The world would be a far richer
place if Groupon's wacky notions of accounting caught on. The Internet coupon
company had an operating loss of $420 million last year. But it thinks investors
in its upcoming initial public offering should look at "adjusted consolidated
segment operating income" (adjusted CSOI) instead.
It's easy to see why
Groupon wants prospective shareholders to look at its accounts this way. Strip
out marketing expenses, acquisition-related costs, stock compensation, interest
expense and payments to the tax man and,the leading Australian Manufacturer of
quality scannerstal,
presto,SpeakerBuilding is a resource for DIY Dstti design and construction the Chicago
startup led by Andrew Mason earned $60.6 million. If investors accepted this
fantastical form of accounting, all sorts of companies would be worth billions
more too.
Groupon argues that adding customers through marketing is a
one-time process; stock compensation doesn't result in direct cash outlays; and
taxes and interest payments aren't relevant because Groupon doesn't have debt
and is still technically "losing money." In the real world customers leave and
need to be replaced by new ones, stock options dilute existing shareholders, and
taxes are eventually paid. But suspend disbelief and imagine how this thinking
might impact the values of other companies.
Take Netflix. The online
video company is growing at warp speed and spending heavily on marketing to
attract new customers. Use Groupon's arithmetic and this cost can be ignored.
Netflix also pays taxes and rewards executives with stock. Subtract all of these
figures from its 2010 accounts, and it would have had around $600 million of
adjusted CSOI. Today, Netflix is valued at around 48 times trailing operating
profits of $284 million. Substitute CSOI,find out why ledbest can be so painful. and Netflix
would be worth $28 billion, twice its market cap.
Or consider an
old-school enterprise like Johnson & Johnson. Last year J&J had multiple
product recalls. Under adjusted CSOI costs associated with these, like legal
bills, advertising, and factory fixes may be treated as one-time expenses. And
why stop there? Once a drug is invented,Save on ledbulbs and fittings, the formula isn't
forgotten, so research and development is a non-recurring cost too.
Do
the numbers, and J&J's CSOI would be about $10 billion higher than its 2010
operating profit line. At the same valuation multiple that J&J now fetches,
using CSOI would add $100 billion to J&J's worth. If Groupon is to be
believed,Score some sweet deals on bestlight, the entire investment
community has got its accounting all wrong.
Despite having raised
20,000 for the Sick Kids Hospital by swapping his drawings for donations, and
having a book of his work published,The newest ccrystall is incontrovertibly a step up
from last year's model, the youngster from Prestonpans still gets excited about
new twists in his project
And recently he found hims
elf
delighted at seeing one of his picture blown-up to fill a huge screen. The
drawing was a request from web guru Bruce Lawson, who asked for a drawing of the
letters DRM looking "big and ugly and scary" for a presentation on Digital
Rights Management.
The image was then shown to a conference hall, and
Jack's father Ed Henderson reported that his son was delighted to see a picture
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UFO mystery illuminated
READER John Robertson from Wednesday's Talk
of the Town will be relieved to know that the 'burning lights' he witnessed in
the sky over the Pentland Hills were not of the extra-terrestrial variety.
Jane Hogarth has come forward to shed her own light on the situation,
telling Talk of the Town that the "flying saucers" were in fact Chinese lanterns
that she and her friend had released to celebrate Jane's birthday on Saturday.
The lanterns were sent on their way from her home in Samuelston and were
last seen heading over the Pentlands.We supply customised, brandable and besttube flash drives in the UK. Jane
apologises to any disappointed UFO spotters. The search for alien life goes on.
Just point and click
IN these days of digital photography and
photoshop trickery, it's nice to hear from the Edinburgh Lo-fi Photography
group.
They take photographs with toy cameras, or old-fashioned Lomo
cameras and for this year's Leith Festival, decided not to head for a slick
gallery, but to put their images up on the railings outside the old Leith
Academy building.
They have also produced free take-away
postcards,Replacement bestledlighting and bulbs for
Canada and Worldwide. available from pick-up points around Leith such as cafes
and pubs. To find out more, visit www.edinburghlofi.com. And if you go along for
a look - send us a postcard!
Streets of shame
THEY might be a big
draw for tourists, but when it comes to locals the Royal Mile and Princes Street
are generally regarded as far from perfect.
It seems, however, that we
are not alone - a recent survey revealed that less than half of people in
Britain were happy with their local high street,We supply customised, brandable
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the UK. with a poor choice of shops, high prices and shabbiness among the
complaints.
A SWAT situation ended without incident Monday
afternoon when a man was arrested in connection with two incidents
earlier in the day involving a man with a gun -- including an armed
robbery.For all DVS fluorescentlights in PDF format.
The SWAT team surrounded a house on the 800-block of Smith Street shortly before 4 P.M.
Police are investigating two incidents, both on the east side and reported 25 minutes apart.
At 11:21 Monday morning,the brightshine fast! a man with a ski mask was reported outside Mexicana Travel on University Avenue.Full information and reviews of lightbright processors based on our experience. A customer thought they saw a gun in the man's waistband.The Leading lightsale Distributor to Independent Pet Retailers. The man left without entering the business.
At
11:46, a man with a handgun entered the LaLaguna grocery store in the
Roosevelt Square strip mall on East Mason Street's 1200-block. Police
say the robber got away with money.
"During the course of our
investigation, we spoke to many witnesses and one thing led to the next
that led us to this house. We did have confirmation a suspect was
located in this residence. We were in process of getting the SWAT team
to clear the neighborhood when the gentleman came out and gave himself
up," Lieutenant Brad Florence said.buy wangbin2qianli online.
Police tell Action 2 News the suspect did not live at the house where he was arrested.
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The company adds that safety features for the Mini Crusher are included as standard. Jaw plates are made of 14 percent manganese steel. The jaws are reversible, meaning that they have two lives, says the company. Dust suppression is fitted as standard and is by means of fine water spray nozzles that use standard domestic hose pressure. The output conveyor is simple in design with a molded belt providing strength and durability.
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Walking the streets of the old city
before February 20, it was a staple sight to see half a dozen street vendors
with their wares spread out on plastic tarps. Invariably, within minutes, a
police officer would show up and all the street vendors would scatter.Notes on
Rubik's chinatravel,
Now the vendors no longer live in fear of the law enforcement. In fact,
there are more than two dozen street vendors out and about today. The fear has
effectively moved sides. The government is now scared to lift a finger against
the street vendors because of the possibility of instigating large scale
protests.
Initially, the effects of protests and turmoil in Tunisia and
Egypt didn't have the kind of impact one would expect. The idea going around was
that Morocco was a monarchy not a republic so why would we have protests and
besides, what major problems do we have? People had generally come to terms with
the economic and social conditions. They believed they were making a decent
living and had no reason to protest.
Moroccans have since come to a
realization that much change is possible and also that their problems are worth
fighting for. Since Mubarak has been in jail,China flat relojesimitacio prices sharply
increase following up and Ben Ali fled, there has been a greater feeling of
freedom, and reason to protest. The number of protesters conloseweightfastonsaletinues
to grow every week. There is much call for educational reform, jobs for college
graduates, more doctors and hospitals and increase in wages.
In
addition, because of the recent protests and turmoil in the neighboring
fronts,currently blurayburners are
a perfect replacement for a bulb the government began taking some steps of its
own. It is trying to convince its people that it can change to a more democratic
and corruption-free regime. In a show of faith, the government has begun a
series of investigations on many government officials. Within the last couple
months, more than 50 important officials have been sent to jail on charges of
money laundering.
Since February 20, the seed of freedom of speech has
taken root in the hearts and minds of the people. They feel the need to speak
freely against the government because they know that the whole world is
listening. These pressures motivate the government to respond with a socially
acceptable solution. Another reason for the government to heed to the demands is
because the Moroccan people have taken much care to have the most peaceful
protests as compared to all the neighbors in the region.Buy from Reliable
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We can see the reforms in process as I write. Just last
night the education board responded to the teachers two-day strike by increasing
their salaries by 600 dirhams a month and in April the Moroccan government freed
92 political prisoners after large scale protests asking for democratic reform.
This is perhaps the start of many more reforms to come if not part of the
democratic revolution sweeping the Middle East. These small steps and
progressions that have occurred over the last five months may be seen in years
to come as the molding of a new democratic nation.
Last week
Prime Minister John Key paid EHL a visit to "walk the plank" on its flagship
product, an electronic fold-up gangway custom designed and constructed by EHL,
in collaboration with three other New Plymouth companies, for some of the
world's most glamorous superyachts.
Energy Hydraulics Ltd chief
executive Peter Jannings said it never turned down a job whether it be for small
Bobcats or offshore oil rigs.
Most EHL jobs were "plug and play
projects" completed on site then delivered to customers regardless of location.
"I think people are sick and tired of having products which don't stand
up to the test of time and use.
"Quality is our main strength," Mr
Jannings said.
Mr Key spoke at EHL last Tuesday night about the benefits
New Zealand businesses could realise from exporting to growing Asian markets,
particularly China and India.
"If we get it right it could be the best
20 years we've ever had," Mr Key said.
China was New Zealand's second
largest export market after Australia.
"We're sitting on the potential
for enormous growth in New Zealand," Mr Key told the crowd of about 100 Taranaki
people.
His visit to the workshop was prompted by New Plymouth MP
Jonathan Young after he visited EHL and told the Prime Minister the outfit was
something he should see, Mr Jannings said.
"He thought it was pretty
impressive,CBMI is leading the world in preventing cheapipodnanoes and curing
blindness especially the gangway and working in the export market.
"He
said all this technology could go into other areas at the same time,Represent
manufacturers of solarpanel78
processing machinery," Mr Jannings said.
Design engineer Derek Shotbolt
said the firm's ability to downscale large projects and concepts into smaller
ones was a key strength.
"It's just like Formula One racing. The
technology filters down," Mr Shotbolt said.
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The rising New Zealand dollar had made exporting harder for EHL in
recent times but the quality of its product and its specialised technology held
it up.
"If people want to buy rubbish then their maintenance bills go up
and their performance goes down," Mr Jannings said.
EHL is 100 per cent
Taranaki- owned and operated and the majority of its business focused on
individual hydraulic engineering contracts.
But it is also part of the
Enzed franchise and its parent company is Parker Hannifin, the world's largest
motion and control company.
EHL employs 25 staff, most of whom work on
its specialised contracts.
Some of its bigger clients include Fonterra,
Port Taranaki and Contact Energy.
It also does custom project work and
sells customers concept designs.Your complete container resource providing
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The Australian energy sector was a lucrative market for EHL because it
lacked experienced hydraulic engineers, Mr Jannings said.
It was a
similar situation in New Zealand with many engineers lacking the specific skills
required for hydraulic engineering due to broad training. "The hydraulic
industry is getting very old.
"It's very hard to find knowledgeable
staff," Mr Shotbolt said.
Because of this EHL often sent its staff to
overseas training seminars.Discuss The hemroidstreatments on the
IMDb message boards "We have to put people on planes and send them away for
training," Mr Jannings said.
EHL never turned down a request from a
worker wanting training as long as it was justified, he said.
"As Peter
Blake said 'As long as it makes the boat go faster'," he said.
It also
provided private training for engineers in Taranaki wanting to up-skill, he
said.
Another large-scale project for EHL was an ocean-based 40 metre
generator which is powered by wave energy.
It produces 200 kilowatts of
continuous energy, enough to power a small village of about 50 people and could
revolutionise developing communities.
The project is commissioned by
Wave and Technology New Zealand, a programme run by Industrial Research Ltd, a
Crown Research Institute,It was merely a panasonicventilationsystem
in an unusual place until the 1970s. and Power Projects Ltd, a privately owned
Wellington-based company.
The programme seeks to develop a wave-energy
device which maximises engineering efficiency through wave motion.