This document provides a financial review and analysis of the company's first quarter 2006 results. It discusses key factors such as sales trends, margin analysis, raw material costs, restructuring efforts, and segment performance. The company reported a modest sales decline due to currency translation, but higher volume, gross profit margin, and operating expense ratio led to a 19% increase in GAAP EPS. Raw material inflation exceeded price increases. Restructuring is expected to yield $80-90 million in annual savings.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
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 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.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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
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
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
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@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.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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 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
2. Forward-Looking Statements
Certain information presented in this document may constitute “forward-looking” statements. These
statements are subject to certain risks and uncertainties. Actual results and trends may differ
materially from historical or expected results depending on a variety of 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; foreign exchange rates; worldwide and local economic conditions;
selling prices; impact of legal proceedings, including the U.S. Department of Justice (“DOJ”) criminal
investigation, as well as the European Commission (“EC”), Canadian Department of Justice, and
Australian Competition and Consumer Commission investigations, into industry competitive practices
and any related proceedings or lawsuits pertaining to these investigations or to the subject matter
thereof (including purported class actions seeking treble damages for alleged unlawful competitive
practices, and purported class actions related to alleged disclosure violations pertaining to alleged
unlawful competitive practices, which were filed after the announcement of the DOJ investigation, as
well as a likely fine by the EC in respect of certain employee misconduct in Europe); 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 acquired companies, financial condition and inventory strategies of customers;
development, introduction and 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) potential adverse developments in legal
proceedings and/or investigations regarding competitive activities, including possible fines, penalties,
judgments or settlements; (2) the impact of economic conditions on underlying demand for the
Company's products; (3) the impact of competitors’ actions, including expansion in key markets,
product offerings and pricing; (4) the degree to which higher raw material 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; and (5) the ability of the Company to achieve and
sustain targeted cost reductions.
The financial information presented in this document represents preliminary, unaudited financial
results. Slide 2
3. Use of Non-GAAP Financial Measures
This presentation contains certain non-GAAP
measures as defined by SEC rules. As required by
these rules, we have provided a reconciliation of
non-GAAP measures to the most directly
comparable GAAP measures, which have been
included with the financial statements accompanying
the earnings news release for the quarter. The
information in this document has been furnished (not
filed) under Form 8-K with the SEC and is posted at
the Investors section of our Web site. (See
Attachments A-3 and A-4 to the news release
financial statements.)
Slide 3
4. Overview
• While currency translation drove a modest decline in reported sales, the
combination of higher volume, as well as improvements in gross profit margin,
operating expense ratio, and the tax rate, delivered a 19% increase in GAAP
E.P.S. (continuing operations), or 21% increase before restructuring charges and
other items
• Unit volume before product line divestitures and exited private label business grew
roughly 2 points faster than Q4 (adjusted for prior year comparison issues in the
preceding quarter)
• The year-on-year volume decline for the North American roll materials business
showed sequential improvement, notwithstanding our implementation of another
round of price increases during the quarter to offset ongoing raw material and
energy-related inflation
• The difference between Q1 results and the Company’s medium-term organic sales
growth target of 4% - 6% is entirely explained by the price-related share loss in
North America
– As we reach the anniversary of this share loss and decision to exit certain private label
business, we expect to be in line with our target for top-line growth
– Further, with pricing actions largely behind us, we expect our service and product
advantages to once again drive share gain domestically for our roll materials business
– In light of these considerations, we anticipate 2 to 3 points of improvement in underlying
unit volume over the next few quarters
• Compared to a year ago, selling prices were up approx. $12 mil., vs. material cost
and energy-related increases of approx. $25 mil.
• On track with implementation of previously announced restructuring actions; expect
these actions to yield annualized savings of $80 to $90 mil. when completed Slide 4
5. Sales Trend (continuing operations)
Q1-05 Q2-05 Q3-05 Q4-05 Q1-06
2.2%
Core Volume 1.6%
.
Growth (estimate) Adj. Volume
1.0%
Growth = 0%(1)
-1.1%
Acquisitions, Net of
Divestitures 0.4% 0.6% 0.3% 0.0% (0.3)%
Price/Mix + 2% + 2% + 2% + 1% + 1%
Currency 2.9% 3.2% 0.8% (0.6)% (2.7)%
Reported Growth 8.0% 7.1% 2.0% (4.5)% (0.4)%
Adj. Organic Growth(2) 5.3% 3.5% 0.9% 0.7% 3.0%
(1)
Actual unit volumes down 4.6% vs. prior year, due to extra week of sales, pre-buy activities, and timing of holidays;
graph demonstrates trend adjusted for these year-on-year comparison issues.
(2)
Sales growth excluding impact of foreign currency translation, acquisition and divestitures, and year-on-year
comparison issues (e.g., extra week of sales, pre-buy activities, decision to exit certain private label business).
Slide 5
6. Margin Analysis (continuing operations)
Q1-06 Q1-05 Q4-05
Gross Profit Margin (Total Company) 26.6% 26.2% 27.8%
Operating Margin*:
Pressure-Sensitive Materials 8.9% 9.0% 8.6%
Office and Consumer Products 15.3% 12.6% 22.4%
Retail Information Services 6.8% 3.7% 8.0%
Other Specialty Converting 3.3% 2.6% 1.7%
Total Company 8.3% 7.3% 9.4%
Impact of RFID on reported margin: (0.6)% (0.5)% (0.7)%
Total Company Excluding RFID 8.9% 7.8% 10.1%
* Earnings before interest and taxes, excluding restructuring and asset impairment charges and other
items detailed in Attachments A-3 and A-4 of financial tables.
Slide 6
7. Key Factors Impacting Margin
• Gross profit margin increased 40 basis points compared with prior
year to 26.6%
– Improvement from productivity gains, as well as inventory write-offs
in prior period (over 200 b.p. combined), were offset by:
» Material cost and energy-related inflation in excess of
associated selling price increases (est. 120 b.p. impact)
» Margin compression effect associated with selling price pass-
through of raw material inflation
– Sequential decline (120 b.p.) reflects unfavorable segment mix (80
b.p.), higher energy costs (20 b.p.), and reduced fixed cost leverage
• Marketing, general and administrative (MG&A) expense ratio
improved 60 basis points compared with prior year to 18.3%
– Absolute MG&A spending decreased by $10 mil. vs. prior year
» Currency translation accounts for half of decline
» Balance reflects productivity improvements and tight spending
controls which more than offset $13 mil.+ of higher cost related
to stock options and other employee-related expenses, as well
as increased IT spending
– Sequentially, MG&A expense ratio was unchanged
Slide 7
9. Raw Material Update
• Paper-based commodities represent largest category of raw
materials, representing approx. 45-50% of total spend
• Large share of raw material purchases tied to oil based
commodities:
– Plastic films and resins – polypropylene, polyethylene, polyester,
and vinyls, among others – represent approx. 25% of total spend
– Chemicals represent approx. 15% of total spend
• Anticipate raw material inflation of approximately 2% in 2006 ($50
to $60 million), slightly higher than previous forecast
– Assumes moderation of current inflation impacting oil-based
commodities
• Recently implemented and anticipated price increases are
expected to cover higher costs
Slide 9
10. Restructuring Summary
(Continuing Operations)
Pressure Office & Retail Other
Sensitive Consumer Information Specialty Corporate/
TOTAL Materials Products Services Converting Other
($ in millions, except as noted)
Headcount reductions (approx. # of FTEs) 800 335 145 190 45 85
~ 35
Est. Annualized Savings from Actions Taken 70 - 78 19 - 22 5-6 7 - 10 3-5
2006 estimated transition costs 15 - 20 9 - 12 5-6 1-2
Estimated 2006 Realized Savings 50 - 60
Estimated 2006 Savings, Net Of Transition Costs 35 - 40
Total Annualized Savings When Complete 80 - 90
Q4-05/Q1-06 Restructuring Charges*
Severance 31.8 17.7 2.4 7.6 1.2 2.9
Asset impairment 15.0 3.2 3.7 1.8 1.2 5.1
Other 0.7 0.3 0.4
Total, Restructuring Charges 47.5 21.2 6.1 9.8 2.4 8.0
Q4-05/Q1-06 Divestiture-Related Charges 15.2 12.3 2.9
Total 62.7 21.2 18.4 9.8 5.3 8.0
* Anticipate an additional $5 to $10 mil. in charges to be incurred during 2006 to achieve targeted savings, subject to upward revision as plans are finalized.
Approx. 70% of total costs represent cash charges.
Slide 10
11. Q1-2006 Segment Overview
PRESSURE-SENSITIVE MATERIALS
• Reported sales of $787 mil., approximately even with prior year
– Unit volume growth and positive contribution from price and mix were offset by a
negative impact from currency translation, primarily the Euro
– Organic sales growth of approx. 3% (vs. adj. 1% in Q4-05)
• Change in sales for roll materials business by region, adjusted for the effect
of currency translation:
– Low single-digit decline in North America, where benefit of price increases was
more than offset by a decline in volume. Volume decline was primarily driven by
the variable information segment within the region, as the higher margin films
segment continued to deliver solid growth
– Mid single-digit growth in Europe
– Double-digit growth in Asia
– Mid single-digit decline in Latin America
• Graphics & Reflective business grew at high single digit rate before currency
• Excluding restructuring and asset impairment charges, as well as gain on
sale of assets in the prior year, operating margin declined 10 basis points to
8.9%
– Benefits from restructuring and other productivity efforts were more than offset
by higher raw material and energy-related costs in excess of associated selling
price increases, transition costs related to restructuring actions, and the
introduction of stock option expense
Slide 11
12. Q1-2006 Segment Overview (continued)
OFFICE AND CONSUMER PRODUCTS
• Reported sales of $240 mil., down approx. 7% compared with prior year
– Sales decline due in roughly equal measure to the negative impact from
currency translation, the divestiture of filing product lines in Europe, and
the decision to exit certain private label business in the U.S.
– Adjusted organic sales decline of approx. 1%
• Excluding restructuring charges and 2005 transition costs associated
with a plant closure, operating margin increased by 270 basis points to
15.3%.
– Improvement reflected productivity improvement efforts implemented over
the past year, as well as an increase in reserves related to a new product
launch that negatively impacted the prior year
– Operating margin in Q1-06 quarter was negatively impacted by the
introduction of stock option expense and transition costs associated with
European product line divestitures
Slide 12
13. Q1-2006 Segment Overview (continued)
RETAIL INFORMATION SERVICES
• Reported sales of $165 mil., up 5% compared with prior year
– Increase primarily due to core unit volume growth
– Modest benefit from small acquisition last year was more than offset by
currency translation
– Organic sales growth of approx. 6%
• Excluding restructuring and asset impairment charges, operating margin
increased by 310 basis points to 6.8%
– Improvement reflects productivity initiatives, including movement of
manufacturing from higher cost Hong Kong facility into lower cost operations
in mainland China, as well as benefits from restructuring and spending
controls; 2006 results were negatively impacted by stock option expense
OTHER SPECIALTY CONVERTING
• Reported sales of $145 mil., up approx. 3% compared with prior year
– Organic sales growth of approx. 5%
• Operating margin increased by 70 basis points to 3.3%, reflecting
restructuring savings and other productivity improvement efforts which
more than offset higher energy-related costs and stock option expense
Slide 13
14. First Quarter Balance Sheet and Cash Flow
Millions, except as noted 2006 2005
Cash flow from operations(1) $ 21.7 $ (2.7)
Payment for capital expenditures $ 51.5 $ 43.9
Payment for software $ 8.8 $ 4.9
Free Cash Flow(2) $(38.6) $(51.5)
Dividends $ 42.8 $ 41.9
Total debt to total capital 41.2% 44.4%
Impact of extra week in Q4-04 shifted an estimated $70 mil. of cash out of 2005 into 2004; Q1-06
(1)
cash flow from operations was negatively impacted by a $25 mil. contribution to U.S. pension plan
(2) Cash flow from operations less payment for capital expenditures and software
Slide 14
15. 2006 Earnings Guidance: Key Considerations
• Factors contributing to earnings growth:
– Improvement in underlying growth rate… projecting reported revenue growth
(continuing operations) of 2-3%
» Volume up 2-3%, net of 2 points loss from product line divestitures and
other offsets
» Price/mix expected to add 1%
» Currency translation at current rates will reduce growth by 1%
– Estimated $35 to $40 mil. in pre-tax restructuring savings, net of transition
costs
– Reduction in pre-tax loss from development of RFID business of $2 - $7 mil.
• Offsetting factors:
– After-tax stock option expense of $0.12 per share
– Incremental after-tax pension expense (related to discount rate) of $0.04 per
share
– Reinvestment of portion of restructuring savings (e.g., incremental marketing
spend of $10 to $15 mil. to support growth of Printable Media products)
– Higher effective tax rate
Slide 15
16. 2006 Earnings Guidance
• Key Assumptions:
– Reported revenue up 2% to 3%, including -1% impact from currency
– Raw material inflation of approximately 2% in 2006 ($50 to $60
million)
– Operating margin (incl. RFID and stock option expense) of 9% to
10%
– Interest expense of $55 to $60 million
– Tax rate in the range of 20% to 23%
• Earnings per share before restructuring charges: $3.55 to $3.80
(updated April 25, 2006)
– Current estimate for full year restructuring charges: $0.09 to $0.13
per share (subject to upward revision as planning continues)
Slide 16