text:
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
For Quarter Ended August 31, 2005
Commission File Number 1-31643
CCA INDUSTRIES, INC.
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification Number)
200 Murray Hill Parkway
Registrant's telephone number, including area code
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes______ No X
Common Stock, $.01 Par Value – 6,210,051 shares of as August 31, 2005
Class A Common Stock, $.01 Par Value – 967,702 shares as of
CCA INDUSTRIES, INC. AND SUBSIDIARIES
PART I FINANCIAL INFORMATION:
Item1. Financial Statements:
Consolidated Balance Sheets as of
August 31, 2005 and November 30, 2004 1-2
for the three months and nine months
ended August 31, 2005 and 2004 3
Consolidated Statements of Cash Flows for
the nine months ended August 31, 2005 and 2004 5
Notes to Consolidated Financial Statements 6-18
Item 2. Management Discussion and Analysis of
Results of Operations and Financial
Condition 19-21
Item 3. Quantitative and Qualitative Disclosures about
Market Risk 21
Item 4. Controls and Procedures 21
PART II OTHER INFORMATION 22-23
Item 1. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES 24
A S S E T S
August 31, November 30,
Cash and cash equivalents $ 1,973,371 $ 3,142,230
Short-term investments and marketable
securities 3,635,996 1,952,738
Accounts receivable, net of allowances of
$ 1,278,608 and $518,127, respectively 8,605,633 8,677,984
Inventories 6,943,804 6,048,000
Prepaid expenses and sundry receivables 444,245 695,653
Deferred income taxes 708,307 650,938
Prepaid income taxes and refunds due 886,420 418,651
Total Current Assets 23,197,776 21,586,194
Property and Equipment, net of accumulated
depreciation and amortization 500,084 569,745
Intangible Assets, net of accumulated
amortization 578,155 511,029
Marketable securities 8,311,024 8,852,198
Deferred taxes 49,000 -
Other 48,325 37,411
Total Other Assets 8,408,349 8,889,609
Total Assets $32,684,364 $31,556,577
See Notes Consolidated to Financial Statements.
- -1-
Accounts payable and accrued liabilities $ 7,449,128 $ 6,982,835
Income tax payable - - 59,888
Dividends payable 575,560 483,426
Subordinated debentures - 497,656
Total Current Liabilities 8,024,688 8,023,805
Deferred Income Taxes - 10,725
Shareholders' Equity
Preferred stock, $1.00 par; authorized
20,000,000 shares; none issued
Common stock, $.01 par; authorized
15,000,000 shares; 6,210,051 and
6,153,503 shares issued, respectively 62,101 61,535
Class A common stock, $.01 par; authorized
5,000,000 shares; 967,702 and 977,394 shares
issued, respectively 9,677 9,774
Additional paid-in capital 5,093,325 5,094,660
Retained earnings 19,739,129 18,734,693
Unrealized (losses) on marketable
securities ( 244,556) ( 228,944)
24,659,676 23,671,718
Less: Treasury Stock, 86,703 shares, at cost - - ( 149,671)
Total Shareholders' Equity 24,659,676 23,522,047
Total Liabilities and Shareholders' Equity $32,684,364 $31,556,577
See Notes to Consolidated Financial Statements.
Three Months Ended Nine Months Ended
August 31, August 31,
Sales of health and beauty
aid products – Net $15,064,845 $16,535,940 $48,245,523 $47,609,050
Other income 160,045 160,451 409,608 514,076
15,224,890 16,696,391 48,655,131 48,123,126
Costs and Expenses
Costs of sales 5,661,245 5,413,461 17,309,209 16,115,571
Selling, general and
expenses 5,737,522 4,739,038 15,865,753 13,038,772
Advertising, cooperative
and promotions 3,561,093 3,932,062 10,314,281 9,819,958
Research and development 194,642 226,283 595,441 666,755
Provision for doubtful
accounts ( 25,304) ( 37,605) 267,413 37,100
Interest expense 4,976 8,671 19,912 25,500
Income before Provision for
Income Taxes 90,716 2,414,481 4,283,122 8,419,470
Provision for Income Taxes 481,550 957,251 1,978,471 3,327,895
Net Income or (Loss) ($ 390,834) $ 1,457,230 $ 2,304,651 $ 5,091,575
Earnings (Loss) per Share:
Basic ($.05) $.20 $.32 $.70
Diluted ($.05) $.19 $.31 $.67
Cash Dividends Declared per
Share $.00 $.00 $.16 $.14
Net Income (Loss) ($390,834) $1,457,230 $2,304,651 $5,091,575
Unrealized holding gains
(losses) on investments 35,959 203,419 ( 15,612) ( 78,459)
Provision (Benefit) for
Income Taxes 12,168 80,648 ( 6,245) ( 31,012)
(Loss) – Net 23,791 122,771 ( 9,367) ( 47,447)
Comprehensive Income (Loss) ($367,043) $1,580,001 $2,295,284 $5,044,128
Net income $2,304,651 $5,091,575
Adjustments to reconcile net income
to net cash provided by operating activities:
Loss on sale of marketable securities
and repurchase of debentures - -_ 9,289
(Increase) decrease in deferred income taxes ( 117,094) 162,654
Decrease (increase) in accounts receivable 72,351 ( 2,658,551)
(Increase) in inventory ( 895,804) ( 810,571)
Decrease in prepaid expenses and
miscellaneous receivables 251,408 24,950
(Increase) in deferred advertising - - ( 1,911,634)
(Increase) decrease in other assets ( 10,914) 1,175
Increase in accounts payable
and accrued liabilities 466,293 1,417,125
(Increase) decrease in prepaid income taxes ( 467,769) 236,620
(Decrease) increase in taxes payable ( 59,888) 694,618
Net Cash Provided by Operating Activities 1,824,711 2,513,750
Acquisition of property, plant and equipment ( 171,600) ( 105,613)
Acquisition of intangible assets ( 107,343) ( 2,905)
Purchase of marketable securities ( 2,404,512) ( 2,703,858)
Proceeds from sale and maturity of
Net Cash (Used in) Investing Activities ( 1,436,641) ( 165,214)
Purchase of treasury stock ( 1,059,275) ( 891,131)
Repurchase of matured subordinated debenture ( 4 97,656) -
Proceeds from exercise of common stock options - - 5,000
Net Cash (Used in) Financing Activities ( 1,556,931) ( 886,131)
Net (Decrease) Increase in Cash ( 1,168,861) 1,462,405
Cash and Cash Equivalents at Beginning
of Period 3,142,230 1,206,787
Cash and Cash Equivalents at End
of Period $1,973,371 $2,669,192
Supplemental Disclosures of Cash Flow
Cash paid during the period for:
Interest $ 19,912 $ 24,294
Income taxes 2,225,685 2,203,617
Supplemental Disclosures of Non-Cash Transactions:
Dividends declared and accrued $1,151,411 $ 512,014
Cancellation of treasury stock
Common stock 867
Retained earnings 148,804
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended August 31, 2005 are not necessarily indicative of the results that may be expected for the year ended November 30, 2005. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended November 30, 2004. The accompanying unaudited condensed consolidated financial statements, in the opinion of management, include all adjustments necessary for a fair presentation. All such adjustments are of a normal reoccurring nature.
NOTE 2 - ORGANIZATION AND DESCRIPTION OF BUSINESS
CCA Industries, Inc. ("CCA") was incorporated in the State of Delaware on March 25, 1983.
CCA manufactures and distributes health and beauty aid products.
CCA has several wholly-owned subsidiaries, CCA Cosmetics, Inc., CCA Labs, Inc., Berdell, Inc., Nutra Care Corporation, CCA Online Industries, Inc., and CCA Industries Canada (2003) Inc., all of which are currently inactive.
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation:
The consolidated financial statements include the accounts of CCA and its wholly-owned subsidiaries (collectively the "Company").
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Use of Estimates:
The consolidated financial statements include the use of estimates, which management believes are reasonable. The process of preparing financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts.
Short-Term Investments and Marketable Securities:
Short-term investments and marketable securities consist of corporate and government bonds and equity securities. The Company has classified its investments as Available-for-Sale securities. Accordingly, such investments are reported at fair market value, with the resultant unrealized gains and losses reported as a separate component of shareholders' equity.
Statements of Cash Flows Disclosure:
For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of less than three months to be cash equivalents.
Inventories:
Inventories are stated at the lower of cost (first-in, first-out) or market.
Product returns are recorded in inventory when they are received at the lower of their original cost or market, as appropriate. Obsolete inventory is written off and its value is removed from inventory at the time its obsolescence is determined.
Property and Equipment and Depreciation and Amortization
Property and equipment are stated at cost. The Company charges to expense repairs and maintenance items, while major improvements and betterments are capitalized. When the Company sells or otherwise disposes of property and equipment items, the cost and related accumulated depreciation are removed from the respective accounts and any gain or loss is included in earnings.
Depreciation and amortization are provided on the straight-line method over the following estimated useful lives or lease terms of the assets:
Machinery and equipment 5-7 Years
Furniture and fixtures 3-10 Years
Tools, dies and masters 3 Years
Transportation equipment 5 Years
Leasehold improvements Remaining life of the lease
(ranging from 1-9 years)
Intangible Assets:
Intangible assets are stated at cost. Patents are amortized on the straight-line method over a period of 17 years. Such intangible assets are reviewed for potential impairment whenever events or circumstances indicate that carrying amounts may not be recoverable.
Financial Instruments:
The carrying value of assets and liabilities considered financial instruments approximate their respective fair value.
Income Taxes:
Income tax expense includes federal and state taxes currently payable and deferred taxes arising from temporary differences between income for financial reporting and income tax purposes.
Tax Credits:
Tax credits, when present, are accounted for using the flow-through method as a reduction of income taxes in the years utilized.
Basic earnings per share is calculated using the average weighted number of shares of common stock outstanding during the year. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the effect of outstanding stock options using the "treasury stock method" and convertible debentures using the "if-converted" method. Common stock equivalents consist of stock options.
Revenue Recognition:
The Company recognizes sales upon shipment of merchandise. Net sales are comprised of gross sales less expected returns, trade discounts, customer allowances and various sales incentives. Although no legal right of return exists between the customer and the Company, it is an industry-wide practice to accept returns from customers. The Company, therefore, records a reserve for returns equal to its gross profit on its historical percentage of returns on its last five months sales.
Accounts Receivable:
Accounts receivable consist of trade receivables recorded at original invoice amount, less an estimated allowance for uncollectible accounts. Trade credit is generally extended on a short-term basis; thus trade receivables do not bear interest, although a finance charge may be applied to receivables that are past due. Trade receivables are periodically evaluated for collectibility based on past credit history with customers and their current financial condition. Changes in the estimated collectibility of trade receivables are recorded in the results of operations for the period in which the estimate is revised. Trade receivables that are deemed uncollectible are offset against the allowance for uncollectible accounts. The Company generally does not require collateral for trade receivables.
Accounts receivable are presented net of an allowance for doubtful accounts of $349,671 and $111,572 as of August 31, 2005 and November 30, 2004, respectively.
Shipping and Handling Costs:
The Company presents shipping and handling costs as part of selling, general and administrative expense and not as part of cost of sales. Freight costs were $2,835,944 and $2,113,035 for the nine months ended August 31, 2005 and 2004, respectively.
Comprehensive Income:
The Company adopted SFAS #130, Comprehensive Income, which considers the Company's financial performance in that it includes all changes in equity during the period from transactions and events from non-owner sources.
Reclassifications:
Certain prior year amounts have been reclassified to conform to the fiscal 2005 presentation.
Recent Accounting Pronouncements:
In December 2003, the Financial Accounting Standards Board ("FASB" ) issued Interpretation No. 46R, "Consolidation of Variable Interest Entities" ("FIN 46R"), which supercedes Interpretation No. 46, "Consolidation of Variable Interest Entities" issued in January 2003. FIN 46R requires a company to consolidate a variable interest entity ("VIE"), as defined, when the company will absorb a majority of the VIE's expected losses, receives a majority of the VIE's expected residual returns or both. FIN 46R also requires consolidation of existing, non-controlled affiliates if the VIE in unable to finance its operations without investor support, or where the other investors do not have exposure to the significant risks and rewards of ownership. FIN 46R applies immediately to a VIE created or acquired after January 31, 2003. For a VIE created before February 1, 2003, FIN 46R applies in the first fiscal year or interim period beginning after March 15, 2004, our third fiscal quarter beginning June 1, 2004. Application of FIN 46R is also required in financial statements that have interests in structures that are commonly referred to as special-purpose entities for periods after December 15, 2003. The adoption of FIN 46R did not have an impact on our financial position, results of operations or cash flows.
In November 2004, the FASB issued Statement of Financial Accounting Standards ("SFAS") No. 151, "Inventory Costs" ("SFAS 151"). SFAS 151 amends the guidance in Accounting Research Bulletin No. 43, Chapter 4, "Inventory Pricing", to clarify that abnormal amounts of idle facility expense, freight, handling costs and wasted materials (spoilage) should be recognized as current-period charges and required the allocation of fixed production overheads to inventory based on normal capacity of the production facilities. This statement is effective for inventory costs incurred during fiscal years beginning after June 15, 2005. The adoption of SFAS 151 is not expected to have an impact on our financial position, results of operations or cash flows.
In November 2004, the Emerging Issues Task Force ("EITF") reached a consensus on Issue No. 03-13, "Applying the Conditions in Paragraph 42 of FASB Statement No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" in Determining Whether to Report Discontinued Operations" (EITF 03-13"). Under the consensus, the approach for assessing whether cash flows of the component have been eliminated from the ongoing operations of the entity focuses on whether continuing cash flows are direct or indirect cash flows. Cash flows of the component would not be eliminated if the continuing cash flows to the entity are considered direct cash flows. The consensus should be applied to a component of an enterprise that is either disposed of or classified as held for sale in fiscal period beginning after December 15, 2004. The adoption of EITF 03-13 is not expected to have an impact on our financial position, results of operations or cash flows.
In December 2004, the FASB issued SFAS No. 123 (revised 2004), "Share-Based Payment" ("SFAS 123R"), which is a revision of SFAS No. 123, "Accounting for Stock-Based Compensation". SFAS 123R supercedes APB Opinion No. 25, "Accounting for Stock Issued to Employees" and amends SFAS No. 95, "Statement of Cash Flows". SFAS 123R focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions and requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Accordingly, the adoption of SFAS 123R's fair value method will have a significant impact on our results of operations, although it will have no impact on our overall financial position. The impact of the adoption of SFAS 123R cannot be predicted at this time because it will depend on the levels of share-based payments granted in the future. SFAS 123R also requires the benefits of tax deductions in excess of recognized compensation costs to be reported as a financing cash flow, rather than
Recent Accounting Pronouncements (Continued):
as an operating cash flow as required under current literature. This requirement would reduce net operating cash flows and increase net financing cash flows in periods after adoption. While we cannot estimate what those amounts will be in the future (because they depend on, among other things, the issuance of future options and when they would be exercised), the amount of operating cash flows recognized in prior periods for such excess tax deductions were not material to our consolidated financial position or results of operations. This statement is effective for our fiscal year beginning December 1, 2005.
In December 2004, the FASB issued SFAS 153, "Exchanges of Nonmonetary Assets" ("SFAS 153"). SFAS 153 amends the guidance in APB Opinion No. 29, "Accounting for Nonmonetary Transactions" to eliminate certain exceptions to the principle that exchanges of nonmonetary assets be measured based on the fair value of the assets exchanged. SFAS 153 eliminates the exception for nonmonetary exchanges of similar productive assets and replaces it with a general exception for exchanges of nonmonetary assets that do not have commercial substance. This statement is effective for nonmonetary asset exchanges in fiscal years beginning after June 15, 2005. The adoption of SFAS 153 is not expected to have an impact on our financial position, results of operations or cash flows.
The American jobs Creation Act of 2004 (the "AJCA") was enacted on October 22, 2004. The AJCA repeals an export incentive, creates a new deduction for qualified domestic manufacturing activities and includes a special one-time deduction of 85% of certain earnings repatriated to the U.S.
The FASB issued Staff Position FAS 109-1, "Application of FASB Statement No. 109, Accounting for Income Taxes, to the Tax Deduction on Qualified Production Activities Provided by the American Jobs Creation Act of 2004" ("FSP FAS 109-1") on December 21, 2004. In accordance with FSP FAS 109-1, we will treat the deduction for qualified domestic manufacturing activities, which is effective upon issuance, as a reduction of the income tax provision in future years as realized.
In December 2004, the FASB issued Staff Position 109-2 "Accounting and Disclosure Guidance for the Foreign Earnings Repatriation Provision Within the American Jobs creation Act of 2004, "allowing companies additional time to evaluate the effect of the AJCA on plans for reinvestment or repatriation of foreign earnings. We are in the process of evaluating the effects of the repatriation provision.
NOTE 4 - INVENTORIES
The components of inventory consist of the following:
Raw materials $4,554,617 $3,764,473
Finished goods 2,389,187 2,283,527
At August 31, 2005 and November 30, 2004, the Company had a reserve for obsolescence of $624,177 and $871,488, respectively.
CCA INDUSTRIES, INC. AND SUBSIDIARIESError! No bookmark name given.
NOTE 5 - PROPERTY AND EQUIPMENT
The components of property and equipment consisted of the following:
Machinery and equipment $ 124,550 $ 115,104
Furniture and equipment 779,821 708,184
Transportation equipment 10,918 10,918
Tools, dies, and masters 520,733 433,221
Leasehold improvements 294,067 291,063
Less: Accumulated depreciation
and amortization 1,230,005 988,745
Property and Equipment - Net $ 500,085 $ 569,745
Depreciation expense for the nine months ended August 31, 2005 and 2004 amounted to $241,260 and $220,409, respectively.
NOTE 6 - INTANGIBLE ASSETS
Intangible assets consist of the following:
Patents and trademarks $893,773 $786,430
Less: Accumulated amortization 315,618 275,401
Intangible Assets - Net $578,155 $511,029
Amortization expense for the nine months ended August 31, 2005 and 2004 amounted to $40,217 and $36,091, respectively. Estimated amortization expense for each quarter of the ensuing five years through February 28, 2009 is $12,000.
NOTE 7 - DEFERRED ADVERTISING
Effective August 2005, the Company changed the way it estimates the benefits received from its advertising during its interim periods to be consistent with its year-end. Accordingly there is no deferral of expense as of August 31, 2005.
The table below sets forth the calculation as of August 31, 2004:
Media advertising budget for the fiscal year $10.00
Pro-rata portion for nine months 7.50
Media advertising spent 8.99
Accrual (deferral) ($ 1.49)
Anticipated co-op advertising commitments $ 5.50
Pro-rata portion for nine months $4.13
Co-op advertising spent 4.55
Accrual (deferral) ($ .42)
NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
The following items which exceeded 5% of total current liabilities are included in accounts payable and accrued liabilities as of:
(In Thousands) (In Thousands)
a) Media advertising $ * $ *
b) Coop advertising 1,484 932
c) Accrued returns 1,981 980
d) Accrued bonuses 779 470
* under 5%
All other liabilities were for trade payables or individually did not exceed 5% of total current liabilities.
NOTE 9 - OTHER INCOME
Other income consists of the following:
Interest and dividend income $326,438 $388,898
Royalty income 77,455 90,053
Miscellaneous 5,715 35,125
NOTE 10 - NOTES PAYABLE AND SUBORDINATED DEBENTURES
The Company has an available line of credit of $10,000,000. Interest is calculated at the Company's option, either on the outstanding balance at prime rate minus 1% or Libor plus 150 basis points. The line of credit is unsecured and the Company must adhere to certain financial covenants pertaining to net worth and debt coverage. The Company was not utilizing their available credit line at August 31, 2005 or November 30, 2004.
On August 1, 2000, the Company repurchased (pursuant to a tender offer) 278,328 shares of its outstanding common stock by issuing subordinated debentures equal to $2 per share, which accrued interest at 6% and matured on August 1, 2005. The interest was payable semi-annually.
NOTE 11 - COMMITMENTS AND CONTINGENCIES
The only material legal proceedings sets forth the fact that there were originally 13 cases filed in which the Company was named along with other defendants as a result of their purchasing and ingesting our diet suppressant containing phenylpropanolamine (PPA), which the Company utilized as its active ingredient in its products prior to November 2000. Eleven cases have been dismissed with prejudice. These cases cannot be legally reinstated. The one case in Philadelphia in which one of the defendants filed for bankruptcy has been delayed. The court is rendering a decision on our motion to dismiss. We agree with independent counsel that, as concluded under the decision in Seattle, unless a plaintiff ingested a product with PPA within three days of a stroke, there can be no causation to prove that a product caused the stroke. We feel that the case should be dismissed inasmuch as plaintiff at the deposition deposed that she took our product months before the stroke.
The remaining case in Louisiana is fully insured to the extent of $5,000,000. After reviewing the plaintiff's medical records, it does not appear that there is ongoing significant medical problems that would cause a jury to render a substantial judgment. Counsel evidently in discussing the matter with Phoenix Insurance Company, has not made any substantial efforts to settle the case which we have been led to believe could be settled for under $250,000.
We do not believe that any further litigations would be ensuing because the Statute of Limitations throughout the country provided that the case must be instituted within three to four years within the time frame in which a plaintiff had constructive notice of the product that proximately caused a stroke. The FDA put out a news release nationally in October 2000. However, there can be no assurance that the current PPA litigation will not have a material adverse effect upon the Company's operations.
CCA declared a dividend of $0.16 per share payable to all holders of the Company's common stock, $0.08 to shareholders of record on May 1, 2005 payable on June 1, 2005 and $0.08 to shareholders of record on November 1, 2005, payable on December 1, 2005.
NOTE 12 - PENSION PLANS
The Company has adopted a 401(K) Profit Sharing Plan that covers union and non-
union employees with over one year of service and attained age 21. Employees may make salary reduction contributions up to twenty-five percent of compensation not to exceed the federal government limits. The Company is not required to match any employee contributions but may make a voluntary Company contribution at the discretion of the Board of Directors. No voluntary contributions were made by the company.
NOTE 13 - SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES
Short-term investments and marketable securities, which consist of stock and various corporate and government obligations, are stated at market value. The Company has classified its investments as Available-for-Sale securities and considers as current assets those investments which will mature or are likely to be sold in the next fiscal year. The remaining investments are considered non-current assets. The cost and market values of the investments at August 31, 2005 and November 30, 2004 were as follows:
Current: COST MARKET COST MARKET
Obligations $ 2,199,445 $ 2,179,654 $ 1,475,000 $ 1,470,690
(including mortgage
backed securities) 1,220,570 1,210,078 296,814 297,045
Common stock 51,649 54,924 51,649 52,656
Mutual funds 195,672 136,546 188,247 132,347
Other equity
investments 59,329 54,794 - -
Total 3,726,665 3,635,996 2,011,710 1,952,738
Non-Current:
Corporate obligations 5,313,749 5,193,551 5,546,097 5,446,625
Government obli-
gations 2,226,319 2,190,201 2,751,228 2,689,721
Preferred stock 824,845 827,272 624,845 615,852
Other equity invest-
ments 100,000 100,000 100,000 100,000
Total $12,191,578 $11,947,020 $11,033,880 $10,804,936
- -15-
NOTE 13 - SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES (CONTINUED)
The market value at August 31, 2005 was $ 11,947,020 as compared to $10,804,936 at November 30, 2004. The gross unrealized gains and losses were $13,864 and ($258,422) for August 31, 2005 and $4,227 and ($233,171) for November 30, 2004.
NOTE 14 - CHANGE IN ESTIMATE
In accordance with discussions with the SEC, the Company changed its estimate of the future benefits it derives from its advertising expenditures and the effect it has on its allocation of advertising expense among the interim periods. Previously each quarter was charged an equal share of the annual advertising budget. The Company will now expense its advertising based on when the advertising actually runs. As a result of the change, the Company charged all of the previously deferred media advertising to expense in the third quarter, instead of continuing to defer a portion to the fourth quarter as it had done in previous years. The deferral coupled with the actual expenditures for advertising in the third quarter resulted in a total advertising expense for the third quarter of $3.5 million.
APB 28 Interim Financial Reporting states "Advertising costs may be deferred within a fiscal year if the benefits of an expenditure made clearly extend beyond the interim period in which the expenditure is made."
This APB requires an estimate to be made by the company as to how much benefit of incurred advertising will be realized in subsequent quarters. As stated in the previously filed 10Q's, over the past years the Company has reported its advertising expense consistently according to its interpretation of APB 28 Interim Financial Reporting by expensing its annualized budgeted advertising expense equally over the four quarters. The Company believed that its budgeted advertising expense for any year affected its sales for the entire year regardless of when the advertisement actually ran. The strategy adopted by the company to get the most value for its advertising dollars is to saturate the market during the first two quarters of each fiscal year so that an impression can be made on the consumer. The benefit of that advertising is then reflected in the brand recognition achieved, which carries over into the last two quarters of the year. By the beginning of the next fiscal year the Company believes it must, once again, saturate the market to rekindle the interest in its products. The Company does not believe that the advertising spent in a particular quarter results solely to the sales in that quarter, but results in future sales. However, since it is impossible to determine exactly how much benefit is derived in future periods from current advertising, the Company, beginning with the quarter ending August 31, 2005, will no longer defer any of its advertising expense during the interim quarters and will expense all costs of advertising that ran as of the end of each period.
NOTE 14 - CHANGE IN ESTIMATE (CONTINUED)
Proforma financial information based on using the current basis for estimating advertising benefits is as follows:
Fiscal First Second Third Fourth Year
Year Quarter Quarter Quarter Quarter End
(000) (000) (000) (000) (000)
2005 - Proforma
Revenues $14,814 $18,616 $15,225
Advertising $ 5,323 $ 4,285 $ 1,632
Income before
tax provision ($ 701) $ 2,038 $ 2,020
NI ($ 435) $ 1,337 $ 1,249
EPS ($ .06) $ .18 $ .16
Revenues $13,087 $18,339 $16,696 $13,395 $61,518
Advertising $ 6,547 $ 4,633 $ 551 $ 1,387 $13,119
tax provision ($ 2,364) $ 3,077 $ 5,795 $ 2,866 $ 9,374
NI ($ 1,462) $ 1,902 $ 3,584 $ 1,772 $ 5,797
EPS ($ .20) $ .25 $ .47 $ .24 $ .75
2003 – Proforma
Advertising $ 4,036 $ 3,893 $ 1,085 $ 1,314 $10,329
tax provision ($ 353) $ 3,069 $ 3,320 $ 2,461 $ 8,497
NI ($ 218) $ 1,897 $ 2,052 $ 1,521 $ 5,252
This reporting change would have had no effect on the year end financials whatsoever. It simply would have skewed the quarterly earnings to reflect significantly less earnings in the first two quarters when we typically spend the bulk of our advertising dollars and significantly more income in the third and fourth quarters when we significantly reduce our current spending.
For comparison purposes, the historical numbers with a proforma of the 3rd quarter as if our basis for estimating had not changed are shown below:
tax provision $ 1,526 $ 2,668 $ 1,016
NI $ 945 $ 1,751 $ 164
EPS $ .13 $ ..24 $ .02
tax provision $ 1,359 $ 4,646 $ 2,414 $ 955 $ 9,374
NI $ 836 $ 2,798 $ 1,457 $ 705 $ 5,797
EPS $ .11 $ ..36 $ .19 $ .09 $ .75
tax provision $ 960 $ 4,329 $ 2,001 $ 1,207 $ 8,497
As shown, the year-end numbers are exactly the same; the change simply reallocates when the advertising dollars are expensed.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS
OF OPERATIONS AND FINANCIAL CONDITION (UNAUDITED)
Except for historical information contained herein, this "Management's Discussion and Analysis of Financial Condition and Results of Operations" contains forward-looking statements. These statements involve known and unknown risks and uncertainties that may cause actual results or outcomes to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements, and statements which explicitly describe such issues. Investors are urged to consider any statement labeled with the terms "believes," "expects," "intends'" or "anticipates" to be uncertain and forward-looking.
After discussions with the staff of the SEC, the Company changed its estimate of the future benefits it derives from its advertising expenditures and the effect it had on its allocation of advertising expense among the interim periods. Previously, each quarter was charged an equal share of the annual advertising budget. In its future reports, the Company will expense its advertising based on when the advertising actually runs. As a result of the change, the Company charged all of the previously deferred media advertising to expense in the third quarter, instead of continuing to defer a portion to the fourth quarter as it had done in previous years. The deferral coupled with the actual expenditures for advertising in the third quarter resulted in a total advertising expense for the third quarter of $3.5 million.
For comparison purposes, the company will set forth a proforma statement of operations showing the advertising expense that was actually incurred in each quarter for the four quarters of the fiscal year ended 11/30/04 and the first three quarters of the current fiscal year. Commencing in the fourth quarter of 2005, the Company's advertising expense will reflect only the advertising expense that ran in the quarter. There will be no interim deferral of expense.
For the three-month period ending August 31, 2005, the company had revenues of $15,224,890 and net loss of $(390,834) after provision for taxes of $481,550. For the same quarter in 2004, revenues were $16,696,391 and net income was $1,457,230 after a provision for taxes of $957,251. Earnings per share was $.(.05) (diluted) for the third quarter 2005 as compared to earnings $.19 (diluted) for the third quarter 2004. In accordance with EITF 00-14, the Company has accounted for certain sales incentives offered to customers by charging them directly to sales as opposed to advertising and promotional expenses. Net sales for the third quarter of 2005 were reduced by $477,627 and offset by an equal reduction of trade promotional expenses, which were included in the Company's advertising expense budget. In the same period of the prior year, gross sales were reduced by $595,544 and trade promotion was credited by that amount. These accounting adjustments under EIFT 00-14 do not affect net income.
The Company's net sales decreased from $16,535,940 for the three-month period ending August 31, 2004 to $15,064,845 for the three-month period ending August 31, 2005, primarily due to an additional reserve of $1 million to account for the possible returns of its recently launched new skin care produce line. Sales returns and allowances increased to 13.8% of gross sales for the three-month period ending August 31, 2005 from 4.9% for the same period last year. This increase was primarily caused by the increase in the reserve of $1 million plus the actual returns of approximately $200,000 from the skin care line. Gross profit margins decreased to 62.4% for three-month period ending August 31, 2005 compared to 67.3% for the same three-month period in the prior year, partially as a result of the returns referred to above.
OF OPERATIONS AND FINANCIAL CONDITION (UNAUDITED) (CONTINUED)
The Company's net sales were $48,245,523 for the nine months ending August 31, 2005 to $47,609,050 for the nine months ending August 31, 2004. Sales returns and allowances increased to 12.6% of gross sales this year from 9.7% last year for the nine months ending August 31, due to substantial returns resulting from the unsuccessful launch of its new skin care brand. Gross profit margins were 64.1% for the nine months ending August 31, 2005 compared to 66.1% for the same period in the prior year. The Company's gross sales net of returns by category were: Cosmetics and Fragrances $6,103,378, 11.7%; Health and Beauty Aids $29,207,716, 56.2%; and miscellaneous over-the-counter $16,685,895, 32.1% for an aggregate total of $51,996,989. The Company makes every effort to control the cost of manufacturing and has had no substantial cost increases. Income before taxes is $4,283,122 as compared to $8,419,470 for the same quarter in 2004. The 50.9% decrease in income before taxes was a result of an increase of an additional $1,000,000 in its reserve against possible future returns and expensing of its deferred media advertising expenses from the prior six month period. Returns and reserves accounted for $3,101,130 that was expensed against earnings for this quarter. In accordance with GAAP, the Company reclassified certain advertising expenditures as a reduction of sales rather than report them as advertising expenses. The reclassification is the adoption by the Company of the EITF 00-14 GAAP standard. The reclassification reflects a reduction in sales for the nine months ending August 31, 2005, and 2004 by $1,891,740 and $1,857,368. The reclassification reduces the gross profit margin but does not affect the net income.
For the nine-month period ending August 31, 2005, the Company had revenues of $48,655,131 and net income of $2,304,651 after a provision for taxes of $1,978,471. For the same period in 2004, revenues were $48,123,126 and net income of $5,091,575 after a provision for taxes of $3,327,895.
For the nine month period ending August 31, 2005, advertising, cooperative and promotional allowance expenses were $10,314,281 as compared to $9,819,958 in the same period in 2004, increasing $494,323.
Advertising expenditures were 21.4% of sales for the current year vs. 20.6% last year. The SG&A expenses increased $2,826,981 to $15,865,753 from $13,038,772 in 2004. The increase was due mainly to freight out which increased by $722,909 from 2004 to 2005. That increase is due to the increase of oil prices passed on to CCA, and immediate ship dates of our skin care product line. To promote sales, CCA has offered IRC coupons in skus which increased expenses $125,077. Additionally, royalty expenses have increased by $189,597 due to the new royalty licenses. Consulting and temporary help expense increased to $206,687 due to the marketing of new products.
The Company's financial position as of August 31, 2005 consists of current assets of $23,197,776 and current liabilities of $8,024,688, or a current ratio of 2.89 to 1. In addition, shareholders' equity increased from $23,522,047 to $24,659,676.
All of the company's investments as of August 31,2005 are presented as long-term investments. Assuming these long-term investments can be sold and turned into liquid assets at any time, it would result in a current ratio of 3.93 to 1.
Accounts receivable were $8,605,633 as compared to $8,677,984 for periods ending August 31, 2005 and November 30, 2004, respectively. Inventories were $6,943,804 for period ending August 31, 2005 a compared to $6,048,000 as of November 30, 2004. Accounts payable and accrued expenses increased primarily due to the increase in co-op advertising payable and accrual for returns for the period. As of August 31, 2005, the Company was not utilizing any of the funds available under its $10,000,000 unsecured credit line.
For the period ended August 31, 2005, there was approximately $2,247,932 of open co-op commitments, $72,873 from 2003, $556,184 from 2004 and $1,618.873 for the current year. If it becomes apparent that this co-op will not be utilized, the unclaimed co-op will be offset against the expense during the rest of the fiscal year. This procedure is consistent with prior years' methodology with regard to the unclaimed co-op expenses.
Please refer to footnote 14 of the financial statements with regard to the Statement of Operations for the quarter under the former estimate and the proforma Statement of Operations using the current estimate of expensing the advertising in the actual period it was incurred.
The new accounting of advertising expense during the interim periods will have no effect on the Company's year-end statement of operations.
ITEM 3. QUANTITATIVE AND QUALITATIVEError! No bookmark name given.
DISCLOSURE ABOUT MARKET RISK
The Company's financial statements record the Company's investments under the "mark to market" method (i.e., at date-of-statement market value). The investments are, categorically listed, in "Common Stock", "Mutual Funds", "Other Equity", "Preferred Stock", "Government Obligations" and "Corporate Obligations." $209,659 of the Company's $11,535,869 portfolio of investments (approximate, as at May 31, 2005) is invested in the "Common Stock" and "Other Equity" categories, and approximately $617,844 in that category are Preferred Stock holdings. Whereas the Company does not take positions or engage in transactions in risk-sensitive market instruments in any substantial degree, nor as defined by SEC rules and instructions; therefore, the Company does not believe that its investment-market risk is material.
ITEM 4. CONTROLS AND PROCEDURES
With the participation of our Chief Executive Officer and Chief Financial Officer, management has carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of May 31, 2005.
There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) subsequent to the date the controls were evaluated that materially affect, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II OTHER INFORMATION
Item 1. Legal Proceedings:
See Part I - Note 11 of the Financial Statements regarding litigation.
Item 4. Submission of Matters to a Vote of Security Holders:
Item 5. Other Information:
The Company has held its Annual Meeting of Shareholders on June 15, 2005 with proxy materials mailed to shareholders of record on May 1, 2005 prior to the meeting date.
On June 16, 2004, the audit committee revised the audit committee charter. The charter is filed as an exhibit to this report.
Owners of Common Stock and owners of Class A Common Stock are entitled to one vote for each share of stock held, and the voting and other rights of each class are equivalent except in respect to the election of directors.
In respect to the election of directors, the Class A Common Stock shareholders have the right to elect four directors and the Common Stock shareholders have the right to elect three. (In consequence, no proposal to alter or change the right of Class A Common Stock shareholders to elect a majority of directors could be effectively voted unless a separate majority of Class A Common Stock shares were voted therefor.)
Item 6. Exhibits and Reports on Form 8-K:
(a) Exhibits
(10.1) Audit Committee Revised Charter – June 16, 2004 *
(31.1) Certification of Chief Executive Officer pursuant to Rule 13a-14(a)*
PART II OTHER INFORMATION (CONTINUED)
(31.2) Certification of Chief Financial Officer pursuant to Rule 13a-14(a)*
(32.1) Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350*
(32.2) Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350*
* Filed herewith.
(b) Reports on Form 8-K.
class=Section13>
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
David Edell, Chief Executive Officer
Ira W. Berman, Chairman of the Board


text:
We Summon the Darkness by Alexandra Daddario in the trailer of the horror
Alexandra Daddario in the trailer of We Summon the Darkness, horror, heavy metal, set in 1988.
VALENTINA D'AMICO
Saban Films has released the trailer ofhorror We Summon the Darknessdirected by Marc Meyers and interpreted by the beautiful Alexandra Daddario. The actress appeared with choral film focuses on a group of friends who, in 1988, he finds himself involved in a massacre by a cult of satanists.
This is the synopsis of We Summon the Darkness: Alexis (Daddario), the valley and Beverly embark on a journey to a festival of heavy metal music. The three of them stumble upon the three boys nice and polite, and soon the group is heading towards the home of Alexis countryside, isolated place, where you can continue the party. What should be a night of entertainment soon turns into a tragedy.
In the cast of du We Summon the Darkness we find Keean Johnson, Johnny Knoxville, Maddie Hasson and Amy Forsyth.
Related Items:Alexandra, Daddario, Darkness, horror, Summon, trailer
The new trailer of Jumanji takes The Rock back to the jungle
The trailer of the film produced by Angelina Jolie for the Day against violence on women
New trailer for "Jungle Cruise" with Dwayne Johnson and Emily Blunt
Johnny Depp, Paul Walker, Scarlett Johansson starring movie tonight on tv, April 20,
Joe Jonas has revealed what his song is about Sophie Turner

redpajama_set_name: RedPajamaCommonCrawl


The newly launched segment guarantees uninterrupted entertainment for FOUR HOURS to its viewers. The brand through its series of eight quirky videos showcases TVCs that gets washed out before it ends to highlight 'Ad-Free' content advocating a seamless viewing experience.
Don't be a fool, says MTV this April Fools' Day!
Boosting the E-Sports scene in India, the intense and gruelling 34-day U Cypher championship finally ended with team Yakshas bagging the top honours, defeating the Sherdils in a thrilling match befitting the season finale.


Development Fears Raised by Torrance School Sale : Land Use: Neighbors of 6.2-acre campus of Lycee Francais de Los Angeles ask City Council to retain current zoning.
The Torrance campus of Le Lycee Francais de Los Angeles has been sold for $10.6 million and the 100 students at the private school will be transferred to the Lycee's West Los Angeles campus after classes end in June.
The sudden sale last November to Manhattan Holding Co., a real estate investment firm formed in 1988, marks the quiet renewal of a fierce, two-year neighborhood battle over the land's future. The initial controversy ended in late 1980 with the Lycee's purchase of the site from the Torrance Unified School District for $2.65 million.
Neighbors of the 6.2-acre Torrance campus, located one block from the ocean on the picturesque coastal site of the former Parkway School in Hollywood Riviera, say they knew nothing of the November sale until several weeks after escrow closed, when rumors began to circulate about development plans.
City Council members said they have been contacted both by developers who want to build houses on the site and by school operators interested in converting it to a boarding campus for foreign students. No formal plans have been filed for the site, which is still zoned only for public use.
Residents already have sent council members a flurry of letters and petitions asking them to retain the present zoning and prevent any construction which would block their ocean views.
They said their attempts to get information from Le Lycee Francais officials have been frustrating.
"We are upset that they did this so quickly and quietly without letting us know about it," said Inez McGee, a past president of Riviera Homeowners Assn. "We were extremely open and receptive when they moved in, so you would think they would let us know when they were ready to leave."
Manhattan Holding Co. President Kenneth Slutsky declined to talk in detail about the site, noting only that the company has reviewed "probably 25 options."
"Different brokers have brought offers, and I really don't know what their intent is," Slutsky said. "That's really all I can say at this point."
Lycee officials, who once hoped to attract as many as 1,000 students to its kindergarten through 12th grade classes at the Hollywood Riviera campus, said low enrollment forced them to close the school.
"Despite concerted recruitment efforts . . . the enrollment at this campus has not increased sufficiently to be financially self-sustaining," President Raymond Kabbaz told parents in a Nov. 22 letter. "We have wrestled and worried about this problem for some time. The Overland (Avenue) campus continues to grow and demands expansion; the Riviera campus does not." Lycee also runs a nursery school in Pacific Palisades.
Kabbaz did not return several telephone calls seeking additional comment, but school secretary Clara Szabo said its trustees tried to keep the Riviera campus open, in part by reducing tuition from $5,000 to $4,000 for students who attended at that site.
"It just came to a time when the board of directors decided they could no longer do that," she said. "The best they could do was assure every child that they could complete their school year there."
Trustees plan to use the proceeds of the Riviera sale to add a second wing to the high school building of the main campus, expand the main campus library and build a gymnasium and auditorium.
Because students from the West Los Angeles campus and the Riviera campus often mingle at Lycee social events, she said "a good number" of the Riviera students felt comfortable at the main campus. Szabo said school officials aren't sure how many students will transfer.
But Steve Cangemi, father of an 8-year-old student at the Riviera campus and owner of a neighboring house, said he will not transfer his son to West Los Angeles.
"That's quite a distance to ask a kid to commute," he said. He has not decided where his son will attend school.
Cangemi said he sent the boy to Lycee because of its European approach to education, with small classes--an average of nine per classroom at the Riviera campus--and bilingual instruction. The school is operated by a nonprofit corporation and the Ministry of French National Education.
When neighbors found out the Riviera campus had been sold, they were "hysterical, for awhile," Cangemi said.
"Now the mood is cautiously optimistic," he said. "Everything is kind of in limbo. Nothing is happening."
Neighbors are waiting to see whether the new owner, Manhattan Holding Co., will renew a failed 1980 attempt by the Torrance Unified School District to convert the site's zoning to single-family residential.
A vocal group of homeowners, concerned about losing their views, campaigned against the change. In December, 1980, City Council members voted against rezoning the site, expressing fear that the California Coastal Commission--which has jurisdiction over any development within 1,000 feet of the beach--could require a developer to include federally subsidized housing on up to one-quarter of the site.
In 1981, state legislators removed those provisions of the Coastal Act requiring cities to find room for low- and middle-income housing near their beaches, commission analyst Thomas Cowling said.
The elimination of subsidized housing as an issue, however, does not mean it will be any easier to win a zone change, Mayor Katy Geissert said.
When representatives from Manhattan Holding Co. met with the mayor to discuss a possible change, Geissert said she warned them about the site's political past.
"I told them, 'You should be advised that there is no guarantee of rezoning. I'm telling you that what you want may never happen,' " Geissert said. "They said they had a right to make a profit on the land.
"I do become exasperated with developers who come in after paying an inflated price for property in anticipation of getting zoning for a particular type of use," Geissert said. "Then they come back and tell you, 'Well, we just can't build something smaller or less dense because it just won't pencil out,' and I say, 'I'm sorry. That's why speculators are called speculators.' "


text:
@jvharris_1965 The joke here is that the constantly transmitting wireless Tire Pressure Monitoring Systems were *ac… https://t.co/uCYTSI3beQ in reply to jvharris_1965 23:48:54, 2020-06-06
The joke here is that the constantly transmitting wireless Tire Pressure Monitoring Systems were *actually* made ma… https://t.co/Y0sH6IfOba 23:43:17, 2020-06-06
This is extremely dangerous to our democracy. https://t.co/irhLTkhcZa 23:05:55, 2020-06-06
By September the Interstate Commerce Commission had ordered desegregation of bus and train stations nationwide, in… https://t.co/V6SxGsgraZ in reply to ZaneSelvans 18:49:30, 2020-06-06
And in the end one of the most notorious prisons in Mississippi ended up full of civil rights organizers from all o… https://t.co/dXx9aOZIxD in reply to ZaneSelvans 18:46:24, 2020-06-06
Meanwhile the Freedom Riders decide that they'll just have to fill up Mississippi's prison system, and folks start… https://t.co/VPDidZiE6c in reply to ZaneSelvans 18:29:52, 2020-06-06
And all the while it seems like the Kennedys are annoyed by the "distraction" of domestic politics, and would prefe… https://t.co/gLJl8NqXNw in reply to ZaneSelvans 18:27:23, 2020-06-06
And when they get to Mississippi, there are no mobs. Only cops. And everyone is arrested and sent to prison to do h… https://t.co/Dy59zIZLts in reply to ZaneSelvans 18:25:47, 2020-06-06
RT @morganmpage: Sad about Harry P.otter being written by a transphobe? Have I got a book for you! Check out Nnedi Okorafor's Akata Witch s… 18:22:44, 2020-06-06
And she was like "You should know that last night we all signed our last wills and testaments." in reply to ZaneSelvans 18:00:15, 2020-06-06
A group of students from Tennessee decided to pick up where the original group had left off immediately. Kennedy's… https://t.co/0qhfpYwuKl in reply to ZaneSelvans 17:58:55, 2020-06-06
The first wave of Freedom Riders stopped after Birmingham, despite originally planning to ride all the way to New O… https://t.co/L3rDIDLWmz in reply to ZaneSelvans 17:52:34, 2020-06-06
He then betrayed that promise and left the buses to be attacked by white mobs. Kennedy's representative, who was fo… https://t.co/c0HVSdp4NW in reply to ZaneSelvans 17:49:47, 2020-06-06
Under intense pressure from President Kennedy, he promised to protect the folks breaking state laws requiring inter… https://t.co/D8G8QhXhUo in reply to ZaneSelvans 17:48:12, 2020-06-06
Incredibly/Strangely, there's a bunch of modern day interview footage with John Patterson, who was the Governor of Alabama at the time. in reply to ZaneSelvans 17:46:02, 2020-06-06
The protest begins with an even mix of black activists and white allies. But by the time they've made it through Bi… https://t.co/XWQrKWApgd in reply to ZaneSelvans 17:44:17, 2020-06-06
This documentary about the Freedom Riders (2010) is a great case study in how non-violent protest has been dealt wi… https://t.co/NLedsNPP4G 17:42:01, 2020-06-06
RT @Hubei_Peasant: You want China to be more democratic?
Make us envy your democracy
Show us how it brings out the best in leaders and pe… 17:36:12, 2020-06-06
It really just writes itself. https://t.co/tAKEciMbvg 17:33:54, 2020-06-06
RT @MairavZ: Israelis – Arabs and Jews – kneel at Tel Aviv protest for George Floyd and Iyad al Halak. Moving https://t.co/zNbnUp1BNI 16:19:04, 2020-06-06
RT @hyunsuinseoul: A lot of people seem to think that flooding the Dallas Police Department's 'snitch' app targeting Black Lives Matter pro… 16:15:46, 2020-06-06
RT @IsabelDeLara: la elección ahora para muchas personas en todas partes parece estar entre arriesgarse al virus o seguir permitiendo la vi… 16:15:14, 2020-06-06
RT @compabrigada: La movilización -por tercer día consecutivo- para exigir #JusticiaParaGiovanni, arriba a Palacio de Gobierno. Elementos d… 16:13:23, 2020-06-06
RT @matthabusby: Chaos outside Downing St as police on horseback advance and protesters are kettled. Officer impaled by traffic light durin… 16:12:57, 2020-06-06
I wonder whether the worldwide nature of these protests is partly a result of everyone having been stuck at home fo… https://t.co/XyPSZjStL3 16:12:21, 2020-06-06
RT @drvox: I'm no grammar expert, but it seems like there's a shorter way to say "anti-anti-fascism." https://t.co/NGhWPB2fMO 15:53:48, 2020-06-06
@joshdr83 Mmm, "law" enforcement. in reply to joshdr83 11:56:19, 2020-06-06
RT @hels: You folks always seem to forget that the full proverb is "one bad apple SPOILS THE WHOLE BARREL" this is because rotten apples pr… 11:47:06, 2020-06-06
These folks are also known as right-wing paramilitaries.
Similarly, in Mexico folks have noted that "police" in un… https://t.co/H8eU5AKfXU 11:38:58, 2020-06-06
RT @_danalvarenga: People in Guadalajara, Mexico's 2nd largest city, protested police brutality by setting A COP ON FIRE. #JusticiaParaGiov… 23:32:16, 2020-06-05
RT @acratafeminista: Hace unos momentos durante la manifestación por #JusticiaParaGiovanni
una chica cae al suelo y es pateada por la poli… 23:31:56, 2020-06-05
RT @AlesitaNaty: Ella es Melanie tiene 15 años y la patearon en todo el cuerpo, con mayor saña en la cabeza esta policontundidad y espera e… 23:31:42, 2020-06-05
RT @ajplusespanol: Sin protocolos de actuación, antimotines de la Policía de Jalisco reprimieron la manifestación en la que pedían #Justici… 23:30:43, 2020-06-05
https://t.co/uq9RlgDsOL in reply to ZaneSelvans 22:12:20, 2020-06-05
I wonder if flagrantly inflicting violence on protesters while being recorded night after night is another version… https://t.co/Ii6dzROiY0 22:03:48, 2020-06-05
How to data: https://t.co/QgjhZQ5Vsr 15:59:21, 2020-06-05
RT @MobyDickatSea: …there is no folly of the beast of the earth which is not infinitely outdone by the madness of men. 08:53:42, 2020-06-05
RT @Jan_Ransom: NEW: "'We can keep you for however long we want,'" one protester recalled an officer tell one detainee while sitting in a h… 01:45:54, 2020-06-05
RT @juliacdupuis: I was arrested on June 2nd, 2020 with around 100 other protesters in Los Angeles. While I was ziptied and facing the wall… 01:43:55, 2020-06-05
RT @Nurse_Curry: Friendly reminder that nurses have to restrain violent, confused, intoxicated, and belligerent people all the time.
And… 23:26:03, 2020-06-04
RT @nkjemisin: Defund the police. Starve departments of money til they *have* to fire their most violent, who cost them the most money. Mak… 23:25:55, 2020-06-04
RT @jerry_jtaylor: For those of you who don't know, Will is the son of a policeman. https://t.co/PrXuvYeGc3 23:25:18, 2020-06-04
RT @interfluidity: "abolish police" has gone from unworkable lefty pipe dream to sober conventional wisdom in record time. https://t.co/1ec… 23:25:03, 2020-06-04
Great look at "firehose" propaganda as practiced by both Putin and ?, from @gaywonk two years ago. If only this cou… https://t.co/xzOSJtxGUI 23:20:07, 2020-06-04
@CHThiem Ah, concern trolling. in reply to CHThiem 21:03:52, 2020-06-04
Reminds me of @Caltech. https://t.co/cKYQC8r5d8 20:08:48, 2020-06-04
This is an especially perverse justification, given that prolonged detention in close quarters seems likely to resu… https://t.co/3uXmXCAnbx 20:07:10, 2020-06-04
RT @rgunns: unless there are black people in them… https://t.co/h8bxoSKBzj 19:57:55, 2020-06-04
Is there anyone who can still claim to be shocked at this point? Except like maybe the guy from Memento? https://t.co/v9oYMw52T5 19:55:53, 2020-06-04
Resistance Is Futile. https://t.co/q23bomx25R 19:53:50, 2020-06-04
Somehow I've gotten to where I find it hard to trust anyone who isn't cursing constantly. https://t.co/SmwYRpxKIV 19:50:18, 2020-06-04
RT @signalapp: Blur Tools for Signal: A new way we hope to make Signal more helpful for everyone on the street right now.
https://t.co/PLy… 10:05:25, 2020-06-04
Meanwhile meanwhile. https://t.co/MmLPBudRBg 08:29:18, 2020-06-04
Freedom is an endless meeting. https://t.co/r8mPgwM1X0 00:10:25, 2020-06-04
Not a description of city boards and commissions I've heard before. https://t.co/hSTbaTVbDc 23:40:26, 2020-06-03
RT @niceDonaIdTrump: Today we mark 31 years since the Chinese regime used the military against their own people and destroyed any legitimac… 23:21:44, 2020-06-03
RT @Vanessa_ABee: the nyt must now commission an oped from the ceo of antifa. what's fair is fair 23:16:07, 2020-06-03
RT @PikaChulita: Get rid of ALL Confederate Memorials.
Also, did y'all know states like MS & AL observe Robert E. Lee Day?… 22:59:34, 2020-06-03
RT @lilyjjanet: George Floyd died accused of using a counterfeit $20 bill. Remember when Brock Turner ACTUALLY raped an unconscious girl be… 22:59:29, 2020-06-03
Violent conflict in the streets doesn't have to be limited to two factions at a time. https://t.co/re8YilM8KK 22:58:37, 2020-06-03
RT @jayrosen_nyu: "Three Times journalists, who declined to be identified by name, said they had informed their editors that sources told t… 22:53:58, 2020-06-03
@ericmbudd Just wait until wildfire and hurricane season gets going. in reply to ericmbudd 22:51:53, 2020-06-03
RT @thegrugq: Agitators are paid to turn peaceful protests violent. Paid time and a half, actually. https://t.co/A6g0s6eb5A 22:51:11, 2020-06-03
RT @RepPressley: Qualified immunity shields police from accountability, impedes true justice, and undermines the constitutional rights of e… 22:47:17, 2020-06-03
Meanwhile. https://t.co/eY463xfCxp 22:40:15, 2020-06-03
RT @JoeNeguse: We need more Black leaders in the Senate and the House.
Pass it on. https://t.co/if2kzobQDC 22:39:17, 2020-06-03
RT @KurtNiceHHL: Could someone in the NYPD explain this? https://t.co/BLsbHnf8Ya 22:35:22, 2020-06-03
RT @ericuman: An amazing but true fact:
"If Floyd had been killed in New York City, we would not have learned about the 18 previous miscon… 22:33:54, 2020-06-03
RT @AlpertReyes: L.A. City Council President Nury Martinez introduced a motion today asking city staff to identify $100 million -$150 milli… 22:28:30, 2020-06-03
That's once every two weeks on average. https://t.co/j6wr7z8YT9 21:07:41, 2020-06-03
Gatekeeping educational and thus economic opportunity by requiring debt or servitude is a system of control. Linkin… https://t.co/bF6fzHYQI9 20:56:56, 2020-06-03
RT @pixelatedboat: Gotta hear all sides in the NYT https://t.co/UviR8RBY1G 20:54:10, 2020-06-03
RT @KendraWrites: I probably shouldn't tweet this. But the first tweet I got in trouble for at the Times was a thread on the role of the me… 20:52:32, 2020-06-03
RT @TinkerSec: Folks saying "Watch what you post, think of your career."
And I agree.
I'm seeing a lot of people posting police apologeti… 20:07:43, 2020-06-03
RT @sewellchan: THREAD: As a former @nytimes Op-Ed editor I am reluctant to weigh in on my alma mater. But the decision to publish @SenTomC… 19:13:10, 2020-06-03
RT @nycsouthpaw: So… unless the NYT brass change their minds about it, Cotton's "Send in the troops" op-ed is going to run in print on th… 19:01:24, 2020-06-03
RT @existentialcoms: The sneaky thing about communists is they will lure you in with agreeably statements like "the police shouldn't murder… 18:55:00, 2020-06-03
The now deleted tweet: https://t.co/GTkvOc98ut in reply to ZaneSelvans 18:54:02, 2020-06-03
RT @Limericking: Tom Cotton proposed an op-ed
Suggesting armed forces be led
To end free expression
Through violent repression.
"We love i… 18:51:50, 2020-06-03
RT @manwhohasitall: TODAY'S DEBATE: Should we listen to men in politics when they can't even agree amongst themselves? 18:51:31, 2020-06-03
Well then. https://t.co/xfCnpe0R7s 18:48:15, 2020-06-03
The Paradox of Tolerance, as posed by Karl Popper in the immediate aftermath of WWII: "In order to maintain a toler… https://t.co/wo3sJ36oZy 18:26:22, 2020-06-03
RT @nhannahjones: I'll probably get in trouble for this, but to not say something would be immoral. As a black woman, as a journalist, as a… 18:21:05, 2020-06-03
RT @Baldilocks__: Chris Rock is a genius.
This joke will forever be relevant.
https://t.co/Atu4FnTbSo 18:11:49, 2020-06-03
@AllOutBubblegum @KendraWrites @KarenAttiah They're former colleagues. Kendra's no longer at the NYT. in reply to AllOutBubblegum 18:05:32, 2020-06-03
@MyleneJac ? https://t.co/jmTPnrefHn 17:02:18, 2020-06-03
@ericmbudd Guess it's time to disavow Lincoln? Honestly I can't even tell if this is criticism or praise. https://t.co/PYD8dVG7pN in reply to ericmbudd 16:45:37, 2020-06-03
RT @rgunns: i know people think defunding the police is too radical, but it's what the folks who are most policed are saying that they want… 13:06:47, 2020-06-03
@AnimaAnandkumar This physics price selection committee has to be some kind of record. A year ago they were shamed… https://t.co/s4F8lsF0uR in reply to ZaneSelvans 09:14:06, 2020-06-03
@AnimaAnandkumar There's this Tumblr: https://t.co/lzJO3n47dp in reply to AnimaAnandkumar 08:44:54, 2020-06-03
The police are counter-protesters with military weapons and de facto legal immunity. https://t.co/yk2MNBe1IY 08:33:49, 2020-06-03
Pretty wild thread from a MPL council member on the tactics used by police to manipulate political processes around… https://t.co/H6xiBexdOP 19:47:05, 2020-06-02
@sewo_sewo ? in reply to sewo_sewo 16:53:41, 2020-06-02
RT @AzmatZahra: "One of the biases of retrospection is to believe that the moral crises of the past were clearer than our own—that, had we… 07:56:00, 2020-06-02
One strategy that seems consistent with their behavior is allowing, encouraging, or instigating widespread acts of… https://t.co/G9qe5eOPin 20:13:15, 2020-06-01
Confronting racial injustice is divisive. Not confronting racial injustice is *also* divisive.
If you have the pri… https://t.co/TAM9vGUFK7 18:53:18, 2020-06-01
It feels like it would be a good idea to have a process running in parallel with the US presidential campaign, that… https://t.co/yr4Yl20fvL 17:29:02, 2020-06-01
RT @thegrugq: What does "resisting tyranny" even mean if it doesn't cover protesting against unaccountable security forces who carry out ex… 09:54:08, 2020-06-01
Is now a good or a bad time to read Fear and Loathing on the Campaign Trail? 15:55:18, 2020-05-31
RT @MayorHancock: Hey, Denver. We are still in the middle of a pandemic and we want to protect our resident's health. We'd like to invite… 15:41:07, 2020-05-31
RT @erinisaway: wow so Los Angeles just decided to punish protesters by closing COVID-19 testing centers. pay attention to how testing acce… 15:41:02, 2020-05-31
Conversely, if it's your *goal* to get the suburban normies to choose fascist law-and-order, wouldn't creating diso… https://t.co/MlIZ8rbIKE 10:50:13, 2020-05-31
If it's a gift to him, why wouldn't we expect his own supporters to be the ones to give it? https://t.co/4D6kZvUKqv 10:45:39, 2020-05-31


text:
Home Tech Insider 10 things in ...
10 things in tech you need to know today
Isobel Asher Hamilton, Business Insider US
The makers of the highly anticipated "Red Dead Redemption 2" are embroiled in a controversy over working hours.
Good morning! This is the tech news you need to know this Friday.
Facebook opened up its election "war room" to the press ahead of the US mid-term elections in November. Facebook has built a physical "war room" in its California headquarters to try and avoid repeating the mistakes of the 2016 US presidential election.
eBay is going to war with Amazon over an alleged scheme to steal business. eBay is suing Amazon for allegedly infiltrating eBay's internal messaging system to poach high-value sellers.
The fate of missing journalist Jamal Khashoggi hangs over SoftBank as it looks to raise another $100 billion fund. Japanese conglomerate and tech investor SoftBank is under scrutiny over its ties to Saudi Arabia, a major backer of its $100 billion Vision Fund.
Uber is reportedly making a new service to provide short-term jobs in security, hospitality, and more. The new service could be a major expansion for the California tech company, and comes as the company gears up for an IPO.
Amazon is opening a new office in Manchester as it makes a big bet on research and development in the UK. The new office, based in the Hanover Building, will accommodate at least 600 staff.
Tesla is finally making a lower-cost Model 3. Tesla is introducing a lower-priced version of its Model 3 sedan, with a base price of $45,000.
YouTube announced a new partnership with Eventbrite to show tour listings on official music channels. This feature is currently only available in the US.
The game developer behind "Grand Theft Auto" and "Red Dead Redemption" is embroiled in an ongoing controversy about working hours. Rockstar Games came under fire earlier this week after cofounder Dan Houser claimed employees were working 100-hour weeks to finish the company's upcoming game, "Red Dead Redemption 2."
Careem, a ride-hailing company in acquisition talks with Uber, raised $200 million from Saudi backers. The deal was co-led by Kingdom Holding Company, the investment vehicle for Saudi billionaire Prince Alwaleed bin Talal, and other existing backers.
Apple sent out invitations for the new iPad event. Apple will launch new products in Brooklyn, New York on October 30.
Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings.
10 Things You Need To Know SAI
10 Things You Need To Know SAI UK


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Buy-Out Firms Shooting Blanks
August 2, 2010 at 12:29 am 2 comments
Photo source: Photobucket
During the golden age of the mega-buyouts in the mid-2000s, when banks were lending like drunken sailors, and private equity firms were taking the practically free funding to shoot at almost every company in sight, it's no wonder managers of these funds were "high-fiving" each other. Unfortunately for the participants, the music ended in 2007, and the heavy debt-loaded guns that previously were killing large elephant deals got replaced with harmless toy guns shooting blanks at phantom transactions.
Peter Morris, a former Morgan Stanley (MS) banker and author of the scornful report, "Private Equity, Public Loss," took a critical eye at the industry pointing to the reasons these high risk-taking private equity firms are underperforming the S&P 500 significantly. Bolstering his underperformance assertions, Morris points to 542 deals in the Yale endowment that underperformed by -40% once fees were subtracted. The Center for the Study of Financial Innovation, which is affiliated with Morris, cites a 2005 paper by Steven Kaplan (University of Chicago), and Antoinette Schoar (Massachusetts Institute of Technology). The paper shows the average buy-out fund underperformed the S&P 500 index from 1980 – 2001.
Another factor that Morris feels should not be ignored relates to risk. Morris feels the excessive risk profiles associated with these private equity funds have not been adequately considered by many unknowing investors and public taxpayers. Pensioners are vulnerable to these underperforming, risk-adjusted returns, while unassuming taxpayers could also be on the hook if risky private equity bets go bad. Under certain scenarios these potentially rocky private equity investments could bring a financial institution to its knees and force governments to use taxpayer bailout money. The Financial Times features a $6.5 billion investment made by Terra Firma, which was subsequently written down to zero, to make its point about the inherent risk private equity plays in the overall financial system.
Heads We Win, Tails You Lose
What makes the purported underperformance more scathing is the fact that these funds should bear higher returns to compensate investors for the additional liquidity risk and leverage that is undertaken. Like hedge funds, most private equity funds charge a 2% management fee, and a 20% performance fee for results achieved above a certain hurdle rate. The problem, that many outside observers highlight, is that the private equity firms have very little skin in the game, for example as little as 2%. With not a lot of their own dough in the game, the fund managers have a built in incentive to swing for the fences, because a profit windfall will filter to them should they hit it big. Morris characterizes this conflict of interest as "heads we win, tails you lose." Another knock against investors revolves around return calculations. The opacity surrounding returns makes private equity less attractive, since valuations are only truly accurately reflected upon sale, which often takes many years.
Have all these shortcomings scared off investors? Apparently not. Just recently Blackstone Group (BX) raised a new $13.5 billion fund, the firm's 6th fund, fresh off of its 5th fund that raised a total of $20 billion. The focus of the new fund will be on Asia and North America. In the short-run, Europe will occupy less of the fund's attention until the region's economy recovers.
To the extent more of these studies garner traction, I'm sure the private equity industry will react with a forceful response, especially with billions in potential fees at stake. One thing is for sure, investors have become more demanding and shrewd post the financial crisis, so if private equity managers want to earn the rich fees of yesteryear, they will need to do better than shoot blanks.
Read The Financial Times Buy-Out Study Article
*DISCLOSURE: Sidoxia Capital Management (SCM) and some of its clients own certain exchange traded funds, but at the time of publishing SCM had no direct position in MS, BX, Terra Firma or any security referenced in this article. No information accessed through the Investing Caffeine (IC) website constitutes investment, financial, legal, tax or other advice nor is to be relied on in making an investment or other decision. Please read disclosure language on IC "Contact" page.
Entry filed under: Themes - Trends. Tags: Antoinette Schoar, CSFI, fees, Peter Morris, private equity, Steven Kaplan, Terra Firma, underperformance.
Sachs Prescribes Telescope Over Microscope The New Abnormal – Now and Then
1. sidoxia | August 2, 2010 at 8:37 am
Time is ticking, or funds will not be able to charge their fat 2%-ish fees:
"At the start of the year private equity had more than $1,000bn of committed capital still to be invested. Much of this money was raised before the crisis, and time is running out before it must either be invested or returned to investors."
-From the FInancial Times: http://www.ft.com/cms/s/0/c190d806-9d8c-11df-a37c-00144feab49a.html
2. Private Equity: Hitting Maturity Cliff « Investing Caffeine | August 16, 2010 at 12:38 am
[…] up and gorge themselves on a never-ending list of target companies with reckless abandon (see also Private Equity Shooting Blanks). Now the glory days of abundant, ultra-cheap capital are […]


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Enforcement of laws against illegal employment in Bangladesh
Ivonne Stein 23rd November 2018 Investment & Finance, Legal & Compliance
The tax authority of Bangladesh, the National Board of Revenue's (NBR), is joining hands with the law-enforcing agencies and investment promotion authority of Bangladesh to identify foreign citizens working in Bangladesh illegally – without employment visa, work-permit and income tax payment in Bangladesh.
Usually the illegal employees enter into Bangladesh on tourist or business visa, which does not permit any kind of employment in Bangladesh as clearly stated on the visa "Employment paid or unpaid strictly is prohibited". Only those who enter into Bangladesh with employment visa are allowed to work in Bangladesh.
The Tax Legal and Enforcement Wing of the NBR recently sent letters to the Bangladesh Investment Development Authority (BIDA), Bangladesh Police and National Security Intelligence (NSI) in this regard.
Talking to The Financial Express, NBR Member (Income Tax) Mr. Md. Serajul Islam said NBR would sign agreements with BIDA, Bangladesh Police and NSI to exchange data with the Income Tax Wing. "We will collect offline data from police to track the illegal foreign workers here, he further said."
NBR has also planned to procure software to analyse data of the foreigner's entrance, exit, residence country and number of visits in Bangladesh, he said.
Although currently, there is no specific data on total number of foreign residents in the country, NBR data shows that some 14,000 foreigners pay tax in the country. But the number of foreign taxpayers should be at least 50,000 as per taxmen's estimation.
The tax filing reports by them, however, does not match the amount of outward remittance from Bangladesh, estimated more than $4 billion a year to India alone, according to the NBR sources. In 2016, NBR took an initiative to prepare a database of foreign workers here to ensure proper tax collection.
On February 4, 2018, Home Minister Asaduzzaman Khan Kamal in the parliament said a total of 85,486 foreign nationals are working in different sectors in Bangladesh, of whom 67,853 foreigners are owners of business enterprises.
Meanwhile, a high-ranking Home Ministry official acknowledged that they do not have any data on the number of foreign employees who have taken security clearance for employment visa. "The government is planning to take an initiative for setting up a digital database," he added.
Foreign employees mostly come to Bangladesh from Sri Lanka, South Korea, China, India, Pakistan, Taiwan and European countries. They are working in non-government organisations (NGOs), hotels, restaurants, educational institutions, manufacturing industries – predominantly in the readymade garment (RMG) and textiles, hospitals and other sectors.
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Mrs. Ivonne Stein is a German Legal Adviser with sixteen years of professional experience both in the private sector and government institution. She gained professional skills in Frankfurt, Zurich, London, New York and Brussels before moving from Islamabad to Dhaka. She advises foreign companies doing business in and with Bangladesh in compliance with the local legislations, labour, social and environmental standards working towards implementation of the relevant UN and ILO conventions as well as the OECD Guidelines for Multinational Enterprises. Mrs. Stein can be reached by email at ask[at]steinandpartners.net
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The Fresh Foam Cruz Retro Hoodie Pack takes our ultra-comfortable Fresh Foam Cruz running shoe for men and makes it even more comfy with an upper made of stretch heathered fabric inspired by your favorite pullover. A reverse weave midfoot saddle helps deliver a secure fit and stable ride, and the convenient, slip-on design helps you get on the move in a snap. Our Fresh Foam cushioning technology works together with a technically engineered slip-on upper crafted from heathered fabric to keep your feet feeling and looking fresh mile after mile.


Nowadays it is preferred to use ORM instead of old data access approaches. However, setting up an ORM like Fluent NHibernate with Oracle takes some time. With the help of NuGet you can setup such third party tools in no time. In this article I am going to to show how you can easily configure Fluent NHibernate with Oracle using NuGet. Moreover, the article will guide you in building a generic repository using Fluent NHibernate.
Mostly setting up environment/third party tools for development takes a long time because there is painstaking configuration and reference setup involved which needs to be taken care of. But now with the help of NuGet you can set it up within no time. In this article I am going setup Fluent NHibernate with Oracle using NuGet because there is not so much documentation available on this. Later, I'll show you how you can implement a repository pattern using Fluent NHibernate. I have tried to make it a baby step procedure and I hope after reading this article you will be able to setup Fluent NHibernate with Oracle in no time.
Well there are two Data Provier implementations for connecting to Oracle thru .Net Code.
The Error is coming because you are referencing Microsoft DLL 'System.Data...'. You should use Oracle Provider DLL instead 'Oracle.DataAccess.Client' .
Unable to cast object of type 'Oracle.DataAccess.Client.OracleConnection' to type 'System.Data.Common.DbConnection'.


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LATEST UPDATENews
"They have started applying the minimum wage payment"- Chris Ngige
Nigeria Minister for Labour and Productivity. Dr. Chris Ngige, has mentioned that the implementation of the increased minimum wage has begun in the country.
He said this while in Enugu as he added that the payment to levels 1 to 6 commenced last month. According to Ngige;
"The major hurdle in the minimum wage issue has been crossed. We have crossed the rubicon and the rubicon was getting a new rate for the minimum wage. And the minimum wage is the lowest remuneration paid as compensation to a worker for his services and this is for the least paid worker in Nigeria.
"It is for those on lowest rung of the payment ladder. And in the public service, it is for the workers on Grade Level 1 Step 1. We moved it from N18, 000 as in the old Act to N30, 000. To me, that was the major crossing of the rubicon".
"Categorically, government has started the partial implementation of minimum wage
"They have started applying the minimum wage payment. So, they have paid in August. They are going to pay in September with arrears spanning from April 18 to workers in this band that I have so told you. And as for workers from Grade Level 7 to 17, that their negotiation with the committee of permanent secretaries, representing us, has hit the rocks, we, as government are going to reconstitute the committee and engage them" he added.
TagsChris Ngige
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President Buhari presides over Federal Executive Council Meeting in Statehouse
Federal Government renames University after Late General Adeyinka Adebayo


I am copying all pages over from yahoo sitebuilder to BV sitebuilder.
step to insert a URL.
On my yahoo sitebuilders Mals cart page, I just had to copy all of the html into the iframe and did not have to name a url in its properties.
So, I am not sure what I will need to do. Add what URL? Is it needed?


text:
Facebook dithered in curbing divisive user content in India
New Delhi, India (AP): Facebook in India has been selective in curbing hate speech, misinformation and inflammatory posts, particularly anti-Muslim content, according to leaked documents obtained by The Associated Press, even as its own employees cast doubt over the company's motivations and interests.
From research as recent as March of this year to company memos that date back to 2019, the internal company documents on India highlight Facebook's constant struggles in quashing abusive content on its platforms in the world's biggest democracy and the company's largest growth market. Communal and religious tensions in India have a history of boiling over on social media and stoking violence.
The files show that Facebook has been aware of the problems for years, raising questions over whether it has done enough to address these issues. Many critics and digital experts say it has failed to do so, especially in cases where members of Prime Minister Narendra Modi's ruling Bharatiya Janata Party, the BJP, are involved.
Published October 24, 2021 By vishwasandesh
Categorized as Featured News, Tech
PM Deuba to inspect flood-affected districts in eastern Nepal
China seeks to lift homework pressures on schoolchildren