have a fairly decent start on Friday, but ultimately underperformed with $4.6 million for the weekend. The movie apparently cost $21 million to make, so recouping that may unfortunately put this one in the "bombed" category.
On the opposite end, we can now crown Captain America: Civil War as the highest grossing movie of 2016. Team Cap indeed!
Take a look at the full Top 10 estimates for the weekend below:
Rank Title Weekend Total
1. Teenage Mutant Ninja Turtles: Out of the Shadows $35,250,000 $35,250,000
2. X-Men: Apocalypse $22,325,000 $116,498,232
3. Me Before You $18,270,000 $18,270,000
4. Alice Through the Looking Glass $10,691,000 $50,772,597
5. The Angry Birds Movie $9,775,000 $86,677,726
6. Captain America: Civil War $7,591,000 $388,940,157
7. Neighbors 2: Sorority Rising $4,700,000 $48,560,225
8. Popstar: Never Stop Never Stopping $4,630,000 $4,630,000
9. The Jungle Book $4,247,000 $347,469,661
10. The Nice Guys $3,520,000 $29,120,850
Image via Paramount Pictures
'Avenue 5's Armando Iannucci & Nikki Amuka-Bird on How to Make a Catastrophe in Space Funny
'Bad Boys For Life' Lights Up the Weekend Box Office with $59 Million Opening
How to Watch the 2020 SAG Awards on TV or Online
'1917', 'Succession', and 'Fleabag' Top PGA Awards
'Us': Jordan Peele Reveals What the Tethered Have Been Up to
This Week in Superhero News: Brie Larson Circles 'Captain Marvel,' 'The Flash'…
This Week in Trailers: 'Swiss Army Man,' 'Monster Trucks,' and More
SHARE TWEET CHAT
• Alice Through the Looking Glass • Box Office • Me Before You • Popstar Never Stop Never Stopping • Teenage Mutant Ninja Turtles 2 • Weekend Box Office
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wxPython is a wrapper for the cross-platform GUI API (often referred to as a "toolkit") wxWidgets (which is written in C++) for the Python programming language. It is one of the alternatives to Tkinter, which is bundled with Python. It is implemented as a Python extension module (native code). Other popular alternatives are PyGTK, its successor PyGObject, and PyQt. Like wxWidgets, wxPython is free software.
Being a wrapper, wxPython uses the same free software licence used by wxWidgets (wxWindows License)—which is approved by Free Software Foundation and Open Source Initiative.
wxPython was created when Robin Dunn needed a GUI to be deployed on HP-UX systems and also on Windows 3.1 within a few weeks. While evaluating commercial solutions, he ran across Python bindings for the wxWidgets toolkit. Thus, he learned Python and, in a short time, together with Harri Pasanen, became one of the main developers of wxPython, which grew from those initial bindings.
The first versions of the wrapper were created by hand. However, soon the code base became very difficult to maintain and keep synchronized with wxWidgets releases. Later versions were created with SWIG, greatly decreasing the amount of work to update the wrapper. The first "modern" version was announced in 1998.
This is a simple "Hello world" module, depicting the creation of the two main objects in wxPython (the main window object and the application object), followed by passing the control to the event-driven system (by calling MainLoop()) which manages the user-interactive part of the program.
Project Phoenix, which began in 2010, is an effort to clean up the wxPython implementation and in the process make it compatible with Python 3. This project is a new implementation of wxPython, focused on improving speed, maintainability and extensibility. Just like "Classic" wxPython, it wraps the wxWidgets C++ toolkit and provides access to the user interface portions of the wx API, enabling Python applications to have a graphical user interface on Windows, Mac or Unix systems with a native look and feel and requiring very little, if any, platform-specific code.
^ a b "wxPython 0.3 announcement on Yahoo Groups". Retrieved 2007-01-16.
^ "Index of /Phoenix/snapshot-builds". Retrieved 2018-12-14.
^ "Copyright notice". Retrieved 2009-02-27.
^ "Goals of Project Phoenix". Retrieved 2016-03-17.
^ "Project Phoenix readme file on GitHub". Retrieved 2014-01-01.
^ "Open source components and licenses". Google. Retrieved 28 January 2013.
Rappin, Noel; Dunn, Robin (March 1, 2006). wxPython in Action. Greenwich: Manning Publications. p. 552. ISBN 978-1-932394-62-7.
Precord, Cody (December 2010). wxPython 2.8 Application Development Cookbook. Greenwich: Packt Publishing. p. 308. ISBN 978-1-84951-178-0.
Wikimedia Commons has media related to WxPython.
This page was last edited on 23 December 2018, at 23:24 (UTC).


text:
An introduction to London Road Jewellery
With a changing jewellery market and the gold price rising, the challenge for London Road was to fill the void between branded silver and more traditional 18ct gold jewellery with a keenly priced, fashionable and highly wearable collection of diamond and gem-set jewellery. Thus, in the Autumn of 2009, the London Road brand was created with unusual collections interpreting the latest trends, and core retail prices between £150 and £600.
The response to this exciting brand was immediately encouraging. Today there are over 60 London Road stockists throughout the UK.
Behind the London Road brand are a brother and sister team, third generation manufacturer of fine jewellery based in South London.
These distinctive and colourful collections of stylish women's jewellery pay homage to the excitement, colour and diversity of London. Collections are named after some of London's most vibrant areas, including Bloomsbury, Burlington, Carnaby, Kew, Pimlico, Portobello and Soho.
Well manufactured product
All design work and manufacturing is done in-house. London Road is proud to have its own talented pattern makers and goldsmiths who create London Road collections from sketches and design breifs from Ed and Suzanne, and have the skills to work tight margins, while producing a quality product. Each collection takes three months from inception to completion. For more precise patterns the company uses CAD. For a more organic look patterns are hand-made, firstly in silver, which allows for experiment with different textures and finishes.
The focus is always on creating pieces which are on-trend, have commercial appeal and most importantly offer value for money at affordable price points. Once a design idea has been tested and agreed, Ed and Suzanne work closely with the production team to figure out the most cost-effective production possible, often adapting the original design as well as commissioning lapidaries to cut stones to specified dimensions.
London Road collections
Ranging from bold and eye-catching to elegant and chic, the London Road look incorporates rose, white and yellow gold with diamonds, pearls and a wide choice of dazzling gemstones including unusual cuts and lesser known gems such as rutilated quartz.
Portobello Lattice – Influenced by the intricate vintage iron work found on some of London's finest houses in and around Portobello Road, the new Lattice collection includes elegant diamond-set pendants with matching earrings in yellow or white gold.
Portobello Starry Night – Comprising stars and moon set with especially cut rose gold diamonds, finished with black rhodium, and gold 3D and open framed star and moon pendants, earrings and bracelets. The inspiration for this was from a beautiful vintage star brooch.
Bloomsbury Cocktail – Created around a non-calibrated oval shape, gems are specially cut into long thin ovals to reflect the current appetite for large rings. Set into yellow gold they have a lightweight frame to keep the gold cost reasonable and highly polished bezels to create a more dramatic look.
Bloomsbury Tassel – Sparkling strings of black diamond beads and the use of Tassels in the fashion world were the inspiration for the Portobello black diamond Tassels. Stockists so loved the Tassel look, London Road then took inspiration from the 1920's long sautoir necklace and created 34 inch long Tassel necklaces in garnet, labradorite and black onyx for the Bloomsbury collection.
Kew Bugs – (as additions to the organic Kew leaf collection) Featuring butterflies, bees and dragonflies set with black diamonds and finished with black rhodium plated wings.


text:
import operator

class Filter(object):

    """An abstract class representing a filter"""

    def __init__(self, threshold, invert_threshold):
        self.threshold = threshold
        self.invert_threshold = invert_threshold
        self.compare_func = operator.gt

    def boolean_result(self, prediction):
        if self.invert_threshold:
            return self.compare_func(self.threshold, prediction)
        return self.compare_func(prediction, self.threshold)

    def __eq__(self, threshold):
        self.threshold = threshold
        self.compare_func = operator.eq
        return self

    def __ne__(self, threshold):
        self.threshold = threshold
        self.compare_func = operator.ne
        return self

    def __lt__(self, threshold):
        self.threshold = threshold
        self.compare_func = operator.lt
        return self

    def __gt__(self, threshold):
        self.threshold = threshold
        self.compare_func = operator.gt
        return self

    def __le__(self, threshold):
        self.threshold = threshold
        self.compare_func = operator.le
        return self

    def __ge__(self, threshold):
        self.threshold = threshold
        self.compare_func = operator.ge
        return self

redpajama_set_name: RedPajamaGithub


text:
Waveguide QED in Superconducting Quantum Circuits
IFIMAC Editor May 28, 2018 | 88	| | Quantum Information, Superconductivity
Title: Waveguide QED in Superconducting Quantum Circuits.
When: Monday, May 28, (2018), 12:30.
Place: Department of Condensed Matter Physics, Faculty of Sciences, Module 3, Seminar Room (5th Floor).
Speaker: Pol Forn-Diaz, Barcelona Supercomputing Center, Centro Nacional de Supercomputación, Barcelona, Spain.
Atoms and photons interact in free space in one of nature's most fundamental processes. The dipolar interaction strength between the two systems is determined by fundamental constants, with one of its limiting factors being the mode volume of the propagating photons. A waveguide is an engineered medium that confines the electromagnetic field and in proximity to atoms allows light-matter interactions with stronger couplings compared to free space. In superconducting quantum circuits it is possible to study quantum electrodynamics with a transmission line on a chip replacing the waveguide and a superconducting qubit playing the role of an artificial atom. By proper engineering of these circuits, a wide range of possibilities opens up: from atom-photon interactions in unexplored regimes to wide-band, on-demand single-photon generation. In this talk, I am going to present recent experimental progress coupling qubits to open transmission lines. In the first part I will show results from an on-demand single photon source engineered using a tunable boundary condition in a semi-infinite transmission line. In the second part I will discuss a strongly driven qubit ultrastrongly coupled to a transmission line realizing the driven, dissipative spin-boson model.
B. Peropadre, et al., Phys. Rev. Lett. 111, 243602 (2013).
P. Forn-Diaz, et al., Nature Physics 13, 39 (2017).
I. C. Hoi et al., Nature Physics 11, 1045 (2015).
P. Forn-Diaz, et al., accepted in Nature Communications, arxiv:1706.06688 (2018).
P. Forn-Diaz, et al., Phys. Rev. Appl. 8, 054015 (2017).
Liquid Crystals of Colloidal Nanoplates
Driving Liquid Crystal Polymer Films to "dance" in Electric Fields
Bond Formation and Reorganization Energy of Adsorbates on Insulating Films: Challenges for Density Functional Theory
Metallic Nanostructures and Quantum Emitters


The North Carolina Local News Lab Fund is seeking candidates for a consultant to fill the role of part-time project manager. This person will be the first to be in this role and will provide administrative, strategic, and coordination support to a network of stakeholders working on making local news more connected, collaborative, stronger and engaged with communities in North Carolina. There is also the opportunity for this person to grow into a strategic role within the Fund.
The NCLNL Fund project manager will serve as a coordinator of activities and liaison between various groups involved in this effort, including the North Carolina Network of Grantmakers, the North Carolina Local News Lab Fund Advisory Board, contributors to the fund, a designated representative at the North Carolina Community Foundation, grantees, and other funding activities. This person will be at the hub of what's happening in local news and information in North Carolina and is excited to play a role that can anticipate, identify, and share out opportunities for both news organizations and philanthropy from this position.
They will help strengthen and build relationships with related stakeholders, and coordinate activities so that work to support news and information in North Carolina can have long-lasting and positive impact. As this is the first time this role has been open, this role will also help set up long-lasting systems and frameworks to make coordination and collaboration between these various activities and stakeholders sustainable and successful.
This is a part-time consultant position. Preference will be to individuals based in North Carolina with experience in philanthropy and/or project management and journalism. The Fund strongly encourages applications from consultants with racial, ethnic, and gender diversity.
Excited about working with others to make a difference in local news in North Carolina.
We anticipate creating a consultant contract that includes approximately 10-20 hours of work a week, based on deliverables we will negotiate with the right candidate. Compensation is negotiable based upon consultant's experience and requirements. In addition to hourly or daily fees, the Fund will reimburse the Consultant for any travel costs and pre-approved business expenses.
Proposals are due by April 15. Materials should be emailed to info@localnewslab.org with "NCLNL Project Manager" included in the subject line. For questions, please contact Teresa Gorman, info@localnewslab.org.
The North Carolina Local News Lab Fund works to ensure that all North Carolinians have access to the local news and information they need to make their communities thrive. The Fund is a collaborative that was established at the North Carolina Community Foundation in 2017 by Democracy Fund. It includes an advisory board made up of local and national foundations and community experts. Read more about it.


text:
PHS Celebrates
Congratulations to Louise Bedford in Year 10 who put the First Aid Training she received from St John Ambulance to good effect to save her younger brother from choking! Well done we are so proud of Louise and our links with the St John Ambulance.
St John's Ambulance Media Release
Cheshire teen saves brother thanks to life-saving lessons
A 15-year-old girl from Cheshire has rescued her younger brother by delivering life-saving first aid when he started choking at their home during dinner.
On 4th October, mother, Laura Bedford, was preparing her children's pudding when she heard screaming and shouting from the lounge.
"I ran to the children to see what happened and found Alexander with his eyes streaming and asked Louise what had happened" Laura said.
Taking up the incident, Louise said: "Alexander was coughing and went a bluey, purple colour. I knew immediately that he was choking and started to give him backslaps."
After the third backslap, thankfully a piece of new potato shot out of the seven-year-olds mouth.
"It was such a nerve-wracking and scary situation but I'm really glad I knew what to do. Knowing first aid in situations like this can be reassuring" Louise said.
Mother Laura said: "I'm extremely proud of what Louise did that day and grateful she gets to learn these life-saving skills at school.
"In an emergency, every second is critical and it's important to do something than nothing."
Louise, a student at Poynton High School, has been receiving first aid training at the school through St John Ambulance.
Mr David Waugh, Head Teacher of Poynton High School said: 'It is truly fantastic that Louise was able to help in this way, quite literally saving her brother's life. The first aid training provided by St John Ambulance is second to none and we are very proud of our links with them.
"Louise has jumped in with both feet to the extra-curricular activities available and we are so very proud of her very calm and highly effective response".
St John Ambulance provides first aid training in schools to equip students and teachers with the skills to save a life. The charity also provides lots of free, online resources to help teachers deliver first aid lessons in the classroom.
Caroline Kennedy Drabble, Schools Community Trainer, St John Ambulance said: "Louise did a great job and is an example of why young people should have basic first aid knowledge from an early age. Students are highly capable of applying these skills in critical situations.
"First aid is not only life saving but there are many other benefits to personal development that it can bring, such as communication and leadership skills."
To find out more about St John Ambulance, including details of school training courses, how to make a donation in support of the charity's lifesaving work, and opportunities to volunteer in your area visit: www.sja.org.uk
For all media enquires please contact Bijal Wong, Interim PR Officer (North) by emailing bijal.wong@sja.org.uk
About St John Ambulance
St John Ambulance is the charity that steps forward in the moments that matter to save lives and support communities. Its highly trained volunteers keep people safe at events nationwide, springing into action to help with medical incidents and emergencies.
The organisation also helps the NHS by responding to some 999 calls, as well as transporting patients safely. And every year around 500,000 people, including children and young people, learn how to save a life through its first aid training.
St John Ambulance has saved lives and relieved suffering for over 140 years, and – with the support of the public – will do so for decades to come.