Baton Rouge, LA seeing AT&T 4G LTE?
ATT confirmed this past weekend that Baton Rouge would be getting 4G LTE, but didn’t bother to offer a time frame other than “soon.” We’ve gotten a couple of independent reports that the network is live today, though we haven’t been able to find much more than that. It’s strange that ATT would launch the network in that market without an announcement so we assume they’re just testing the network and allowing anyone who notices to hop on.
It’s not unlike what usually happens with Verizon’s rollouts as users sometimes report coverage up to a week in advance of Verizon’s official launch date. There are quite a few of you with ATT LTE phones now so if you’re in the Baton Rouge area and you have a phone that can take advantage of LTE, be sure to check to see if you can connect. Let us know in the comments section below if you can or can’t. [Thanks Spoosh!]
Article source: http://phandroid.com/2012/05/15/baton-rouge-la-seeing-att-4g-lte/
Categories: All Business Tags: att, verizon
Months After Failed AT&T Merger, T-Mobile Champions Competitive Balance
Given its very recent attempts to merge with ATT, you would think T-Mobile wouldn’t be a vocal proponent of maintaining competitive balance in the wireless industry.
The reality, however, is that T-Mobile has had no issues repositioning itself as a champion of small carriers everywhere in its vocal opposition to Verizon’s proposed deal to purchase spectrum from several major cable companies. During a conference call held by the newly formed Alliance for Broadband Competition Monday, T-Mobile Regulatory Affairs Vice President Kathleen Ham said that her company is opposed to Verizon’s prospective spectrum acquisition because of the impact it will have on consumers.
RELATED: Verizon offers to sell some 700MHz spectrum in olive branch to government
GOOGLE REED-ER: ATT Wireless chief slaps down T-Mobile’s comically misleading new ad
“Our principle opposition comes down to the public interest,” she said during the call. “It will lead to excessive concentration of spectrum in the hands of the nation’s largest carrier.”
Ham went on to say that Verizon’s acquisition of the spectrum would block competitors from getting the spectrum they needed to launch their own LTE offerings and also criticized Verizon for sitting on a significant chunk of LTE-capable spectrum that could be used to enhance its current mobile broadband services. She also questioned why Verizon would already need more spectrum for LTE when only 9% of its subscribers are using the network and when the company isn’t even close to hitting capacity on its LTE services.
To further emphasize Ham’s arguments, T-Mobile released a statement outlining its core objections to the proposed deal, especially emphasizing that the company believes the deal to be “against the public interest.”
T-Mobile’s opposition to the proposed Verizon deal comes on the heels of its recent acquisition of 7MHz of spectrum that it received from ATT as compensation for the failed merger between the two carriers. With the new spectrum in tow, T-Mobile at last has enough to build out its own nationwide LTE network using the 1710MHz-1755MHz band for the uplink and 2110MHz-2155MHz band for the downlink. T-Mobile has said that it will launch its own LTE services next year.
Verizon’s plan to buy AWS spectrum has been controversial ever since the company announced late last year that it planned to purchase 122 AWS licenses from Comcast, Time Warner and Bright House for $3.6 billion. The company subsequently worked out a deal with Cox to purchase 20MHz on the AWS band for $315 million. The deal has attracted the attention of both lawmakers and government regulators as the FCC has asked Verizon to deliver a wide range of information on its spectrum holdings and its plans for the spectrum it wants to acquire from the cable companies. Among other things, the letter asked Verizon to detail why spectrum in the prized lower 700MHz band was not suitable for expanding out LTE at a nationwide level; whether the company had considered repurposing spectrum currently used for other services; to provide all analyses about how Verizon would use the companies’ spectrum for its LTE services and to detail the cost impacts of adding the spectrum to its LTE portfolio; and to provide a timeline of all talks between Verizon and the cable companies leading up to their proposed spectrum deal.
Brad Reed covers Google, wireless carriers and mobile applications for Network World. Be sure to check out Google Reed-er, a blog filled with his ramblings on Google and whatever else he feels like discussing. Follow him on Twitter at @bwreednww.
Read more about anti-malware in Network World’s Anti-malware section.
Article source: http://www.pcworld.com/businesscenter/article/255588/months_after_failed_atandt_merger_tmobile_champions_competitive_balance.html
Categories: All Business Tags: att, verizon
Griffon Corporation Announces Second Quarter Results
NEW YORK–(business WIRE)–
Griffon Corporation (NYSE: GFF – News) today reported results for the second
quarter ended March 31, 2012.
Second quarter 2012 revenue totaled $482 million, increasing 1% compared
to the 2011 quarter. Clopay Plastics (“Plastics”) drove the consolidated
increase with revenue growth of 10%; Telephonics revenue increased 1%;
and Home and Building Products (“HBP”) revenue declined 3%.
Second quarter 2012 net income totaled $2.0 million, or $0.04 per share,
compared to a loss of $14 million or $0.24 per share, in the prior year
quarter.
Ron Kramer, Chief Executive Officer, commented, “We continued to execute
well in each of our businesses during the second quarter. Telephonics
had strong growth both in its core revenues and its backlog, a
performance which reflects on-going demand for its mission-critical
defense products and a strong commercial market opportunity. In
Plastics, we continued to benefit from initiatives to capture market
share and enhance profitability, though a challenging business
environment in Europe and Brazil has affected our pace of improvement.
Home and Building Products saw continued growth in our doors business
and the benefit of the Southern Patio acquisition. While Ames
performance was negatively impacted by the extraordinarily warm weather
this winter, the business remains capable of generating significantly
better results with higher revenue.”
Mr. Kramer continued, “Each of our businesses is positioned
appropriately for the current environment, has ample access to both
working and strategic capital, and is capable of continued growth and
improved profitability. We believe that we will accelerate our
consolidated rate of organic revenue growth and make further
profitability gains in the second half. We are continuing to focus on
driving shareholder value through organic improvement, a disciplined
approach to capital investment and, in the longer term, through our
ongoing evaluation of additional strategic transactions.”
The second quarter 2011 results included a $26.2 million ($16.8 million,
net of tax, or $0.28 per share) charge resulting from the refinancing of
the Ames True Temper (“ATT”) acquisition related debt; $3.8 million
($2.5 million, net of tax, or $0.04 per share) of cost of goods related
to the sale of inventory recorded at fair value in connection with ATT
acquisition accounting; and $1.2 million ($0.8 million, net of tax, or
$0.01 per share) of restructuring and related charges associated with
the consolidation of the Clopay Building Products (“CBP”) facilities.
Excluding these items from the prior year second quarter, adjusted net
income would have been $6.1 million, or $0.10 per share, compared to the
current quarter’s $2.0 million, or $0.04 per share.
For the current quarter, Segment adjusted EBITDA totaled $40.4 million,
decreasing 8% compared to $43.8 million in the prior year quarter.
Segment adjusted EBITDA is defined as net income, excluding corporate
overhead, interest, taxes, depreciation and amortization,
acquisition-related costs, restructuring charges, costs related to the
fair value of inventory for acquisitions and the benefit (loss) of debt
extinguishment, as applicable.
Segment Operating Results
Telephonics
Revenue in the 2012 quarter increased $0.5 million compared to the prior
year quarter. In the current and prior year quarters, revenue included
$13.6 million and $19.2 million, respectively, related to the Counter
Remote Control Improvised Explosive Device Electronic Warfare 3.1 (“CREW
3.1”) program where Telephonics serves as a contract manufacturer.
Excluding CREW 3.1 from both periods, revenue increased 6% over the
prior year quarter primarily attributable to Ground Surveillance Radars
(“GSR”), Maritime Radars and NETCOM communication products.
Segment adjusted EBITDA in the 2012 quarter was $15.3 million,
increasing 19%, benefiting from higher gross profit from program mix,
partially offset by higher selling, general and administrative expenses
primarily due to the timing of proposal activities.
Contract backlog totaled $434 million at March 31, 2012 compared to $417
million at September 30, 2011, with approximately 69% expected to be
filled in the next twelve months.
Plastic Products
Revenue in the 2012 second quarter increased $13.6 million, or 10%,
compared to the 2011 quarter, primarily due to higher volume across all
regions, partially offset by the impact of translation of European
results into a stronger U.S dollar.
Segment adjusted EBITDA in the 2012 quarter decreased $2.1 million
compared to the prior year quarter, primarily driven by previously
disclosed start up costs related to expanded capacity initiatives in
both Germany and Brazil; in both operations, such start up costs have
included higher than normal levels of scrap. There have been no
significant disruptions in customer service in connection with the
scaling up of production of the newly installed assets. Improvements in
operations in the newly expanded locations are progressing and the
Company expects that Plastics will continue to trend towards normal
efficiency levels during the second half of fiscal 2012.
Home Building Products
Revenue in the 2012 quarter decreased $7.7 million, or 3%, compared to
the prior year quarter driven mainly by lower volume. For the 2012
quarter, ATT revenue decreased 8% primarily due to weak sales of snow
tools, driven by the absence of snow throughout much of the country,
partially offset by the inclusion of Southern Patio, acquired in October
2011. The increase in CBP revenue was mainly the result of favorable mix
and higher volume.
Segment adjusted EBITDA in the 2012 quarter was $15.9 million compared
to $19.6 million in the prior year quarter. The decrease was driven by
the lower ATT volume combined with the impact of higher fuel and
material costs, partially offset by the inclusion of Southern Patio’s
operating profit in the current period’s results and improved production
efficiencies.
Taxes
The tax rate for the current quarter was a provision of 57.4 %, compared
to a 32.2% benefit in the prior year quarter. The prior year benefit
arose on the pretax loss for the quarter, which arose mainly in
connection with the debt refinancing, completed in March 2011. The
current year rate reflects the impact of permanent differences that are
not deductible in determining taxable income, mainly limited
deductibility of restricted stock, tax reserves and a change in earnings
mix. There were no discrete period items in the current quarter.
Balance Sheet and Capital Expenditures
At March 31, 2012, the Company had cash and equivalents of $165 million,
total debt outstanding of $705 million, net of discounts, and $180
million available for borrowing under its revolving credit facility.
Capital expenditures were $20.3 million in the second quarter; the
Company expects capital spending of $65 to $70 million for 2012 with
lower expenditures in 2013.
Conference Call Information
The Company will hold a conference call today, May 8, 2012, at 4:30 PM
ET.
The call can be accessed by dialing 1-888-298-3511 (U.S. participants)
or 1-719-325-2133 (International participants). Callers should ask to be
connected to the Griffon Corporation teleconference.
A replay of the call will be available starting on May 8, 2012 at 7:30
PM ET by dialing 1-877-870-5176 (U.S.) or 1-858-384-5517
(International), and entering the conference ID number: 3643834. The
replay will be available through May 22, 2012.
Forward-looking Statements
“Safe Harbor” Statements under the Private Securities Litigation Reform
Act of 1995: All statements related to, among other things, income,
earnings, cash flows, revenue, changes in operations, operating
improvements, industries in which Griffon Corporation (the “Company” or
“Griffon”) operates and the United States and global economies that are
not historical are hereby identified as “forward-looking statements” and
may be indicated by words or phrases such as “anticipates,” “supports,”
“plans,” “projects,” “expects,” “believes,” “should,” “would,” “could,”
“hope,” “forecast,” “management is of the opinion,” “may,” “will,”
“estimates,” “intends,” “explores,” “opportunities,” the negative of
these expressions, use of the future tense and similar words or phrases.
Such forward-looking statements are subject to inherent risks and
uncertainties that could cause actual results to differ materially from
those expressed in any forward-looking statements. These risks and
uncertainties include, among others: current economic conditions and
uncertainties in the housing, credit and capital markets; the Company’s
ability to achieve expected savings from cost control, integration and
disposal initiatives; the ability to identify and successfully
consummate and integrate value-adding acquisition opportunities;
increasing competition and pricing pressures in the markets served by
Griffon’s operating companies; the ability of Griffon’s operating
companies to expand into new geographic and product markets and to
anticipate and meet customer demands for new products and product
enhancements and innovations; a reduction in government military
spending on projects supplied by Telephonics Corporation; increases in
cost of raw materials such as resin and steel; changes in customer
demand; political events that could impact the worldwide economy; a
downgrade in the Company’s credit ratings; international economic
conditions including interest rate and currency exchange fluctuations;
the relative mix of products and services which impacts margins and
operating efficiencies; short-term capacity constraints or prolonged
excess capacity; unforeseen developments in contingencies such as
litigation; unfavorable results of government agency contract audits of
Telephonics Corporation; protection and validity of patent and other
intellectual property rights; the cyclical nature of the business of
certain Griffon operating companies; weather patterns; and possible
terrorist threats and actions, and their impact on the global economy.
Such statements reflect the views of the Company with respect to future
events and are subject to these and other risks, uncertainties and
assumptions relating to the operations, results of operations, growth
strategy and liquidity of the Company as previously disclosed in the
Company’s Securities and Exchange Commission filings. Readers are
cautioned not to place undue reliance on these forward-looking
statements. These forward-looking statements speak only as of the date
made. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
About Griffon Corporation
Griffon Corporation (the “Company” or “Griffon”), is a diversified
management and holding company that conducts business through
wholly-owned subsidiaries. Griffon oversees the operations of its
subsidiaries, allocates resources among them and manages their capital
structures. Griffon provides direction and assistance to its
subsidiaries in connection with acquisition and growth opportunities as
well as in connection with divestitures. In order to further diversify,
Griffon also seeks out, evaluates and, when appropriate, will acquire
additional businesses that offer potentially attractive returns on
capital.
Griffon currently conducts its operations through three segments:
-
Home Building Products consists of two companies, Ames True Temper,
Inc (“ATT”) and Clopay Building Products (“CBP”):-
ATT is a global provider of non-powered landscaping products that
make work easier for homeowners and professionals. -
CBP is a leading manufacturer and marketer of residential,
commercial and industrial garage doors to professional installing
dealers and major home center retail chains.
-
ATT is a global provider of non-powered landscaping products that
-
Telephonics Corporation designs, develops and manufactures
high-technology, integrated information, communication and sensor
system solutions for use in military and commercial markets worldwide. -
Clopay Plastic Products Company is an international leader in the
development and production of embossed, laminated and printed
specialty plastic films used in a variety of hygienic, health-care and
industrial applications.
For more information on Griffon and its operating subsidiaries, please
see the Company’s website at www.griffoncorp.com.
Griffon evaluates performance and allocates resources based on each
segments’ operating results before interest income or expense, income
taxes, depreciation and amortization, gain (losses) from debt
extinguishment, unallocated amounts, restructuring charges, acquisition
costs and costs related to the fair value of inventory for acquisitions
(“Segment Adjusted EBITDA”). Griffon believes this information is useful
to investors.
The following table provides a reconciliation of Segment Adjusted EBITDA
to Income (loss) before taxes:
GRIFFON CORPORATION AND SUBSIDIARIES
OPERATING HIGHLIGHTS
(in thousands)
(Unaudited)
For the Three Months Ended
For the Six Months Ended
March 31,
March 31,
2012
2011
2012
2011
REVENUE
Home Building Products:
ATT
$
133,321
$
145,644
$
232,061
$
239,841
CBP
91,269
86,675
202,915
190,741
Home Building Products
224,590
232,319
434,976
430,582
Telephonics
113,992
113,525
218,506
211,804
Plastics
143,849
130,285
279,980
248,145
Total consolidated net sales
$
482,431
$
476,129
$
933,462
$
890,531
Segment operating profit (loss):
Segment profit before depreciation, amortization, restructuring,
fair value write-up of acquired inventory sold and acquisition costs:
Home Building Products
$
15,853
$
19,619
$
33,603
$
37,153
Telephonics
15,336
12,929
31,024
25,335
Plastics
9,164
11,231
17,344
21,017
Total Segment profit before depreciation, amortization,
restructuring, fair value write-up of acquired inventory sold and
acquisition costs
40,353
43,779
81,971
83,505
Unallocated amounts, less acquisition costs
(6,453
)
(6,581
)
(12,787
)
(11,687
)
Loss from debt extinguishment, net
-
(26,164
)
-
(26,164
)
Net interest expense
(12,919
)
(11,222
)
(25,919
)
(22,376
)
Segment depreciation and amortization
(16,222
)
(15,453
)
(31,640
)
(29,210
)
Restructuring charges
-
(1,212
)
(1,795
)
(2,605
)
Fair value write-up of acquired inventory sold
-
(3,788
)
-
(15,152
)
Acquisition costs
-
-
(178
)
-
Income (loss) before taxes
$
4,759
$
(20,641
)
$
9,652
$
(23,689
)
Unallocated amounts typically include general corporate expenses not
attributable to a reportable segment.
GRIFFON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASURES
BY REPORTABLE SEGMENT
(Unaudited)
For the Three Months Ended
For the Six Months Ended
March 31,
March 31,
2012
2011
2012
2011
Home Building Products
Segment operating profit
$
8,096
$
6,931
$
17,930
$
5,308
Depreciation and amortization
7,757
7,688
15,222
14,088
Fair value write-up of acquired inventory sold
-
3,788
-
15,152
Restructuring charges
-
1,212
273
2,605
Acquisition costs
-
-
178
-
15,853
19,619
33,603
37,153
Telephonics
Segment operating profit
13,543
11,225
26,056
21,918
Depreciation and amortization
1,793
1,704
3,446
3,417
Restructuring charges
-
-
1,522
-
Segment adjusted EBITDA
15,336
12,929
31,024
25,335
Clopay Plastic Products
Segment operating profit
2,492
5,170
4,372
9,312
Depreciation and amortization
6,672
6,061
12,972
11,705
Segment adjusted EBITDA
9,164
11,231
17,344
21,017
All segments:
Income from operations – as reported
16,649
15,568
34,495
21,589
Unallocated amounts
6,453
6,581
12,787
11,687
Other, net
1,029
1,177
1,076
3,262
Segment operating profit
24,131
23,326
48,358
36,538
Depreciation and amortization
16,222
15,453
31,640
29,210
Fair value write-up of acquired inventory sold
-
3,788
-
15,152
Restructuring charges
-
1,212
1,795
2,605
Acquisition costs
-
-
178
-
Segment adjusted EBITDA
$
40,353
$
43,779
$
81,971
$
83,505
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
Six Months Ended March 31,
2012
2011
2012
2011
Revenue
$
482,431
$
476,129
$
933,462
$
890,531
Cost of goods and services
379,630
374,986
727,953
701,529
Gross profit
102,801
101,143
205,509
189,002
Selling, general and administrative expenses
86,152
84,363
169,219
164,808
Restructuring and other related charges
-
1,212
1,795
2,605
Total operating expenses
86,152
85,575
171,014
167,413
Income from operations
16,649
15,568
34,495
21,589
Other income (expense)
Interest expense
(13,005
)
(11,319
)
(26,068
)
(22,542
)
Interest income
86
97
149
166
Loss from debt extinguishment, net
-
(26,164
)
-
(26,164
)
Other, net
1,029
1,177
1,076
3,262
Total other income (expense)
(11,890
)
(36,209
)
(24,843
)
(45,278
)
Income (loss) before taxes
4,759
(20,641
)
9,652
(23,689
)
Provision (benefit) for income taxes
2,732
(6,640
)
5,139
(8,008
)
Net income (loss)
$
2,027
$
(14,001
)
$
4,513
$
(15,681
)
Basic earnings (loss) per common share
$
0.04
$
(0.24
)
$
0.08
$
(0.26
)
Weighted-average shares outstanding
56,037
59,280
56,031
59,277
Diluted earnings (loss) per common share
$
0.04
$
(0.24
)
$
0.08
$
(0.26
)
Weighted-average shares outstanding
57,380
59,280
57,228
59,277
GRIFFON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
At March 31,
At September 30,
2012
2011
CURRENT ASSETS
Cash and equivalents
$
164,879
$
243,029
Accounts receivable, net of allowances of $5,598 and $6,072
289,834
267,471
Contract costs and recognized income not yet billed,
net of progress payments of $3,834 and $9,697
66,966
74,737
Inventories, net
285,542
263,809
Prepaid and other current assets
46,458
48,828
Assets of discontinued operations
1,312
1,381
Total Current Assets
854,991
899,255
PROPERTY, PLANT AND EQUIPMENT, net
361,456
350,050
GOODWILL
362,931
357,888
INTANGIBLE ASSETS, net
234,591
223,189
OTHER ASSETS
32,261
31,197
ASSETS OF DISCONTINUED OPERATIONS
3,050
3,675
Total Assets
$
1,849,280
$
1,865,254
CURRENT LIABILITIES
Notes payable and current portion of long-term debt
$
16,255
$
25,164
Accounts payable
174,989
186,290
Accrued liabilities
96,045
99,631
Liabilities of discontinued operations
3,334
3,794
Total Current Liabilities
290,623
314,879
LONG-TERM DEBT, net of debt discount of $18,183 and $19,693
689,011
688,247
OTHER LIABILITIES
201,493
204,434
LIABILITIES OF DISCONTINUED OPERATIONS
4,788
5,786
Total Liabilities
1,185,915
1,213,346
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Total Shareholders’ Equity
663,365
651,908
Total Liabilities and Shareholders’ Equity
$
1,849,280
$
1,865,254
GRIFFON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Six Months Ended March 31,
2012
2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
4,513
$
(15,681
)
Adjustments to reconcile net income (loss) to
net cash used in operating activities:
Depreciation and amortization
31,836
29,378
Fair value write-up of acquired inventory sold
-
15,152
Stock-based compensation
4,908
4,647
Provision for losses on accounts receivable
611
709
Amortization/write-off of deferred financing costs and debt discounts
3,021
3,677
Loss from debt extinguishment, net
-
26,164
Deferred income taxes
(807
)
(2,539
)
(Gain) loss on sale/disposal of assets
29
(380
)
Change in assets and liabilities, net of assets and liabilities
acquired:
Increase in accounts receivable and contract costs
and recognized income not yet billed
(14,648
)
(37,789
)
Increase in inventories
(17,003
)
(14,705
)
Decrease in prepaid and other assets
905
2,575
Decrease in accounts payable, accrued liabilities
and income taxes payable
(19,482
)
(44,114
)
Other changes, net
3,909
(2,793
)
Net cash used in operating activities
(2,208
)
(35,699
)
CASH FLOWS FROM INVESTING ACTIVITIES:
(40,205
)
(41,737
)
Acquired business, net of cash acquired
(22,432
)
(855
)
Change in funds restricted for capital projects
-
3,875
Change in equipment lease deposits
-
(351
)
Proceeds from sale of assets
195
1,333
Net cash used in investing activities
(62,442
)
(37,735
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend
(2,374
)
-
Purchase of shares for treasury
(2,350
)
-
Proceeds from issuance of long-term debt
4,000
637,737
Payments of long-term debt
(10,398
)
(498,771
)
Change in short-term borrowings
(3,331
)
2,022
Financing costs
(4
)
(21,239
)
Purchase of ESOP shares
-
(8,310
)
Exercise of stock options
-
20
Tax effect from exercise/vesting of equity awards, net
834
23
Other, net
(29
)
(94
)
Net cash provided by (used in) financing activities
(13,652
)
111,388
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Net cash used in operating activities
(764
)
(561
)
Net cash used in discontinued operations
(764
)
(561
)
Effect of exchange rate changes on cash and equivalents
916
1,142
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS
(78,150
)
38,535
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD
243,029
169,802
CASH AND EQUIVALENTS AT END OF PERIOD
$
164,879
$
208,337
Griffon evaluates performance based on Earnings per share and Net income
(loss) excluding restructuring charges, loss from debt extinguishment,
discrete tax items, acquisition costs and costs related to the fair
value of inventory for acquisitions. Griffon believes this information
is useful to investors. The following table provides a reconciliation of
Earnings (loss) per share and Net income (loss) to Adjusted earnings per
share and Adjusted net income:
GRIFFON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF INCOME (LOSS) TO ADJUSTED INCOME (LOSS)
(Unaudited)
For the Three Months Ended
For the Six Months Ended
March 31,
March 31,
2012
2011
2012
2011
Net income (loss)
$
2,027
$
(14,001
)
$
4,513
$
(15,681
)
Adjusting items, net of tax:
Loss from debt extinguishment, net
-
16,813
-
16,813
Fair value write-up of acquired inventory sold
-
2,462
-
9,849
Restructuring and related
-
788
1,167
1,693
Acquisition costs
-
-
116
-
Discrete tax benefits
-
79
-
(241
)
Adjusted net income
$
2,027
$
6,141
$
5,796
$
12,433
Earnings (loss) per common share
$
0.04
$
(0.24
)
$
0.08
$
(0.26
)
Adjusting items, net of tax:
Loss from debt extinguishment, net
-
0.28
-
0.28
Fair value write-up of acquired inventory sold
-
0.04
-
0.17
Restructuring
-
0.01
0.02
0.03
Acquisition costs
-
-
0.00
-
Discrete tax benefits
-
0.00
-
(0.00
)
Adjusted earnings per share
$
0.04
$
0.10
$
0.10
$
0.21
Weighted-average shares outstanding (in thousands)
57,380
59,280
57,228
59,277
Note: Due to rounding, the sum of earnings (loss) per common share and
adjusting items, net of tax, may not equal adjusted earnings per common
share.
Griffon Corporation
Douglas J. Wetmore, 212-957-5000
Chief Financial Officer
or
Investor Relations:
ICR Inc.
Anthony Gerstein, 646-277-1242
Senior Vice President
Article source: http://finance.yahoo.com/news/griffon-corporation-announces-second-quarter-201000417.html
Categories: All Business Tags: att, verizon
Zaklady Azotowe w Tarnowie-Moscicach S.A. (ATT) – Financial and Strategic SWOT Analysis Review – new company profile report
Zaklady Azotowe w Tarnowie-Moscicach S.A. (ATT) – Financial and Strategic SWOT Analysis Review – Zaklady Azotowe w Tarnowie-Moscicach S.A. (Azoty Tarnow) is a specialty chemical manufacturing company. It carries out the production and sale of engineering plastics, semi-finished products, catalysts, mineral fertilizers and chemicals. The company offers polyamides, acetal copolymers, fluorine plastics, and plasticisers. Its products find application in the manufacture of precision machine parts, pipe connectors, gear wheels, coils, levers, bumpers, paints, flooring, furniture, footwear, wallpaper and roofing. The company conducts its business operations in five segments, namely, Plastics, Fertilisers, Oxo alcohols, Pigments and Others. It markets products under brand names Tarnoform, Polifoska, Tarnamid, Polidap, Tytanpo, Salma, Polimag, Amonow and Poliwap. Geographically, the company operates in various countries including Germany, Czech Republic, Italy and Belgium. Azoty Tarnow is headquartered in Tarnow, Poland.
The company aims to construct a new caprolactam factory and establish business relationships in China or Taiwan. In line to this, Azoty Tarnow entered into an agreement with Zaklady Azotowe PULAWY S.A. to establish a company in Southeast Asia.
This comprehensive SWOT profile of Zaklady Azotowe w Tarnowie-Moscicach S.A. provides you an in-depth strategic SWOT analysis of the company’s businesses and operations. The profile has been compiled by GlobalData to bring to you a clear and an unbiased view of the company’s key strengths and weaknesses and the potential opportunities and threats. The profile helps you formulate strategies that augment your business by enabling you to understand your partners, customers and competitors better.
The profile contains critical company information including:
- business description – A detailed description of the company’s operations and business divisions.
- Corporate strategy – Analyst’s summarization of the company’s business strategy.
- SWOT Analysis – A detailed analysis of the company’s strengths, weakness, opportunities and threats.
- Company history – Progression of key events associated with the company.
- Major products and services – A list of major products, services and brands of the company.
- Key competitors – A list of key competitors to the company.
- Key employees – A list of the key executives of the company.
- Executive biographies – A brief summary of the executives’ employment history.
- Key operational heads – A list of personnel heading key departments/functions.
- Important locations and subsidiaries – A list and contact details of key locations and subsidiaries of the company.
- Detailed financial ratios for the past five years – The latest financial ratios derived from the annual financial statements published by the company with 5 years history.
- Interim ratios for the last five interim periods – The latest financial ratios derived from the quarterly/semi-annual financial statements published by the company for 5 interims history.
Note: Some sections may be missing if data is unavailable for the company
Key benefits of buying this profile include:
You get detailed information about the company and its operations to identify potential customers and suppliers.
- The profile analyzes the company’s business structure, operations, major products and services, prospects, locations and subsidiaries, key executives and their biographies and key competitors.
Understand and respond to your competitors’ business structure and strategies, and capitalize on their weaknesses. Stay up to date on the major developments affecting the company.
- The company’s core strengths and weaknesses and areas of development or decline are analyzed and presented in the profile objectively. Recent developments in the company covered in the profile help you track important events.
Equip yourself with information that enables you to sharpen your strategies and transform your operations profitably.
- Opportunities that the company can explore and exploit are sized up and its growth potential assessed in the profile. Competitive and/or technological threats are highlighted.
Scout for potential investments and acquisition targets, with detailed insight into the companies’ strategic, financial and operational performance.
- Financial ratio presented for major public companies in the profile include the revenue trends, profitability, growth, margins and returns, liquidity and leverage, financial position and efficiency ratios.
Gain key insights into the company for academic or business research.
- Key elements such as SWOT analysis, corporate strategy and financial ratios and charts are incorporated in the profile to assist your academic or business research needs.
Click for Report details:Zaklady Azotowe w Tarnowie-Moscicach S.A. (ATT) – Financial and Strategic SWOT Analysis Review
Categories: All Business Tags: att, verizon
Zaklady Azotowe w Tarnowie-Moscicach SA (ATT) – Financial and Strategic SWOT Analysis Review – new company profile report
Zaklady Azotowe w Tarnowie-Moscicach SA (Azoty Tarnow) is a Poland-based chemical manufacturing company. It engages in production and sales of engineering plastics, semi-finished products for their fabrication, mineral fertilizers and chemicals. The company offers polyamides, acetal copolymers, fluorine plastics, and caprolaktam. It also provides plastic products and semi-finished plastics products, and raw materials for plastics production, as well as nitrogenous fertilizers and other chemicals. The company operates its own research department and cooperates also with external research units in Poland and abroad. It also exports its business in other countries such as South and Central America. Azoty Tarnow is headquartered in Tarnow, Poland.
This comprehensive SWOT profile of Zaklady Azotowe w Tarnowie-Moscicach SA provides you an in-depth strategic analysis of the company’s businesses and operations. The profile has been compiled by GlobalData to bring to you a clear and an unbiased view of the company’s key strengths and weaknesses and the potential opportunities and threats. The profile helps you formulate strategies that augment your business by enabling you to understand your partners, customers and competitors better.
This company report forms part of GlobalData’s ‘Profile on Demand’ service, covering over 50,000 of the world’s leading companies. Once purchased, GlobalData’s highly qualified team of company analysts will comprehensively research and author a full financial and strategic analysis of Zaklady Azotowe w Tarnowie-Moscicach SA including a detailed SWOT analysis, and deliver this direct to you in pdf format within two business days. (excluding weekends).
The profile contains critical company information including*,
- business description – A detailed description of the company’s operations and business divisions.
- Corporate strategy – Analyst’s summarization of the company’s business strategy.
- SWOT Analysis – A detailed analysis of the company’s strengths, weakness, opportunities and threats.
- Company history – Progression of key events associated with the company.
- Major products and services – A list of major products, services and brands of the company.
- Key competitors – A list of key competitors to the company.
- Key employees – A list of the key executives of the company.
- Executive biographies – A brief summary of the executives’ employment history.
- Key operational heads – A list of personnel heading key departments/functions.
- Important locations and subsidiaries – A list and contact details of key locations and subsidiaries of the company.
- Detailed financial ratios for the past five years – The latest financial ratios derived from the annual financial statements published by the company with 5 years history.
- Interim ratios for the last five interim periods – The latest financial ratios derived from the quarterly/semi-annual financial statements published by the company for 5 interims history.
Note*: Some sections may be missing if data is unavailable for the company.
Key benefits of buying this profile include,
You get detailed information about the company and its operations to identify potential customers and suppliers.
- The profile analyzes the company’s business structure, operations, major products and services, prospects, locations and subsidiaries, key executives and their biographies and key competitors.
Understand and respond to your competitors’ business structure and strategies, and capitalize on their weaknesses. Stay up to date on the major developments affecting the company.
- The company’s core strengths and weaknesses and areas of development or decline are analyzed and presented in the profile objectively. Recent developments in the company covered in the profile help you track important events.
Equip yourself with information that enables you to sharpen your strategies and transform your operations profitably.
- Opportunities that the company can explore and exploit are sized up and its growth potential assessed in the profile. Competitive and/or technological threats are highlighted.
Scout for potential investments and acquisition targets, with detailed insight into the companies’ strategic, financial and operational performance.
- Financial ratio presented for major public companies in the profile include the revenue trends, profitability, growth, margins and returns, liquidity and leverage, financial position and efficiency ratios.
Gain key insights into the company for academic or business research.
- Key elements such as SWOT analysis, corporate strategy and financial ratios and charts are incorporated in the profile to assist your academic or business research needs.
Click for Report details:Zaklady Azotowe w Tarnowie-Moscicach SA (ATT) – Financial and Strategic SWOT Analysis Review
Categories: All Business Tags: att, verizon
I hope this gets your att. – WWL
My mother is 93 yrs. old and lives in Picayune,Ms. She had a stroke six years ago, and unable to live alone anymore. My sisters’ and I take turns taking care of her.Although it’s hard sometimes, we wouldn’t have it any other way. I can’t ever remember a time when my Mother wasn’t there for us. She loves the morning show.She especially likes Sally Ann. She watches every day.She would get the biggest kick out of seeing her picture on t.v. Her name is Dot Stewart
Article source: http://www.wwltv.com/younews/150293855.html
Categories: All Business Tags: att, verizon
Som” eller “att”
Hej hej!
It happens quite often, that my students are confused over when to use som and when to use att. Today Ill try my best to explain in what situations you should use the two.
“Som” as a relative pronoun
A relative clause is a sub- clause (bisats in Swedish) that gives you more information about the noun in the main clause (huvudsats in Swedish). Let us take a look at an example:
Jag har en hund. Hunden gillar kttbullar.
(I have a dog. The dog likes meatballs.)
Instead of having two sentences (two main clauses) we can connect them with a relative pronoun and get one main clause and one relative clause (a sub-clause). The sentence will then look like this:
Jag har en hund som gillar kttbullar.
I have a dog who likes meatballs.
Relative clauses in English are mostly introduced by who, which or that. In Swedish they are in most cases introduced by som. This word never changes its form, regardless if the noun in the main clause is en, ett or plural (yay). Here are some more examples of “som”:
Sten har en syster som bor i Malm.
(Sten has a sister who lives in Malm.)
Ann leker med dockorna som hon fick i julklapp.
(Anna is playing with the dolls that she got for Christmas.)
Min cykel, som jag fick i julklapp, har 21 vxlar.
(My bike, which I got for Christmas, has 21 speeds.)
If we already have a subject in the sub-clause the word som can be left out. Take a look at these sentences:
Mannen som ni sker r inte hr.
(The man (who) you are looking for is not here.)
Mannen ni sker r inte hr.
(The man you are looking for is not here.)
“Som” when comparing
We also use the word “som” when comparing. In such a case som means as in English. Here’s one example:
Han r lika lng som jag.
(He is as tall as I am.)
When should we use “att”?
It is not unusual that a word has only one meaning in one language, when you would use two different words in different language. For example we know that when we say think in English, we need to choose between three words in Swedish tycker, tnker and tror. The same thing can happen to for example conjunctions and prepositions.
In Swedish att means:
- to as in to run, to eat, to drink etc. The function of att is in these cases being an infinitive marker. Att springa, att ta, att dricka. We will see att in an sentence like this one:
Pojken tycker om att leka med sin hund.
(The boy likes to play with his dog.)
2. Att as in that when that is used as a conjunction between a main clause (huvudsats) or sub-clause (bisats). Heres an example:
Bengt sger att det r varmt ute.
(Bengt is saying that it is warm outside.)
Have fun learning Swedish!
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Article source: http://www.thelocal.se/blogs/theswedishteacher/2012/05/11/som-eller-att/
Categories: All Business Tags: att, verizon
HTC One X Early Release Date 4 Some
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To prove that there is some point to preordering in advance of the release date, some buyers of the HTC One X have received their orders before the Sunday, May 6, release date in stores.
Preorders often come a little early especially when they are released on a Sunday. Expectant owners are tracking their deliveries in hopes of an early visit of the HTC One X on their doorsteps.
=The HTC One X comes loaded with Android 4.0 ICS, HTC Sense 4.0 4.7″ HD touchscreen, Beats enhanced audio, dual-core 1.5GHz Qualcomm MSM8960 processor, LTE access, 8MP camera, front-facing camera, HTC Sense 4, 16GB storage onboard, Bluetooth, Wi-Fi and 1800mAh battery.
The branding from HTC seems to not differentiate between the HTC One X and HTC One S. The HTC One S was taken to the sky to show how the camera works while skydiving.
We will be reviewing the HTC One X, soon.
Use ATT Coupon-Link $50 Off ATT Wireless with Plan for new customers with a contract. The offer requires online activation via att.com/wireless on qualified rate plans of $39.99 or more with a two-year agreement
Article source: http://wirelessandmobilenews.com/2012/05/htc-early-release-date-4.html
Categories: All Business Tags: att, verizon
Online Service helps manage wireline/wireless messages.
SAN ANTONIO, May 8 — ATT Inc. (NYSE:T) today announced the availability of its ATT Unified Messaging(SM) product suite for medium businesses with up to 100 access lines. This powerful IP-based service helps employees better manage and more easily access their wireline and Cingular Wireless(R) voicemail, e-mail and fax messages.
Rather than having to check fax machines and multiple mailboxes, ATT Unified Messaging enables businesses to manage their messages via a single electronic mailbox accessible from any touch-tone or wireless phone or from any Internet connection.
ATT Unified Messaging, available since 2004 to small businesses, is a robust network-based integrated messaging service, giving businesses greater control over their communications, which helps enhance productivity. Voice messages (both wireline and Cingular Wireless), faxes and e-mails are integrated into a common mailbox, allowing employees to conveniently retrieve, forward and reply to any or all of their messages from a single source.
“For people on the go, ATT Unified Messaging provides simple and convenient message management, whether employees are at the office, at home, or on the road,” said William Archer, ATT chief marketing officer – business. “It offers our business customers peace of mind and unparalleled mobility, knowing that they can instantly receive office voicemail, faxes and email messages anytime, anywhere.”
ATT Unified Messaging(SM) Product Suite
Based on varying business needs, the ATT Unified Messaging (UM) product suite includes the following product offerings:
– UM Lite – Provides a single electronic mailbox to manage and access messages, including wireline voicemail, email and faxes, from anywhere using an Internet connection, touch-tone telephone or wireless handset. It is for customers without Cingular Wireless(R) phones.
In addition to an integrated message center, other key features of ATT Unified Messaging include:
– Text to speech. The latest text-to-speech technology reads e-mails over the phone and allows users to listen to voicemail messages over their computers. Customers don’t have to physically go to the fax machine, as they can view and print them in their entirety from their computer or check fax message headers from their phone.
ATT Unified Messaging, targeted at new or existing business customers who wish to replace their traditional voicemail service, is available in the company’s former 13-state local service area (Arkansas, California, Connecticut, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, Oklahoma, Ohio, Texas, and Wisconsin), with plans to extend into the former BellSouth’s nine-state local service area (Alabama, Florida, Kentucky, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, and Tennessee).
As prices for ATT Unified Messaging vary by feature functionality and state, business customers looking for specific pricing should visit http://smallbiz.att.com/services/messaging.
The Web site also can be used to view an online demo of ATT Unified Messaging, to get more information, or to order the service.
In addition, businesses can contact their authorized ATT representative with questions or to order the service.
Note: This ATT release and other news announcements are available as part of an RSS feed at http://www.att.com/rss.
About ATT
ATT Inc. is a premier communications holding company. Its subsidiaries and affiliates, ATT operating companies, are the providers of ATT services in the United States and around the world. Among their offerings are the world’s most advanced IP-based business communications services and the nation’s leading wireless, high speed Internet access and voice services. In domestic markets, ATT is known for the directory publishing and advertising sales leadership of its Yellow Pages and YELLOWPAGES.COM organizations, and the ATT brand is licensed to innovators in such fields as communications equipment. As part of its three-screen integration strategy, ATT is expanding its TV entertainment offerings. Additional information about ATT Inc. and the products and services provided by ATT subsidiaries and affiliates is available at http://www.att.com/.
ATT, ATT logo, Cingular and Cingular logos are trademarks of ATT Knowledge Ventures and/or ATT affiliated companies.
CONTACT: Brian Westrich of ATT Inc., +1-314-982-9109, bwestric@attnews.us | Share
Service integrates messages into a single Web portal and voicemail box, leverages text-to-speech technology, and enhances employee mobility and productivity
– UM Standard – Offers same capabilities as UM Lite, plus ability to combine Cingular Wireless(R) voicemail.
– UM Message Director – For customers needing a simple auto attendant; features the same capabilities as UM Standard plus a simplified auto-attendant for call forwarding and hunting arrangements of a small to mid-sized office.
– UM Fax Plus – For customers who have a lot of inbound faxes; offers the same capabilities as UM Standard with a separate line for sending and receiving faxes.
– UM Extension Mailboxes – For customers with more employees than telephone lines; provides the same capabilities as UM Standard and is designed for businesses with employees or departments not needing a dedicated phone line.
– Message indicators. When business customers receive new e-mails, voicemails or faxes, message indicator alerts can be sent to their online mailbox, and wireless and wireline phones.
– Pager notification. Customers who want to be notified immediately about incoming messages can activate the pager function, which sends a notification of a new message to their pagers or wireless phones.
– Online storage. ATT Unified Messaging comes with 100 MB of online storage; customers can purchase 50 MB increments of additional storage space for a total of 200 MB.
Article source: http://news.thomasnet.com/fullstory/Online-Service-helps-manage-wireline-wireless-messages-518893
Categories: All Business Tags: att, verizon
AT&T Reportedly Held Talks To Buy Leap Wireless
ATT in recent months held talks about acquiring pre-paid wireless operator Leap Wireless, Reuters reports, citing “people familiar with the matter.” The news follows this week’s report that T-Mobile has been holding discussions about a combination with Leap rival MetroPCS.
The story asserts that Leap hired bankers for advice on a possible deal, but adds that “Reuters could not learn whether those discussions are still ongoing.” Note that in February there were reports that Sprint came close to reaching a deal to acquire MetroPCS.
ATT and Leap Wireless declined to comment.
On the report, Leap shares this morning have, well, leaped 31 cents, or 5.8%, to $5.67. MetroPCS is up 12 cents, or 1.7%, to $7.18.
ATT shares are up 22 cents, or 0.7%, to $33.35.
Article source: http://www.forbes.com/sites/ericsavitz/2012/05/11/att-reportedly-held-talks-to-buy-leap-wireless/
Categories: All Business Tags: att, verizon
