Avery Dennison reported second quarter 2007 earnings. While net income per share decreased from the previous year, adjusted earnings per share increased 3% after excluding certain items. Net sales increased 8.1% driven by the acquisition of Paxar, although organic sales growth was only 2%. The company completed the acquisition of Paxar and expects higher cost synergies than initially estimated, but lowered full year earnings guidance due to lower than expected second quarter results.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
1. News Release
___________________________________________________________________
Miller Corporate Center
Media Relations: For Immediate Release
Laurence J. Dwyer (626) 304-2014
communications@averydennison.com
Investor Relations:
Cynthia S. Guenther (626) 304-2204
investorcom@averydennison.com
AVERY DENNISON REPORTS
SECOND QUARTER 2007 EARNINGS
Highlights
• Reported net income per share of $0.87 for the second quarter, compared
to $1.12 per share for last year
Adjusted earnings per share (EPS) of $1.02, up 3 percent,
excluding the impact of discontinued operations, the Paxar
acquisition, restructuring charges and other items
• Net sales of $1.52 billion, up 8.1 percent from the second quarter of 2006
Organic sales growth of approximately 2 percent
• Company completed acquisition of Paxar Corporation on June 15, 2007
Cost synergies expected to be higher and realized sooner than
initial estimates
Annualized cost synergy target raised to $115-$125 million, from
$90-$100 million
Estimated EPS accretion of $0.40-$0.50 in 2008 and $0.90-$1.00
when completed
• Company revised 2007 EPS outlook to $3.90-$4.10 including Paxar (before
restructuring charges and integration costs)
PASADENA, Calif. – July 24, 2007 – Avery Dennison Corporation
(NYSE:AVY) today reported net income of $85.8 million or $0.87 per share for the
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2. 2-2-2
second quarter, compared to $112 million or $1.12 per share for the same period
last year. Second quarter 2007 results included Paxar acquisition-related expenses,
including software impairment charges, two weeks of operating results from Paxar
and higher interest associated with the transaction. The net effect of the Paxar
acquisition and other items reduced net income by approximately $0.15 per share
for the quarter. Second quarter 2006 results included a net benefit of $0.13 per
share related to discontinued operations, net of other items.
The Company reported adjusted earnings of $100.9 million or $1.02 per share
for the second quarter of 2007, compared with $99.5 million or $0.99 per share for
the same period last year. These adjusted results exclude the impact of discontinued
operations, the Paxar acquisition, restructuring and asset impairment charges, and
other items.
Net sales for the second quarter were $1.52 billion, an increase of 8.1 percent
from $1.41 billion for the same quarter last year. Organic sales growth, which
excludes the impact of acquisitions, divestitures and foreign currency translation,
was 2 percent. This increase reflected higher unit volumes, partially offset by
negative changes in pricing and product mix.
quot;Net income from continuing operations continued to grow during the second
quarter, despite a relatively slow market for roll label materials in North America and
a more competitive pricing environment,” said Dean A. Scarborough, president and
chief executive officer. “Most importantly, the North American roll label material
business achieved its first positive volume comparisons in two years. The
Company’s earnings growth was below expectations, however, and we have
lowered the earnings outlook for the year.”
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3. 3-3-3
Avery Dennison completed the acquisition of Paxar on June 15, 2007 and is
merging the company with its Retail Information Services segment (RIS), which
serves the global retail information and brand identification market. The Company
has raised the estimates of the cost synergies from the transaction to $115-$125
million, from $90-$100 million. EPS accretion is now estimated to be $0.40-$0.50 in
2008, rising to $0.90-$1.00 when fully integrated, up from initial estimates of $0.60 to
$0.70 upon completion. One-time costs related to the integration, including charges
associated with the consolidation of the two companies’ information systems, are
now expected to be in the range of $175 to $210 million, up from initial estimates of
$150 to $175+ million. An estimated 15 percent of the one-time costs are expected
to take the form of non-cash charges.
“During the second quarter, we completed one of the most important
acquisitions in the history of the Company,” Scarborough said. “The combining of
Paxar with RIS is a transformative event for Avery Dennison and will enable us to
serve a worldwide market for retail information and brand identification of more than
$15 billion.”
“We are pleased with the progress of the integration,” Scarborough added.
“We have retained a significant number of senior level Paxar executives and the
leadership team represents a good blend of managers from both companies. Our
teams have done a great job of identifying more savings than we initially expected,
developing plans to achieve those savings faster than we anticipated, and finding
additional opportunities to grow our business. We expect that the combined strength
of the two companies, coupled with substantial cost synergies, will create a business
that will produce sales growth above the Company average, with expanding
profitability and return.”
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4. 4-4-4
Second Quarter Financial Highlights
(For a more detailed presentation of the Company’s results for the quarter, see
Second Quarter 2007 Financial Review and Analysis, posted at the Company’s Web
site at www.investors.averydennison.com.)
• Core unit volume grew an estimated 3 percent. The effect of pricing and
product mix changes was modestly negative, in line with Company
expectations.
• Operating margin (GAAP basis) was 7.3 percent, compared to 8.8 percent for
the same period last year. Excluding the effect of the Paxar acquisition,
interest expense, restructuring and asset impairment charges, operating
margin declined by 10 basis points to 10 percent. (See Attachment A-3:
“Preliminary Reconciliation of GAAP to Non-GAAP Measures”.)
• The effective tax rate was 23 percent. The Company anticipates that the
effective tax rate for the year will be in the range of 20-22 percent, with the
potential for volatility between quarters.
Segment Highlights
(See Attachments A-4 and A-6: “Preliminary Supplementary Information,
Reconciliation of GAAP to Non-GAAP Supplementary Information” for adjusted
operating margins included below.)
• Pressure-sensitive Materials reported sales of $879 million, up 8.6 percent
from $810 million. Organic sales growth for the segment was approximately 4
percent. Segment operating margin (GAAP basis) was 10.1 percent,
compared to 9.6 percent for the same period last year. Operating margin
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5. 5-5-5
before restructuring costs, asset impairment charges, and the reversal of an
accrual related to a patent lawsuit was 9.8 percent, same as the previous
year.
• Retail Information Services reported sales of $219 million, up 20.8 percent
from $181 million due to the effect of the Paxar acquisition. Organic sales
decline for the segment was approximately one percent. Segment operating
margin (GAAP basis) was 0.3 percent, compared to 11.6 percent for the
second quarter of 2006. Operating margin before the effects of the acquisition
and restructuring costs and asset impairment charges declined 200 basis
points to 10.7 percent.
• Office and Consumer Products sales declined one percent to $263 million.
Organic sales decline for the segment was approximately 3 percent. Segment
operating margin (GAAP basis) was 16.1 percent, compared to 17.1 percent
for the same period last year. Operating margin declined 30 basis points to
16.2 percent, excluding divestiture-related expenses and a gain from
curtailment and settlement of a pension obligation.
Outlook for the Year
Reflecting second quarter earnings and the effects of the Paxar acquisition, Avery
Dennison announced that it expects earnings for 2007, before restructuring charges
and integration costs, to be in the range of $3.90 to $4.10. Prior to the
announcement of the Paxar acquisition, the Company had expected earnings of
$4.05 to $4.30 before restructuring charges. Dilution from the Paxar acquisition is
expected to be in the range of $(0.05) to $(0.10) for the year, before restructuring
and integration costs.
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6. 6-6-6
The Company’s earnings expectations reflect an assumption of reported
revenue growth from continuing operations in the range of 14 to 16 percent,
including a 9 percent contribution from the Paxar acquisition (net of divestitures),
and an estimated 3.5 to 4 percent benefit from currency translation.
(For a more detailed presentation of the Company’s assumptions underlying its 2007
earnings expectations, see Second Quarter 2007 Financial Review and Analysis,
posted at the Company’s Web site at www.investors.averydennison.com.)
Note: Throughout this release, all calculations of amounts on a per share basis
reflect fully diluted shares outstanding.
Avery Dennison is a global leader in pressure-sensitive labeling materials,
retail tag, ticketing and branding systems, and office products. Based in Pasadena,
Calif., Avery Dennison is a FORTUNE 500 Company with 2006 sales of $5.6 billion.
Following the acquisition of Paxar in 2007, Avery Dennison employs more than
30,000 individuals in 51 countries worldwide, who develop, manufacture and market
a wide range of products for both consumer and industrial markets. Products offered
by Avery Dennison include: Fasson brand self-adhesive materials; Avery Dennison
and Paxar brand products for the retail and apparel industries; Avery brand office
products and graphics imaging media; specialty tapes, peel-and-stick postage
stamps, and labels for a wide variety of automotive, industrial and durable goods
applications.
###
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
Certain statements contained in this news release are “forward-looking statements” intended to qualify
for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements and financial or other business targets are subject to certain risks and uncertainties.
Actual results and trends may differ materially from historical or expected results depending on a variety of
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7. 7-7-7
factors, including but not limited to fluctuations in cost and availability of raw materials; ability of the Company to
achieve and sustain targeted cost reductions, including synergies expected from the integration of the Paxar
business in the time and at the cost anticipated; foreign currency exchange rates; worldwide and local economic
conditions; impact of competitive products and pricing; selling prices; impact of legal proceedings, including the
Australian Competition and Consumer Commission investigation into industry competitive practices, and any
related proceedings or lawsuits pertaining to this investigation or to the subject matter thereof or of the concluded
investigations by the U.S. Department of Justice (“DOJ”), the European Commission, and the Canadian
Department of Justice (including purported class actions seeking treble damages for alleged unlawful competitive
practices, and a purported class action related to alleged disclosure and fiduciary duty violations pertaining to
alleged unlawful competitive practices, which were filed after the announcement of the DOJ investigation), as
well as the impact of potential violations of the U.S. Foreign Corrupt Practices Act based on issues in China;
impact of epidemiological events on the economy and the Company’s customers and suppliers; successful
integration of acquisitions; financial condition and inventory strategies of customers; timely development and
market acceptance of new products; fluctuations in demand affecting sales to customers; and other matters
referred to in the Company’s SEC filings.
The Company believes that the most significant risk factors that could affect its ability to achieve its
stated financial expectations in the near-term include (1) the impact of economic conditions on underlying
demand for the Company’s products; (2) the impact of competitors’ actions, including expansion in key markets,
product offerings and pricing; (3) the degree to which higher raw material and energy-related costs can be
passed on to customers through selling price increases (and previously implemented selling price increases can
be sustained), without a significant loss of volume; (4) potential adverse developments in legal proceedings
and/or investigations regarding competitive activities, including possible fines, penalties, judgments or
settlements; and (5) the ability of the Company to achieve and sustain targeted cost reductions, including
expected synergies associated with the Paxar integration.
For a more detailed discussion of these and other factors, see “Risk Factors” and “Management’s
Discussion and Analysis of Results of Operations and Financial Condition” in the Company’s Form 10-K, filed on
February 28, 2007, with the Securities and Exchange Commission. The forward-looking statements included in
this news release are made only as of the date of this news release, and the Company undertakes no obligation
to update the forward-looking statements to reflect subsequent events or circumstances.
For more information and to listen to a live broadcast or an audio replay of
the 2nd Quarter conference call with analysts, visit the Avery Dennison
Web site at www.investors.averydennison.com