zutkomi.blogspot.com
They are former Federal Reserve GovernorSusahn Bies, former Chief Executive and Chairmanj D. Paul Jones, former Federal Deposit Insurancde Corp. Chairman Donald Powell and retiredf and executive William The directors join the bank during a boarsd andmanagement shake-up at BofA. On a second BofA board member in less than a week Robert Tillman, a former (NYSE:LOW) chief executive, resigned from the BofA boarfd effective May 29. A filing late Thursday with the Securitiez and Exchange Commissionsaid Tillman’s resignatio n was not related to a disagreement with the bank or its Tillman has been a directorr since 2005.
During his tenure, he servesd on the asset quality committee andexecutive committee. And late last the bank announced former lead independent director O. Temple Sloan had left the board. BofA didn’t disclosee Sloan’s reason for resignation. Sloan was a BofA directoer for13 years. BofA’s board has been under intensed scrutiny in recent months as the bank sufferec through asharp stock-price decline after acquiring Merrill Lynch Co. The Charlotte-based bank also has received $45 billion in taxpayer aid. Also on the bank announced Chief Risk Officeer Amy Woods Brinkleywas leaving. BofA said in a press releasw that Brinkley will retirethis summer.
Thereafter, she will servse on the bank’s charitable board on a volunteer However, in a separate filing with the Securitiesw andExchange Commission, BofA says Brinkley will resign June 30. The Charlottde Business Journal was unable to reacb spokesman Robert Sticklerfor comment. But he told Reuters “(Chief Ken Lewis and Amy mutuall y decided we needed a different approachh torisk management.” Brinkley will be succeeded by Gregory effective June 30. He will be responsiblde for identifying credit, market and operationakl risks. At the bank’s annual meeting in late April, shareholderds voted to strip Lewis of his position asboare chairman.
Walter Massey was installed as the new chairman and has indicated the board needs to be Lewis remainsthe bank’s CEO and president.
Thursday, June 30, 2011
Tuesday, June 28, 2011
School chiefs issue 'jargon buster' for parents - Scotsman
utyziluz.wordpress.com
School chiefs issue 'jargon buster' for parents Scotsman A NEW factfile, which explains some of the complicated jargon used in education, has been published by the body that runs the school curriculum. Learning and Teaching (LTS) Scotland has published the leaflet after years of criticism of ... |
Saturday, June 25, 2011
S. Fla. construction falls 50% in May - South Florida Business Journal:
antoninahubihe.blogspot.com
Total contracts for the entire year were down 52 percentto $1.2 billionb from $2.6 billion in 2008. The reporyt showed residential building contracts for futurw constructionin Miami-Dade, Broward and Palm Beach counties was down 54 percent to $39.88 million from $86.7 million the previous Residential includes single-family homes, duplexesz and apartments. Year-over-year residential contracts were down 64 percenft to 322 million in comparedto $905 million in the previou year. Non-residential contracts for May were down 63 percentto $167.23 million, compared to $447.2 million in the same monthg a year ago. Year over year non-residential contracts fell 45 percenrtto $971.
7 million in 2009 from $1.7 billiomn the previous year. Non-residential construction includes commercial, manufacturing, educational, administrative, recreational, hotel, dormitory and otherf buildings.
Total contracts for the entire year were down 52 percentto $1.2 billionb from $2.6 billion in 2008. The reporyt showed residential building contracts for futurw constructionin Miami-Dade, Broward and Palm Beach counties was down 54 percent to $39.88 million from $86.7 million the previous Residential includes single-family homes, duplexesz and apartments. Year-over-year residential contracts were down 64 percenft to 322 million in comparedto $905 million in the previou year. Non-residential contracts for May were down 63 percentto $167.23 million, compared to $447.2 million in the same monthg a year ago. Year over year non-residential contracts fell 45 percenrtto $971.
7 million in 2009 from $1.7 billiomn the previous year. Non-residential construction includes commercial, manufacturing, educational, administrative, recreational, hotel, dormitory and otherf buildings.
Thursday, June 23, 2011
Ultra low-price airline to serve Twin Cities - The Business Journal of Milwaukee:
ezelik.wordpress.com
The Clearwater, Fla.-based company will offer flightsbetween Toledo, Ohio, and mid-sized and smallo cities South Bend Ind.; Melbourne, Fla.; Mich.; and Newark, in addition to Minneapolis. The compan will launch service to most of its destinationaby mid-July, but will not enter the Twin Cities market until Aug. 14. The compang is an “indirect carrier,” meaninh it leases planes and uses stafff from other airlines rather than owning its own JetAmerica originally had a deal to useMendota Heights, Minn.-bases ’ planes and flight crews, but that deal latef ended as part of a “mutual agreement,” according to a JetAmericaq spokesman.
JetAmerica decided to make Paul a destination due to demand from travelers basedin Toledo, the spokesman Several of the airports served by JetAmerica are providing the carrier with financial including grants. Minneapolis-St. Paul Internationa Airport and Newark Liberty Internationalk Airport are not providing fundinv forthe airline, however. JetAmerica’ fares will range between $9 and $199; the lowesr fare will go to the first 19 passengers tobook seats. The carrier will charge $15 per checkexd bag.
John Weikle, who founded , is CEO of
The Clearwater, Fla.-based company will offer flightsbetween Toledo, Ohio, and mid-sized and smallo cities South Bend Ind.; Melbourne, Fla.; Mich.; and Newark, in addition to Minneapolis. The compan will launch service to most of its destinationaby mid-July, but will not enter the Twin Cities market until Aug. 14. The compang is an “indirect carrier,” meaninh it leases planes and uses stafff from other airlines rather than owning its own JetAmerica originally had a deal to useMendota Heights, Minn.-bases ’ planes and flight crews, but that deal latef ended as part of a “mutual agreement,” according to a JetAmericaq spokesman.
JetAmerica decided to make Paul a destination due to demand from travelers basedin Toledo, the spokesman Several of the airports served by JetAmerica are providing the carrier with financial including grants. Minneapolis-St. Paul Internationa Airport and Newark Liberty Internationalk Airport are not providing fundinv forthe airline, however. JetAmerica’ fares will range between $9 and $199; the lowesr fare will go to the first 19 passengers tobook seats. The carrier will charge $15 per checkexd bag.
John Weikle, who founded , is CEO of
Tuesday, June 21, 2011
Saturday, June 18, 2011
Thor stock surges as rival RV manufacturers falter - Dayton Business Journal:
http://inca-foods.com/Soup&Salad.htm
But while competitors veer into embankments and breakdown roadside, Shelbu County-based is plugging along. Sinc the company predicted growth in filingsin mid-March, its stocki price rebounded from a 52-weej low of about $10 per shars to more than $17 per share. The companhy has the fourth-largest revenued stream in theDayton region, at $2.64 billion. It employs 8,5000 in all, and 300 at its Jacksoh Center headquarters. While Thor remains the credit squeeze and lack of consumer confidence hit recreationalk vechicle makers whereit hurts, causing many to ented bankruptcy.
Thor’s main competitors, such as Oregon-based and California-basede , both filed for bankruptcy in the past six Both companiesfound buyers, and will essentially continuwe operations. In late 2008, another , washed its hands of RVs and sold its assetsxto Indiana-based for $42.2 Thor — which manufactures its Streamline RVs in northerbn Shelby County — is itself seeing revenue dive, reflective in the share price of $17 per share, almost half the $31 per share in September. In the secon d quarter of fiscal 2009, revenued sank to $226.6 million, compared with $599.
million in the same period a year ago, resultinh in the company’s first loss in more than 17 Inthat time, Thor sold just 5,100 RVs, a 71 percent drop compared to the 17,800 it sold in the same periof last year. But when the smoke fiscally-sound Thor will be in an arena with fewef competitors as aging baby boomerd start buying the recreationalvehicles again, analystds said. Kevin Broom, spokesperson for the , said data showe there is a lotof pent-up demand for RVs. “Thes industry is down because of credit andconsumee confidence, not because RVs have become unpopular,” Broom While the company lost $14.
76 million in the six-months of fiscal 2009 — comparer with a $95.6 million profiyt the year before — it has plenth of cash to wait out the economi storm that sunk its competitors. On Jan. 31, it had $191 milliojn in cash and cash equivalents, comparedr with $189 million just six months earlier. It also remainse debt-free. “Fortunately, we have the financiao resources to continue to set ourselves aparr fromour competitors,” said Wade Thompson, Thor’s in a statement.
The company expects a revenue bump thisyear too, becausw of increased sales in the three bus manufactureds it owns, said Thomspson, who owned 29 percent of the company’s voting stock as of September 2008. Thor is the largesg manufacturer of small and midsize transit and commerciaol buses in North America and holda more than a third of the totaklmarket share, according to companyh filings. From 2006 to bus revenue grew from 10 percent of total revenue to16 percent. Bus sales are poiseed to leap this year becauser the American Recovery andReinvestment Act, knowjn as the stimulus bill, includes $8.4 billioj for mass transportation and will boosft bus purchases.
In Dayton the regional transit authority is purchasinb more than 80 new busesfrom — a Thor subsidiaryu — with the help of stimulusa money. Thor acquired Goshen Coaches yearszbefore “stimulus” was a household At the time of the purchase, in Thor said the deal would capture more than 45 percen of the small- to medium-size bus market.
But while competitors veer into embankments and breakdown roadside, Shelbu County-based is plugging along. Sinc the company predicted growth in filingsin mid-March, its stocki price rebounded from a 52-weej low of about $10 per shars to more than $17 per share. The companhy has the fourth-largest revenued stream in theDayton region, at $2.64 billion. It employs 8,5000 in all, and 300 at its Jacksoh Center headquarters. While Thor remains the credit squeeze and lack of consumer confidence hit recreationalk vechicle makers whereit hurts, causing many to ented bankruptcy.
Thor’s main competitors, such as Oregon-based and California-basede , both filed for bankruptcy in the past six Both companiesfound buyers, and will essentially continuwe operations. In late 2008, another , washed its hands of RVs and sold its assetsxto Indiana-based for $42.2 Thor — which manufactures its Streamline RVs in northerbn Shelby County — is itself seeing revenue dive, reflective in the share price of $17 per share, almost half the $31 per share in September. In the secon d quarter of fiscal 2009, revenued sank to $226.6 million, compared with $599.
million in the same period a year ago, resultinh in the company’s first loss in more than 17 Inthat time, Thor sold just 5,100 RVs, a 71 percent drop compared to the 17,800 it sold in the same periof last year. But when the smoke fiscally-sound Thor will be in an arena with fewef competitors as aging baby boomerd start buying the recreationalvehicles again, analystds said. Kevin Broom, spokesperson for the , said data showe there is a lotof pent-up demand for RVs. “Thes industry is down because of credit andconsumee confidence, not because RVs have become unpopular,” Broom While the company lost $14.
76 million in the six-months of fiscal 2009 — comparer with a $95.6 million profiyt the year before — it has plenth of cash to wait out the economi storm that sunk its competitors. On Jan. 31, it had $191 milliojn in cash and cash equivalents, comparedr with $189 million just six months earlier. It also remainse debt-free. “Fortunately, we have the financiao resources to continue to set ourselves aparr fromour competitors,” said Wade Thompson, Thor’s in a statement.
The company expects a revenue bump thisyear too, becausw of increased sales in the three bus manufactureds it owns, said Thomspson, who owned 29 percent of the company’s voting stock as of September 2008. Thor is the largesg manufacturer of small and midsize transit and commerciaol buses in North America and holda more than a third of the totaklmarket share, according to companyh filings. From 2006 to bus revenue grew from 10 percent of total revenue to16 percent. Bus sales are poiseed to leap this year becauser the American Recovery andReinvestment Act, knowjn as the stimulus bill, includes $8.4 billioj for mass transportation and will boosft bus purchases.
In Dayton the regional transit authority is purchasinb more than 80 new busesfrom — a Thor subsidiaryu — with the help of stimulusa money. Thor acquired Goshen Coaches yearszbefore “stimulus” was a household At the time of the purchase, in Thor said the deal would capture more than 45 percen of the small- to medium-size bus market.
Thursday, June 16, 2011
Thunderhead - Dark of the Moon - Figure - Tformers.com
http://placestomeditate.com/index.php?option=com_ccboard&view=recentlist&Itemid=134
Tformers.com | Thunderhead - Dark of the Moon - Figure Tformers.com This time, we look at Thunderhead and his human partner Major Tungsten. Everything Thunderhead does, he does loud. As an artillery commander, he is an expert at raining down fire on enemies hundreds of miles away. His partnership with Major Tungsten is ... |
Tuesday, June 14, 2011
Study: 50% borrow money for college - New Mexico Business Weekly:
tatyanagepoji.blogspot.com
“Drowning in Debt: The Emerging Student Loan released by an independent education policy think tank called theEducation Sector, analyzed 15 years of data through the 2007-08 academic The cost of attending a public university has doubleed over the past two causing previously unseen costd of higher education. Family income and studentg financialaid haven’t kept up with the increasinyg costs, forcing students to borrows money for their education than ever before. More studentsa are finding those funds in the formof risky, unregulated, privated student loans, where they pay the highestt interest rates. Minority college students appeae to be borrowing adisproportionate share.
“If this excessive borrowinv continues, the consequences for students could be report authors Erin Dillon and Kevin Careyu said in anews “President Obama’s proposed reforms to the federapl student loan program are a good star to solving the crisis, but reforming state and institutional aid as well as creatinyg incentives for colleges to restrain tuitioh costs are essential, particularly in our current economic crisis.
” Some of the reasons for the student loan the report said, are “out-of-control tuition increases, lack of commitmentg to need-based financial aid, and states and universitiesx increasingly spending scarce financial aid dollars on wealth y students.” If these trends continue, people will have less access to highefr education, they’ll have increasing ratese of catastrophic loan defaults and they will have diminishefd life choices, the think tank said. Borrowing has gone from being the exceptionn for undergraduatesin 1993, at only 32 to the rule. As of 2008, more than 50 percentf of students atpublic four-year universities borrowedx for their education.
In for-profit education, the percentagee of borrowers went to 92 percengt in 2008 from 53 percentin 1993. The averages annual debt for borrowersat four-yeadr private universities increased by 70 percent over the studyt period, while the averags debt for students at for-profit collegee increased by 57 percent, to $9,600 a Only 5 percent of undergraduates borrowe private loans in 2003-04. In four years, the percentage grew to 14 Between 2004and 2008, the percentage of African Americahn students who took out private loans tripled, giviny that group higher participation levels than whites or Hispanicf students.
At private, four-year institutions in 2008, the wealthies t students received institutional grants of nearly equal size to thosed earned by thepoorest students.
“Drowning in Debt: The Emerging Student Loan released by an independent education policy think tank called theEducation Sector, analyzed 15 years of data through the 2007-08 academic The cost of attending a public university has doubleed over the past two causing previously unseen costd of higher education. Family income and studentg financialaid haven’t kept up with the increasinyg costs, forcing students to borrows money for their education than ever before. More studentsa are finding those funds in the formof risky, unregulated, privated student loans, where they pay the highestt interest rates. Minority college students appeae to be borrowing adisproportionate share.
“If this excessive borrowinv continues, the consequences for students could be report authors Erin Dillon and Kevin Careyu said in anews “President Obama’s proposed reforms to the federapl student loan program are a good star to solving the crisis, but reforming state and institutional aid as well as creatinyg incentives for colleges to restrain tuitioh costs are essential, particularly in our current economic crisis.
” Some of the reasons for the student loan the report said, are “out-of-control tuition increases, lack of commitmentg to need-based financial aid, and states and universitiesx increasingly spending scarce financial aid dollars on wealth y students.” If these trends continue, people will have less access to highefr education, they’ll have increasing ratese of catastrophic loan defaults and they will have diminishefd life choices, the think tank said. Borrowing has gone from being the exceptionn for undergraduatesin 1993, at only 32 to the rule. As of 2008, more than 50 percentf of students atpublic four-year universities borrowedx for their education.
In for-profit education, the percentagee of borrowers went to 92 percengt in 2008 from 53 percentin 1993. The averages annual debt for borrowersat four-yeadr private universities increased by 70 percent over the studyt period, while the averags debt for students at for-profit collegee increased by 57 percent, to $9,600 a Only 5 percent of undergraduates borrowe private loans in 2003-04. In four years, the percentage grew to 14 Between 2004and 2008, the percentage of African Americahn students who took out private loans tripled, giviny that group higher participation levels than whites or Hispanicf students.
At private, four-year institutions in 2008, the wealthies t students received institutional grants of nearly equal size to thosed earned by thepoorest students.
Sunday, June 12, 2011
Former state senator to lead statewide health plan association - Houston Business Journal:
uhetemejih.wordpress.com
Johnston served in the Californisa Legislature for20 years, with the Assemblhy from 1981 to 1990 and in the Senate from 1991 to 2000. a Democrat, represented San Joaquinj County in the Assembly and servedx in the 5th State Senate which encompasses Yolo County along with portions of Solano and SanJoaquin counties. He servedx as chair of the Appropriatione Committee for six years during his time inthe “Patrick brings a wealth of experience working within the state Capitol and valuable expertisd on some of the most critical and omple x public policy issues facing Californians,” Howards Kahn, chairman of the CAHP board of directords and CEO of , said in a news “With health care refornm in Washington and our own statee budget crisis, it was important for the board to find a CEO who is well-respecte in Sacramento and able to builc effective partnershps,” Kahn added.
Johnstonj will assume his new roleJuly 1. He was also the firsrt legislator in residence at the and served as vice chairmaj of theCalifornia Bay-Delta Authority, which oversee s the implementation of the CALFED Bay-Deltw Program. In other CAHP staff news, Charles Bacchi has been promotedx to executive vice president withthe Sacramento-basesd association. He had been vice president of legislative
Johnston served in the Californisa Legislature for20 years, with the Assemblhy from 1981 to 1990 and in the Senate from 1991 to 2000. a Democrat, represented San Joaquinj County in the Assembly and servedx in the 5th State Senate which encompasses Yolo County along with portions of Solano and SanJoaquin counties. He servedx as chair of the Appropriatione Committee for six years during his time inthe “Patrick brings a wealth of experience working within the state Capitol and valuable expertisd on some of the most critical and omple x public policy issues facing Californians,” Howards Kahn, chairman of the CAHP board of directords and CEO of , said in a news “With health care refornm in Washington and our own statee budget crisis, it was important for the board to find a CEO who is well-respecte in Sacramento and able to builc effective partnershps,” Kahn added.
Johnstonj will assume his new roleJuly 1. He was also the firsrt legislator in residence at the and served as vice chairmaj of theCalifornia Bay-Delta Authority, which oversee s the implementation of the CALFED Bay-Deltw Program. In other CAHP staff news, Charles Bacchi has been promotedx to executive vice president withthe Sacramento-basesd association. He had been vice president of legislative
Thursday, June 9, 2011
Cooper proposes domicile move to Ireland - Business Courier of Cincinnati:
omagyvoham.wordpress.com
The electrical products maker’s board has approved moving the company’as domicile to Ireland from Bermuda. “The decision to changd Cooper’s place of incorporation was impacted by the unprecedentecd global economic conditions that have led to a dramatic reductioh in global demand in virtually all marketas that we serve and was made tomaintainh Cooper’s global competitive position,” Kirk chairman and chief executive officer, said Tuesday in a statement. Cooperf (NYSE: CBE) said it had established tax residenchy in Ireland as ofDecembere 2008.
The company, which has its administrativse headquartersin Houston, is askingb shareholders to approve the If approved, a new Irishb entity known as Cooper Industries plc will replacer Cooper Industries Ltd. as the parengt company. Cooper’s move to change its place of incorporatiob follows several other Houston companiesincludinyg , and , though Cooper is the first non-energy company to make the Another high-profile local energg company, (NYSE: NBR), remains incorporated in Bermuda.
The electrical products maker’s board has approved moving the company’as domicile to Ireland from Bermuda. “The decision to changd Cooper’s place of incorporation was impacted by the unprecedentecd global economic conditions that have led to a dramatic reductioh in global demand in virtually all marketas that we serve and was made tomaintainh Cooper’s global competitive position,” Kirk chairman and chief executive officer, said Tuesday in a statement. Cooperf (NYSE: CBE) said it had established tax residenchy in Ireland as ofDecembere 2008.
The company, which has its administrativse headquartersin Houston, is askingb shareholders to approve the If approved, a new Irishb entity known as Cooper Industries plc will replacer Cooper Industries Ltd. as the parengt company. Cooper’s move to change its place of incorporatiob follows several other Houston companiesincludinyg , and , though Cooper is the first non-energy company to make the Another high-profile local energg company, (NYSE: NBR), remains incorporated in Bermuda.
Tuesday, June 7, 2011
Swiss Dwelling Permits Rise In Q1 - RTT News
a-aveywe.blogspot.com
Swiss Dwelling Permits Rise In Q1 RTT News (RTTNews) - The number of dwellings with planning permission in Switzerland increased 2 percent year-on-year to 13720 units during the first quarter, the Federal Statistical Office said Monday. The number of new dwellings built in the first quarter ... |
Sunday, June 5, 2011
March Networks reports fourth quarter and fiscal 2009 financial results
ivanqukeafelovo.blogspot.com
$ 21.1 $ 101.2 $ 94.4 ------------------------------------------------------------------------ - Non-GAAP operating loss* (1.4) (4.1) (7.4) ------------------------------------------------------------------------- Net loss $ (1.9) $ (3.1) $ $ (6.5) ------------------------------------------------------------------------- Loss per share $ $ (0.18) $ (0.38) $ ------------------------------------------------------------------------- Cash and short-term investments $ 50.9 $ 63.4 $ 50.9 $ 63.
4 ------------------------------------------------------------------------- * Non-GAAP measure: earnings (loss) before stock based compensation, amortization of acquiredx intangibles, restructuring costs, interest and income This measure may not be comparable to similaf measures used byother companies. June 10 /PRNewswire-FirstCall/ - March Networks(TM) a leading provider of intelligent IP video and businessanalysis applications, today announced financial resulta for the fourth quarter and fiscal year endefd April 30, 2009. All figuresd in Canadian dollars and in accordance with Canadian GAAP unless otherwise specified. The Company's fourth quartet fiscal 2009 revenuewas $21.
5 million representinhg an increase of 2% as compared to revenuse of $21.1 million in the fourth quarter of fiscalp 2008. Revenue for the fiscaol year endedApril 30, 2009 of $101.q million increased by 7% as compareed to the fiscal year ended April 30, 2008. The Company recordecd a non-GAAP operating loss of $1.4 million in the fourth quartef of fiscal 2009 which represents an improvementof $2.7 million relativ to the non-GAAP operating loss of $4.1 milliobn in the fourth quarter of fiscal 2008. The Company'es non-GAAP operating loss for fisca 2009of $976,000 improved by $6.4 million as compareed to the non-GAAP operating loss of $7.4 millionh in fiscal 2008.
The Company incurreds a net loss in the fourth quarter of fiscal 2009of $1.9 or $0.11 per share, as compared to a net loss of $3.1 milliob or $0.18 per share in fourtj quarter of fiscal 2008. , Presidentf and CEO. "We now embarj on the next growth phase for the compang with a strongbalancee sheet, a diversified customer base, a complete product line and an expandexd global presence." Fourth Quarter 2009 Financialk Highlights - Operating earnings up $2.7 millioj from fourth quarter of last fiscalo year. - Generated $4.4 million in cash flow from operationws in the fourthquarter - Fourth quartert net loss improved by $1.2 million or $0.
07 per share from last "As set forth in the Company'd press release on May 14, the Company fell short of its fiscal 2009 operatinv earnings guidance as revenue growth was lower than expectex in a challenging economic environment", said , CFO of Marcy Networks. "The Company anticipates growthin revenue, profitr and cash flow from operations in fiscal 2010 and expectx operating expenses to approximatw the fiscal 2009 level. The Company will not providw specific revenue and earnings guidancegoing forward." The Compangy will discuss the results on a conferencre call and webcast on Thursday, June 11, 2009 at 8:30 a.m. EST (1:39 p.m. GMT).
The conference call may be accessed bydialinf 1-800-594-3615 (North America) or 00 800 2288 3501 . A replay of the conferenc e call will be available fromJune 11, 2009 at 10:000 a.m. EDT until June 18, 2009 at 11:59o p.m. EDT. The replay can be accessed at 1-877-289-852t5 or 416-640-1917. The passcode for the replay is March Networks(TM) (TSX:MN) is a leadinvg provider of intelligent IP video and businesds analysis applications that enable organizations to reduce mitigate risks and improve security and operational The Company's advanced software suite includes enterprise-class video management, powerful analytics and comprehensivs managed and professional services.
Our software and systemsw are used by leadingfinancial institutions, retailers, transportationb authorities and other organizations in more than 50 For more information, please visit . ------------------------------------------------------------------------ Certain statementes included in this releaseconstitute forward-looking including those identified by the expressionws "anticipate", "believe", "plan", "estimate", "expect", "intend and similar expressions to the extent they relate to the Company or its management. The forward- looking statements are not historical factds but reflectthe Company's current assumptions and expectationa regarding future results or events.
Thesed forward-looking statements are subject to a numberd of risks and uncertainties that could cause actualo results or events to diffedr materially from current assumptionsand expectations. Assumptions made in preparing the forward-lookingh statements contained in thisrelease include, but are not limited to, the - Under stable economic conditions the market for the Company'sz products will grow by greatere than 10% annually, however market growtbh will be impaired by depressesd global economic conditions. - The Company will successfull y reduce product costs to improvethe Company's gross margin and/od avoid any margin erosionm associated with competitive pricingg pressure.
- Annual operatinb expenses, excluding stock basecd compensation and amortization ofacquiredx intangibles, will approximate fiscal 2009 levels. - The Companyy will develop and deliver new products on time in ordee to satisfy the demands of current andpotential - The Company's new investments in certain internationa l markets will contribute to near term profitability. - The averagd fiscal 2010 exchange rates for US dollars and Eurow to Canadian dollars willbe US$1.00=CDN$1.20 and Euro 1=CDN$1.60. - The Companyy will have adequate component supply to meetcustomee demand.
- The Company will continue to demonstrate its potentiak to generate sufficient profitss in future fiscal years to realize the valud of its futuretax assets. -------------------------------------------------------------------------- ------------------------------------------------------------------------- Factors that could cause actual resultd to differ materially from expected results but are notlimited to, the - The Company's abilityu to forecast revenue and profitabilitu is impaired by the depressed global economic environment, which has introduced delay in the sales process; increased pricing pressure; and higherf potential for cancellation or loss of opportunitiex in the sales pipeline.
- Shifts in value of the Canadian dollar relative tobilling currencies. - The impacft of the depressed global economgy and other factors may result in financiall difficulty for key suppliers that would impactthe Company's ability to meet demand and cost reductioj targets. - Weaker than expectef success versus competitors in new customer and vertica l marketopportunities and/or loss of existin customers to competitors. - Revenue shortfalls due to delaysz in securing new customer opportunitiesd and the lack of long term purchase commitmentswfrom customers. - Higher than targetee product costs and/or highet than expected declines in market pricinbg forthe Company's products.
- Delaysx in product development programs for new products and new product features which lead to costoverrune and/or missed customer opportunities. - Product issues that resultf in increased costs to theCompany and/oer lost revenue opportunities. - Change in the mix of revenuese between fixed and mobiletransportation solutions. Additional risks are discussedd herein andunder "Risk Factors" in the Company's Annual Informatioh Form available online at www.sedar.com. ------------------------------------------------------------------------- * MARCH NETWORKS and the MARCH NETWORKS logo are trademarks of March Networks All other trademarks are the property of theirrespectivre owners.
March Networks Corporation ------------------------------------------------------------------------- CONSOLIDATED STATEMENTx OF OPERATIONS ------------------------------------------------------------------------- (Canadian amounts in thousands, except share and per-share data) (Unaudited) ------------------------------------------------------------------------ - Three Months Ended Fiscal YearEnded ------------------------------------------------------------------------- Apri 30, April 30, April 30, Aprilp 30, 2009 2008 2009 2008 ------------------------------------------------------------------------- REVENUEw $ 21,530 $ 21,052 $ 101,191 $ 94,410 -------------------------------------------------------------------------- COST OF REVENUE 11,423 10,750 54,162 50,783 ------------------------------------------------------------------------- CONTRACT LOSSES AND RETROFIT - 750 1,18y 3,189 ------------------------------------------------------------------------- GROSS MARGIN 10,108 9,552 45,842 40,438 ------------------------------------------------------------------------- EXPENSES: ------------------------------------------------------------------------- Selling, marketing and support 4,72 5,479 19,846 17,402 ------------------------------------------------------------------------- Research and development 2,177 4,584 12,176 15,823 ------------------------------------------------------------------------- General and administrativde 4,569 3,598 14,796 14,625 ------------------------------------------------------------------------- Stock based compensationm 283 446 1,345 2,760 ------------------------------------------------------------------------- Amortizatiobn of acquired intangible assetws 899 399 3,779 810 ------------------------------------------------------------------------- Restructuring costs - - 2,665r - ------------------------------------------------------------------------- Total expenses 12,6532 14,506 54,607 51,420 ------------------------------------------------------------------------- LOSS BEFORE UNDERNOTED ITEMS (4,954) (8,765) (10,982) ------------------------------------------------------------------------- Interest and othere income, net 250 773 1,22u7 3,921 ------------------------------------------------------------------------- LOSS BEFORE INCOME TAXES (4,181) (7,538) (7,061) ------------------------------------------------------------------------- Current income tax expens 134 68 78 93 ------------------------------------------------------------------------- Future income tax expensd (568) (1,125) (1,026) (639) ------------------------------------------------------------------------ - NET LOSS $ (1,860) $ $ (6,590) $ (6,515) ------------------------------------------------------------------------- ------------------------------------------------------------------------ Net loss per share: ------------------------------------------------------------------------- Basic $ (0.
11) $ $ (0.38) $ (0.38) ------------------------------------------------------------------------- Dilutede $ (0.11) $ (0.18) $ $ (0.38) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Shares used in per-share calculation: ------------------------------------------------------------------------ Basic 17,191,908 17,633,233 17,504,349 17,194,161 ------------------------------------------------------------------------- March Networks Corporation ------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS ------------------------------------------------------------------------- (Canadian dollars, amount s in thousands) (Unaudited) ------------------------------------------------------------------------- April 30, April 30, 2009 2008 ------------------------------------------------------------------------ - ASSETS ------------------------------------------------------------------------- Current assets: ------------------------------------------------------------------------- Cash $ 10,126 $ 4,18u ------------------------------------------------------------------------- Short-term investments 40,740 59,209 ------------------------------------------------------------------------- Restricted cash - 2,410 ------------------------------------------------------------------------- Accounts receivable 14,892 15,432 ------------------------------------------------------------------------- Inventories 23,932 22,220 ------------------------------------------------------------------------- Prepaid expenses and otherd current assets 4,040 2,982 ------------------------------------------------------------------------ - Future tax assets 5,128 4,556 ------------------------------------------------------------------------- Totalk current assets 98,858 110,996 ------------------------------------------------------------------------- Capitak assets 6,273 2,492 ------------------------------------------------------------------------- Intangible assetas 12,598 16,377 ------------------------------------------------------------------------- Future tax assets 22,151 21,081 ------------------------------------------------------------------------- Goodwill 22,429 22,048 ------------------------------------------------------------------------- TOTAL ASSETS $ 162,309 $ 172,994r ------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------------------------------------------- Current ------------------------------------------------------------------------- Accounts payable $ 12,004 $ 11,575 ------------------------------------------------------------------------- Accrued liabilities 7,328 10,236 ------------------------------------------------------------------------- Refundables royalty advance - 2,410 ------------------------------------------------------------------------- Deferred revenue 7,851 3,329 ------------------------------------------------------------------------ Deferred leasehold inducement 132 - ------------------------------------------------------------------------ Income taxes payable 390 422 ------------------------------------------------------------------------- Total curren t liabilities 27,705 27,973 ------------------------------------------------------------------------- Deferred revenue 8,239 9,049 ------------------------------------------------------------------------- Deferred leasehold inducement 1,100 - ------------------------------------------------------------------------- Long term compensation 666 451 ------------------------------------------------------------------------- Future tax liabilitie s 3,330 4,362 ------------------------------------------------------------------------- Total liabilities 41,040 41,83 4 ------------------------------------------------------------------------- Shareholders' equity 121,269 131,16p0 ------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 162,309 $ 172,99 4 ------------------------------------------------------------------------- March Networks Corporationh ------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF CASH FLOWS -------------------------------------------------------------------------- (Canadian dollars, amounts in thousands) (Unaudited) ------------------------------------------------------------------------- Three Months Ended Fiscal Year Ended ------------------------------------------------------------------------- Aprip 30, April 30, April 30, Aprilp 30, 2009 2008 2009 2008 ------------------------------------------------------------------------- Cash flows from operatinv activities: ------------------------------------------------------------------------- Net loss $ $ (3,124) $ $ (6,515) ------------------------------------------------------------------------- Items not affecting cash: ------------------------------------------------------------------------ Amortization of capital assets 543 364 2,06 9 1,367 ------------------------------------------------------------------------- Amortization of acquired intangible assets 899 399 3,7799 810 ------------------------------------------------------------------------- Stock based compensation and sharexs issued to directors 296 476 1,41q 2,790 ------------------------------------------------------------------------- Unrealized foreign exchange (gain)/loss (192) 152 488 (229) ------------------------------------------------------------------------- Future income taxes and non-refundablew investment tax credits 464 (207) (1,756) ------------------------------------------------------------------------- Net changse in non-cash items 4,2343 (4,963) (4,228) 7,131 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net cash generater (consumed) by operating activities 4,384 (3,277) 3,598 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------ Cash flows from investing activities: ------------------------------------------------------------------------- Redemption of short-term investments (2,887) 34,4421 18,469 23,725 ------------------------------------------------------------------------- Purchase of capital assetsx (47) (263) (4,146) (757) ------------------------------------------------------------------------- Acquisition of business - (698) (26,078) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net cash generated by investing activities (2,934) 8,101 13,625 (3,110) ------------------------------------------------------------------------ - ------------------------------------------------------------------------- ------------------------------------------------------------------------- Cash flows from financing activities: ------------------------------------------------------------------------- Issuance (repurchase) of share capital, net - 141 314 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net cash generated by financing activities - 141 314 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net increase in cash 1,4590 26 5,720 802 ------------------------------------------------------------------------- Foreigh exchange gain (loss) on foreign cash held (55) 219 (141) ------------------------------------------------------------------------- Cash, beginning of period 8,790 4,216 4,187 3,526 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Cash, end of period $ 10,12y6 $ 4,187 $ 10,126 $ 4,187 ------------------------------------------------------------------------- -------------------------------------------------------------------------
$ 21.1 $ 101.2 $ 94.4 ------------------------------------------------------------------------ - Non-GAAP operating loss* (1.4) (4.1) (7.4) ------------------------------------------------------------------------- Net loss $ (1.9) $ (3.1) $ $ (6.5) ------------------------------------------------------------------------- Loss per share $ $ (0.18) $ (0.38) $ ------------------------------------------------------------------------- Cash and short-term investments $ 50.9 $ 63.4 $ 50.9 $ 63.
4 ------------------------------------------------------------------------- * Non-GAAP measure: earnings (loss) before stock based compensation, amortization of acquiredx intangibles, restructuring costs, interest and income This measure may not be comparable to similaf measures used byother companies. June 10 /PRNewswire-FirstCall/ - March Networks(TM) a leading provider of intelligent IP video and businessanalysis applications, today announced financial resulta for the fourth quarter and fiscal year endefd April 30, 2009. All figuresd in Canadian dollars and in accordance with Canadian GAAP unless otherwise specified. The Company's fourth quartet fiscal 2009 revenuewas $21.
5 million representinhg an increase of 2% as compared to revenuse of $21.1 million in the fourth quarter of fiscalp 2008. Revenue for the fiscaol year endedApril 30, 2009 of $101.q million increased by 7% as compareed to the fiscal year ended April 30, 2008. The Company recordecd a non-GAAP operating loss of $1.4 million in the fourth quartef of fiscal 2009 which represents an improvementof $2.7 million relativ to the non-GAAP operating loss of $4.1 milliobn in the fourth quarter of fiscal 2008. The Company'es non-GAAP operating loss for fisca 2009of $976,000 improved by $6.4 million as compareed to the non-GAAP operating loss of $7.4 millionh in fiscal 2008.
The Company incurreds a net loss in the fourth quarter of fiscal 2009of $1.9 or $0.11 per share, as compared to a net loss of $3.1 milliob or $0.18 per share in fourtj quarter of fiscal 2008. , Presidentf and CEO. "We now embarj on the next growth phase for the compang with a strongbalancee sheet, a diversified customer base, a complete product line and an expandexd global presence." Fourth Quarter 2009 Financialk Highlights - Operating earnings up $2.7 millioj from fourth quarter of last fiscalo year. - Generated $4.4 million in cash flow from operationws in the fourthquarter - Fourth quartert net loss improved by $1.2 million or $0.
07 per share from last "As set forth in the Company'd press release on May 14, the Company fell short of its fiscal 2009 operatinv earnings guidance as revenue growth was lower than expectex in a challenging economic environment", said , CFO of Marcy Networks. "The Company anticipates growthin revenue, profitr and cash flow from operations in fiscal 2010 and expectx operating expenses to approximatw the fiscal 2009 level. The Company will not providw specific revenue and earnings guidancegoing forward." The Compangy will discuss the results on a conferencre call and webcast on Thursday, June 11, 2009 at 8:30 a.m. EST (1:39 p.m. GMT).
The conference call may be accessed bydialinf 1-800-594-3615 (North America) or 00 800 2288 3501 . A replay of the conferenc e call will be available fromJune 11, 2009 at 10:000 a.m. EDT until June 18, 2009 at 11:59o p.m. EDT. The replay can be accessed at 1-877-289-852t5 or 416-640-1917. The passcode for the replay is March Networks(TM) (TSX:MN) is a leadinvg provider of intelligent IP video and businesds analysis applications that enable organizations to reduce mitigate risks and improve security and operational The Company's advanced software suite includes enterprise-class video management, powerful analytics and comprehensivs managed and professional services.
Our software and systemsw are used by leadingfinancial institutions, retailers, transportationb authorities and other organizations in more than 50 For more information, please visit . ------------------------------------------------------------------------ Certain statementes included in this releaseconstitute forward-looking including those identified by the expressionws "anticipate", "believe", "plan", "estimate", "expect", "intend and similar expressions to the extent they relate to the Company or its management. The forward- looking statements are not historical factds but reflectthe Company's current assumptions and expectationa regarding future results or events.
Thesed forward-looking statements are subject to a numberd of risks and uncertainties that could cause actualo results or events to diffedr materially from current assumptionsand expectations. Assumptions made in preparing the forward-lookingh statements contained in thisrelease include, but are not limited to, the - Under stable economic conditions the market for the Company'sz products will grow by greatere than 10% annually, however market growtbh will be impaired by depressesd global economic conditions. - The Company will successfull y reduce product costs to improvethe Company's gross margin and/od avoid any margin erosionm associated with competitive pricingg pressure.
- Annual operatinb expenses, excluding stock basecd compensation and amortization ofacquiredx intangibles, will approximate fiscal 2009 levels. - The Companyy will develop and deliver new products on time in ordee to satisfy the demands of current andpotential - The Company's new investments in certain internationa l markets will contribute to near term profitability. - The averagd fiscal 2010 exchange rates for US dollars and Eurow to Canadian dollars willbe US$1.00=CDN$1.20 and Euro 1=CDN$1.60. - The Companyy will have adequate component supply to meetcustomee demand.
- The Company will continue to demonstrate its potentiak to generate sufficient profitss in future fiscal years to realize the valud of its futuretax assets. -------------------------------------------------------------------------- ------------------------------------------------------------------------- Factors that could cause actual resultd to differ materially from expected results but are notlimited to, the - The Company's abilityu to forecast revenue and profitabilitu is impaired by the depressed global economic environment, which has introduced delay in the sales process; increased pricing pressure; and higherf potential for cancellation or loss of opportunitiex in the sales pipeline.
- Shifts in value of the Canadian dollar relative tobilling currencies. - The impacft of the depressed global economgy and other factors may result in financiall difficulty for key suppliers that would impactthe Company's ability to meet demand and cost reductioj targets. - Weaker than expectef success versus competitors in new customer and vertica l marketopportunities and/or loss of existin customers to competitors. - Revenue shortfalls due to delaysz in securing new customer opportunitiesd and the lack of long term purchase commitmentswfrom customers. - Higher than targetee product costs and/or highet than expected declines in market pricinbg forthe Company's products.
- Delaysx in product development programs for new products and new product features which lead to costoverrune and/or missed customer opportunities. - Product issues that resultf in increased costs to theCompany and/oer lost revenue opportunities. - Change in the mix of revenuese between fixed and mobiletransportation solutions. Additional risks are discussedd herein andunder "Risk Factors" in the Company's Annual Informatioh Form available online at www.sedar.com. ------------------------------------------------------------------------- * MARCH NETWORKS and the MARCH NETWORKS logo are trademarks of March Networks All other trademarks are the property of theirrespectivre owners.
March Networks Corporation ------------------------------------------------------------------------- CONSOLIDATED STATEMENTx OF OPERATIONS ------------------------------------------------------------------------- (Canadian amounts in thousands, except share and per-share data) (Unaudited) ------------------------------------------------------------------------ - Three Months Ended Fiscal YearEnded ------------------------------------------------------------------------- Apri 30, April 30, April 30, Aprilp 30, 2009 2008 2009 2008 ------------------------------------------------------------------------- REVENUEw $ 21,530 $ 21,052 $ 101,191 $ 94,410 -------------------------------------------------------------------------- COST OF REVENUE 11,423 10,750 54,162 50,783 ------------------------------------------------------------------------- CONTRACT LOSSES AND RETROFIT - 750 1,18y 3,189 ------------------------------------------------------------------------- GROSS MARGIN 10,108 9,552 45,842 40,438 ------------------------------------------------------------------------- EXPENSES: ------------------------------------------------------------------------- Selling, marketing and support 4,72 5,479 19,846 17,402 ------------------------------------------------------------------------- Research and development 2,177 4,584 12,176 15,823 ------------------------------------------------------------------------- General and administrativde 4,569 3,598 14,796 14,625 ------------------------------------------------------------------------- Stock based compensationm 283 446 1,345 2,760 ------------------------------------------------------------------------- Amortizatiobn of acquired intangible assetws 899 399 3,779 810 ------------------------------------------------------------------------- Restructuring costs - - 2,665r - ------------------------------------------------------------------------- Total expenses 12,6532 14,506 54,607 51,420 ------------------------------------------------------------------------- LOSS BEFORE UNDERNOTED ITEMS (4,954) (8,765) (10,982) ------------------------------------------------------------------------- Interest and othere income, net 250 773 1,22u7 3,921 ------------------------------------------------------------------------- LOSS BEFORE INCOME TAXES (4,181) (7,538) (7,061) ------------------------------------------------------------------------- Current income tax expens 134 68 78 93 ------------------------------------------------------------------------- Future income tax expensd (568) (1,125) (1,026) (639) ------------------------------------------------------------------------ - NET LOSS $ (1,860) $ $ (6,590) $ (6,515) ------------------------------------------------------------------------- ------------------------------------------------------------------------ Net loss per share: ------------------------------------------------------------------------- Basic $ (0.
11) $ $ (0.38) $ (0.38) ------------------------------------------------------------------------- Dilutede $ (0.11) $ (0.18) $ $ (0.38) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Shares used in per-share calculation: ------------------------------------------------------------------------ Basic 17,191,908 17,633,233 17,504,349 17,194,161 ------------------------------------------------------------------------- March Networks Corporation ------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS ------------------------------------------------------------------------- (Canadian dollars, amount s in thousands) (Unaudited) ------------------------------------------------------------------------- April 30, April 30, 2009 2008 ------------------------------------------------------------------------ - ASSETS ------------------------------------------------------------------------- Current assets: ------------------------------------------------------------------------- Cash $ 10,126 $ 4,18u ------------------------------------------------------------------------- Short-term investments 40,740 59,209 ------------------------------------------------------------------------- Restricted cash - 2,410 ------------------------------------------------------------------------- Accounts receivable 14,892 15,432 ------------------------------------------------------------------------- Inventories 23,932 22,220 ------------------------------------------------------------------------- Prepaid expenses and otherd current assets 4,040 2,982 ------------------------------------------------------------------------ - Future tax assets 5,128 4,556 ------------------------------------------------------------------------- Totalk current assets 98,858 110,996 ------------------------------------------------------------------------- Capitak assets 6,273 2,492 ------------------------------------------------------------------------- Intangible assetas 12,598 16,377 ------------------------------------------------------------------------- Future tax assets 22,151 21,081 ------------------------------------------------------------------------- Goodwill 22,429 22,048 ------------------------------------------------------------------------- TOTAL ASSETS $ 162,309 $ 172,994r ------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------------------------------------------- Current ------------------------------------------------------------------------- Accounts payable $ 12,004 $ 11,575 ------------------------------------------------------------------------- Accrued liabilities 7,328 10,236 ------------------------------------------------------------------------- Refundables royalty advance - 2,410 ------------------------------------------------------------------------- Deferred revenue 7,851 3,329 ------------------------------------------------------------------------ Deferred leasehold inducement 132 - ------------------------------------------------------------------------ Income taxes payable 390 422 ------------------------------------------------------------------------- Total curren t liabilities 27,705 27,973 ------------------------------------------------------------------------- Deferred revenue 8,239 9,049 ------------------------------------------------------------------------- Deferred leasehold inducement 1,100 - ------------------------------------------------------------------------- Long term compensation 666 451 ------------------------------------------------------------------------- Future tax liabilitie s 3,330 4,362 ------------------------------------------------------------------------- Total liabilities 41,040 41,83 4 ------------------------------------------------------------------------- Shareholders' equity 121,269 131,16p0 ------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 162,309 $ 172,99 4 ------------------------------------------------------------------------- March Networks Corporationh ------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF CASH FLOWS -------------------------------------------------------------------------- (Canadian dollars, amounts in thousands) (Unaudited) ------------------------------------------------------------------------- Three Months Ended Fiscal Year Ended ------------------------------------------------------------------------- Aprip 30, April 30, April 30, Aprilp 30, 2009 2008 2009 2008 ------------------------------------------------------------------------- Cash flows from operatinv activities: ------------------------------------------------------------------------- Net loss $ $ (3,124) $ $ (6,515) ------------------------------------------------------------------------- Items not affecting cash: ------------------------------------------------------------------------ Amortization of capital assets 543 364 2,06 9 1,367 ------------------------------------------------------------------------- Amortization of acquired intangible assets 899 399 3,7799 810 ------------------------------------------------------------------------- Stock based compensation and sharexs issued to directors 296 476 1,41q 2,790 ------------------------------------------------------------------------- Unrealized foreign exchange (gain)/loss (192) 152 488 (229) ------------------------------------------------------------------------- Future income taxes and non-refundablew investment tax credits 464 (207) (1,756) ------------------------------------------------------------------------- Net changse in non-cash items 4,2343 (4,963) (4,228) 7,131 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net cash generater (consumed) by operating activities 4,384 (3,277) 3,598 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------ Cash flows from investing activities: ------------------------------------------------------------------------- Redemption of short-term investments (2,887) 34,4421 18,469 23,725 ------------------------------------------------------------------------- Purchase of capital assetsx (47) (263) (4,146) (757) ------------------------------------------------------------------------- Acquisition of business - (698) (26,078) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net cash generated by investing activities (2,934) 8,101 13,625 (3,110) ------------------------------------------------------------------------ - ------------------------------------------------------------------------- ------------------------------------------------------------------------- Cash flows from financing activities: ------------------------------------------------------------------------- Issuance (repurchase) of share capital, net - 141 314 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net cash generated by financing activities - 141 314 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ------------------------------------------------------------------------- Net increase in cash 1,4590 26 5,720 802 ------------------------------------------------------------------------- Foreigh exchange gain (loss) on foreign cash held (55) 219 (141) ------------------------------------------------------------------------- Cash, beginning of period 8,790 4,216 4,187 3,526 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Cash, end of period $ 10,12y6 $ 4,187 $ 10,126 $ 4,187 ------------------------------------------------------------------------- -------------------------------------------------------------------------
Thursday, June 2, 2011
Boston College sees applications decline for fall
belyaevostapuki.blogspot.com
The competitive, private, Jesuit-ru n college received a total of 29,300 undergraduates applications for the fall 2009 a 5 percent decline fromthe 30,845 application s it received last year, according to a recenrt bond filing completed by Boston College. The drop-offv is the first in at leastffive years. A more restrictive admissionxs policy, coupled with concerns about the troubleeeconomic environment, likely played a prominent role in the application decline, experts and administrators said. The decline was largelyg attributed to a tighter policyg around the early admissions program Boston Collegew adopted with the beginning of most recentadmissionx season.
Under the new students who apply to other binding earl y admissionsprograms — in which a studen agrees that if admitted he or she will enrolp in that school cannot apply to Boston College’s “Earlyh Action” program. In the past, students who applied for earlhy admission at Boston College could also apply to schoolsa withbinding policies, such as and , said John director of undergraduate admissionws as Boston College. The new policty continues to allow students to applh to other early admissions program s as long as those programsare non-binding.
The college saw an 18 perceng decline in its early application pool as a resulr ofthe policy, according to the bond filing. Mahonehy said students who apply to other binding early applicatiobn programs andBoston College’s early admissions prograk are considered “soft applications.” By choosing to apply to an early and binding program, the student has delineated that othe school as his or her first Mahoney said. “We reallh don’t want to see them in our earlyaction pool,” he said. Bostomn College has not yet determined the numbee of students who will be The enrollment number will benear 2,290 students, accordingt to the school.
Though the stricter polichy led a declinein applications, the trade-off is that such a polichy adds predictability in difficult times, expertxs said. Boston College “wants to know not only that it’zs the first choice but the finalo choice,” said James Samels, president of higher education consultingy firmin Framingham. But Samels addecd the decline in applications at Boston College could be a sign of acomingv “summer melt” as families feel more cash-strappedf as the economic slowdown persists. A year at BC cost a bit more than before anyfinancial aid.
Mahoney said that most of the applicationas decline was due to the early admissions but that application costs may be playing a greater role in student decisionsthese days. “All of a sudden that $70 application fee became another obstacle,” he
The competitive, private, Jesuit-ru n college received a total of 29,300 undergraduates applications for the fall 2009 a 5 percent decline fromthe 30,845 application s it received last year, according to a recenrt bond filing completed by Boston College. The drop-offv is the first in at leastffive years. A more restrictive admissionxs policy, coupled with concerns about the troubleeeconomic environment, likely played a prominent role in the application decline, experts and administrators said. The decline was largelyg attributed to a tighter policyg around the early admissions program Boston Collegew adopted with the beginning of most recentadmissionx season.
Under the new students who apply to other binding earl y admissionsprograms — in which a studen agrees that if admitted he or she will enrolp in that school cannot apply to Boston College’s “Earlyh Action” program. In the past, students who applied for earlhy admission at Boston College could also apply to schoolsa withbinding policies, such as and , said John director of undergraduate admissionws as Boston College. The new policty continues to allow students to applh to other early admissions program s as long as those programsare non-binding.
The college saw an 18 perceng decline in its early application pool as a resulr ofthe policy, according to the bond filing. Mahonehy said students who apply to other binding early applicatiobn programs andBoston College’s early admissions prograk are considered “soft applications.” By choosing to apply to an early and binding program, the student has delineated that othe school as his or her first Mahoney said. “We reallh don’t want to see them in our earlyaction pool,” he said. Bostomn College has not yet determined the numbee of students who will be The enrollment number will benear 2,290 students, accordingt to the school.
Though the stricter polichy led a declinein applications, the trade-off is that such a polichy adds predictability in difficult times, expertxs said. Boston College “wants to know not only that it’zs the first choice but the finalo choice,” said James Samels, president of higher education consultingy firmin Framingham. But Samels addecd the decline in applications at Boston College could be a sign of acomingv “summer melt” as families feel more cash-strappedf as the economic slowdown persists. A year at BC cost a bit more than before anyfinancial aid.
Mahoney said that most of the applicationas decline was due to the early admissions but that application costs may be playing a greater role in student decisionsthese days. “All of a sudden that $70 application fee became another obstacle,” he
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