Back on February 4th, Spafford debuted a new tune, “It’s A Bunch,” during their show at The Fillmore in Detroit, Michigan, supporting Umphrey’s McGee. The new song prominently opens with a funky, rolling bass line that carries the upbeat, feel-good groove before building into a more dramatic, shred-heavy climax and then returning to the initial melody.You can check out the video for “It’s A Bunch,” which was filmed by C.J. Strehlow and Colin Anders, for yourself below, courtesy of the band and TourGigs.[Cover photo: Phierce Photo]
Astronomers have discovered the darkest known exoplanet — a distant, Jupiter-sized gas giant known as TrES-2b. Their measurements show that TrES-2b reflects less than 1 percent of the sunlight falling on it, making it blacker than coal or any planet or moon in our solar system.“TrES-2b is considerably less reflective than black acrylic paint, so it’s truly an alien world,” said astronomer David Kipping of the Harvard-Smithsonian Center for Astrophysics (CfA), lead author on the paper reporting the research.In our solar system, Jupiter is swathed in bright clouds of ammonia that reflect more than a third of the sunlight reaching it. In contrast, TrES-2b (which was discovered in 2006 by the Trans-Atlantic Exoplanet Survey, or TrES) lacks reflective clouds due to its high temperature.TrES-2b orbits its star at a distance of only 3 million miles. The star’s intense light heats TrES-2b to a temperature of more than 1,800 degrees Fahrenheit — much too hot for ammonia clouds. Instead, its exotic atmosphere contains light-absorbing chemicals such as vaporized sodium and potassium, or gaseous titanium oxide. Yet none of these chemicals fully explain the extreme blackness of TrES-2b.“It’s not clear what is responsible for making this planet so extraordinarily dark,” stated co-author David Spiegel of Princeton University. “However, it’s not completely pitch black. It’s so hot that it emits a faint red glow, much like a burning ember or the coils on an electric stove.”Kipping and Spiegel determined the reflectivity of TrES-2b using data from NASA’s Kepler spacecraft. Kepler is designed to measure the brightness of distant stars with extreme precision.The team monitored the brightness of the TrES-2 system as the planet orbited its star. They detected a subtle dimming and brightening due to the planet’s changing phase.TrES-2b is believed to be tidally locked like our moon, so one side of the planet always faces the star. And like our moon, the planet shows changing phases as it orbits its star. This causes the total brightness of the star plus planet to vary slightly.“By combining the impressive precision from Kepler with observations of over 50 orbits, we detected the smallest-ever change in brightness from an exoplanet: just 6 parts per million,” said Kipping. “In other words, Kepler was able to directly detect visible light coming from the planet itself.”The extremely small fluctuations proved that TrES-2b is incredibly dark. A more reflective world would have shown larger brightness variations as its phase changed.Kepler has located more than 1,200 planetary candidates in its field of view. Additional analysis will reveal whether any other unusually dark planets lurk in that data.TrES-2b orbits the star GSC 03549-02811, which is located about 750 light-years away in the direction of the constellation Draco. (One light-year is about 6 trillion miles.)This research has been accepted for publication in the Monthly Notices of the Royal Astronomical Society and is available online.
The Division of Student Affairs issued a list of 21 Diversity Recommendations this week, working within the President’s Oversight Committee on Diversity and Inclusion chaired by University President Fr. John Jenkins.Vice President for Student Affairs Erin Hoffmann Harding said the initiatives came out of research conducted by Matthew Storin, senior project specialist for Student Affairs. His work consisted of 138 interviews conducted this year, including 97 with students. Storin’s research was prompted by survey data on student satisfaction with campus life, Hoffmann Harding said.Steph Wulz “Our undergraduate seniors tell us that they have a terrific overall undergraduate experience, better than [at] our peer [institutions] which are some of the most selective in the country, and that is a result that you see regardless of ethnicity,” she said. “We’re very proud of that from an institutional standpoint.“However, we do not stack up as competitively with our peers in any ethnic group for satisfaction with the climate for minorities on campus, according to our students. … But surveys only tell you so much, so I asked Matt Storin to take on a special project this year to really get behind those numbers.”Storin said the most concerning finding to come out of his research was the indication that many minority students feel like they are the “other” on campus.“[Minority students] often feel that they are not having the same full, enjoyable experience that they feel the white majority students are having, those who might have been raised in a Notre Dame tradition and always wanted to come here,” he said.Many white majority students interviewed in the study expressed support for the concept of diversity and an increasingly diverse student body, but said they were not actively engaged with the issue or engaged in getting to know students different from them, Storin said. He said there were “inspirational” exceptions, however, of students in the white majority who felt passionate about improving the situation.The most optimistic conclusion to emerge from the research was the sense of community built into the Catholic and academic environments at Notre Dame, Storin said.“The figures show that we could probably make an argument that we have the strongest sense of community of any campus in the country,” he said. “So that’s a good foundation on which to build if we’re going to have programs and initiatives to direct more attention to engagement with people not like ourselves.“With that and the sense of social justice which is quite evident on this campus … there’s a lot that we can do … I’m pretty optimistic that, eventually, students are going to enter Notre Dame and realize right from the beginning, for those who don’t already, that whether someone looks like the picture of the leprechaun or not, that we’re all Irish and we’re in this one for all in a way that builds on our best traditions.”Hoffmann Harding said the 21 recommendations from Student Affairs fall into four groups, and responsibility for acting on each recommendation has been assigned to a member of her senior team who will report directly to her.The first group focuses on internal training within Student Affairs to be ready as a staff to serve a diverse student body, she said. This will include recruitment, retention and development efforts within the Division, with the goal of providing students with role models in the administration who might share their backgrounds and staying attentive to the diversity of the Division staff.The second group is aimed at students and addresses ways to augment and supplement support the work done by Multicultural Student Programs and Services.“One of the things I’d highlight that we heard very frequently in Matt’s interviews is orientation,” Hoffmann Harding said. “It’s the first impression of students when they come to campus, and I think it very importantly sets the stage for how we expect to interact with one another and the values that we hold here on campus.”The third group of recommendations will seek to create a more effective support system for students with high socioeconomic need, including revised advertising, parameters and available resources in the Rector Fund and evaluating the level of support needed for students staying on campus for breaks.“We need to do a little more benchmarking … to design some programs that will be very intentional and thoughtful about the communication and the services that we provide,” Hoffmann Harding said.The fourth group will seek ways to demonstrate a visible commitment to diversity on campus with symbolic reminders, facilities and communication strategies.“[We need] to think about this not just in terms of programs that we do but also in what we say both verbally as a Division … and what we see here on campus,” she said. “I’ve been struck often by how readily apparent it is that Notre Dame is Catholic. We have a crucifix in every classroom. We have the beauty of the Grotto, the beauty of the Basilica.“How can we use this as an occasion to celebrate places and symbols on campus, so it’s clear not only in the things that we do but in the things that you all see as students that diversity is an important value to us?”More immediate goals within this group include having a diversity statement posted in every residence hall by the end of the semester and instituting a new Student Affairs undergraduate leadership award recognizing commitment to diversity and inclusion, beginning this year.Hoffmann Harding said while the project began with a focus on ethnic diversity and minority student experiences, she hopes the project will engage all students and foster appreciation for each individual’s contributions to campus.“I think it’s a misconception in many ways [to say] that there is one difference that defines us, like race,” she said. “I think each and every individual student brings a different set of talents, a different set of interests and a different set of experiences to campus.“And I think as a Catholic institution, it is our obligation and responsibility to engage and think about what we can learn from others.”Storin said the recommendations involve everyone on campus because “if you go through four years here without branching out culturally, it’s a missed opportunity.”“I think we all understand [that] you cannot shove inclusion down the throats of people. … It has to be an evolving process,” he said. “[We need] conditions in dorms and in freshman orientation that lead people to get together.”He said the complexity of the issue means that it won’t be solved immediately, but conversation and feedback, particularly from students, will ensure continued progress. Hoffmann Harding said she and her colleagues would remain open to student feedback.“Any time you put a plan in place, it should not be something that lives on a shelf but should continue to morph and improve,” Hoffmann Harding said. “We have benefitted in putting together these recommendations already from student work — several of the suggestions on here came directly from Diversity Council and student government in a joint resolution that they passed.”Hoffmann Harding said she and Storin presented the recommendations to the President’s Committee and this set of initiatives is just one dimension of the work done by the different subcommittees.“This effort is so important to our mission as a University and for all of your experience as students,” she said. “It’s something that we take extraordinarily seriously and that we think really does derive from our mission to have every student feel welcome, to have a great experience here and to feel safe and comfortable coming to us.“I welcome feedback and conversation on this topic … and we’re going to give it our best to make a positive difference and to create the kind of climate that we all want together.”Editor’s Note: Ann Marie Jakubowski and three other Observer editors were interviewed by Storin as a group during his research process, but not to an extent that would constitute a conflict of interest. Tags: Diversity
Image by World Against Toys Causing Harm, Inc.NEW YORK – A consumer watchdog group has released its list of the most dangerous toys of the year.World Against Toys Causing Harm is cautioning parents against getting these toys for the holidays.The first toy on the list are Calico Critters Nursery Friends. The group says the box lists it for children three and up, but they say there’s still potential choking for young children.Another toy is the “Get Outside Go Launch,” toy that has packaging that includes a warning label of choking and outdoor use, but the group says the toy can cause potential eye and facial injuries. The Avengers Vribraniaum Claw, which is number three on the list, can also cause potential eye and facial injuries.Overall, the group cautions against toys that encourage aggressive play because they often come with a risk of injury. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)
4,018 Thirteen weeks ended June 26, 2010 Weighted average shares outstanding Thirty-nine weeks ended 6/26/10 $0.13 GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Cash Flows(Dollars in thousands) 131,677,459 $0.37 13,081 Acquisition of Diedrich Coffee, Inc. (25,051) 201,783 Commitments and contingencies 12,124 June 26, 2010 $985,792 Attributing a 64 percent net sales growth by the success of the Keurig Single-Cup Brewing System, Green Mountain Coffee Roasters, Inc of Waterbury has reported strong sales and earnings growth. Net sales for the third quarter of fiscal 2010 increased to $311.5 million as compared to $190.5 million reported in the third quarter of fiscal 2009. According to Generally Accepted Accounting Principles, net income for the third quarter of fiscal 2010 totaled $18.6 million, or $0.13 per fully diluted share; non-GAAP EPS of $0.19.Excluding transaction-related expenses incurred in the quarter, and the resulting tax effect of reversing the tax benefit associated with previously incurred acquisition-related expenses, the Company’s non-GAAP net income for the third quarter of fiscal 2010 was $25.8 million, or $0.19 per diluted share, representing an increase of 82% from $14.1 million, or $0.12 per diluted share, in the third quarter of fiscal 2009.1The Company completed its acquisition of Diedrich Coffee Inc. (’Diedrich’) on May 11, 2010 for $35 per share of common stock in a transaction with a total value of approximately $300 million. The recent Financial Accounting Standards Board (’FASB’) pronouncement on business combinations, effective in fiscal 2010 for the Company, requires acquisition-related costs be expensed rather than capitalized. The Company’s fiscal third quarter GAAP net income is inclusive of approximately $4.0 million of non-deductible expenses associated with the Diedrich acquisition incurred during the fiscal third quarter. In accordance with the FASB pronouncement, because the Diedrich acquisition closed during the fiscal third quarter, this quarter’s GAAP net income also reflects the tax effect of reversing the tax benefit of $3.2 million associated with the $8.1 million of acquisition-related costs for the Diedrich acquisition recorded during the first and second quarters of fiscal 2010.During fiscal 2010’s third quarter, 683 million K-Cup® portion packs were shipped system-wide by all Keurig licensed roasters, representing an increase of 72% over the year-ago quarter. Supporting continued growth in K-Cup demand, there were 846,000 system brewers with Keurig®-branded brewing technology shipped during the third quarter of fiscal 2010 compared to 444,000 shipped during the third quarter of fiscal 2009.The Company completed a three-for-one stock split during the third quarter, effected in the form of a stock dividend. Shareholders of record at the close of business on May 10, 2010 received two additional shares of common stock for every one share of common stock held on that date.Lawrence J. Blanford, GMCR’s President and CEO, said, ‘In our fiscal third quarter, through the strong efforts of all our employees, we delivered excellent results on our key financial performance metrics including revenue, gross margin, operating margin and net income. We have now achieved 11 consecutive quarters of better than 40 percent net sales growth. For the first nine months of fiscal 2010 we have produced net sales growth of 70% and non-GAAP earnings per share growth of 89% over the same period for fiscal year 2009.’‘Continued execution of our strategic business initiatives, including most recently, our acquisition of Diedrich, is driving GMCR’s growth and enabling us to advance adoption and awareness of our growing portfolio of compelling brands,’ said Blanford. ‘We believe the inherent strength of our business model, combined with our passionate employees, the strong support of our business partners and our fervent belief that we can transform the way the world views business are key drivers behind our growth and success.Blanford concluded, ‘The coming holiday buying season is shaping up to be another exciting opportunity for us to help more consumers discover and enjoy outstanding beverages with the convenience and choice of the Keurig Single-Cup brewing system. We are looking for a strong kickoff to our fiscal year 2011 and are providing our initial fiscal year 2011 estimate for sales growth in a range of between 44% to 50% and earnings per share of $1.15 to $1.20.’ Fiscal 2010 Third Quarter Financial ReviewKey Business Drivers & MetricsThe two primary drivers of the $121.0 million, or 64%, increase in the Company’s net sales were increases in total K-Cup portion pack net sales and Keurig brewer and accessory sales.Approximately 86% of consolidated net sales in the third quarter was from the Keurig brewing system and its recurring K-Cup portion pack revenue.Net sales from K-Cup portion packs totaled $197 million in the quarter, up 90%, or $93.1 million, over 2009.Net sales from Keurig brewers and accessories totaled $64 million in the quarter, up 69%, or 26.2 million, from the prior year period.For the Keurig business unit, net sales for the third quarter of fiscal 2010, after the elimination of inter-company sales, were $157.2 million, up 74% from net sales of $90.1 million in the third quarter of fiscal 2009.For the Specialty Coffee business unit (SCBU), net sales for the third quarter of fiscal 2010, after the elimination of inter-company sales, were $154.3 million, up 54% from net sales of $100.4 million in the third quarter of fiscal 2009.Costs, Margins and IncomeThird quarter 2010 gross profit increased to 35.2% of total net sales compared to 33.6% for the corresponding quarter in 2009. This was as a result of higher manufacturing gross margin derived from the increase in volume of the Company’s manufactured K-Cups as a percentage of total system volume.During the third quarter, the Company experienced continued higher levels of warranty expense and sales returns related to a quality issue associated with certain brewer models produced primarily in late calendar 2009. As previously disclosed, the Company implemented hardware and software changes which it believes has corrected the issue. The Company reached agreement with its suppliers and will recover approximately $6 million as reimbursement related to this issue. This recovery was reflected in the third quarter cost of sales as a reduction to warranty expense and substantially offsets the higher warranty expense and sales returns costs incurred in the fiscal third quarter.Selling, general and administrative expenses as a percentage of net sales for the third quarter were 23.0% as compared to 21.7% in the prior year. Third quarter 2010 general and administrative expenses include $4.0 million related to the Diedrich acquisition as well as the amortization of identifiable intangibles of $4.3 million due to the Company’s prior acquisitions as compared to $1.5 million in the prior year third quarter.The Company increased its GAAP operating income by 68%, to $38.2 million, in the third quarter of fiscal 2010, as compared to $22.8 million in the year ago quarter, and improved its GAAP operating margin to 12.3% from 12.0% in the prior year period. Excluding the impact of the $4.0 million transaction-related expenses in the third quarter of fiscal 2010, the Company’s non-GAAP operating income was up 85% to $42.2 million and represented 13.5% of sales compared to $22.8 million, or 12.0% of sales in the prior year.Interest expense was $1.5 million in the third quarter of fiscal 2010, compared to $1.1 million in the prior year quarter.Income before taxes for the third quarter of fiscal 2010 increased 70% to $36.7 million as compared to $21.7 million in the third quarter of fiscal 2009.The Company’s tax rate for the fiscal third quarter was 49.5% as compared to 34.7% in the prior year quarter reflecting the tax effect of the recognition of the estimated total $12 million non-deductible acquisition-related expenses incurred during the Company’s first, second and third quarters of fiscal 2010 for the Diedrich acquisition which closed during the Company’s fiscal third quarter.Balance Sheet HighlightsCash and short-term cash investments were $10 million at June 26, 2010, down from $144.2 million at March 27, 2010, primarily due to the Diedrich acquisition.Accounts receivable increased 88% year-over-year to $128.8 million at June 26, 2010, from $68.5 million at June 27, 2009, as a result of continuing strong sales during the third quarter of fiscal 2010, particularly within the retail channel where days sales outstanding is higher than other channels, and due to the recent Diedrich acquisition.Inventories increased 80% to $186.3 million at June 26, 2010 from $103.2 million at June 27, 2009, reflecting the Company’s effort to ensure sufficient inventories of brewers and K-Cups for the fourth quarter of fiscal 2010.Long-term debt increased to $271.4 million at June 26, 2010 from $72.7 million at March 27, 2010 as a result of the Company’s execution of a $140 million term loan used to pay a portion of the Diedrich purchase price.Business Outlook and Other Forward-Looking InformationFourth Quarter and Fiscal Year 2010With one quarter remaining, the Company has refined its outlook for its fiscal year 2010 and is providing its first estimates for its fourth quarter of fiscal 2010. It now expects:Total fiscal fourth quarter consolidated net sales growth of 58% to 63% resulting in total fiscal 2010 consolidated net sales growth of 66% to 68%, compared to the prior estimate of 62% to 65%.Total fiscal 2010 K-Cup portion packs shipped system-wide by all Keurig licensed roasters to increase in the range of 73% to 76%, compared to prior estimate of 73% to 78%.Fiscal fourth quarter non-GAAP operating margin in the range of 13.0% to 13.5%, resulting in a total fiscal 2010 non-GAAP operating margin in the range of 12.1% to 12.5% excluding acquisition-related transaction expenses.Fiscal 2010 interest expense of $5.5 million to $6.5 million.A tax rate of 39.2% for the fiscal year excluding the tax impact of expenses related to the Timothy’s and Diedrich acquisitions.Fiscal fourth quarter fully diluted non-GAAP earnings per share in the range of $0.18 to $0.20 per share, resulting in total fiscal 2010 fully diluted non-GAAP earnings per share in the range of $0.69 to $0.71 per share, excluding any acquisition-related transaction expenses. The fully diluted non-GAAP earnings per share estimate of $0.69 to $0.71 for the 2010 fiscal year includes $15 million pre-tax or $0.07 per diluted share non-cash amortization expenses related to the identifiable intangibles of the Company’s acquisitions.Capital expenditures for fiscal 2010 in the range of $120 to $140 million, as compared to prior estimates in the range of $105 to $125 million.Depreciation and amortization expenses in the range of $44 to $46 million for fiscal year 2010, including $15 million for amortization of identifiable intangibles, up from prior estimates of $40 to $44 million.First Issue of Company Estimates for Fiscal Year 2011The company also is providing its first estimates for fiscal year 2011:Total consolidated net sales growth of 44% to 50%.Total K-Cup portion packs shipped system-wide to increase in the range of 64% to 68%.Fully diluted earnings per share in the range of $1.15 to $1.20 per share, representing an increase in the range of 62% to 74% over fiscal year 2010’s fully diluted non-GAAP earnings per share estimate range of $0.69 to $0.71 per share. The fiscal 2011 estimate includes approximately $22 million, or approximately $0.09 per share, of non-cash amortization expenses related to the identifiable intangibles mentioned above.Use of Non-GAAP Financial MeasuresIn addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP operating results that exclude certain charges or credits such as acquisition-related transaction expenses, the one-time operating income related to the settlement of the Company’s Kraft litigation, and non-cash related items such as amortization of identifiable intangibles. These amounts are not in accordance with, or an alternative to, GAAP. The Company’s management believes that these measures provide investors with greater transparency by helping illustrate the underlying financial and business trends relating to the Company’s results of operations and financial condition and comparability between current and prior periods. Management uses the measures to establish and monitor budgets and operational goals and to evaluate the performance of the Company. Please see the ‘GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations’ tables that accompany this press release for a full reconciliation the Company’s GAAP to non-GAAP results.Green Mountain Coffee Roasters, Inc. will be discussing these financial results and future prospects with analysts and investors in a conference call available via the Internet. The call will take place today at 5:00 PM ET and will be available, with accompanying slides, via live webcast on the Company’s website at www.GMCR.com(link is external). The Company archives the latest conference call on the Investor Relations section of its website for a period of time. A replay of the conference call also will be available by telephone at (719) 457-0820, Passcode 2978546 from 9:00 PM ET on July 28th through 9:00 PM ET on Monday, August 2, 2010.GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released.About Green Mountain Coffee Roasters, Inc.As a leader in the specialty coffee industry, Green Mountain Coffee Roasters, Inc. is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR’s operations are managed through two business units. The Specialty Coffee business unit produces coffee, tea and hot cocoa from its family of brands, including Tully’s Coffee®, Green Mountain Coffee®, Newman’s Own® Organics coffee, Timothy’s World Coffee® and Diedrich, Coffee People and Gloria Jeans®, a trademark licensed to the Company for use in North America and owned by Gloria Jeans Coffees International Pty. Ltd. The Keurig business unit is a pioneer and leading manufacturer of gourmet single-cup brewing systems. K-Cup® portion packs for Keurig® Single-Cup Brewers are produced by a variety of roasters, including Green Mountain Coffee, Tully’s, Timothy’s and Diedrich. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in Fair Trade Certifiedâ ¢ coffee, and donating at least five percent of its pre-tax profits to social and environmental projects. Visit www.gmcr.com(link is external) for more information.Forward-Looking StatementsCertain statements contained herein are not based on historical fact and are ‘forward-looking statements’ within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as ‘anticipate,’ ‘believe,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘feel,’ ‘forecast,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘project,’ ‘should,’ ‘would,’ and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those stated here. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact on sales and profitability of consumer sentiment in this difficult economic environment, the Company’s success in efficiently expanding operations and capacity to meet growth, the Company’s success in efficiently and effectively integrating Timothy’s and Diedrich’s wholesale operations and capacity into its Specialty Coffee business unit, the Company’s success in introducing and producing new product offerings, the ability of lenders to honor their commitments under the Company’s credit facility, competition and other business conditions in the coffee industry and food industry in general, fluctuations in availability and cost of high-quality green coffee, any other increases in costs including fuel, Keurig’s ability to continue to grow and build profits with its roaster partners in the At Home and Away from Home businesses, the Company experiencing product liability, product recall and higher than anticipated rates of warranty expense or sales returns associated with a product quality or safety issue, the impact of the loss of major customers for the Company or reduction in the volume of purchases by major customers, delays in the timing of adding new locations with existing customers, the Company’s level of success in continuing to attract new customers, sales mix variances, weather and special or unusual events, as well as other risks described more fully in the Company’s filings with the SEC. Forward-looking statements reflect management’s analysis as of the date of this press release. The Company does not undertake to revise these statements to reflect subsequent developments, other than in its regular, quarterly earnings releases.-Tables Follow-GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Statements of Operations(Dollars in thousands except per share data) (14,949)Net income $0.09 – 131,677,459 $816,650 28,597 119,010,138 (43,127) 320,208 137,681,766 12,708 – – Net Sales General and administrative expenses $5,030 Patent litigation settlement (1,495) 38,187 $0.40 Other long-term liabilities – Accrued compensation costs 27 Diedrich Coffee, Inc. Net Sales (323)Interest expense Net cash provided by operating activities (18,165) – $985,792 Cash and cash equivalents at beginning of period $0.12 Goodwill – 137,898,253 – Additional paid-in capital 131,677,459 (25,051)Net income Other short-term liabilities $190,509 – $41,507 28,597 Cash and cash equivalents Patent Litigation Settlement ====== (1,080) Income before income taxes (3,992) $985,792 Weighted average shares outstanding $- Thirty-nine weeks ended June 27, 2009 (3,376) 590,174 112,775,280 36,719 Income tax expense 18,570 – 137,898,253 144,835 137,681,766 (9,123)Deferred income taxes Liabilities and Stockholders’ Equity 401,428 66,558 $- Proceeds from borrowings of long-term debt 128,758 $- Basic income per share: Cost of Sales 665,584 36,719 Operating income (232,830) – (1,080) – (Gain) loss on futures derivatives Acquisition- related Transaction Expenses – $0.13 13,054 Patent litigation settlement Income tax expense – – Timothy’s Coffees of the World, Inc. Retained earnings Receivables $(10,361) 53,375 – 12,819 10,151 401,428 – $- $55,750 12,708 – 386,416 64,081 3,257 $0.20 Basic income per share: – Other long-term assets 49,558 – (5,626) ====== 137,681,766 – Current liabilities: 1,700 $1,927 79,772 GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) 73,013 Acquisition- related Transaction Expenses 21,657 50,000 $190,509 Accrued expenses – (39) (163)Excess tax benefits from equity-based compensation plans Timothy’s Coffees of the World, Inc. $- $18,554 $- – $55,750 General and administrative expenses 126,428 $580,841 (7,517)Net income Tax benefit (expense) from exercise of non-qualified options and disqualified dispositions of incentive stock options Net income – – Acquisition- related Transaction Expenses Net Sales Operating income – Stockholders’ equity: Preferred stock, $0.10 par value: Authorized – 1,000,000 shares; No shares issued or outstanding – – (12,124) Provision for doubtful accounts Diluted income per share: (7,517) – – 25 Income tax benefit (expense) (42) Gross Profit – $0.37 241,811 36,478 Cash and cash equivalents at end of period $- Total liabilities and stockholders’ equity $41,507 Net Sales 15,474 Thirty-nine weeks ended June 26, 2010 Thirty-nine weeks ended June 27, 2009Cash flows from operating activities: – $12,124 $0.05 (7,517) Diedrich Coffee, Inc. 20,379 17,264 (1,870)ESOP unallocated shares, at cost ‘ 38,061 shares at June 26, 2010, and September 26, 2009 (17,000) 46,277 (17,000) Thirty-nine weeks ended June 26, 2010 168 Net income – 327 Non-GAAP (188) 13,178 Interest expense General and administrative expenses – $- 112,775,280 Acquisition of Timothy’s Coffee of the World Inc. 112,044 $8,981 $1,197,019 – Intangibles, net $0.01 (14,003)Inventories Net income – (3,851) GAAP – (6,342) $241,811 – $(0.09) (43,127)Net income – (1,500) (3,494) Income before income taxes Accrued compensation costs (1,495) 131,677,459 $31,146 – – $7,399 12,124 Thirteen weeks ended 6/26/10 Cash flows from investing activities: Proceeds from sale of short-term investments (17,000) $41,507 137,681,766 $- 70,375 111,397,302 117,318,258 Weighted average shares outstanding 21,657 – Long-term debt 144,835 (41,451)Capital expenditures for fixed assets – (29,027)Proceeds from disposal of fixed assets Other income (expense) 22,215 Cost of sales 85,469 64,081 Basic income per share: Net change in revolving line of credit 57,001 9,497 – $8,981 – 3,992 (1,359) 22,776 Selling and operating expenses Gross Profit (205)Proceeds from issuance of common stock $311,514 (84,386) $(0.09) 6,759 280 Excess tax benefits from equity-based compensation plans 5,626 Gross Profit Net cash provided by financing activities – $580,841 $- 66,558 Other expense Other expense – $816,650 Net income – $4,100 Fixed asset purchases included in accounts payable and not disbursed at the end of each period: $12,549 $0.42 1 A complete reconciliation of the Company’s GAAP to non-GAAP results is provided with this announcement.ContactsGreen Mountain Coffee Roasters, Inc. 7.28.2010 $19,058 Total current liabilities $210 6,639 109,731 – $0.53 Acquisition- related Transaction Expenses 119,010,138 Basic income per share: – 1,927 72,903 33,165 $- $7,208 99,600 $311,514 131,677,459 140,000 21,275 (154,208) 940 192,912 Deferred income taxes, net 421 Adjustments to reconcile net income to net cash provided by operating activities: $0.09 21,657 Acquisition of certain assets of Tully’s Coffee Corporation 9,517 – Amortization 372 – Thirty-nine weeks ended 6/27/09 General and administrative expenses $0.13 $0.13 – – $- Acquisition- related Transaction Expenses Thirteen weeks ended 6/27/09 Accrued expenses $- $1,197,019 6,351 (15,640)Income tax receivable, net (1,080) $1,533 111,397,302 38,187 117,318,258 Net income 28,597 (1,927) GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) (18,478) (1,495) Income before income taxes – Loss on disposal of fixed assets 25,267 401,428 33,165 21,544 57,381 – 131,303,879 – – $18,554 441,875 Non-GAAP Weighted average shares outstanding $0.27 46,277 Noncash investing activity: – – 91,559 $- 42,179 207 102,470 – – – $55,750 $- Gross profit 2,500 540,612 137,898,253 137,898,253 – Net (decrease) increase in cash and cash equivalents – Changes in assets and liabilities: $0.05 $- $0.19 Weighted average shares outstanding 25,267 $0.35 (74)Total stockholders’ equity Acquisition- related Transaction Expenses 4,127 Non-GAAP Timothy’s Coffees of the World, Inc. Diedrich Coffee, Inc. (217) (3,494)Income before income taxes 665,584 137,162 102,470 GAAP Cost of Sales 665,584 46,277 – $0.42 58,852 22,776 320,208 – 16,611 (74) 320,208 Weighted average shares outstanding 49 126,428 – GAAP – Income tax payable – (35,325) 119,010,138 – 98,877 – Net cash used for investing activities 111,397,302 1,788 4,892 Basic income per share: 9,123 356,071 $- 522 117,318,258 11,500 Receivables, less allowances of $8,852 and $4,792at June 26, 2010, and September 26, 2009, respectively Proceeds from payment of note receivable (39) $0.13 (70,326) 804 Depreciation 117,318,258 5,681 27 201,783 (43,127) 72,903 – Operating income – Other current assets – Weighted average shares outstanding 2,514 Income tax benefit (expense) 201,783 – – Total current assets 131,303,879 131,303,879 131,303,879 Deferred income taxes, net – 5,157 137,294 201,603 112,775,280 1,927 Income tax receivable 50,000 112,928 2,971 – 137,681,766 Net income $0.40 $0.01 – (3,376) $0.51 Cash flows from financing activities: – Accounts payable 131,677,459 112,775,280 Patent Litigation Settlement Non-GAAP 3,296 – – Other expense Income tax benefit (expense) – – GAAP Cost of Sales 126,428 $0.28 (3,494) – 55,853 – – – 119,010,138 GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) 64,081 Repayments of long-term debt Total assets (3,750) 111,397,302 131,303,879 Short-term investments (217)Interest expense 218,821 Capital lease obligations – 457,617 Weighted average shares outstanding 3,979 Net sales 26,599 ===== 191,880 1,071 – 92,873 70,375 6,061 117,318,258 – Diluted income per share: – – Selling and operating expenses 135,981 187 131,303,879 Gross Profit $0.12 $14,140 – Inventories Accounts payable 112,775,280 $- (1,940)Deferred compensation and stock compensation $14,140 $- – $- Patent Litigation Settlement 3,861 12,708 33,165 – 40,711 252,380 – 225,481 179,413 152 (323) (39)Interest expense $25,762 (18,412)Net income – Weighted average shares outstanding September 26, 2009Assets $0.12 119,010,138 119,010,138 137,898,253 $- – Diluted income per share: – Fixed assets, net 587 179,413 Net income – Acquisition- related Transaction Expenses 662,133 112,775,280 Timothy’s Coffees of the World, Inc. $0.14 17,769 $580,841 – 116,521 – – 109,731 Selling and operating expenses – – 126,864 – – – – Net income Net income Accumulated other comprehensive loss Selling and operating expenses Selling and operating expenses Debt assumed in conjunction with acquisitions – Current portion of long-term debt (3,376) Income before income taxes General and administrative expenses (491,814) 3,992 – 186,262 92,873 137,681,766 ===== Net income – Deferred financing fees $0.14 Diedrich Coffee, Inc. GREEN MOUNTAIN COFFEE ROASTERS, INC.Unaudited Consolidated Balance Sheets(Dollars in thousands) – (18,165) (17,000)Operating income – $190,509 (323)Interest expense – 17,000 36,049 – Other expense – – (217) 111,397,302 Thirteen weeks ended June 27, 2009 Other long-term assets, net – $14,140 10,230 137,898,253 27 98,877 Patent Litigation Settlement (305,261) $69,801 Common stock, $0.10 par value: Authorized – 200,000,000 shares; Issued ‘ 131,783,168 and 130,811,052 shares at June 26, 2010, and September 26, 2009, respectively GREEN MOUNTAIN COFFEE ROASTERS, INC.GAAP to Non-GAAP Reconciliation of Unaudited Consolidated Statements of Operations(Dollars in thousands) $- Restricted cash and cash equivalents Acquisition- related Transaction Expenses Weighted average shares outstanding Diluted income per share: 92,873 Diluted income per share: 253 – 109,731 Net income – $- $- Cost of Sales 144,835 111,397,302 Operating income 117,318,258 – 22,776 Current assets: – 179,413 $0.35 3,216 – – $311,514 Other current assets
FacebookTwitterLinkedInEmailPrint分享Midwest Energy News:Two bills in the Ohio Senate aim to ease restrictions in a 2014 law that have effectively blocked the development of new commercial wind farms in the state.“We have stopped further development of wind projects in the state of Ohio while everyone else around the country seems to be progressing,” said Cliff Hite (R-Findlay), who introduced Senate Bill 188 on September 14. “Unless we do something, we’re not going to compete with these other states.Hite’s bill is similar to a budget amendment that the Ohio Senate passed in June, but which was rejected by the Ohio House of Representatives in conference committee negotiations. Under Hite’s bill, the property line setback would be 120 percent of the turbine’s height, which is still more than the pre-2014 law required.The other bill, SB 184, would restore the pre-2014 property line setback of 110 percent of the turbine height. Michael Skindell (D-Lakewood) introduced that bill on August 31.Between them, SB 184 and 188 have 20 co-sponsors, which is more than a majority of the 33 lawmakers elected to the state senate. “I think we’ll get it done in the Senate,” Hite said. “Then we’ll see what happens in the House.”Before the law changed in 2014, the minimum setbacks for commercial wind farm turbines were about 1,300 feet from the nearest habitable building and 1.1 times the turbine height from the property line.At a minimum, that meant that a turbine would be about a quarter mile from any home, explained Andrew Gohn at the American Wind Energy Association. And if a turbine fell down, it still wouldn’t land on an adjoining property.Any arguments that the residence setback should apply to the property line for health and safety reasons are “specious,” said Gohn. The current requirements are “essentially a de facto zoning from the legislature, which is certainly something that that’s not welcomed by a lot of communities that want to host wind projects.”Those communities have been “the real losers here,” said Peter Kelley, also at the American Wind Energy Association. Although some companies have been unable to move forward with projects in Ohio, most usually go elsewhere, he continued. “So really, who’s missing out here are the communities in Ohio that would like to have this option for their economic development.”The benefits of that development can be huge. According to a May 2017 study by the Wind Energy Foundation, the current law acts as a market barrier and has blocked over $4.2 billion in lifetime economic benefits for Ohio.Among other things, those benefits would include “millions for your county that will be invested into your schools and your local county government,” Hite explained.For example, he noted, Van Wert County has already received millions of dollars for its schools and other needs. Another project in Hardin County should bring in about $17 million for the local government and schools over a 20-year period, he added.“Wind is our shale,” Hite stressed. Other revenues and jobs may be at stake as well.Amazon, Facebook, General Motors and other companies have announced goals of sourcing their electricity needs from 100 percent renewable energy. For example, on September 19, Starwood Energy Group Global announced a deal in which General Motors agreed to buy all the electricity to be produced by a commercial wind farm in northwest Ohio.That project is the last grandfathered project that was permitted under the prior law, noted Trish Demeter at the Ohio Environmental Council. If Ohio’s lawmakers don’t see the opportunities from wind energy and fix the law, “Ohio will be left in the dust in the clean energy era,” she said.Indeed, cities and states often compete with each other to attract new facilities that will add jobs. “Those opportunities are not going to wait around forever,” Kelley said.“Farmers love this because it’s a cash crop they can rely on when commodity prices go south or when there’s a drought,” Kelley continued. “When it becomes difficult to make the family farm work, having turbines on their land can be a huge boon to a way of life that was disappearing. And yet their property rights are negated by this overzealous setback rule.”Hite says he wants “a compromise between protecting the property rights of people who don’t want [turbines on their land], but also protecting the rights of people who do want them. And I think this bill does that.”“I just think it is right for a state to use the resources that it has to try to help make the state better,” Hite continued. “Where we live, we’ve got wind and we want to harvest it and use it.”“And,” he added, “I don’t have a problem reducing the carbon footprint in the state of Ohio for my granddaughters.”More: Ohio bills would ease restrictive setbacks for new wind farms Ohio: ‘Wind Is Our Shale’
continue reading » The Grinch is trolling department stores this season in the hopes that he can steal a credit card or two. With consumer’s purchasing behavior straying away from their usual habits during the holidays, it makes it even easier for the Grinch to commit credit card fraud. While credit union members should keep their eye out for the Grinch and his accomplices, they should take some additional steps to keep their accounts secure this season. Here are 3 ways members can allude holiday fraudsters this season.Check Recent ActivityWhen buying holiday gifts, members’ spending will go up and their purchases will likely not fall in the trend of their usual buying habits. Therefore, members should regularly check their account activity. A situation that happens often is those who lose, drop or misplace their credit card while holiday shopping. If a member goes shopping at the mall – spending quite a bit of money on gifts for friends and family, but somewhere along the way they lose their card, someone else can use it to buy their holiday gifts too. In this case, the transactions might not flag as fraudulent activity because the member was making legitimate purchases at the location before the card was compromised. It is very important members check their recent transaction history so if fraud occurs it can be caught early. 15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr
230SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,John Pettit John Pettit is the Managing Editor for CUInsight.com. John manages the content on the site, including current news, editorial, press releases, jobs and events. He keeps the credit union … Web: www.cuinsight.com Details It’s not always easy to stick to a budget. Between the spending urges and the gray areas, it’s easy to cheat. If you or someone you know is having trouble sticking to a budget that seems too strict, here are three tips to get them (or you) back on track…Change it up: All budgets aren’t created equal. If you’re having trouble staying true to a particular type of budget, maybe it’s the wrong one for you. Maybe you’ve tried Dave Ramsey’s Envelope System and your envelope keeps ending up empty. Well maybe it’s time to try something else, like the 50/20/30 rule. The point is, if your budget isn’t working for you, find one that will.It’s not a shoe: You want a shoe to fit snug. Sometimes your budget needs to have a little room for growth. Open another savings account (your emergency fund should already be receiving monthly contributions) and put aside a little extra from every paycheck in case something unexpected comes up. Whether it’s a weekend away for a wedding or a child’s field trip, you may sometimes need extra cash that doesn’t really qualify as an emergency.Money can be a child: Sometimes your money gets out of control because you’re not paying close enough attention to it. Sound like your three-year-old? Don’t just look at your money once a month or once every payday. If a daily login to your mobile banking will help keep you on the right path, pick a time of day and make it a habit.
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A neurologist has been arrested for allegedly forcibly touching a female patient in his Port Jefferson office two months ago, Suffolk County police said.Dr. Jacob Mathew was charged Wednesday with forcible touching.Police said the 58-year-old doctor forcibly touched the victim during a treatment visit at his Oakland Avenue office in February.He will be arraigned at First District Court in Central Islip at a later date.Sixth Squad detectives are continuing the investigation and ask anyone with information on this case to call them at 631-854-8652.
Categories: Letters to the Editor, OpinionIs there any depth that Donald Trump is unwilling to descend in advance of his political agenda? Recently he chose to exploit the tragic death of Indianapolis Colt linebacker Edwin Jackson. Trump tweeted that Jackson’s death was a preventable tragedy and that he was killed by a person illegally in our country. He used the incident to promote his immigration policies. Jackson was killed in a crash with a drunk driver. The fact that the driver was in the United States illegally was not the cause of the crash. Drunk driving caused it. In 2015, there were 10,265 people who died in alcohol related crashes. Who knew that the solution to this problem was simply the building of a wall. Shame on you, Donald Trump, for once again twisting events for your political gain.William McPhersonBallston SpaMore from The Daily Gazette:EDITORIAL: Urgent: Today is the last day to complete the censusGuilderland girls’ soccer team hands BH-BL first league lossFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Beware of voter intimidationEDITORIAL: Thruway tax unfair to working motorists