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Access control systems & kits(1)
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A defibrillator can save the life of a person suffering from cardiac arrest – but it is most effective when used in the first few minutes of the patient collapsing. Studies have shown that a shock given within the first three minutes provides the best chance of survival and even one minute of further delay can substantially lower the chances of recovering. Public Access Defibrillators (PADs) were created to allow untrained members of the public to deliver life-saving treatment in those precious minutes before an ambulance arrives. There are currently over 10,000 in the UK, located in parks, offices, high streets and sporting venues, and they are especially popular in rural communities, where ambulance response times are longer. Every second counts Over the years there has been a long-running debate as to whether PADs should be kept openly accessible or locked. Leaving them open could lead to theft, vandalism or misuse. Leaving them locked could mean that precious moments are lost waiting for a local guardian to arrive – and could even cost a life. To save as many lives as possible, it's clear that PADs need to be available 24/7, fully operational and easily accessible to users and local guardians. But there is a solution that can meet all these conditions – a lock that can protect against vandalism while providing convenient instant access when required. Life-saving solutions Over the years there has been a long-running debate as to whether PADs should be kept openly accessible or lockedDigital locks are ideal for securing PADs because they don't require a key, and anyone can be given access over the phone. In the case of a cardiac arrest, the user calls 999 and the ambulance controller provides them with a simple, easy-to-remember code. The ambulance controller can then advise them, step by step, what to do. Local guardians, who have responsibility for the PAD, can be provided with an override key to enable them to monitor and maintain the defibrillator. The PAD cabinets built by Duchy Defibrillators show exactly how this works in practice. Based in rural Cornwall, Duchy Defibrillators manufactures, supplies and installs monitored PAD cabinets. To provide public access to the defibrillators, it needed a lock that could keep its cabinets secure, make them easily accessible and withstand the stormy Cornish weather. Codelocks recommended a digital electronic lock that could operate on a standalone battery, making it especially suitable for remote areas. As well as offering flexible access, digital locks come with a range of varying options and functions to suit different applications. As Duchy Defibrillator cabinets are installed in a wide variety of locations and sometimes need to withstand outdoor exposure, it opted for a robust electronic digital lock that is both affordable and easy to set up. A digital-access revolution Using smart locks in combination with a dedicated app or portal allows operators to send time-sensitive codes to end-users The example of Duchy Defibrillators shows how digital locks can be used to keep defibrillator cabinets secure while affording instant access to users when they are needed. But the flexibility of digital locks also makes them suitable for securing property and equipment in a wide variety of situations, especially for shared and public facilities. This is why you'll increasingly see digital locks used to secure restricted areas in hospitals, schools and offices, as well as shared facilities like hotel and gym lockers, public restrooms and more. Digital locks are available for a number of specific applications, including doors, lockers and cabinets. They can range from simple mechanical locks through to more sophisticated electronic locks and state-of-the-art smart locks. Using smart locks in combination with a dedicated app or portal allows operators to send time-sensitive codes to end users – making them very popular for contactless entry and with facilities managers that need to manage access to buildings and campuses. One thing is certain – whatever your access control requirements are, there's a keyless lock solution to suit. The digital access revolution is here.
Stadiums around the world are still paralyzed from the effects of COVID-19. Fans and spectators in masses have been absent from stadiums since April and there doesn't seem to be a concrete plan on how or when they'll be able to return to near capacity. The NBA recently opted to form a bubble philosophy concept in Disney's facilities, although it's been a relative success, it's also been a $200 million temporary solution. This then begs the question: How long can stadiums survive like this without spectator's present? History tells us that stadiums, venues and sport recover from disasters, so what can stadiums do to speed up the process? This is the catalyst for AI to be integrated on mass level to stadiums around the world. AI is the answer AI's role in getting fans and spectators back is huge, through capabilities such as: Social Distance Monitoring Crowd Scanning/Metrics Facial Recognition Fever Detection Track & Trace Providing Behavioural Analytics Technologies such as IREX.ai is now working alongside National Leagues, Franchises and Governing Bodies to implement AI surveillance software into their CCTV/surveillance cameras. This is now creating a more collaborative effort from the operations team in stadiums, rather than purely security. Stadiums around the world are still paralyzed from the effects of COVID-19 AI surveillance software such as IREX.ai when implemented into the surveillance cameras can be accessed by designated users on any device and on any browser platform. Crowd metrics Arming stadiums with AI-powered surveillance tools can detect crowd metrics such as "people counting" and "group statistics". This ensures stadium personnel can monitor social distancing with precision, accuracy and immediately. Alerts can be set up throughout parts of the stadium to alert senior staff members when overcrowding can appear with real time videos, analytics and photos to their hand-held device, such as a smartphone. Fever detection Thermal cameras have been implemented throughout facilities including stadiums and are helping assist to spot people with elevated temperatures. What IREX.ai implements is an alert system, coupled with facial recognition of any individual(s) that read an elevated body temperature. This alert system then provides security and health officials with a photo of the individual with the elevated body temperature, meaning staff can react quicker to the situation prevent this individual from entry. Pandemic monitoring by facial recognition Thermal cameras have been implemented throughout facilities including stadiums and are helping assist to spot people with elevated temperatures Through facial recognition, staff members will be able to locate individuals through simply uploading a photo. It has never been easier to find a person of interest. With masks becoming an everyday part of society, facial recognition has come under scrutiny regarding the accuracy when a mask is worn. Irex.ai still maintains a 96% accuracy with individuals wearing masks and can set up alerts for any individuals not wearing a mask. Another important aspect of facial recognition is finding persons of interest quickly through technology like IREX.ai's "searchveillance". The future is here. Designated staff can track a person from when they enter the stadium by simply uploading their photograph. An example of how this can assist stadium personnel is to help relocate lost children inside the stadium with their guardians/parents when they are separated. Another attribute would be any individuals banned from entering the stadium would trigger alerts once they appear under surveillance, a fantastic collaborative tool to use with Law Enforcement. Return on investment With security solutions, one of the biggest issues with any security investment is a lack of an ROI. This is where AI security is breaking the mould. The ability to provide business analytics, consumer/fan behaviours, traffic patterns, etc, allows other departments within the organization to gain vital information that can assist with their strategies and practices. Stadium security will never be the same in a post-COVID world, so why will its practices stay the same? AI & Stadiums is no longer the future, it's the 2020 solution.
Motion detection is a key feature of security systems in residential and commercial environments. Until recently, systems have relied heavily on closed circuit television (CCTV) and passive infrared (PIR) sensors, which both require significant investment and infrastructure to install and monitor. Developments in wireless technology are increasing home security possibilities. Few years ago, these developments led Cognitive Systems to discover that the wireless signals surrounding oneself can be used to detect motion. Known in the wireless industry as WiFi sensing, this technology brings many benefits that other motion detection solutions have not been able to provide. The working of WiFi sensing At Cognitive Systems, the company has used WiFi sensing technology to develop a motion detection solution called WiFi Motion™, which measures and interprets disruptions in RF signals transmitted between WiFi devices. When movement occurs in a space, ripples in the wireless signals are created. WiFi Motion interprets these ripples and determines if an action, such as sending a notification, is needed. Enabling this functionality in a space is incredibly simple. With a software upgrade to only one's WiFi access point (or mesh router), motion sensing capabilities are layered into one's WiFi network. Existing connected WiFi devices then become motion detectors without detracting from their original functions or slowing down the network. Using artificial intelligence (AI), WiFi Motion establishes a benchmark of the motionless environment and learns movement patterns over time, which could be used to predict trends. This allows unusual movement patterns to be detected with greater accuracy while decreasing the potential for costly false alerts. WiFi Motion requires no line-of-sight or installation WiFi sensing and other home monitoring solutions All of these capabilities are made possible by WiFi sensing and together create a motion detection system that provides unparalleled accuracy, coverage, privacy and affordability compared to other solutions on the market. PIR integration is far more complex and imposes electronic and physical design restrictions compared to WiFi sensing. In terms of placement, PIR systems are difficult to install, requiring line-of-sight and a device in every room for localization. WiFi Motion requires no line-of-sight or installation and is also a scalable solution compared to PIR. Much like cameras, PIRs can only cover so much space, but WiFi Motion can cover the entire home and even detect motion in the dark and through walls, without adding additional devices to the home. WiFi Motion detects less distinguishing context than cameras and microphones, but more context than regular PIR sensors for the perfect balance of privacy and highly accurate motion detection. Privacy solution While cameras have been the security solution for years, WiFi Motion offers a more affordable solution that can rival the privacy and coverage capabilities of even the most high-end cameras. With such a wide coverage area, one might think that WiFi sensing infringes on privacy, but actually, the opposite is true. With WiFi Motion, the contextual information collected cannot be used to identify a specific individual, unlike cameras which can clearly identify a person's face or microphones, which can identify a person's voice. It is different from other smart home security options that use cameras and microphones because it only senses motion using WiFi signals - it doesn't "see" or "listen" like a camera or microphone would. This provides opportunities for added security in spaces where privacy might be a concern and installing a camera may not be a comfortable solution, such as bathrooms and bedrooms. The data collected is also anonymized and highly encrypted according to stringent industry privacy standards. Existing connected WiFi devices then become motion detectors Additional WiFi sensing applications Since WiFi sensing technology requires no additional hardware or subscription fees, it is much more affordable than other motion detection solutions. It can be used as a standalone solution, or it can be easily layered into more complex systems. This ease of integration, scalability and relatively low cost brings a lot of potential for various applications. Motion detection can trigger other smart devices in the network to turn lights on or off In eldercare, for example, WiFi sensing can be used to help seniors live comfortably in their homes for as long as possible. With the increasing aging population and high costs associated with care homes, the market for this application is considerable. Caregivers can use an app to monitor movement in their loved one's home and be alerted about unusual movement patterns that could indicate a concern. For smart homes and other environments that have a network of smart devices, the artificial intelligence (AI) component of the technology allows for improvements to automated features. Motion detection can trigger other smart devices in the network to turn lights on or off or make adjustments to the temperature in a room. Security for the commercial sector For office buildings and other commercial properties, it is easy to see how all of these features could be scaled up to offer a highly accurate and cost-effective motion sensing and smart device automation solution. Cognitive Systems is closely involved with the development of WiFi sensing technology, working with various industry groups to establish standards and help it reach its full potential. WiFi Motion is merely the tip of the iceberg in terms of motion sensing possibilities, but its applications in the world of security are undeniably compelling. It is an exciting time for the wireless industry, as one works with stakeholders in the security space to explore everything this technology can do.
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Matt's birthday is tomorrow!! I always have the hardest time giving him gifts. He's hard to buy for, mainly because he never had any ideas to give me, and he's impossible to surprise. This time last week, I still had no idea what I was going to get him for his birthday. He mentioned new boots, but again, I can't surprise him with those. I'm not a cowboy boots kinda girl, so I wouldn't even know where to start. He would have to pick those out.
Tuesday morning, a friend on Instagram posted that she was selling Baylor Tickets to the game on Saturday. My in-laws were already coming in town to see Pearson play soccer on Saturday, so I called my MIL to see if they would mind staying the rest of the day and watching the boys. Of course they didn't mind. I quickly swiped up the tickets. I even asked her if I could pay her via Paypal so I could wait until after I surprised Matt. I also had them overnighted to my neighbor's house just so there was no chance he could accidentally find out.
Friday night we went to dinner with Matt's parents and I gave him a birthday card. I told him I had a little early birthday present for him. He thought I had gotten tickets for us to go see "War Room" since I had been wanting to go see it! Much to his surprise they were even better tickets. He was COMPLETELY surprised and totally stoked. He immediately texted a few friends……all of which already knew!! Ha!!
We got Grammy & Grandaddy and the boys all squared away at Pearson's soccer game and then we headed out. It's a 2.5hr drive to Waco and we wanted to allow plenty of time to park and experience game day in Waco.
We ended up parking in downtown Waco and took a shuttle to McLane Stadium. The stadium is beautiful. Matt was just in awe of what a game day looked like in Waco now. He said he couldn't even begin to describe the difference from when he was a student (back when BU wasn't any good). I'm thankful I got to go to a school where game days were similar to this atmosphere. Kyle Field is definitely a fun place to be on game days.
We visited with some friends at a tailgate, grabbed some Vitek's BBQ, and a Steel City Pop then headed into the stadium. Our seats were super high, like the third row from the top, but it isn't bad at all. I had heard that there isn't a bad seat in the stadium, and it's true.
We actually enjoyed being really high up because that overhang you see in the picture kept us in the shade the entire game. About 10 rows ahead of us was in the complete sun the entire game.
Although I really don't care about Baylor football, I did enjoy watching some of the game. They won 70-17 so there was lots of scoring. To bad we weren't at an Aggie game because Matt would have gotten lots of kisses from his date! It was a nice day to get away and spend the day with the one I love. He was a happy camper since we was with his love watching the game/team he loves!!
We ended up walking back to our car from the stadium. We worked up a nice appetite so we stopped at Torchy's Taco before we headed out of town. I also sipped on a Sic'Em Margarita (mango & lime). So good!! We are getting a Torchy's in Tyler any day now. We are so excited for it to open up!
We got back around 9:30pm……just in time to see A&M win in overtime!!
A big thanks to Grammy & Grandaddy for loving on our boys all day so we could get away for Matt's birthday surprise!!

subset: commoncrawl


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Businesses urged to reclaim EU VAT before Brexit
22nd February 2019
Businesses that need to claim back VAT on expenses from working in the EU are being urged to do so before the planned date for Brexit.
The Chartered Institute of Taxation (CIOT) is urging businesses to submit their claims for 2018 by 5pm on 29 March 2019, to avoid complicated administrative processes in the event of a no deal.
If the UK leaves the EU without a deal in place, UK businesses will no longer be able to use the EU VAT refund electronic system to claim their expenses.
Instead, they will have to make individual, paper-based claims to each country, taking up more time and potentially causing delays in returning the reclaimed tax.
John Cullinane, tax policy director at the CIOT, said:
"The process for reclaiming EU hotel, travel, restaurant and similar expenses incurred by UK companies is awkward in the event of a no-deal Brexit.
"There may be a stricter level of evidence needed to support the claim, depending on how individual countries decide to deal with the UK.
"This will be a nuisance to businesses in terms of administration time and likely delays in getting the VAT back."
Speak to us about reclaiming VAT for your business.


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Happy Date of Anne Vyalitsyna and Adam
In west Hollywood, CA. we spotted a pair of lovely couples this night, Adam Levine handed by hand with his model girlfriend Anne Vyalitsyna, in a black zipper ankle shoes and hot red tunic, showing off their romantic and happy love as if they've found the right guy in life. Hope so!


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The menorah was a gift our son had given his Dad for his 50th birthday.
It is called the tree of life. Our son wanted his Dad to know how much he appreciates his Jewish heritage.
I also had loved the idea that I had seen on your website where someone had made a menorah out of individual candles placed in little cups of sugar. I did one at every one's place setting. I used shot glasses filled with sugar and had a bunch of extra tall birthday candles (left over from my father's 90th birthday). I just picked out the blue ones.
I didn't have enough gold chargers for everyone, so I just placed one under the plate at each end of the table.
Our napkins were navy blue ones that we also use for Passover. I had some pretty blue velvet ribbon with gold trim. I just cut a piece, wrapped it around the napkin and placed a piece of Hanukkah gelt on top of it.
The other candlesticks on the table are just a varied collection. Some were wedding presents for my parents when they got married in 1941.
I placed the menorah on a mirrored tile (I like as much candle light as possible, as well as the reflected light). I left the blinds open so the candlelight would also reflect off the window.
I sprinkled Hanukkah gelt down the runner.
I added keeled place card holders at each place for sparkle.
The pictures on the wall in the background are a collection of family wedding pictures.
I will send pictures of the fabric and the quilt when I get home from work.
The dreidel was given to our family a long time ago by my husband's father. Victoria Arnold."
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Drain Doctor's Guttervac allows you the peace of mind of being able to see inside your gutters from the safety of the ground and then clean them out.
Drain Doctor Plumbing and Drainage is Britain's premier emergency domestic and commercial contractors.
The Drain Doctor Guttervac can clear all gutters to a height of 12 metres which means that most 3/4 storey buildings can have shining gutters without needing a ladder, scaffolding or powered lift.
Why not book a call every Autumn?
For domestic customers we can show you the cleaned gutter from our CCTV camera built onto the boom, giving you peace of mind. Why not book a call every Autumn?
In commercial situations, we would be happy to set up half yearly planned preventative maintenance visits.
Just ring Drain Doctor and consider your gutters cleaned.


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You have selected
Switch device
All the tutorials
Problem solving
Battery and power
Calls and contacts
Device frozen and crashes
E-mail and messaging
Internet and network coverage
Sound and volume
Touchscreen and buttons
WiFi and Bluetooth
How to uninstall an app
Connecting devices
Manual configuration
manual configuration
manual configuration
manual configuration
032a. Email wizard - Gmail
032b. Email wizard - Yahoo
032c. Email wizard - Outlook
Getting started
How to add a keyboard language
How to enable a SIM pin
Internet and data roaming
Manual configuration
Using the Internet
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Download manual
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How to perform a soft reset
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Enable WiFi Calling
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iPhone 12 Pro Max
Connecting devices
* Your Apple iPhone 12 Pro Max requires a number of settings in order to connect to a Bluetooth device, such as a headset, car kit or laptop.
* Refer to the instruction manual of the Bluetooth device you want to pair with. Verify which code is required for pairing the device (0000 or 1234 are the most common ones).
* Important: transfer files on your Apple iPhone 12 Pro Max via Bluetooth is not possible. * To exchange multimedia content via Bluetooth, you need to download an application from the App Store.
* Go to the Start screen. * Choose *Settings*.
* Scroll down. * Choose *Bluetooth*.
* Enable *Bluetooth*.
* If one or more Bluetooth devices are available within the Apple iPhone 12 Pro Max's range, they will be listed. * Choose the device that you want the Apple iPhone 12 Pro Max to connect to. * If the device is not listed, make sure that Bluetooth has been enabled on the device and that it is within range of the Apple iPhone 12 Pro Max.
* The pairing has been completed. * Return to the Start screen.
Step 1 of 8


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The lx brand includes the tools necessary to install a CentOS 3.x or Red Hat Enterprise Linux 3.x distribution inside a non-global zone. Versions 3.5 to 3.8 of each distribution are supported. The brand supports the execution of 32-bit Linux applications on x86 and x64 machines running the Solaris system in either 32-bit or 64-bit mode.
The lx brand emulates the system call interfaces provided by the Linux 2.4.21 kernel, as modified by Red Hat in the RHEL 3.x distributions. This kernel provides the system call interfaces consumed by the glibc version 2.3.2 released by Red Hat.
In addition, the lx brand partially emulates the Linux /dev and /proc interfaces.
Note that you must maintain a supported configuration if you add packages to an lx branded zone. See About Maintaining a Supported Configuration for more information.


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Fort Wolcott Mission
Naval Location #1: Fort Wolcott
100 % SYNCH objectives
- Limit Health Loss - 33%
- Achieve minimum kill streak - 3
- Perform ledge assassinations - 3/3
First thing's first, climb up the mountain wall going to the right then going upwards to the fort walls. When you reach the fort walls, shimmy to the left side and then upwards to encounter a Redcoat.
PERFORM LEDGE ASSASSINATIONS 1/3: Go in for the ledge kill and then climb up to trigger a cutscene.
After Connor lands in the next area, hide in the corner and whistle the Redcoat in for a corner kill. Now go around the corner and jump and climb to the other side.
Use the handle bars and then jump to the next ledge to find a Treasure Box with €1250 inside!
There's only one guard in the area so use an air assassination on him to clear the area out. Exit using the open doorway to the next area.
Climb up to the ledge above to see a new area. Jump and swing to the lower floor and slowly approach the corner. Use a whistle and then a corner kill on the nearest Redcoat.
PERFORM LEDGE ASSASSINATIONS 2/3: Just near where you landed is a well-lit set of stairs that leads to a ledge. Climb it up and wait for the Redcoat to get near the ledge and then assassinate him.
There is a third Redcoat in the area but there's no need to kill him so just climb to the top floor and jump towards the large iron casts hanging from the ceiling. Jump fro iron cast to iron cast to the next open window to the next building.
Jump to the lower floor, then scale the nearby wall with the crates and then use a back eject to the open wall above and enter to the large dining hall.
Jump from chandelier to chandelier to the next ledge and then out to the next building.
The next buiilding is enemy-free and has several empty beds. The farthest bed has a Treasure box on the nightstand with €1500 inside. Grab that money!
PERFORM LEDGE ASSASSINATIONS 3/3: Now jump out of the nearest window to see a Redcoat standing on an adjacent balcony. Jump and skip over to him and use a ledge kill to fulfill the requirement.
Climb and enter the building to trigger a short cutscene. Use corner kills on the two Redcoats (whistle them in) to clear out the top floor. From here, go around around the corner to the other end and use a double air assassination on the two Redcoats below to clear the area.
Before you obtain the Kidd artifact page, go to the adjacent prison cell to find a lone treasure box with €2000 inside! Money rocks!
Now enter the other prison cell and analyze the clue to trigger a cutscene.
LIMIT HEALTH LOSS TO 33%: The fight with the Grenadier will either be easy or a total pain. Cut the pain in half by shooting the pistol at him to reduce his health in half and then use a break defense and a 2-3 combo to kill him and trigger a cutscene.
From here, you have three minutes to escape but there is still one more objective to complete! Follow the path in front of you and jump and climb while avoiding the fire until you reach an area with another batch of enemies.
ACHIEVE A MINIMUM KILL STREAK OF 3: Quickly bust out the sword and start slashing at the nearest Redcoat. Parry and counter the baddies (including the Grenadier) to achieve this goal and trigger another cutscene.
Run and jump up the fallen ledges and going forward. Look for the doorway with the small arch and then climb upwards to complete the mission.
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TORRINGTON >> Police officers announced an arrest on sexual assault charges on Friday, the second in three days.
The Torrington Police Department said that Joan Toribio, 18, was arrested and charged with second-degree sexual assault, risk of injury to a minor and risk of injury to a minor with sexual contact. Toribio is being held on $50,000 court-set bond, and no court information was available.
Additionally, no further information on this case is available, as the arrest warrant has been sealed. Sgt. Mark Cattey of the Torrington Police Department could neither confirm nor deny if Toribio's arrest is connected with an earlier arrest of a fellow 18-year-old Torrington resident on identical charges.
The arrest comes on the heels of the Feb. 20 arrest of Edgar Gonzalez, who has also been charged with second-degree sexual assault, risk of injury to a minor and risk of injury to a minor with sexual contact. Gonzalez was held on $75,000 court-set bond -- since reduced to $65,000 bond -- and remains in state custody. Gonzalez appeared in Bantam Superior Court on his charges, and is scheduled to appear next on Feb. 26.
Gonzalez and Toribio are both residents of 330 Highland Avenue in Torrington, but reside in separate apartments. Toribio lives in apartment 5C, while Gonzalez lives in apartment 4B. Both Gonzalez and Toribio were arrested in connection with Feb. 10 incidents involving 13-year-old victims.
According to the Connecticut Judicial Branch's website, Gonzalez has one pending case in Litchfield Superior Court, which is scheduled for a jury trial. Gonzalez's next appearance, on charges of first-degree robbery, third-degree assault, attempt to commit larceny, conspiracy to commit robbery and risk of injury to a child, is on March 12, and Gonzalez is free on $15,000 surety bond in this case. Toribio does not have any other ongoing court cases.
Reach Jason Siedzik at (860) 489-3121, ext. 321 or on Facebook at www.facebook.com/RCjsiedzik.


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Many adults that might not have been diagnosed with ADHD/ADD as a child find they are struggling with some of the same behavior patterns that they experienced as a child. It wasn't until recently that there has been an adult indication for medical treatment for ADD/ADHD.
There are numerous questionnaires published in magazines and on the Internet that try to help a person determine if symptoms of ADHD are interfering with quality of life. Most of these questionnaires point out the basic behaviors that may be present in attention deficit disorder. I think it's helpful to take some of these personalized tests to see how you score. If indeed, insurmountable problems are repetitively reoccurring in your life, seeking medical help may change the course of your life.
Methylphenidate and dextroamphetamine are two classes of medications used in the treatment of ADHD. Only dextroamphetamines, brand name of Adderall (amphetamine mixed salts) and Vyvanse (lisdexamfetamine dimesylate), have been approved for adults. Non-stimulant medication by the name of atomoxetine, brand name of Straterra, has also been approved for adults and older children.
Just as with children, the problems of organization, distractibility, impulsivity and inappropriate social interaction may be present in adults. Some adults like their "ADHD personality" and have good coping skills in everyday life. But other adults find they are dysfunctional and may have trouble sustaining their job, personal relationship, day-to -day activities and responsibilities. It is in this group of individuals that medication can be life-changing. Artistic and creative talents can still be expressed while being treated and completion of projects may be the outcome of things that might otherwise have been left on the drawing table (so to speak). Sometimes just knowing why we have difficulty following through helps us to get organized and strategize our lives better than the converse of constantly being frustrated because we don't understand why things never get done.
It is important to get the message out that ADHD really does exist and that it is a lifelong condition. If you feel like ADHD or ADD might be interfering with your life, I would encourage you to seek professional help.
Important: The views and opinions expressed in this article are those of the author and not Everyday Health.


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Nursing Instructor
As a Navy nurse, Julie Vignato traveled the world, taught military corpsmen nursing skills, and helped hundreds of deployed military personnel and their families.
"As a Navy nurse we did everything from the cradle to the grave. I saw people at their worst and at their best," says Vignato. "I really liked that I was able to help people. I was able to help both those deployed and their families, which was very rewarding."
After spending nearly a decade working as a nurse, clinical educator and ultimately a nurse manager for the Navy in different parts of the world, she decided it was time to put down some roots with her husband in San Diego. She began teaching part time in the MiraCosta College Nursing program in 2006 and was soon offered a full-time position. Since her arrival, the MiraCosta Nursing Program has recruited more HM's into the LVN program through NURS 166: the Corpsman to Vocational Nurse Transition class.
Vignato holds a Bachelor of Science in nursing cum laude from the University of Rochester and an MSN in Nursing Education from Saint Joseph's College of Maine. She is currently working toward a doctorate in nursing at USD, and completed her first year with a perfect 4.0.
In her free time, Vignato and her husband care for their two horses, a Bullmastiff, a Boxador (part Lab, part Boxer), three fish, and two cats. "I used to rescue animals when I was stationed in Puerto Rico," she explains. Julie enjoys riding horses with her two daughters, Gracie and Sophie.
"I always continue to push myself to new limits."


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Dota 2 tournament
The International 2016 - Regional Qualifiers matches
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GosuBet is a non-money betting system. Everyone starts with 50 units of currency and is able to place it into many different bets, with odds for each player or team.
If you ever lose your currency, just click 'Reset GosuBet' and you restart from 50.
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Dum Dums introduces Color Party! Do you want to decorate for a party or a special event and have a specific color theme? Are you making a craft and need just the right look? Available in 4 -75 count bags, pick the color you want and have it delivered right to your door! Color Party is available in 13 bright vivid colors and one assorted pack. Click on the product detail page to see a color swatch. More...
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Breakfast on the Big Island: What to Order at Hawaiian Style Cafe in Waimea
Highway 19 on Hawaii, the Big Island, snakes north from Kona toward the high-end resorts of the Kohala coast, before taking a turn inland toward Waimea, the hilltop town where Hawaiian Style Café serves up some the best Hawaiian food on the island. Tourists staying all along that coast make the journey, standing in line with the locals who crowd the horseshoe-shaped counter, the booths in the front room, and the tables in the back, to eat monster-sized portions of breakfast foods that invoke the power of Spam, rice, mac salad, and all other holy Hawaiian foods.
Churning out gluttonous portions at a pace to keep up with the hordes of hungry patrons is what Hawaiian Style Café is known for, but it's more than terrific short-order cooking that earned its fame. Sure, the smoked-pork omelet could be on any menu, but here the pork is smoked in-house. The restaurant does its best to work in locally-sourced beef, lamb, and whatever else they can, while still keeping dirt-cheap prices.
The strip mall storefront opens at 7 a.m. and closes, depending on the day, between noon and 1:30 p.m. In that time, piles of pancakes, multitudes of three-egg omelets, and who knows how many scoops of mac salad (they make theirs with tuna and peas) will pass over the high counter.
It's the dream of any voracious traveler to stop for a roadside bite and find a place like Hawaiian Style Cafe, which turns out behemoth portions of authentic local cuisine. This is how it's become such a destination for so many visitors to the island Hawaii. Perhaps you'll even be planning your trip after clicking through the slideshow.
Hawaiian Style Cafe
65-1290 Kawaihae Road, Waimea HI 96743 (map) 808-885-4295
All products linked here have been independently selected by our editors. We may earn a commission on purchases, as described in our affiliate policy.


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August 2003
Southeast Michigan
Bald-faced hornet nest in tree
Monica Hartman (photographer; copyright holder), BioKIDS
The Animal Diversity Web team is excited to announce ADW Pocket Guides!
Help us improve the site by taking our survey.
To cite this page: Myers, P., R. Espinosa, C. S. Parr, T. Jones, G. S. Hammond, and T. A. Dewey. 2020. The Animal Diversity Web (online). Accessed at https://animaldiversity.org.
Disclaimer: The Animal Diversity Web is an educational resource written largely by and for college students. ADW doesn't cover all species in the world, nor does it include all the latest scientific information about organisms we describe. Though we edit our accounts for accuracy, we cannot guarantee all information in those accounts. While ADW staff and contributors provide references to books and websites that we believe are reputable, we cannot necessarily endorse the contents of references beyond our control.
This material is based upon work supported by the National Science Foundation Grants DRL 0089283, DRL 0628151, DUE 0633095, DRL 0918590, and DUE 1122742. Additional support has come from the Marisla Foundation, UM College of Literature, Science, and the Arts, Museum of Zoology, and Information and Technology Services.
The ADW Team gratefully acknowledges their support.


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Think Contrarian
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If you're looking for compelling investment ideas and insights into how to unearth them, you've come to the right publication. That is especially so in any week when stock pickers extraordinaire Meryl Witmer, Mario Gabelli and Oscar Schafer grace these pages together. Add Marc Faber, whose 30,000-foot view of the markets encompasses both hemispheres and all asset classes, and you've got yourself the handiest guide we know to making money in 2011.
On Jan. 10, the editors of Barron's were fortunate to get all four -- and the other six members of the Roundtable -- in the same room at the same time, to explore the prospects for the global economy, financial markets and a wide array of investments in the year ahead. This week's Roundtable issue, the last of three, features the picks of this formidable foursome, and their stock-picking strategies.
Barron's Roundtable
Part 1: Attention Stockpickers
Part 2: All Over the Map
Part 3: Think Contrarian
Meryl, a general partner at New York's Eagle Capital Partners, says it's a lot harder to find cheap stocks now that the market has rallied. That is why she and her team are prowling for companies recently released from bankruptcy protection -- a process that cleanses their balance sheets but wrecks their reputations. The more unloved they are, the more Meryl loves them -- and the opportunities they offer.
Mario, the big boss at Gamco Investors in Rye, N.Y., has a keen interest in break-ups, make-ups, spinoffs and split-ups -- the Page Six of corporate life. That's because deals are "one way for values to surface." Deal stocks like Fortune Brands and Sara Lee figure prominently among his picks for 2011, along with a novel play on shale gas and another on gold.
For Oscar, the value hound who runs New York's O.S.S. Capital, it's the catalyst that counts. What circumstance, or constellation of events, could turn an otherwise ordinary business into a growth machine? He homes in this year on companies returning to public hands after leveraged buyouts. Shares outstanding are limited, tax rates are low and management is cost-conscious -- an optimal set-up for outsized investment returns. Hertz is one such returnee, and his masterful analysis is worth reading twice.
As for Marc, a globe-trotting financial advisor, he's prone to big pronouncements. Nothing to get alarmed about -- just that all paper currencies are doomed and World War III has begun. When the shock wears off, however, you might be riveted by his thoughts on how to profit from great global shifts, as well as temporary dislocations in equity, currency and commodity prices. Think energy, gold and, yes, Japan.
Want more details? Please read on.
Barron's: Meryl, what good ideas have you brought us?
Witmer: I have five stocks. The first is Rockwood Holdings [ticker: ROC]. It has about 76 million shares outstanding and trades at 39.50, for an equity capitalization of about $3 billion. It was taken private by KKR and came public again in 2005. Throughout the LBO [leveraged buyout] and since, it has been managed by Seifi Ghasemi, a superb CEO. Rockwood makes advanced materials and high-value-added specialty chemicals, including lithium, titanium dioxide and ceramics. We love the lithium business. Rockwood processes lithium from a brine pumped from underground and concentrated in large ponds in the desert in Chile and Nevada. It also produces potash from these brines. Rockwood's lithium compounds are used in batteries, pharmaceuticals, alloys and ceramics.
The lithium market has grown by 10% compounded in the past decade, and there is real home-run potential if electric cars gain popularity. A million all-electric cars would double demand for battery-grade lithium. Rockwood also makes titanium dioxide, an essential product used to improve the durability and opacity of plastics, paints and cosmetics.
Schafer: And paper.
Witmer: Yes. Rockwood has a grade that is used to make synthetic fibers, which should benefit from high cotton prices. There is no affordable substitute for titanium dioxide. If you don't have it in car and house paints, the rain would wash the paint off over time. Seven percent of industry capacity was shut down and dismantled during the downturn. Now demand is rebounding, and there is pricing power for the first time in a decade.
Is capacity starting to expand?
Witmer: No expansions have been announced because titanium dioxide is made from a heavy mineral called rutile and there is limited capacity to produce it. You would never consider a plant until you locked in rutile supply. Also, prices aren't yet at the point where companies would want to add capacity. There is a long runway of strong pricing ahead since it takes four-plus years to add capacity.
Schafer: If plants were closed, isn't the rutile still around?
Witmer: Rutile-ore bodies run out after five to 10 years. Rockwood buys rutile on the open market and will pass through cost increases. Rockwood's advanced-materials business produces high-performance ceramics used in the electronics, automotive and medical markets, including the hip-joint market, where its all-ceramic joint has a high market share. Pro forma, including the sale of its plastics business, which closed [Jan. 7], Rockwood could earn about $2.40 a share in 2011. Adding back excess depreciation and amortization from the step-up of asset values stemming from the LBO, and using a cash tax rate of 20%, free cash flow will be about $4.10 a share in 2011 and $4.50 in 2012. We target a price-to-free-cash-flow multiple of 12. Our one-year price target is 55.
Tronox [TROXV] also manufactures titanium dioxide. It is expected to emerge from bankruptcy protection soon and is trading on a when-issued basis at 94. Tronox succumbed to the bankruptcy process because of legacy environmental liabilities with which it was saddled during its spinoff from Kerr-McGee [KMG] in 2006. These liabilities were from other businesses and should have stayed with Kerr-McGee, which also saddled Tronox with too much debt. Bankruptcy really is a cleansing process. The bankruptcy plan set up a trust for the environmental liabilities.
How big were the liabilities?
Witmer: They put about $270 million into the trust. A lot of Tronox debt has been converted into common stock. Once the bankruptcy plan is affirmed, there will be 15 million shares trading, for an equity capitalization of $1.4 billion. The company will have about $400 million of net debt.
Tronox's plants are valuable because they produce titanium dioxide using a proprietary chloride method, which is lower-cost and produces a grade required by certain end users. Only five companies have this technology. Tronox's joint venture in Australia also mines the key raw materials needed for production. It protects the supply source, and partially insulates the company from increasing costs.
What could Tronox earn post-bankruptcy?
Witmer: Earnings power in the next year is between $8.50 and $10 a share, rising to $11 or $12 as titanium-dioxide pricing reaches a level commensurate with the capital investment required. This squares with our estimate of replacement value of $100 to $125 a share. Our target for Tronox is 120 to 140 a share.
Black: How many years of rutile reserves do they have?
Witmer: They are in a good spot for as much as seven years.
Meryl Witmer's PicksPriceCompany/Ticker1/7/2011 / ROC $ 39.67Tronox / TROXV94.5 / SIX56.58 / PSS20.94 / CODE20.88
Source: Bloomberg
Six Flags Entertainment [SIX] emerged from bankruptcy protection last year. It has 27 million shares and an equity cap of $1.5 billion. It has about $900 million of debt. The company said replacement value for its assets is $5 billion to $6 billion. Six Flags owns about 20 family-oriented amusement and water parks in the U.S. and Canada. We got interested when we read that Jim Reid-Anderson had been brought in as CEO. He ushered another investment of ours, Dade Behring, through the bankruptcy process, ultimately selling it to Siemens [SI]. Dade went from 10 to 77 a share.
Jim stayed at Siemens, integrating two other acquisitions. He and his team met their cost-cutting target in the first year. Six Flags gave him a compensation package that rewards success with company shares. Jim is oriented toward paying down debt, improving return on assets and running the business properly. He brought some of his team from Dade Siemens, and moved Six Flags' headquarters from New York to Dallas, saving $16 million a year. If he can get Ebitda [earnings before interest, taxes, depreciation and amortization] to $350 million, he will receive 1.25% of the stock. Six Flags gets about 25 million visitors a year, each spending about $36, all in. If he can increase profitability by $3 per person with a combination of cost cutting and higher revenue, he should meet his target. Longer-run, Six Flags has opportunities in international licensing. It also has 1,000 undeveloped acres.
Why did the company seek bankruptcy protection?
Gabelli: Dan Snyder, owner of the Washington Redskins, gained control of the company in 2005 through a proxy fight. He and his team loaded it with debt.
Black: Has Snyder left the company?
Witmer: Yes. Six Flags will have after-tax free cash flow of about $5.50 a share in 2011, which is worth 12 times earnings. That implies a stock price of 66. My cash-flow estimate assumes Six is a full taxpayer, while in fact the company has about $1.2 billion of net-operating-loss carryforwards, meaning it will pay almost no tax for the next 10 years. The present value of the NOLs is about $9 a share, which gives us a target price of 75 a share. If Jim falls short, it still is a good investment. The stock is 55.
Black: This isn't an industrial company. It is a marketing company. It is one thing to sell ball bearings. It is another to compete against Walt Disney [DIS]. Did they bring in some professional marketers?
Witmer: They brought in Al Weber, who ran Paramount Parks, and a new marketing team.
Collective Brands [PSS] trades for 21 a share. The current CEO, Matt Rubel, hails from Cole Haan, where he did a great job. At Collective he purchased Stride Rite, and got a stable of brands with a lot of growth potential. The domestic Payless stores are a cash cow. Store count isn't growing in the U.S., but it is growing internationally, especially in South and Central America. Collective's performance and lifestyle group includes Sperry Topsider, Saucony, Stride Rite and Keds. Sperry has a lot of potential in apparel, and potentially the cache of brands like Burberry [BRBY.U.K.]. Rubel's goal is to grow operating profit by 9% to 12%, and earnings per share by 12% to 16% over the long term, using debt reductions and buybacks to boost the growth rate.
What do you see for the stock?
Witmer: Collective earned about $1.50 a share in the past 12 months. Add back excess depreciation of about a dollar a share. The company has a base after-tax, free-cash-flow run rate of about $2.50 a share. The current stock price is too cheap. In the near term, increased prices for raw materials will be a headwind. But lease costs in the U.S. are decreasing. The stock could trade for 28 a share, and if things pick up with the branded part of the business, it could double.
My last pick is a flash-memory producer, Spansion [CODE]. It, too, came out of bankruptcy. Spansion entered the global downturn with too much debt. It sought bankruptcy protection in the first quarter of 2009 and exited in May 2010 with a cleaned-up balance sheet and an excellent new CEO, John Kispert. There are 60 million shares out, the stock price is 21, and the market cap is just under $1.3 billion. It has about $450 million of debt and $330 million in cash.
There are two types of flash memory -- NAND and NOR. Spansion makes NOR. NAND is great for storing data like photos or movies. NOR is used to store computer code, because it can be accessed quickly and executed reliably. Code stored on NOR reminds an electronic device what it does. You find it in cable boxes and autos. Spansion and Numonyx, which was purchased by Micron Technology [MU], have a combined 60% market share.
Fred, do you know this company?
Hickey: Not really. It is a commodity product, and those products got killed in the recession.
Witmer: It was a moment in time and a lot of things traded down. Now they are making a lot of money. Spansion lost market share when it entered bankruptcy, but now is regaining it. The market that slowed the most was the part related to cellphones, and they got out of that segment.
Spansion has $1.7 billion of NOL carryforwards. It will pay a very low tax rate for the foreseeable future. It also is suing several companies for unauthorized use of its intellectual property. We aren't counting on a big payday, but a victory could be worth a couple of hundred million. Annualizing Spansion's fourth-quarter guidance, the company will have after-tax free cash flow of $2.70 to $3.70 a share. At 21 a share, it is compelling.
Thanks, Meryl. Marc, you're on.
Faber: One investment theme I like for 2011 is LNG, liquefied natural gas, because oil demand, which declined in the developed world in the past two years, has begun to turn up. Also, emerging economies continue to grow. For the first time in history, oil demand is larger in emerging economies than in the developed world. That could create a favorable environment for energy and energy-related equities. Eventually, we will have war, big-time. Then energy prices and other commodity prices will go up substantially.
Gabelli: Can you define "big-time"?
Faber: We have a superpower in the world, the U.S., and a rising economic power, China. They have very few common interests except commercial interests, in that China wants to sell to America. But China doesn't depend as much on America as it used to, because China's exports to the developing world now exceed what it sends to the developed world. Also, countries such as Australia and Brazil have become China-centric, as their exports to China are larger than to the U.S. This creates an unstable international environment that could lead to tensions. Maybe you don't have divisions of tanks facing each other, but it should be clear that China is an active supporter of North Korea and the Taliban. And now, with the U.S. endorsing a seat for India on the U.N. Security Council, the Chinese are getting closer to Pakistan. I want to be hedged for complete disaster -- World War III. In that case, you are better off in commodity-related investments.
Sure, uranium.
Faber: If you have a bearish view of the world, you should be in equities and commodities, not government bonds. I would own a basket of oil-related equities such as Chevron [CVX], ExxonMobil [XOM] and Occidental Petroleum [OXY]. The cheapest energy is natural gas. It is volatile and depressed. A few years ago I recommended cotton, which was around 50 cents a pound. Everyone said, "There's a big glut of cotton." That is precisely when you buy commodities -- when there is a glut and prices are depressed. Then you wait. If you buy a natural-gas ETF [exchange-traded fund] and gas prices don't move, you'll lose money. But you can buy natural-gas stocks such as Chesapeake Energy [CHK]. I am not saying it is a perfect company, but if natural gas goes up, the stock can move significantly.
Natural gas is abundant. Why would it rally?
Gabelli: What drives natural-gas prices is cycles. At $4.40 per million Btu, it is cheap relative to other energy inputs.
Faber: It is cheap and clean. Some coal companies also are interesting. SouthGobi Resources [SGQ.Canada] is speculative. It has a lot of coal 40 kilometers from the border of China, in Mongolia. The company is a spinoff of Ivanhoe Mines [IVN]. I am on Ivanhoe's board. Ivanhoe still has a large holding in SouthGobi, but it is independently run, if that is possible in the Friedland stable. [Robert Friedland is Ivanhoe's CEO.]
Schafer: How will SouthGobi get coal to the people who use it?
Faber: It is shipping the coal by truck, but it is likely they will build a railroad. It is a politically charged situation, because the Mongolians are afraid that once a railroad goes through, it would facilitate an invasion by China.
For the past few years I have been positive on emerging economies. But I agree with the view here that some stocks in the West have become attractive. Archie recommended insurance companies in America. The Swiss stock market suffers from the same syndrome as Japan -- a strong currency. Swiss stocks, priced in Swiss francs, haven't really moved since 1998. Nor has the Swiss insurance industry done well. A basket of Swiss insurers including Zurich Financial [ZURN.Switzerland], Swiss Life [SLHN.Switzerland] and Swiss Re [RUKN.Switzerland] are attractive at current valuations.
Zulauf: You're not afraid they will be hurt by their holdings of European government bonds?
Faber: Swiss insurers don't own a lot of Greek, Portuguese and Spanish bonds. Zurich Financial yields 6%, astronomical compared to Swiss interest rates. The market is saying it doesn't trust the dividend. But even if it is cut by 50%, you'll have a 3% yield, still is better than Swiss bonds.
Cutting the dividend wouldn't do the stock any good.
Faber: The stock probably has discounted a potential cut already. I hear it might not happen.
I have repeatedly recommended physical gold and gold shares. Fred and others have discussed the reasons to hold physical gold outside the U.S., and I would do the same. The custody of assets will become increasingly important for investors. You shouldn't have your $1 billion in the American banking system, where the government might take it away one day or prevent it from moving overseas. You don't want to own gold in America, where expropriation is a possibility, as happened in 1933. You want to hold it in custody in Singapore, Australia, Dubai or Hong Kong.
Marc Faber's PickPriceCompany/Ticker1/7/2011ENERGY / CVX$91.19 / XOM75.59 / OXY96.19 / CHK26.95SouthGobi Resources / SGQ.CanadaC$13.50SWISS INSURANCE STOCKSZurich Financial / ZURN.Switzerland248.80 CHFSwiss Life / SLHN.Switzerland142.7Swiss Re / RUKN.Switzerland52.6GOLD / NEM$56.89 Buy: / ABX49.1Sell: Barrick Gold options*4.15ASIAN STOCKSChiang Mai Ram Medical / CMR.Thailand46.00 bahtAEON Thana Sinsap / AEONTS.Thailand32.5MCOT / MCOT.Thailand29Ascott Residence Trust / ART.SingaporeS$1.24JAPANESE STOCKS / NMR$6.52 / DCM17.11 / MFG3.88 / MTU5.31OTHER / MES24.13Oslo Bors / OSLO.Norway77.00 NOK*July 2011 50 calls. Source: Bloomberg
Schafer: How would you view Switzerland with regard to expropriation?
Faber: If the U.S. expropriates gold, the government won't take it away without paying for it. It will pay you the going price per ounce. Then overnight it can revalue gold to $10,000 an ounce. The U.S. would put enormous pressure on the Swiss national bank and on others to do the same. The Chinese will tell them to get lost. Thus, you should have a safe-deposit box in Hong Kong for your gold.
Among gold producers, I would own Newmont Mining [NEM] and Barrick Gold [ABX]. If you are concerned about a near-term correction in gold, you can buy Barrick shares and sell the July 50 calls.
Water and fertilizer, or potash, are interesting opportunities. I have been recommending fertilizer stocks like PotashCorp [POT], which will be taken over at some point. It got a bid from BHP Billiton [BHP] but the bid is off. I am a little cautious about agricultural commodities, but fertilizer stocks are still attractive. And, as always, I have some Asian recommendations.
We were waiting for those.
Faber: Markets in Asia no longer are inexpensive. But based on dividend yields, which compare well to bond and cash yields, shares aren't expensive, either. You can assemble an attractive basket of Asian shares that yield 5% and have a P/E [price/earnings ratio] of around 10 times earnings. I recently bought Chiang Mai Ram Medical [CMR.Thailand], a hospital-management company. Health-care expenditures per capita are around $7,000 in the U.S. In India they are less than $50, and in China they are around $80. It is a no-brainer that health-care expenditures will grow in the developing world, along with spending on pharmaceuticals.
Witmer: Does Chiang Mai Ram make money?
Faber: It makes a lot of money. Do you think hospitals in Thailand operate for free? The P/E is about 12. Then there is AEON Thana Sinsap [AEONTS.Thailand], a consumer-finance company with a P/E of 10 and a yield of 6%. MCOT [MCOT.Thailand] is a communications company, partly state-owned. It has a yield of around 5% and a P/E of 10. In Singapore there is Ascott Residence Trust [ART.Singapore]. If you are moving to Asia or within Asia, you can't find an apartment overnight, so you stuff your family into a residential hotel until you do. Ascott yields 5.6%.
If energy prices keep rising, Middle East stock markets will go up. You can participate in the markets through the Market Vectors Gulf States Index [MES] ETF. Russia and Kazakhstan would also benefit from rising oil prices. The quality of their bonds would improve. A year ago I recommended Norway's stock exchange, the Oslo Bors [OSLO.Norway]. I still like it. It yields 10%. It is a cheap stock and might be taken over. We haven't talked about Japan, the second-largest economy in the world.
Let's do it.
Faber: The Japanese market has been a huge underperformer. Government debt equals about 200% of GDP [gross domestic product]. The government will have to monetize it sooner or later. Eventually they will drive people out of fixed-income securities and cash and into currencies other than the yen. A weakening yen would be key to the improved performance of Japanese stocks. In 2011 the Japanese stock market could surprise investors on the upside. I would buy a basket of stocks, including Nomura Holdings [NMR], NTT DoCoMo [DCM], Mizuho Financial [MFG] and Mitsubishi UFJ Financial [MTU]. You can prosper by buying what no one else wants.
All paper currencies are doomed. But I am not as bearish as some on the U.S. dollar. It could surprise on the upside for a couple of months, and the yen, euro, Swiss franc and some commodity-related currencies could weaken.
There is an absence of short recommendations here today, which is unusual. I agree with Fred that in a money-printing environment you don't want to short. But going back to cotton, it recently hit $1.59 a pound. There isn't a permanent shortage; when the price gets too high, they'll plant more. But I would consider shorting cotton. I would also short the Standard & Poor's 500 as a trading position. Sentiment is overly optimistic, insider selling is heavy and the market's internals have been worsening. A lot of well-to-do people are up to here in cash. They completely missed the rally from the lows in 2009. They might be forced into the market and push it up. You could get a spike in stocks, and a shorting opportunity.
Thank you, Marc. Mario, you're on.
Gabelli: Genuine Parts [GPC] has 158 million shares. The stock is around 50. The company has net cash of $50 million. Earnings will accelerate, in part because they are gaining back share in the do-it-for-me auto-repair market. The automotive-parts group will account for 50% of 2010's $11 billion of revenue. The other business is the sale of maintenance and repair parts for industrial customers. That business was depressed and will recover.
Genuine Parts could earn $2.90 to $3 a share for 2010. This year they could do $3.45, going to $3.90. In the next five years, the company could see 10% annual earnings growth. The dividend is $1.64 a share, and the yield is 3.5%, which will grow nicely. There are 250 million cars on the road in the U.S., and their average age is increasing. The same is true for the truck population. Auto production was up sharply in 2010 as car inventory was rebuilt. Sales will rise in 2011 by about a million units, but production will rise by only 700,000. Class A trucks will be strong for the next three or four years. Globally, China is the big dog as global production increases.
What else do you like?
Gabelli: We had 10-baggers in a bunch of companies. Tenneco [TEN] went from 30 to 1 and is now 45 a share. My next idea ties into drilling technology. The world is long shale [natural gas trapped in shale]. The gas couldn't be unlocked until companies developed ways to drill horizontally with fracturing of the shale. National Fuel Gas [NFG] is a conservative way to participate. The company has 82.1 million shares and sells for about 68. Its local gas utility in Buffalo is worth about 19 a share. It has a pipeline business in the Marcellus shale, which runs from West Virginia through parts of New York, and some production in the Gulf of Mexico and California. All that, with the utility, is worth $40 a share.
Mario Gabelli's PicksPriceCompany/Ticker1/7/2011/ GPC$50.98 / NFG68.39 / FO61.47/ SLE17.43 / MSG24.93 / ENR72.3 / TNB47.6 / CR41.65 / MICC95.98 / USM49.52 / BCO26.76
Source: Bloomberg
NFG owns most of the land it has drilling rights to. When you drill, the first few thousand feet of shale is the Upper Devonian. You will find gas in 98% of your wells. Below that is the Marcellus, and further down is the Utica. The Utica fields are likely to be more prolific. Some companies just lease the Marcellus, but when you own the mineral rights, you can drill all the way down. Atlas Energy [ATLS] has done a deal in this area with Chevron, in which it priced land at $7,000 to $8,000 an acre. Here you're paying 28 a share times roughly 80 million shares, or $2.4 billion, for something that could be worth as much as $8 billion. NFG is in the final stages of figuring out who its partner will be. These are utility guys who backed into a technology play. They didn't understand it but they learned very quickly.
I left my props home today. I was looking for a bottle of Jim Beam.
Gabelli: Fortune Brands [FO] is splitting in three. What are the parts worth? The stock is 61. The company has been whittled down in the past five years to three businesses. One is spirits. Spirits, beer and wine is an $830 billion business worldwide. Bourbon is one of Fortune Brands' fastest-growing products. The company will spin off its distilled-spirits business. The second business is housing products, including brands such as Moen, Master Lock and Aristokraft. The third business is golf products.
Fortune Brands has a $9.6 billion equity value and $3.6 billion of debt, for a $13 billion enterprise value. Earnings will grow nicely in the next few years. Bill Ackman of Pershing Square pushed for a break-up of the company, but he moved it in the direction it was going anyway. Fortune Brands should earn about $2.80 a share in 2010, and absent a break-up, earnings would march straight to $6 in 2014. Debt would come down at an accelerating rate. If there were no break-up, the company could be worth more than 110 a share. Spirits is attractive, and the housing business will recover.
Not any time soon.
Gabelli: I agree there is a big inventory overhang in housing. We don't look for much of a recovery until 2012. In the golf business, they paid about $800 million for Cobra and sold it for $100 million, so they had a big capital loss. They have a high tax basis on the golf business. It is an important dynamic of the split-up. There could be a bidding war for the spirits business. I assume it is worth 12 times Ebitda, and you could get a premium for it.
Next, coffee is a $58 billion-a-year industry. People in developing markets are drinking more coffee, and the single-serve market is growing by 30% a year. It probably accounts for $3 billion. The coffee market will grow by 6% a year in the next five years, and the tea market by 9%, from $34 billion to nearly $52 billion. How to play this? Sara Lee [SLE]. It has 639 million shares and trades for 17.50. It has about $500 million of cash from the sale of assets. It is looking to split itself up. [Sara Lee announced a split-up Friday morning.] A Brazilian company is reported to be circling the meat business. We have $23 of value today. We are looking at who will buy the coffee business.
Private-equity firms are interested.
Gabelli: They are circling. The company is in play. The best play in single-serve coffee is Nestlé [NSRGY]. But I am look for split-ups and takeovers, a subset of financial engineering. Deals are one way for values to surface.
Since we last met, there is a new company, Madison Square Garden [MSG]. It has 62.3 million A shares, of which the Dolan family owns 2.5 million. There are 13.6 million B shares; the Dolans own them all. The stock is selling for 24. The economic value of the company isn't in the New York Knicks or Rangers but in Madison Square Garden's cable networks. They have 16 million subscribers. They receive $2 per month per subscriber. The value of the cable networks equals the market value of the company, so you are getting everything else for free.
What are they using the cash for?
Gabelli: They are spending $800 million to redo the Garden over several years. If the company were going private, it would have to pay probably 55 a share. That number will rise substantially. They have air rights over the Garden, which are valuable. They have naming rights for lots of venues.
Energizer Holdings [ENR] hasn't done much in the past two years. It sells batteries, shaving products and other consumer products. There are 70.6 million shares and the stock is 70, so that's a $4.9 billion market cap. They have about $2 billion of debt. Earnings for the fiscal year ending Sept. 30 will be about $6.15 a share on $4.5 billion of revenue. They will have a hiccup in the first quarter, but earnings could climb to $10 a share by fiscal 2015.
Schafer: Driven by what?
Gabelli: They will be virtually debt-free by 2015. Ebitda is close to $900 million, and that will keep rising. The battery business is low-growth but a great cash generator. It is a $47 billion business over all. The wet-shave market is $14.5 billion at retail globally. Energizer sells the Schick brand and just bought American Safety Razor out of bankruptcy. The company makes acquisitions and diversifies neatly. It also sells off brands, monetizing their value.
With the industrial world recovering, there is a greater need for electricity. Our play, Thomas & Betts [TNB], is in the energy-efficiency business and has 51.6 million shares. It sells for about 48 and debt is $315 million. We were large holders of Baldor, which was acquired by ABB [ABB] for 13 times Ebitda. This company sells for 6.5 times 2011 Ebitda. It will earn about $2.70 a share in the year just ended, and earnings will march up to $6 by 2014. It is an important component supplier in the low-voltage electrical-products market. This is a $45 billion market. In power systems, they have an addressable market of close to $115 billion, growing 5% to 6% a year. Thomas & Betts generates a lot of cash. The company will have $18 a share in cash in 2014.
How will it spend that cash?
Gabelli: It can buy back stock or make acquisitions. Thomas & Betts will be part of a global consolidation in the electrical-products market.
Crane [CR] makes aircraft components. There will be 33,000 commercial aircraft flying in the next 20 years. Some 14,000 planes will be taken out of the market, allowing for 30,000 to be built. Crane sells for 41.25. It has 58.9 million shares and the market cap is $2.5 billion. Net debt is $177 million. Revenue for 2010 will be about $2.2 billion, and Ebitda, $300 million. The company will earn $2.70 a share. [Crane reported last Monday that it earned $2.59 a share for the year.]
Next, I like a batch of wireless carriers. They are takeout plays. Millicom International Cellular [MICC] has done well since I recommended it a year ago. They have 35 million customers in Africa and Central and South America. There are 108 million shares and the stock is at 96. U.S. Cellular [USM] is another favorite. It is based in Chicago and serves six million customers. The stock is 50 and there are 86 million shares. Telephone and Data Systems [TDS] owns all but 15 million and should buy the balance.
Lastly, I'll recommend a gold stock.
Not you, too.
Gabelli: People in this room want physical gold available to them. How will it be transported? By Brink's [BCO]. There are 46 million shares, the stock is 27, the market cap is $1.3 billion. About 7% more currency has been put into circulation in the past five years. Brink's specializes in global logistics for the movement of precious metals and cash. There is another round of consolidation taking place in this business. Brink's will generate revenue of $3.6 billion in 2011, Ebitda of $330 million and earnings of $1.65 a share. Earnings could grow at a 17% annual rate in the next several years.
Thank you, Mario. Oscar, you've been very patient. Now tell us what you like.
Schafer: We invest thematically, but recently have found opportunities in companies that underwent leveraged buyouts and came public again. They share several characteristics. Management is accustomed to living with high levels of debt and cost-consciousness. These companies don't spend a lot of time figuring out which grand piano to put on the private plane. Also, they have low tax rates due to the stepped-up basis [readjustment of value] of the assets purchased in the LBO. So they have a lot of free cash flow to pay down their debt. They have a limited float [publicly traded shares], which restricts the number of big investors until a secondary offering occurs. Three of my recommendations fit this bill.
Sensata Technologies [ST] traces its origins back to 1916 and was acquired by Texas Instruments [TXN] in 1959. As part of TI, it grew into one of the leading sensor and control companies globally. However, TI didn't view it as a core business but as a reliable source of cash. This eventually led to an LBO of the business in April 2006. The LBO buyer sold a portion of its shares to the public last March, at 18. A secondary offering in November was priced at 24.10. Sensata is now 30.
What does Sensata do now?
Schafer: Sensors account for 60% of revenue. Controls are 40%. A sensor is a small device embedded into a larger system that measures physical signals, such as pressure, temperature, force or speed. It converts information into a signal that can be read by a computer. In a car, sensors measure all sorts of things, from tire pressure to fuel injection. Controls are high-end circuit breakers used in industrial equipment. They prevent overheating.
Sensata has had consistent high-single-digit revenue growth, with 30% Ebitda margins and 20% adjusted net-income margins, despite having such high exposure to the brutal auto-supply industry. Sensors cost $7 to $8, but the mission-critical function of these products and the potential for damage if one malfunctions insure that industry suppliers use sensors from manufacturers with a long history of near-perfect reliability. This has given Sensata a substantial market share in its market segment, and the ability to at least maintain pricing. Components using sensors generally are designed three years before a car is sold, giving Sensata good visibility on its pipeline and future revenue. The business has high barriers to entry, and recent changes in emissions, efficiency and safety standards are driving a meaningful increase in auto-sensor content per vehicle.
Does the company sell its products worldwide?
Schafer: Yes. In North America auto-sensor content averages $20 to $25 a vehicle. We expect the dollar amount to increase 7% to 8% annually as a lot of midrange cars adopt the standards used in high-end cars today. Sensor content in China averages around $10 a vehicle but is growing rapidly as China ratchets up its standards to be more in line with Western standards. Sensata can grow its business by 10% a year for the next three years. If auto sales continue to recover, that will be additive. The controls business is driven by the adoption in developing markets of durable goods such as refrigerators and washing machines.
Looking out, earnings growth will come more from double-digit top-line growth than margin expansion, although profits will be enhanced as the company continues to pay down the LBO debt.
How much debt does Sensata have?
Schafer: It has $2.2 billion. It earns three times what it pays in interest. The market cap is $5.4 billion.
Witmer: There isn't much book value, but the stock has a lot of earnings support. It has really amazing management.
Schafer: Sensata also has a pipeline of potential deals, as large companies look to divest pieces, including sensor businesses. Last October Sensata announced it was buying Honeywell's [HON] sensor business for one times revenue and, after synergies, four times Ebitda. Deals like this can add six to 20 cents a share to the bottom line relatively quickly. A business that generates $2 a share in earnings and could earn in the mid-$2-plus range in 2012 is worth more than 40 a share.
NXP Semiconductors [NXPI], a spinoff from Philips Electronics [PHG]. The company is based in Holland. It was taken private by a consortium of private-equity firms in August 2006 and brought public again in August 2010 at 14. While private, NXP rid itself of many of the more commodity-centric pieces of its business. It emerged from its LBO as a maker of high-performance mixed-signal solutions and semiconductor components. It sells into end markets such as automotive, identification and lighting. Analog-semiconductor companies like NXP typically have 30% operating margins and a 5% to 7% capital-intensity [capital expenditures divided by revenue] versus digital companies, which are in the high teens. The new NXP produces 65 billion units annually.
What is the stock price?
Schafer: NXP is trading for 22.92. As the analog portion of the business increases to 75% of revenue in 2012 from 60% in 2010, margins will expand. Gross margins can increase a thousand basis points, to north of 50%. Secondly, NXP went private with a lot of leverage. Given its high margins, low capex [capital-spending requirements] and low tax rate, however, it generates a lot of free cash flow. It will reduce its leverage and interest expense significantly in the next two years. Interest expense could decline from $1.30 a share in 2010 to below a dollar in 2012.
Finally, there are interesting revenue opportunities that should enable meaningful growth. Notably, NXP is the critical standard for near-field communications. It is the market-share leader in electronic passports, transit cards and other contact-list forms of identification. In early December, Google [GOOG] announced it was designing the NXP standard into its latest Android platform in order to drive its vision of the digital wallet. Your cellphone will become your credit card. Shoppers will be able to hold their smartphones next to electronic readers at retailers and transit points, in restaurants and so forth. This could be a large incremental opportunity for NXP. Analysts' earnings estimates for NXP are in the $2.50 range for 2011 and $3 for 2012. The stock is trading at a single-digit P/E.
Black: What is the barrier to entry? A lot of people are making mixed-signal devices.
Hickey: Everyone has been trying to move into the analog business because the margins are better. It is getting overcrowded.
Schafer: Near-field communication eventually will be in a broad array of wireless chips. In the near term, NXP will benefit.
My third post-LBO stock is Hertz Global Holdings [HTZ]. Improving fundamentals in the car-rental industry and company-specific initiatives should enable strong revenue and earnings growth in the next two years, which isn't reflected in the current valuation of the stock. Hertz was bought from Ford [F] and taken private in 2005, and it went public again in 2006. Historically the car-rental industry has been plagued by periods of over-fleeting and aggressive price wars. Over-fleeting was caused in part by auto manufacturers' need to dump excess inventory, and large rental-car capacity led to aggressive pricing. During the recession, a number of factors positively impacted industry dynamics.
Such as?
Schafer: First, there has been consolidation. At this point there are only four major rental-car companies. The industry could be down to three players in 2011. Second, there was significant de-fleeting during the recession, so utilization is at about 80%, even at post-recession demand levels. The risk of fleet-dumping has been lessened for the next couple of years. Also, a dearth of auto leasing during the recession severely curtailed used-car supply, thus propping up residual values and lowering depreciation and costs for the rental companies. These factors, coupled with improving business in the leisure-travel market, should enable solid rental-car fundamentals for the foreseeable future.
Hertz has only 11% of the off-airport rental market, and it is severely under-represented in the value segment. Progress with its Advantage value brand could add a couple of points of growth in each of the next two years, on top of solid industry growth as travel recovers. Historically, the rental-car business grows at two times GDP. Also, 15% of Hertz's growth comes from the rental of industrial and earth-moving equipment. This business declined by more than 40% peak to trough. It is starting to improve and should grow by double digits in the next few years.
Give us some of the numbers on Hertz.
Schafer: Management is looking to sell certain properties to franchisees. That would significantly reduce the capital required by the business. Since 2007 Hertz has cut $1.7 billion in costs and is targeting another $300 million in 2011. Given operating leverage and this cost focus, Ebitda margins could rise from the mid-teens to more than 20% in the next few years. Earnings could approach $1.50 a share in 2012. Hence, the stock, at 14.39, is trading at less than 10 times 2012 estimates. Using a multiple of 15 times earnings, Hertz shares could rise to the 20s. Any further industry consolidation would be positive. The Federal Trade Commission is currently reviewing a merger of Avis Budget Group [CAR] and Dollar Thrifty Automotive Group [DTG].
What do you think, Mario? Would you buy Hertz?
Gabelli: I own shares, but I haven't focused on it. I've been focused on the Dollar Thrifty deal. Mark Frissora, Hertz's CEO, came over from Tenneco, where he did a great job. Ron Nelson, who runs Avis, is a savvy financial guy. So now you have two business guys in the industry who are motivated and have an interesting tailwind in terms of reduced car supply. There is no reason not to own Hertz if airport travel is picking up, because the company has made a conscious decision to raise rates and is willing to turn away people who won't pay them.
Oscar Schafer's PicksPriceCompany/Ticker1/7/2011 / ST$30.47 / NXPI22.92 / HTZ14.39 / QTM4.3 / MAKO14.1Source: Bloomberg
Schafer: Quantum [QTM] is a small-cap focused on enterprise-computing storage. It historically has been a leader in enterprise-tape backup, with a 30% market share. Through its 2006 acquisition of ADIC, it consolidated its tape market share. More important, it acquired the patents and know-how for two key emerging technologies -- data deduplication and heterogeneous file-management software. Quantum trades for 4.30, under 10 times my earnings estimate for fiscal 2012, ending March. [Shares fell sharply last week after Quantum reported disappointing quarterly earnings. In a follow-up conversation, Schafer said "transitions can often be bumpy but I believe in the company's long-term potential."] The market is overlooking some subtle but critical changes in the business mix. Revenue has been declining for three years, and the perception is this is a tape company with a perpetually declining revenue stream. However, two changes are impacting the revenue stream.
And they are?
Schafer: First, deduplication is growing rapidly and becoming a larger part of Quantum's revenue. The company has become No. 2 in the business to EMC [EMC]. Value-added resellers and other OEMs have been embracing Quantum as an alternative to EMC. Likewise, Quantum's file-management software business has been growing by north of 50%. Together these businesses are 20% of revenue and will become an increasingly important driver of revenue growth.
On the tape side, Oracle's [ORCL] recent acquisition of Sun Microsystems has created dislocation in the channel. As Oracle focuses more on direct sales, Quantum is gaining share in its branded-tape business. We expect Quantum to shift from being a company with a declining revenue stream to one with mid- to high-single-digit revenue growth and mid-teens operating margins. The market will reward the shift with multiple expansion. And, given aggressive consolidation in the storage space, we wouldn't be surprised to see strategic partners take note of the shift. The stock could have 50% to 100% upside from here.
What do you think, Fred?
Hickey: The tape-storage business is slowly dying, and there are more deduplication players than just EMC.
Schafer: My last pick, Mako Surgical [MAKO], has developed a robotic procedure and implants for hip and knee replacements. It is in the early stages of a multiyear product cycle. It currently markets partial knee replacements, and soon will launch a total-hip-replacement product, which is a much bigger market opportunity. The stock, now around 14, could hit the high-teens to low-20s in 12 months.
Mako is working to redefine orthopedic surgery by providing more precision and accuracy. I am excited about its near- and long-term prospects. For one, aging demographics could make for a robust low-double-digit growth rate for hip and knee replacements through 2015. Secondly, providing robotic joint surgery allows hospitals to differentiate themselves and increase patient volumes. The patients who get partial knee replacements tend to be younger and more likely to have higher-reimbursement commercial insurance rather than Medicare, which improves the revenue mix of these hospitals. Mako is conducting more than 50 clinical studies to demonstrate the superiority of robotic surgery.
How many hospitals have signed on?
Schafer: About 5% in medical centers that perform more than 150 knee replacements per year. With more than 300 patents covering Mako's technology, the barriers to entry are substantial. Finally, the company has enough cash until it becomes profitable by the end of next year or early 2013. This is a razor/razor-blade business that is common in the medical-device industry. The razor is an $850,000 robot and the blade is the $5,000 implant. The company has 67 robots in hospitals now, and conducted about 3,400 knee procedures last year. There are approximately 50,000 partial knee replacements per year.
The opportunity in hip replacements is six times larger. The hip indication also broadens the eligible surgeon pool. Many hip replacements fail because of misalignment of the implant in the hip. Using the robot ensures proper alignment and is expected to improve the success rate of these procedures.
There are some bears on the company. Short interest is 25% of the float. The shorts are concerned about the high upfront costs of the robot, and some also believe there is a lack of clinical data to support the superiority of Mako's system. There is some concern about Mako's valuation. The company is trading for around seven times 2011 and five times 2012 revenue. This premium multiple is warranted for the 50%-plus revenue growth we expect in the next few years. Two of the three founders of Intuitive Surgical [ISRG], the maker of the daVinci robot for prostate surgery, are on Mako's board. Intuitive has been one of the great stocks of the past five to seven years.
Black: This could be big competition for Zimmer [ZMH], Medtronic [MDT] and Stryker [SYK]. Are they working on their own products?
Schafer: Robotics won't take over the whole business.
Gabelli: I drink bourbon, Oscar. I test my products. You should have a hip done.
On that note, let's go to dinner. Thanks, everyone.
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