Horizon Lines reported financial results for the first quarter of 2009. Revenue declined 11% to $272 million due to lower fuel surcharges and volume. Adjusted EBITDA was $19 million, down 29% year-over-year. The economic recession continued to impact all trade lanes, especially Hawaii and Puerto Rico, though rate increases partially offset declining volume. Liquidity remained strong at $97 million and the company remained in compliance with debt covenants. Looking ahead, management expects a protracted recession but believes Horizon Lines is well positioned in domestic trades.
- The Peruvian economy recovered rapidly in 2002 at 4.9% growth following four years of stagnation, led by export growth and expansionary fiscal and monetary policies that supported broader-based growth.
- Inflation remained low at 1.5% and the fiscal deficit declined to 2.3% of GDP, in line with IMF targets. The trade and current account balances improved as exports grew faster than imports.
- However, economic growth is projected to slow to 3.8% in 2003 due to growing populist opposition in Congress and its negative impact on investment, as well as the need for fiscal adjustment. Continued pressure from regional governments and Congress threatens macroeconomic stability and the investment climate.
1) The Canadian economic growth forecast for 2011 has been modestly increased to 2.6% due to an improved U.S. economic outlook and expectations that the Bank of Canada interest rate will remain low for longer.
2) Near-term consumer spending growth is expected to be bolstered by sustained low interest rates, though high household indebtedness means spending growth will moderate to a more sustainable pace once rates begin to rise again.
3) Residential investment is expected to be a soft spot for the Canadian economy as housing demand remains soft and inventory remains elevated, dampening construction activity over 2011.
Global equity markets rose in February as investors gained confidence in the U.S. economic recovery and progress was made in resolving Greece's debt crisis. The Canadian market also saw gains, though the materials sector struggled due to rising costs for gold producers. Higher oil prices boosted energy stocks in Canada and posed risks to recovering economies and export competitiveness. Looking ahead, continued issues in Europe and volatility in oil prices may lead to increased short-term market fluctuations.
February saw global stock markets rise despite geopolitical concerns from the Middle East. Commodity prices increased, helping the Canadian market, especially the energy and materials sectors. Bond markets were less impacted and generated income returns. While higher oil prices may fuel inflation concerns, central banks face balancing economic growth and inflation.
- Major equity markets dropped in August due to concerns about the pace of the global economic recovery. Bond markets and gold prices rose as investors sought safer assets.
- While the US and global economies are growing, the recovery is slower than expected. Unemployment remains high in the US and the housing market is still weak.
- Canada's economy is performing better than the US due to stronger commodity demand and fiscal position. However, growth may slow as the housing and consumer spending boom recedes.
Progressive Waste Solutions Second Quarter 2014 Financial Results ProgressiveWaste
- The document reports on the financial results of Progressive Waste Solutions for the second quarter of 2014, including revenue, expenses, earnings, cash flow and other metrics.
- Total revenues for Q2 2014 were $513.5 million, a slight decline of 0.6% from Q2 2013, due to the impact of foreign exchange rates. Excluding FX, revenues grew 1.9% overall.
- Adjusted net income for Q2 2014 was $47.2 million, an increase of 33.9% from Q2 2013. Adjusted earnings per share were $0.41, up 32.3% from the prior year.
- Free cash flow for the quarter, excluding infrastructure spending,
Global equity markets rallied in August despite ongoing economic concerns. Hopes grew for policy action to rescue fragile economies and boost confidence, with the US Federal Reserve and central banks in China and Europe announcing stimulus packages. As a result, major markets posted gains for the month, led by the US S&P 500 index with double-digit year-to-date returns. Commodity prices and the Canadian market rebounded from declines earlier in the year on signs of improved global growth prospects from the stimulus measures.
In the second quarter of 2010, global economic growth showed signs of moderating which drove investors to shift assets into safe havens like government bonds, the US dollar, and gold. Concerns over fiscal tightening in Europe, policy changes in China, and weaker US economic data contributed to the more risk-averse investor sentiment. The Canadian market declined in the quarter but outperformed other developed markets, led higher by gold stocks, while cyclical sectors tied to global growth fared worst.
- The Peruvian economy recovered rapidly in 2002 at 4.9% growth following four years of stagnation, led by export growth and expansionary fiscal and monetary policies that supported broader-based growth.
- Inflation remained low at 1.5% and the fiscal deficit declined to 2.3% of GDP, in line with IMF targets. The trade and current account balances improved as exports grew faster than imports.
- However, economic growth is projected to slow to 3.8% in 2003 due to growing populist opposition in Congress and its negative impact on investment, as well as the need for fiscal adjustment. Continued pressure from regional governments and Congress threatens macroeconomic stability and the investment climate.
1) The Canadian economic growth forecast for 2011 has been modestly increased to 2.6% due to an improved U.S. economic outlook and expectations that the Bank of Canada interest rate will remain low for longer.
2) Near-term consumer spending growth is expected to be bolstered by sustained low interest rates, though high household indebtedness means spending growth will moderate to a more sustainable pace once rates begin to rise again.
3) Residential investment is expected to be a soft spot for the Canadian economy as housing demand remains soft and inventory remains elevated, dampening construction activity over 2011.
Global equity markets rose in February as investors gained confidence in the U.S. economic recovery and progress was made in resolving Greece's debt crisis. The Canadian market also saw gains, though the materials sector struggled due to rising costs for gold producers. Higher oil prices boosted energy stocks in Canada and posed risks to recovering economies and export competitiveness. Looking ahead, continued issues in Europe and volatility in oil prices may lead to increased short-term market fluctuations.
February saw global stock markets rise despite geopolitical concerns from the Middle East. Commodity prices increased, helping the Canadian market, especially the energy and materials sectors. Bond markets were less impacted and generated income returns. While higher oil prices may fuel inflation concerns, central banks face balancing economic growth and inflation.
- Major equity markets dropped in August due to concerns about the pace of the global economic recovery. Bond markets and gold prices rose as investors sought safer assets.
- While the US and global economies are growing, the recovery is slower than expected. Unemployment remains high in the US and the housing market is still weak.
- Canada's economy is performing better than the US due to stronger commodity demand and fiscal position. However, growth may slow as the housing and consumer spending boom recedes.
Progressive Waste Solutions Second Quarter 2014 Financial Results ProgressiveWaste
- The document reports on the financial results of Progressive Waste Solutions for the second quarter of 2014, including revenue, expenses, earnings, cash flow and other metrics.
- Total revenues for Q2 2014 were $513.5 million, a slight decline of 0.6% from Q2 2013, due to the impact of foreign exchange rates. Excluding FX, revenues grew 1.9% overall.
- Adjusted net income for Q2 2014 was $47.2 million, an increase of 33.9% from Q2 2013. Adjusted earnings per share were $0.41, up 32.3% from the prior year.
- Free cash flow for the quarter, excluding infrastructure spending,
Global equity markets rallied in August despite ongoing economic concerns. Hopes grew for policy action to rescue fragile economies and boost confidence, with the US Federal Reserve and central banks in China and Europe announcing stimulus packages. As a result, major markets posted gains for the month, led by the US S&P 500 index with double-digit year-to-date returns. Commodity prices and the Canadian market rebounded from declines earlier in the year on signs of improved global growth prospects from the stimulus measures.
In the second quarter of 2010, global economic growth showed signs of moderating which drove investors to shift assets into safe havens like government bonds, the US dollar, and gold. Concerns over fiscal tightening in Europe, policy changes in China, and weaker US economic data contributed to the more risk-averse investor sentiment. The Canadian market declined in the quarter but outperformed other developed markets, led higher by gold stocks, while cyclical sectors tied to global growth fared worst.
1) Investor confidence declined in Q2 2012 due to concerns around slowing economic growth and sovereign debt issues in Europe. Global stock markets fell sharply, while bonds yields hit record lows as investors sought safe havens.
2) The Canadian market underperformed due to its reliance on commodities, which declined with global growth concerns. Energy and materials stocks dropped significantly.
3) While markets remain volatile, company fundamentals remain solid with low debt, high cash levels, and continuing dividend growth. Overall the document recommends maintaining a balanced portfolio for the long term.
1) Investor confidence declined in Q2 2012 due to concerns over slowing economic growth and Europe's debt crisis.
2) Global stock markets fell significantly, with the S&P 500 declining 3.3% and commodity prices dropping sharply.
3) The Canadian market underperformed due to its reliance on commodities, with the energy and materials sectors declining over 8% and 11% respectively.
LPL Financial Research Second Quarter 2012 Market Insightchrisphil
The document provides an overview of market performance in the second quarter of 2012. Some key points:
- Stocks fell from the start of the quarter due to concerns over the European fiscal crisis and slowing global growth. The S&P 500 lost 2.8% for the quarter.
- Bonds fared better than stocks, with the Barclays Aggregate Bond Index returning 2.1% for the quarter. Safe haven buying amid the European crisis and global growth fears pushed yields lower.
- Commodities lost nearly 5% for the quarter on global growth fears and a strong US dollar, wiping out modest first quarter gains. Crude oil dropped nearly 20% for the quarter.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
- The document summarizes market developments in November 2012 and year-to-date. It discusses the US presidential election, housing market momentum, and uncertainty around resolving the US fiscal cliff.
- Major world markets showed resilience despite issues like Hurricane Sandy and the fiscal cliff negotiations. Companies attracted investors with strong earnings and balance sheets.
- The resource-heavy Canadian S&P/TSX Composite trailed other markets. Gold-related stocks in particular pulled back, weighing on the Materials and Energy sectors.
- Bond markets offered less volatility than equities but low yields meant little return beyond historically low levels. Uncertainty around resolving the fiscal cliff increased volatility into the end of the year.
- In November, stock markets were under pressure for most of the month due to uncertainty around European and U.S. debt issues. However, on the last day central banks announced liquidity measures that boosted markets.
- The Canadian bond market saw decreasing yields as macro concerns over U.S. and European debt rose. Commodity prices such as oil and gold increased over the month.
- Health care and materials sectors performed well in Canada while information technology lagged. U.S. stocks remained favored over other global options due to relatively stable economic activity.
The document provides an overview and analysis of the Indian stock market and recommends "buy" ratings for several stocks. It discusses the recovery of the global and Indian economies from recession, and predicts continued growth in India and other developing economies. It then analyzes the long-term bullish outlook for the Nifty index based on a technical pattern and sets a target of 6,400 levels. The remainder summarizes investment recommendations for several companies across sectors, providing buy ratings and 12-month price targets for each.
Embraer released its first quarter 2010 results according to US GAAP standards. Key highlights included:
- Jet deliveries totaled 41 aircraft, including 21 commercial jets.
- Backlog remained strong at $16 billion, over 3 times annual revenue.
- Net sales were $990 million with gross margin improved to 21.7% from 18.2% in Q1 2009.
- EBIT and EBITDA margins were 5.8% and 8.1% respectively, in line with guidance.
- Net income was $35.3 million compared to a $23.4 million loss in Q1 2009.
- GM reported a net loss of $2.5 billion for Q3 2008, compared to a net loss of $42.5 billion in Q3 2007, due to one-time charges in 2007. Revenue declined $5.8 billion to $37.9 billion due to steep sales declines driven by economic turmoil and credit crisis.
- The auto industry and GM were dramatically impacted by unprecedented economic and credit market conditions. GM anticipated a soft US market for the rest of 2008 and into 2009, as well as emerging impacts in other markets.
- GM's liquidity declined to $16.2 billion due to negative cash flow of $6.9 billion in Q3. While GM planned additional actions to improve
Embraer released its second quarter 2010 results according to US GAAP standards. Key highlights include:
1) Embraer delivered 69 aircraft in Q2 2010 and net sales reached $1.35 billion for the period.
2) EBIT margin was 9.3% and EBITDA margin was 10.2%, surpassing guidance.
3) Positive operating cash generation of $236.4 million in Q2 2010 increased Embraer's net cash position to $658.7 million.
Embraer met or surpassed its guidance for 2010, delivering 101 commercial and 145 executive aircraft. Net sales totaled $5.4 billion, higher than guidance. The 4th quarter EBIT margin was 6.7% and the 2010 EBIT margin was 7.3%, in line with guidance. Positive cash generation in the 4th quarter increased Embraer's net cash position to $691.8 million. For 2011, Embraer expects net sales of $5.6 billion and an EBIT margin of 7.5%.
This document is an 8-K filing by Lakeland Financial Corporation announcing its earnings for the first quarter of 2009. Net income was $3.9 million compared to $5.2 million for the same period in 2008. The company also maintained its quarterly dividend of $0.155 per share. Average total loans increased 18% year-over-year and net interest income grew 17% driven by loan growth. However, provisions for loan losses also increased due to higher charge-offs and economic conditions. Non-interest income declined due to mortgage servicing impairment, while non-interest expense rose 11% primarily from increased regulatory and legal expenses.
Monthly Investment Commentary December 2010ll19046
The document provides a monthly investment commentary for December 2010. It summarizes major market developments in November, including volatility in capital markets in response to renewed concerns over European debt, Chinese monetary policy, and tensions between North and South Korea. The S&P/TSX Composite index gained 2.2% for the month while other markets were flat or negative. Commodity prices like gold and oil increased. The document also notes General Motors' return to the stock market through a large IPO and introduces an upcoming change to London Capital Management and its parent company.
The document summarizes recent trends in the US bond and stock markets, and discusses their implications. It notes the large and growing US budget deficits and debt levels, which are projected to exceed 100% of GDP. It also discusses concerns around failed government bond auctions, China reducing its Treasury holdings, and potential problems in the US housing market that could lead to another taxpayer bailout.
The document provides commentary on macroeconomic conditions and trends in various countries/regions. Key points include:
1) A second Greek bailout is likely as the country works to implement austerity measures to reduce its deficit. However, there is uncertainty around reaching agreements on debt restructuring.
2) Consumer confidence fell in the US, Eurozone, and UK as economies showed signs of slowing. Growth is expected to remain weak.
3) The Portuguese government unveiled new fiscal measures but the country's fiscal position may be worse than expected due to risks from state-owned enterprises and public-private partnerships.
4) German unemployment declined further but the resilience of its economy is unsustainable amid the debt crisis; French
The Business Factors Index is unique within the alternative finance sector. It tracks small business turnover since July 2007 and the trends derived from this data have been collated with the results of a series of interviews conducted with more than 300 business owners across a range of sectors.
Este documento describe los conceptos básicos del movimiento de una partícula, incluyendo vectores de posición, velocidad, velocidad media y desplazamiento. Explica que estas cantidades son vectores que requieren especificar dirección y sentido, y define cada uno de estos vectores clave para estudiar el movimiento de los cuerpos.
Este documento contiene varias poesías y poemas escritos por Elsa Huaracha Covarrubias. La primera poesía expresa sus sentimientos encontrados de alegría por su trabajo pero tristeza por su esposo. Otra ora a Dios por ayuda y felicidad. También incluye un acróstico para su madre recordando sus sacrificios y dos poemas para su mamá expresando su amor y agradecimiento por la enseñanza recibida.
Frameworks front end para design responsivoAirton Zanon
O documento discute frameworks front-end para design responsivo, comparando Twitter Bootstrap e Material Design Lite. O Twitter Bootstrap facilita o desenvolvimento de layouts de forma rápida e responsiva através de sua grade de colunas e documentação detalhada. Já o Material Design Lite aplica os padrões de design do Google para dispositivos móveis de forma leve e responsiva.
Presented on July 19th, 2016 at the Cracking the Nut Health Conference.
In 2014-2015, the Ebola epidemic underscored an urgent need for greater attention to the needs of local frontline health workers in West Africa and worldwide. Although not oriented as an emergency response advocacy alliance, the FHWC membership mobilized to simultaneously spotlight local frontline health workers needs in West Africa and call for greater attention to the centrality of well trained and supported frontline health workers to building resilient health systems from the community level.
The session, reviewed lessons learned in adjusting the planned activities of an existing advocacy partnership—the FHWC —to raise attention to the needs and impact of frontline heath workers in building resilient health systems.
1) Investor confidence declined in Q2 2012 due to concerns around slowing economic growth and sovereign debt issues in Europe. Global stock markets fell sharply, while bonds yields hit record lows as investors sought safe havens.
2) The Canadian market underperformed due to its reliance on commodities, which declined with global growth concerns. Energy and materials stocks dropped significantly.
3) While markets remain volatile, company fundamentals remain solid with low debt, high cash levels, and continuing dividend growth. Overall the document recommends maintaining a balanced portfolio for the long term.
1) Investor confidence declined in Q2 2012 due to concerns over slowing economic growth and Europe's debt crisis.
2) Global stock markets fell significantly, with the S&P 500 declining 3.3% and commodity prices dropping sharply.
3) The Canadian market underperformed due to its reliance on commodities, with the energy and materials sectors declining over 8% and 11% respectively.
LPL Financial Research Second Quarter 2012 Market Insightchrisphil
The document provides an overview of market performance in the second quarter of 2012. Some key points:
- Stocks fell from the start of the quarter due to concerns over the European fiscal crisis and slowing global growth. The S&P 500 lost 2.8% for the quarter.
- Bonds fared better than stocks, with the Barclays Aggregate Bond Index returning 2.1% for the quarter. Safe haven buying amid the European crisis and global growth fears pushed yields lower.
- Commodities lost nearly 5% for the quarter on global growth fears and a strong US dollar, wiping out modest first quarter gains. Crude oil dropped nearly 20% for the quarter.
This document provides an overview of Chesapeake Energy Corporation (CHK) from a March 2009 investor presentation. It summarizes that CHK is a leading producer of natural gas in the US, with production of over 2 billion cubic feet per day. It has top-quality assets in major shale plays like the Haynesville, Marcellus, Barnett, and Fayetteville, giving it low finding and development costs. Joint venture deals have also provided significant value for the company while improving its balance sheet. Looking ahead, CHK expects to continue increasing production and reserves at a low cost despite the economic downturn.
- The document summarizes market developments in November 2012 and year-to-date. It discusses the US presidential election, housing market momentum, and uncertainty around resolving the US fiscal cliff.
- Major world markets showed resilience despite issues like Hurricane Sandy and the fiscal cliff negotiations. Companies attracted investors with strong earnings and balance sheets.
- The resource-heavy Canadian S&P/TSX Composite trailed other markets. Gold-related stocks in particular pulled back, weighing on the Materials and Energy sectors.
- Bond markets offered less volatility than equities but low yields meant little return beyond historically low levels. Uncertainty around resolving the fiscal cliff increased volatility into the end of the year.
- In November, stock markets were under pressure for most of the month due to uncertainty around European and U.S. debt issues. However, on the last day central banks announced liquidity measures that boosted markets.
- The Canadian bond market saw decreasing yields as macro concerns over U.S. and European debt rose. Commodity prices such as oil and gold increased over the month.
- Health care and materials sectors performed well in Canada while information technology lagged. U.S. stocks remained favored over other global options due to relatively stable economic activity.
The document provides an overview and analysis of the Indian stock market and recommends "buy" ratings for several stocks. It discusses the recovery of the global and Indian economies from recession, and predicts continued growth in India and other developing economies. It then analyzes the long-term bullish outlook for the Nifty index based on a technical pattern and sets a target of 6,400 levels. The remainder summarizes investment recommendations for several companies across sectors, providing buy ratings and 12-month price targets for each.
Embraer released its first quarter 2010 results according to US GAAP standards. Key highlights included:
- Jet deliveries totaled 41 aircraft, including 21 commercial jets.
- Backlog remained strong at $16 billion, over 3 times annual revenue.
- Net sales were $990 million with gross margin improved to 21.7% from 18.2% in Q1 2009.
- EBIT and EBITDA margins were 5.8% and 8.1% respectively, in line with guidance.
- Net income was $35.3 million compared to a $23.4 million loss in Q1 2009.
- GM reported a net loss of $2.5 billion for Q3 2008, compared to a net loss of $42.5 billion in Q3 2007, due to one-time charges in 2007. Revenue declined $5.8 billion to $37.9 billion due to steep sales declines driven by economic turmoil and credit crisis.
- The auto industry and GM were dramatically impacted by unprecedented economic and credit market conditions. GM anticipated a soft US market for the rest of 2008 and into 2009, as well as emerging impacts in other markets.
- GM's liquidity declined to $16.2 billion due to negative cash flow of $6.9 billion in Q3. While GM planned additional actions to improve
Embraer released its second quarter 2010 results according to US GAAP standards. Key highlights include:
1) Embraer delivered 69 aircraft in Q2 2010 and net sales reached $1.35 billion for the period.
2) EBIT margin was 9.3% and EBITDA margin was 10.2%, surpassing guidance.
3) Positive operating cash generation of $236.4 million in Q2 2010 increased Embraer's net cash position to $658.7 million.
Embraer met or surpassed its guidance for 2010, delivering 101 commercial and 145 executive aircraft. Net sales totaled $5.4 billion, higher than guidance. The 4th quarter EBIT margin was 6.7% and the 2010 EBIT margin was 7.3%, in line with guidance. Positive cash generation in the 4th quarter increased Embraer's net cash position to $691.8 million. For 2011, Embraer expects net sales of $5.6 billion and an EBIT margin of 7.5%.
This document is an 8-K filing by Lakeland Financial Corporation announcing its earnings for the first quarter of 2009. Net income was $3.9 million compared to $5.2 million for the same period in 2008. The company also maintained its quarterly dividend of $0.155 per share. Average total loans increased 18% year-over-year and net interest income grew 17% driven by loan growth. However, provisions for loan losses also increased due to higher charge-offs and economic conditions. Non-interest income declined due to mortgage servicing impairment, while non-interest expense rose 11% primarily from increased regulatory and legal expenses.
Monthly Investment Commentary December 2010ll19046
The document provides a monthly investment commentary for December 2010. It summarizes major market developments in November, including volatility in capital markets in response to renewed concerns over European debt, Chinese monetary policy, and tensions between North and South Korea. The S&P/TSX Composite index gained 2.2% for the month while other markets were flat or negative. Commodity prices like gold and oil increased. The document also notes General Motors' return to the stock market through a large IPO and introduces an upcoming change to London Capital Management and its parent company.
The document summarizes recent trends in the US bond and stock markets, and discusses their implications. It notes the large and growing US budget deficits and debt levels, which are projected to exceed 100% of GDP. It also discusses concerns around failed government bond auctions, China reducing its Treasury holdings, and potential problems in the US housing market that could lead to another taxpayer bailout.
The document provides commentary on macroeconomic conditions and trends in various countries/regions. Key points include:
1) A second Greek bailout is likely as the country works to implement austerity measures to reduce its deficit. However, there is uncertainty around reaching agreements on debt restructuring.
2) Consumer confidence fell in the US, Eurozone, and UK as economies showed signs of slowing. Growth is expected to remain weak.
3) The Portuguese government unveiled new fiscal measures but the country's fiscal position may be worse than expected due to risks from state-owned enterprises and public-private partnerships.
4) German unemployment declined further but the resilience of its economy is unsustainable amid the debt crisis; French
The Business Factors Index is unique within the alternative finance sector. It tracks small business turnover since July 2007 and the trends derived from this data have been collated with the results of a series of interviews conducted with more than 300 business owners across a range of sectors.
Este documento describe los conceptos básicos del movimiento de una partícula, incluyendo vectores de posición, velocidad, velocidad media y desplazamiento. Explica que estas cantidades son vectores que requieren especificar dirección y sentido, y define cada uno de estos vectores clave para estudiar el movimiento de los cuerpos.
Este documento contiene varias poesías y poemas escritos por Elsa Huaracha Covarrubias. La primera poesía expresa sus sentimientos encontrados de alegría por su trabajo pero tristeza por su esposo. Otra ora a Dios por ayuda y felicidad. También incluye un acróstico para su madre recordando sus sacrificios y dos poemas para su mamá expresando su amor y agradecimiento por la enseñanza recibida.
Frameworks front end para design responsivoAirton Zanon
O documento discute frameworks front-end para design responsivo, comparando Twitter Bootstrap e Material Design Lite. O Twitter Bootstrap facilita o desenvolvimento de layouts de forma rápida e responsiva através de sua grade de colunas e documentação detalhada. Já o Material Design Lite aplica os padrões de design do Google para dispositivos móveis de forma leve e responsiva.
Presented on July 19th, 2016 at the Cracking the Nut Health Conference.
In 2014-2015, the Ebola epidemic underscored an urgent need for greater attention to the needs of local frontline health workers in West Africa and worldwide. Although not oriented as an emergency response advocacy alliance, the FHWC membership mobilized to simultaneously spotlight local frontline health workers needs in West Africa and call for greater attention to the centrality of well trained and supported frontline health workers to building resilient health systems from the community level.
The session, reviewed lessons learned in adjusting the planned activities of an existing advocacy partnership—the FHWC —to raise attention to the needs and impact of frontline heath workers in building resilient health systems.
This document discusses animal cruelty and calls on the reader to help stop it. It notes examples of cruelty like dog fighting where animals receive no care, food, or water. It encourages reporting any intentional cruelty to local police or animal authorities, or contacting the ASPCA online to help animals suffering behind closed doors.
Este documento describe los conceptos básicos del movimiento de una partícula, incluyendo vectores de posición, velocidad, velocidad media y desplazamiento. Explica que estas cantidades tienen características vectoriales como dirección y sentido. También define específicamente cada vector y su relación con el desplazamiento y el tiempo.
Espírito de comunidade - Como a comunidade pode melhorar a sua carreiraAirton Zanon
O documento discute como participar da comunidade de programação pode melhorar a carreira de um desenvolvedor. Apresenta exemplos de como compartilhar projetos no GitHub e participar de eventos podem ajudar a adquirir novas habilidades e experiência. Também destaca a importância de contribuir ativamente para a comunidade, seja respondendo dúvidas ou organizando encontros.
La fotografía muestra un muro antiguo con una pequeña ventana de madera en el centro. La ventana parece tener muchos años y está sujeta por clavos y piedras, con juntas de metal oxidado en las esquinas. A través de la ventana se puede ver el interior de lo que podría ser una casa abandonada o una "ventana al pasado" que permitiría ver a los antepasados de las personas.
This document discusses the selenium drinking water quality guideline (DWQG) in Canada and argues that the current guideline of 10 μg/L is overly protective and not scientifically justified. Most jurisdictions worldwide use 10 μg/L as the guideline, except for the United States and South Africa which use 50 μg/L. The Canadian guideline is based on outdated assumptions from 1992 that selenium is carcinogenic, but recent evidence shows it is not and may have anticarcinogenic properties. The document argues Canada and other countries should re-evaluate and revise their generic DWQGs in light of new scientific data, and consider developing site-specific, risk-based objectives in the interim.
Maqasid ul islam by allama anwar ullah farooqi vol 4Muhammad Tariq
Maqasid Ul Islam By Allama Anwar Ullah Farooqi Vol 4..Maqasid, Maqsad, Allama anwar ullah farooqi, مقاصد الاسلام حصہ 4، انواراللہ فاروقی، شیخ الاسلام حضرت ،،Dars e nizami, fazilat ilm e daeen, Fazayil e ullama, Fazayil Tauqeer e Rasool, Tauqeer, Toqeer, Tazeem, درس نظامی، فضیلت علما،توقیر رسول،تعظیم، رسول، ، Bismillah, barkat,
This document provides an overview of geomancy techniques for divination. It discusses the history and origins of geomancy, how to generate and interpret geomancy charts, and advanced methods for using geomancy charts to provide guidance on topics like health, agriculture, commerce, lost objects, legal matters, and more. Key steps include generating random numbers to form figures, building a shield or wheel chart, and analyzing the figures and their relationships to derive interpretations and advice.
Dokumen tersebut membahas tentang toleransi dan kekerasan dalam tiga ayat Alquran yaitu Al-Maidah ayat 32, Surat Yunus ayat 40-41, dan Surat Al-Kafirun ayat 1-6. Ayat-ayat tersebut menegaskan pentingnya toleransi dan larangan membunuh, serta menyerahkan urusan agama kepada masing-masing individu.
A 6-week-old female baby presented with a swollen upper eyelid for 4 days without trauma or fever. Examination found a tender, red eyelid with chemosis. An abscess was located under the orbicularis muscle of the eyelid. Incision and drainage was performed under anesthesia, evacuating 4 ml of pus. Systemic antibiotics were continued to treat the abscess and prevent complications like orbital or cavernous sinus abscesses. The theoretical basis emphasizes properly localizing the skin, orbicularis muscle, levator aponeurosis, and orbital septum when performing incision and drainage of an eyelid abscess.
The Indian Dental Academy is the Leader in continuing dental education , training dentists in all aspects of dentistry and
offering a wide range of dental certified courses in different formats.
The document discusses the effects of adding HHO gas produced through water electrolysis on the performance of a single cylinder, four stroke spark ignition engine. Three key findings are presented:
1) The addition of 2.57-2.74% HHO gas to the intake air decreased fuel consumption by 1.95-3.58% compared to petrol alone, with greater decreases at higher compression ratios and higher percentages of HHO gas.
2) Brake thermal efficiency increased by 0.34-0.74% with the addition of HHO gas at compression ratios of 7-9, indicating improved engine performance.
3) Mechanical efficiency increased with both higher compression ratios and higher percentages of added H
Nigeria has a population of 156 million and GDP of $206,664 million. Its economy grew 6.1% in 2008 but slowed to 2.9% in 2009. It is expected to grow 5.5% in 2010 and 5.2% in 2011. Nigeria has strengths such as being the largest economy in West Africa and having 31% of Africa's oil reserves. However, weaknesses include insufficient infrastructure and a difficult business environment. Demand for oil drives the economy but volatility in foreign exchange reserves and deficits in the Nigerian oil fund pose risks if oil production declines long-term. Banking sector recapitalization has prevented crisis though consolidation may weaken portfolio quality. Political reforms could boost growth if sustained
Economy and equity markets: are they disconnected?Markets Beyond
Equity markets are not disconnected from the real economy and there no reason, under the current circumstances, to fear a market collapse. The S&P 500 is however no longer cheap.
Lower interest rates have hurt consumer incomes and spending by reducing interest payments to consumers. However, increased dividend payments from companies to consumers have provided a slight offset. Lower consumer energy prices have also increased consumers' spending power by $100 billion compared to 2008 levels. While some factors restraining consumer spending have improved, employment needs to increase further to boost income and spending growth in 2012.
The 2009 budget faced challenging economic circumstances due to the global recession negatively impacting Botswana's diamond and mineral revenues. While Botswana entered the crisis in a strong fiscal position, the budget aimed to stimulate the economy through increased spending, leading to a large projected deficit of 14% of GDP. However, longer term fiscal prospects are less positive as diamond revenues are forecast to remain weak for several years, and the budget is not projected to return to surplus over the medium term. This raises concerns about budget sustainability and Botswana's ability to finance large projected deficits.
The Curious Case of Savings-Investment Gap and its Implications for IndiaAshutosh Bhargava
Their has been a remarkable shift in the savings-investment gap at the global level as well as in India. While this has had a tangible impact on global potential growth, the recovery is likely to differ from one country to another. In the Indian context, the recovery in trend growth is likely to be much higher than what is generally peceived and thus requires a more proactive response from policy makers, especially the monetary authorities.
Indian Economy: The Curious Case of Household Savings-Investment GapAshutosh Bhargava
1) Household savings rates in India peaked in 2008 but have since experienced a steep decline, with the household savings-investment gap currently at its lowest level since the late 1980s.
2) This decline in household savings has negatively impacted potential growth by reducing capital availability to the private sector and decreasing overall capital productivity.
3) Policymakers should pursue more accommodative monetary policy to further support balance sheet repair and strengthen India's domestic macroeconomic profile while foreign liquidity remains favorable globally. Prioritizing growth over inflation targeting will help maximize the current window of opportunity.
Indian Economy: the curious case of household savings-investment gapAshutosh Bhargava
1) The document discusses India's declining household savings rate and growing household savings-investment gap in recent years.
2) Historically, Indian households had the largest positive savings-investment gap, but this has declined significantly in recent years as households have invested more in gold and real estate.
3) The declining household savings-investment gap has negatively impacted India's potential growth by reducing capital availability to the private sector and decreasing overall capital productivity.
This document provides a preview of key expectations for the upcoming Indian budget. It outlines several sectors and stocks that are expected to benefit, including oil and gas stocks which may see the biggest positive impact from government policies. Specific stock picks highlighted for tactical gains over the next 8-10 months are J***D*** and H**M**, which are expected to benefit from upcoming elections and an economic recovery.
General Motors- Events & Presentations 2008 Jp Morgan Auto Conference Gm Acti...Manya Mohan
This document discusses GM's plans to align its business with current market conditions. It outlines assumptions for lower US auto industry volumes and GM's US market share through 2009. GM plans major cost reductions through actions like plant closures, headcount reductions, capital expenditure decreases, and working capital improvements totaling around $10 billion. Additional liquidity of $2-4 billion is expected from asset sales and $2-3 billion from financing activities. With these actions, GM believes it will have sufficient liquidity through 2009 despite conservative planning assumptions. The document also highlights GM's upcoming new car and crossover launches and advanced technology initiatives.
The document provides commentary on Lloyd's Aggregate Accounts for 2008. Some key points:
- Lloyd's achieved a profit before tax of £1,899m and a combined ratio of 91.3% for 2008, a solid performance given turbulence in financial markets.
- Major losses in 2008 included Hurricanes Gustav and Ike, costing Lloyd's estimated losses of £219m and £1,211m respectively.
- Prior year reserves developed positively again in 2008, with a surplus of £1,265m as claims developed within projections for the fourth consecutive year.
- Currency movements, particularly the decline of sterling against the US dollar, impacted reported results. An exchange gain of £
Puerto rico's fiscal and economic turnaroundgobiernoprfaa
Governor Fortuño outlines Puerto Rico's fiscal and economic turnaround from 2009-2011. Key accomplishments include reducing the deficit by 81% through spending cuts, improving the credit rating, reforming the tax code, reducing unemployment, and increasing home and tourism sales. Economic indicators now point to positive growth, including a 28,000 job increase in 2011. The tax reform is generating increased government revenues despite lower tax collections, showing early success.
1. During the quarter ending March 31, 2010, the company received a tax credit refund of R$16.1 million and the first installment of a R$15.9 million loan to finance a new machine in the United States.
2. Net debt was reduced to R$170.5 million, a 32.7% decrease from the same period the previous year, due to cash generation and liability management. However, costs of goods sold increased due to an 18.5% rise in the price of polypropylene, the company's main raw material.
3. While sales volume increased 20.3% and EBITDA fell 27.8% compared to the first quarter of 2009,
GE reported preliminary results for its first quarter of 2009. The global economic downturn continued, but GE is navigating through the recession by aggressively cutting costs, driving orders where possible, and maintaining a solid industrial cash flow. Earnings were consistent with previous guidance, with the infrastructure and media businesses flat and the Capital Finance segment reporting a profit of $1.1 billion. GE remains focused on running the company for the long term through investing in growth areas.
This study uses a macro-micro framework to evaluate the impact of the global economic crisis on poverty in Pakistan. The results suggest that between 2007-2009, poverty increased by almost 80% from 22% to 40% due to food and fuel price increases preceding the crisis. A 25% decline in foreign savings led to a 1.2% drop in investment, currency depreciation, and rising consumer prices. This increased poverty by 4% and reduced food consumption by 1.3%. Lower-income households substituted staples for more expensive foods.
Banco Santander reported its 1Q09 results on April 29th, 2009. The presentation provided an overview of Brazil's macroeconomic scenario, noting that while GDP growth slowed in 2009 due to the global crisis, Brazil's fundamentals remain strong. It discussed how Brazil's financial system is well-capitalized and more resilient compared to previous crises. Finally, it summarized Santander's strategy and franchise in Brazil, highlighting the progress of its integration and how the combined network provides better service and access for its over 9 million customers.
- Iron Mountain reported Q1/2009 revenue of $723 million, down 3% from the previous year due to foreign exchange rate fluctuations and weakness in complementary services, despite 4% internal growth in core revenue.
- Operating income before depreciation and amortization (OIBDA) increased 12% to $197 million due to disciplined cost controls and profit gains.
- Free cash flow before acquisitions and investments was $57 million, an improvement from -$20 million in the previous year.
- Iron Mountain raised its full-year 2009 OIBDA guidance while lowering expected capital expenditures to approximately $380 million.
The document provides an economic analysis of the Indian economy through a top-down approach, beginning with a macroeconomic analysis and then discussing various sectors. It summarizes that while India experienced strong growth in recent years, the economy has slowed in 2011-2012 due to high inflation, fiscal deficits, and a lack of investment. Several key sectors like manufacturing and mining experienced declines or slower growth during this period. Services remains the largest sector in India's economy, growing at over 9% annually from 2001-2010.
- JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $1.4 billion in the prior quarter. Revenue was a record $26.9 billion, driven by record results in the Investment Bank.
- The Investment Bank generated record revenue of $8.3 billion and net income of $1.6 billion. Fixed income markets and equity markets performed strongly. Credit portfolio revenue was $299 million.
- Retail Financial Services reported net income of $474 million, rebounding from a net loss in the prior quarter, as deposit growth and wider spreads boosted results. Consumer lending reported a net loss of $389 million on higher credit costs.
- Key risks included $
The document discusses the shape of the global economic recovery and associated risks. It finds that while growth rebounded in 2010, the recovery is not sustainable and a downturn is expected in 2011. Europe faces significant risks from debt problems and austerity measures. The US recovery depends on weak consumer demand as households pay down debt. China also faces recession risks from a slowing property market and investment.
WESCO reported first quarter 2009 results with sales down 16% and net income of $23.3 million. Cost reduction efforts are estimated to save $100 million in 2009 and liquidity remains strong at $365 million. Guidance forecasts 2009 revenues to decline 15-20% but expense reductions, a lower tax rate, and continued cash flow are expected to partially offset revenue declines. Capital expenditures are forecast at $16 million for 2009.
Similar to Q1 2009 Earning Report of Horizon Lines Inc (20)
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
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Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
2. Agenda
First Quarter 2009 Earnings Release
Introduction and Overview
Chuck Raymond
Chairman, President & Chief Executive Officer, Horizon Lines, Inc.
Shipping Review
John Keenan
President & Chief Operating Officer, Horizon Lines, LLC
Logistics Review
Brian Taylor
President & Chief Operating Officer, Horizon Logistics, LLC
Financial Review
Mike Avara
Senior Vice President & Chief Financial Officer, Horizon Lines, Inc.
Questions and Answers
2
3. Forward-
Forward-Looking Statements
Risks, Uncertainties, Other Factors with Respect to “Forward-
Looking Statements”:
Certain statements contained in this presentation constitute “forward-
looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements that are not of historical
fact constitute “forward-looking statements” and, accordingly, involve
estimates, assumptions, judgments and uncertainties. There are a
number of factors that could cause actual results or outcomes to differ
materially from those addressed in the “forward-looking statements”.
Such factors are detailed in the Horizon Lines, Inc.’s Form 10-K filed
with the Securities and Exchange Commission on February 5, 2009.
3
4. First Quarter 2009 Earnings Release
Chuck Raymond
Chairman, President & Chief Executive Officer
Horizon Lines, Inc.
Introduction and Overview
4
5. First Quarter Highlights
Challenges intensified
Global recession worsened
Ongoing economic stagnation in Puerto Rico
Deepening slowdown in Hawaii
Severe winter in Alaska
However, financial performance was slightly above our expectations
Adjusted EBITDA of $19.2 million
Rate per container, net of fuel, up 3.3%
Free cash flow consumption down from year ago
Debt levels below internal forecasts
5
6. 2009 Outlook
Deep and protracted recession expected to continue through 2009
Overall GDP contraction seen moderating after first quarter
Unemployment expected to peak in 2010
HRZ remains well positioned
Domestic trade remains much more stable than international trade
Recession resistant – Serves the basic needs of our tradelanes
Aligned with the right customers and intensely focused on service excellence
Operating from a stable financial platform
- Financial performance on plan
- Debt covenants continued compliance projected
- No recapitalization needs anticipated until 2012
6
7. First Quarter 2009 Earnings Release
John Keenan
President and Chief Operating Officer
Horizon Lines, LLC
Liner Review
7
8. Alaska Economic Outlook
Recession impact muted, despite falling oil prices
2009 Forecast* April January
GSP (oil-driven) (26.4)% (26.4)%
Average Oil Price $53/bbl $51/bbl
Employment (0.6)% (0.6)%
Real Personal Income 0.3% 0.3%
Business climate remains cautiously optimistic
Near-term state budget deficits covered by the $12 billion in state’s Constitutional
Budget Reserve Fund and the Earnings Reserve Account of the Permanent Fund
Population and employment relatively stable
Housing market less impacted than rest of nation
Banks well capitalized
Major retailers, including Wal-Mart, Lowe’s, Sports Authority, continue expansion
plans
HRZ remains well aligned with appropriate customers
* Government, industry projections, Northern Economics, Northrim Bank
8
9. Hawaii/Guam Economic Outlook
HAWAII
Ongoing slowdown in tourism and sharp construction decline dragging on economy
2009 Forecast* April January
GSP (0.2)% (0.0)%
Visitor Arrivals (5.2)% (5.7)%
Employment (2.4)% (1.4)%
Real Personal Income (2.5)% (0.7)%
Commercial, resort and residential construction off sharply due to the global economic
slowdown and financing constraints
Residential construction slowdown expected to deepen as income and wealth loss undermine
housing demand
State and federal construction projects and privatized military housing construction expected to
help mitigate commercial and residential construction decline
GUAM
Recession-driven decline in discretionary purchases balanced by sustained volume of private
and military construction projects
New cranes installed and operating to meet cargo volume increases as military relocates from
Okinawa
*University of Hawaii Economic Research Organization, Hawaii Department of Business, Economic Development & Tourism, Guam Visitors Bureau
9
10. Puerto Rico Economic Outlook
In fourth year of economic decline
2009 Forecast* April January
GDP (3.4)% (2.9)%
Unemployment Rate (12.7)% (11.9)%
Inflation 7.5% 7.5%
Government Budget Deficit $3.2 Billion $3.2 Billion
Government Spending (2.8)% (2.8)%
New government acting swiftly to reduce budget deficit and stimulate economy
Moody’s assigns ‘stable’ rating to commonwealth’s general obligation bonds
Cites swift action being taken by new commonwealth government
Business climate is cautiously optimistic
Buoyed by government initiatives and anticipated funds from economic stimulus package
Companies with expansion plans include Sears, SuperMax and IHOP
*Puerto Rico Planning Board; Unemployment rate represents average rate through February for fiscal year beginning in July.
10
11. Economic Stimulus
American Recovery and Reinvestment Act expected to provide relief
Signed into law on February 17, 2009
Expected to provide funds over two years
- Tax benefits and credits
- Projects in infrastructure, transportation, education, healthcare, law
enforcement, energy and agriculture
Estimated Funding
- Alaska $1.0 Billion
- Hawaii* $4.6 Billion
- Guam $ 48 Million
- Puerto Rico $ 5.0 Billion
* Hawaii state capital improvement project with known timeline and funding in place
expected to provide additional $711 million for construction spending in 2009
11
12. Volume Update
First quarter 7.1%volume decline generally
met expectations
Alaska (4)% Container Volume
Impacted by severe winter, seasonal 66,195
weakness 7.1% 61,477
Hawaii/Guam (13)%
Tourism, construction decline driving
recession
Puerto Rico (3)%
2008 2009
Ongoing recession balanced by
cautiously optimistic business climate
Estimated market share stable to slightly
higher in each trade lane
12
13. Unit Revenue Update
Unit Revenue Per Container
$3,910
Unit revenue declined across all $3,741
4.3%
tradelanes due to lower fuel
surcharges
However, revenue per container,
net of fuel, rose 3.3%
Experienced some increasing rate
2008 2009
Total
pressure as industry volumes
weakened $3,331
Partially offset weakness by 3.3%
$3,224
continued focus on higher-value
cargo, including reefer and
foodstuffs
2008 2009
Net of Fuel
13
14. Vessel Performance
Vessel Availability Vessel On-Time Arrival
99.6% 99.4%
81.0%
0.1%
78.0%
3.0%
2008 2009 2008 2009
Vessel availability and on-time arrival
Vessel Utilization
remained strong, despite adverse
weather in all tradelanes, and speed
restrictions associated with “Right 63.0%
59.0%
Whale” in the Atlantic 4.0%
Vessel utilization decline due largely to
softening volume in Hawaii/Guam and
2008 2009
Alaska trades
14
15. Coastwise Service, Legislative &
Labor Relations Update
Coastwise Service
Remains on hold until economy improves
Harbor Maintenance Tax
Senate bill introduced in March to exempt certain shipping from the harbor
maintenance tax
Title XI Funding
Continue to work with maritime trade unions and new Congress to increase funding
and amend utilization criteria for financing future U.S. shipbuilding
Labor Relations
No collective bargaining agreements expire until June 2010
15
16. First Quarter 2009 Earnings Release
Brian Taylor
President and Chief Operating Officer
Horizon Logistics, LLC
Logistics Review
16
17. Logistics Results
($ in Millions)
1st Quarter Results
Revenue $ 8.0
Operating Expense 9.7
EBITDA $ (1.7)
First-quarter performance impacted by slowing economy and Q4 loss of
major customer
Won significant new business from ‘big-box’ retailer
Based on projected pipeline of business, results expected to improve
throughout the year
17
18. Logistics Lines of Business Recap
Expedited Service
Business growing in alternative energy and other ‘high-touch’ segments
Completed PacWind turbine delivery to Times Square
Drayage
Awarded additional business from major retail, tire and food products companies
Warehouse
Increased opportunities on West Coast
Freight Brokerage
Experiencing increased business with diverse customers
Implementing technology improvements to increase competitiveness
Non-Vessel Operating Common Carrier (NVOCC)
Volume of leads and quotes continues to grow despite volatile freight markets
Expanding to serve export business to Europe
18
19. First Quarter 2009 Earnings Release
Mike Avara
Senior Vice President & Chief Financial Officer
Horizon Lines, Inc.
Financial Review
19
20. Changes In Accounting
($)
Additional non-cash interest expense with adoption of FSP APB 14-1 and impact
of change in accounting for share based payment awards
2008 and 2009 Quarterly Impact
Q1 Q2 Q3 Q4 Year
As reported 2008 Adjusted* Net Income Per Diluted Share $ 0.07 $ 0.33 $ 0.53 $ 0.09 $ 1.02
Impact of Change in Accounting for Convertible Notes and $ (0.05) $ (0.05) $ (0.05) $ (0.05) $ (0.20)
Participating Securities
2008 Adjusted Net Income Per Diluted Share, After $ 0.02 $ 0.28 $ 0.48 $ 0.04 $ 0.82
Retrospective Application
2009 Adjustments to Net Income Per Share $ (0.05) $ (0.05) $ (0.05) $ (0.06) $ (0.21)
* See Adjusted Net Income and Adjusted Net Income Per Diluted Share reconciliations on pages 42 and 43.
20
22. Operating Revenue Change
($ in Millions)
Revenue Change
Fuel Surcharges $ (20.1)
Volume Variance (18.4)
Other / Non-Transportation Revenue (5.9)
Rate / Mix Improvement 10.2
Other Horizon Logistics 0.7
Total Revenue Decrease $ (33.5)
22
23. Adjusted Operating Income (1)
($ in Millions)
$11.6
62.2%
$4.4
2008 2009
(1) See reconciliation of Operating Income to Adjusted Operating Income on page 35.
23
24. Adjusted EBITDA (1)
($ in Millions)
$27.3
29.7%
$19.2
2008 2009
(1) See reconciliation of Net Income to EBITDA on page 39.
24
25. Adjusted Net (Loss) Income (1)
($ in Millions)
(2)
2008 2009
$0.7
($4.7)
(1) See reconciliation of Net Income to Adjusted Net Income on page 36.
(2) Results are adjusted for retrospective application of changes in accounting. See impact of change in accounting for
convertible notes and change in accounting for restricted stock share-based payment awards on page 41.
25
26. Adjusted Diluted EPS (1)
($)
2008 2009
(2)
2008 2009
$0.02
($0.15)
(1) See reconciliation of Diluted EPS to Adjusted Diluted EPS on page 37.
(2) Results are adjusted for retrospective application of changes in accounting. See impact of change in accounting for
convertible notes and change in accounting for restricted stock share-based payment awards on page 41.
26
34. Income Statement Summary
Actual Adjusted
($ in Millions, Except per Share Amounts)
Quarter Ended Quarter Ended Quarter Ended Quarter Ended
March 23, 2008 (1) March 22, 2009 (2)
March 22, 2009 March 23, 2008
Operating Revenue $ 272.4 $ 305.9 $ 272.4 $ 305.9
Operating Expense 273.2 294.3 268.0 294.3
Operating (Loss) Income (0.8) 11.6 4.4 11.6
Other Expense 9.5 11.2 9.4 11.2
Pretax (Loss) Income (10.3) 0.4 (5.0) 0.4
Income Tax Benefit (0.3) (0.3) (0.3) (0.3)
Net (Loss) Income $ (10.0) $ 0.7 $ (4.7) $ 0.7
Earnings (Loss) Per Share – Basic $ (0.33) $ .02 $ (0.15) $ .02
Earnings (Loss) Per Share – Diluted $ (0.33) $ .02 $ (0.15) $ .02
Shares Outstanding – Basic 30,423,953 30,290,758 30,423,953 30,491,779
Shares Outstanding – Diluted 30,423,953 30,792,959 30,423,953 30,874,439
EBITDA $ 14.0 $ 27.3 $ 19.2 $ 27.3
Operating Ratio 100.3% 96.2% 98.4% 96.2%
(1) Results are adjusted for retrospective application of changes in accounting. See page 41 for impact of change in accounting for convertible notes and
restricted stock share-based payments awards as participating securities
(2) Adjustments exclude the impact of restructuring charges and anti-trust legal expenses
34
35. Adjusted Operating Income Results
($ in Millions)
Quarter Ended Quarter Ended
March 22, 2009 March 23, 2008
Operating (Loss) Income $ (0.8) $ 11.6
Adjustments:
Restructuring Charge 0.8 --
Anti-Trust Legal Expenses 4.4 --
Total Adjustments 5.2 --
Adjusted Operating Income $ 4.4 $ 11.6
35
36. Adjusted Net (loss) Income Results
($ in Millions)
Quarter Ended Quarter Ended
March 23, 2008 (1)
March 22, 2009
Net (Loss) Income (1) $ (10.0) $ 0.7
Adjustments:
Restructuring Charge 0.8 --
Anti-Trust Legal Expenses 4.4 --
Tax Impact of Adjustments 0.1 --
Total Adjustments 5.3 --
Adjusted Net (Loss) Income $ (4.7) $ 0.7
(1) Results are adjusted for retrospective application of changes in accounting. See impact of change in accounting for convertible notes and change in
accounting for restricted stock share-based payment awards on page 41.
36
37. Adjusted Net (loss) Income Per Diluted Share
Quarter Ended Quarter Ended
March 23, 2008 (1)
March 22, 2009
Net (Loss) Income, Per Diluted Share (1) $ (0.33) $ 0.02
Adjustments Per Share:
Restructuring Charge 0.03 --
Anti-Trust Legal Expenses 0.15 --
Total Adjustments 0.18 --
Adjusted Net (Loss) Income, Per Diluted Share $ (0.15) $ 0.02
(1) Results are adjusted for retrospective application of changes in accounting. See impact of change in accounting for convertible notes and change in
accounting for restricted stock share-based payment awards on page 41.
37
38. Net (loss) Income/EBITDA Reconciliation
($ in Millions)
Net Income/EBITDA Reconciliation
Quarter Ended Quarter Ended
March 23, 2008 (1)
March 22, 2009
Net (Loss) Income $ (10.0) $ 0.7
Interest Expense, Net 9.5 11.2
Tax Benefit (0.3) (0.3)
Depreciation and Amortization 14.8 15.7
EBITDA $ 14.0 $ 27.3
Note: EBITDA is defined as net income plus net interest expense, income taxes, depreciation and amortization. We believe that EBITDA is a
meaningful measure for investors as (i) EBITDA is a component of the measure used by our board of directors and management team to evaluate our
operating performance, (ii) the senior credit facility contains covenants that require Horizon Lines Inc. to maintain certain interest expense coverage and
leverage ratios, which contain EBITDA and (iii) EBITDA is a measure used by our management team to make day-to-day operating decisions. Adjusted
EBITDA excludes certain charges in order to evaluate our operating performance, for making day-to-day operating decisions and when determining the
payment of discretionary bonuses.
(1) Results are adjusted for retrospective application of changes in accounting. See impact of change in accounting for convertible notes and change in
accounting for restricted stock share-based payment awards on page 41.
38
39. Net (Loss) Income / Adjusted EBITDA
Reconciliation
($ in Millions)
Quarter Ended Quarter Ended
March 23, 2008 (1)
March 22, 2009
Net (Loss) Income $ (10.0) $ 0.7
Interest Expense, Net 9.4 11.2
Tax Benefit (0.3) (0.3)
Depreciation and Amortization 14.8 15.7
EBITDA 14.0 27.3
Restructuring Charge .8 --
Anti-Trust Legal Expenses 4.4 --
Adjusted EBITDA $ 19.2 $ 27.3
Note: EBITDA is defined as net income plus net interest expense, income taxes, depreciation and amortization. We believe that EBITDA is a meaningful
measure for investors as (i) EBITDA is a component of the measure used by our board of directors and management team to evaluate our operating
performance, (ii) the senior credit facility contains covenants that require Horizon Lines, Inc. to maintain certain interest expense coverage and leverage
ratios, which contain EBITDA and (iii) EBITDA is a measure used by our management team to make day-to-day operating decisions. Adjusted EBITDA
excludes certain charges in order to evaluate our operating performance, for making day-to-day operating decisions and when determining the payment of
discretionary bonuses.
(1) Results are adjusted for retrospective application of changes in accounting. See impact of change in accounting for convertible notes and change in
accounting for restricted stock share-based payment awards on page 41.
39
40. Operating Income (Loss) to Adjusted EBITDA
Segment Reconciliation
($ in Millions)
First Quarter 2009
Liner Logistics Consolidated
Operating Income (Loss) $ 1.0 $ (1.8) $ (0.8)
Depreciation and Amortization 10.9 0.1 11.0
Amortization of Vessel Dry-docking 3.8 -- 3.8
EBITDA 15.7 (1.7) 14.0
Restructuring Charge 0.8 -- 0.8
Anti-Trust Related Legal Expenses 4.4 -- 4.4
Adjusted EBITDA $ 20.9 $ (1.7) $ 19.2
40
41. Changes in Accounting for Convertible Notes
and Share-Based Payment Awards
Share-
($ in Thousands, Except Per Share Amounts)
Income Statement
Quarter Ended March 23, 2008
As Reported Adjustments As Adjusted
Interest Expense, Net $ 9,009 $ 2,150 $ 11,159
Income Tax Expense (Benefit) $ 504 $ (785) $ (281)
Net Income $ 2,091 $ (1,365) $ 726
Denominator for Basic Net Income Per Share 30,291 201 30,492
Effect of Dilutive Securities 502 (120) 382
Denominator for Diluted Net Income Per Share 30,793 81 30,874
Net Income Per Share
Basic $ 0.07 $ (0.05) $ 0.02
Diluted $ 0.07 $ (0.05) $ 0.02
41
42. Changes in Accounting for Convertible Notes
($ in Millions)
2008 Adjusted Net Income (Loss) Reconciliation
Quarter Ended Quarter Ended Quarter Ended Quarter Ended Year Ended
Mar. 23, 2008 Jun. 22, 2008 Sept. 21, 2008 Dec. 21, 2008 Dec. 21, 2008
Net Income (loss) $ 2.1 $ 7.2 $ 12.5 $ (18.8) $ 3.1
Adjustments:
Anti-Trust Related legal expenses - 2.4 4.6 3.7 10.7
Union Severance - 0.8 - - 0.8
Impairment charge - - - 25.4 25.4
Restructuring charge - - - 3.2 3.2
Tax impact of adjustments - (0.5) (0.9) (10.9) (12.4)
Total adjustments - 2.7 3.6 21.5 27.8
Adjusted Net Income 2.1 9.9 16.2 2.7 $ 30.8
Impact of change in accounting for convertible notes (2.2) (2.2) (2.2) (2.3) (8.9)
Tax impact 0.8 0.8 0.8 0.8 3.2
Adjusted net income, after retrospective application $ 0.7 $ 8.5 $ 14.7 $ 1.2 $ 25.2
42
43. Changes in Accounting for Convertible Notes
and Share-Based Payment Awards
Share-
($)
2008 Adjusted Net Income (Loss) Per Diluted Share Reconciliation
Quarter Ended Quarter Ended Quarter Ended Quarter Ended Year Ended
Mar 23, 2008 Jun 22, 2008 Sept 21, 2008 Dec 21, 2008 Dec 21, 2008
Net Income (loss) Per Share $ 0.07 $ 0.24 $ 0.42 $ (0.63) $ 0.10
Adjustments:
Anti-Trust Related Legal Expenses - 0.08 0.15 0.12 0.35
Union Severance - 0.03 - - 0.03
Impairment Charge - - - 0.85 0.84
Restructuring Charge - - - 0.11 0.11
Tax Impact of Adjustments - (0.02) (0.04) (0.36) (0.41)
Total Adjustments - 0.09 0.11 0.72 0.92
Adjusted Net Income, Per Diluted Share $ 0.07 $ 0.33 $ 0.53 $ 0.09 $ 1.02
Impact of Change in Accounting for Convertible Notes (0.07) (0.07) (0.07) (0.08) (0.29)
Tax Impact 0.03 0.03 0.03 0.03 0.11
Impact of change in accounting for restricted stock share-based
payment awards as participating securities (0.01) 0.00 0.00 0.00 (0.01)
Adjusted Net Income Per Share, After Retrospective Application $ 0.02 $ 0.28 $ 0.48 $ 0.04 $ 0.82
Diluted Shares As Reported 30,792,959 30,163,161 30,186,831 30,022,491 30,330,786
Impact of Change in Accounting for Restricted
Stock Share-Based Payment Awards as Participating Securities 81,480 110,338 205,801 337,933 192,397
Diluted Shares, after Retrospective Application 30,874,439 30,273,499 30,392,632 30,360,424 30,523,183
43