爱上海,上海419论坛,上海龙凤419 - Powered by Brin Charalambos!

Category Archives: ewolzcfo

Britain’s Warren Buffett just bought this FTSE 250 stock. Should I buy it too?

first_img Our 6 ‘Best Buys Now’ Shares Edward Sheldon, CFA | Tuesday, 7th January, 2020 | More on: PZC ProfitabilityIn a recent trading update, the group told investors that “challenging market conditions across key geographies led to a decline in first-half revenue and operating profit compared with last year.”After revenue growth, I tend to take a look at profitability as I like companies that are highly profitable. I look at metrics such as return on equity (ROE), and operating margin. What concerns me here is that both of these metrics have deteriorated recently. That’s not a good sign. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Simply click below to discover how you can take advantage of this. Revenue (£m)821809740689653 I’ll also point out that analysts are downgrading their earnings forecasts for this year, which is not ideal.Dividend growthWhen it comes to dividend stocks, one of the first things I look at after the yield (which is about 4% here) is the dividend growth track record. I like to see at least four consecutive increases. Again, I can’t say that I’m overly impressed here. Over the last three years, PZC has paid three identical payments of 8.28p per share. Often, a dividend freeze leads to a dividend cut. Year (to 31 May)2016201720182019 “This Stock Could Be Like Buying Amazon in 1997” I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Portfolio manager Nick Train (who is often referred to as ‘Britain’s Warren Buffett’) is generally regarded as one of the UK’s top stock pickers. Over the last decade, his funds have smashed the market by a wide margin.Recently, it was revealed that Train has added a new UK stock to his portfolios (his first such purchase since 2010). Given his incredible track record, should I follow him and buy it for my own portfolio?5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…FTSE 250 stockThe stock that I’m referring to is FTSE 250 consumer goods firm PZ Cussons (LSE: PZC), which owns a number of well-known brands such as Imperial Leather and Original Source. Given Train’s focus on brands within his portfolios (he owns a number of companies that have very strong brand power including Unilever, Diageo, and Heineken) I can understand why he sees appeal in the £894m market-cap company.Looking at PZC’s recent share price action, it appears that a number of investors have already bought the stock after hearing about Train’s purchase. But does it meet my own investment criteria?Revenue growthOne of the first things I look for in a stock, whether it’s a dividend stock or a growth one, is revenue growth. Without revenue growth, it’s a struggle to increase earnings and dividends – which has implications for share price expansion.Looking at PZC’s revenue growth, I can’t say that I’m impressed. As you can see in the table below, over the last few years, revenue has been trending down, and analysts expect a further drop this year. Year (to 31 May)20162017201820192020 (e) Image source: Getty Images center_img Edward Sheldon owns shares in Unilever and Diageo. The Motley Fool UK owns shares of and has recommended Unilever. The Motley Fool UK owns shares of PZ Cussons. The Motley Fool UK has recommended Diageo. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Operating margin10.911.28.86.3 Year (to 31 May)20162017201820192020 (e) Return on equity14.213.59.16.1 ValuationFinally, turning to the valuation, PZC currently trades on a forward-looking P/E ratio of 17.1. I see that as a little expensive, given the company’s recent performance.Should I buy?All things considered, I’m going to leave PZ Cussons alone for now. While the stock could turn out to be a good long-term investment for Train, I think there are better stocks to buy right now. Enter Your Email Address Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Britain’s Warren Buffett just bought this FTSE 250 stock. Should I buy it too? See all posts by Edward Sheldon, CFA I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Dividends (p)8.118.288.288.288.31last_img read more

Category Archives: ewolzcfo

Boathouse Home Office / Bean Buro

first_img Hong Kong (SAR) Boathouse Home Office / Bean Buro “COPY” CopyAbout this officeBean BuroOfficeFollowProductWood#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureRefurbishmentRenovationInterior DesignOffices InteriorsHong KongHong Kong (SAR)Published on April 02, 2014Cite: “Boathouse Home Office / Bean Buro” 02 Apr 2014. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogMetal PanelsAurubisCopper Alloy: Nordic BrassCompositesMitrexPhotovoltaic Solar Cladding – BIPV CladdingPanels / Prefabricated AssembliesTechnowoodPanel Façade SystemArmchairsUniForArmchair – ParigiLouvers / ShuttersBruagShading Screens – Perforated Facade PanelsAluminium CompositesSculptformAluminium Façade BladesCultural / PatrimonialIsland Exterior FabricatorsSeptember 11th Memorial Museum Envelope SystemWire MeshJakobWebnet in a Gymnasium in GurmelsDoorsLinvisibileLinvisibile Pocket Door | MareaPaintKEIMMineral Paint for Concrete – KEIM Concretal®-WLouversReynaers AluminiumSolar ShadingHandlesFormaniFitting Collection – ARCMore products »Read commentsSave世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream CopyResidential Architecture, Renovation, Offices Interiors•Hong Kong, Hong Kong (SAR) Photographs:  Bean Buro Save this picture!© Bean BuroRecommended ProductsDoorsVitrocsaGlass Technology in Hotel BeaulacDoorsC.R. LaurenceCRL-U.S. Aluminum Entice Series Entrance SystemDoorsStudcoAccess Panels – AccessDorMetallicsTECU®Copper Surface – Classic Coated Save this picture!SectionThe apartment is located inside a high-rise residential building in Hong Kong’s Aberdeen, in close proximity to the Ap Lei Chau shipyard.Save this picture!© Bean BuroIn response to the growing trend of working-from-home culture, Bean Buro designed the apartment with large panoramic windows facing the sea boating sceneries in Aberdeen, as a balanced calm and dynamic home office for an expat couple.Save this picture!Concept DiagramBean Buro is a new design studio set up in Hong Kong, lead by Kenny Kinugasa-Tsui and Lorène Faure from London and Paris. The studio is interested in the design research of cross-cultural exchanges.Save this picture!© Bean BuroThe concept demolished two existing partition walls, to transform from a three cellular bedrooms apartment in to an open studio apartment. The opened up spaces increases panoramic window views, thus allowing the external boating environment to be experienced inside.Save this picture!SectionThe material palette is calm and refreshing, with a tranquil blue colour chosen for the continuous blue wall to reflect the sea, while the timber finish for the floor and joinery brings warmth to the live & work space. Save this picture!© Bean BuroDrawing inspirations from traditional French boathouses in Brittany, the main spatial concept was a continuous ribbon-like blue wall that ‘floats’ and connects all the different areas of the apartment together. The blue wall starts from the lounge, with subtle computer generated display niches. It then forms the main circulation space with various shelves for displaying art. It creates an intuitive experience by linking up the lounge with the office and ending its blue colour in the bedroom. Save this picture!© Bean BuroThe timber surface was conceptualized as a landscape that would rise and fall to provide different functions. Wrapping the entry space with full height hidden storage doors, it then falls to seat-height along the panoramic windows to create a an infinity-pool effect, and provides informal seating along the bay. Rising again as a half height timber wall, it partitions the office and the lounge while preserving open panoramic window views at eye level. On the other wall of the office is a full height bookshelf that acts as the main spatial element for storing and displaying personalized items.Save this picture!Floor PlanThe main table, Bean Table, has two large pendant lights that form the centrepiece in the lounge. The bespoke CNC cut table shape is wiggly and playful, acting as a meeting table by day and dinning table by night. The bed is an island unit that faces the panoramic windows, allowing the calm Aberdeen boating sceneries to be fully experienced. Full height mirrors are installed at the edges of each room’s end walls to create an infinity effect of the panoramic windows. The resulting experience is connected, intuitive and calm.Project gallerySee allShow lessEmerging Architects Austin+Mergold Win Folly 2014Architecture NewsRedevelopment of the Praia dos Moinhos Beach / M-ArquitectosSelected ProjectsProject locationAddress:Aberdeen, Hong Kong (SAR)Location to be used only as a reference. It could indicate city/country but not exact address. Share Interior Designers: Bean Buro Area Area of this architecture project ArchDaily Projects ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/491935/boathouse-home-office-bean-buro Clipboard Residential Architecture Photographs Year:  Save this picture!© Bean Buro+ 20 Share Boathouse Home Office / Bean BuroSave this projectSaveBoathouse Home Office / Bean Buro 2013 “COPY” Area:  1200 ft² Year Completion year of this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/491935/boathouse-home-office-bean-buro Clipboardlast_img read more

Category Archives: ewolzcfo

Journalist could be jailed for refusing to surrender video to judicial authorities

first_imgMore information: http://joshwolf.net/grandjury/ June 3, 2021 Find out more July 31, 2006 – Updated on January 20, 2016 Journalist could be jailed for refusing to surrender video to judicial authorities to go further RSF_en News April 28, 2021 Find out more Follow the news on United States News News United StatesAmericas Reporters Without Borders protested today against attempts by the US attorney’s office to have freelance journalist Josh Wolf held in contempt of court for refusing to surrender video he shot of violent anti-G8 demonstrations in San Francisco in July 2005. The request is to be heard before a federal court in San Francisco tomorrow.“This situation highlights how urgent it is for the US congress to recognise the right of journalists to protect the confidentiality of their sources, a right that is absolutely essential to their work,” the press freedom organisation said. “This right is recognised in a number of US states but not at the federal level.”Reporters Without Borders added: “As journalists are not police auxiliaries, congress must quickly support the proposed federal shield law that would guarantee them ‘qualified privilege’ as regards the protection of their sources. The Free Flow of Information Act would extend the same protection to journalists at the federal level that they enjoy under similar laws in 32 states.”Wolf filmed the demonstrations in the Mission District of San Francisco in July 2005. He posted his footage on his website and it was aired by Kron TV, an independent news station. After circulating on the Internet, it was picked up by local affiliates of national TV networks.After seeing the published footage, assistant US attorney Jeffrey Finigan asked Wolf to hand over all of the unedited footage he had shot of the incident. The government assertion’s is that someone attempted to set a police car on fire. Wolf denied having any more detailed footage of the object of the investigation or witnessing the alleged incident. He insisted that he was anyway protected by a Californian shield law under which journalists have the right both to protect the confidentiality of their sources and to refuse to surrender unpublished material and notes.At tomorrow’s civil contempt hearing, Wolf faces the possibility of immediate imprisonment as well as having to pay 10,000 or 15,000 dollars in lawyers’ fees for his defence and for a potential appeal if the judge finds against him. Wolf told Reporters Without Borders he was he was nervous about the outcome, as the judge has behaved unpredictably throughout the ordeal.At the same time, Wolf referred to the support he is receiving from the San Francisco Board of Supervisors, which is expected tomorrow to pass a resolution defending his rights as a journalist and calling on the federal authorities to respect the confidentiality of sources for the sake of press freedom, as laid down in the First Amendment to the US constitution.center_img June 7, 2021 Find out more United StatesAmericas NSO Group hasn’t kept its promises on human rights, RSF and other NGOs say Receive email alerts News Organisation Reporters Without Borders condemns an attempt by the US attorney’s office to have journalist Josh Wolf held in contempt of court for refusing to surrender his video of anti-G8 protests in San Francisco in July 2005. He is due to appear before a federal court tomorrow. WhatsApp blocks accounts of at least seven Gaza Strip journalists Help by sharing this information Facebook’s Oversight Board is just a stopgap, regulation urgently needed, RSF sayslast_img read more

Category Archives: ewolzcfo

Pasadena’s Felikian’s Carpet One Floor & Home Offers Free Digital Magazine for iPad

first_imgAt Home Pasadena’s Felikian’s Carpet One Floor & Home Offers Free Digital Magazine for iPad From STAFF REPORTS Published on Tuesday, January 15, 2013 | 4:04 pm Pasadena-based Felikian’s Carpet One Floor & Home is offering a new digital magazine to its customers that can be downloaded for free from Apple App Store.The magazine entitled, “Beautiful Design, Made Simple,” features inspiration, tips and advice to create a beautiful home.The magazine is published quarterly and offers new ideas and inspiration for its customers. Felikian’s Carpet One Floor & Home’s goal is to provide their customers with design tips and trends before, during, and after a house construction or renovation.“Design is ever changing and so is your home,” said Gregory Felikian, of Felikian’s Carpet One Floor & Home “Even if you’ve finished your flooring project, this magazine can help you plan your next project or make updates to other parts of your home.”The premier issue of Beautiful Design, Made Simple gives information and ways to incorporate Benjamin Moore’s 2013 color trends, simple tips on updating a room, inspiration and design advice from professionals Tracy Bross and Glen Peloso, carpet care tips, flooring trends and a plethora of inspiring images for the entire home.To download this free magazine visit http://www.beautifuldesignmadesimple.com or search for Beautiful Design Made Simple in your App Store.Felikian’s Carpet One Floor & Home is a locally owned flooring retailer serving the Pasadena area. They are part of North America’s leading floor covering co-op. Their showroom is known for carrying a broad selection of beautiful carpet, wood, laminate, ceramic, vinyl, and area rugs including exclusive brands like Bigelow and Lees.They offer a unique customer experience with the exclusive SelectAFloor merchandising system that simplifies the shopping experience and The Beautiful GuaranteeTM, which guarantees that the customer will be 100% happy with their floor. Felikian’s Carpet One Floor & Home is also the home of the exclusive Healthier Living Installation system. For more information visit http://www.felikianscarpetonepasadena.com/. Top of the News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Community News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday 12 recommended0 commentsShareShareTweetSharePin it faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Community News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDScenter_img Herbeauty10 Special Massage Techniques That Will Make You Return For MoreHerbeautyHerbeautyHerbeauty10 Brutally Honest Reasons Why You’re Still SingleHerbeautyHerbeautyHerbeautyNutritional Strategies To Ease AnxietyHerbeautyHerbeautyHerbeauty5 Things To Avoid If You Want To Have Whiter TeethHerbeautyHerbeautyHerbeautyFinding The Right Type Of Workout For You According AstrologyHerbeautyHerbeautyHerbeauty7 Reasons Why The Lost Kilos Are Regained AgainHerbeautyHerbeauty Make a comment Business News First Heatwave Expected Next Week More Cool Stuff Subscribe Your email address will not be published. Required fields are marked * Name (required)  Mail (required) (not be published)  Website  Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

Category Archives: ewolzcfo

Flowserve Corporation Reports Fourth Quarter and Full Year 2020 Results; Issues 2021 Financial Guidance

first_img(4) Represents $28.0 million related to Flowserve 2.0 transformation efforts and $3.3 million related to voluntary retirement program expense Loss on sale of business Long-term debt due after one year $ 0.55 56,893 Diluted DALLAS–(BUSINESS WIRE)–Feb 23, 2021– Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced its financial results for the fourth quarter and full year ended December 31, 2020. Fourth Quarter 2020 Highlights (all comparisons to the 2019 fourth quarter, unless otherwise noted) 1Reported Earnings Per Share (EPS) of $0.43 and Adjusted EPS 2 of $0.53Reported EPS includes after-tax adjusted items of approximately $12.9 million, including realignment, transformation and below-the-line foreign exchange impacts $ ) – Backlog at December 31, 2020 was $1.9 billion, down 14.0% versus prior year Full Year 2020 Highlights (all comparisons to full year 2019, unless otherwise noted)Reported EPS of $0.89 and Adjusted EPS 2 of $1.74Reported EPS includes after-tax adjusted items of approximately $111.1 million, including realignment, transformation, below-the-line foreign exchange impacts and certain non-cash impairments 1.4 – vs. prior year Reported gross and operating margins of 30.0% and 6.7%, respectivelyAdjusted gross and operating margins 3 were 31.2% and 9.8%, respectively 86,175 $ ) Down 4.0% to 7.0% 146.6 $1.15 – $1.40 92.8 -9.8 Net interest expense $ $ Basic number of shares used for calculation $ $ ) By Digital AIM Web Support – February 23, 2021 811.4 15,306 – vs. prior year % Adjusted 2021 EPS will exclude the Company’s realignment expenses, the impact from other specific one-time events and below-the-line foreign currency effects and utilizes year-end 2020 FX rates and approximately 131 million fully diluted shares. Local NewsBusiness ) About Flowserve Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com. Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition. The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon fourth-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission. All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement. The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company’s performance. Throughout our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP. CONSOLIDATED STATEMENTS OF INCOME Basic number of shares used for calculation 116,326 Earnings before income taxes Other intangible assets, net (1,555 ) $ Bookings (45,220 54.4 Net earnings per share attributable to Flowserve Corporation common shareholders: 96.1 130,395 1,065.8 131,050 ) Net cash flows provided (used) by operating activities 13,862 % $ $ 109,887 Operating income Gross Margin (% of sales) 2,627 130,995 Total assets 95,300 – 2020 (16,779 % Diluted $ 893.5 604 (718,598 (Amounts in millions, except percentages) (4,607 -28.4 % % (856 % ) (2) Includes tax impact of items above and uncertain tax position release of $4.0 million (856 41.4 (63,465 Current assets: $ 405.5 ) (9,754 (3,565 (Amounts in millions, except percentages) Other Items ) ) $ Gross profit $ 130,995 CONSOLIDATED BALANCE SHEETS 1,068,179 -5.9 $ (4,451 $ (2,611,365 27,252 1,116,769 8,995 (0.06 1,190,869 Interest expense % % 990.0 ) Debt due within one year $ 1,240.9 $ ) $ Operating income Amortization of intangible and other assets Income taxes paid (net of refunds) 74,038 Basic (966,584 72.6 FLOW CONTROL DIVISION 21.0 ) % (2,467 2,753.5 (22,571 $ -8.6 Proceeds from short-term financing 77.4 2,675.7 30.3 ) 2nd % ) RECONCILIATION OF NON-GAAP MEASURES (7,930 1.81 95,300 (75,493 Change in assets and liabilities: $ $ $ ) $ ) % $ $ (16,886 ) 246,940 – ) ) Diluted $ 1,095,274 ) Earnings before income taxes 17.9 Earnings before income taxes Basic number of shares used for calculation 2,358.4 – 92,886 -13.5 168,496 15,705 $ Net earnings per share attributable to Flowserve Corporation common shareholders: 16,236 (5) (19,506 253,054 Diluted 17.4 130,995 – on constant currency $ 1,365,977 ) RECONCILIATION OF NON-GAAP MEASURES % Gross profit $ 111,766 % % (81,466 (4) Represents $7.0 million related to Flowserve 2.0 transformation efforts and $3.3 million related to voluntary retirement program expense ) (5) Represents below-the-line foreign exchange impacts Capital expenditures Sales (7.7 332.9 – (31,331 $ (913,203 30.7 1,746,739 Payments for disposition of business ) 84.2 90,924 % (Amounts in thousands, except par value) As Adjusted $ RECONCILIATION OF NON-GAAP MEASURES $ 0.53 – 885.8 130,343 Twitter (60,031 (3,900 ) 2020 ) $ 194,227 131,034 (1) Represents realignment expense incurred as a result of realignment programs As Adjusted SEGMENT INFORMATION (a) Reported in conformity with U.S. GAAP Net earnings attributable to Flowserve Corporation Other income (expense), net See Reconciliation of Non-GAAP Measures table for detailed reconciliation of reported results to adjusted measures. % (7,930 ) % (11,493 As Adjusted Year Ended December 31, $ 1,068,179 Flowserve Corporation Reports Fourth Quarter and Full Year 2020 Results; Issues 2021 Financial Guidance 12.1 ) 775.7 (Amounts in thousands, except per share data) December 31, ) (4) Represents below-the-line foreign exchange impacts -17.0 (34,773 (2,051,583 % 7,727 -21.1 ) 110,844 207.7 ) Loss on disposition of business 61.3 % 33.2 0.64 (13,506 ) Retained earnings 23,882 FCD 64.8 (232,974 $ Contract assets, net Net earnings per share attributable to Flowserve Corporation common shareholders: % Adj. Oper. Margin (% of sales)* (0.53 Earnings before income taxes 123,679 Sales were $985.3 million, down 7.8%, or 8.9% on a constant currency basisOriginal equipment sales were $506.9 million, down 7.1%, or 9.4% on a constant currency basisAftermarket sales were $478.4 million, down 8.4%, or 9.3% on a constant currency basis Earnings before income taxes ) ) ) 739.5 – (9,455 Notes: (7,340 $ Realignment (1) Year Ended December 31, 2020 0.40 (33,383 (17,234 (1) Represents realignment (expense) income incurred as a result of realignment programs. Income in selling, general and administrative due to gains from the sales of non-strategic manufacturing facilities that are included in our Realignment Programs Year Ended December 31, ) $ (0.04 – vs. prior year Earnings per share (1): Sales (16,886 ) % 566.5 1,057.5 (9,792 321.9 $ 4,938,277 18.6 12,418 $ 6.7 17.9 % 277,734 15.5 (231,464 TAGS  Contract assets, net % Pinterest 15.3 (6) 12,560 ) Operating income as a percentage of sales 84,825 (64,190 $ 34.5 51.4 56,893 (0.02 – ) (0.07 (3) 2.08 -17.0 ) 0.55 419.9 % Earnings (loss) per share(1): Year Ended December 31, ) (0.07 54.0 116,326 2,358.4 130,863 2020 131,783 7,589 $ Backlog 130,863 289.0 % Quarter (3) Represents Voluntary Retirement Program expense $ (5) Represents below-the-line foreign exchange impacts Total liabilities and equity (8,766 (2) FLOWSERVE PUMP DIVISION $ Bookings 2020 566.5 36,052 ) % $ 756.0 FPD 61,314 (Amounts in thousands, except per share data) ) (2,650,354 Net cash flows provided (used) by financing activities $ 29.9 % ) (5) ) 126.1 ) -3.6 Segment operating income WhatsApp Gross margin 1st 310,537 0.07 6,465 FLOW CONTROL DIVISION (Amounts in thousands, except per share data) 60,458 Basic 2019 (82,070 Selling, general and administrative expense 1 (40,123 $ 1,289,343 $ Current liabilities: 447,582 6,164 Net change in cash and cash equivalents ) 31.9 2019 % 101.4 (9,153 985,308 Property, plant and equipment, net $ (75,716 57.3 $ ) Sales Total bookings were $3.41 billion, down 19.5%, or 18.9% on a constant currency basisOriginal equipment bookings were $1.62 billion, or 48% of total bookings, down 26.7%, or 26.4% on a constant currency basisAftermarket bookings were $1.79 billion, or 52% of total bookings, down 11.7%, or 10.9% on a constant currency basis 104,430 % (75,000 (Amounts in thousands, except per share data) 2020 10.1 266.5 Sales Retirement obligations and other 3,728,134 $ Segment operating income as a percentage of sales ) 3,835,699 Net earnings attributable to Flowserve Corporation Operating income ) Gross profit % Gross profit % (3,087 2.10 ) 1.74 401,385 ) 109,887 % ) – vs. prior year (in basis points)(160) bps(260) bps30 bps(360) bps ) $55 – $60 million – (Unaudited) 111.8 (0.01 985,308 Total equity % $ (3) Includes $22.7 million related to Flowserve 2.0 transformation efforts and $11.5 million related to discrete asset write-downs 2,285 Prepaid expenses and other % 31.9 14,578 -34.5 * Adjusted Operating Income and Adjusted Operating Margin exclude realignment charges and other specific discrete items 1.74 Pinterest 0.44 (3) Net earnings per share attributable to Flowserve Corporation common shareholders: 8,409 % 32.7 (10,254 11,753 Adjustments to reconcile net earnings to net cash provided (used) by operating activities: $ Net earnings from affiliates ) (60,000 Revenues % Provision for income taxes 0.45 227,387 4th (75,493 ) 670,980 $ (3) Represents Flowserve 2.0 transformation efforts (247,576 ) ) $ Diluted number of shares used for calculation 2,883 % Interest expense (35,382 – 24.9 Net earnings attributable to Flowserve Corporation 66,372 Gross profit margin 3,007.9 -13.0 104,508 207.7 Basic (689,913 695.7 59.8 1.82 180,805 0.80 – Accrued liabilities and income taxes payable -0.4 (6,712 (0.04 156,437 $ 924.3 Net earnings, including noncontrolling interests Realignment (1) ) (Unaudited) Sales Accounts payable – Proceeds from disposal of assets ) (1) Represents realignment expense incurred as a result of realignment programs ) – on constant currency 3,728,134 (3,663 – % ) Gross profit 125.6 (18,880 9.7 42,333 556,873 Prepaid expenses and other assets, net 31.2 (Amounts in thousands, except per share data) ) 0.41 1,141,633 Provision for income taxes % ) 5,679 YTD 2 703,445 % ) $ (41,700 (34,269 ) $ % % 9.8 (58,160 215.0 Cash and cash equivalents at end of year Diluted number of shares used for calculation $ As Reported (a) (25,448 Reported gross and operating margins were 30.0% and 9.7%, respectivelyAdjusted gross and operating margins 3 were 30.7% and 11.3%, respectively % -13.8 ) $ – $ Cost of sales 1.82 Segment operating income as a percentage of sales (0.32 1,117,442 Inventories, net (69,510 Contract liabilities (Amounts in millions, except percentages) 32.7 – 90,924 ) $ $ Cost of sales $ 32.1 9.8 % (5,854 -3.6 516,087 (29,314 % Net earnings attributable to Flowserve Corporation 130,395 84.2 Sales were $3.73 billion, down 5.4%, or 4.9% on a constant currency basisOriginal equipment sales were $1.90 billion, down 3.1%, or 2.9% on a constant currency basisAftermarket sales were $1.83 billion, down 7.6%, or 6.9% on a constant currency basis ) ) ) 23.4 % ) Gross profit 660,837 ) $ % Interest and other expense, net Operating lease right-of-use assets, net (99,557 $ % ) 19,699 -28.3 Tax Rate Cash and cash equivalents 530,994 Facebook $ (3) % (6,712 Notes: $ 130,395 Sales Diluted number of shares used for calculation 0.43 131,719 Total bookings were $825.1 million, down 21.6%, or 22.7% on a constant currency basis and up modestly sequentiallyOriginal equipment bookings were $404.7 million, or 49% of total bookings, down 24.4%, or 25.8% on a constant currency basisAftermarket bookings were $420.4 million, or 51% of total bookings, down 18.7%, or 19.5% on a constant currency basis 131,050 SG&A LIABILITIES AND EQUITY % 33.2 141.9 0.55 -20.9 – ) $ 2,425 295,395 ) (Amounts in thousands, except per share data) – ) 298.6 3,939,697 $ Sales WhatsApp 290.7 $ 3,939,697 191.9 ) (4,315 ) (8,766 ) 1,224,886 24,678 (5) RECONCILIATION OF NON-GAAP MEASURES (4) ) As Adjusted (2) $ -1.1 – Net earnings attributable to Flowserve Corporation $ 130,863 324,097 (4) YTD 30.0 695.7 ) – (2,059,309 ) $ (Unaudited) $ % – 0.43 (9,856 – vs. prior year % Other income (expense), net % 925.0 204.2 Earnings before income taxes Fourth Quarter and Full Year 2020 – Segment Results Net earnings, including noncontrolling interests (49,731 $ -7.4 Capital in excess of par value CONSOLIDATED STATEMENTS OF CASH FLOWS ) 2,675.7 % 376,348 Provision for income taxes 2020 ) 22% to 24% (2) Reported Earnings Per Share (a) Reported in conformity with U.S. GAAP 33.2 Sales 0.41 – 2,706.3center_img Interest and other expense, net – on constant currency 12.1 Selling, general and administrative expense ) 51.4 (17,811 186,812 Three Months Ended December 31, $ 11.9 (9,754 147,587 % ) Three Months Ended December 31, 2019 274,521 $ (19,843 (1,428 619,683 130,343 90.9 Year Ended December 31, – ) Sales 30.4 Tax Rate 11,143 245.6 (0.27 29.9 ) $ 131,034 131,034 $ ) (2) Includes tax impact of items above 309,005 51,297 131,719 Adjusted gross and operating margins are calculated by dividing adjusted gross profit and adjusted operating income, respectively, by revenues. Adjusted gross profit and adjusted operating income are derived by excluding the adjusted items. See reconciliation of Non-GAAP Measures table for detailed reconciliation. 75,000 (34,269 (0.01 440,199 52.4 1,218.8 (12,954 670,980 -18.5 563,564 % Gross profit margin ) 2020 (7,727 (6,478 (5) Includes tax impact of items above and $13.2 million benefit related to legal entity simplification and restructuring $ 130,995 $ % 72,585 Three Months Ended December 31, Sales $ Other Items 30.0 (5) % 61,314 Proceeds from issuance of senior notes Selling, general and administrative expense 30.3 45,648 33.2 250,277 29.6 0.54 349,581 3,636 Common shares, $1.25 par value ) $ $ 16.8 Operating lease liabilities ) Adjusted Tax rate (60,031 343.5 Basic number of shares used for calculation (3) Represents Voluntary Retirement Program expense % 258.4 12.7 2018 (10,483 3,652,244 $ $ Earnings before income taxes (Unaudited) 2019 196.3 ) (15,106 ) 552.2 ) 69.7 $ % $ (9,853 Operating Income (878,245 FLOWSERVE PUMP DIVISION 23.1 $ Net earnings from affiliates 2,001 $ % % (26,595 % -14.6 (47,297 $ % Contract liabilities (878,245 % % -15.6 11.9 % % Provision for income taxes 578.9 (a) Reported in conformity with U.S. GAAP 92,042 -15.1 6,190 Gross margin 4th Qtr 16,653 4th Qtr 131,783 0.65 Shares authorized – 305,000 2019 130,863 ) Operating income as a percentage of sales 0.89 ) $ % – % CONSOLIDATED QUARTERLY FINANCIAL DATA % 7,618 670,980 502,227 2,623.3 Gross profit (19,569 (191,258 Payments of dividends ) Segment operating income ) (0.32 10,604 $ (4) 30,330 1,236.9 (10,455 130,343 Total current liabilities 899.3 22.2 Operating income as a percentage of sales 36.5 ) 131,719 (312 272,914 753,462 9,304 % $ ) 0.55 ) Realignment (1) (15,000 % Payments under other financing arrangements ) Gross Profit % 131,034 1,732,470 51.0 21,051 (83,993 $ 87,009 0.43 Cash flows – Financing activities: 186,812 – vs. prior year (in basis points)(110) bps(30) bps(80) bps(260) bps Loss on sale of business -26.0 (Unaudited) (Unaudited) Accounts receivable, net 201.0 Three Months Ended December 31, 2020 (196 238,828 % 220,991 -1.0 (46,550 -21.6 -16.3 258.4 ) 56.9 % 271.0 – % 213.6 (10,287 131,050 Other Items % 2020 (15,491 -10.3 (2) Includes tax impact of items above and uncertain tax position release of $4.0 million (891,176 % Other $ 354,228 Gross profit Deferred compensation obligation 1,164,066 69,815 Gross margin 985.3 Operating Margin (% of sales) 32,955 ) Operating income % Payments on long-term debt Quarter 811.4 % ) Other Items $ 995.7 269.7 -2.7 ) 52.1 $ ) – (3) Net cash flows provided (used) by investing activities 7.7 290.7 619,683 % $ Treasury shares, at cost – 46,768 and 46,262 shares, respectively Net earnings (loss) attributable to Flowserve Corporation Diluted 2019 Selling, general and administrative expense % (Amounts in thousands) Net earnings per share attributable to Flowserve Corporation common shareholders: ) (Unaudited) ) -14.7 ) Accrued liabilities % 501,045 Diluted (6) Includes tax impact of items above % – $ -12.0 ) 5,314,677 (61,976 (54,980 (173,284 Twitter – $ Provision for income taxes (Amounts in millions, except per share data) ) (a) Reported in conformity with U.S. GAAP 30.4 Gross profit ) ) (6) Includes tax impact of items above Accounts receivable, net (93,715 Selling, general and administrative expense $ Payments related to tax withholding for stock-based compensation 3,404 3rd 104,430 Gross profit margin ) 72,585 106,478 Total current assets % 2,506,747 227,701 View source version on businesswire.com:https://www.businesswire.com/news/home/20210223006032/en/ CONTACT: Investor Contacts: Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560 Mike Mullin, Director, Investor Relations, (972) 443-6636Media Contact: Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644 KEYWORD: UNITED STATES NORTH AMERICA TEXAS INDUSTRY KEYWORD: ENGINEERING CHEMICALS/PLASTICS UTILITIES OIL/GAS MANUFACTURING ENERGY OTHER MANUFACTURING SOURCE: Flowserve Corporation Copyright Business Wire 2021. PUB: 02/23/2021 04:05 PM/DISC: 02/23/2021 04:05 PM http://www.businesswire.com/news/home/20210223006032/en $ (82,070 208,125 566.3 Goodwill (12,835 1,193,010 (11,154 30,538 54,879 Realignment (1) Cash flows – Operating activities: – 91.1 221,426 CONSOLIDATED STATEMENTS OF INCOME 1,306,772 (11,724 1,057.5 – 4,938,277 % 795,538 Segment operating income 34,990 $ Adjusted Earnings Per Share 2019 0.55 19,912 (3,092 Interest income Net earnings per share attributable to Flowserve Corporation common shareholders: 221,095 1,095,274 $ (0.53 – (0.27 36,108 0.07 Gross profit margin ) ) 1,717,911 – (2) ) 151,523 Tax Rate 667,228 $ Shareholders’ equity: Basic 2021 Target Range 322,433 1,915 Shares issued – 176,793 and 176,793, respectfully ) 0.80 Interest paid ) 10,483 Tax Rate SG&A 302,057 Provision for income taxes (196 (57,386 $ (7,953 8,334 13.7 Bookings ) (584,292 ) ) – ) December 31, 131,050 25,602 Cash flows – Investing activities: Three Months Ended December 31 34,262 Sales (41,551 32.7 ) Diluted (14,459 Deferred taxes ) Less: Net earnings attributable to noncontrolling interests 2019 2,904,333 (5,379 Operating lease liabilities (21,818 126,781 $ 330.2 As Reported (a) (247,576 ) Depreciation “In a challenging market environment, we delivered solid performance in the fourth quarter including meaningful working capital improvements and free cash flow of $185 million. Additionally, our associates continued to operate safely and efficiently throughout the pandemic to meet the needs of our customers, while also delivering meaningful progress on our transformation program,” said Scott Rowe, Flowserve’s president and chief executive officer. “In light of the ongoing COVID-induced market headwinds over the past year, we accelerated our Flowserve 2.0 transformation cost reduction initiatives and took over $100 million of costs out of the business during 2020. This swift and decisive action and our ongoing operational performance enabled us to limit decremental adjusted operating margins to only 14 percent in the fourth quarter.” “In 2021 we are returning our focus to the growth and optimization aspects of the Flowserve 2.0 agenda,” added Rowe. “Innovation and new product development are key aspects of our growth strategy, and we expect to build upon the momentum we achieved in 2020, which included 21 commercial launches of new, redesigned or upgraded products. Additionally, this year we further differentiated our product offering by commercializing RedRaven, Flowserve’s IoT offering to optimize our customers’ flow control processes and lower their operating costs.” 2021 Guidance4 Flowserve is providing Reported and Adjusted EPS guidance for 2021, as well as certain other financial metrics, as shown in the table below. 424,294 95,820 110,635 ) $ ) (2,644,830 ) Segment operating income ) % ) (8,112 % ) 386,623 $ SEGMENT INFORMATION -34.5 Foreign currency, asset impairment and other non-cash adjustments Interest and other expense, net (45,986 246,940 Bookings Gross margin (4,572 1,772,341 Sales % $ Cash and cash equivalents at beginning of year (6) Net deferred taxes 0.40 23.0 12.3 (4) 4,258 ) Provision for U.S. Tax Cuts and Jobs Act of 2017 Payment of deferred loan cost (1) Represents realignment expense incurred as a result of realignment programs $ (5,582 (671 (1,453 2019 ) ) (34,066 – 4,175 (6,662 Facebook 250,277 $1.30 – $1.55 (0.02 0.46 0.89 50,203 – (15,248 17.7 % 386,623 (3,357 SG&A $ -25.1 Previous articleUpland Capital Group Launches New Excess Transportation Liability ProgramNext articleChellsie’s Chase; Olympian Memmel’s comeback turning serious Digital AIM Web Support % ) Total Flowserve Corporation shareholders’ equity 10.8 1,238.9 295,395 % – 131,783 (4) Represents below-the-line foreign exchange impacts Basic 13.1 0.89 – ) 24.7 ) 3,377 Other assets, net 131,719 0.55 (71,163 – – 317.9 ) Effect of exchange rate changes on cash 186,218 -14.1 % $ 2020 % – ) ) ) (105,000 – 0.44 Operating income 1,289,343 498,280 $ 16.7 130,395 ) $ – 190,831 FX headwind is calculated by comparing the difference between the actual average FX rates of 2020 and the year-end 2020 spot rates both as applied to our 2021 expectations, divided by the number of shares expected for 2021. – Operating income 426,079 Payments on short-term financing (913,203 $ (57,405 – Proceeds under other financing arrangements SG&A ) (5,654 ) 84.4 (1.3 463,222 322,433 1,068,179 (Amounts in millions, except percentages) -12.3 220,991 1.81 ) Accumulated other comprehensive loss (3,061 Diluted Repurchases of common shares 130,343 Interest income $ ) Retirement obligations and other liabilities 33.9 (104,159 1,065.8 (32,112 ) (2) Includes tax impact of items above – 321.9 2018 $ – $ (4,331 Gross profit % 92.8 10.1 (192,918 11.6 $ 329.6 7,870 – vs. prior year 1st ) Net earnings attributable to Flowserve Corporation (83,762 Prior period comparisons are impacted by the accounting revision related to incurred but not reported accruals for expected future asbestos litigation as well as certain other non-material adjustments further detailed in “Revisions to Prior Periods” section. Adjusted Operating Income * 3,656,449 $ Less: Net earnings attributable to noncontrolling interests Segment operating income as a percentage of sales 1,762,800 – $ 0.44 125.6 (33,986 176,246 Basic Segment operating income as a percentage of sales 985,308 2,414 53,607 $ % Accounts payable (1) Earnings per share is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in weighted average quarterly shares outstanding. – on constant currency 57,041 Diluted number of shares used for calculation 54,576 ) Operating income as a percentage of sales (202,722 – 11.3 4th 3rd 2nd 1,116,769 75,342 Earnings before income taxes % 366,616 ) $ -20.6 3,728,134 (5) Includes tax impact of items above, $25.4 million related to Italian tax valuation allowance and $15.6 million benefit related to legal entity simplification and restructuring ) 295.4 285.2 ) -15.4 238,828 (99,416 72.3 % 74.4 ) 4 1,274.3 9.7 $ 126,781 Net earnings, including noncontrolling interests (24,566 – ) % 0.39 17.7 Flowserve’s 2021 Adjusted EPS target range excludes expected realignment charges of approximately $25 million, as well as the potential impact of below-the-line foreign currency effects and certain other discrete items. In a change of our approach in 2021, Flowserve 2.0 transformation-related expenses of approximately 5 cents per share will now be included in both our reported and adjusted EPS. Additionally, both the Reported and the Adjusted EPS target range includes the expected revenue decrease of approximately 4.0 to 7.0 percent year-over-year, and is based on current foreign currency rates and commodity prices, 2020 year-end backlog, expected bookings levels and market conditions, the reset of annual incentive performance goals, a broad-based merit increase, modest above-the-line foreign currency benefit, net interest expense in the range of $55 to $60 million and an adjusted tax rate of 22 to 24 percent. The quarterly phasing of expected 2021 earnings is anticipated in-line with Flowserve’s traditional seasonality. Comment on Outlook Rowe concluded, “The impact of the COVID-driven downturn impacted our financial performance in 2020, but due to our late-cycle nature, it will have a larger impact to our business in 2021 given our lower starting backlog and the ongoing management of the pandemic across our global footprint. However, I am increasingly optimistic, as the pandemic gets further contained, that our end markets will be well-positioned for significant growth.” “We are encouraged by the progress of the vaccines, increased global mobility, stability in commodity prices, and the pent-up demand for our parts and services to existing infrastructure. Since we cannot accurately predict the timing of the inflection, our guidance only reflects modest end-market improvement. We do believe, assuming progress continues against the pandemic, that we will return to bookings growth this calendar year which would position us for improved financial performance in 2022.” Fourth Quarter 2020 Results Conference Call Flowserve will host its conference call with the financial community on Wednesday, February 24 th at 11:00 AM Eastern. Scott Rowe, president and chief executive officer, as well as other members of the management team will be presenting. The call can be accessed by shareholders and other interested parties at www.flowserve.com under the “Investor Relations” section. Basic ASSETS – vs. prior year (in basis points)(330) bps(290) bps(200) bps(230) bps -12.3 2018 (dollars in millions, comparison vs. 2019 fourth quarter and full year, unaudited) 271.0 0.39 ) 349,581 Selling, general and administrative expense (31,058 ) Gross profit 11,272 Gross profit Inventories, net Stock-based compensation – (594,052 (809,203 1,068.2 (0.06 (Unaudited) $ Interest and other expense, net $ Bookings Basic ) Notes: Net earnings attributable to Flowserve Corporation 131,783 ) 2019 – 3 3,939,697 6,397 (57,611 $ ) 0.89 Noncontrolling interests ) $ 9.8 $ ) (17,619 Sales (31,527 ) – $ (24,411 (202,722 As Reported (a) $ Notes: 13.4 623.1 $ Year Ended December 31, 2019 As Reported (a) – 349.5 5,314,677 $ 2018last_img read more

Category Archives: ewolzcfo

Landgraf files legislation to strengthen Monica’s Law

first_img Twitter Pinterest AUSTIN Legislation by State Rep. Brooks Landgraf, R-Odessa, to bolster the state’s online protective order registry passed out of the Texas House by a vote of 145-1 on Tuesday.“Last session, we passed Monica’s Law to create the Texas Protective Order Registry to include protective orders issued as a result of domestic violence,” Landgraf said. “The registry has been a huge success, so we want to improve the tool further with HB 2702 by including protective orders for victims of sexual assault or abuse, indecent assault, stalking, and human trafficking in the database as well.”“Monica’s Law” was named in honor of Monica Deming, an Odessa mother who was murdered by an abusive ex-boyfriend in 2015 with multiple protective orders issued against him. He was able to hide his violent past by exploiting the information gap in the system. Prior to the Texas Protective Order Registry going into place, protective orders issued in one county were unknown and inaccessible by law enforcement and courts in another county.“Monica’s Law closed the information gap that existed between the courts, law enforcement and the public as it relates to protective orders arising from incidents of domestic violence so that repeat offenders of domestic abuse can no longer hide their crimes by moving from county to county,” Landgraf added. “Now HB 2702 ensures the same thing applies to other horrible acts like assault and human trafficking. This is all about catching the bad guys and protecting and empowering the public.”HB 2702 bolsters the protection the registry provides by amending the language to include protective orders issued under Chapter 7A of the Code of Criminal Procedure. HB 2702 also provides the process for vacated protective orders to be removed from the database. No statute currently provides for the removal of the record when the protective order is vacated by a court.The 87th Texas Legislative Session began in January and is underway through May 31st, 2021. In accordance with the Texas Constitution, the state legislature meets for a 140-day regular session every odd-numbered year to vote on legislation and pass a balanced state budget. Facebook WhatsApp Pinterest Landgraf files legislation to strengthen Monica’s Law By Odessa American – May 10, 2021 Facebook Twitter Local News WhatsApp Previous articleUTPB offering application helpNext articleSmithsonian traveling exhibit coming to Basin Odessa Americanlast_img read more

Category Archives: ewolzcfo

Pringle withdraws support for Norris

first_img WhatsApp Twitter By News Highland – August 2, 2011 Facebook Facebook Newsx Adverts WhatsApp Pinterest Twitter Pinterest Man arrested on suspicion of drugs and criminal property offences in Derry Google+center_img Donegal South West Deputy Thomas Pringle has withdrawn his support for  Presidential candidate David Norris.In a statement issued late last night, the Independent TD confirmed that having spoken at length with his supporters, he will not now be nominating Senator Norris.In his statement, Deputy Pringle says that had he been aware of the letter written by Senator Norris to the Israeli court authorities on behalf of his former partner, then he doesn’t believe he would have supported him.Senator Norris first approached Deputy Pringle when he was a member of Donegal County Council.He contacted him again when Deputy Pringle was successful in the general election and the new TD gave him his support for the Presidential race.However, having consulted with his team, Deputy Pringle confirmed this morning that is no longer the case…………[podcast]http://www.highlandradio.com/wp-content/uploads/2011/08/tp.mp3[/podcast] Pringle withdraws support for Norris Previous articleEmbattled Senator Norris still has Deputy Pringle’s supportNext articleGardai arrest two men as part of ongoing child abuse probe News Highland RELATED ARTICLESMORE FROM AUTHOR 365 additional cases of Covid-19 in Republic 75 positive cases of Covid confirmed in North Main Evening News, Sport and Obituaries Tuesday May 25th Further drop in people receiving PUP in Donegal Google+ Gardai continue to investigate Kilmacrennan firelast_img read more

Category Archives: ewolzcfo

Till death do us part?

first_img Previous Article Next Article Till death do us part?On 1 Sep 2000 in Personnel Today Permanent health insurance can be an important tool for recruiting andretaining senior executives. But beware – the advantages could be faroutweighed by huge penalties if employers fail to heed its hidden dangers. ByJames WildersMoney is often not the only reason an employee (particularly a seniorexecutive) accepts one job and declines another. The provision of a companycar, for example, is frequently an important consideration in status terms.Less apparent benefits like life assurance and private medical insurance areoften also essential elements of the remuneration package. Another important attraction for many employees is permanent healthinsurance (PHI). Usually this is taken out by an employer on a group basis. Theemployer will enter into a contract of insurance with an insurance companyunder which it is insured against any of its employees, or specified groups ofstaff, being prevented from working by ill-health. Should any of the employees covered by the insurance become unable to workbecause of illness, then the insurer will make a financial payment to theemployer. The payment will be a proportion of the employee’s salary, forexample a half or two-thirds of basic salary. Monthly payments will be made bythe insurer while the employee remains incapacitated. It is then for theemployer to pass on these regular payments to the absent employee. As with all insurance contracts, the policy will be subject to limitations.There will be a minimum period for which employees must remain incapable ofworking (usually six months) before any benefits become payable. Also, theinsurer’s obligation to pay benefits will cease if the employer terminates theemployment of any member of staff who is the subject of the policy, if the employeedies, or upon the employee reaching normal retirement age. Quite separate from the insurance contract, the employer also enters into anobligation with its employees for each of them to be members of the PHI scheme.Membership of the scheme will form part of the terms of each employee’scontract of employment. It is under the terms of the PHI scheme that theemployer will pass on to an incapacitated member of staff the insurancebenefits which the employer receives from the insurer. But in the absence of anexpress agreement to the contrary, the detailed terms of the insurance betweenthe employer and the insurance company are not incorporated into individualemployment contracts. This gives rise to significant potential dangers in theoperation of PHI schemes. References to membership of a PHI scheme in, for example, a writtenemployment contract or staff handbook are frequently vague and incomplete.Often these documents make no reference to the limitations on the insurancecover imposed by the insurer. So while providing this kind of benefit canassist the employer in attracting the best quality staff, and retainingexisting staff with a valuable and often reassuring perk, those advantages canbe outweighed by the huge penalties for getting it wrong. Employees can end upwith far greater rights against the employer than the employer has insuredagainst. Rights survive termination The starting point for understanding the pitfalls facing employers is thefact that only existing employees are likely to be covered by the policy ofinsurance. The detailed terms of such policies include a definition of thoseemployees in respect to whom the insurer will pay out benefits if one of thembecomes incapacitated. The definition will limit those who are covered toindividuals who are existing employees. This interpretation of such a policywas confirmed by the Court of Appeal in an unreported decision called Bastick vYamaichi (15 January 1993). Often an executive’s service agreement will include detailed provisionsallowing the employer to dismiss in the event of prolonged incapacity. However,this does not supersede the employee’s rights arising under any PHI scheme. Inthe case of Aspden v Webbs Poultry & Meat Group, 1996, IRLR 521, thecontract of employment contained both a general power to terminate thecontract, and a specific power to dismiss Aspden in the event of him beingunable to discharge his duties, for a total of 183 days in any 12 consecutivecalendar months. Aspden had been employed in a managerial position since December 1978.Following a management buy-out, a generous PHI scheme for directors and seniormanagers was introduced in the early part of 1985. Aspden was included in thescheme. The cover was three-quarters of annual salary payable after 26 weeks’incapacity and ending on the employee’s death, or retirement date, or the dateon which the employee ceased to be an eligible employee (which includeddismissal). Aspden fell ill with angina. The managing director thought he wasmalingering. Aspden was dismissed. In consequence he ceased to be an eligibleemployee under the PHI scheme and lost his entitlement to PHI benefits. Heclaimed damages for wrongful dismissal. The High Court held thatnotwithstanding the express provision allowing the employer to dismiss Aspdenfor prolonged incapacity, a term would be implied into his employment contract,that the provisions for dismissal would not be operated so as to removeAspden’s entitlement to benefit under his employer’s PHI scheme, of which hewas a member. The significance of the decision in Aspden is this. Even if an employeebecomes so ill that it is apparent he or she will never be able to return towork, the employer must not dismiss, but must keep the employee “on thebooks” if he or she is to remain covered by the employer’s PHI insurance. Moreover, should the employer dismiss, then it may be faced with asubstantial claim for damages. Those damages will be assessed to represent thePHI benefits the employee would have received had the employer not dismissedhim in breach of the implied term which was established in Aspden. There is nolimit on such damages so that in the case of a young employee on a high salarywho has no prospect of returning to work but who will survive until his or herretirement date, the damages could be very substantial. It should be noted that insurers may consent to the termination of anemployee’s employment and agree to pay insurance benefits direct to theemployee rather than through the employer. In those circumstances, theemployee’s dismissal may not be in breach of the implied term under Aspden.However, the employer would still have to consider whether the dismissal couldbe unfair and/or discriminatory on grounds of disability. No restrictions for employee The rights of employees under PHI schemes were further defined in thesubsequent case of Villella v MFI Furniture Centres, 1999, IRLR 468. Villellaceased working due to ill-health. After six months of absence, he receivedbenefits in accordance with the PHI scheme. Subsequently the insurers told theemployer that the medical evidence no longer supported the continuation ofbenefits. They then ceased paying benefits. Later the employers dismissedVillella. Villella sued his employers for benefits under their PHI scheme. Theemployer argued that Villella ceased to be entitled to benefits when hisemployment was terminated. It submitted that his contractual entitlement couldbe no greater than the employer’s own entitlement against the insurers under theinsurance policy (with Villella ceasing to be covered by the policy when he wasdismissed), and that he was bound by the restrictions in the policy which wereincorporated into his employment contract by implication. The High Court heldthat the restriction in the insurance policy which stipulated that entitlementto benefit would cease on the employee leaving service, did not form part ofVillella’s contract of employment. He was therefore entitled to continue toreceive benefits from his employers. The employer’s argument that Villella’srights under his employment contract could be no greater than the its ownrights under the insurance policy was wrong. In this case MFI’s arrangementswith its insurers were irrelevant. How, therefore, can the employer avoid having to pay out PHI benefits to anincapacitated employee after the insurer has declined to pay? – Identify the detailed terms under which employees enjoy membership of thePHI scheme. Those terms may be recorded in the employment contract. There mayalso be references to the scheme in employee handbooks. Alternatively theycould be included in an explanatory booklet or guidance note, memo or otherdocument. – Bear in mind that in the event of a dispute, the Court would have todecide how any vague references in such documents to the PHI scheme should beconstrued and would imply any other terms necessary in order to make the schemeworkable. The cases described above show that the Court will be inclined tointerpret the PHI scheme in the employee’s favour. – Ensure that your obligations to staff under the PHI scheme are no greaterthan the cover you have taken out with insurers. If necessary, steps should be takento amend the PHI scheme so that it more closely reflects the insurance coveravailable. – Consider seeking the express agreement of all employees to any changes tothe scheme. Earlier cases in the context of mobility clauses are quite clearthat where a variation to an employment contract has no immediate practicaleffect, the employee cannot be taken to implicitly accept the variation bysimply staying silent and not raising any objection. It may therefore not besimply enough to notify staff of changes to the PHI scheme. Instead thosechanges should be properly documented, preferably with each employee signing aconsent. James Wilders is head of the employment department at Dickinson Dees inNewcastle Warning: choose your insurer with careAny discussion about PHI schemes is not complete without a note of caution.Like all diligent and prudent insurers, the insurance companies who specialisein providing this kind of cover to employers will only admit claims after theyhave fully investigated the condition of the affected employee.I acted in one such case for a quantity surveyor. In March 1993 my clientdeveloped the symptoms of a severe heart condition. He was a member of hisemployer’s PHI scheme which was underwritten by one of the market leaders inthe field, Unum. These insurers accepted the severity of my client’s condition.However they declined his claim on grounds that he could perform sedentarywork, and that the physical demands of his job were minimal.Despite the medical evidence, Unum continued to resist the claim, even inthe face of requests and representations from my client’s MP. There wastherefore no alternative but to sue. Two weeks before the trial my client died.Despite this Unum continued to resist the claim until a few days before there-arranged trial when they accepted that my client was indeed incapable ofworking. Such was Unum’s conduct that on behalf of my client’s widow I pursuedan application at trial for them to pay my client’s costs on an indemnity basis.The application was successful.Employers should therefore be warned. One of your staff may have apersuasive claim for PHI benefits. However, if insurers decline the claim thenthe employee will be entitled to sue you for those benefits. In order to recoveragainst the insurers you will have to join them as a third party to theemployee’s claim. In my late client’s case, the insurers did not capitulateeven after my client had died and only accepted that he was incapacitatedvirtually on the doorstep of the court. Related posts:No related photos. Comments are closed. last_img read more

Category Archives: ewolzcfo

Ocean City Celebrates Dr. King’s Legacy

first_imgStanding in front of an enlarged portrait of Dr. Martin Luther King Jr., singer Michelle Anderson performs at Ocean City’s Jan. 13, 2018, ceremony honoring the late civil rights leader. By Donald WittkowskiWith songs, prayers and expressions of hope that the nation is finally on its way to fulfilling his “dream,” Ocean City honored the life of Dr. Martin Luther King Jr. on Saturday during an emotional ceremony.Speakers at the city’s 28th annual King community celebration quoted from the civil rights leader’s seminal “I Have a Dream” speech in 1963 while calling for peace, racial harmony, justice and economic equality.The ceremony was also marked by cautionary words that the country still suffers from serious racial, political and economic divisions that continue to test King’s legacy.“The road ahead will not always be smooth,” said the Rev. Marcia Stanford, pastor of the Macedonia United Methodist Church. “There will be setbacks here and there.”Stanford, the ceremony’s keynote speaker, reminded the audience in the Bill and Nancy Hughes Performing Arts Center at the Ocean City High School that Americans “have a duty to bring the nation to a paradigm of equality.”While much progress has been made, “Unfortunately, we have dozed off in this false sense of security,” Stanford said.Stanford drew parallels between the country’s present-day troubles and the challenges described by King during a 1965 speech in which he used the allegory of Rip Van Winkle – the legendary figure who slept for 20 years – as a wakeup call for America.“We cannot stay asleep. We must stay awake,” Stanford said, imploring the audience to fight the racism, bigotry and hatred sweeping across the country.“Ocean City, we must not slumber. We cannot afford to doze,” she added later in her remarks.Her voice rising with emotion, Stanford repeatedly warned of a “not-so-silent monster rearing its ugly head” to threaten King’s legacy of racial harmony and equality.“Dr. King said we must decide to stick with love,” she said.Bringing the audience to a standing ovation, Stanford concluded her stirring remarks by quoting the last line of King’s “I Have a Dream” speech: “Free at last. Free at last. Thank God Almighty, we are free at last.”Mayor Jay Gillian tells the audience he was inspired by King’s legacy while campaigning for office.Mayor Jay Gillian, who spoke before Stanford, praised Ocean City for its diversity. He noted that when he campaigned for mayor, he embraced King’s philosophy for a unified community as his platform.“We must live together as brothers or perish together as fools,” Gillian said, quoting one of King’s famous lines.Attended by hundreds of Ocean City residents, local dignitaries and political leaders, the King ceremony included special honors for two people for their community service.Robert Rowell, a 26-year Ocean City resident, was recognized for his volunteer efforts to clean up the community. Rowell, 65, mows the grass, picks up litter and helps the elderly residents at the Ocean City Housing Authority’s affordable-housing complexes.“I will continue to do my duty the best way I know how,” Rowell told the audience after accepting his award.Pastor Paul Jerkins, of the Shiloh Baptist Church, where Rowell is in training to become a deacon, praised Rowell for his love of the community.“I’ve never seen anyone who works so hard and takes as much care as he does,” Jerkins said. “He puts his whole heart into everything he does.”Honoree Robert Rowell, center, is joined by City Councilman Bob Barr and Pastor Paul Jerkins of the Shiloh Baptist Church after the ceremony.Also at the ceremony, Julia Wilson, an Ocean City High School freshman, was honored for her support of the local American Legion and VFW posts. Wilson, a vocalist, began singing the “Star-Spangled Banner” in public when she was just 8 years old and has performed it 60 times since then.“Thank you so much. I wasn’t counting,” Wilson said, expressing surprise that she has sung the national anthem so many times at public events.Honoree Julia Wilson as she humbly accepted her award.Honors were also given to Ocean City Intermediate School students Christian Ganter, a seventh-grader, and Eddie D’Amico, who is in eighth grade, for their winning essays about King’s life.Reading from his essay, D’Amico stressed that King’s spirit “could not be broken.” Ganter focused on King’s belief that the United States should be a place of racial harmony, “where you’re no longer judged by the color of your skin.”The hour-long program closed with Michelle Anderson, a former Miss Ocean City and former Miss Delaware, leading the audience in a rendition of “We Shall Overcome,” which served as the anthem of America’s civil rights movement.Afterward, a traditional soul food dinner was served free to the public in the high school cafeteria.The Rev. Drena Garrett, Norine Bailey and Delores Rolls, all of the St. James AME Church, were dishing out plates of fried chicken and other comfort food to a steady stream of diners.Garrett said she was guided by King’s spirit of generosity and kindness during her volunteer work for the dinner.“I like to help people,” she said. “We are giving people an opportunity to taste food that they might not eat every day.”From left, the Rev. Drena Garrett, Delores Rolls and Norine Bailey, all of the St. James AME Church, serve up the meals.last_img read more

Category Archives: ewolzcfo

Earphorik Announces Major Winter Tour, Including Shows With UM Members & Mister F

first_imgUp and coming jam band Earphorik continue to make waves in the Midwest, bringing a unique sonic blend for fans far and wide. The band has some exciting plans put together for the New Year, with 40+ tour dates stretching from January 3rd through March 25th.The band had an exciting 2016, performing alongside bands like moe., TAUK, The Main Squeeze, The New Mastersounds, Aqueous, The Werks and more. They’re already looking ahead for some great shows in 2017, including co-headlining dates with Mister F and one very special Umphrey’s McGee after party. It’s very special because Jake Cinninger and Joel Cummins will be joining the band for their shows in Detroit on February 3rd! What fun.Check out video footage of Earphorik performing at Summer Camp 2016 with Jake Cinninger.You can see the full tour dates below, and head to Earphorik’s website for details.last_img read more

Copyright © 2021 爱上海,上海419论坛,上海龙凤419 – Powered by Brin Charalambos!